Metro Vancouver home sales continued strong demand trend in January: REBGV

Feb 8 2021, 10:07 am

Metro Vancouver’s housing market in January 2021 continued where December 2020 left off, according to statistics from the Real Estate Board of Greater Vancouver (REBGV).

It was another strong month with home sales totalling 2,389 units — a 52.1% increase from the 1,571 sales recorded over the same period in 2019, but a 22.8% decrease from the 3,093 homes sold the previous month. Moreover, the sales over the month were 36.4% above the 10-year January sales average.

“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,” said REBGV chair Colette Gerber in a statement.

REBGV’s jurisdiction covers parts of Metro Vancouver and other select areas of the South Coast, including Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler. Other areas of Metro Vancouver, including Surrey, Delta, and White Rock, are under the jurisdiction of the Fraser Valley Real Estate Board.

Over the course of the month, there were 4,480 homes of all types newly listed for sale, which is a 15.7% increase compared to the 3,872 homes listed in January 2020, and an 86% increase from the 2,409 homes in December 2020.

The total number of homes now listed for sale under REBGV jurisdiction is 8,306 units — a 3.6% decrease compared to January 2020, when there were 8,617 units. This was also a 2.7% decrease compared to December 2020, when there were 8,538 units.

The sales-to-active-istings ratio in January 2021 hovered at 28.8%, including 26.3% for detached homes, 37.6% for townhomes, and 27.8% for apartments. Analysts say upward pressure on home prices occurs when the ratio surpasses 20% over several months, while there is downward pressure on home prices when the ratio dips below 12% for a sustained period.

“Shifting housing needs during the pandemic and historically low-interest rates have been key drivers of demand in our market over the last six months,” continued Gerber. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”

The benchmark price for all residential properties in January 2021 was $1.056 million, representing a 5.5% increase compared to January 2020 and a 0.9% increase compared to December 2020.

January 2021 home sales statistics

  • Detached homes
    • Number of units sold: 740 (+68.6% over January 2020)
    • Active listings: 2,809
    • Benchmark price: $1,576,800 (+10.8% over January 2020; +1.4% over December 2020)
    • Average days on market: 51
  • Apartment homes
    • Number of units sold: 1,195 (+46.8% over January 2019)
    • Active listings: 2,809
    • Benchmark price: $680,800 (+2.2% over January 2020; 0.6% over December 2020)
    • Average days on market: 44
  • Townhouse sales
    • Number of units sold: 454 (+42.8% over January 2020)
    • Active listings: 1,206
    • Benchmark price: $815,800 (+4.3% over January 2020; +0.2% over December 2020)
    • Average days on market: 34

For January 2021 statistics in the Fraser Valley Real Estate Board, click here.

ADVERTISEMENT
ADVERTISEMENT