Another record month in home sales in Metro Vancouver was recorded in April 2021, and sales were 56% above the 10-year average for the period.
Based on the latest statistics from Real Estate Board of Greater Vancouver (REBGV), home sales reached a total of 4,908 units over the month — a 343% increase from the 1,109 units in April 2020, and a 14% decrease from the 5,708 units in March 2021.
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“Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” said Keith Stewart, economist at REBGV, in a statement.
“This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
Over April 2021, there were 7,938 homes of all types newly listed for sale, representing a 243% increase compared to the 2,313 units in April 2020, and 4% decrease from the 8,287 units in March 2021. The month is also the highest new listing total ever recorded in the region for the period.
There are currently 10,245 homes listed for sale, which is a 9% increase from the 9,389 units in April 2020 and a 12% increase from the 9,145 units in March 2021. This active listings total is 11% below the 10-year average for April.
The sales-to-active listings ratio for April 2021 is 48%, with detached homes at 37%, townhomes at 70%, and apartments at 51.5%.
Downward pressure on home prices typically occurs when the ratio dips below 12% for a sustained period. Prices see an upward trend when it surpasses 20% over several months.
“While homes are now being listed at record levels, more supply is needed to meet today’s demand and help market conditions achieve greater balance,” added Stewart.
The composite benchmark price for all homes within REBGV jurisdiction is currently $1.153 million — a 12% increase over April 2020, and a 2.6% uptick from March 2021.
REBGV’s jurisdiction also covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, and all of the Tri-Cities and North Shore municipalities. Other areas such as Surrey, Langley, and White Rock are part of the Fraser Valley Real Estate Board.
April 2021 home sales statistics: REBGV
- Detached homes
- Number of units sold: 1,655 (+326.5% over April 2020)
- Active listings: 4,426
- Benchmark price: $1,755,500 (+20.9% over April 2020; +3.2% over March 2021)
- Average days on market: 17
- Apartment homes
- Number of units sold: 2,289 (+355.1% over April 2020)
- Active listings: 4,441
- Benchmark price: $729,600 (+5.9% over April 2020; +1.9% over March 2021)
- Average days on market: 24
- Townhouse sales
- Number of units sold: 964 (+342.2% over April 2020)
- Active listings: 1,378
- Benchmark price: $900,900 (+13.9% over April 2020; +3.3% over March 2021)
- Average days on market: 18