Vancouver Home Sales Remain Above Historical Averages

Home sale activity in Metro Vancouver, BC, remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years, says the Real Estate Board of Greater Vancouver (REBGV). Residential home sales in the region totalled 3,494 in October, a 5.2 per cent decrease from the 3,687 sales recorded in October 2020, and an 11 per cent increase from the 3,149 homes sold in September 2021. “This dynamic between supply and demand is causing home prices to continue to edge up across the region,” says Keith Stewart, economist at REBGV. Additionally, there were 4,049 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in October, representing a 27.3 per cent decrease compared to the 5,571 homes listed in October 2020 and a 21.7 per cent decrease compared to September 2021. Rising fixed mortgage rates should eventually help ease demand, says Stewart.