VANCOUVER REAL ESTATE MARKET UPDATE FOR SEPTEMBER 2021

Home sale activity remains elevated across Metro Vancouver's housing market while the pace of homes being listed for sale continues to follow long-term averages.

The Real Estate Board of Greater Vancouver saw residential homes sales total 3,149 for September 2021 which is a 13.6% decrease from this time last year (3,643) and a 0.1% decrease from August 2021 (3,152). Last month's sales were 20.8% above the 10-year September sales average.

Newly listed properties in September for Metro Vancouver reached 5,171 for all property types. This equates to a 28.2% increase from August 2021 (4,032) and a 19.2% decrease compared to September 2020 (6,402).

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 September is 25.5% for detached homes, 53.1% for townhouses, and 36.7% 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 $1,186,100, this represents a 13.8% increase over September 2020 and a 0.8% increase compared to August 2021.

The total sales for September 2021 were 3,149. This works out to 950 detached homes with a benchmark price of $1,828,200, 578 townhouses with a benchmark price of $963,800 and 1,621 apartments with a benchmark price of $736,800.

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!