Market Update: Vancouver, BC
Though the Vancouver housing market may have seen its peak earlier this spring with March 2021 recording a total of 8,888 sales, a new record for the entirety of the Vancouver region history, demand continues despite a slow decline according to the latest market report by Rennie & Associates Realty Ltd.
Demand continues to grow for all housing sectors with limited supply available throughout the Vancouver region. Sales have increased by 23% for detached homes, 60% for townhomes, and 63% for condominiums, versus the long-run average for the month, according to the report.
Detached home prices for May 2021 increased 1.7% compared to last month, and 23% year-over-year, with an average price of $1,800,600 CND. Townhome prices increased 1.8% month-over-month, and 16% compared to May 2020, sitting at an average price of $936,300 CND. Condominium prices increased by 1.2% from April to May 2021, and 8% from May 2020, sitting at an average price of $737,100 CND.
“Despite recent evidence of a re-balancing of the market for residential real estate in the Vancouver Region, homes continue to sell at a near-record pace as supply remains lacking.” States the latest market report by Rennie & Associates Realty Ltd.