August 2021 Market Update Price Decrease over the Summer across Metro Vancouver
From September 2, 2021, Real Estate Board of Greater Vancouver
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. 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…..For the complete report got to REBGV-Stats-Pkg-August-2021
Steady Sales, Reduced Listings, Unchanging Prices. 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 totaled 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.”
July’s new listings were 12.3 per cent below the 10-year average for the month.
“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.”
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.
