Demand fuelled by low interest rates continues to propel the market with the REBGV reporting that sales numbers were up 56% from January 2021 and 43% above the 10-year average for February.
It's definitely a sellers market with benchmark pricing as high it's ever been for the region and strong buyer interest continuing to keep inventory low.
Below is a recap of the most relevant insights, as reported by the REBGV.
- There were 3,727 home sales in Vancouver for February 2021, which is a 73% increase over the same month in 2020 and 43% over the 10-year average. It is also 56% higher than January 2021.
- The sales-to-active-listings ratio for all homes in February 2021 was 45%. 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 42% for houses, 62% for townhomes, and 42% for condos.
- For detached homes, the benchmark pricing is $1,621,200. This is a 14% increase from January 2020 and a 3% increase over December 2020. This increase goes hand-in-hand with a 80% increase in detached home sales over the year.
- For apartments, the number of sales went up 66% between January 2020 - 2021. The benchmark price for an apartment went up 3% to $697,500 over the past year and 3% from December, 2020.
- Sales of of duplex and townhouse homes jumped 82% between December 2019 and 2020. Benchmark pricing went up 7% to $839,800 over the same time frame and 3% since December, 2020.
- Communities that experienced some of the largest price increases included Bowen Island (34%), West Vancouver (16%), the Sunshine Coast (32%) and Maple Ridge (15%).
Neighbourhood Sale Reports Curious about the sales and price activity for a specific area or even neighbourhood and property type? Find reports for Vancouver West and West Vancouver, East Vancouver and North Vancouver below. See detailed reports here ...
Current Mortgage Rates Financing rates are still extremely low despite an incremental increase. Here are the latest numbers, along with some insights on mortgage insurance, as provided by Gibbard Group Financial. See the latest CHIP, Rental and Residential Rates here.
Have questions about selling your home, making a purchase, or anything else related to the real estate market?
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