Hello again and welcome, today we take a look at the Market Highlights February 2021 which has just been released by the Real Estate Board of Greater Vancouver.
Increasing competition among home buyers continues to put upward pressure housing prices across Metro Vancouver.
Residential home sales equated to 3,727 in February 2021, which made for a 73% increase from transactions recorded in February 2020, and over a 55% increase from the total homes sold in January 2021.
February 2021 sales were 43 per cent above the ten year February sales average. There was a 26% increase compared to February 2020. February was actually a 13% increase in new listings compared to January 2021.
Year over year we are still about 10% less total listings than what we saw same time last year. This is about a 20% lower that the 10 year average for new listings and is certainly contributing to the overall heated pricing nature we are seeing specifically in certain markets.
Sales-to-active listings ratio for February 2021 was 44.6 per cent. The ratio is 42% for detached homes, 62% townhomes and 42% for condominiums.
This is well above what is commonly accepted as a market equilibrium. Downward pressure is typically witnessed when the ratio drops underneath 12% for a prolonged period. A ratio above 20% over time would indicate upward pricing pressure. Lower interest rates are among some of the primary reasons for continued home buying pressure and we are monitoring this closely. We expect interest rates to begin to slowly climb due to moves seen at both the Bank of Canada and the Federal Reserve.
See linked below for the Real Estate Board news bulletin for the specifics:
We will continue to keep our clients apprised of any changes to market trends and data as more information becomes available! Stay posted for more real estate news which can always be found in our blog page at www.filerhttps://www.filerwelch.com/blog/
As always, give us a shout if you have any questions and thanks for reading Market Highlights February 2021.
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Market Highlights February 2021.
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
