Homebuyer and seller activity reached unprecedented levels across Metro Vancouver* in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.

Last month’s sales were 72.2 per cent above the 10-year March sales average and are the highest monthly sales total ever recorded in the region.

Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per cent increase in sales.

Let’s take a look at the sales-to-active listings ratio:

1. 52.9% for detached homes
2. 79.9% for townhomes
3. 65.4% for apartments

Realtor Ran Chen’s perspective:

Today’s housing market is a bit crazy in Vancouver, with a high sales-to active rate. The BC government is running out of money and highly rely on the real estate market to gain some TAX income. With a high unemployment rate; the real estate market in Vancouver still remains red-hot.

Why???

1. BC immigration score set to be low; attracts more immigrants to move to BC to boost the real estate market
2. During the pandemic, which is changing our live styles, local people want larger living spaces

Consequences: It would be harder and harder for youngs to get their homes

A lot of people blame real estate agents to manipulate the real estate market, NO. It is the government, it’s the government’s job to control the price – affordable housing for its citizens