Market Update

Dec 2021 Market Update for REBGV

Dec 2021 Market Update for REBGV

Metro Vancouver home sales set a record in 2021!!


VANCOUVER, BC – January 5, 2022

Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2% increase from the 30,944 sales recorded in 2020, a 73.6% increase from the 25,351 homes sold in 2019, and a 4% increase over the previous all-time sales record of 42,326 set in 2015. Last year’s sales total was 33.4 per cent above the 10-year sales average.


“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7% increase compared to the 54,305 homes listed in 2020 and a 19.9% increase compared to the 51,918 homes listed in 2019.

Last year’s listings total was 11% above the 10-year average. “While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
5,236, a 38.7% decrease compared to December 2020 (8,538) and a 26.7 % decrease compared to November 2021 (7,144).


“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level
we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents
shouldn’t expect home price growth to relent until there’s a more adequate supply of housing
available to purchase.” ….

Complete REBGV-Stats-Pkg-December-2021Download

For past REBGV Market Reports CLICK HERE or for more information on the Real Estate Board of Greater Vancouver CLICK HERE

Nov 2021 Market Update for the REBGV

Nov 2021 Market Update for REBGV

Nov 2021 Market Update for REBGV. Home sales activity remains up, listings down across Metro Vancouver’s housing market

Nov 2021 Market Update for REBGV, Vancouver BC – Dec 02, 2021

 

Metro Vancouver’s home buyer demand remains well in excess of long-term averages. While the supply of homes for sale continues to decline. The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales totalled 3,428 in November 2021. This is an 11.9% increase from the 3,064 sales recorded in November 2020. Plus, a 1.9% decrease from the 3,494 homes sold in October 2021. Last month’s sales were 33.6% above the 10-year November sales average. 


Keith Stewart, REBGV economist said, “We expect home sale totals to end the year at or near an all-time record in our region. 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.” Adding, “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.”

For the REBGV FULL REPORT click here 

For past REBGV Market Report CLICK HERE or for more information on the Real Estate Board of Greater Vancouver CLICK HERE