December 2020 Housing Market: Metro Vancouver Update

The December 2020 housing market in Metro Vancouver finished the year with unusually strong buyer activity. Residential home sales reached 3,093, up 53.4% from December 2019 and 0.9% from November 2020.

In addition, December sales were 57.7% above the 10-year average for the month, making it an exceptionally active end to the year.

Editor’s Note: This article has been updated and preserved as a historical Metro Vancouver real estate market report. For today’s conditions, visit our latest Metro Vancouver real estate market update.

December 2020 Housing Market: Sales and Inventory

A total of 2,409 detached, attached and apartment properties came onto the market in December 2020. That represented a 51.7% increase compared with December 2019.

However, new listings dropped significantly from November, which is typical as the market moves into the holiday season.

Metro Vancouver finished the month with 8,538 active listings, down 23.2% from November.

December 2020 Housing Market by Property Type

The sales-to-active listings ratio reached 36.2% across all residential property types.

By property type, the ratios were:

• Detached homes: 35.2%
• Townhomes: 50.4%
• Apartments: 33.1%

As a result, buyers faced competitive conditions across many parts of the market, particularly for townhomes.

Metro Vancouver Home Prices in December 2020

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties ended the year at $1,047,400, up 5.4% from December 2019.

Benchmark prices by property type were:

• Detached homes: $1,554,600
• Apartments: $676,500
• Attached homes: $813,900

Detached homes experienced the largest year-over-year benchmark price increase at 10.2%. Meanwhile, townhomes increased 4.9%, while apartments increased 2.6%.

What the December 2020 Housing Market Meant for Buyers and Sellers

For buyers, strong sales and relatively limited inventory created competitive conditions. Therefore, buyers often needed to prepare before desirable properties reached the market.

For sellers, meanwhile, strong buyer demand created favourable conditions. However, results still depended on the property type, location, condition and pricing strategy.

Looking Back at Metro Vancouver Real Estate in 2020

The December 2020 housing market capped off an unusual year for Metro Vancouver real estate.

Overall, 30,944 residential properties sold during 2020, up 22.1% from 2019. Changing housing needs and historically low interest rates were important factors affecting buyer activity during this period.

Looking back at these statistics can provide useful context. However, market conditions have changed considerably since then, so historical prices shouldn’t be used to determine a property’s current value. Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

Thinking about a move in Burnaby or New Westminster?

Explore homes in the best neighbourhoods and plan your next step with local guidance.

Download the Free Seller’s Guide

Or contact the Adam Lloyd Team for a free consultation.