VANCOUVER — Home sales and new listings set all-time records across Metro Vancouver last month, reports the Real Estate Board of Greater Vancouver.
Residential home sales totaled 5,708 in March, up by more than 53 per cent from February and 126 per cent from March 2020, the board said Friday.
That’s the highest-ever monthly sales total recorded in the region stretching from B.C.’s Lower Mainland to Whistler and the Sunshine Coast, it said.
Sales were up more than 72 per cent above the 10-year March average.
Board Chair Taylor Biggar said the surge has pushed price gains into the double digits for single-family homes and townhomes over the last year.
New listings also hit a record last month, he said in a statement, but the overall inventory of homes for sale decreased compared with last year since demand is preventing that supply from accumulating in the market.
“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings.”
Demand was most pronounced in rural and suburban areas, with the largest increase reported in Delta at 195.8 per cent.
Whistler and Squamish followed with 194.7 and 188.6 per cent increases, respectively, in home sales over last year.
The MLS home price index composite benchmark price for all residential properties in Metro Vancouver hit $1,123,300 in March, a 3.6 per cent increase from February and a 9.4 per cent increase from last March.
The benchmark price for a detached home was $1,700,200, up nearly 18 per cent from last year, while the benchmark price of an attached home was just over $872,000, up 10.4 per cent from March 2020.
The benchmark price for an apartment was close to $716,000, a 3.7 per cent increase from last year.
Prices increased increased across the region, but they vary by community.
The benchmark price for a single-family detached home across communities in the Lower Mainland was $1,508,000, while on the Sunshine Coast the benchmark price drops to $765,000, the board’s latest data show.
Benchmarks represent a typical property in each market, the board notes.
Obviously this is unsustainable, but on an annualized basis these are increases of 30-60%. Suburban house prices are already up 30% over the past 12 months.
— Steve Saretsky (@SteveSaretsky) April 2, 2021
The pandemic real estate party is showing no sign of slowing down across the Lower Mainland, with local real estate sales in March smashing previous records. https://t.co/3MZB8ysf3A #VanRE #Vancouver via @MartinMacMahon @HanaMaeNassar pic.twitter.com/7vxF2BRHzq
— CityNews Vancouver (@CityNewsVAN) April 3, 2021
Seattle vs. Vancouver
Single Family Homes for under $750,000 (CAD)
Seattle: 136 properties.
Vancouver: 0 properties.
— Rohana Rezel (@rohanarezel) April 2, 2021
Rosenberg: “Based on all the metrics I have — home price-to-rent ratios, home price-to-income ratios, or how much the household sector was overexposed to residential real estate — these numbers are higher now than they were during the U.S. housing bubble.” https://t.co/ri70nXIUs1
— Dima (@dima_nomad) April 3, 2021
— Andy Yan (@Ayan604) April 4, 2021
— Raymond Wong (@RWong1975) April 4, 2021
#vanre @ealini "'Any policies should just be geared towards investors, period, whether domestic investors or foreign investors'… To discourage buyers from purchasing property only to flip it after a short period & pocket the gain from rapid appreciation" https://t.co/asx0KCQK8X
— Hutchyman (@Hutchyman) April 4, 2021
— Georgia Straight (@georgiastraight) March 31, 2021
This report by The Canadian Press was first published April 2, 2021.