Record Year Home Sales Metro Vancouver 2021
Home sales reached an all-time high in 2021, with a 42 % increase over 2020 and a 73 % increase over 2019. Total sales totaled 43,999 which caps the previous record in 2015 of 42,326.
The main drivers continue to be low interest rates, increased household savings and a desire for more living space, driven partly by the need to work from home due to the pandemic. Looking forward many experts are predicting that a good percentage of workers will continue to be home based even after the pandemic as part of the new normal.
Although we have seen an increase in listings of 19.9 % compared with 2019 and 14.7 % in 2020, demand has continued to outstrip supply.
This imbalance between supply and demand continues to put pressure on prices. The benchmark price across Metro Vancouver for all home types has increased an average of 17.3 % when compared with 2020. If you require more specific information about the average price increase for your home type or neighborhood, I am happy to provide you with more detailed information.
All indicators are that the 2022 market will remain very active and prices will continue to rise until there is increased supply and interest rates start rising.
I would like to wish all my readers a Happy and Prosperous New Year !!!