The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4% decrease from the 2,389 sales recorded in January 2021, and a 15% decrease from the 2,688 homes sold in December 2021. 

Last month’s sales were 25.3% above the 10-year January sales average. 

There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9% decrease compared to the 4,480 homes listed in January 2021 and a 114.4% increase compared to December 2021 when 1,945 homes were listed.  

"Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices." - Keith Stewart, REBGV economist

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8% decrease compared to January 2021 (8,306) and an 8.2% increase compared to December 2021 (5,236). 

“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more homeowners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 

For all property types, the sales-to-active listings ratio for January 2022 is 40.3%. By property type, the ratio is 28% for detached homes, 51.6% for townhomes, and 49.7% 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 properties in Metro Vancouver is currently $1,255,200. This represents a 18.5% increase over January 2021 and a two% increase compared to December 2021. 

Sales of detached homes in January 2022 reached 622, a 15.9% decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7% increase from January 2021 and a 2.2% increase compared to December 2021. 

Sales of apartment homes reached 1,315 in January 2022, a 10% increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14% increase from January 2021 and a 1.8% increase compared to December 2021. 

Attached home sales in January 2022 totalled 348, a 23.3% decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3% increase from January 2021 and a 2.5% increase compared to December 2021. 

Source: The Real Estate Board of Greater Vancouver

"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.

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.

"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:

There were 8,268 MLS^® residential unit sales recorded across the province in December, a record for the month which represents an increase of 57.8% from December 2019. The average MLS^® residential price in BC was $847,600, an increase of 12.5% from the same month last year. Total sales dollar volume was $7 Billion, a 77.5% increase year-over-year.

“While 2021 is expected to get off to a roaring start, the level of supply in the market is near a record low,” added Ogmundson. “That will likely translate to considerable pressure on prices until listings pick-up.”

There were 93,953 residential unit sales recorded by MLS^® in 2020, an increase of 21.5% from the 77,350 units sold in 2019. The annual average MLS^® residential price in BC was $782,027, an 11.7% increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 Billion, a 35.6% increase from 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”

Total active residential listings were down 16.1% to 20,725 units in December. The average price and unit sales, broken down by statistics from each Real Estate Board can be found below. Year-over-year % change in parentheses.

The British Columbia Real Estate Association reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1% from November 2019. The average MLS® residential price in BC set a record of $816,074, a 9.3% increase from $746,310 recorded the previous year. Total sales dollar volume in November was $7.68 Billion, a 55.4% increase over 2019.

“Home sales were once again unseasonably strong in November with several markets setting records for the month,” said BCREA Chief Economist Brendon Ogmundson. “While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result."

Active listings were down close to 14% year-over-year in November, which contributed to a 34.8% sales-to-active listings ratio. Consequently, the provincial average price rose 9.3% compared to this time last year with many markets seeing even stronger price growth.

Year-to-date, BC residential sales dollar volume was up 32.3% to $66.43 Billion, compared with the same period in 2019. Residential unit sales were up 18.7% to 85,625 units, while the average MLS® residential price was up 11.4% to $775,845.

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

The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8% from October 2019. The average MLS® residential price in BC set a record of $812,960, a 12.5% increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 Billion, a 61.8% increase over 2019.

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.” “A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson.

Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14% lower in October 2020 compared to 2019.  Year-to-date, BC residential sales dollar volume was up 29.7% to $58.7 Billion, compared with the same period in 2019. Residential unit sales were up 16.3% to 76,140 units, while the average MLS® residential price was up 11.5% to $771,085.  

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

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.

“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

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)

“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.”

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.

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.

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.

GREATER VANCOUVER SALES - Last month, the Real Estate Board of Greater Vancouver (REBGV) reports a total of 3,022 residential property sales within the Metro Vancouver area (7.1% increase compared to September 2017). The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This is a 12.4% increase over October 2016 and a 0.5% increase compared to September 2017.

"Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices," Jill Oudil, REBGV president said. "It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices."

Below you will find a comparative chart that depicts the Greater Vancouver residential sales from 2015 to present.

BC SALES - The British Columbia Real Estate Association (BCREA) reports a total of 8,677 residential property sales within BC (4.04% increase compared to September 2017). Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.

"BC home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions."

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.

The real estate market has recovered from the foreign-buyer tax lull that was introduced a year ago with the second-hottest August on record. Last month, there were 3,043 home sales in the Greater Vancouver area which is 2.80% and 22.30% higher than July 2017 and August 2016, respectively. Below you will find a comparative chart that depicts the Greater Vancouver residential sales from 2015 to present.

Once again, demand is outpacing supply with the number of listings declining month over month and year over year. It is a seller's market for August 2017 with a sales-to-active listings ratio of 34.6%. Looking at this ratio by property type, it is 16.3% for detached homes (buyer's market) and 44.8% for townhomes and 76.3% for condominiums (strong seller's markets). Home prices are on the rise which is primarily attributed to the townhome and condo sector. The MLS® composite benchmark price for all residential properties in Greater Vancouver is 1% higher than July at $1,029,700.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” said Jill Oudil, REBGV president. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

The benchmark price for single-family homes are now $1,615,100 which is a 2.2% increase compared to August 2016. As for attached units, the benchmark price is now $778,300 which is a 12.8% increase compared to August 2016. Lastly, the benchmark price for condos are now $626,800 which is a 19.4% increase compared to August 2016.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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.