{"id":19203,"date":"2022-01-10T10:10:00","date_gmt":"2022-01-10T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19203"},"modified":"2022-01-05T19:36:05","modified_gmt":"2022-01-06T03:36:05","slug":"metro-vancouver-saw-43999-residential-real-estate-transactions-up-42-2-from-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/01\/metro-vancouver-saw-43999-residential-real-estate-transactions-up-42-2-from-2020\/","title":{"rendered":"Metro Vancouver Saw 43,999 Residential Real Estate Transactions &#8211; Up 42.2% from 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">The COVID-19 pandemic that prompted many Metro Vancouverites to work from home may also have encouraged people to take steps to ensure they lived in a home where they felt comfortable.<\/p>\n<p style=\"text-align: justify;\">Residential real estate transactions in 2021 surged across the region to an all-time high of 43,999, which was 42.2% more than the 30,944 sales recorded in 2020, and a 73.6% increase compared to the 25,351 homes that changed hands in 2019.<\/p>\n<p style=\"text-align: justify;\">The previous record for home sales in the region was 42,326, in 2015 \u2013 before governments put in place empty homes taxes and foreign buyers&#8217; taxes.<\/p>\n<p style=\"text-align: justify;\">\u201cHome has been a focus for residents throughout the pandemic,&#8221; REBGV economist Keith Stewart said. &#8220;With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options.\u201d<\/p>\n<p style=\"text-align: justify;\">Listings increased, but to a lesser degree than sales.<\/p>\n<p style=\"text-align: justify;\">Home listings on the Multiple Listing Service (MLS) platform in Metro Vancouver reached 62,265 in 2021, which is 14.7% more than the 54,305 homes listed in 2020, and a 19.9% increase compared to the 51,918 homes listed in 2019.<\/p>\n<p style=\"text-align: justify;\">&#8220;Listing activity didn&#8217;t keep pace with the record demand,&#8221; Stewart added. &#8220;This imbalance caused residential home prices to rise over the past 12 months.&#8221;<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a detached home in the region is $1,910,200, which is a 22% jump from December 2020, and a 2.1% increase compared to November 2021.<\/p>\n<p style=\"text-align: justify;\">Attached homes increased in value to a similar degree, with those dwellings also increasing in price by 22%, compared with December 2020, to $1,004,900. Attached homes increased in price by 1.5% compared with November 2021.<\/p>\n<p style=\"text-align: justify;\">Apartments saw a smaller 12.8% jump in value, compared with December 2020, and ended the year priced at $761,800. Those homes saw an average 1.2% price increase, compared with November 2021.<\/p>\n<p style=\"text-align: justify;\">Despite strong home sales throughout 2021, the year ended with a bit of a thud. The region saw 2,688 home sales in December, which was 13.1% below the level in the same month in 2020, and a 21.6% decline from the level achieved in December 2019.<\/p>\n<p style=\"text-align: justify;\">December home sales in Metro Vancouver were, however, strong enough to be 33.4% above the 10-year average for sales in that month.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/01\/metro-vancouver-home-sales-hit-record-high-2021\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Home Sales Hit Record High in 2021<\/a> by Glen Korstrom | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic that prompted many Metro Vancouverites to work from home may also have encouraged people to take steps to ensure they lived in a home where they felt &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/01\/metro-vancouver-saw-43999-residential-real-estate-transactions-up-42-2-from-2020\/\">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-19203","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>Metro Vancouver Saw 43,999 Residential Real Estate Transactions - Up 42.2% from 2020 &#8226; 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