Metro Vancouver Real Estate Market – February 2021

Editor’s Note: This article looks back at the Metro Vancouver market 2021 and has been kept as a historical real estate market update. For current conditions, visit our latest Metro Vancouver real estate market update.

Vancouver Market 2021: February at a Glance

Metro Vancouver’s housing market saw strong buyer demand in February 2021, with sales significantly higher than both the previous month and the previous year.

Residential home sales totalled 3,727 in February 2021, up 73.3% from February 2020 and 56% from January 2021. In addition, sales were 42.8% above the 10-year February average.

Overall, strong demand combined with limited inventory created competitive conditions for buyers.

Metro Vancouver Home Sales in February 2021

A total of 5,048 detached, attached and apartment properties came onto the market in February. That represented a 26.1% increase from February 2020 and a 12.7% increase from January 2021.

However, total inventory remained limited, with 8,358 homes listed for sale across Metro Vancouver.

The sales-to-active listings ratio for all property types reached 44.6%. Meanwhile, townhomes experienced particularly strong competition, with a ratio of 61.8%.

Home Prices and Property Types

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties reached $1,084,000 in February 2021, up 6.8% from the previous year.

Benchmark prices by property type were:

• Detached homes: $1,621,200
• Apartments: $697,500
• Attached homes: $839,800

As a result of strong demand and limited supply, buyers faced increasing competition across many parts of the region.

What the February 2021 Market Meant for Buyers and Sellers

For buyers, February 2021 was a highly competitive market. Multiple offers became increasingly common, particularly for properties where demand exceeded available inventory.

For sellers, meanwhile, strong buyer activity created favourable conditions. However, results still varied depending on the location, property type, condition and pricing strategy.

Looking Back at the 2021 Real Estate Market

Looking back at the Metro Vancouver market 2021 statistics shows how dramatically real estate conditions can change over time.

Interest rates, inventory, affordability and buyer demand all influence market conditions. Therefore, historical statistics can provide useful context, but buyers and sellers shouldn’t use them to determine a property’s value today.  

Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

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