Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver's housing market.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,727 for February 2021 which is a 73.3% increase from this time last year (2,150) and a 56% increase from January 2021 (2,389). Last month's sales were 42.8% above the 10-year February sales average.
Newly listed properties in February for Metro Vancouver reached 5,048 for all property types. This equates to a 12.7% increase from January 2021 (4,480) and a 26.1% increase compared to February 2020 (4,002).
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 February is 41.8% for detached homes, 61.8% for townhouses, and 41.7% 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 $1,084,000. This represents a 2.6% increase over January 2021.
The total sales for February 2021 were 2,389. This works out to 1,231 detached homes with a benchmark price of $1,621,200, 737 townhouses with a benchmark price of $839,800 and 1,759 apartments with a benchmark price of $697,500.
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!