This quarterly report is the first in a series of regular analysis that our new economics department will begin to publish. Over the next month, watch for new employment and housing supply publications that’ll assess how changing employment and housing construction trends are impacting home buyers and sellers in Metro Vancouver’s housing market.

Report highlights :

• Metro Vancouver’s job market continues to recover, but the recovery will be slower going forward.
• Job vacancies remain elevated in the Lower Mainland compared to the country’s other major centres and a large increase in housing supply is needed to close the gap.
• Home sales and new listings have plateaued after reaching record peaks in March 2021.
• Home sale inventory (active listings) is back to lows not seen since 2016.
• New home construction has held up through the pandemic, with notable gains made in purpose-built rental units.
• Heading into the fourth quarter of 2021, expect new listings and sales in Metro Vancouver to remain near long-term averages (which will be lower than last fall) and watch for the total supply of homes for sale (active listings) to increase slowly through September and October.

Click here to view the (PDF) report.

New Quarterly Housing Market Report by Keith Stewart | Economist | REBGV