Real Estate Board of Greater Vancouver: March 2021 Statistics Update

At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.

For March 2021 statistics, we have Oakwyn agent Adam Chahl here for his statistics report.

As March 2021 statistics show, we’re in a truly interesting time. We set a record in the greater Vancouver area for the most homes sold in a March ever. Last month’s sales were 72.2% above the 10-year March sales average, making it the highest monthly sales total ever recorded in the region.

Residential home sales totaled 5,708 in March 2021, a 126.1% increase from the 2,524 sales recorded in March 2020. While March 2020 was the first real month of COVID-19 it is not surprising to have seen a paralysis in the market for that month, but we are still at a 53.2% increase from the 3,727 homes sold in February 2021, alone.

March Figures:

• Detached homes in March 2021 reached 1,965, a 130.6% increase from the 852 detached sales recorded in March 2020.
• Apartment homes reached 2,697 in March 2021, a 128.8% increase compared to the 1,179 sales in March 2020.
• Attached home sales in March 2021 totaled 1,046, a 112.2% increase compared to the 493 sales in March 2020.

March 2021 statistics show that, similar to the previous months, we’re seeing demand most pronounced in rural and suburban areas. Notably Delta, which saw a 195.8% increase in sales over 2020, and Whistler which saw a 194.7% increase.

Prices continue to climb! Demand for new listings is outpacing the supply, continuing to cause upward pressure on prices:

We’re still seeing an elevated price point for detatched homes. The average detached home is selling for a staggering $1.7 million, which is an increase of 5% since Feb 2021, and a 17.9% increase from March 2020.

The benchmark price of an apartment is $715,800 a 3.7% increase from March 2020 and a 2.6% increase compared to February 2021.

The benchmark price of an attached home is $872,200, a 10.4% increase from March 2020 and a 3.9% increase compared to February 2021.

You can read more about Adam’s findings, and contact Oakwyn or Adam if you would like help navigating the market.

Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.

To keep up with the latest market statistics and join the conversation, be sure to follow us on Instagram and Twitter, and visit our website.