The total number of homes currently listed for sale in Metro Vancouver is 9,236. This is a 29.5% decrease compared to September 2020 (13,096), a 2.6% increase compared to August 2021 (9,005), and is 27.7% below the 10-year average for the month.
For all property types, the sales-to-active listings ratio for September 2021 is 34.1 per cent. By property type, the ratio is 25.5% for detached homes, 53.1% for townhomes, and 36.7% for apartments.
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.
“The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices,” Stewart said. “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $ 1,186,100. This represents a 13.8% increase over September 2020 and a 0.8% increase compared to August 2021.