October 2021 Market Update for REBGV. Metro Vancouver home buyers compete for fewer home listings in October.

October 2021 Market Update for REBGV, Vancouver, BC – Nov 02 2021.

Home sale activity in Metro Vancouver* remained above historical averages in October. The supply of homes for sale dropped to levels not seen in three years. The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 3,494 in October 2021. This is a 5.2% decrease from October 2020 sales at 3,687. Which is an 11% increase from September 2021 home sales of 3,149. Last month’s sales were 22.4% above the 10-year October sales average!!!

Keith Stewart, the REBGV economist said, “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”…. Adding, “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,”

For the REBGV FULL REPORT click here

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