April 2021 – Monthly Vancouver Real Estate Update

Summary

The recent theme for Vancouver real estate is DEMAND. April was once again dominated by an immense amount of buyer demand (sales).

Total sales hit 1320 which was a 14% decline from last months ALL-TIME-RECORD but a record for April and a whopping 44% higher than the 10-year average.

Supply came on stream in April relieving some of the pressure from earlier in the year. This past month had 2553 new listings come onto the market (46% above the 10-year average) which was a 3% month-over-month increase.

Total active listings reached 3671 (+13% M-to-M) which is only 2% over the 10-year average. Combined, that puts at 2.7 months of inventory which is a very solid seller’s market.

It’s a market where space and outdoor space reign. Condos with large patios are in high demand. Townhouses with patios/yards…and most of all, “affordable” houses (eg East Vancouver).

The heightened demand levels are reflected in rapidly increasing prices. Westside townhouses/duplexes for example rose nearly 5% in a single month. East Vancouver houses jumped 16% in the last year.

We are now well into our spring market. Activity typically peaks March/April/May…and that’s certainly what we are seeing this year.

Unprecedented low interest rates, a strong local economy and a desire for more space have undoubtedly combined to make this one of the busiest markets of all time.

Vancouver Real Estate – Monthly Market Update – Infographic – April 2021Monthly Vancouver Real Estate Statistics – April 2021 – Total SalesMonthly Vancouver Real Estate Statistics – April 2021 – New ListingsMonthly Vancouver Real Estate Statistics – April 2021 – Total Active Listings