SELLERS MARKET – February 2021 Market Update for the Metro Vancouver area.

February 2021 Market Update – Real Estate Stats Package 

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver reports an increase in residential home sales. In the region sales totaled 3,727 in February 2021. This is a 73.3 per cent increase from the 2,150 sales recorded in February 2020. Plus a 56 per cent increase from the 2,389 homes sold in January 2021.

Last month’s sales were 42.8 per cent above the 10-year February sales average. 

Colette Gerber, REBGV Chair said, “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing. Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.”

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”

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“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.

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