Vancouver home sales up 73% year over year, market shifts in favour of sellers

By The Canadian Press | March 2, 2021 | Last updated on March 2, 2021
2 min read
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The Real Estate Board of Greater Vancouver says the market is heating up fast, with home sales in the region climbing by more than 70% since last year.

The board revealed Tuesday that February sales in the B.C. region totalled 3,727, a 73.3% increase from the 2,150 sales recorded the year before and a 56% spike from the 2,389 homes sold the month before.

The month’s sales were so strong that REBGV said they were 42.8% higher than February’s 10-year sales average and are helping the market shift in favour of sellers.

“The supply of listings for sale isn’t keeping up with the demand we’re seeing,” said Colette Gerber, REBGV’s chair, in a release.

“Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.”

Her board said the total number of homes listed for sale during February was 8,358, a 9.1% decrease compared to the 9,195 in the year prior and 0.6% increase from the month before.

The region also saw 5,048 new listings in February, up from 4,002 the year prior.

Townhomes, Gerber said, were experiencing the region’s most pronounced case of supply outstripping demand.

For all property types, she said the sales-to-active listings ratio for the month was 44.6%, but townhomes alone had a ratio of 61.8%.

The sales-to-active listings ratio was about 41% for both detached homes and apartments.

Home prices often experience upward pressure when the ratio surpasses 20% over several months.

The MLS home price index composite benchmark for Metro Vancouver reached just over $1 million in February, a 6.8% increase from the year before and a 2.6% jump from the prior month.

Covid-19 and economic measures were fuelling some of the frenzy, said Gerber.

“Low interest rates remain a key driver in today’s market,” she said.

“We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market.”

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