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May 2021 Stats from Real Estate Board of Greater Vancouver


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FOR IMMEDIATE RELEASE:

Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace

VANCOUVER, BC – June 2, 2021 – The Metro Vancouver* housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7 per cent above the 10-year May sales average.

“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”

There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).

"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rate climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9 per cent. By property type, the ratio is 29.8 per cent for detached homes, 53.8 per cent for townhomes, and 43.5 per cent for apartments.

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.

“The seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”

The MLS® Home Price Indexcomposite benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14 per cent increase over May 2020 and a 1.5 per cent increase compared to April 2021.

Sales of detached homes in May 2021 reached 1,430, a 166 per cent increase from the 537 detached sales recorded in May 2020. The benchmark price for a detached home is $1,800,600. This represents a 22.8 per cent increase from May 2020 and a 1.7 per cent increase compared to April 2021.

Sales of apartment homes reached 2,049 in May 2021, a 213 per cent increase compared to the 653 sales in May 2020. The benchmark price of an apartment home is $737,100. This represents a 7.9 per cent increase from May 2020 and a 1.2 per cent increase compared to April 2021.

Attached home sales in May 2021 totalled 800, a 168 per cent increase compared to the 298 sales in May 2020. The benchmark price of an attached home is $936,300. This represents a 16.3 per cent increase from May 2020 and a 1.8 per cent increase compared to April 2021.

*Editor’s Note: 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.

MLS® Home Price Index 2021 update

1.) The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in May. In line with best statistical practices, the MLS® HPI is reviewed annually.

MLS® HPI coverage was extended to neighbourhoods where sales volumes picked up enough to support benchmark price tracking and was discontinued for neighbourhoods where sales became too sparse to support benchmark price calculations.

To ensure the MLS® HPI coverage is consistent and comparable, historical aggregate and composite data has been recalculated based on revised and consistent coverage.

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.



April 2021 Statistics For Greater Vancouver Real Estate


 

It was a banner April for sales in Greater Vancouver.  Have a look at the stats from The Real Estate Board of Greater Vancouver:

 

rebgv stats pkg april 2021



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Market Update Greater Vancouver March 2021


 

HERE ARE THE NUMBERS FOR RECORD-BREAKING MARCH 2021: metro vancouver d

 



February Statistics for Greater Vancouver Real Estate Market


rebgv stats pkg february 2021

 

March 2, 2021

Home buyer competition intensifies across Metro Vancouver’s housing market

 

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021. 

 

Last month’s sales were 42.8 per cent above the 10-year February sales average. 

 

“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.

 

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.” 

 

There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed. 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings. 

 

For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments. 

 

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. 

 

“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said. 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021. 

 

Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase). 

 

Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.

 

Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021. 

 

Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021. 

 

Download the February 2021 stats package



January Statistics for All British Columbia


For the complete news release, including detailed statistics, click here.

For immediate release

A Record-Setting Start to 2021

Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service®(MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year. 

“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”

Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply. 

“The supply of listings continues to be held back by the pandemic,” added Ogmundson. “With so few listings, markets are starved for supply and prices are under extraordinary pressure.”  


January 2021 Market Update from Dexter Realty


Welcome to January 2021  please fasten your seat belts

 

Some will express surprise that, as we enter the second year of a global pandemic, the rush to purchase homes in Greater Vancouver continues the startling sales pace seen in 2020. But there is a simple reason for the January surge: price appreciation as accelerating buyer demand collides with a stubborn lack of inventory.


In the past 12 months, the average price (based on dollar volume of sales) of a Greater Vancouver home has increased in value by $93,529, which is far higher than the average household income. In the detached house sector, where sales exploded in January, the average year-over-year price increase is well into the six digits. Dexter agents experienced this first hand during the last week of January as a North Burnaby detached house listing had a stunning amount of interest and showing requests. A significant number of multiple offers occurred, resulting in a sale that surpassed the $1.49 million list price. Each of these bidder was likely aware that, since January of 2020, the average detached house price in North Burnaby has increased by $283,456.

Multiple bids are being seen from West Vancouver and the Sunshine Coast to south of the Fraser River and in every property sector, from detached houses to condominium apartments. In Greater Vancouver during January, 53% of new listings sold, and the sales-to-listing ratio has surpassed 50% for the past seven months. There is little relief coming in new construction. As 2021 started, only 241 detached houses and 230 townhouses had started construction across all of Metro Vancouver, according to Canada Mortgage and Housing Corp. data. Of the total 1,628 new apartment starts, 28% were rentals and many of the remaining condo apartments had been pre-sold months earlier.


What to expect for the 2021 housing market? More of the same. With mortgage interest rates at 100-year-lows and home prices rising an average of nearly $8,000 per month, buyers and investors have awoken to an unprecedented buying opportunity.


Greater Vancouver: In January, 2,454 homes of all property types sold in Greater Vancouver. This compares to 1,602 in January 2020 and 1,120 in January of 2019 and a 28% increase from January of 2015, long considered the peak year for Greater Vancouver housing sales. Another telling stat: during the boom year of 2015, the benchmark January home price was $648,700. This January it was $1,056,600. Yes, we are into an unprecedented seller’s market.


Listings continue to decline, however. Total active listings in January 2021 were 8,820, down from 9,307 in January 2020 and from 11,427 in January 2018. With the current sales-to-listing ratio pace, there is a mere four months of inventory in the entire Greater Vancouver housing market.


Looking at the different types of property sales in Greater Vancouver, January 2021 detached home sales were up 41.8% year-over-year while new listings declined 0.4%; townhouse sales were up 42.8% year-over-year while new listings increased 16%; condominium apartment sales advanced 46.8% and new listings for condos increased by 27% year-over-year. Sales of detached houses in January made up 30% of all sales, compared to 27% in January 2020; townhouses represented 18% of sales, down from 20% a year earlier; and condo apartment sales made up 49% of total sales this January, compared to 51% in January 2020.


JANUARY 2021 HIGHLIGHTS

  • Average composite home price increase year-over-year in Greater Vancouver: 10.8%

  • Biggest detached house price increase year-over-year: Bowen Island (up 30%)

  • Biggest detached house price increase, mainland: Port Coquitlam and Pitt Meadows (up 15.4%)

  • Lowest benchmark condo price: Maple Ridge ($375,000)

  • Source: Real Estate Board of Greater Vancouver


Vancouver Westside: The Westside is the traditional bellwether for aspirational house buyers in Canada and January will be a month to remember, with detached sales rising 100% compared to the same month in either 2020 or 2019. The average price of the 68 Westside houses sold in January was $3,718,280, an increase of $450,000 from a year earlier.

In the townhouse sector, the 38 sales in January matched the record-setting December 2020 sales pace and were up 26% from January 2020. A slight increase in inventory  106 new listings were added in the month - kept average January townhouse prices in check, rising about $20,000 from a month earlier to $1,411,711.

The Westside condominium market saw January sales increasing 35% from January 2020, to 285 transactions. This was the lowest monthly sales level since July 2020, which may be a reaction to a frustrating lack of listings. Just 639 new listings came to the market in January, down 21% from the same month a year earlier. The average price of a Westside condo apartment is now $934,550, up more than $38,000 from December 2020, and multiple bids are not uncommon.

Vancouver Eastside: The line between the Eastside and Westside of Vancouver is rapidly blurring and this January was the latest indication. More detached houses sold on the Eastside – 109 – in January than on the Westside  68  a trend apparent for some time. Over the past five years, the price of an Eastside detached house increased 24% while it advanced just 9% on the Westside. In the past 12 months, the average Eastside house price increased by $20,000 per month – to $1,829,643 in January - yet prices are still half that of a detached house west of Quebec Street. Watch for rising demand and prices for Eastside houses and residential land from Renfrew Street to Mount Pleasant as the new Broadway Corridor SkyTrain line moves closer to reality. New Listings for Eastside houses in January were 175, resulting in a sales-to-new-listing ratio of 62%, slightly above the 2020 average.

Eastside townhouse sales were relatively robust in January. The 48 transactions in the month were down from the 66-unit per month average in the fourth quarter of 2020, but up 60% from January 2020. New listings, at 103, were the highest in two months and the sales-to-new-listing ratio was a healthy 47%. The average price of an Eastside townhouse in January reached $1,152,453, up 2.6% from a year earlier.

While Eastside condo sales in January were up from the 78 units In January 2020, the 99 sales were at the lowest monthly level since June of last year. The average condo price now is $680,177, up 10% from January 2020 and approximately $48,000 higher than in December 2020. With 216 new listings in January, the sales-to-new-listing ratio was 46%, indicating a seller’s market.

North Vancouver: Sales of detached houses in North Vancouver soared 87% in January compared to January 2020, but new listings fell by 33%, and the effect was reflected in prices. The average price of the 45 houses sold in January was $2,144,851, up from just over $1.89 million in December.

There were 67 new listings for townhouses in January, the highest level in five months, and 61% of them sold at an average price of $1,184,760, a price up 14% from January 2020.

After four months of hectic action with condominium apartment sales averaging 130 units per month, North Vancouver condo sales slipped to 92 in January, but represented 52% of the new listings added in the month. The average condo apartment price is now $708,656, up 15% from January 2020.

West Vancouver: Detached houses, which are the dominate property type in West Vancouver, notched 29 sales during January at an average price of $3,983,544. January sales were just eight units above January 2020 and the new listings, at 135, were up by just one house. The big difference was the January average price, which soared 21% - or $714,000  higher than in the same month a year ago.

Richmond: There was a moderate cooling of the red-hot Richmond detached house sales, with transactions dipping to 71 houses in January, the slowest monthly level since May 2020, though 36% above January 2020. With the sales-to-new listing ratio at 47%, the average house price was up nearly 5% year-over-year to $1,749,213 in January.

There was much-needed increase in townhouse listings in Richmond, with 137 units added in January, the highest level in four months. This is partly due to city zoning which has encouraged townhouse development on major Richmond streets since 2017. January sales of 64 townhouses represented 47% of all new listings. The average townhouse price in January was $911,959, up 9% from January 2020.

Condominium apartment sales in Richmond reached 141 units in January, up from 101 transactions in January 2020. With 303 new listings added, the sales-to-new-listing ratio was 47%, slightly lower than the 54% ratio seen in 2020. The average price of a Richmond condo is $613,385, up about 3% from a year earlier and approximately $49,000 above the average price in December 2020.

Burnaby East: The low inventory of detached houses was very apparent in Burnaby East, where buyers snapped up 80% of the new listings – 10  that were added to the January market. The eight houses sold went for an average of $1,560,625,up 23% from January 2020.

The townhouse market was even tighter, with the 6 sales representing 100% of the new listings added in January. The resultant multiple bids drove the average townhouse price up 17%  about $124,000  from December 2020.

Based on the current sales pace, there is only a three-month supply of condo apartments in Burnaby East, where the 13 sales in January absorbed 48% of the new listings. The January average condo price, at $607,284, compares to $563,914 year ago.

Burnaby North: The price of a detached house in Burnaby North reached a record high average of $1,704,836 in January as 22 houses sold, representing a sales-to-new listing ratio of 71%. Total active listings, at 68 in January, are at the lowest level in at least two years.

Sales of townhouses reached 22 in January, the lowest level in seven months, but this is likely a reflection of few new listings. With just 31 townhouses added to the market and active listings at two-year lows, the January sales-to-new-listing ratio was 71%. The average Burnaby North townhouse sold in January for $982,916, up 14% from January 2020.

Condo apartment sales continued the blistering pace seen in 2020, with 96 transactions in January, up 74% from January 2020. With 180 new listings, North Burnaby’s condo sales-to-new-listing ratio was 53%. The average condo price slipped down 4% from a year ago, to $597,117.

Burnaby South: With 26 detached house sales in January, transactions were close to the monthly average over the past 12 months and active listings, at 120, were also fairly constant in this very stable market. The outlier is average house prices, which have been rising steadily and reached $1,742,741 in January, up $285,000 from a year earlier.

Townhouse sales reached 30 in January, up 108% from January 2020 and higher than the 25 transactions in December 2020. With 41 new listings added, the January sales-to-new-listing ratio was 73%, compared to 54% during 2020. Townhouses in Burnaby South sold in January for an average of $1,007,309, up about $54,000 from the end of last year.

Condominium apartment sales continued the strong pace seen over the past seven months, with 87 transactions in January, representing 58% of the 150 new listing added in the month. The supply of condos is estimated at four months, if the current sales pace continues. The average condo price, at $625,937, is up from $595,215 in January 2020.

New Westminster: Detached house sales in New Westminster saw a three-fold increase in January compared to the same month last year, to 21 transactions, representing a startling sales-to-new listing ratio of 84%. The average house price

remained fairly constant in one of the more affordable housing markets in Greater Vancouver. The average house sold in January for $1,285,528, a 4.3% increase, year-over-year.

Townhouse buyers closed on 14 units in January, compared to four in the same month last year, but sales were below the 25-unit average pace over the final six months of 2020. With 28 new listings in January, the sales-to-new-listing was 50%, with the average price virtually unchanged from December 2020 at $727,435.

New Westminster’s year-over-year condo apartment market sales were higher in January, but, at 66 transaction, well below December’s 103 sales. An increase in new listings, to 159 units, kept the sales ratio at 43%, similar to the first month of 2020. The average condo price in January was $543,870, up 9% from December but down about $20,000 from January 2020.

Coquitlam: More Coquitlam detached houses sold in January 2021  76- than in Burnaby and New Westminster combined, an indication of Coquitlam’s growing popularity. The average Coquitlam detached house sold in January for $1,566,814, up 20% year-over-year, while 67% of the new listings sold.

Coquitlam’s townhouse sector saw January sales drop nearly 50% from December, to 38 transactions, but the average price was up 12% year-over-year to $864,957.

Coquitlam condo apartment sales in January, at 106 units, tracked close to the record monthly pace seen in 2020. With 149 condo listings added in January, the sales ratio was 71%, with average prices up $52,000 year-over-year at $574,407.

Port Moody: Since the extension of SkyTrain to the waterfront community, detached house prices have increased sharply. In January 2021, the average Port Moody house price hit a near-record of $1,611,733. This is up 18% from January 2019 and a startling $419,000 increase from January 2020. There were just 20 new listings for detached houses in January 2021, along with 9 sales. Multiple bids are being seen.

Port Moody has a small townhouse market, certainly not enough to meet demand. Through the last quarter of 2020, the sales-to-new-listing ratio was running at 100%. This dipped to 60% in January, with 9 sales from 15 new listings, but the average price climbed to $827,533, up from $769,900 a year earlier.

The condo inventory in Port Moody is mostly composed of new units built since the arrival of SkyTrain in 2016. There is fairly healthy selection, but units sell quickly. In January, with 28 transactions, the sales ratio to new listings was 76%, the second-highest level in a year. The average Port Moody condo price, based on 28 January sales, is now $608,357, highest in the Tri-Cities market.

Port Coquitlam: In January, the city made it easier to build laneway houses on detached-house lot by removing the need for public hearings, which is expected to fuel already hot detached-house sales. Port Coquitlam detached house sales reached 33 units in January, 2021, up from 29 in the month previous and 22 in January 2020. The average house price soared year-over-year from $875,000 to $1,211,787 in January 2021.

Port Coquitlam townhouse prices, at an average of $693,241 in January, are the lowest in the Tri-City region and have remained fairly stable, rising 4.5% year-over-year. January sales, at 18, represented 64% of the new townhouse listings in the month.

Port Coquitlam condo buyers experienced a rarity in January, as the average price of $438,247 was down from a year ago and lower than in December 2020. With just a two-month condo supply available and 49% of new listings selling in January, upward pressure on condo prices could be seen this year.

Ladner: In January, Delta eased the regulations for secondary suites in houses, eliminating the minimum 49-foot lot width and easing parking restrictions. The change will allow more house owners to include a ‘mortgage helper’ rental suite and may increase buyer demand for Ladner houses. In January, 15 detached houses sold in Ladner, representing 63% of the new listings, at an average price of $1,249,066. House sales and prices have remained fairly constant over the past year.

Ladner has seen an increase in townhouse construction over the past year, but the inventory of resale units remains tight. There were only six active listings in January, and just 1 unit sold, for $820,000.

January saw only 3 condo sales at an average price of $645,666, but buyers should know there has been a recent surge in new listings, rising to 21 units in January, the highest level since January 2020.

Tsawwassen: Detached house sales in Tsawwassen have been accelerating for some time but shifted to a higher gear in recent months. The result has been a reduction in detached-house supply to three months, and average prices rising about $90,000 in the past year. In January 30 houses sold, up from 9 in the same month last year. The average house price hit $1,363,083, up from $1,276,736 in January 2020. There were 85 total house listings on the market this January, the lowest level in more than two years.

Tsawwassen is a smallish community, and townhouse sales reflect that, with just 20 total listings and 9 sales in January. The average townhouse price is now $779,300, down slightly from January of last year.

There were 15 condo sales in January and the sales-to-new-listing ratio was 63%, signalling a seller’s market. Average condo prices, at $628,406, are up from $587,877 a year ago, mirroring price increases in much larger municipalities.

Pitt Meadows: The benchmark price of detached house in Pitt Meadows has inched above $1 million, at $1,013,200 in January 2021, a 15.4% increase year-over-year and tied with Port Coquitlam for the highest annual detached house price increase in Greater Vancouver.

Townhouse prices in Pitt Meadows in January were up 3.9% year-over-year to $622,100.

The benchmark condo apartment price increased to $603,200 in January 2021, up 6.3% from January 2020.

Maple Ridge: Maple Ridge posted the lowest benchmark in Greater Vancouver in January, at $930,900, a price up 15% year-over-year and nearly 3% higher than in December 2020.

Detached sales in the region (including neighbouring Pitt Meadows) were up 41% year-over-year to 95 transactions.

The benchmark townhouse price in Maple Ridge is $561,800, up 7.6% from this time last year and townhouse sales increased a stunning 83% to 68 units in the region. There were 79 new listings for townhouses in the regional market as of January.

Maple Ridge condominium apartment prices increased 9.1% from a year earlier in January 2021 to $373,500, the lowest benchmark condo price in Greater Vancouver, which may explain why the sales-to-new-listing ratio was an impressive 79% in January.


Download January Sales and Listings Statistics Houses Townhouses Condos


Download January Sales and Listings Statistics All Regional



Market Update Greater Vancouver January 2021


From The Real Estate Board of Greater Vancouver
February 2, 2021

Home buyer demand remains elevated across Metro Vancouver

 

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020. 

 

Last month’s sales were 36.4 per cent 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,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.” 

 

There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed. 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538). 

 

For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments. 

 

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. 

 

“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,” Gerber said. “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 MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020. 

 

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020. 

 

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020. 

 

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.

 

Download the January 2021 stats package



Greater Vancouver Real Estate Market 2020 in a Nutshell


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