{"id":19541,"date":"2022-03-14T10:10:00","date_gmt":"2022-03-14T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19541"},"modified":"2022-03-03T07:19:47","modified_gmt":"2022-03-03T15:19:47","slug":"rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\/","title":{"rendered":"REBGV Prices for All Home Types Increased 20.7% on Average Y\/Y, Listings is Down"},"content":{"rendered":"<p style=\"text-align: justify;\">Short housing supply in Metro Vancouver continues to push prices higher, further exacerbating affordability challenges in the region, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">The number of homes listed for sale on the MLS system was down 19.3% year-over-year in February, with a total of 6,742 listings this past month, compared with 8,358 in the same period last year.<\/p>\n<p style=\"text-align: justify;\">The average home price across the region jumped 20.7% over the past year, bringing the benchmark price to $1,313,400. This is 4.6% higher than in January, although the number of listings between January and February grew 31.2%.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite having a higher volume of people listing their homes for sale in February, the regions\u2019s housing market remains significantly undersupplied, which has been pushing home prices to new highs month-after-month,\u201d said REBGV chair Taylor Biggar. \u201cA lack of housing supply is at the heart of affordability challenges in Metro Vancouver today.<\/p>\n<p style=\"text-align: justify;\">\u201cWe need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future.\u201d<\/p>\n<p style=\"text-align: justify;\">The benchmark price for detached homes jumped 25% to $2,044,800, with a total of 1,010 units changing hands \u2013 a drop of 18% compared with February 2021.<\/p>\n<p style=\"text-align: justify;\">For attached homes, the benchmark price soared 27.2% year-over-year, reaching $1,090,000. The total number of sales in the month reached 1,854, which is an increase of 5.4%<\/p>\n<p style=\"text-align: justify;\">Apartments saw a benchmark price increase of 15.9%, reaching $807,900. A total of 737 units of this home type were sold in the month, which represents a 24% drop.<\/p>\n<p style=\"text-align: justify;\">REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/03\/metro-vancouver-home-prices-continue-surge-market-remains-significantly\" target=\"_blank\" rel=\"noopener\">REBGV : Metro Vancouver home Prices Continue to Surge as Market &#8220;Remains Significantly Undersupplied&#8221;<\/a> by Emma Crawford | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Short housing supply in Metro Vancouver continues to push prices higher, further exacerbating affordability challenges in the region, according to the latest data from the Real Estate Board of Greater &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\/\">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-19541","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 Prices for All Home Types Increased 20.7% on Average Y\/Y, Listings is Down &#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\/03\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Prices for All Home Types Increased 20.7% on Average Y\/Y, Listings is Down &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Short housing supply in Metro Vancouver continues to push prices higher, further exacerbating affordability challenges in the region, according to the latest data from 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=\"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\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"REBGV Prices for All Home Types Increased 20.7% on Average Y\\\/Y, Listings is Down\",\"datePublished\":\"2022-03-14T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/\"},\"wordCount\":320,\"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\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/rebgv-prices-for-all-home-types-increased-20-7-on-average-y-y-listings-is-down\\\/\",\"name\":\"REBGV Prices for All Home Types Increased 20.7% on Average Y\\\/Y, Listings is Down &#8226; 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