Home sellers have become increasingly active in Metro Vancouver's housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver saw residential homes sales total 4,908 for April 2021 which is a 342.6% increase from this time last year (1,109) and a 14% decrease from March 2021 (5,708). Last month's sales were 56.2% above the 10-year April sales average.
Newly listed properties in April for Metro Vancouver reached 7,938 for all property types. This equates to a 4.2% decrease from March 2021 (8,287) and a 243.2% increase compared to March 2020 (2,313).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for April is 37.4% for detached homes, 70% for townhouses, and 51.5% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,152,600. This represents a 2.6% increase over March 2021.
The total sales for April 2021 were 4,908. This works out to 1,655 detached homes with a benchmark price of $1,755,500, 964 townhouses with a benchmark price of $900,900 and 2,289 apartments with a benchmark price of $729,600.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!