The Real Estate Board of Greater Vancouver (REBGV) released its February 2021 housing report, which highlighted a market in favor of sellers with home sales up 73% year-over-year.
Ashley Smith, REVBGV president said ” Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing. Competition amongst home buyers is causing upward pressure on home prices.” She also added, “This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”
The REBGV report showed that residential home sales in the region totaled 3,727 in February 2021, a 73.3% increase from the 2,150 sales recorded in February 2020, and a 56% increase from the 2,389 homes sold in January 2021.
Sales of detached homes in February 2021 reached 1,231, a 79.7% increase over the 685 homes sold in February 2020.
Sales of apartment homes reached 1,759 in February 2021, a 65.8% increase over the 1,061 sales in February 2020.
Sales of attached homes totaled 737 in February 2021, an 82.4% increase over the 404 sales in February 2020.
Last month’s sales were 42.8% above the 10-year February sales average.
In the month of February, there were 5,048 detached, attached and apartment newly listed properties on the Multiple Listing Service® (MLS®). This represented a 26.1% increase compared to the 4,002 homes listed in February 2020, and a 12.7% increase compared to the 4.480 homes listed in January 2021.
The total number of properties listed for sale on the Vancouver MLS system in February was 8,348. This represents a 9.1% decrease when compared to the 9,195 homes listed in February 2020, and a 0.6% increase from January 2021.
Sales-To-Active Listings ratio
This ratio explains the relationship between supply and demand that influences price. The ratio for February was 44.6% across all property types. For each property type the ratio was:
- Detached homes 41.8%
- Town homes 61.8%
- Condominiums 41.7%
When the ratio is around or below 12% for a sustained period, then there is downward pressure on prices, and when it is above 20% for a sustained period, there is upward pressure.
For the month of February 2021, The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,084,000. This was 6.8% higher than February 2020 and 2.6 % higher when compared to January 2021.
If you are looking to get into this market with its “blistering pace of home sales”, we offer a huge range of homes suitable for any budget. Visit our website and browse our wide range of listings.