Home sales and listings setting records levels across Metro Vancouver* in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.
Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.
“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.”
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” said Biggar.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021.
“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.
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.
