{"id":19154,"date":"2022-01-05T10:10:00","date_gmt":"2022-01-05T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19154"},"modified":"2021-12-24T10:40:10","modified_gmt":"2021-12-24T18:40:10","slug":"record-setting-home-sales-prices-in-vancouvers-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/01\/record-setting-home-sales-prices-in-vancouvers-housing-market\/","title":{"rendered":"Record-Setting Home Sales &#038; Prices in Vancouver&#8217;s Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver strengthened its status as one of Canada\u2019s hottest housing markets in 2021, with record-breaking sales totals and home prices reaching all-time highs.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) recorded a total of 41,311 residential home transactions across all property types by the end of November, far exceeding the 30,944 properties that traded hands during 2020. The latest figures translate to an average of 3,755 sales per month in 2021, eclipsing last year\u2019s monthly average of 2,578.<\/p>\n<p style=\"text-align: justify;\">The seeds of Vancouver\u2019s torrid sales pace were planted at the start of the pandemic. Uncertainty surrounding COVID-19 caused a slowdown in March 2020, but shifting housing needs and historically low interest rates ramped up real estate transactions during the second half of the year.<\/p>\n<p style=\"text-align: justify;\">Demand remained high heading into 2021, although January\u2019s sales total (2,389) turned out to be the lowest of the year by a significant margin, as no other month saw transactions dip below 3,100.<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver home sales, listings spiked in the spring<\/strong><\/p>\n<p style=\"text-align: justify;\">A surge of spring activity saw sales peak at 5,708 in March, the highest monthly transaction total ever recorded in Metro Vancouver. Those record-setting numbers kicked off a three-month buying binge that saw 14,884 properties trade hands between March and June.<\/p>\n<p style=\"text-align: justify;\">Sales were spurred by increased household savings resulting from pandemic lockdowns, as well as homeowners who saw their property values increase and looked to either move up in the market or relocate to suburban areas.<\/p>\n<p style=\"text-align: justify;\">Listings also entered record-breaking territory during the spring, with homes hitting the market at a higher rate than Vancouver had ever seen before.<\/p>\n<p style=\"text-align: justify;\">However, buyer demand swallowed up the new supply before it could accumulate. For example, Vancouver properties averaged less than 20 days on the market during the month of May, reflecting the region\u2019s insatiable demand.<\/p>\n<p style=\"text-align: justify;\">A summer lull saw both sales and listings recede after the spring frenzy, while fewer bidding wars caused prices to stabilize after surging during the first half of 2021. Sales totals hit an eight-month low in September (3,149) before rebounding in the fall, with unseasonably high activity causing prices to inch higher as the year comes to a close.<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver\u2019s average home price hits $1.2 million mark<\/strong><\/p>\n<p style=\"text-align: justify;\">At the start of 2021, the benchmark price for all property types in Metro Vancouver was $1,047,400. Prices have increased during each month of 2021, with the benchmark rising to $1,211,200 by December, representing a year-to-date increase of 14.6%.<\/p>\n<p style=\"text-align: justify;\">Looking at Metro Vancouver\u2019s housing segments, single detached homes have attracted the lion\u2019s share of both buyer demand and bidding wars during 2021. As of December, the average detached home price sits at $1.87 million, jumping 20.2% from the start of the year.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, attached home prices have increased 21.6% to reach an average of $990,300, while apartment homes hit a benchmark of $752,800 by December, representing an 11.2% increase.<\/p>\n<p style=\"text-align: justify;\">Apartments were the only Metro Vancouver housing segment to experience any softening during 2021, with benchmark prices dipping slightly in June ($736,900) and July ($735,100) before rebounding toward the end of the year.<\/p>\n<p style=\"text-align: justify;\"><strong>Supply issues persist heading into 2022<\/strong><\/p>\n<p style=\"text-align: justify;\">While prices keep rising, inventory in the region has plummeted at the tail end of 2021, contributing to the tight housing market. As of December there were a total number of 7,144 homes listed on Metro Vancouver\u2019s MLS system, a 35.7% decrease compared to December 2020 (11,118).<\/p>\n<p style=\"text-align: justify;\">Policy makers have been tasked with finding solutions to increase housing supply, although there aren\u2019t any easy answers. According to REBGV economist Keith Stewart, \u201cit\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;\">Interest rate hikes are expected to eventually ease demand, but Vancouver is in a unique situation because of its geographical constraints and steady population growth caused by both immigration and interprovincial migration. Those factors, as well as economic recovery and rising consumer confidence, should continue to motivate buyers and boost prices in the new year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/12\/vancouvers-housing-market-saw-record-setting-sales-prices-2021.html\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s Housing Market Saw Record-Setting Sales, Prices in 2021<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver strengthened its status as one of Canada\u2019s hottest housing markets in 2021, with record-breaking sales totals and home prices reaching all-time highs. The Real Estate Board of Greater &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/01\/record-setting-home-sales-prices-in-vancouvers-housing-market\/\">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-19154","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>Record-Setting Home Sales &amp; Prices in Vancouver&#039;s Housing Market &#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\/2022\/01\/record-setting-home-sales-prices-in-vancouvers-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Record-Setting Home Sales &amp; Prices in Vancouver&#039;s Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver strengthened its status as one of Canada\u2019s hottest housing markets in 2021, with record-breaking sales totals and home prices reaching all-time highs. The Real Estate Board of Greater &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/record-setting-home-sales-prices-in-vancouvers-housing-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/01\\\/record-setting-home-sales-prices-in-vancouvers-housing-market\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Record-Setting Home Sales &#038; 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