Downtown condo sales & prices rise in May despite COVID 19 lockdown

The month of May resulted in an increase in sales and benchmark prices in Vancouver’s downtown condo and townhouse real estate market despite the COVID 19 lockdown being in place for two consecutive months. In May the inventory downtown increased by 13%, sales increased by 27%, and sale prices rose by 2% when compared to April.

Current trends have the downtown, West End, and Yaletown neighbourhoods in “Balanced” market conditions, while Coal Harbour is in a “Buyer’s” market. These current trends remain the same as they were in April. 

vancouver downtown condo trends May 2020

How do we know? List to Sales Ratio!

A buyer’s market has a 0-12% list to sales ratio
A balanced market has a 12-20% list to sales ratio
A seller’s market has a 21% or greater list to sales ratio

What does it mean?

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Neighbourhood Breakdown For May

  • Downtown 16% with 250 listings and 40 sales 
  • Westend 18% with 131 listings and 23 sales
  • Yaletown 13% with 199 listings and 26 sales 
  • Coal Harbour 6% with 93 listings and 6 sales

The BIGGER picture

The overall list to sales ratio for ALL of Vancouver downtown was 14% in May (up from 13% in April). 

Here’s the breakdown for Vancouver Downtown condos and townhomes in May:

  • The most active price range was for homes between $400K to $500K (62% sales to list ratio)
  • Homes are selling on average at 3% below list price
  • Buyer’s Best Bet: Homes $5 mil plus, Coal Harbour and up to 3 bedroom properties
  • Seller’s Best Bet: Selling Homes in the Westend and up to 1 bedroom properties. 

Check out our average live price updates by neighbourhoods here.

Thinking of buying or selling a downtown condo? We're here to help! Contact us to find out why we sell the most.

All stats derived from Dean Wegman & SnapStats.