The Year in Review
Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, home sales hit a record high across the board in 2021! As the pandemic continues, many people remain working from home, meaning the need for housing is still a top priority for Vancouver and Fraser Valley residents.
Market Update for Metro Vancouver
The Real Estate Board of Greater Vancouver (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.
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).
This is the lowest supply of homes on the market that Metro Vancouver has seen in over 30 years. With demand still at record-high levels, Vancouver residents can expect home prices to continue to grow until a more adequate supply of homes is available.
To view the year-to-date and historic statistics for Metro Vancouver (which includes: Downtown, Westside, Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner) CLICK HERE.
Market Update for Greater Vancouver
To view the year-to-date and historic statistics for Greater Vancouver (which includes: Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, and Maple Ridge) CLICK HERE.
December Market Update for Fraser Valley
In December, Fraser Valley Real Estate Board (FVREB) processed 1,808 sales, second only to December 2020’s record‐setting 2,086 sales. New listings in December were 1,278. By month’s end, active inventory finished at 1,957 units, 60 per cent below the 10‐year average, and the lowest in 41 years.
Despite the decrease in supply, single-family, townhouse, and condo sale prices continued to increase in December. But, like Metro Vancouver, with demand still at record-high levels, Fraser Valley residents can expect home prices to continue to grow until a more adequate supply of homes is available.
To view the year-to-date and historic statistics for Fraser Valley (which includes: Surrey, South Surrey, White Rock, North Delta, Cloverdale, Langley, Abbotsford, and Mission) CLICK HERE.
Curious how the market is doing in your city? Whether you're looking to buy, sell, or invest in Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Surrey, Langley, or Abbotsford, these Lower Mainland market update statistics will give you insight into the Vancouver and Fraser Valley real estate markets.
If you'd like more details about your specific market, please send us an email, we'd love to chat more. You can also fill out the Home Evaluation form here.