Market Update

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 the number of residential homes sold in the region increased 3.4% from August 2020, and decreased 5.2% from July 2021. Last month’s sales were 20.4% above the 10-year August sales average.⁠ For all property types, the sales-to-active listings ratio for August 2021 is 35%.⁠ ⁠

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.⁠ ⁠

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” said Keith Stewart, REBGV economist. ⁠ ⁠

To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®! Contact us today!

📞 604-787-4691⁠ ✉️ adam@adamlloyd.ca⁠ ⁠

We Don't Have Your Business Yet, But We're Working Hard To Earn It.⁠ ⁠

www.adamlloyd.ca⁠