Real Estate Blog

7 Home-Selling Mistakes to Avoid in Burnaby and the Lower Mainland This Fall

Fri, 02 Oct 2026 19:02:06 GMT

Selling a home in Burnaby or the Lower Mainland? Avoid these 7 costly mistakes with practical Fall 2026 advice from local Realtor Robert Almeida.

Why Fall 2026 Gives Burnaby and Lower Mainland Home Buyers More Negotiating Power

Sun, 13 Sep 2026 21:29:30 GMT

Explore what softer regional prices and ample selection mean for buying a Burnaby or Lower Mainland home this fall with Realtor Robert Almeida.

How to Prepare an Older Home for Sale in Burnaby and the Lower Mainland

Sat, 05 Sep 2026 21:36:49 GMT

Learn how to prepare an older home for sale in Burnaby and the Lower Mainland, which repairs matter and how to avoid unnecessary renovations

Is Now a Good Time to Buy a Home or Investment Property in Burnaby?

Fri, 21 Aug 2026 19:36:57 GMT

Is 2026 a good time to buy in Burnaby? Learn how lower prices, higher inventory and increased negotiating power could benefit home buyers and real estate investors.

How Much Is My Burnaby Home Worth in 2026?

Sat, 15 Aug 2026 19:30:46 GMT

Discover how much your Burnaby home is worth in 2026. Learn what affects house, condo and townhouse values, current market prices, and what your property could sell for today.

Should I Sell My Burnaby Home in 2026? | Burnaby Realtor

Mon, 10 Aug 2026 21:47:02 GMT

Should you sell your Burnaby home in 2026? Learn about Burnaby home prices, selling strategies, renovations, condos, downsizing and when to sell.

How Much Does It Cost to Renovate a Vancouver Special?

Sun, 02 Aug 2026 23:12:51 GMT

Thinking of renovating a Vancouver Special? Learn typical 2026 renovation costs for kitchens, bathrooms, roofing, electrical, plumbing, flooring, and more in Burnaby and Metro Vancouver.

Is Brentwood Still the Best Place to Buy a Condo in Burnaby?

Sat, 25 Jul 2026 18:33:42 GMT

Thinking of buying a condo in Brentwood, Burnaby? Discover the pros, hidden costs, and what to look for before you buy. Learn which buildings offer the best value and why choosing the right strata can make all the difference.

The Truth About Buying an Older Home in Burnaby: 7 Hidden Costs Most Buyers Miss

Sun, 19 Jul 2026 01:59:41 GMT

Thinking about buying an older home in Burnaby? Discover the 7 hidden costs buyers often miss, from aging plumbing and electrical systems to foundation repairs and renovations. Learn how proper inspections can save you thousands.

🍂 October Market Update — Buyers Have the Advantage Right Now 🏡

Thu, 06 Nov 2025 18:54:06 GMT

Here’s what I’m seeing in the Metro Vancouver market right now:

📉 Home sales are down about 14% compared to last year
📊 Inventory is up 13% — lots more to choose from
💡 The sales-to-active listings ratio is 14.2%, which leans toward a buyer’s market

Even with recent rate cuts, buyers are moving slower.
That means more selection, more negotiating room, and less pressure.

Benchmark Prices (Oct 2025):
🏠 Detached: $1,916,400 (-4.3% YoY)
🏢 Condos: $718,900 (-5.1% YoY)
🏘️ Townhomes: $1,066,700 (-3.8% YoY)

More inventory + slower pace = opportunity ✅
If you’ve been waiting for better leverage… this season is offering it.

Thinking of buying, selling, upsizing, or downsizing?
Let’s talk strategy and timing based on your goals.

📲 Robert Almeida Personal Real Estate Corporation
RE/MAX Crest Realty
604-862-8000 | HomesForBC.ca

#BurnabyRealEstate #VancouverRealEstate #MetroVancouverMarket #HomesForBC #RealEstateUpdate #BCRealtor #HomeBuyersBC #MedallionClubRealtor

🌟 June 2025 Real Estate Market in Vancouver: Key Trends & Insights 🌟

Wed, 02 Jul 2025 22:52:13 GMT

📊 Market Trends:

1. Pricing Stability & High Demand:
While prices adjusted earlier this year, the market has now stabilized. Demand is strong, fueled by historically low mortgage rates and continued migration to urban centers. 📈

2. Inventory & Listings:
Inventory levels have picked up, giving buyers more choices, but sellers are still encouraged to strategically position their homes for the best exposure. 🏠

3. Buyer Trends:
Younger buyers, especially in suburban areas, are increasingly entering the market. Affordable housing options and proximity to amenities are top priorities for this new wave of homeowners. 👨‍👩‍👧‍👦

4. New Construction & Development:
Areas like Surrey and Burnaby are booming with new developments focused on sustainability and modern living, offering great opportunities for both first-time buyers and seasoned investors. 🏗️

📅 June 2025 Statistics:

🏠 Average Home Prices:

Single-family homes: Steady at CAD 1.5 million.
Condominiums: Slight rise to CAD 750,000.
Townhouses: Consistent around CAD 950,000.

📈 Sales Volume:

Total residential sales have risen by 10% compared to last year! 🏡
Condominium sales are leading with a 15% increase.

⏳ Days on Market:

Single-family homes are now averaging 35 days on the market.
Condominiums & townhouses are selling faster, averaging 25 days.

💰 Mortgage Rates:
Mortgage rates are still incredibly competitive, averaging 2.5%, giving homebuyers greater purchasing power. 🏦

🌍 Regional Highlights:

1. Vancouver
Established neighborhoods like Kitsilano and Yaletown continue to experience strong demand, especially in the luxury market where high-end properties are in high demand. 🏙️

2. Surrey
This growing area is attracting new families and investors, driven by affordable housing and strong community amenities. 🚶‍♂️

3. Burnaby
With its proximity to Metrotown, Burnaby continues to be a top choice for townhouse developments and has a thriving rental market that draws local and international investors. 🏘️

🏡 Looking Ahead to the Rest of 2025:

The Vancouver real estate market in June 2025 is showing signs of cautious optimism. With stable prices, low mortgage rates, and a wide range of housing options, now is an excellent time to make a move in the market. Whether you’re buying, selling, or investing, staying informed and working with an experienced agent is key to making the most of these market opportunities. 📞

Ready to explore the market or have questions? Reach out today, and let’s make your real estate goals a reality!
Call/Text: 604-862-8000
Email: robert@HomesForBC.ca
Website: HomesForBC.ca

#VancouverRealEstate #MarketTrends #RealEstate2025 #MortgageRates #PropertyInvestment #VancouverHomes #RealEstateNews #HousingMarket #BuyersAndSellers

"Bank of Canada Holds Interest Rates: What This Means for Buyers and Sellers"

Wed, 04 Jun 2025 14:53:30 GMT

Bank of Canada Holds Interest Rates: What This Means for Buyers and Sellers

The Bank of Canada has decided to keep the interest rate at 2.75% for the second consecutive time. This rate stability could be good news for buyers who have been waiting for the right time to jump into the market.

Here’s what this means for you as a buyer or seller:

1. Variable-Rate Mortgages and Lines of Credit

For buyers with variable-rate mortgages or lines of credit, your rates will stay the same. This gives you some certainty when it comes to monthly payments as you plan your next move in the market.

2. Fixed Mortgage Rates

While fixed mortgage rates have been a bit unpredictable recently, most lenders have kept them steady. If you're looking to lock in a rate with stable payments, now could be a great time to consider short-term fixed rates, like a 3-year term.

3. Why the Bank Decided to Hold Rates

The Bank of Canada is taking a cautious approach due to uncertainty around U.S. trade policies, which may impact inflation and economic growth here in Canada. This means that we could see some changes ahead, but for now, rates are staying put.

4. Expecting Future Rate Cuts?

Some experts believe the Bank of Canada may reduce rates later this year. That said, many buyers are still choosing short-term fixed-rate mortgages (like 3 years) to lock in predictable payments but remain flexible in case rates go down further in the future.

5. Affordability Is Improving

Since June 2024, the 2.25% drop in rates has made buying a home a bit more affordable. If you’ve been waiting for a better time to buy, this rate drop might just be the push you need to get into the market.

6. Buyer's Market: A Great Time to Buy

With more homes available and a shift toward a buyer's market, now could be an ideal time to make an offer before more buyers jump back into the market. This shift gives you more choices and the potential to negotiate better deals.

7. Current Mortgage Rates

Here’s a quick look at today’s mortgage rates for owner-occupied properties:

Variable (insured, <20% down): 4.15% (about $534 per $100,000 on a 25-year amortization).
Variable (uninsured, 20%+ down): 4.34% (about $495 per $100,000 on a 30-year amortization).
5-year Fixed (insured, <20% down): 3.89% (about $520 per $100,000 on a 25-year amortization).
5-year Fixed (uninsured, 20%+ down): 4.19% (about $487 per $100,000 on a 30-year amortization).
3-year Fixed (insured, <20% down): 3.89% (about $520 per $100,000 on a 25-year amortization).
3-year Fixed (uninsured, 20%+ down): 4.09% (about $480 per $100,000 on a 30-year amortization).

Why Now Could Be the Time to Act

Rates are stable – this could be a good time to act before more changes happen.
Affordability is improving – the rate drop gives you more purchasing power.
It’s a buyer's market – there are more options available, and fewer buyers are active in the market, giving you more negotiating power.

Whether you're buying or selling, this could be the perfect time to make your move. If you have any questions or want to talk more about how these rate changes might impact your buying or selling decisions, feel free to reach out. I'm here to help guide you through it!

🌸 April Market Vibes – Metro Vancouver Real Estate Snapshot 🏘️

Fri, 02 May 2025 16:47:23 GMT

The spring market is here… but it’s not your typical hot streak. Instead of bidding wars, we’re seeing more inventory and fewer sales. So what does that mean for YOU?

Here’s the scoop 👇

📉 Sales Slipped
➡️ 2,163 homes sold in April 2025
That’s down 23.6% from last year and 28.2% below the 10-year April average.

📦 Inventory Piled Up
➡️ 16,207 active listings (up 29.7% YoY!)
➡️ 6,850 new listings hit the market (down just 3.4% from last year, but still well above average)

📊 Sales-to-Active Listings Ratio
➡️ Overall: 13.8%
🏠 Detached: 9.9%
🏘️ Townhomes: 17.5%
🏢 Condos: 15.7%
(Reminder: <12% = buyers’ market, >20% = sellers’ market)

💰 Benchmark Prices (Year-over-Year)
🏠 Detached: $2,021,800 (▼ 0.7%)
🏢 Apartment: $762,800 (▼ 2%)
🏘️ Townhome: $1,102,300 (▼ 2.9%)
📊 Composite: $1,184,500 (▼ 1.8%)

🔍 What This Means for You
According to GVR’s Andrew Lis, this slower pace means: ✅ More choice for buyers
✅ Prices holding steady
✅ Lowest borrowing costs we’ve seen in years

📬 Curious what this means for your move?
Let’s chat strategy over coffee (or your fave patio spot). DM me anytime!

#MetroVancouverMarket #HomesForBC #YVRRealEstate #April2025Stats #BuyersMarket #ListingOpportunities #MarketShift #RealEstateUpdate

"December 2024 Vancouver Real Estate Market: Signs of Growth and Momentum"

Wed, 08 Jan 2025 05:12:54 GMT

December 2024 Greater Vancouver Residential Market Report: A Pivot Point for Real Estate

As we wave goodbye to 2024, Metro Vancouver's real estate market shows signs of recovery and momentum. December’s stats reveal a market shaking off the challenges of recent years, fueled by improving affordability and buyer confidence. Let's dive into the key highlights of the December 2024 GVR Residential Market Report.

Home Sales Surge Over 30% in December

Residential sales on the MLS® reached 1,765 homes in December 2024—a whopping 31.2% increase compared to December 2023. While sales still trail the 10-year average by 14.9%, this strong finish highlights a steady revival in buyer activity.

In total, Metro Vancouver recorded 26,561 sales in 2024, up 1.2% from 2023 but still down 9.2% from 2022. Despite challenges, this uptick signals strengthening demand as borrowing costs continue to decline.

More Listings Hit the Market

Sellers took note of the shifting market, listing 60,388 properties on the MLS® in 2024—a notable 18.7% increase compared to 2023 and 9.7% more than in 2022. December alone saw 1,676 new listings, up 26.3% from last year. This rise in inventory is creating opportunities for buyers to find their dream homes.

Home Prices: Steady as She Goes

The MLS® Home Price Index benchmark for all residential properties in Metro Vancouver stands at $1,171,500, a slight 0.5% increase from December 2023. Detached homes, apartments, and townhouses showed varied performance:

Detached Homes: Sales surged 31.4%, with a benchmark price of $1,997,000 (up 2% YoY).
Apartments: Sales rose 23.9%, while the benchmark price dipped slightly to $749,900 (down 0.1% YoY).
Townhouses: The standout segment, sales jumped 55.9%, with a benchmark price of $1,114,600 (up 3.4% YoY).

Sales-to-Active Listings Ratio: A Balanced Market?

December’s sales-to-active listings ratio was 16.8%, reflecting a balanced market:

Detached Homes: 12.1%
Townhouses: 23.6%
Apartments: 18.7%

Price pressures typically rise when this ratio surpasses 20%, and dip when it stays below 12%. With ratios hovering near balanced levels, prices are likely to remain steady in the near term.

2024: A Year of Recovery

Andrew Lis, GVR’s director of economics, summed up the year:
"2024 was a pivot year, with buyers returning as borrowing costs declined. While sales fell short of forecasts, renewed activity in late 2024 signals potential upside heading into 2025."

Market activity picked up late in the year, but 20.9% below the 10-year average sales levels, there’s still room for growth. If the current momentum continues, 2025 could be a banner year for Metro Vancouver real estate.

What’s Next for 2025?

With listings on the rise, borrowing costs easing, and buyer confidence growing, the stage is set for an active 2025. For homeowners and prospective buyers, it’s an opportune moment to explore options, whether you’re planning to sell, upgrade, or invest.

Curious about your home’s value or looking for your next move? Let’s connect! I’m here to help you navigate the evolving market.

📞 604.862.8000
📧 robert@HomesForBC.ca
🌐 HomesForBC.ca

Stay tuned for more updates and insights as we kick off 2025 with optimism!

Bank of Canada Update: What It Means for Real Estate and Homeowners 🎉

Wed, 11 Dec 2024 15:54:15 GMT

Rate Cut Alert!

The Bank of Canada has reduced the overnight rate to 3.25%, with the Bank Rate at 3.5%. This move aims to support the economy while maintaining price stability. Wondering how this affects your real estate decisions? Let’s dive in!

Key Global Trends 🌍

USA: Strong economy, solid jobs, and steady inflation.

Euro Area: Slowing growth could impact global markets.

China: Policies and exports are boosting growth, but consumer spending remains sluggish.

Canadian Dollar: Weakening against the US dollar, which may influence investment flows.

Canada’s Economic Snapshot 🇨🇦

Q3 Growth: Slowed to 1%, below projections.

Challenges: Business investment, exports, and inventories are dragging.

Positives: Consumer spending and housing activity are picking up. 🏠📈

Unemployment: Rose to 6.8%, but job creation continues.

Wages: Easing slightly but still strong.

What’s Driving the Outlook? 🔮

Immigration Changes: Lower GDP growth expected next year.

GST Holiday + Government Cash Payments: Inflation might dip short-term, but the effect is temporary.

US Tariffs: Potential trade disruptions could cloud Canada’s economic outlook.

Inflation Steady, Rates Adjusted 📊

Inflation remains around the 2% target.

Temporary factors like the GST holiday will slightly lower inflation but aren’t long-term concerns.

The Bank’s goal? Keep inflation within the 1-3% range while supporting growth.

What This Means for Homebuyers and Sellers 🏡

Lower interest rates often make borrowing more affordable, which can boost housing demand. Whether you’re thinking about buying your dream home or selling your property, this shift could be a great opportunity.

Why the Rate Cut Matters 📉

With slower growth and stable inflation, the Bank of Canada aims to provide more economic support. Future rate cuts will depend on market conditions, but this reduction could create favorable conditions for real estate activity.

As a real estate professional, I’m here to help you navigate these changes. Whether you’re buying, selling, or just curious about how the rate cut impacts the market, let’s chat!

📞 Call/Text: 604.862.8000

📧 Email: robert@HomesForBC.ca

🌐 Visit: HomesForBC.ca

Your trusted guide in Lower Mainland real estate!

Should I Hire a Realtor? Selecting the Ideal Realtor in Vancouver, Burnaby, and New Westminster

Fri, 14 Jun 2024 23:07:32 GMT

If you’ve already made it this far in your search, chances are your hardest decision is done: to sell or wait. Whether you’ve decided to up-size, down-size, or relocate, this is an exciting time for you. Your next step is likely deciding how

Can you sell your home without a realtor in BC?

Sale by owner is an option in BC. However, there are many advantages of using a realtor, especially in competitive markets like Burnaby, New Westminster and Vancouver. Realtors ensure that your home is listed and sold for the best, most accurate price and ensure that all the proper procedures are followed. Realtors also give your home access to a wider network which can result in faster sales.

Key Considerations

When diving into the real estate waters of Vancouver, Burnaby, and New Westminster, the guidance of an experienced realtor is invaluable. But why settle for just any realtor when you can choose one renowned for profound market knowledge and unwavering dedication to clients? Here's what to look for to ensure you make the best choice—Robert Almeida.

1. Unmatched Local Insights

Why it's essential: Understanding the intricacies of real estate in Vancouver, Burnaby, and New Westminster is fundamental. This deep-rooted knowledge can significantly influence the success of your real estate endeavors, whether you're buying or selling.

Why choose Robert Almeida: With years of experience and a focused approach on these specific markets, Robert brings an unparalleled depth of knowledge, ensuring you receive expert guidance tailored to the unique dynamics of these areas.

2. A Tailored Marketing Approach

Why it matters: A dynamic marketing strategy, especially in the digital era, is crucial for ensuring your property stands out. Effective marketing can dramatically increase visibility and attract the right buyers.

Why Robert Almeida stands out: Leveraging the latest marketing techniques and platforms, Robert ensures your property receives maximum exposure, targeting the right audience in Vancouver, Burnaby, and New Westminster. His comprehensive marketing plans are designed to deliver results.

3. Stellar Communication and Negotiation

Why they're key: The cornerstone of a successful real estate transaction lies in clear communication and robust negotiation skills. Your realtor should be your advocate, keeping you informed and fighting for your best interests.

How do I find the best local real estate agent?

Finding a realtor that specializes in your geographic location is essential. They attract and target buyers who are interested in their specific region and are usually sought after to help find an ideal home. Accessing this network is invaluable!

Local realtors also know the best-selling features about your neighbourhoods. They can recommend great amenities nearby that help close potential buyers.

Doing your homework: steps to help find a great local realtor:

Look at past sales in your neighbourhood
Ask trusted friends, family, and neighbours who they have used in the past and what their experience was like
Check the agent’s website, social media, Google and REW ratings, and other online sources to get the best understanding of their presence and involvement
Have a chat with your realtor! Once you narrow down your options, make sure you speak with them to get a feel of who you are most comfortable with.

Why Trust Robert Almeida

Known for his exceptional communication skills, Robert ensures you're always in the loop, providing regular updates and insights. His negotiation prowess is proven to secure favorable outcomes for his clients, time and time again.

In the vibrant markets of Vancouver, Burnaby, and New Westminster, choosing the right realtor is pivotal. For knowledge that navigates, marketing that magnifies, and dedication that delivers, turn to Robert Almeida. With Robert, you're not just gaining a realtor; you're securing a dedicated partner committed to achieving your real estate goals. Contact Robert Almeida Personal Real Estate Corporation today at 604.862.8000 or visit HomesForBC.ca to embark on a seamless and successful real estate journey.

Why use a Realtor: How a Realtor Can Maximize Your Home's Value in Vancouver, Burnaby, and New Westminster

Tue, 14 May 2024 17:31:26 GMT

Using a knowledgeable realtor is your key to unlocking greater value from your property, selling your Vancouver, Burnaby or New Westminster home faster, and ensuring you’re protected.

Burnaby Housing Market: Your Complete Guide to Buying or Selling in Burnaby, BC

Wed, 17 Apr 2024 18:32:20 GMT

Your complete guide to buying and selling your home in Burnaby, BC. Discover the average Burnaby house costs and

Why the Bank of Canada's Decision to Hold Rates at 5% Could Be Your Signal to Sell

Wed, 10 Apr 2024 20:01:17 GMT

"Discover why the Bank of Canada's steady rate is a golden opportunity for Lower Mainland homeowners to sell. Your ideal selling moment awaits."

March 2024 Vancouver Real Estate Recap: Springtime Shenanigans and Sunny Outlooks

Mon, 08 Apr 2024 17:11:28 GMT

"Navigate Vancouver's real estate with humor and expertise at Robert Almeida Personal Real Estate. Let's turn aspirations into reality!"

Metro Vancouver Market Update June 2022

Tue, 12 Jul 2022 18:22:40 GMT

Home listings up, sales down and prices starting to decrease to start the summer season

VANCOUVER, BC – July 5, 2022 – With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

TThe Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16.2 per cent decrease from the 2,918 homes sold in May 2022.

Last month’s sales were 23.3 per cent below the 10-year June sales average.

“Home buyers have more selection to choose from and more time to make decisions than they did over the past year,” Daniel John, REBGV Chair said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2022. This represents a 10.1 per cent decrease compared to the 5,849 homes listed in June 2021 and a 17.6 per cent decrease compared to May 2022 when 6,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,425, a 3.8 per cent decrease compared to June 2021 (10,839) and a 4.1 per cent increase compared to May 2022 (10,010).

“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”

For all property types, the sales-to-active listings ratio for June 2022 is 23.4 per cent. By property type, the ratio is 14.3 per cent for detached homes, 31.5 per cent for townhomes, and 30.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,235,900. This represents a 12.4 per cent increase over June 2021, a two per cent decrease compared to May 2022, and a 2.2 per cent decrease over the past three months.

Sales of detached homes in June 2022 reached 653, a 48.3 per cent decrease from the 1,262 detached sales recorded in June 2021. The benchmark price for a detached home is $2,058,600. This represents a 13.4 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 1.8 per cent decrease over the past three months.

Sales of apartment homes reached 1,326 in June 2022, a 25.3 per cent decrease compared to the 1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This represents a 12.7 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 0.8 per cent decrease over the past three months.

Attached home sales in June 2022 totalled 465, a 36 per cent decrease compared to the 726 sales in June 2021. The benchmark price of an attached home is $1,115,600. This represents a 17.8 per cent increase from June 2021, a 2.2 per cent decrease compared to May 2022, and a 2.7 per cent decrease over the past three months.

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Metro Vancouver Market Update May 2022

Tue, 12 Jul 2022 18:20:44 GMT

Spring ushers in calmer housing market trends in Metro Vancouver

VANCOUVER, BC – June 2, 2022 – After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6 per cent decrease from the 4,268 sales recorded in May 2021, and a 9.7 per cent decrease from the 3,232 homes sold in April 2022.

Last month’s sales were 12.9 per cent below the 10-year May sales average.

“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 per cent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 per cent increase compared to April 2022 when 6,107 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,010, an 8.8 per cent decrease compared to May 2021 (10,970) and a 13.8 per cent increase compared to April 2022 (8,796).

For all property types, the sales-to-active listings ratio for May 2022 is 29.2 per cent. By property type, the ratio is 18.3 per cent for detached homes, 35.5 per cent for townhomes, and 38.1 per cent for apartments.

The MLS® Home Price Index* (See editor’s note #2) composite benchmark price for all residential properties in Metro Vancouver is currently $1,261,1001. This represents a 14.7 per cent increase over May 2021 and a 0.3 per cent decrease compared to April 2022.

“Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.”

Sales of detached homes in May 2022 reached 793, a 44.1 per cent decrease from the 1,419 detached sales recorded in May 2021. The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021 and a 0.4 per cent decrease compared to April 2022.

Sales of apartment homes reached 1,605 in May 2022, a 21.7 per cent decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021 and a 0.4 per cent increase compared to April 2022.

Attached home sales in May 2022 totalled 520, a 35 per cent decrease compared to the 800 sales in May 2021. The benchmark price of an attached home is $1,141,200. This represents a 21.5 per cent increase from May 2021 and a 0.6 per cent decrease compared to April 2022.

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Metro Vancouver Market Update April 2022

Tue, 12 Jul 2022 18:18:40 GMT

Metro Vancouver home sales return to more traditional levels in April

VANCOUVER, BC – May 3, 2022 – Home buyer demand in Metro Vancouver* returned to more historically typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1 per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said.

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents an 18.9 per cent increase over April 2021 and a one per cent increase compared to March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

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Metro Vancouver Market Update March 2022

Tue, 12 Jul 2022 18:16:53 GMT

Calmer than last spring’s record pace, Metro Vancouver home buyer demand remains elevated

VANCOUVER, BC – April 4, 2022 – While down from last year’s record numbers, home sale activity in Metro Vancouver’s* housing market remained elevated in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022.

Last month’s sales were 25.5 per cent above the 10-year March sales average.

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”

There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent increase compared to February 2022 (6,742).

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.”

For all property types, the sales-to-active listings ratio for March 2022 is 56.9 per cent. By property type, the ratio is 38.8 per cent for detached homes, 73.3 per cent for townhomes, and 70.3 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 per cent increase over March 2021 and a 3.6 per cent increase compared to February 2022.

Sales of detached homes in March 2022 reached 1,291, a 34.3 per cent decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4 per cent increase from March 2021 and a 3.6 per cent increase compared to February 2022.

Sales of apartment homes reached 2,310 in March 2022, a 14.3 per cent decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8 per cent increase from March 2021 and a 3.4 per cent increase compared to February 2022.

Attached home sales in March 2022 totalled 743, a 29.0 per cent decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4 per cent increase from March 2021 and a 28.1 per cent increase compared to February 2022.

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Metro Vancouver Market Update February 2022

Tue, 12 Jul 2022 18:13:52 GMT

Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market in February

VANCOUVER, BC – March 2, 2022 – The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.

Last month’s sales were 26.9 per cent above the 10-year February sales average.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.

For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.

Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022.

Sales of apartment homes reached 1,854 in February 2022, a 5.4 per cent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 per cent increase from February 2021 and a 4.1 per cent increase compared to January 2022.

Attached home sales in February 2022 totalled 560, a 24 per cent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 per cent increase from February 2021 and a 5.9 per cent increase compared to January 2022.

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Metro Vancouver Market Update January 2022

Tue, 12 Jul 2022 18:09:39 GMT

Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market

VANCOUVER, BC – February 2, 2022 – The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021.

Last month’s sales were 25.3 per cent above the 10-year January sales average.

There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.

“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236).

“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.”

For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5 per cent increase over January 2021 and a two per cent increase compared to December 2021.

Sales of detached homes in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021.

Sales of apartment homes reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021.

Attached home sales in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 2021.

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Metro Vancouver Market Update December 2021

Tue, 12 Jul 2022 18:07:27 GMT

Metro Vancouver home sales set a record in 2021

VANCOUVER, BC – January 5, 2022 – Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015.

Last year’s sales total was 33.4 per cent above the 10-year sales average.

“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019.

Last year’s listings total was 11 per cent above the 10-year average.

“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7 per cent decrease compared to December 2020 (8,538) and a 26.7 per cent decrease compared to November 2021 (7,144).

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3 per cent increase compared to December 2020. Both detached home and townhome benchmark prices increased 22 per cent in the region last year, while apartments increased 12.8 per cent.

Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent), and Whistler (27.8 per cent). Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 per cent, followed by detached homes (38.5 per cent) and townhomes (35.2 per cent) in Maple Ridge.

December summary
REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 per cent decrease from the 3,093 sales recorded in December 2020, and a 21.6 per cent decrease from the 3,428 homes sold in November 2021.

Last month’s sales were 33.4 per cent above the 10-year December sales average.

There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed.

For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent. By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 per cent for apartments.

Sales of detached homes in December 2021 reached 794, a 22.6 per cent decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020 and a 2.1 per cent increase compared to November 2021.

Sales of apartment homes reached 1,464 in December 2021, a 1.4 per cent decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020 and a 1.2 per cent increase compared to November 2021.

Attached home sales in December 2021 totalled 430, a 27.5 per cent decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020 and a 1.5 per cent increase compared to November 2021.

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Metro Vancouver Market Update November 2021

Tue, 12 Jul 2022 18:05:18 GMT

Home sales activity remains up, listings down across Metro Vancouver’s housing market

VANCOUVER, BC – December 2, 2021 – As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020, and a 1.9 per cent decrease from the 3,494 homes sold in October 2021.

Last month’s sales were 33.6 per cent above the 10-year November sales average.

“We expect home sale totals to end the year at or near an all-time record in our region,” Keith Stewart, REBGV economist said. “We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”

There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6 per cent decrease compared to the 4,068 homes listed in November 2020 and a 2.1 per cent decrease compared to October 2021 when 4,049 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7 per cent decrease compared to November 2020 (11,118) and a 11.1 per cent decrease compared to October 2021 (8,034).

For all property types, the sales-to-active listings ratio for November 2021 is 48 per cent. By property type, the ratio is 33.8 per cent for detached homes, 74.3 per cent for townhomes, and 53.7 per cent for apartments.

“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16 per cent increase over November 2020 and a one per cent increase compared to October 2021.

Sales of detached homes in November 2021 reached 987, a seven per cent decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020 and a 1.1 per cent increase compared to October 2021.

Sales of apartment homes reached 1,828 in November 2021, a 33.3 per cent increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4 per cent increase from November 2020 and a 0.9 per cent increase compared to October 2021.

Attached home sales in November 2021 totalled 613, a three per cent decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2 per cent increase from November 2020 and a 1.6 per cent increase compared to October 2021.

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Metro Vancouver Market Update October 2021

Tue, 12 Jul 2022 17:56:56 GMT

Metro Vancouver home buyers compete for fewer home listings in October

VANCOUVER, BC – November 2, 2021 – Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in October 2021, a 5.2 per cent decrease from the 3,687 sales recorded in October 2020, and an 11 per cent increase from the 3,149 homes sold in September 2021.

Last month’s sales were 22.4 per cent above the 10-year October sales average.

“Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region,” Keith Stewart, REBGV economist said.

There were 4,049 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2021. This represents a 27.3 per cent decrease compared to the 5,571 homes listed in October 2020 and a 21.7 per cent decrease compared to September 2021 when 5,171 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,034, a 35.3 per cent decrease compared to October 2020 (12,416) and a 13 per cent decrease compared to September 2021 (9,236).

“Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year,” Stewart said.

For all property types, the sales-to-active listings ratio for October 2021 is 43.5 per cent. By property type, the ratio is 33.6 per cent for detached homes, 64.4 per cent for townhomes, and 46.7 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7 per cent increase over October 2020 and a 1.1 per cent increase compared to September 2021.

Sales of detached homes in October 2021 reached 1,090, an 18.4 per cent decrease from the 1,335 detached sales recorded in October 2020. The benchmark price for a detached home is $1,850,500. This represents a 20.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

Sales of apartment homes reached 1,801 in October 2021, a 14.7 per cent increase compared to the 1,570 sales in October 2020. The benchmark price of an apartment home is $746,400. This represents a 9.5 per cent increase from October 2020 and a 1.1 per cent increase compared to September 2021.

Attached home sales in October 2021 totalled 603, a 22.9 per cent decrease compared to the 782 sales in October 2020. The benchmark price of an attached home is $975,000. This represents an 18.5 per cent increase from October 2020 and a 1.2 per cent increase compared to September 2021.

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Metro Vancouver Market Update September 2021

Tue, 12 Jul 2022 17:46:37 GMT

Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver

VANCOUVER, BC – October 4, 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 (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021.

Last month’s sales were 20.8 per cent above the 10-year September sales average.

There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed.

September’s new listings were 1.2 per cent below the 10-year average for the month.

“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,” Keith Stewart, REBGV economist said. “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.”

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,236. This is a 29.5 per cent decrease compared to September 2020 (13,096), a 2.6 per cent increase compared to August 2021 (9,005) and is 27.7 per cent below the 10-year average for the month.

For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5 per cent for detached homes, 53.1 per cent for townhomes, and 36.7 per cent for apartments.

“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,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8 per cent increase over September 2020 and a 0.8 per cent increase compared to August 2021.

Sales of detached homes in September 2021 reached 950, a 27.9 per cent decrease from the 1,317 detached sales recorded in September 2020. The benchmark price for a detached home is $1,828,200. This represents a 20.4 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.

Sales of apartment homes reached 1,621 in September 2021, a 1.6 per cent increase compared to the 1,596 sales in September 2020. The benchmark price of an apartment home is $738,600. This represents an 8.4 per cent increase from September 2020 and a 0.5 per cent increase compared to August 2021.

Attached home sales in September 2021 totalled 578, a 20.8 per cent decrease compared to the 730 sales in September 2020. The benchmark price of an attached home is $963,800. This represents a 17.5 per cent increase from September 2020 and a 1.2 per cent increase compared to August 2021.

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Metro Vancouver Market Update August 2021

Tue, 12 Jul 2022 17:41:13 GMT

Summer sees home listing supply decline across Metro Vancouver

VANCOUVER, BC – September 2, 2021 – 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 totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

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

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

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 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent 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 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent 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 peoples’ 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 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,”

Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

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 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent 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 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent 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 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

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

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Metro Vancouver Market Update July 2021

Tue, 12 Jul 2022 17:35:38 GMT

Steady sales, reduced listings and virtually unchanged home prices in July

VANCOUVER, BC – August 4, 2021 – Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3 per cent above the 10-year July sales average.

“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types.”

There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4 per cent decrease compared to the 5,948 homes listed in July 2020 and a 25.2 per cent decrease compared to June 2021 when 5,849 homes were listed.

July’s new listings were 12.3 per cent below the 10-year average for the month.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5 per cent decrease compared to July 2020 (12,083) and a 9.1 per cent decrease compared to June 2021 (10,839).

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. “Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”

For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8 per cent increase over July 2020 and is unchanged from June 2021.

Sales of detached homes in July 2021 reached 1,050, a 6.3 per cent decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21 per cent increase from July 2020 and is unchanged from June 2021.

Sales of apartment homes reached 1,666 in July 2021, a 19 per cent increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4 per cent increase from July 2020 and a 0.1 per cent decrease compared to June 2021.

Attached home sales in July 2021 totalled 610, a 0.5 per cent increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7 per cent increase from July 2020 and a 0.3 per cent increase compared to June 2021.

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