MARKET SUMMARY - VANCOUVER REAL ESTATE, NOVEMBER 2021

SELLER’S MARKET

“We expect home sale totals to end the year at or near an all-time record in our region,” Keith Stewart, REBGV economist said. “We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”

- Keith Stewart, REBGV economist.

Highlights

  • 3,428 units sold, 33.6% above the 10 year sales average

  • 3,964 units (all types) new listings, 2.6%% DECREASE YOY, 2.1% DECREASE MoM

  • 7,144 total units listed - 35.7% DECREASE YOY, and 11.1% DECREASE MoM

  • 48% sales-to-active listings ratio across all property types

FORECAST

  • Bank of Canada will increase interest rates early 2022 due to inflation and positive economic and jobs growth despite December 8, 2021 forward guidance. Rasied interest rates will slow sales.

  • Proposed “Cooling off period” will slow sales

  • Increased inventory early 2022 will reduce sales pressure

  • Slow growth through first quarter

https://www.bankofcanada.ca/2021/12/fad-press-release-2021-12-08/

https://economics.td.com/ca-employment


Real Estate Board of Greater Vancouver Statistics

Inventory


Sales


Price MLS HPI Price (Benchmark)


Sales-to-Active Listings Ratio