SALES NUMBERS UP 343% FROM APRIL 2020 & 56% OVER 10-YEAR AVERAGE
Updated: May 7
Although the number of homes sold in Vancouver throughout April did slow slightly from March, the totals still came in 343% above where they were in April 2020 and 56% above the 10-year average. Strong demand bolstered by low interest rates continues to keep available inventory low and prices high. Below is a recap of the most relevant insights, as reported by the REBGV.
- There were 4908 home sales in Vancouver for April 2021, which is a 343% increase over the same month in 2020 and 56% over the 10-year average. That said, sales were 14% lower than March 2021. Benchmark pricing increased 12% overall during the past 12 months.
- The sales-to-active-listings ratio for all homes in April 2021 was 48%. Generally prices decline when this ratio falls below 12% for a sustained period of time, and increase when it rises above 20%.
- Broken down by property type, the April sales-to-listing ratio was 37% for houses, 70% for townhomes, and 52% for condos.
- For detached homes, the benchmark pricing is $1,755,500. This is a 21% increase from April 2020 and a 3% increase over March 2021. This increase goes hand-in-hand with a 327% increase in detached home sales over the year.
- For apartments, the number of sales went up 355% from April 2020 to April 2021. The benchmark price for an apartment went up 6% to $729,600 over the past year and 2% from March, 2021.
- Sales of of duplex and townhouse homes jumped 342% when comparing April 2020 and 2021. Benchmark pricing went up 14% to $900,900 over the same time frame and 3% since March, 2021.
- Want statistics that are more specific to your area? You can always find the latest neighbourhood reports for North Vancouver, West Vancouver, Vancouver West and Vancouver East by clicking here.
IN OTHER NEWS:
- Come June 1st, it is widely anticipated that the OSFO will require borrowers to qualify at their mortgage contract rate plus two percentage points or 5.25%, whichever is higher.
This will reduce buying power for many with uninsured mortgages by between 4 and 4.5%. See more here.
- According to their recent House Price Survey, Royal LePage is forecasting that the aggregate price of a home in Canada will increase 13.5% in the fourth quarter of 2021, compared to the same quarter last year. They are predicting 13% gains for the Vancouver region specifically. See the full report here.
As always, please feel free to get in touch if you have any questions.