- Keith Stewart, REBGV economistThere were 3,964 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6 per cent decrease compared to the 4,068 homes listed in November 2020 and a 2.1 per cent decrease compared to October 2021 when 4,049 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
7,144, a 35.7 per cent decrease compared to November 2020 (11,118) and a 11.1 per cent
decrease compared to October 2021 (8,034).
“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.
For all property types, the sales-to-active listings ratio for November 2021 is 48 per cent. By property type, the ratio is 33.8 per cent for detached homes, 74.3 per cent for townhomes, and 53.7 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 and benchmark prices by property type
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,211,200. This represents a 16 per cent increase over November 2020
and a one per cent increase compared to October 2021.
Sales of detached homes in November 2021 reached 987, a seven per cent decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020 and a 1.1 per cent increase compared to October 2021.
Sales of apartment homes reached 1,828 in November 2021, a 33.3 per cent increase compared
to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800.
This represents an 11.4 per cent increase from November 2020 and a 0.9 per cent increase compared to October 2021.
Attached home sales in November 2021 totalled 613, a three per cent decrease compared to the
632 sales in November 2020. The benchmark price of an attached home is $990,300. This
represents a 20.2 per cent increase from November 2020 and a 1.6 per cent increase compared to