Metro Vancouver Home Sales Set a Record in 2021
Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2% increase from the 30,944 sales recorded in 2020, a 73.6 % increase from the 25,351 homes sold in 2019, and a 4% increase over the previous all-time sales record of 42,326 set in 2015.
Last year’s sales total was 33.4% above the 10-year sales average. “Home has been a focus for residents throughout the pandemic. 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,” Keith Stewart, REBGV economist said.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7% increase compared to the 54,305 homes listed in 2020 and a 19.9% increase compared to the 51,918 homes listed in 2019.
Last year’s listings total was 11% above the 10-year average.
“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7% decrease compared to December 2020 (8,538) and a 26.7% decrease compared to November 2021 (7,144).
“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3% increase compared to December 2020.
Both detached home and townhome benchmark prices increased 22% in the region last year, while apartments increased 12.8%. Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7%, followed by Pitt Meadows (29.8%), and Whistler (27.8%). Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2%, followed by detached homes (38.5%) and townhomes (35.2%) in Maple Ridge.
REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1% decrease from the 3,093 sales recorded in December 2020, and a 21.6 % decrease from the 3,428 homes sold in November 2021.
Last month’s sales were 33.4% above the 10-year December sales average. There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3% decrease compared to the 2,409 homes listed in December 2020 and a 50.9% decrease compared to November 2021 when 3,964 homes were listed.
For all property types, the sales-to-active listings ratio for December 2021 is 51.3%. By property type, the ratio is 35.1% for detached homes, 75.6% for townhomes, and 60.8% for apartments.
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. Sales of detached homes in December 2021 reached 794, a 22.6% decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22% increase from December 2020 and a 2.1% increase compared to November 2021.
Sales of apartment homes reached 1,464 in December 2021, a 1.4% decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8% increase from December 2020 and a 1.2% increase compared to November 2021.
Attached home sales in December 2021 totalled 430, a 27.5% decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22% increase from December 2020 and a 1.5% increase compared to November 2021.
For more market insights check out www.rebgv.org