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Updated: Apr 6, 2021

Last month's sales numbers were the highest ever recorded for Metro Vancouver, being 72% above the 10-year average for March and 126% higher than the number of homes sold the same month last year.

Demand continues to keep supply low and prices high with multiple offer situations and record figures underlining a strong seller's market.

Below is a recap of the most relevant insights, as reported by the REBGV.

- There were 5,708 home sales in Vancouver for March 2021, which is a 126% increase over the same month in 2020 and 72% over the 10-year average. Sales were also 53% higher than February 2021. Benchmark pricing increased 9% overall during the past 12 months.

- The sales-to-active-listings ratio for all homes in March 2021 was 62%. 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 March sales-to-listing ratio was 53% for houses, 80% for townhomes, and 65% for condos.

- For detached homes, the benchmark pricing is $1,700,200. This is a 18% increase from March 2020 and a 5% increase over February 2021. This increase goes hand-in-hand with a 131% increase in detached home sales over the year.

- For apartments, the number of sales went up 129% from March 2020 to March 2021. The benchmark price for an apartment went up 4% to $715,800 over the past year and 3% from February, 2021.

- Sales of of duplex and townhouse homes jumped 112% when comparing March 2020 and 2021. Benchmark pricing went up 10% to $872,200 over the same time frame and 4% since February, 2021.

- Communities that experienced some of the largest increases in sales included Delta-South (196%), Whistler (195%) and Squamish (187%).

Have questions about how this affects your home sale or purchase, market trends in your specific neighbourhood, or anything else?

Reach me at 778 321 0091, or at the online form here.

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