Metro Vancouver home sales return to more traditional levels in April

Home buyer demand in Metro Vancouver* returned to more historically typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1 per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said. 

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45 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 $1,374,500. This represents an 18.9 per cent increase over April 2021 and a one per cent increase compared to March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Download the April 2022 stats package.

Metro Vancouver home sales set a record in 2021

Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015. 

Last year’s sales total was 33.4 per cent above the 10-year sales average.

 
“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said. 

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019. 

Last year’s listings total was 11 per cent above the 10-year average. 

“While steady, home listing activity didn't keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.  

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7 per cent decrease compared to December 2020 (8,538) and a 26.7 per cent decrease compared to November 2021 (7,144). 

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.” 

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3 per cent increase compared to December 2020. 

Both detached home and townhome benchmark prices increased 22 per cent in the region last year, while apartments increased 12.8 per cent. 

Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent), and Whistler (27.8 per cent). 

Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 per cent, followed by detached homes (38.5 per cent) and townhomes (35.2 per cent) in Maple Ridge. 

December summary 

REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 per cent decrease from the 3,093 sales recorded in December 2020, and a 21.6 per cent decrease from the 3,428 homes sold in November 2021. 

Last month’s sales were 33.4 per cent above the 10-year December sales average. 

There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed. 

For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent. By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 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. 

Sales of detached homes in December 2021 reached 794, a 22.6 per cent decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020 and a 2.1 per cent increase compared to November 2021. 

Sales of apartment homes reached 1,464 in December 2021, a 1.4 per cent decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020 and a 1.2 per cent increase compared to November 2021. 

Attached home sales in December 2021 totalled 430, a 29.9 per cent decrease compared to the 613 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020 and a 1.5 per cent increase compared to November 2021. 

Download the December 2021 stats package.

More supply and less demand seen across Metro Vancouver housing market

The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.

Last month’s sales were 36.1 per cent below the 10-year September sales average.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.

Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.

Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.

Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months.

Click here to download the full package.

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