The real estate boards of Greater Vancouver and Fraser Valley have released annual sales reports indicating a record year for 2020.
The two regions posted a combined 50,870 homes sold amid COVID-19.
Last year’s sales surpassed 2019 as the market performed beyond expectations.
Last spring, lockdowns and restrictions brought about by the pandemic ground the industry to a halt.
The market made a surprising recovery in the lead-up to and during the summer.
Sales remained strong through fall and winter even as the health crisis continued to rage.
In a report Tuesday (January 5), the Real Estate Board of Greater Vancouver stated that 30,944 homes sold in 2020.
The number represents a 22.1 percent increase from the 25,351 sales recorded in 2019.
Also, last year’s sales were a 25.7 percent improvement from the 24,619 deals in 2018.
“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons,” REBGV chair Colette Gerber said in a media release.
Gerber noted that “shifting housing needs and low interest rates were key drivers of this activity in 2020”.
In December 2020, 3,093 homes sold in that month.
The number represents a 53.4 percent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 transactions in November 2020.
The REBGV covers Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.
Meanwhile, the Fraser Real Estate Board reported that 19,926 homes changed hands in the region in 2020.
The number means an increase of 28.7 percent from the 2019 figure of 15,487 sales.
In a news release Tuesday (January 5), the FVREB stated that 2020 was the fourth highest for annual sales since 2011.
“The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable,” board president Chris Shields said in the release.
Shields also said that “no one could have anticipated a six-month stretch” like the one in 2020.
According to Shields, “so far, there is no sign of it slowing down”.
In December 2020, the FVREB recorded 2,086 sales, describing it as the “strongest December on record”.
The Fraser Valley board covers North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.