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