REBGV market Update For September 2021 – Supply Is Still Not Enough To Meet Demand
The September 2021 stats released by the Real Estate Board of Greater Vancouver (REBGV) clearly confirmed that the supply of homes was “insufficient” and that the lack of listings was not only limiting buyers’ options, it was also adding upward pressure on prices.
“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.
In September 2021, residential home sales in the region totalled 3,149.
Sales of detached homes reached 950, which represented a 27.9% decrease from the 1,317 detached home sales in September 2020.
Sales of apartment homes reached 1,621, represented a 1.6% increase compared to the 1,596 apartment home sales in September 2020.
Sales of attached homes reached 578, and this represented a 20.8% decrease compared to the 730 sales in September 2020.
|Property Type||Sept 2021 sales||Sept 2020 sales||% +/-|
The number of newly homes listed for sale on the MLS in Metro Vancouver was 5,171 for September 2021. This represents a 19.2% decrease compared to the 6,402 homes listed in September 2020 and a 28.2% increase when compared to the 4,032 homes listed in August 2021.
The total number of listings for September 2021 on the MLS was 9,236 – a 2.6% decrease when compared to September 2019 – 13,349, and a 2.3% increase when compared to 12,803 listings in August 2020.
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio for September was 27.8%. When broken down by property types, the ratio was:
5% for detached homes
1% for townhomes
1% for townhomes
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver for September was $1,186,100. This represents a 13.8% increase over September 2020 and a 0.8% increase when compared to August 2021.
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Working with our real estate professionals will enable you to set realistic expectations that help you achieve your housing goals. If you are looking to buy or sell a home in this market contact us by email or call us on 604 913 1000.