Vancouver 2020 Real Estate Market Statistics Report – A year in review
Vancouver experienced growth in all categories of homes except for condominiums in 2020 despite COVID-19. The residential composite benchmark price increased by 5.4% to $1,047,400. Single Family Detached rose by almost 6%, Attached homes (duplexes/townhomes) rose by almost 3% and Apartments/Condos decreased by about 0.5%. The decrease in Condo prices follows a similar trend as other major cities in the country such as Edmonton and Calgary. Below you can find a breakdown of the price changes for single family homes, duplex/townhomes and Apartments from 2019 to 2020.
More evidence showing that the Vancouver market is continuing to be persistent is the fact that Total sales for the year is up 22.1%, a huge increase over 2019. Inventory will be down 0.8% to start the year.
CMHC has not released a 2020 update on rental market statistics yet, however the continuing trend from 2019 can be expected with vacancy rates continuing to stay very low (~1%) and prices continuing their steady increase (Average of $1385 in 2018, $1469 in 2019).