The Vancouver real estate market is growing according to the sales prediction made by the R.E. Association

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1% increase from the 1,571 sales recorded in January 2020 and a 22.76 per cent decrease from the 3,128 homes sold in December 2020.

The B.C. Real Estate Association has just forecast sales for 2021 that are the highest since 2016, when home sales and prices in Metro made international headlines for their stratospheric climbs.

Joanne Lee-Young

“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace. This is causing increased competition amongst home buyers and upward pressure on prices.

“Colette Gerber, REBGV Chair

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 percent increase from January 2020 and a 0.2 percent increase compared to December 2020.

Here is an overview of the housing market report during the entire month of January 2021.