Real Estate Market Update March 2021

March home sales and new listings set records in Metro Vancouver

VANCOUVER, BC – April 2, 2021 – Home buyer and seller activity reached unprecedented
levels across Metro Vancouver* in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in
March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.

Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest
monthly sales total ever recorded in the region.

“In March, residents bought and listed homes across our region at levels not seen before,” Taylor
Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices.
We’re beginning to see double-digit price gains for single-family homes and townhomes over the
last 12 months.”

Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent
increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by
Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per
cent increase in sales.

There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple
Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 per cent
increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase
compared to February 2021 when 5,048 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,145, a 4.8 per cent decrease compared to March 2020 (9,606) and a 9.4 per cent increase
compared to February 2021 (8,358).

This is 18.6 per cent below the 10-year March total listings average.

“While we did see a record number of listings enter the market last month, the demand in today’s
market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes
for sale decreased compared to last year,” said Biggar.

For all property types, the sales-to-active listings ratio for March 2021 is 62.4 per cent. By
property type, the ratio is 52.9 per cent for detached homes, 79.9 per cent for townhomes, and
65.4 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery,
historically low interest rates, high demand for space, and increased household savings,” Biggar
said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per
cent increase compared to February 2021.

Sales of detached homes in March 2021 reached 1,965, a 130.6 per cent increase from the 852
detached sales recorded in March 2020. The benchmark price for a detached home is
$1,700,200. This represents a 17.9 per cent increase from March 2020 and a 4.9 per cent
increase compared to February 2021.

Sales of apartment homes reached 2,697 in March 2021, a 128.8 per cent increase compared to
the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This
represents a 3.7 per cent increase from March 2020 and a 2.6 per cent increase compared to
February 2021.

Attached home sales in March 2021 totalled 1,046, a 112.2 per cent increase compared to the
493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents
a 10.4 per cent increase from March 2020 and a 3.9 per cent increase compared to February
2021.