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% increase from the 30,944 sales recorded in 2020, a 73.6% increase from the 25,351 homes sold in 2019, and a 4% 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% increase compared to the 54,305 homes listed in 2020 and a 19.9% increase compared to the 51,918 homes listed in 2019.

Last year’s listings total was 11% 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% decrease compared to December 2020 (8,538) and a 26.7 % 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.” ….

For past REBGV Market Reports CLICK HERE or for more information on the Real Estate Board of Greater Vancouver CLICK HERE