Friday, November 26, 2021
ADVT 
National

Home sales set another record for the month of March in Lower Mainland

Darpan News Desk REBGV, 05 Apr, 2021 07:50 PM
  • Home sales set another record for the month of March in Lower Mainland

Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.

Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.

Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per cent increase in sales.

There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 per cent increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase compared to February 2021 when 5,048 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,145, a 4.8 per cent decrease compared to March 2020 (9,606) and a 9.4 per cent increase compared to February 2021 (8,358).

This is 18.6 per cent below the 10-year March total listings average.

“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,” said Biggar.

For all property types, the sales-to-active listings ratio for March 2021 is 62.4 per cent. By property type, the ratio is 52.9 per cent for detached homes, 79.9 per cent for townhomes, and 65.4 per cent for apartments.

Sales-to-active listings ratio - March 2021. 
 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings,” Biggar said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021. 

Sales of detached homes in March 2021 reached 1,965, a 130.6 per cent 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 per cent increase from March 2020 and a 4.9 per cent increase compared to February 2021. 

Sales of apartment homes reached 2,697 in March 2021, a 128.8 per cent increase compared to the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This represents a 3.7 per cent increase from March 2020 and a 2.6 per cent increase compared to February 2021. 

Attached home sales in March 2021 totalled 1,046, a 112.2 per cent increase compared to the 493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents a 10.4 per cent increase from March 2020 and a 3.9 per cent 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.

MORE National ARTICLES

Online vaccine booking to open in B.C

Online vaccine booking to open in B.C

The news comes as case numbers spike in B.C. with a record-high daily total on Saturday of 1,072 new infections and an outbreak on the Vancouver Canucks hockey team.

Online vaccine booking to open in B.C

City plans tribute centre to mark Broncos crash

City plans tribute centre to mark Broncos crash

The announcement by the City of Humboldt comes on the eve of the third anniversary of the crash, which claimed the lives of 16 people and injured 13 others.

City plans tribute centre to mark Broncos crash

Shooting over Easter Long weekend in Coquitlam sends one man to hospital

Shooting over Easter Long weekend in Coquitlam sends one man to hospital

The RCMP say the shooting was targeted. There have been no arrests in this incident as of yet. 

Shooting over Easter Long weekend in Coquitlam sends one man to hospital

Vaccine selfies are the new social media currency

Vaccine selfies are the new social media currency

Experts say these selfies can encourage others to overcome their vaccine hesitancy, but may also incite jealousy among those who aren't eligible to book their appointments.

Vaccine selfies are the new social media currency

New COVID-19 outbreak at Prince Rupert facility

New COVID-19 outbreak at Prince Rupert facility

Sixteen residents died during a COVID-19 outbreak that began at Acropolis Manor in mid-January and was declared over on March 16.

New COVID-19 outbreak at Prince Rupert facility

Parliamentary secretary Rachna Singh shares statement to kick off Sikh Heritage Month

Parliamentary secretary Rachna Singh shares statement to kick off Sikh Heritage Month

April is an important month for Sikhs around the world. For more than 300 years, Sikhs come together to mark the creation of the Khalsa of Sri Guru Gobind Singh Ji, which imparts the values of equality, selfless service and social justice that are so important to the Sikh community. 

Parliamentary secretary Rachna Singh shares statement to kick off Sikh Heritage Month

PrevNext