Avalanche of listings coming to home market
March 24, 2021
In the 28 days ending March 19, a total of 6,471 new listings for homes came onto the Greater Toronto market, according to a survey by Zolo. A similar trend is being seen in Canada’s other big-city market of Greater Vancouver.
Early March data shows homeowners have rushed from the sidelines and pushed what could be a record number of homes for sale onto the Real Estate Board of Greater Vancouver’s (REBGV) Multiple Listing Service.
As of March 15, the number of new listings were on pace to shatter the highest monthly total of new listings ever seen in Greater Vancouver, according to preliminary REBGV data released by Dexter Associates Realty.
Noting 4,367 new listings had hit the market as of mid-March, Dexter Associates Realty partner and managing broker Kevin Skipworth added,
“This pace could take us above 8,000 in a month for the first time ever. ”
The higher listings come at an opportune time, he noted, because sales are also on track toward the highest monthly pace on record. In the first two weeks of March, 2,663 homes sold and, in at least four Greater Vancouver markets, sales have already eclipsed the entire month of February— which had already posted the second-highest sales in history.
Chief economist at Central 1 Credit Union in Vancouver, Bryan Yu, called the current market “head-spinning.” He noted that through the first two months of 2021 total Metro Vancouver home sales, which includes most of the Fraser Valley, rose 78 per cent from 2020 and exceeded 2016— the former record year— by 1.8 per cent.
The average price of a Greater Vancouver detached house is now $1.6 million.
Realtors contacted by Home BUILDER suggested buyers are listing in part to catch the uplift in sale prices.
As of March 16, the average detached house price in Greater Toronto was $1. 1 million, according to Zolo reports— up 14.4 per cent from February 2021.
Real estate agents in both Toronto and Vancouver are also reporting a recent surge in listings and sales of townhouses and condominium apartments.