{"id":19023,"date":"2021-12-02T10:10:00","date_gmt":"2021-12-02T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19023"},"modified":"2021-12-02T09:18:06","modified_gmt":"2021-12-02T17:18:06","slug":"rebgv-demand-remains-up-supply-of-homes-continue-to-decline","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/rebgv-demand-remains-up-supply-of-homes-continue-to-decline\/","title":{"rendered":"REBGV Demand Remains Up &#038; Supply of Homes Continue to Decline"},"content":{"rendered":"<p style=\"text-align: justify;\">As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9% increase from the 3,064 sales recorded in November 2020, and a 1.9% decrease from the 3,494 homes sold in October 2021.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 33.6% above the 10-year November sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect home sale totals to end the year at or near an all-time record in our region,\u201d Keith Stewart, REBGV economist said. \u201cWe\u2019ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it\u2019s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in November 2021. This represents a 2.6% decrease compared to the 4,068 homes listed in November 2020 and a 2.1% decrease compared to October 2021 when 4,049 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,144, a 35.7% decrease compared to November 2020 (11,118) and a 11.1% decrease compared to October 2021 (8,034).<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for November 2021 is 48%. By property type, the ratio is 33.8% for detached homes, 74.3% for townhomes, and 53.7% for apartments.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cThe 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,\u201d Stewart said.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16% increase over November 2020 and a 1% increase compared to October 2021.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in November 2021 reached 987, a 7% decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8% increase from November 2020 and a 1.1% increase compared to October 2021.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,828 in November 2021, a 33.3% increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4% increase from November 2020 and a 0.9% increase compared to October 2021.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in November 2021 totalled 613, a 3% decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2% increase from November 2020 and a 1.6% increase compared to October 2021.<\/p>\n<p><a href=\"http:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-November-2021.pdf?\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the November 2021 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/november-2021.html\" target=\"_blank\" rel=\"noopener\">Home Sales Activity Remains up, Listings Down Across Metro Vancouver\u2019s Housing Market<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/rebgv-demand-remains-up-supply-of-homes-continue-to-decline\/\">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-19023","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Demand Remains Up &amp; 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