Multiple offer situations with homes selling over their listing price were not uncommon for January. Home sales continue to outpace supply with the REBGV reporting that numbers were 36.4% above the 10-year average. Below is a recap of the most relevant insights: - There were 2,389 home sales in Vancouver for January 2021, which is a 52.1% increase from the same month in 2019 and 36.4% over the 10-year average. It is, however, 22.8% less than the record-setting sales seen in December 2020.
- The sales-to-active-listings ratio for all homes in January 2021 was 28.8%. 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 December sales-to-listing ratio was 26.3% for houses, 37.6% for townhomes, and 27.8% for condos.
- For detached homes, the benchmark pricing is $1,576,800. This is a 10.8% increase from January 2020 and a 1.4% increase over December 2020. This increase goes hand-in-hand with a 68.6% increase in detached home sales over the year.
- For apartments, the number of sales went up 46.8% between January 2020 - 2021. The benchmark price for an apartment went up 2.2% to $680,800 over the past year and 0.6% from December, 2020.
- Sales of of duplex and townhouse homes jumped 42.8% between December 2019 and 2020. Benchmark pricing went up 4.3% to $815,800 over the same time frame and 0.2% since December, 2020.
As for the market Canada-wide, similar increases are bring seen:
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