Metro Vancouver Housing Update April 2021
Metro Vancouver’s housing market has observed increased seller activity in response to the increasing demand and rising home values. Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. The emerging housing market trends in 2021 witnessed a competitive buyer’s market and consistent growth in home sales.
April 2021’s market report from the Real Estate Board of Greater Vancouver (REBGV) shows a whopping 342.6% increase in residential home sales. The sales skyrocketed from 1,109 homes in April 2020 to 4,908 homes sales recorded in April 2021. Last month’s sales were 56.2% above the 10-year April sales average and is the highest total on record for the month.
“Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” noted Keith Stewart, REBGV economist. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
April’s Housing Market At A Glance
There were 7,938 detached, attached, and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2% increase compared to the 2,313 homes listed last year.
“While homes are now being listed at record levels, more supply is needed to meet today’s demand and help market conditions achieve greater balance,” Stewart said. The current active listings total is 11.2% below the 10-year April average.
April’s Sales-to-Active-Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for April 2021 is 47.9%. The breakdown is as follows:
Detached homes – 37.4%
Townhomes – 70%
Apartments – 51.5%
Analysts generally expect home prices to dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
“Record low-interest rates, increased household savings, a strengthening economy, and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12% increase over April 2020 and a 2.6% increase compared to the previous month.
Metro Vancouver Home Sales by Property Type
Detached Homes
Sales of detached homes in April 2021 reached 1,655, a 326.5% increase from the 388 detached sales recorded in April 2020. The benchmark price for a detached home is $1,755,500. This represents a 20.9% increase from last year and a 3.2% increase compared to March 2021.
Attached Homes
Attached home sales in April 2021 totaled 964, a 342.2% increase compared to the 218 sales in April 2020. The benchmark price of an attached home is $900,900. This represents a 13.9% increase from April 2020 and a 3.3% increase compared to March 2021.
Apartment Homes
Sales of apartment homes reached 2,289 in April 2021, a 355.1% increase compared to the 503 sales in April 2020. The benchmark price of an apartment home is $729,600. This represents a 5.9% increase from April 2020 and a 1.9% increase compared to March 2021.
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