The January 2021 housing market in Metro Vancouver started the year with strong buyer demand and home sales well above historical averages. Residential home sales reached 2,389, up 52.1% from January 2020. However, sales decreased 22.8% compared with December 2020. 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.

January 2021 Housing Market: At a Glance

Metro Vancouver started 2021 with strong buyer demand and home sales well above historical averages.

Residential home sales totalled 2,389 in January 2021, up 52.1% from January 2020. However, sales decreased 22.8% compared with December 2020.

In addition, January sales were 36.4% above the 10-year average for the month.

Sales and Inventory in January 2021

A total of 4,480 detached, attached and apartment properties came onto the market in January. That represented a 15.7% increase compared with January 2020.

Meanwhile, Metro Vancouver had 8,306 active listings, down 3.6% from the previous year.

The sales-to-active listings ratio reached 28.8% across all property types. By property type, the ratios were:

• Detached homes: 26.3%
• Townhomes: 37.6%
• Apartments: 27.8%

As a result, buyers faced significant competition in many areas of the market.

Metro Vancouver Home Prices in January 2021

The MLS® Home Price Index composite benchmark price for residential properties reached $1,056,600, up 5.5% from January 2020 and 0.9% from December 2020.

Benchmark prices by property type were:

• Detached homes: $1,576,800
• Apartments: $680,800
• Attached homes: $815,800

Therefore, although conditions varied by property type and neighbourhood, prices continued to experience upward pressure.

What the January 2021 Housing Market Meant for Buyers and Sellers

For buyers, limited inventory and strong demand created a competitive start to the year. Consequently, preparation became increasingly important when desirable properties came onto the market.

For sellers, meanwhile, elevated buyer demand created favourable conditions. However, pricing, location, property condition and marketing still played an important role in achieving a successful sale.

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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