Vancouver Home Supplies Decline

Vancouver, BC, home supplies have declined steadily since June, says the Real Estate Board of Greater Vancouver (REBGV). Residential home sales totalled 3,152 in August, a 3.4 per cent increase from 3,047 sales in August 2020 and a 5.2 per cent decrease from 3,326 homes sold in July 2021. However, housing supply is the biggest factor impacting the market right now, says Keith Stewart, economist at REBGV. For all property types, the sales-to-active listings ratio for August is 35 per cent, specifically, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments. To help relieve pressure on prices and improve people's home buying options, the market needs a more abundant supply of homes for sale, says Stewart.