67% more listings needed to send Metro Vancouver housing to “balanced market” | Urbanized (dailyhive.com) Low supply and high demand
After years of consultation and anticipation over the future of this prime site, the public got a look at what
Home sale activity remains elevated across Metro Vancouver’s* housing market while the pace of homes being listed for sale continues to follow long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021.
In B.C., the rate declined slightly from 3.2 percent in 2019 to 3.1 percent in 2020. In detail, there was a total of 1,768,680 homes in B.C. in 2020. Out of this number, 96.9 percent was owned by residents. The rate at the Vancouver CMA is 4.2 percent in 2020.
Following 2021’s freeze on any increase to the rent for rental housing, the provincial government has announced landlords will be able to increase rent in 2022, but the hike will be capped at 1.5%.
While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.
Last month’s sales were 20.4 per cent above the 10-year August sales average.”
Aug 20, 2021 BC’s housing market has been on quite the run over the past 18 months. The pandemic and