{"id":17690,"date":"2021-04-13T10:10:00","date_gmt":"2021-04-13T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17690"},"modified":"2021-04-12T14:49:01","modified_gmt":"2021-04-12T21:49:01","slug":"record-home-sales-in-metro-vancouver-up-126-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/04\/record-home-sales-in-metro-vancouver-up-126-y-y\/","title":{"rendered":"Record Home Sales in Metro Vancouver, Up 126% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">March was a record-setting month in Metro Vancouver with 5,708 sales, says the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Sales surged by 126.1% year-over-year from 2,524 in March 2020, and by 53.2% from 3,727 a month earlier. Moreover, last month\u2019s sales total was 72.2% above the 10-year March average.<\/p>\n<p style=\"text-align: justify;\">The region\u2019s rural and suburban areas saw the most significant increases in activity, including in Delta-South, where sales surged by 195.8% year-over-year, Whistler, where sales increased by 194.7%, and Squamish, where sales rose by 188.6%.<\/p>\n<p style=\"text-align: justify;\">According to the REBGV, there were 8,287 new listings in the form of detached, attached and condo apartments on the MLS in Metro Vancouver last month, representing an 86.8% year-over-year increase from 4,436 listings in March 2020, and a 64.2% month-over-month rise.<\/p>\n<p style=\"text-align: justify;\">There are currently 9,145 homes listed on the Metro Vancouver MLS, which is 4.8% below the number of listings in March 2020, and 18.6% below the 10-year average for March.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile we did see a record number of listings enter the market last month, the demand in today\u2019s market isn\u2019t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,\u201d Taylor Biggar, the REBGV\u2019s chair, said in a statement.<\/p>\n<p style=\"text-align: justify;\">The average price of a Vancouver area home last month was $1,123,300, which is 9.4% higher than in March 2020, and a 3.6% month-over-month increase. Detached homes increased by 17.9% year-over-year to $1,700,200, while attached homes rose by 10.4% to $872,200, and condo prices were up 3.7% to $715,800.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the Calgary Real Estate Board (CREB) reported that home sales increased by 147% last month to 2,903 from 1,174 in March 2020, which it attributed to the low interest rate environment and excess savings in the city\u2019s households. Moreover, the sales spike marked a 14-year high.<\/p>\n<p style=\"text-align: justify;\">The board noted that bidding wars are commonplace in Calgary\u2019s housing market and that inventory had declined to 5,416 properties last month from 5,863 during the prior-year period. New listings also rose by 83% to 4,437 from 2,418.<\/p>\n<p style=\"text-align: justify;\">The benchmark price of a Calgary home increased by 7% to $441,900 in March from $414,800 a year earlier, while the benchmark detached house price rose to $516,300 from $478,400, and condos climbed to $250,000 from $242,500.<\/p>\n<p style=\"text-align: justify;\">&#8220;Low lending rates and improved savings have supported sales activity,&#8221; said CREB\u2019s chief economist Ann-Marie Lurie in a statement. &#8220;However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouvers-sales-up-126-calgarys-surge-147-334588.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s Sales Up 126%, Calgary&#8217;s Surge 147%<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>March was a record-setting month in Metro Vancouver with 5,708 sales, says the Real Estate Board of Greater Vancouver (REBGV). Sales surged by 126.1% year-over-year from 2,524 in March 2020, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/record-home-sales-in-metro-vancouver-up-126-y-y\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17690","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Record Home Sales in Metro Vancouver, Up 126% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/04\/record-home-sales-in-metro-vancouver-up-126-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Record Home Sales in Metro Vancouver, Up 126% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"March was a record-setting month in Metro Vancouver with 5,708 sales, says the Real Estate Board of Greater Vancouver (REBGV). 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