According to newly released data from the Real Estate Board of Greater Vancouver (REBGV), November 2021 was another excellent month for home sales in Metro Vancouver.
Home sales in the region were 3,428 units in October, up 12% from 3,064 units sold in the same period in 2020 and down 2% from 2,494 units sold in October 2021. For the month of November, these sales were 33.6 percent more than the 10-year average.
“We expect home sale totals to end the year at or near an all-time record in our region,” said REBGV economist Keith Stewart in a statement.
This maintains the trend of homebuyer demand exceeding long-term averages, while housing supply continues to drop.
Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler are all within REBGV’s authority.
Under November 2021, there were 3,964 new residences posted for sale in REBGV’s jurisdiction, a 2.6 percent decrease from the 4,068 homes listed in November 2020 and a 2.1 percent decrease from the 4,049 homes listed in October 2021.
“We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region,” continued Stewart.
In November 2021, the sales-to-active listings ratio for all property types was 48 percent, with detached homes accounting for 33.8 percent, townhouses for 74.3 percent, and apartments accounting for 53.7 percent. According to economists, a negative pressure on home prices occurs when the ratio falls below 12% for an extended period of time, whereas home values normally rise when the ratio surpasses 20% for several months.
In November, the benchmark price for all properties within REBGV’s jurisdiction was $1.211 million, an increase of 16 percent over November 2020 and 1% over October 2021.
The Fraser Valley Real Estate Board has jurisdiction over other parts of Metro Vancouver, including Surrey, White Rock, North Delta, and Langley.
November 2021 home sales statistics: REBGV
- Detached homes
- Number of units sold: 987 (+7.0% over November 2020)
- Active listings: 2,918
- Benchmark price: $1,870,000 (+20.8% over November 2020; +1.1% over October 2021)
- Average days on market: 37
- Apartment homes
- Number of units sold: 1,828 (+33.3% over November 2020)
- Active listings: 3,401
- Benchmark price: $752,800 (+11.4% over November 2020; +0.9% over October 2021)
- Average days on market: 26
- Townhouse sales
- Number of units sold: 613 (-3.0% over November 2020)
- Active listings: 825
- Benchmark price: $900,300 (+20.2% over November 2020; +1.6% over October 2021)
- Average days on market: 24