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Vancouver Real Estate News

Vancouver Housing Market Overview

Vancouver's housing market experienced a record-breaking March with home sales up by 126% year-over-year and more than 70% over 10-year March averages to 5,708 homes sold. Home prices have also begun to climb back up with a 9% increase year-over-year to $1.12M for all property types in the Greater Vancouver Area. This increase in activity came from both buyers and sellers as loosening restrictions, warmer weather, and rising mortgage rates drove increases in both purchases and new listings. However, inventory continued to decline through the GVA, prompting expectations for further price growth in the next few months.

Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Home sales are the top-line figure to focus on this month as activity throughout the GVA broke new records for the month. All property types saw significant increases in home sales with activity in detached, townhouses, and condo apartments rising by 131%, 112%, and 129% respectively. While year-over-year comparisons are exaggerated by the initial decline last March from COVID-19, these figures are still far above average levels. Seasonal shifts in activity and rising mortgage rate FOMO are possible factors behind this growth. As mortgage rates increase from their record lows, buyers are looking to lock down their purchases and mortgages before rates increase any further.

Prices have also increased this month as average sold prices for all property types reached $1.12M in the GVA. Like in most other markets in Canada, surburbs and freehold properties saw most of the increase with detached property prices rising by 17% year-over-year to $1.7M. Townhouses, at about half the price of detached homes, also saw a 10% rise year-over-year to $872K. Condo apartments continue to remain stagnant compared to other property types with only a 4% increase year-over-year.

With average prices above $1 million, further growth in Vancouver's real estate market will be more difficult compared to cheaper real estate markets in Canada, including Montreal's housing market and Ottawa's housing market. Finanching for these homes will require a downpayment of at least 20% and are not eligible for CMHC Mortgage Insurance. Mortgage rates have also recently risen, leading to speculation that the era of easy money is over. However, the federal government and the Bank of Canada have remained consistent in their focus on pushing the economy forward, at least until COVID-19 vaccinations are over.

Vancouver Commission Structure

Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Vancouver, the total commission rate is structured as 7% for the first $100,000 of a home’s sale price and 2.5% on the remaining balance. Seller agents usually get half or 50% of this total commission with buyer agents getting the other half. To calculate your real estate commission for Vancouver, see our calculator below. For other cities in B.C., please visit our BC real estate commission calculator page for more information.

Sold Price

Location

Vancouver

Fraser Valley

Victoria

Kelowna

You will pay around...

$15,22515k

Buying Agent Commission

$6,6136.61k

Selling Agent Commission

$7,8887.89k

5% GST

$725725

The seller of the property will pay for both buying and selling agents' commission. For example, if the seller agent commission is 2.5% and the buyer agent commission is 2.5%, you will pay a total commission of 5%.

Vancouver Real Estate Tools for Buyers and Sellers