In October 2021, home sales activity in Metro Vancouver remained above historical averages.
According to the latest market update from the Real Estate Board of Greater Vancouver (REBGV), the availability of house listings has reached a three-year low.
The total number of residences advertised for sale at the end of the month was 8,034 units, down 35% from October 2020’s 12,416 units and 13% from September 2021’s 9,236 units. In October 2021, there were 4,049 new listings, a 27 percent decrease from the 5,571 properties posted in October 2020 and a 21.7 percent decrease from the 5,171 homes listed in September 2021.
“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,” said REBGV economist Keith Stewart in a statement. “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.”
For the month of October, home sales were 22.4 percent more than the 10-year average.
For the month, the sales-to-active listings ratio was 43.5 percent across all property types, with detached homes accounting for 33.6 percent, townhomes 64.4 percent, and apartments 46.7 percent.
In September 2021, the composite benchmark price for all residential homes within REBGV jurisdiction was $1.199 million, up 14.7 percent over the same month in 2020 and 1.1 percent higher than September 2020.
The jurisdiction of REBGV includes Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and the entire Tri-Cities and North Shore. The Fraser Valley Real Estate Board also encompasses Surrey, Langley, Delta, and White Rock.