{"id":18757,"date":"2021-10-26T10:10:00","date_gmt":"2021-10-26T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18757"},"modified":"2021-10-26T08:53:52","modified_gmt":"2021-10-26T15:53:52","slug":"vancouver-home-prices-will-grow-15-in-q4-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/10\/vancouver-home-prices-will-grow-15-in-q4-2021\/","title":{"rendered":"Vancouver Home Prices will Grow 15% in Q4 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The cost of homes in Greater Vancouver are expected to keep rising through the rest of 2021.<\/p>\n<p style=\"text-align: justify;\">In its House Price Survey for Q3-2021, Royal LePage forecasted that the aggregate price of a home in Greater Vancouver will grow 15% in Q4-2021 compared to the same period last year. This prediction is consistent with the brokerage\u2019s projections published in July.<\/p>\n<p style=\"text-align: justify;\">The aggregate price, and all other aggregate pricing in the report, was calculated using a weighted average of the median values of all housing types using data from Royal LePage\u2019s sister company, RPS Real Property Solutions. This includes both resale and new build homes.<\/p>\n<p style=\"text-align: justify;\">\u201cWith no major relief to the inventory shortage on the horizon, I expect strong demand will continue to put upward pressure on prices, and that competition will persist through 2022,\u201d said Randy Ryalls, general manager at the Port Moody-based Royal LePage Sterling Realty, in the report.<\/p>\n<p style=\"text-align: justify;\">In Q3-2021, the aggregate price of a home in Greater Vancouver jumped 20.8 per cent annually to $1,221,400. When assessing different housing types, the median price of a single-family detached home increased the most at 23.4% to $1,651,900. For condo housing types, the median price climbed 8.7% yearly to $697,000 in the same business quarter.<\/p>\n<p style=\"text-align: justify;\">Within the City of Vancouver, the aggregate price of a home grew 12% annually to $1,326,600 during Q3-2021. In the same timeline, median prices for single-family detached and condos rose 14% and 2.2% to $2,399,600 and $766,800.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver and the surrounding greater region remains firmly in a seller\u2019s market,\u201d said Ryalls. \u201cAlthough activity showed signs of slowing modestly in the summer and early days of September, the market has picked up again, now that families are back in their usual routines.\u201d<\/p>\n<p style=\"text-align: justify;\">Ryalls noted that competition remains tight in every market segment as a result of low property inventory. The Greater Vancouver region currently has less than 9,000 listings, well below the approximately 15,000 listings needed for the market to be considered as balanced.<\/p>\n<p style=\"text-align: justify;\">Interprovincial migration has also put \u201cfurther strain\u201d on British Columbia\u2019s housing market, according to Royal LePage. StatsCan reported that the province saw the largest increase in interprovincial migration nationally during 2020-2021, welcoming 34,000 Canadians from out-of-province.<\/p>\n<p style=\"text-align: justify;\">\u201cSupply would essentially need to double in order to meet the current demand,\u201d added Ryalls. \u201cAs a result of the shortage, prices continue to rise, forcing some buyers who have been priced out of the single-family detached market to purchase condominiums instead.\u201d<\/p>\n<p style=\"text-align: justify;\">On the national level, the aggregate price of a home in Canada jumped 21.4% year-over-year to $749,800 in Q3-2021.<\/p>\n<p style=\"text-align: justify;\">Based on the Royal LePage National House Price Composite \u2014 which uses national proprietary property data and information from 62 Canadian real estate markets \u2014 the national median price for single-family detached homes and condos also increased. The value of a detached home jumped 25.2% year-over-year to $790,000, while condos saw an annual increase of 13% to $533,600.<\/p>\n<p style=\"text-align: justify;\">In Q4-2021, the aggregate price of a home in Canada will increase 16% yearly to $771,500, Royal LePage predicts.<\/p>\n<p style=\"text-align: justify;\">\u201cLooking back to the late spring of 2020, the Royal LePage benchmark value of a home was $580,000,\u201d said Phil Soper, president and CEO of Royal LePage. \u201cThe subsequent \u2018Covid-catalyst\u2019 which drove legions of Canadians to upgrade their living situations, has created a period of exceptional home price growth with real estate values on track to grow 33% by year end.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/10\/vancouver-prices-15-annually-end-year-royal-lepage.html\" target=\"_blank\" rel=\"noopener\">Royal LePage : Vancouver Home Prices Projected to Jump 15% Annually by End of The Year<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cost of homes in Greater Vancouver are expected to keep rising through the rest of 2021. In its House Price Survey for Q3-2021, Royal LePage forecasted that the aggregate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/10\/vancouver-home-prices-will-grow-15-in-q4-2021\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18757","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Prices will Grow 15% in Q4 2021 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/10\/vancouver-home-prices-will-grow-15-in-q4-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Prices will Grow 15% in Q4 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The cost of homes in Greater Vancouver are expected to keep rising through the rest of 2021. 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