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Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace

The Metro Vancouver* housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7 per cent above the 10-year May sales average.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
• Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
• Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.

SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near-historic levels of new listings in May.

Supply response emerges in Metro Vancouver’s active housing market

Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.

Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 13 and a townhome was 10 days. Apartments took, on average, 22 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single-family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.
• Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.
• Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020

Metro Vancouver’s real estate market has been picking up steam since last fall, culminating in record sales and new listing activity last month. In an active market like this, seeking professional advice from a REALTOR® is more important than ever.

With this in mind, the Real Estate Council of BC (Council) and the Office of the Superintendent of Real Estate (OSRE) released a joint statement advising home buyers and sellers to seek professional advice, do their research, and understand the risks involved before buying or selling a home.

There has been much discourse recently about government intervention needed to cool the overheated Canadian housing market. However, a joint statement by Christopher Alexander, Chief Strategy Officer and Executive Vice President at RE/MAX of Ontario-Atlantic Canada, and Elton Ash, Regional Executive Vice President at RE/MAX of Western Canada, is calling for governments to be cautious with cooling measures such as policies and taxes that have served as short-term fixes in the past, but have not provided a long-term solution to Canada’s housing affordability crisis. Why do these measures always seem to be the go-to answer?

A new report by RE/MAX Canada is shedding light on shifting consumer trends in home renovations and the perceived return on investment (ROI), as impacted by COVID-19 and historically tight conditions across the Canadian real estate market. The RE/MAX 2021 Renovation Investment Report found that more than half of Canadians renovated their home last year for personal or “non-ROI” purposes, with three in 10 (29 per cent) choosing to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects.