The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022. weLast month’s sales were 26.9% above the 10-year February sales average.

"As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year." - Taylor Biggar, Chair, Real Estate Board of Greater Vancouver

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4% increase compared to the 5,048 homes listed in February 2021 and a 31.2% increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3% decrease compared to February 2021 (8,358) and a 19.1% increase compared to January 2022 (5,663).

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.

For all property types, the sales-to-active listings ratio for February 2022 is 50.8%. By property type, the ratio is 34.9% for detached homes, 64.3% for townhomes, and 62.2% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7% increase over February 2021 and a 4.6% increase compared to January 2022.

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.

Sales of detached homes in February 2022 reached 1,010, an 18% decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25% increase from February 2021 and a 4.7% increase compared to January 2022.

Sales of apartment homes reached 1,854 in February 2022, a 5.4% increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9% increase from February 2021 and a 4.1% increase compared to January 2022.

Attached home sales in February 2022 totalled 560, a 24% decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2% increase from February 2021 and a 5.9% increase compared to January 2022.

Source: The Real Estate Board of Greater Vancouver

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 four% increase over the previous all-time sales record of 42,326 set in 2015. Last year’s sales total 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." - Keith Stewart, REBGV economist

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.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3% increase compared to December 2020. Both detached home and townhome benchmark prices increased 22% in the region last year, while apartments increased 12.8%.

Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7%, followed by Pitt Meadows (29.8%), and Whistler (27.8%).

Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2%, followed by detached homes (38.5%) and townhomes (35.2%) in Maple Ridge.

REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1% decrease from the 3,093 sales recorded in December 2020, and a 21.6% decrease from the 3,428 homes sold in November 2021.

Last month’s sales were 33.4% above the 10-year December sales average.

There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3% decrease compared to the 2,409 homes listed in December 2020 and a 50.9% decrease compared to November 2021 when 3,964 homes were listed.

For all property types, the sales-to-active listings ratio for December 2021 is 51.3%. By property type, the ratio is 35.1% for detached homes, 75.6% for townhomes, and 60.8% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Sales of detached homes in December 2021 reached 794, a 22.6% decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22% increase from December 2020 and a 2.1% increase compared to November 2021.

Sales of apartment homes reached 1,464 in December 2021, a 1.4% decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8% increase from December 2020 and a 1.2% increase compared to November 2021.

Attached home sales in December 2021 totalled 430, a 27.5% decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22% increase from December 2020 and a 1.5% increase compared to November 2021. 

Source: The Real Estate Board of Greater Vancouver

As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s* housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9% increase from the 3,064 sales recorded in November 2020, and 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.

"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." - Keith Stewart, REBGV economist

There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6% decrease compared to the 4,068 homes listed in November 2020 and a 2.1% decrease compared to October 2021 when 4,049 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7% decrease compared to November 2020 (11,118) and a 11.1% decrease compared to October 2021 (8,034).

For all property types, the sales-to-active listings ratio for November 2021 is 48%. By property type, the ratio is 33.8% for detached homes, 74.3% for townhomes, and 53.7% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“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,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16% increase over November 2020 and a one% increase compared to October 2021.

Sales of detached homes in November 2021 reached 987, a seven% decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8% increase from November 2020 and a 1.1% increase compared to October 2021.

Sales of apartment homes reached 1,828 in November 2021, a 33.3% increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4% increase from November 2020 and a 0.9% increase compared to October 2021.

Attached home sales in November 2021 totalled 613, a three% decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2% increase from November 2020 and a 1.6% increase compared to October 2021.

Source: The Real Estate Board of Greater Vancouver

Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2% decrease from the 3,687 sales recorded in October 2020, and an 11% increase from the 3,149 homes sold in September 2021. Last month’s sales were 22.4% above the 10-year October sales average.

"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." - Keith Stewart, REBGV economist

There were 4,049 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2021. This represents a 27.3% decrease compared to the 5,571 homes listed in October 2020 and a 21.7% decrease compared to September 2021 when 5,171 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3% decrease compared to October 2020 (12,416) and a 13% decrease compared to September 2021 (9,236).

“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,” Stewart said.

For all property types, the sales-to-active listings ratio for October 2021 is 43.5%. By property type, the ratio is 33.6% for detached homes, 64.4% for townhomes, and 46.7% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7% increase over October 2020 and a 1.1% increase compared to September 2021.

Sales of detached homes in October 2021 reached 1,090, an 18.4% decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5% increase from October 2020 and a 1.2% increase compared to September 2021.

Sales of apartment homes reached 1,801 in October 2021, a 14.7% increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5% increase from October 2020 and a 1.1% increase compared to September 2021.

Attached home sales in October 2021 totalled 603, a 22.9% decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5% increase from October 2020 and a 1.2% increase compared to September 2021. 

Source: The Real Estate Board of Greater Vancouver