Real Estate Statistics – April 2021, Vancouver BC
As the real estate market in Metro Vancouver continues to heat up in the spring of 2021, home sellers have become more active, responding to the growing demand and increased home values spurred by the pandemic.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales reached 4,908 in April 2021, marking a staggering 342.6% increase from April 2020, though down 14% from March 2021. These numbers also indicate that sales were 56.2% above the 10-year April average, setting a record for the month.
Keith Stewart, economist for REBGV, explained that the housing market has seen a significant shift from the prior year when COVID-19 nearly halted real estate activity. This spring, the surge in buyer demand has triggered a noticeable response from sellers, reflected in a higher volume of homes being listed.
In April 2021, 7,938 new listings for detached, attached, and apartment homes were added to the MLS®, a 243.2% increase from the previous year. However, it’s still not enough to meet the rising demand, despite being a record high for the month.
The sales-to-active listings ratio in April 2021 stood at 47.9% across all property types, with ratios of 37.4% for detached homes, 70% for townhomes, and 51.5% for apartments. Real estate analysts note that a ratio below 12% typically places downward pressure on prices, while ratios over 20% often push prices upward.
The benchmark price for all residential properties in Metro Vancouver reached $1,152,600, reflecting a 12% increase from April 2020, and a 2.6% rise compared to March 2021. The steady price growth, fueled by factors like low interest rates, increased savings, and a strengthening economy, has encouraged sellers to list their homes.
Sales of detached homes climbed to 1,655, a 326.5% increase year-over-year, with a benchmark price of $1,755,500—up 20.9% from April 2020. Apartment sales reached 2,289, marking a 355.1% increase, with a benchmark price of $729,600, up 5.9% year-over-year. Attached home sales totaled 964, a 342.2% increase from the previous year, with a benchmark price of $900,900.
Despite the strong activity, real estate professionals, such as Taylor Biggar, REBGV Chair, emphasize the importance of continuing to follow pandemic safety protocols and making responsible real estate decisions during this time of heightened demand and limited supply.
