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.
  • March’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.