Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,727 in February 2021, a 73.3% increase from the 2,150 sales recorded in February 2020, and a 56% increase from the 2,389 homes sold in January 2021.
Last month’s sales were 42.8% above the 10-year February sales average.
“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices. This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”
For full market update visit www.rebgv.org