Amid pandemic, July 2020 home sales in Greater Vancouver surpass historical levels

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      The Real Estate Board of Greater Vancouver reports that 3,128 homes were sold in July 2020.

      According to the board, transactions exceeded historical levels.

      In a media release Wednesday (August 5), the REBGV noted that last month’s sales were 9.4 percent above the 10-year July sales average.

      The deals also represent a 22.3 percent increase from the 2,557 sales in July 2019.

      In addition, last month’s sales constitute a 28 percent increase from the 2,443 homes sold in June 2020.

      The benchmark price of homes reached $1,031,400.

      The number represents a 4.5 percent increase over July 2019.

      The price also means a 0.6 percent increase compared to June 2020.

      The REBGV covers Vancouver, Burnaby, New Westminster, Coquitlam, Port Moody, Port Coquitlam, Maple Ridge, Pitt Meadows, North Vancouver, West Vancouver, Richmond, South Delta, Squamish, Sunshine Coast, and Whistler.

      REBGV chair Colette Gerber described the market situation as the result of “pent up activity”.

      “Low interest rates and limited overall supply are also increasing competition across our market,” Gerber also stated in the news release.

      In April this year, RBC Economics projected a summer revival of the Canadian real estate market from the shock of the COVID-19 pandemic.

      According to RBC economist Robert Hogue, “exceptionally low interest rates will help spur the recovery”.

      “Our baseline assumption is sometime in June,” Hogue wrote in his April 15, 2020 market update.

      In June, the REBGV reported a sharp increase in real estate activity.