Monthly Market Report-August 2021

Friday Sep 02nd, 2022

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While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,152 in August 2021, a 3.4% increase from the 3,047 sales recorded in August 2020, and a 5.2% decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4% above the 10-year August sales average.

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6% decrease compared to the 5,813 homes listed in August 2020 and a 7.9% decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7% decrease compared to August 2020 (12,803) and an 8.6% decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve people's home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35%. By property type, the ratio is 25.3% for detached homes, 51.8% for townhomes, and 39.2% for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,176,600. This represents a 13.2% increase over August 2020 and a 0.1% increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7% decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4% increase from August 2020 and a 0.3% increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4% increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $ 735,100. This represents a 7.6% increase from August 2020 and a 0.2% decrease compared to July 2021.

Attached home sales in August 2021 totaled 576, a 7.1% decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5% increase from August 2020 and a 0.3% increase compared to July 2021.

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