March Home Sales and New Listings Set Records in Metro Vancouver (March 2021)

Dated: April 29 2021

Views: 84

March Home Sales and New Listings Set Records in Metro Vancouver 

Homebuyer and seller activity reached unprecedented levels across Metro Vancouver* in March. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 percent increase from the 2,524 sales recorded in March 2020, and a 53.2 percent increase from the 3,727 homes sold in February 2021. 

Last month’s sales were 72.2 percent above the 10-year March sales average and are the highest monthly sales total ever recorded in the region.  

“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “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.” 

Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 percent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 percent increase, and Squamish, which saw a 188.6 percent increase in sales. 

There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 percent increase compared to the 4,436 homes listed in March 2020 and a 64.2 percent increase compared to February 2021 when 5,048 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,145, a 4.8 percent decrease compared to March 2020 (9,606) and a 9.4 percent increase compared to February 2021 (8,358). 

This is 18.6 percent below the 10-year March total listings average. 

“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,” said Biggar. 

For all property types, the sales-to-active listings ratio for March 2021 is 62.4 percent. By property type, the ratio is 52.9 percent for detached homes, 79.9 percent for townhomes, and 65.4 percent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. 

“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low-interest rates, high demand for space, and increased household savings,” Biggar said.  

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $ 1,123,300. This represents a 9.4 percent increase over March 2020 and a 3.6 percent increase compared to February 2021. 

Sales of detached homes in March 2021 reached 1,965, a 130.6 percent increase from the 852 detached sales recorded in March 2020. The benchmark price for a detached home is $1,700,200. This represents a 17.9 percent increase from March 2020 and a 4.9 percent increase compared to February 2021. 

Sales of apartment homes reached 2,697 in March 2021, a 128.8 percent increase compared to the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This represents a 3.7 percent increase from March 2020 and a 2.6 percent increase compared to February 2021. 

Attached home sales in March 2021 totalled 1,046, a 112.2 percent increase compared to the 493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents a 10.4 percent increase from March 2020 and a 3.9 percent increase compared to February 2021. 

*Note:

Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. 

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020. 

Contact:  

Craig Munn
Director, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org 

Latest Blog Posts

Supply Response Emerges in Metro Vancouver’s Active Housing Market (April 2021)

Home sellers have become increasingly active in Metro Vancouver’s housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic

Read More

March Home Sales and New Listings Set Records in Metro Vancouver (March 2021)

March Home Sales and New Listings Set Records in Metro Vancouver Homebuyer and seller activity reached unprecedented levels across Metro Vancouver* in March. The Real Estate Board of

Read More

Home Buyer Competition Intensifies Across Metro Vancouver’s Housing Market (February 2021)

Intense competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.The Real Estate Board of Greater Vancouver (REBGV) reports that

Read More

Home Buyer Demands Remain Elevated in Metro Vancouver (January 2021)

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed

Read More