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Double-digit price growth as Metro Vancouver sets all-time real estate sales record

Click to play video: 'March saw unprecedented home sales in Metro Vancouver' March saw unprecedented home sales in Metro Vancouver
The Real Estate Board of Greater Vancouver says unprecedented sales in March are leading to double-digit price gains for single-family homes and townhomes – Apr 2, 2021

More homes were sold in Greater Vancouver in March than in any single month to date, according to the Real Estate Board of Greater Vancouver.

The organization said 5,708 homes changed hands last month, up 126.1 per cent from the same period in 2020, and up 53.2 per cent from February.

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The blistering sales volume was 72.2 per cent above the 10-year average for the month of March, and higher than any single month previously recorded.

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High demand has pushed annual price growth for single-family homes into the double digits, the board said.

The benchmark price for a detached home across the region reached $1.7 million in March, up nearly 18 per cent year-over-year, and up nearly five per cent from February alone.

Townhomes registered a benchmark price of $872,000, up 10 per cent from the same month last year and nearly four per cent from February.

The benchmark price for condos and apartments was $715,800, up 3.7 per cent year-over-year and up 2.6 per cent from February.

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The board said demand was highest in rural and suburban areas. South Delta, for example, saw sales climb by nearly 196 per cent year-over-year.

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Whistler saw growth of almost 195 per cent, and Squamish saw sales climb nearly 189 per cent.

The board attributed the surge in sales to a recovering economy, low interest rates, high demand for space and more household savings.

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