Home buyer demand remains elevated across Metro Vancouver

“Shifting housing needs during the pandemic and historically low-interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 percent increase compared to January 2020 and a 0.9 percent increase compared to December 2020.

Sales of detached homes in January 2021 reached 740, a 68.6 percent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached home is $1,576,800. This represents a 10.8 percent increase from January 2020 and a 1.4 percent increase compared to December 2020.

Sales of apartment homes reached 1,195 in January 2021, a 46.8 percent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 percent increase from January 2020 and a 0.6 percent increase compared to December 2020.

Attached home sales in January 2021 totaled 454, a 42.8 percent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 percent increase from January 2020 and a 0.2 per cent increase compared to December 2020.