Metro Vancouver's available home listings reached three-year low in October 2021

Metro Vancouver’s home sales activity remained heated at levels above historical averages in October 2021.

In fact, the availability of home listings reached a low not seen in three years, according to Real Estate Board of Greater Vancouver’s (REBGV) latest market update.

The total number of homes listed for sale at the end of the month was 8,034 units — a 35% decrease compared to the 12,416 units in October 2020, and a 13% drop from the 9,236 units in September 2021. New listings in October 2021 totalled 4,049 homes, which is a 27% drop compared to 5,571 homes listed in October 2020, and a 21.7% drop compared to the 5,171 homes listed in September 2021.

Last month saw home sales within REBGV jurisdiction reach a total of 3,494 units, representing a 5.2% drop from the 3,687 sales in October 2020, but an 11% increase from the 3,149 homes sold in September 2021.

Interestingly, townhome sale volumes saw a sizeable year-over-year drop, after leading the pace in resurgent home sales activity in the middle of 2020.

Overall, home sales were 22.4% above the 10-year sales average for the month of October.

“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,” said REBGV economist Keith Stewart in a statement.

“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.”

The sales-to-active listings ratio for all property types for the month was 43.5%, with detached homes at 33.6%, townhomes at 64.4%, and apartments at 46.7%.

The composite benchmark price for all residential homes within REBGV jurisdiction reached $1.199 million, representing a 14.7% increase over the same month in 2020 and a 1.1% increase compared to September 2021.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.