The hot real estate market has set a new all-time high record.
The Real Estate Board of Greater Vancouver reports that March 2021 deals were the “highest monthly sales total ever recorded in the region”.
A total of 5,708 homes sold last month, a 126.1 percent increase from the 2,524 sales in March 2020.
Last month’s transactions also represented a 53.2 percent increase from the 3,727 homes sold in February 2021.
“This surge in activity is increasing upward pressure on prices,” REBGV chair Taylor Biggar said in a media release Friday (April 2).
Biggar noted that the board is “beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months”.
The benchmark price of a typical home in the region rose to $1,123,300.
The REBGV noted that this represents a 9.4 percent increase over March 2020, and a 3.6 percent increase compared to February 2021.
“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings,” Biggar said.
The REBGV covers Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.
Economists have said that the real estate market is overheating not only in Vancouver but also across Canada.
They have suggested that government needs to step in to cool down the white-hot market.
The REBGV’s report April 2 contains a breakdown of how specific properties fared in March 2021.
Sales of detached homes in March 2021 totaled 1,965. It’s a 130.6 percent increase from the 852 detached sales in March 2020.
The benchmark price of a single-family residence rose to $1,700,200. This represents a 17.9 percent increase from March 2020 and a 4.9 percent increase compared to February 2021.
Sales of apartment homes reached 2,697 in March 2021. It’s a 128.8 percent increase compared to the 1,179 sales in March 2020.
The board reported that benchmark price of a condo rose to $715,800. This represents a 3.7 percent increase from March 2020 and a 2.6 percent increase compared to February 2021.
Attached home sales in March 2021 totalled 1,046. It’s a 112.2 percent increase compared to the 493 sales in March 2020.
The REBGV stated that benchmark price of a townhouse rose to $872,200. This represents a 10.4 percent increase from March 2020 and a 3.9 percent increase compared to February 2021.