New homebuyers kicked off 2021 with a bang, scooping up 6,208 new properties across the Vancouver region in the first quarter of the year.
That figure represents a 174 percent increase compared to the same period in 2020, before the pandemic’s impact had been significantly felt in the new home market.
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According to real estate data company Altus Group, who recently published the first quarter data, the sales total is the highest recorded in a first quarter since 2007. In commentary posted to its website, Altus Group’s Ryan Wyse noted that new project launches also rose during the quarter, with those newly launched projects seeing much stronger sales performances compared to the same time in 2020.
New condo sales made up the majority of the first quarter sales total, with 4,293 transactions representing a 169 percent increase over the same period last year. There were 1,915 new single-family homes sold in the first three months of 2021, up 186 percent from a year ago.
Wyse wrote that a dearth of new single-family home inventory may mean there’s trouble ahead for the segment to keep up with buyer demand.
“Looking ahead, demand for housing, and in particular new condominium apartments, is likely to continue and will bring elevated sales activity in 2021,” wrote Wyse.
“With inventory levels dropping and the high sales rates at new openings, it is likely that the continued strength of the market will also bring a high number of new condominium apartment project launches,” he continued.