By Ryan Wyse, Manager, Analytics | August 20, 2020

Despite the challenges related to COVID-19, total new home sales in the Vancouver market area were down only slightly in Q2 2020 compared 2019, but were lower than the elevated activity noted in Q1 2020, according to Altus Group’s latest Condominium Apartment Monitor. Not surprisingly, the majority of the sales occurred during the second half of the quarter – as the government restrictions related to COVID-19 began to ease with total sales between mid-May to the end of June accounted for more than two-thirds of the activity in Q2.

Specific to new condominium apartment sales in the Vancouver Market Area, volumes slowed in Q2 2020 as the effects of COVID-19 measures were in full effect; activity was down 30% from a year earlier for the quarter making it the lowest Q2 since 2009. As mentioned, sales were much stronger in the second half of the quarter (and higher than a year earlier) as the restrictions related to COVID-19 were eased.

Vancouver new home sales Q2 2020

Meanwhile, single-family product has been quicker to pick back up after the impact of COVID-19 measures, posting a 59 % increase year-over-year – outperforming new condominium apartment sales in Q2 2020. This is a trend that was seen not just in the Vancouver market, but in markets across the country. According to insights from Altus Group’s National State of the Market 2020, there has been resiliency in the level of demand for single-family & townhouse.

While there were some positive signs of improved activity late in the quarter, there is still much uncertainty in the market. A potential increase in the number of new projects launches in the third quarter could lead to increased sales in the second half of the year, but there are no guarantees that all the delayed launches will go ahead.

 

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