Greg & Colin Thornton

Colin Direct: 604-561-3306 | EMAIL info@thethorntongroup.ca |

Categories

Metro Vancouver’s housing market sets a steady, calmer pace to begin the summer season

VANCOUVER, BC – July 5, 2021 – While still elevated, home sale and listing activity in

Metro Vancouver* has eased back from the record-setting pace seen in March and April of this
year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June
2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.
Last month’s sales were 18.4 per cent above the 10-year June sales average.
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions,
although the intensity of demand has eased from what we saw throughout most of the spring,”
Keith Stewart, REBGV economist said. “The past two months have shown a market that’s
shifting toward more historically typical conditions.”
There were 5,849 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per
cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease
compared to May 2021 when 7,125 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease
compared to May 2021 (10,970).
“With low interest rates, a growing economy and an improving job market, the Metro
Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said.
“We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring.
This is making multiple offers less common, allowing subjects to be seen on offers more
frequently again, and is making new price records less likely.”
For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By
property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and
37.1 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a
0.2 per cent increase compared to May 2021.
Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866
detached sales recorded in June 2020. The benchmark price for detached properties is
$1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged
from May 2021.
Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the
1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a
8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.
Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472
sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4
per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.
-30-
*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple
Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,
Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in
the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.


Download PDF
 
Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.