Vancouver Housing Market Stats April. 2021
Supply response emerges in Metro Vancouver’s active housing market
VANCOUVER, BC – May 4, 2021 – Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 4,908 in April 2021, a 342.6 percent increase from the 1,109 sales recorded in April 2020, and a 14 percent decrease from the 5,708 homes sold in March 2021.
Last month’s sales were 56.2 percent 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,” Keith Stewart, REBGV’s economist said. “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.”
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 percent increase compared to the 2,313 homes listed in April 2020, a 4.2 percent decrease compared to March 2021 when 8,287 homes were listed, and is the highest new listing total ever recorded in the region in April.
“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 total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1 percent increase compared to April 2020 (9,389) and a 12 percent increase compared to March 2021 (9,145).
Today’s active listings total is 11.2 percent below the 10-year April average.
For all property types, the sales-to-active listings ratio for April 2021 is 47.9 percent. By property type, the ratio is 37.4 percent for detached homes, 70 percent for townhomes, and 51.5 percent for apartments.