Nov 2021 Market Update for REBGV. Home sales activity remains up, listings down across Metro Vancouver’s housing market

Nov 2021 Market Update for REBGV, Vancouver BC – Dec 02, 2021

Metro Vancouver’s home buyer demand remains well in excess of long-term averages. While the supply of homes for sale continues to decline. The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales totalled 3,428 in November 2021. This is an 11.9% increase from the 3,064 sales recorded in November 2020. Plus, a 1.9% decrease from the 3,494 homes sold in October 2021. Last month’s sales were 33.6% above the 10-year November sales average. 

Keith Stewart, REBGV economist said, “We expect home sale totals to end the year at or near an all-time record in our region. 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.” Adding, “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.”

For the REBGV FULL REPORT click here 

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