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, marie@marieoconnor.ca or at the online form here.