In March, Metro Vancouver experienced unprecedented levels of home buyer and seller activity. Let’s go over the Real Estate Market Rental Report of March.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the area totaled 5,708 in March 2021, a 126.1 percent improvement over the 2,524 sales reported in March 2020 and a 53.2% increase over the 3,727 homes sold in February 2021.
Last month’s sales were 72.2 percent higher than the 10-year March sales average, and it was the region’s highest monthly sales total ever recorded.
“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.”Taylor Biggar, REBGV Chair
The total number of homes currently listed for sale on the Metro Vancouver MLS® system is 9,145, a 4.8 percent decrease from March 2020 (9,606) and a 9.4 percent increase from February 2021. (8,358).
This is 18.6% lower than the 10-year March cumulative listing average.
“While we saw a record number of listings enter the market last month, demand in today’s market is not allowing the new supply to accumulate. As a result, the total inventory of affordable homes for sale has decreased compared to last year,” Biggar explained.
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 totaled 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.
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.