Home buyers and sellers 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 were 126.1 % what they were in March 2020, and 53.2 % more compared to that one in February 2021.
Last month’s sales were the highest monthly sales total ever recorded in the region. While we noticed a record number of listings enter the market last month, at the same time, the demand is so high that it isn’t allowing home inventory to accumulate.
That’s why the overall inventory of homes for sale decreased compared to last year.
The current real estate market situation can partly be attributed to an economy that is showing signs of recovery, historically low-interest rates, high demand for homes, and increased household savings.