News: Vancouver Real Estate Market

National aggregate home price increases 21.4% year-over-year

Third quarter highlights:

• Royal LePage maintains its 2021 forecast, with the national aggregate home price expected to rise 16.0% in Q4, compared to a very strong Q4 2020
• Very low inventory pushes potential buyers to sidelines amid national housing supply crisis, resulting in pent-up demand
• 5% of regions surveyed saw double-digit year-over-year aggregate price growth in Q3
• Condominiums continue price rebound in urban centres as return to...

Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.   

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020, a 22.7% increase from the 2,498 sales recorded in November 2019, and a 16.9% decrease from the 3,687 homes sold in October 2020.   

Last month’s sales were 24.6% above the 10-year November sales average...

The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.

The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.

"The BC housing market continues to build on momentum from...