Housing Market in Metro Vancouver Continues to e Very Active During Spring:
Quick Summary:
- April 2021’s home sales increased by 56.2% from the 10-year sales average record of April.
- The Real Estate Board of Greater Vancouver (REBGV) experienced a 9.1% increase in the total number of homes listed for sale in April 2021 compared to April 2020, which means that 10,245 homes are currently listed for sale.
- The benchmark price for residential properties in Metro Vancouver in April 2021 is $1,152,600, a 12% increase from the price in April 2020.
Sales-to-Active-Listings Ratio Saw Minor Drop in April:
- Although April 2021’s sales-to-active-listings ratio dropped to 47.9%, the market remains a seller’s market for all housing types. A recap:
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A consistent trend of ratio above 20% indicates that the market is a seller’s market.
- April’s sales-to-active listings ratio for different home types:
- Detached homes: 37.4 %
- Townhomes: 70 %
- Apartments: 51.5 %
- With the economy slowly recovering and the new low-interest rates, more people are encouraged to sell their homes. The price growth and increasing household saving are all factors contributing to the active housing market today.
*Images/numbers from REBGV report.