Metro Vancouver real estate continues to thrive:
- February sales increased by 42.8% from the 10-year sales average of the month.
- Real Estate Board of Greater Vancouver (REBGV) showed a record of a total 3,727 home sales in the region, which is a 73.3% increase from February 2020.
- The benchmark price for residential properties in Metro Vancouver is $1,084,000, showing a 6.8% increase from the same month in 2020.
The sales-to-active-listings ratios in Feb. are very strong across the board:
- February 2021’s sales-to-active-listings ratio is an exceptionally strong 44.6%, indicating that the market is a seller’s market across 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.
- February’s sales-to-active listings ratio for different home types:
- Detached homes: 41.8%
- Townhomes: 61.8%
- Condos: 41.7%
- According to Colette Gerber, the chair of REBGV: “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.”
- The strong activity among the townhomes market is because of the low-interest rates. “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.
*Images/numbers from REBGV report.