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 residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.
Last month’s sales were 42.8 percent above the 10-year February sales average.
“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.”
Colette Gerber, REBGV Chair
Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.
Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.
Attached home sales in February 2021 totaled 737, an 82.4 percent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 percent increase from February 2020 and a 2.9 percent increase compared to January 2021.
SOURCE: https://www.rebgv.org // Canadian Housing and Mortgage Corporation