[video_box title="July 2021 Metro Vancouver Market Analysis" video_url="https://youtu.be/hXz7Mq7Dsik" column="col-eight col-center"]
Steady sales, reduced listings, and virtually unchanged home prices
VANCOUVER, BC – August 4, 2021 – Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.
Last month’s sales were 13.3 per cent above the 10-year July sales average.
“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart.
“Home sales and listings fell in line with typical seasonal patterns as summer got going in
earnest in July. On top of moderating market activity, price growth has levelled off in most areas
and home types.”
There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple
Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents 26.4 per cent
decrease compared to the 5,948 homes listed in July 2020 and a 25.2 per cent decrease compared
to June 2021 when 5,849 homes were listed.
July’s new listings were 12.3 per cent below the 10-year average for the month.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,850, an 18.5 per cent decrease compared to July 2020 (12,083) and a 9.1 per cent decrease
compared to June 2021 (10,839).
“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,”
Stewart said. "Home sales remain above average and we’re starting to see price increases relent
as well. Going forward, the supply of homes for sale will be among the most critical factors to
watch. This will determine the next direction for house price trends."
For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent. By property
type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.
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 $1,175,500. This represents a 13.8 per cent increase over July 2020 and is
unchanged from June 2021.
Sales of detached homes in July 2021 reached 1,050, a 6.3 per cent decrease from 1,121
detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100.
This represents a 21 per cent increase from July 2020 and is unchanged from June 2021.
Sales of apartment homes reached 1,666 in July 2021, a 19 per cent increase compared to the
1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This
represents an 8.4 per cent increase from July 2020 and a 0.1 per cent decrease compared to June
Attached home sales in July 2021 totaled 610, a 0.5 per cent increase compared to the 607 sales
in July 2020. The benchmark price of an attached home is $949,400. This represents 16.7 per
cent increase from July 2020 and a 0.3 per cent increase compared to June 2021.