Home Sales Strong In Greater Vancouver

The Real Estate Board of Greater Vancouver (REBGV) says residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020 and a 56 per cent increase from the 2,389 homes sold in January 2021. Last month’s sales were 42.8 per cent above the 10-year February sales average. “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,” Colette Gerber, REBGV chair says. This is particularly true in the townhome market where demand is outstripping the available supply. There were 5,048 detached, attached, and apartment homes newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in February. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed. The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings. For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.