Supply response emerges in Metro Vancouver’s active housing market
Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
“Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill. This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
“While homes are now being listed at record levels, more supply is needed to meet today’s demand and help market conditions achieve greater balance,” Stewart said.
Today’s active listings total is 11.2 per cent below the 10-year April average.
“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020 and a 2.6 per cent increase compared to March 2021.