REBGV Market Update For March 2021 – Residential Property Sales And New Listings Reach All Time Highs.
What a difference a year makes! This time last year, home sales were dropping steadily amid COVID-19 fears. This year however, the highlight of the March 2021 market report released by the Real Estate Board of Greater Vancouver (REBGV), was that home buyer and seller activity reached unprecedented levels across Metro Vancouver.
Taylor Biggar, the REBGV Chair commented “In March, residents bought and listed homes across our region at levels not seen before. This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.”
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” added Biggar.
Home sales activity had a 126% annual gain for a total of 5,708 transactions in March, marking the highest ever-monthly sales total for the region. March sales were 72% above the 10 year March sales average and is the highest monthly sales total ever recorded in the region.
The March 2021 property sales represented a 126% increase from the same period last year, and a 53.2% increase from the 3,727 homes sold in February 2021.
The number of detached properties sold was 1,965 – 130.6% more than March 2020.
The number of apartments sold was 2,697 – 128.8% more than March 2020.
The number of attached properties sold was 1,046 – 112.2% more than March 2020.
In March 2021, there were 8,287 new listings of detached, attached and apartment properties added to the Multiple Listing Service (MLS) in Metro Vancouver. This represented an 86.8% increase compared to the 4,436 homes listed in March 2020, and a 64.2% increase compared to February 2021 when 5,048 homes were listed.
The total number of homes listed for sale in March was 9,148 a 4.8% decrease when compared to the same month last year, and a 9.4% increase when compared to February 2021.
This ratio is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio dips below 12% for a sustained period, and home prices can experience upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio in March 2021 was 62.4%. When broken down by property types, the ratio was:
9% for detached homes
9% for townhomes
4% for condominiums
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,123,300 in March. This represented a 9.4% increase from March 2020, and a 4.9% increase compared to February 2021.
Click here for a full report.
We are in a period of soaring sales activity, combined with unprecedented housing demand. If you are looking to buy or sell a home, there could not be a better time than now. Contact us by email or call us on 604 913 1000.