The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,145, a 4.8% decrease compared to March 2020 and a 9.4% increase compared to February 2021.
This is 18.6% below the 10-year March total listings average.
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” said Biggar.
For all property types, the sales-to-active listings ratio for March 2021 is 62.4%. By property type, the ratio is 52.9% for detached homes, 79.9% for townhomes, and 65.4% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“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 MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4% increase over March 2020 and a 3.6% increase compared to February 2021.