Vancouver Housing Market 2021.November
As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020, and a 1.9 percent decrease from the 3,494 homes sold in October 2021.
Last month’s sales were 33.6 percent above the 10-year November sales average.
There were 3,964 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6 percent decrease compared to the 4,068 homes listed in November 2020 and a 2.1 per cent decrease compared to October 2021 when 4,049 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7 per cent decrease compared to November 2020 (11,118) and an 11.1 per cent decrease compared to October 2021 (8,034).
For all property types, the sales-to-active listings ratio for November 2021 is 48 percent. By property type, the ratio is 33.8 per cent for detached homes, 74.3 per cent for townhomes, and 53.7 percent 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 imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16 per cent increase over November 2020 and a one per cent increase compared to October 2021.
Source: From Vancouver Real Estate Board