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

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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

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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

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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% decrease from the 3,643 sales recorded in September 2020, and a 0.1% decrease from the 3,152 homes sold in August 2021. Last month’s sales were 20.8% 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% decrease compared to the 6,402 homes listed in September 2020 and a 28.2% increase compared to August 2021 when 4,032 homes were listed.

September’s new listings were 1.2% 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. Home price trends will, however, vary depending on property type and neighborhood, 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." - Keith Stewart, REBGV economist

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5% decrease compared to September 2020 (13,096), a 2.6% increase compared to August 2021 (9,005), and is 27.7% below the 10-year average for the month.

For all property types, the sales-to-active listings ratio for September 2021 is 34.1%. By property type, the ratio is 25.5% for detached homes, 53.1% for townhomes, and 36.7% 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 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% increase over September 2020 and a 0.8% increase compared to August 2021.

Sales of detached homes in September 2021 reached 950, a 27.9% 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% increase compared to August 2021.

Sales of apartment homes reached 1,621 in September 2021, a 1.6% 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% increase from September 2020 and a 0.5% increase compared to August 2021.

Attached home sales in September 2021 totalled 578, a 20.8% decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5% increase from September 2020 and a 1.2% increase compared to August 2021.

Source: The Real Estate Board of Greater Vancouver

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While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4% increase from the 3,047 sales recorded in August 2020, and a 5.2% decrease from the 3,326 homes sold in July 2021. Last month’s sales were 20.4% above the 10-year August sales average.

"August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied." - Keith Stewart, REBGV economist

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6% decrease compared to the 5,813 homes listed in August 2020 and a 7.9% decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7% decrease compared to August 2020 (12,803) and an 8.6% decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve people's home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35%. By property type, the ratio is 25.3% for detached homes, 51.8% for townhomes, and 39.2% 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.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 % increase over August 2020 and a 0.1% increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7% decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4% increase from August 2020 and a 0.3% increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4% increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6% increase from August 2020 and a 0.2% decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1% decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5% increase from August 2020 and a 0.3% increase compared to July 2021.

Source: The Real Estate Board of Greater Vancouver

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Metro Vancouver’s housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded in July 2020, and an 11.6% decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3% above the 10-year July sales average.

"Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types." - Keith Stewart, REBGV economist

There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4% decrease compared to the 5,948 homes listed in July 2020 and a 25.2% decrease compared to June 2021 when 5,849 homes were listed.

July’s new listings were 12.3% below the 10-year average for the month.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5% decrease compared to July 2020 (12,083) and a 9.1% decrease compared to June 2021 (10,839).

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. "Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."

For all property types, the sales-to-active listings ratio for July 2021 is 33.8%. By property type, the ratio is 25.5% for detached homes, 47.8% for townhomes, and 37.3% 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 $1,175,500. This represents a 13.8% increase over July 2020 and is unchanged from June 2021.

Sales of detached homes in July 2021 reached 1,050, a 6.3% decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21% increase from July 2020 and is unchanged from June 2021.

Sales of apartment homes reached 1,666 in July 2021, a 19% increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4% increase from July 2020 and a 0.1% decrease compared to June 2021.

Attached home sales in July 2021 totalled 610, a 0.5% increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7% increase from July 2020 and a 0.3% increase compared to June 2021.

Source: The Real Estate Board of Greater Vancouver

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While still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54% increase from the 2,443 sales recorded in June 2020, and an 11.9 % decrease from the 4,268 homes sold in May 2021. Last month’s sales were 18.4 % above the 10-year June sales average.

"Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring. The past two months have shown a market that’s shifting toward more historically typical conditions."- Keith Stewart, REBGV economist.

There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1% increase compared to the 5,787 homes listed in June 2020 and a 17.9% decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1% decrease compared to June 2020 (11,424) and a 1.2% decrease compared to May 2021 (10,970).

“With low interest rates, a growing economy, and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

For all property types, the sales-to-active listings ratio for June 2021 is 34.7%. By property type, the ratio is 27.5% for detached homes, 49.2% for townhomes, and 37.1% 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 $1,175,100. This represents a 14.5% increase over June 2020 and a 0.2% increase compared to May 2021.

Sales of detached homes in June 2021 reached 1,262, a 45.7% increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22% increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5% increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 % increase from June 2020 and a 0.1% increase compared to May 2021.

Attached home sales in June 2021 totalled 726, a 53.8% increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4% increase from June 2020 and a 1.1% increase compared to May 2021.

Source: The Real Estate Board of Greater Vancouver

 
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The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4% increase from the 1,485 sales recorded in May 2020, and a 13% decrease from the 4,908 homes sold in April 2021. Last month’s sales were 27.7 per cent above the 10-year May sales average.

"While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions."- Keith Stewart, REBGV economist.

There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4% increase compared to the 3,684 homes listed in May 2020 and a 10.2% decrease compared to April 2021 when 7,938 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5% increase compared to May 2020 (9,927) and a 7.1% increase compared to April 2021 (10,245).

"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9%. By property type, the ratio is 29.8%  for detached homes, 53.8% for townhomes, and 43.5% for apartments.

Source: The Real Estate Board of Greater Vancouver


 
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The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6% increase from the 1,109 sales recorded in April 2020, and a 14% decrease from the 5,708 homes sold in March 2021. Last month’s sales were 56.2% above the 10-year April sales average and is the highest total on record for the month.

"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill. This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers." - Keith Stewart, REBGV economist.

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2% increase compared to the 2,313 homes listed in April 2020, a 4.2% decrease compared to March 2021 when 8,287 homes were listed and is the highest new listing total ever recorded in the region in April.

"While homes are now being listed at record levels, more supply is needed to meet today's demand and help market conditions achieve greater balance," Stewart said.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1% increase compared to April 2020 (9,389) and a 12% increase compared to March 2021 (9,145). Today’s active listings total is 11.2% below the 10-year April average.

For all property types, the sales-to-active listings ratio for April 2021 is 47.9%. By property type, the ratio is 37.4% for detached homes, 70% for townhomes, and 51.5% for apartments.

Source: Real Estate Board of Greater Vancouver

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The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3% over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1% increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 Billion, an 89.6% increase from last year.

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"It was once again a record-setting month for the provincial housing market," said BCREA Chief Economist Brendon Ogmundson. "While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights."

Total active residential listings were down 21.5% to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply. 

"The supply of listings continues to be held back by the pandemic," added Ogmundson. "With so few listings, markets are starved for supply and prices are under extraordinary pressure."

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association


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In September 2020, the British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 63.3% from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3% increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3% increase over 2019.

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“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.” “Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson.

Total provincial active listings are still down about 12% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. Year-to-date, BC residential sales dollar volume was up 25.1% to $49.7 billion, compared with the same period in 2019. Residential unit sales were up 12.5% to 65,023 units, while the average MLS® residential price was up 11.2% to $764,298.   

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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Last month, the British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 42.8% from the same month last year. There was a 12.7% increase in the average MLS® residential price in BC bringing it to $771,309 ($684,093 recorded the previous year). Total sales dollar volume in August was $7.8 billion, a 61.1% increase over 2019.

chart

“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”

Total provincial active listings are still down more than 10% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was up 15.8% to $40.4 billion, compared with the same period in 2019. Residential unit sales were up 4.9% to 53,336 units, while the average MLS® residential price was up 10.4% to $757,504.   

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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Last month, there was steady home buyer demand with a decrease in home seller supply across Metro Vancouver. According to the Real Estate Board (REBGV), there were 2,150 residential home sales last month which is a 44.9% increase from the same month last year and a 36.9% increase from last month. However, February 2020 sales were 15.6% below the 10-year February sales average.

“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condominium market.”

There has been a 2.8% increase in MLS listings compared to February 2019 for detached, attached and apartment homes on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2020 which brings it to 4,002 units. This also represents a 3.4% increase compared to last month.

There has been a 20.7% decrease compared to February 2019 and a 6.7% increase compared to January 2020 for numbers of homes currently listed for sale.

"Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," says Smith.

The sales-to-active listings ration for last month is 23.4% across all property types. A breakdown of this ratio is as follows:

- Detached Homes - 17.3%
- Townhomes - 26.9%
- Apartments - 28.4%

For all residential properties in Metro Vancouver, the MLS® Home Price Index composite benchmark price is currently at $1,020,600 which is a 0.3% increase in comparison to February 2019 and a 2.7% increase over the past six months.

A breakdown of February 2020 sales is as follows:

- Detached Homes - There were 685 sales which is a 52.9% increase from February 2019. The benchmark price for a detached home is $1,433,900 which is a 0.7% decrease from February 2019 and a 1.9% increase over the past six months.

- Apartment Homes - There were 1,061 sales which is a 39.8% increase from February 2019. The benchmark price for an apartment property is $677,200 which is a 0.9% increase from February 2019 and a 3.6% increase over the past six months.

- Attached Homes - There were 404 sales which is a 45.8% increase from February 2019.The benchmark price of an attached home is $785,000 which is a 0.6% increase from February 2019 and a 1.7% increase over the past six months.

Source: Real Estate Board of Greater Vancouver (REBGV)

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Looking back at the market results for June, there has been an overall decline in home sales and prices while the supply of homes continued to accumulate in Metro Vancouver. As per the Real Estate Board of Greater Vancouver (REBGV), there were 2,077 residential homes sold in June 2019 which is a 14.4% decline from the 2,425 homes in May 2019. Sales were 34.7% below the 10-year June sales average, which is the lowest total for the month since 2000.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

There were 4,751 detached, attached and apartment properties newly listed for sale on MLS® last month which is a 10% decrease compared to June 2018 and an 18.9% decrease compared to May 2019. Overall, there is a total of 14,968 listings on MLS® which is a 25.3% increase compared to June 2018 and a 1.9% increase compared to May 2019.

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

For June 2019, the sales-to-active listings ratio is 13.9% for all property types. Broken down, it is 11.4% for detached homes, 15.8% for townhomes and 15.7% for apartments. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver dropped 9.6% from the same month last year to $998,700. This is the first time since May 2017 that the composite benchmark dropped below the $1 Million mark.

Detached Homes: 746 units sold (2.6% decrease from June 2018). The benchmark price decreased by 10.9% from June 2018 and increased by 0.1% from May 2019 to $1,423,500.

Apartments: 941 units sold (24.1% decrease from June 2018). The benchmark price decreased by 8.9% from June 2018 and decreased by 1.4% from May 2019 to $654,700.

Attached Homes: 390 units sold (6.9% decrease from June 2018). The benchmark price decreased by 8.6% from June 2018 and decreased by 0.6% from May 2019 to $774,700.

For all your real estate needs, contact our office at info@wesellvancouver.ca or alternatively, at 604-716-6155.

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The British Columbia Real Estate Association (BCREA) reports a 27% decline in residential unit sales from the same month last year (as per MLS®) which is a total of 4,533 residential unit sales recorded. The average MLS® residential price in the province was $678,625, a 9.3% decline from February 2018. Total sales dollar volume was $3.08 Billion, a 33.8% decline from the same month last year.

“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”

Total MLS® residential active listings increased 36.5% to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4% to 14.7% over the same period.

“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.

As per the Real Estate Board of Vancouver, the February statistics for Metro Vancouver can be seen below.

The Metro Vancouver* housing market saw increased supply and below average demand in February. The REBGV reports that home sales in the region saw a 32.8% from the same month last year (1,484 units in February 2019). Last month's sales were 42.5% below the 10-year February sales average.

"For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions." -- Phil Moore, REBGV president

* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

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2018 is a wrap and today, we bring you the December 2018 Metro Vancouver Housing Market Report. Overall, Metro Vancouver home sales last year were the lowest annual total in the region since 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on MLS® in 2018 which is 31.6% decrease from 2017 and a 38.4% decrease from 2016. The sales total in 2018 was 25% below the region's 10-year sales average.

Below is an infographic put out by the REBGV highlighting some key elements.

“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”

“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.

The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7% decrease compared to December 2017.

Looking at residential home sales in the Greater Vancouver region, there was a 46.8% decrease in comparison to December 2017 from 2,016 sales to 1,072. This is 43.3% below the 10-year December sales average.

For a detailed look at the December 2018 statistics package, click here.

For all your real estate needs, contact our office at info@wesellvancouver.ca or alternatively, at 604-716-6155.

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Below you will find a snapshot of June and July 2018 figures in contrast to the same month last year broken down by detached properties, condos and townhomes.
 
Source: Real Estate Board of Greater Vancouver
 
For a more detailed look at the July 2018 Metro Vancouver report, click here. For all your real estate needs, contact our offices at 604-801-6654 or alternatively at info@wesellvancouver.ca.
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Price of a typical composite Greater Vancouver home rises above the million-dollar mark for first time at $1,019,400. In July, there were 2,960 home sales in the Greater Vancouver area. Across all property types, the sales-to-active listings ratio for July 2017 is 32.2% – still a strong seller’s market, but an easing-off compared with June’s 45.5%. 

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” said Jill Oudil, REBGV president. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

As of July 2017, the benchmark price for detached properties is $1,612,400. This is a slight 1.9% increase compared with July 2016 and a rise of 1.5% in the month since June 2017. The benchmark price of an attached unit such as a townhouse or rowhome is $763,700 – 11.9% higher than July 2016 and a rise of 2.4% over June. The price of a typical condo-apartment in Greater Vancouver has risen to $616,600 – an 18.5% year over year increase and a 2.7% lift in a single month. 

Source: REW.ca

For detailed information on benchmark prices broken down by area and property type, take a look at the statistics package put out by the Real Estate Board of Greater Vancouver here. For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.