Hot residential real estate trends continued through March 2021, reaching new historic records for the month for both home sales and new listings.
The Real Estate Board of Greater Vancouver’s latest market update shows home sales in their jurisdiction reached 5,708 over the month — a 126% increase from the 2,524 sales in March 2020, and a 53% increase from the 3,727 sales in February 2021.
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March 2021’s sales were 72% above the 10-year sales average for the month, and the highest monthly sales total ever recorded in the region.
The demand was greatest in rural and suburban areas of the region, especially in Delta South, where there was a 196% year-over-year increase in sales. Sales were also pronounced in Whistler and Squamish, which saw increases of 195% and 189%, respectively.
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.
“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,” said Taylor Biggar, the chair of the REBGV, in a statement.
There were 8,287 newly listed homes over the month, representing an 87% increase compared to the 4,436 homes listed in March 2020 and a 64% increase compared to the 5,048 homes listed in February 2021.
The total number of homes now listed for sale is 9,145, which is a 5% decrease compared to the 9,606 units in March 2020 and a 9.4% increase compared to the previous month. This is 18.6% below the 10-year total listings average for March.
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” continued Biggar.
The sales-to-active listings ratio for March 2021 is 62%, with detached homes at 53%, townhomes at 80%, and apartments at 65%. 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.
Biggar says this heightened activity is due to a combination of factors such as signs of economic recovery, historically low interest rates, high demand for living space, and increased household savings.
Last month, the composite benchmark price for all homes in REBGV’s jurisdiction was $1.123 million, which is a 9.4% year-over-year increase and a 3.6% increase compared to February 2021.
March 2021 home sales statistics: REBGV
- Detached homes
- Number of units sold: 1,965 (+130.6% over March 2020)
- Active listings: 3,713
- Benchmark price: $1,700,200 (+17.9% over March 2020; +4.9% over February 2021)
- Average days on market: 27
- Apartment homes
- Number of units sold: 2,697 (+128.8% over March 2020)
- Active listings: 4,123
- Benchmark price: $715,800 (+3.7% over March 2020; +2.6% over February 2021)
- Average days on market: 28
- Townhouse sales
- Number of units sold: 1,046 (+112.2% over March 2020)
- Active listings: 1,309
- Benchmark price: $872,200 (+10.4% over March 2020; +3.9% over February 2021)
- Average days on market: 19
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