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


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.


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BCREA: ECONOMICS Market Intelligence

June 2021 


Five Questions for the Post-Pandemic Housing Market


The COVID-19 pandemic has had substantial and often counter-intuitive impacts on the  BC economy and housing market. As we hopefully put the worst of the pandemic behind us and look ahead to a post-pandemic world, there remains significant uncertainty about what exactly that world is going to look like. In this Market Intelligence, we look at five questions for the post-pandemic BC housing market: 

•             How long until markets return to balance? 

•             Will demand for extra space persist post-pandemic?

•             Is remote working here to stay?

•             When might immigration normalize and what does that mean for housing? 

•             Will high inflation lead to a sharp rise in mortgage rates? 


1. How long until markets return to balance? 


There is perhaps nothing closer to an iron law in the housing market than the relationship between the sales-to-active listings ratio and home prices. When the ratio is very high, as it is now, prices are going  to rise. This is shown in  the monthly scatter plot relating changes in average price to the  sales-to-active listings  ratio trend over the  past 20 years. The sales- to-active listings ratio can be high due to strong sales, low active listings  or, as is the case now,  a combination of both. However, low active listings have been a major contributor to rising prices for the past several years.


Even before the COVID-19 pandemic, housing markets  all over the province had  been operating at very low levels of inventory. Once the pandemic hit and potential sellers pulled listings or held off listing their homes for fear of viral spread, re-sale listings fell to crisis levels.  


After a year of very strong price gains and vaccinations ramping up, new listings have accelerated, but inventories are a very long way from the healthy levels needed to reign in price growth. At a long-run average level of home sales, the province needs about 45,000 active listings to keep prices growing in line with  inflation. At just 22,000 currently, there is a large deficit of listings that needs to be made up for. In fact, there is a significant listings gap in every market in  the province, with some  markets much more  severe than others. 


What is needed to bring markets back into balance? Some combination of continued strong listings activity and a moderation of sales from their current record pace to something more historically normal. While sales are showing some signs of cooling off, a strong economy, re-opening borders, massive household savings and very low mortgage rates will keep demand above normal for the next year. On the supply side, new listings in Metro Vancouver have trended higher and should continue to get a boost as the province surpasses key vaccination thresholds. However, smaller markets around the province, where inventories are lowest, have not seen the same recovery in new listings activity. 


With strong sales prevailing over the next two years, our current projections suggest that balanced markets are still quite a ways off.





2. Will elevated demand for extra space persist post-pandemic? 


One of the most significant trends arising from the pandemic is a shift in buyer preferences toward acquiring extra space. Homes have suddenly become a workplace, a school, an entertainment centre and a refuge, and buyers have  been willing to pay a significant premium to accommodate those new  and diverse needs. That demand for space has run headlong into a part of  the market that is scarce  on supply after a decade  in which most development  was focused on multi- family housing. 


As a result, sales and prices of single-detached homes, especially in areas outside of major metropolitan markets, have skyrocketed. A key question for the post-pandemic market is whether this trend will persist. Much of the answer is based more on psychology than economics. 


There is research showing  that the effects of the pandemic may be long-lasting. For instance, in a  small study of individuals  who were quarantined  during the Toronto SARS outbreak, participants described behavioral changes that lasted years following the end of the outbreak.   


This could mean that the pandemic will have a lasting impact on the preferences of buyers and a continued desire for extra space and the safety, utility and flexibility that space provides. If so, that will continue to drive high demand for single-detached homes, and meeting that demand with sufficient supply, especially in larger cities, will be exceedingly difficult. As a result, high prices for single-family homes in all provincial markets may be quite persistent. 

However, that depends to some degree on our third question for the post-pandemic market concerning remote work. 



3. Is remote working here to stay?


One substantial shift in our way of life due to the pandemic is how and where we work.  About one-third of the Canadian workforce worked most of their hours from home in the first months of 2021, up from just 4 per cent in 2016.  A question that remains is whether this change is a permanent shift or whether the “new normal” for office work will look a lot like the “old normal.” 


Statistics Canada identified three conditions for remote work to persist in the postpandemic world. First, employees must be as productive at home as they were in the office. Second, employees must have a strong preference for remote work. Third, employers must be willing to accommodate employees’ demand for remote work. 


On the first condition, 90 per cent of workers reported being at least as productive at home as they were in the office,  with a substantial portion of workers reporting greater productivity while working from home.   

Secondly, most workers have expressed a preference for working from home. In a  recent PwC Canada survey,  63 per cent of Canadian employees expressed a desire to work remotely at least half of the time.  


While workers report strong productivity and a desire to work remotely, it is yet unclear if the third condition is satisfied. It may be a challenge for employers to satisfy the diverse needs of a remote workforce, remote-work productivity could dip in a post-pandemic world with many more options for distraction, and there may  be something important  lost for both employers  and employees in a work environment without  casual, unscheduled face- to-face interaction. 


The persistence of remote work has major implications for the BC housing market, especially in markets more removed from major metropolitan areas where office work is concentrated. Since the onset of the pandemic, markets outside of metro areas have seen surging demand for homes. The housing stock in those smaller markets was not able to absorb the sudden increase in demand, leading to rapidly rising home prices and a severely depleted inventory of homes for sale.  


If remote work is here to stay, smaller markets may continue to see not only higher  than normal levels of demand, but demand from buyers whose incomes may not be reflective of historical norms for smaller markets. If that is the case, increasing the supply of homes in those markets is going to be vitally important to ensure those markets can remain affordable. 




4. When might immigration normalize and what does that mean for housing? 


The impact of the pandemic on  BC population growth was most prominently characterized by falling immigration numbers as borders closed. BC’s population ultimately expanded 1.1 per cent in 2020, its slowest rate of growth since 2011, and registered its lowest immigration since 1989.   


While there was more than enough demand in the BC housing market to withstand a year of low population growth, demand is all about population growth and demographics in the long term. In BC, the most important contributor to population growth has been international migration (immigration). In the last five  years, immigration has made  up two-thirds of BC’s annual population growth.  


Given the federal government’s increased immigration targets, we fully expect immigration to BC to not only normalize but increase substantially. The unanswered question in the post-pandemic environment is when will it be safe to resume open borders? 


Looking at the main countries of origin for immigration to BC in recent years, many of those countries are not as far along in getting the pandemic under control as Canada. This suggests we may not see a full return to normal on immigration flows until perhaps next year when vaccination and case rates have improved in those countries.

A more immediate impact, especially for condo markets near BC’s large universities, is the return to in-class learning and the return of international students. 


With vaccinations in BC rapidly approaching important herd immunity thresholds, most BC colleges and universities are planning to resume full-time, in-class learning this fall.   


The lack of international students, and in-class learning in general, was acutely felt in the rental markets near large BC universities as low rental demand contributed to a decline in rents in both Vancouver and Victoria. BC is already seeing an increase in post-secondary study permits for non-permanent residents in the first quarter of 2021 and those numbers should continue to increase with plans for students to return to in-person classes this fall. As a result, the condo market should see a significant jump in demand even before a more permanent increase in immigration takes hold next year. 





5. Will high inflation lead to a sharp rise in mortgage rates? 


The five-year fixed mortgage rate has been on a downward trend for close to two decades as economic, demographic, and global financial factors have conspired to keep borrowing costs low. 


In 2018, it appeared that Canadian mortgage rates were finally rising after a prolonged period of historically low levels. The Bank of Canada began raising its overnight policy rate in the summer of 2017, though that tightening cycle was short-circuited by slowing economic growth. The Bank’s policy rate ultimately plateaued at 1.75 per cent, at the low end of what the Bank considers to be its long-run “neutral” range of 1.75-2.75 per cent.  The five-year fixed mortgage rate ultimately peaked short of 4 per cent at an average of 3.7 per cent in the early month of 2019 before sliding lower and finally cratering to new record lows when the COVID-19 pandemic struck and the Bank of Canada injected billions of dollars of liquidity into bond markets.

  

Because the Bank of Canada is mandated to target 2 per cent inflation, when we ask about the outlook for interest rates, we are really asking about the outlook for inflation. 


The outlook for inflation is highly uncertain and is currently one of the most hotly debated topics in economics, with some economists seeing a significant rise in inflation on the horizon and others expecting the most recent increase in consumer prices to be a temporary phenomenon. The answer has significant implications for the conduct of monetary policy in Canada and therefore the trajectory of Canadian mortgage rates. 


There are many theories about what drives inflation, but looking at how macroeconomists think about inflation provides some valuable insight on where pressure on prices might be coming from. The standard model equation for inflation is the so-called New Keynesian Phillips Curve (NKPC) , which can be decomposed into three components (note that economists use the symbol π to denote inflation): 


This theoretical framework  also fits the data and  forecasts inflation a year  ahead quite well. 

Since the implementation of inflation targeting in Canada, Canadian inflation expectations are well-anchored to the Bank of Canada’s 2 per cent target. Bond market measures of inflation expectations have come up slightly after a significant decline during the pandemic. Other survey measures of inflation expectations show that Canadians generally expect higher inflation five years from now, but one-year ahead inflation expectations remain anchored. 


While inflation expectations appear well-anchored, there may be some risk of higher inflation due to an overstimulated economy, especially in light of serious supply shortages in many sectors. Canadian economic growth is forecast well above its roughly 1.8 per cent longrun trend rate. Driven by pent-up demand and aided by significant fiscal and monetary stimulus, real GDP is forecast to grow about 6 per cent this year and 4 per cent next year.

That said, the injury to the Canadian economy from COVID-19 was severe, with output falling approximately close to 15 per cent. That means that even with very strong economic growth, the Canadian output gap[1] is estimated to close in 2022 and sustain at a slightly positive level thereafter that is consistent with 2 per cent inflation. While a valid concern, sustainably higher inflation would have to involve



[1] The output gap represents the level of output currently being produced in the economy compared to its estimated potential or sustainable level of output. An economy with a positive output gap is producing above a sustainable level given existing resources and is likely to generate inflationary pressures.  




economic growth that is well beyond the economy's productive capacity and beyond what is currently expected by policymakers. 


Finally, higher inflation could arise due to cost-push shocks from sharp increases in wages or raw materials. For some raw materials, recent year-over-year increases are mainly the product of so-called “base-year” effects as normal prices today are compared with prices that were driven to historically abnormal levels during the pandemic. Such is the case with oil prices, which briefly turned negative during the pandemic and have since recovered. Other products, most notably lumber prices, have skyrocketed due to shortages, the origins of which trace back to well before the pandemic but were exacerbated by COVID-19.  As these prices rise, so does the cost of production, which could be passed on to consumers through  higher prices. 


Indeed, the most recent inflation data, as measured by the Consumer Price Index (CPI), showed a significant uptick of inflation to its highest level in a decade at 3.5 per cent, though largely due to a jump in energy prices compared to the early months of the pandemic. The prevailing majority view on inflation seems to be tilted toward recent increases being a temporary phenomenon that should settle over the next year. If so, we should see an orderly unwinding of monetary stimulus with a gradual upward trajectory  for mortgage rates, settling under 4 per cent in 2024. 


For mortgage rates to rise meaningfully higher than 4 per cent, inflation would have  to be sustained north of 3 per cent, or expectations of future inflation would have to  become unmoored, leading the Bank of Canada to raise rates more aggressively than currently expected. While such a scenario is unlikely, it remains a risk given current elevated uncertainty.

                 

 

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Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace

The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.


Last month’s sales were 27.7 per cent above the 10-year May sales average.


“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”


There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).


"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.


For all property types, the sales-to-active listings ratio for May 2021 is 38.9 per cent. By property type, the ratio is 29.8 per cent for detached homes, 53.8 per cent for townhomes, and 43.5 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 seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”


The MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14 per cent increase over May 2020 and a 1.5 per cent increase compared to April 2021.


Sales of detached homes in May 2021 reached 1,430, a 166 per cent increase from the 537 detached sales recorded in May 2020. The benchmark price for a detached home is $1,800,600. This represents a 22.8 per cent increase from May 2020 and a 1.7 per cent increase compared to April 2021.


Sales of apartment homes reached 2,049 in May 2021, a 213 per cent increase compared to the 653 sales in May 2020. The benchmark price of an apartment home is $737,100. This represents a 7.9 per cent increase from May 2020 and a 1.2 per cent increase compared to April 2021.


Attached home sales in May 2021 totalled 800, a 168 per cent increase compared to the 298 sales in May 2020. The benchmark price of an attached home is $936,300. This represents a 16.3 per cent increase from May 2020 and a 1.8 per cent increase compared to April 2021.

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Supply response emerges in Metro Vancouver’s active housing market

Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.


Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.


"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill. This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."Keith Stewart, REBGV economist said. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."
 

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2 per cent increase compared to the 2,313 homes listed in April 2020, a 4.2 per cent decrease compared to March 2021 when 8,287 homes were listed and is the highest new listing total ever recorded in the region in April.


"While homes are now being listed at record levels, more supply is needed to meet today's demand and help market conditions achieve greater balance," Stewart said.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1 per cent increase compared to April 2020 (9,389) and a 12 per cent increase compared to March 2021 (9,145).

Today’s active listings total is 11.2 per cent below the 10-year April average.


For all property types, the sales-to-active listings ratio for April 2021 is 47.9 per cent. By property type, the ratio is 37.4 per cent for detached homes, 70 per cent for townhomes, and 51.5 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.


“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020 and a 2.6 per cent increase compared to March 2021.


"With our market at record activity in recent months, and with the continued safety risk that COVID-19 poses, REALTORS® remain focused on helping their clients make sound and responsible buying and selling decisions today while continuing to strictly follow the pandemic safety protocols established for real estate in our province," Taylor Biggar, REBGV Chair said.


Sales of detached homes in April 2021 reached 1,655, a 326.5 per cent increase from the 388 detached sales recorded in April 2020. The benchmark price for a detached home is $1,755,500. This represents a 20.9 per cent increase from last year and a 3.2 per cent increase compared to March 2021.


Sales of apartment homes reached 2,289 in April 2021, a 355.1 per cent increase compared to the 503 sales in April 2020. The benchmark price of an apartment home is $729,600. This represents a 5.9 per cent increase from April 2020 and a 1.9 per cent increase compared to March 2021.


Attached home sales in April 2021 totalled 964, a 342.2 per cent increase compared to the 218 sales in April 2020. The benchmark price of an attached home is $900,900. This represents a 13.9 per cent increase from April 2020 and a 3.3 per cent increase compared to March 2021.

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Record-Setting Month for BC Homes Sales


Vancouver, BC – April 13, 2021.


The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time record for monthly BC home sales. The average MLS® residential price in BC was $947,707, a 20.4 per cent increase from $787,032 recorded in March 2020. It should be noted that average prices across the province are being skewed higher as more expensive single-detached homes remain a higher share of dollar volume during the pandemic. Total sales dollar volume was $14.3 billion, a 168.9 per cent increase from last year.


“Home sales in the province shattered the previous record, led by markets in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “While mortgage rates have risen in recent months and a modest tightening of mortgage regulations is on the horizon, market activity is expected to remain very strong through the spring.”


Total active residential listings were down 24.4 per cent to 22,337 units in March. The total inventory of homes for sale remains severely depleted, but new listings activity has accelerated in response to high prices.


“While the total supply of re-sale listings remains at crisis levels, many markets saw record new listings activity in March. Strong new listings activity will need to continue for some time before markets will see a healthier balance with less pressure on home prices,” said Ogmundson.



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March home sales and new listings set records in Metro Vancouver

 Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021. 


Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.  


“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.” 


Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per cent increase in sales. 


There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 per cent increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase compared to February 2021 when 5,048 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,145, a 4.8 per cent decrease compared to March 2020 (9,606) and a 9.4 per cent increase compared to February 2021 (8,358). 


This is 18.6 per cent below the 10-year March total listings average. 


“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” said Biggar. 


For all property types, the sales-to-active listings ratio for March 2021 is 62.4 per cent. By property type, the ratio is 52.9 per cent for detached homes, 79.9 per cent for townhomes, and 65.4 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. 


“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings,” Biggar said.  


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021. 



Sales of detached homes in March 2021 reached 1,965, a 130.6 per cent increase from the 852 detached sales recorded in March 2020. The benchmark price for a detached home is $1,700,200. This represents a 17.9 per cent increase from March 2020 and a 4.9 per cent increase compared to February 2021. 


Sales of apartment homes reached 2,697 in March 2021, a 128.8 per cent increase compared to the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This represents a 3.7 per cent increase from March 2020 and a 2.6 per cent increase compared to February 2021. 


Attached home sales in March 2021 totalled 1,046, a 112.2 per cent increase compared to the 493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents a 10.4 per cent increase from March 2020 and a 3.9 per cent increase compared to February 2021. 

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JUST LISTED...Westside location 7552 Martin Place, Mission
$765,000. 8700sq.ft level lot, Cul-de-sac, next to greenbelt, major improvements. ➡ Add your personal touch! RV parking❗️ Call your agent to arrange a viewing
 
Call your agent to arrange a viewing. #missionrealestate #justlisted #asurebetinrealestate 
 
 
Main Photo: 7552 MARTIN Place in Mission: Mission BC House for sale : MLS®# R2550439
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March 2, 2021

Home buyer competition intensifies across Metro Vancouver’s housing market


Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021. 


Last month’s sales were 42.8 per cent above the 10-year February sales average. 


“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.


“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.” 


There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings. 


For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 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. 


“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021. 


Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase). 


Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.


Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021. 


Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021. 

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February 2, 2021

Home buyer demand remains elevated across Metro Vancouver


In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020. 


Last month’s sales were 36.4 per cent above the 10-year January sales average. 


“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.” 


There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538). 


For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 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. 


“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020. 


Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020. 


Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020. 


Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.


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➡ EXCITING NEW LISTING❗ MOVE IN READY❗ 10085 243A St., Maple Ridge LISTED $809,000....Call your agent to arrange for a viewing❗️


https://helengambling.com/mylistings.html/listing.r2533662-10085-243a-street-maple-ridge-v2w-1x3.93668665


Main Photo: 10085 243A Street in Maple Ridge: Albion House for sale in "COUNTRY LANE ESTATES" : MLS®# R2533662


COMFORT AT AN INVITING PRICE! A well cared for home in 'Country Lane Estates'! Perfect 2 storey family home with a finished basement & separate entrance. Light, bright interior paint, laminate floors on main, white wood kitchen cabinets, pantry, tiled backsplash, S/S appliances, family-room w/built in niche. Updated light fixtures and R/I for gas stove & F/P. Den/office, 2 pc. powder & laundry on main floor, upstairs has a flex room, 3 bedrooms & 4pce bath, large master bedroom w/4pce ensuite & W/I closet. Covered deck, west facing, 2 car parking, large shed & fenced yard. Roof 2 yrs. furnace serviced, H.W. tank 6 months, ducts cleaned 2yrs, carpets cleaned 2 months. MOVE IN CONDITION! Close to school, parks, local coffee shop & pizzeria! Plenty of young families in the area!




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January 5, 2021

Metro Vancouver housing market shows resilience in 2020


Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.


Last year’s sales total was 2.8 per cent below the 10-year sales average.


“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify," Colette Gerber, REBGV Chair said. “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs."


Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 per cent increase compared to the 51,918 homes listed in 2019 and a 1.3 per cent increase compared to the 53,614 homes listed in 2018.


Last year’s listings total was 2.7 per cent below the region’s 10-year average.


“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons," Gerber said. "Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”


The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,047,400. This is a 5.4 per cent increase compared to December 2019.


The benchmark price for apartments increased 2.6 per cent in the region last year. Townhomes increased 4.9 per cent and detached homes increased 10.2 per cent.


December Summary


REBGV reports that residential home sales in the region totalled 3,093 in December 2020, a 53.4 per cent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 homes sold in November 2020.


Last month’s sales were 57.7 per cent above the 10-year December sales average and is the highest total for the month on record.


“Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,” Gerber says.


There were 2,409 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2020. This represents a 51.7 per cent increase compared to the 1,588 homes listed in December 2019 and a 40.8 per cent decrease compared to November 2020 when 4,068 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,538, a 0.8 per cent decrease compared to December 2019 (8,603) and a 23.2 per cent decrease compared to November 2020 (11,118).


For all property types, the sales-to-active listings ratio for December 2020 is 36.2 per cent. By property type, the ratio is 35.2 per cent for detached homes, 50.4 per cent for townhomes, and 33.1 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.


Sales of detached homes in December 2020 reached 1,026, a 71.3 per cent increase from the 599 detached sales recorded in December 2019. The benchmark price for detached homes is $1,554,600. This represents a 10.2 per cent increase from December 2019 and a one per cent increase compared to November 2020.


Sales of apartment homes reached 1,474 in December 2020, a 40 per cent increase compared to the 1,053 sales in December 2019. The benchmark price of an apartment property is $676,500. This represents a 2.6 per cent increase from December 2019 and is unchanged from November 2020.


Attached home sales in December 2020 totalled 593, a 62.9 per cent increase compared to the 364 sales in December 2019. The benchmark price of an attached home is $813,900. This represents a 4.9 per cent increase from December 2019 and a 0.1 per cent decrease compared to November 2020.

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C. Hesketh, first-time home buyer Smile


Helen has been an absolute dream to work with. Buying our first home in a hot market during a pandemic could have been a very stressful and confusing endeavour. From the onset however, Helen has been honest, extremely knowledgeable, thorough and prompt when we needed her for quick replies to our many inquiries. We felt at ease knowing we could trust her expertise through this intense time and are thrilled with our new home.

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November 3, 2020

Home sale and listing resurgence extends into the fall


Home sale and new listing activity remained at near record levels across Metro Vancouver in October.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.


Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.


“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”


There were 5,571 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2020. This represents a 36.7 per cent increase compared to the 4,074 homes listed in October 2019 and a 13 per cent decrease compared to September 2020 when 6,402 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416, a 1.5 per cent increase compared to October 2019 (12,236) and a 5.2 per cent decrease compared to September 2020 (13,096).


“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said. "To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information."


For all property types, the sales-to-active listings ratio for October 2020 is 29.7 per cent. By property type, the ratio is 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 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 $1,045,100. This represents a six per cent increase over October 2019 and a 0.4 per cent increase compared to September 2020.


Sales of detached homes in October 2020 reached 1,335, a 42.3 per cent increase from the 938 detached sales recorded in October 2019. The benchmark price for a detached home is $1,523,800. This represents an 8.5 per cent increase from October 2019 and a 1.1 per cent increase compared to September 2020.


Sales of apartment homes reached 1,570 in October 2020, a 13.4 per cent increase compared to the 1,384 sales in October 2019. The benchmark price of an apartment property is $683,500. This represents a 4.4 per cent increase from October 2019 and is unchanged compared to September 2020.


Attached home sales in October 2020 totalled 782, a 45.9 per cent increase compared to the 536 sales in October 2019. The benchmark price of an attached home is $813,000. This represents a 5.4 per cent increase from October 2019 and a 0.4 per cent increase compared to September 2020.


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Helen Gambling
Cell: (604) 230-7311
Office: (604) 466-2838
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.