October 2021 Market Update for REBGV. Metro Vancouver home buyers compete for fewer home listings in October.
October 2021 Market Update for REBGV, Vancouver, BC – Nov 02 2021.
Home sale activity in Metro Vancouver* remained above historical averages in October. The supply of homes for sale dropped to levels not seen in three years. The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 3,494 in October 2021. This is a 5.2% decrease from October 2020 sales at 3,687. Which is an 11% increase from September 2021 home sales of 3,149. Last month’s sales were 22.4% above the 10-year October sales average!!!
Keith Stewart, the REBGV economist said, “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”…. Adding, “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,”
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For past REBGV Market Reports CLICK HERE or for more information on the Real Estate Board of Greater Vancouver CLICK HERE
Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver.
Data from the Real Estate Board of Greater Vancouver, October 4, 2021
Real Estate Board of Greater Vancouver Market Reports 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.
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. 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.
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.
For more information from the Real Estate Board of Greater Vancouver CLICK HERE
