"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
Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8% increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7% increase, and Squamish, which saw a 188.6% 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% increase compared to the 4,436 homes listed in March 2020 and a 64.2% 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% decrease compared to March 2020 (9,606) and a 9.4% increase compared to February 2021 (8,358). This is 18.6% 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%. By property type, the ratio is 52.9% for detached homes, 79.9% for townhomes, and 65.4% for apartments.
Source: Real Estate Board of Greater Vancouver