Greater Vancouver Housing Market Update for March 2021

Summary: Total residential sales jumped 126.1% from the same month a year ago and up 53.2% from February this year.  Last month’s sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.  Delta, Whistler and Squamish had the highest increase in sales. During second half of March last year, Metro Vancouver housing market came to a halt due to COVID-19 shutdown, which explains these record setting numbers when we compared sales stats on a year-to-year basis.

Home benchmark price for all residential properties also set a new record of $1,123,300.  This represents a 9.4% increase over March 2020.  Detached home benchmark price experienced the highest price increase of 17.9% over March 2020. The overall inventory of homes for sale still can not keep up with strong home demand.  Last month's number of listings were 18.6% below the 10-year March total listings average.

Karen Tsao
Karen Tsao
1428 W 7th Ave Vancouver BC V6H 1C1