As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supple of homes for sale continues to decline across Metro Vancouver's housing market.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,428 for November 2021 which is a 11.9% increase from this time last year (3,064) and a 1.9% decrease from October 2021 (3,494). Last month's sales were 33.6% above the 10-year November sales average.
Newly listed properties in November for Metro Vancouver reached 3,964 for all property types. This equates to a 2.1% decrease from October 2021 (4,049) and a 2.6% decrease compared to November 2020 (4,068).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for October is 33.8% for detached homes, 74.3% for townhouses, and 53.7% for condos. This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,211,200 this represents a 16% increase over November 2020 and a 1% increase compared to October 2021.
The total sales for November 2021 were 3,428 This works out to 1,061detached homes with a benchmark price of $1,870,000, 613 townhouses with a benchmark price of $990,300 and 1,828 apartments with a benchmark price of $752,800.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!