All-time home sales record expected for Metro Vancouver in 2021: REBGV

Dec 2 2021, 9:38 pm

November 2021 was yet another strong month for home sales in Metro Vancouver, according to the Real Estate Board of Greater Vancouver’s (REBGV) newly released data.

Home sales in the region reached 3,428 units over the month, representing a 12% increase from the 3,064 sales over the same period in 2020 and a 2% decrease from the 2,494 units sold in October 2021. These volumes were 33.6% above the 10-year sales average for the month of November.

This continues the trend of homebuyer demand being well in excess of long-term averages, with the supply of homes continuing to decline.

“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.

REBGV’s jurisdiction entails Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.

“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.

There were 3,964 units newly listed for sale within REBGV’s jurisdiction in November 2021, which represents a 2.6% drop from the 4,068 homes listed in November 2020, and a 2.1% drop from the 4,049 homes listed in October 2021.

The total number of homes currently listed for sale in Metro Vancouver is 7,144 — a 35.7% decrease from the 11,118 units in November 2020 and an 11.1% decrease from the 8,034 units in October 2021.

The sales-to-active listings ratio for all property types in November 2021 was 48%, with detached homes at 33.8%, townhouses at 74.3%, and apartments at 53.7%. Economists state a downward pressure on home prices occurs when the ratio drops below 12% for a sustained period, while home prices typically go upwards when the ratio exceeds 20% for several months.

The benchmark price for all homes within REBGV’s jurisdiction was $1.211 million in November, which is a 16% increase over November 2020 and a 1% increase from October 2021.

“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,” added Stewart.

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.

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

Kenneth ChanKenneth Chan

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