It’s official. Metro Vancouver set an all-time home sales record in 2021!
It was another year of continued movement, change and adjustment around the world, and for those of us living in Metro Vancouver, it was no different. A year where home sales kept steadily rising, reaching an all-time high as housing needs remained a top priority for residents in their second year of navigating life around Covid-19.
Keith Stewart, an economist at the Real Estate Board of Greater Vancouver (REBGV) commented that “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.”
Closing off a record year, the REBGV reported that for 2021, residential home sales in the region totalled 43,999, a 42.2% increase from the 30,944 sales recorded in 2020, a 73.6% increase from the 25,351 homes sold in 2019, and a 4% increase over the previous all-time sales record of 42,326 which was set in 2015. Looking at the 10-year sales average, 2021’s sales total flew 33.4% above it.
In 2021, home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265. This was a 14.7% increase compared to the 54,305 homes listed in 2020 and a 19.9% increase compared to the 51,918 homes listed in 2019. Last year’s listings total was 11% 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 noted.
Looking ahead at 2022
As the new year commences and the demand for homes remains strong, Stewart adds that “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”. However, with property demand still peaking at record levels but supply remaining tight, “residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7% decrease compared to December 2020 (8,538) and a 26.7% decrease compared to November 2021 (7,144).
If you are considering buying or selling in 2022, our market-leading REALTORS® are more than happy to talk to you about your home, the current market movements and what you can expect when beginning your buying or selling process.
December 2021 – Housing Market At A Glance
The REBGV reported that residential home sales in December 2021 for the Metro Vancouver region totalled 2,688, down 13.1% from sales recorded in December the year prior (3,093), and a 21.6% decrease from the 3,428 homes sold in November 2021. However, December 2021 sales were still 33.4% above the 10-year December sales average.
Throughout the month, the MLS® featured 1,945 newly listed detached, attached and apartment properties in Metro Vancouver. This figure represents a significant 50.9% decrease compared to November 2021, when 3,964 homes were listed, and a 19.3% drop from a year prior in December 2020, which saw 2,409 homes listed.
December 2021 – Sales-to-Active Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for December 2021 was 51.3%. By property type, the ratio breakdown was:
– 35.1% for detached homes
– 75.6% for townhomes
– 60.8% 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 price often experience upward pressure when it surpasses 20 per cent over several months.
For all residential properties in Metro Vancouver, the MLS® Home Price Index composite benchmark price ended the year at $1,230,200. This was a 17.3% jump up from December 2020. Both detached home and townhome benchmark prices increased 22% last year across the region, while apartments increased by 12.8%.
Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7%, followed by Pitt Meadows (29.8%), and Whistler (27.8%). Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2%, followed by detached homes (38.5%) and townhomes (35.2%) in Maple Ridge.
December 2021 – Metro Vancouver Home Sales by Property Type
794 detached homes were sold during the month of December, a 22.6% drop from 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22% increase from December 2020 and a 2.1% increase compared to November 2021.
1,464 apartment homes found new owners in December, 1.4% less than the same month in 2020 (1,474). The benchmark price of an apartment home is $761,800. This represents a 12.8% increase from December 2020 and a 1.2% increase compared to November 2021.
430 sales for attached homes were recorded in December last year, 27.5% down from the same month in 2020 (593). The benchmark price of an attached home is $1,004,900. This represents a 22% increase from December 2020 and a 1.5% increase compared to November 2021.
Our Stilhavn REALTORS® continue to make it their business to keep on top of the latest properties being listed across Metro Vancouver so that you, their clients, can be the first in the know. With the daily stresses many of us are balancing, it’s their priority to truly understand what it is that will make your new house your new havn.
At Stilhavn, we’re here to help you #findyourhavn.