The month of December appears to have ended the year off on a strong note for Vancouver’s housing market, as real estate activity in major cities across Canada continue to remain elevated.
According to the Real Estate Board of Greater Vancouver, home sales in the city rose by 53.4% in December compared to the same time a year prior, reaching a new record for the month. There were 3,093 homes sold in December, which amounts to a total of 30,944 sales in 2020, and an increase of 22.1% compared to 2019.
Although real estate markets came to a standstill during the onset of the pandemic back in March and April, they were soon revived during the summer, fall, and winter seasons. Historically low interest rates, coupled with a remote work flexibility, has caused Canadians to demand more spacious accommodation. Indeed, real estate agents in Vancouver sold a total of 1,026 detached homes, which is a 71.3% increase compared to December of last year.
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Likewise, the increase in Vancouver’s real estate activity has also caused housing prices to increase. According to the Board, the composite home price rose to $1,047,400 at the end of 2020, amounting to an increase of 5.4% compared to the same time a year prior.
Information for this briefing was found via the Real Estate Board of Greater Vancouver. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
