Conditions in Metro Vancouver’s housing market strengthened even further for sellers in February 2021, with sales reaching 43% above the 10-year sales average for the month.
According to the Real Estate Board of Greater Vancouver (REBGV), home sales in the region totalled 3,727 in February 2021, representing a 73% increase from the 2,150 sales recorded over the same month in 2020, and a 56% increase from the 2,389 homes sold during the first month of this year.
“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. Competition amongst home buyers is causing upward pressure on home prices,” said Colette Gerber, the chair of REBGV, in a statement.
Low-interest rates are the driving force of the activity, including first-time homebuyers and move-up buyers. Activity is particularly strong within the townhouse market, where demand is outstripping available supply.
There were 5,048 homes of all types newly listed during February 2021, which is a 26% increase compared to the 4,002 homes listed in February 2020, and a 13% increase compared to the 4,480 homes listed in January 2021.
Currently, a total of 8,358 homes are listed in Metro Vancouver, representing a 9% decrease compared to the 9,195 homes in February 2020, a 0.6% increase compared to January 2021, and a 21.2% decrease against the 10-year average for the month.
The sales-to-active-listings ratio for the month was 44.6% across all home types, with the ratio at 41.8% for detached homes, 61.8% for townhomes, and 41.7% 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.
The benchmark price for all residential properties within REBGV jurisdiction is $1.084 million — a 6.8% increase over February 2020, and a 2.6% increase compared to January 2021.
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.
Communities with a smaller population within the region are seeing the largest year-over-year price increases for all property types, including Bowen Island (+34.4%), Sunshine Coast (+32.7%), West Vancouver (+16.1%), Maple Ridge (+14.8%), and Ladner (+13.7%).
February 2021 home sales statistics
- Detached homes
- Number of units sold: 1,231 (+79.7% over February 2020)
- Active listings: 2,948
- Benchmark price: $1,621,200 (+13.7% over February 2020; +2.8% over January 2021)
- Average days on market: 39 (previously 51 days in January 2021)
- Apartment homes
- Number of units sold: 1,759 (+65.8% over February 2020)
- Active listings: 4,218
- Benchmark price: $697,500 (+2.5% over February 2020; +2.5% over January 2021)
- Average days on market: 33 (previously 44 days in January 2021)
- Townhouse sales
- Number of units sold: 737 (+82.4% over February 2020)
- Active listings: 1,192
- Benchmark price: $839,800 (+7.2% over February 2020; +2.9% over January 2021)
- Average days on market: 22 (previously 34 days in January 2021)