Metro Vancouver housing demand outstrips supply in September 2021
Supply continues to outstrip demand when it comes to home sales in Metro Vancouver.
That’s the upshot of new data from the Real Estate Board of Greater Vancouver (REBGV) looking at numbers for September 2021.
A total of 3,149 homes were sold in the REBGV jurisdiction last month, which represents a 13.6% decrease compared to last September.
While sales were down, year over year, they were still up 20.8% over the 10-year September sales average.
“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,” said REBGV economist Keith Stewart in a statement.
“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.”
Last month there were 5,171 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver.
This also represents a decrease compared to the 6,402 homes listed in September last year, but an increase compared to August 2021, when 4,032 homes were listed.
The benchmark price for all residential properties in Metro Vancouver is currently sitting at $1,186,100, which represents a 13.8% increase over September 2020, and a 0.8% increase compared to August 2021.
The lack of supply of homes in Vancouver is inadequate, according to Stewart.
“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,” added Stewart.
September 2021 home sales statistics: REBGV
- Detached homes
- Number of units sold: 950 (-27.9% from September 2020)
- Active listings: 3,729
- Benchmark price: $1,828,200
- Average days on market: 33
- Apartment homes
- Number of units sold: 1,621 (+1.6% over September 2020)
- Active listings: 4,418
- Benchmark price: $738,600
- Average days on market: 27
- Townhouse sales
- Number of units sold: 578 (-20.8% from September 2020)
- Active listings: 1,089
- Benchmark price: $963,800
- Average days on market: 23