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.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 percent decrease from the 3,643 sales recorded in September 2020, and a 0.1 percent decrease from the 3,152 homes sold in August 2021.
Last month’s sales were 20.8 percent 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 percent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 percent increase compared to August 2021 when 4,032 homes were listed.
September’s new listings were 1.2 percent 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 neighbourhood, so 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 percent decrease compared to September 2020 (13,096), a 2.6 percent increase compared to August 2021 (9,005) and is 27.7 percent below the 10-year average for the month.
For all property types, the sales-to-active listings ratio for September 2021 is 34.1 percent. By property type, the ratio is 25.5 percent for detached homes, 53.1 percent for townhomes, and 36.7 percent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 percent increase over September 2020 and a 0.8 percent increase compared to August 2021.
Sales of detached homes in September 2021 reached 950, a 27.9 percent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 percent increase from September 2020 and a 1.2 percent increase compared to August 2021.
Sales of apartment homes reached 1,621 in September 2021, a 1.6 percent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 percent increase from September 2020 and a 0.5 percent increase compared to August 2021.
Attached home sales in September 2021 totalled 578, a 20.8 percent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 percent increase compared to August 2021.
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