{"id":19040,"date":"2021-12-14T11:11:00","date_gmt":"2021-12-14T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19040"},"modified":"2021-12-13T15:48:25","modified_gmt":"2021-12-13T23:48:25","slug":"metro-vancouver-average-dwelling-prices-reach-1-2-million","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/","title":{"rendered":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million"},"content":{"rendered":"<p style=\"text-align: justify;\">Nearing the end of 2021, Metro Vancouver continues to see high demand competing for limited housing supply, pushing the average price across all property types past the $1.2 million mark.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reported a total of 3,428 home sales in November, a 1.9% drop from the previous month and 11.9% increase from the 3,064 sales recorded in November 2020.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s total was 33.6% higher than the 10-year sales average for November.<\/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 said REBGV economist Keith Stewart in a statement.<\/p>\n<p style=\"text-align: justify;\">A total of 3,964 units were listed for sale in November 2021, representing a drop of 2.1% compared to the 4,049 homes listed in October and a 2.6% decrease year-over-year.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale in Metro Vancouver is 7,144, an 11.1% decrease from October\u2019s tally (8,034) and a 35.7% decrease from the end of November 2020, when the market had 11,118 active listings.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale,\u201d Stewart added. \u201cWith 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;\">The sales-to-active listings ratio across all property types for November was 48%, with detached homes at 33.8%, townhomes at 74.3%, and apartments at 53.7%.<\/p>\n<p style=\"text-align: justify;\">Economists find that upward pressure on home prices occurs when the ratio surpasses 20% over several months. Conversely, when the ratio dips below 12% for a sustained period it creates downward pressure.<\/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 noted.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for all property types in Metro Vancouver was $1.211 million in November, a 1% increase from October 2021 and a 16% increase over November 2020.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for detached homes increased 1.1% from the previous, reaching $1.87 million after 987 sales in November. The sales figures marked a 7% decrease year-over-year.<\/p>\n<p style=\"text-align: justify;\">Apartment sales totalled 1,828 last month, a 33.3% increase compared to November 2020, raising the benchmark price 0.9% from October to $752,800.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/12\/record-sales-supply-crunch-vancouver-dwelling-price.html\" target=\"_blank\" rel=\"noopener\">Eyeing Record-Setting Sales, Supply Crunch Pushes Vancouver&#8217;s Average Dwelling Price to $1.2 Million<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearing the end of 2021, Metro Vancouver continues to see high demand competing for limited housing supply, pushing the average price across all property types past the $1.2 million mark. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/\">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-19040","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>Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#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\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Nearing the end of 2021, Metro Vancouver continues to see high demand competing for limited housing supply, pushing the average price across all property types past the $1.2 million mark. &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Average Dwelling Prices Reach $1.2 Million\",\"datePublished\":\"2021-12-14T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/\"},\"wordCount\":376,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/\",\"name\":\"Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2021-12-14T19:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/metro-vancouver-average-dwelling-prices-reach-1-2-million\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Metro Vancouver Average Dwelling Prices Reach $1.2 Million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/","twitter_card":"summary_large_image","twitter_title":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Nearing the end of 2021, Metro Vancouver continues to see high demand competing for limited housing supply, pushing the average price across all property types past the $1.2 million mark. &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million","datePublished":"2021-12-14T19:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/"},"wordCount":376,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/","url":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/","name":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2021-12-14T19:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/metro-vancouver-average-dwelling-prices-reach-1-2-million\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Metro Vancouver Average Dwelling Prices Reach $1.2 Million"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=19040"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19040\/revisions"}],"predecessor-version":[{"id":19041,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19040\/revisions\/19041"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=19040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=19040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=19040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}