Sunday, September 20, 2020
ADVT 
National

Metro Vancouver homes sales fall 44 per cent in May, but prices are high as ever

Darpan News Desk The Canadian Press, 02 Jun, 2020
  • Metro Vancouver homes sales fall 44 per cent in May, but prices are high as ever

Home sales in the Greater Vancouver area continued their steep year-over-year drop last month amid confinement measures and physical distancing requirements related to the COVID-19 pandemic.

The Real Estate Board of Greater Vancouver said Tuesday home sales totalled 1,485 in May, a nearly 44 per cent decrease from May 2019 and 54 per cent below the 10-year average for the month.

However, the figures marked a notable increase from 1,109 home sales in April, the lowest total for the month since 1982.

Board chairwoman Colette Gerber said buyers and sellers are becoming more comfortable navigating physical distancing hurdles, with virtual interactions more prominent than ever.

"Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020," Gerber said in a statement.

"Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market."

Home prices in the Greater Vancouver area have remained steady despite the recession triggered by the pandemic.

The real estate board said the MLS home price index composite benchmark price for all residential properties in Metro Vancouver was $1.03 million, virtually unchanged from April and up 2.9 per cent compared with May 2019.

There were 3,684 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in May, down 37.1 per cent compared with May 2019, but up 59.3 per cent compared with April 2020.

In its outlook last week, Canada Mortgage and Housing Corp. said it expects the housing sector will see a retreat in prices, sales and building in the months ahead and likely won't see a return to pre-pandemic levels until at least the end of 2022.

The federal housing agency said average housing prices could fall anywhere from nine to 18 per cent in its forecast, and as much as 25 per cent in oil-producing regions.

In the faster recovery scenario, prices could start to recover by mid-2021, while in a slower recovery prices might not be back to pre-COVID-19 levels at the end of 2022.

MORE National ARTICLES

Ban US President Donald Trump from Twitter? Trump forced to hide in WhiteHouse Bunker

Ban US President Donald Trump from Twitter? Trump forced to hide in WhiteHouse Bunker

Donald Trump adds fuel to the fire with his tweets with George Floyd's death at the hands of police officers in Minnesota. There are violent demonstrations all over the US and around the world in relation to race and police brutality.

Ban US President Donald Trump from Twitter? Trump forced to hide in WhiteHouse Bunker

Hundreds of unhappy Facebook employees stage a virtual protest

Hundreds of unhappy Facebook employees stage a virtual protest

Some Facebook employees critical of CEO Mark Zuckerberg protested his decision not to do anything about incendiary posts that President Trump had placed on the giant social media platform over the past week.

Hundreds of unhappy Facebook employees stage a virtual protest

Autopsy commissioned by George Floyd's family shows that he passed away due to asphyxiation

Autopsy commissioned by George Floyd's family shows that he passed away due to asphyxiation

An autopsy on George Floyd's body commissioned by his family determined that "asphyxiation from sustained pressure was the cause" of Floyd's death in an incident that has sparked tense protests and violence across the nation.

Autopsy commissioned by George Floyd's family shows that he passed away due to asphyxiation

Beijing could bar exit of dual Canadians from Hong Kong amid protests: lawyer

Beijing could bar exit of dual Canadians from Hong Kong amid protests: lawyer

A Canadian legal activist is warning the federal government to grant asylum to democracy activists in Hong Kong and expanded settlement to those with links to Canada before China prevents them from leaving.

Beijing could bar exit of dual Canadians from Hong Kong amid protests: lawyer

Metro Vancouver transit police ask for help to identify hate crime suspect

Metro Vancouver transit police ask for help to identify hate crime suspect

Transit police in Metro Vancouver are asking for help as they try to identify a woman suspected of ridiculing and then punching a teenage girl in an apparent hate crime last month.

Metro Vancouver transit police ask for help to identify hate crime suspect

B.C. offers small business eviction protection, urges landlord participation

B.C. offers small business eviction protection, urges landlord participation

Small businesses in British Columbia will be protected from eviction for at least the next month by an emergency government order that aims to encourage landlords to apply for a federal rent relief program.

B.C. offers small business eviction protection, urges landlord participation

PrevNext