Market Update

Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2 per cent decrease from the 3,687 sales recorded in October 2020, and an 11 per cent increase from the 3,149 homes sold in September 2021.

Last month’s sales were 22.4 per cent above the 10-year October sales average.

“Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region,” Keith Stewart, REBGV economist said.

There were 4,049 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2021. This represents a 27.3 per cent decrease compared to the 5,571 homes listed in October 2020 and a 21.7 per cent decrease compared to September 2021 when 5,171 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3 per cent decrease compared to October 2020 (12,416) and a 13 per cent decrease compared to September 2021 (9,236).

“Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year,” Stewart said.

For all property types, the sales-to-active listings ratio for October 2021 is 43.5 per cent. By property type, the ratio is 33.6 per cent for detached homes, 64.4 per cent for townhomes, and 46.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7 per cent increase over October 2020 and a 1.1 per cent increase compared to September 2021.

Sales of detached homes in October 2021 reached 1,090, an 18.4 per cent decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

Sales of apartment homes reached 1,801 in October 2021, a 14.7 per cent increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5 per cent increase from October 2020 and a 1.1 per cent increase compared to September 2021.

Attached home sales in October 2021 totalled 603, a 22.9 per cent decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

Click Here to Download the October 2021 stats package

Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021. 

Last month’s sales were 20.8 per cent above the 10-year September sales average. 

There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed. 

September’s new listings were 1.2 per cent below the 10-year average for the month. 

“The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring,” Keith Stewart, REBGV economist said. “Home price trends will, however, vary depending on property type and neighborhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision.” 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5 per cent decrease compared to September 2020 (13,096), a 2.6 per cent increase compared to August 2021 (9,005) and is 27.7 per cent below the 10-year average for the month. 

For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5 per cent for detached homes, 53.1 per cent for townhomes, and 36.7 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 per cent increase over September 2020 and a 0.8 per cent increase compared to August 2021. 

Sales of detached homes in September 2021 reached 950, a 27.9 per cent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021. 

Sales of apartment homes reached 1,621 in September 2021, a 1.6 per cent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 per cent increase from September 2020 and a 0.5 per cent increase compared to August 2021. 

Attached home sales in September 2021 totalled 578, a 20.8 per cent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.

Click Here to Download the September 2021 stats package.

While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist. 

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.” 

For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Click Here to Download the August 2021 stats package.

Metro Vancouver’s housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3 per cent above the 10-year July sales average.

“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types.”

There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4 per cent decrease compared to the 5,948 homes listed in July 2020 and a 25.2 per cent decrease compared to June 2021 when 5,849 homes were listed.

July’s new listings were 12.3 per cent below the 10-year average for the month.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5 per cent decrease compared to July 2020 (12,083) and a 9.1 per cent decrease compared to June 2021 (10,839).

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. "Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."

For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8 per cent increase over July 2020 and is unchanged from June 2021.

Sales of detached homes in July 2021 reached 1,050, a 6.3 per cent decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21 per cent increase from July 2020 and is unchanged from June 2021.

Sales of apartment homes reached 1,666 in July 2021, a 19 per cent increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4 per cent increase from July 2020 and a 0.1 per cent decrease compared to June 2021.

Attached home sales in July 2021 totalled 610, a 0.5 per cent increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7 per cent increase from July 2020 and a 0.3 per cent increase compared to June 2021.

Click Here to Download the July 2021 stats package.

While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4 per cent above the 10-year June sales average.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”

There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease compared to May 2021 (10,970).

“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.

Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.

Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4 per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.

Click Here to Download the June 2021 stats package.