March Market Update

The seasons are changing in Metro Vancouver, and as the days are getting hotter, the housing market is too! Home sales in March 2021 set new records, with an incredible 126.1% increase over the sales numbers in March 2020. 

These impressive figures are no surprise. After a year where we’ve all spent more time than ever at home, buyers are looking for thoughtful layouts and increased square-footage to accommodate work spaces, growing kids, and outdoor leisure. Those needs add up to a competitive market for buyers, and an incredible opportunity for sellers. 
Here are some more highlights from the latest REBGV report:
  • Record-breaking home sales. There were 5,708 home sales in March, a 53.2% increase over last month and a 72.2% increase over the 10 year average. The sales-to-active listings ratio is 62.4%, indicating a very strong seller’s market.
  • Rural and suburban regions are especially hot. Delta-South almost doubled its demand over 2020, with an196% increase in sales. Whistler and Squamish are close behind. 
  • Prices are increasing. The heightened activity is driving prices up, especially for single-family homes and townhomes. The average price of a detached home is $1.7 million, up almost 18% from March 2020, and townhomes are averaging $872,000, up 10.4% since March 2020. 
  • Listings are scarce. Even though last month saw a record-breaking 8,287 new listings added to the market, demand is so high that total listings are down from previous years. Currently there are 9,145 homes for sale, almost 5% lower than last March and 18.6% below the 10-year March average. 

If you want to know more, download the full March 2021 report here.
Looking to sell your home, or buy a space that fulfills your desires and fits your lifestyle? Let’s talk! I’m ready to lend my expertise and insights to helping you find the perfect place to call home.