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.