All-time high reached in home sales in Metro Vancouver in 2021

Jan 6 2022, 12:49 am

Year-end compiled statistics show 2021 saw a new all-time high for home sales within Metro Vancouver.

According to the Real Estate Board of Greater Vancouver, home sales in the region reached 43,999 units in 2021, representing a 42.2% increase from the 30,944 units recorded in 2020, a 73.6% increase from the 25,351 units in 2019, and a 4% increase over the previous all-time record of 42,326 units in 2015. Moreover, the total sales volume in 2021 was 33.4% 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,” said Keith Stewart, REBGV economist, in a statement.

The volume of home listings within REBGV’s jurisdiction reached 62,265 units in 2021, which is a 14.7% increase from the 54,305 units listed in 2020, and a 19.9% increase compared to the 51,918 units in 2019. The 2021 listings total was 11% above the 10-year average.

Currently, there are 5,236 homes listed for sale in Metro Vancouver, which is the lowest number of listings within REBGV’s jurisdiction in over 30 years. This figure of available listings also represents a 38.7% decrease from the 8,538 units in December 2020 and a 26.7% decrease from the 7,144 units in November 2021.

“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021,” said Stewart, adding that the lack of supply to meet demand led to the steep escalation in home prices over the year.

The benchmark price for all homes within REBGV reached $1.23 million at the end of 2021 — an increase of 17.3% compared to December 2020. Detached homes and townhome benchmark prices both increased by 22% in the last year, while condominiums went up by 12.8%.

Suburban regions within REBGV’s jurisdiction saw some of the largest increases last year, rising by 34.7% in Maple Ridge and 29.8% in Pitt Meadows. More specifically, detached homes in Pitt Meadows saw a benchmark price hike of 42.2%, while detached homes and townhomes in Maple Ridge went up by 35%.

Benchmark home prices in the Vancouver Westside and Vancouver Eastside reached $1.385 million and $1.248 million, respectively, representing a one-year increase of 10.8% and 12.2%. Single-family detached homes in the Vancouver Westside now have a benchmark price of $3.434 million, up 8.6% year-over-year, while the same home type in the Vancouver Eastside is at $1.77 million, up by 14.5%.

However, the benchmark price for townhomes in Vancouver soared over the past year; Vancouver Westside townhomes are now $1.308 million, representing a 14.5% year-over-year increase, while Vancouver Eastside townhomes are at $1.086 million, representing a 21% year-over-year increase.

Condominium homes saw a slower price creep, with benchmark prices growing by 11% to $843,000 in the Vancouver Westside and 8.8% to $648,000 in the Vancouver Eastside.

As for December 2021’s home sales activity, REBGV reports there were 2,688 units sold — a 13% drop from the 3,093 units in December 2020, and a 21.6% drop from the 3,428 units in November 2021. But last month’s sales were still 33.4% above the 10-year average for the month.

Just 1,945 homes of all types were newly listed for sale in December 2021, which is a 19% decrease from the 2,409 units in December 2020, and a 51% drop from the 3,964 units in November 2021.

REBGV’s jurisdiction covers Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler. Other areas of Metro Vancouver — including Surrey, White Rock, North Delta, and Langley — are within the separate jurisdiction of the Fraser Valley Real Estate Board.

December 2021 home sales statistics: REBGV

  • Detached homes
    • Number of units sold: 794 (+22.6% over December 2020)
    • Active listings: 2,260
    • Benchmark price: $1,910,200 (+22% over December 2020; +2.1% over November 2021)
    • Average days on market: 38 days (+1 day compared to November 2021)
  • Apartment homes
    • Number of units sold: 1,464 (-1.4% over December 2020)
    • Active listings: 2,407
    • Benchmark price: $761,800 (+12.8% over December 2020; +1.2% over November 2021)
    • Average days on market: 29 days (+3 days compared to November 2021)
  • Townhouse sales
    • Number of units sold: 430 (-27.5% over December 2020)
    • Active listings: 569
    • Benchmark price: $1,004,900 (+22% over December 2020; +1.5% over November 2021)
    • Average days on market: 24 days (no change from November 2021)

Kenneth ChanKenneth Chan

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