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

Full Report

https://www.rebgv.org/market-watch/monthly-market-report/november-2021.html

Real Estate Board of Greater Vancouver Statistics

Inventory

Sales

Price MLS HPI Price (Benchmark)

Sales-to-Active Listings Ratio