REAL ESTATE MARKET UPDATE – MAY 2020!

Dated: June 29 2020

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Stable Prices Under COVID-19 Measures

The Real Estate Board of Greater Vancouver announced the May 2020 Real Estate Market

report. According to the report, the overall house prices had 1.4% INCREASE over last month,

April 2020.Although the overall house sales showed a DECREASE of 43% compared to last

year (May 2019), there was a total of 1,485 unit sales, which is a 34% INCREASE from last

month(April 2020).These figures show that even under the COVID-19 measures, the market kept

the price momentum. Also after the total shutdown in April, May showed a quick increase in the

number of unit sales, which reflects that the market has adapted well to the new social distancing

measures that exist in the market.The newly listed homes reached 3648 units, with a 59% increase

over April 2020. Now, the total number of listed homes reached 9927, with a 5.7% increase over

April 2020

Sales and Prices by Property Type

The prices in all three categories (detached homes, townhomes and condos) were stable, with

less than 1% increase or decrease from last month’s prices. This shows that regardless of the

property type, the market is keeping its momentum, and the properties keepers their value,

despite the slow sales. The house prices on the city level, however, shows a variety of increases

and decreases.for more details, please check the city-based detailed price, listing and sales records,

in our below graphics.

Abraham Brothers

Jovi Realty 

anishab888@gmail.com | nidish.ab@gmail.com

778.928.6587                    778.834.8316

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