The November west side detached home listing supply was down 4% from the 10 year average, apartment supply was up 3% from the 10 year average and townhome supply was down 1% from the 10 year average.
Demand in November was up from the 10 year average by 2% for detached homes, 46% for apartments and 34% for townhomes.
Median home prices in November are off from the peak, by 4% for detached homes, 10% for apartments but up 11% for attached homes. Detached homes and apartments are all selling below peak prices and are still good value for Buyers but attached homes have surpassed the peak.
The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region increased 11.9% to 3,428 this Nov. from 3,064 sales in Nov. 2020. This is a 1.9% increase from the 3494 homes sold in Oct. 2021.
Oct. 2021 sales were 33.6% above the 10-year Nov. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 7,144 down 35.7% from 11,118 in Nov. 2020 and down 11.1% from 8,034 last month.
For all property types, the sales-to-active listings ratio for Oct. 2021 is 48%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.
Westside supply peaked in June and demand is down since the peak March so prices have been softening, however Oct. & Nov. demand is up and supply is down so unique & sharply priced homes are still receiving multiple offers with prices over the ask.
The westside remains under supplied and while current prices for detached and apartment homes are still below the peak, attached home prices are higher than ever. Nov. prices have jumped up for detached and attached homes and the short supply will put continued pressure on them.
Happy holidays! ❄🌨️🎅🏼🦌🎁🎀☃️☃⛄⛸️🎄✨🎋🍪🥛
All the best for you and your families for a safe and healthy 2022. 🌃🥂🎇
Best regards,
Stuart