Greater Vancouver home sales start to climb as prices remain flat

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Home sales in the greater Vancouver area are starting to return to more typical levels after dropping to their lowest level in four decades in April, while prices continue to climb starting in 2019.The Greater Vancouver Real Estate Board says residential sales reached 2,443 last month, a 64.5% increase from May and a 17.6% year-over-year increase.

The figure still fluctuates 21.9% below the 10-year average sales for June.

Board Chair Colette Gerber said real estate agents and their clients are becoming more used to exploring and presenting homes remotely through video tours and floor plan reviews , as buyers and sellers are adjusting to health protocols in the midst of the COVID-19 pandemic.

“Many more real estate transactions are happening today,” Gerber said in a statement on Friday.

“In the past three months, home buyers and sellers have become more comfortable respecting physical distances and other security protocols in place. ”

The Canada Mortgage and Housing Corporation released a report in May that the number of new homes built and sold across Canada would remain below levels they were before COVID-19 until at least 2022, and prices will not return to where they were for two years.

New home registrations increased 21.8% to 5,787 in June from the previous year, a jump of 57.1% from May, the board said.

The ratio of sales to active listings was 21.4%, well outside the range that analysts see as a potential signal of downward pressure on prices.

Prices have remained stable over the past few months, with the price of the composite benchmark standing at $ 1.03 million in June. This figure marks a decrease of 0.3% compared to May, but an increase of 3.5% compared to June 2019.

In April, home sales in the Greater Vancouver area fell to their lowest level in nearly 40 years due to the fallout from COVID-19, and experts said price reductions may follow over time.

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