November 2021 – Lower Mainland Monthly Update (REBGV & FVREB)
Almost all Year End records set to be broken in Lower Mainland Real Estate
The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
- 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
- 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
- Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Monthly sales 5,432 are significantly above the 10-year average (4,136).
Cumulative Year-to-date Sales
YTD sales are currently at the highest level ever recorded. Sales from Jan – Oct have surpassed the total number of sales in years 2011 – 2015 and 2018 – 2020. We expect total sales by the end of 2021 to break all records.
Inventory continues to trend below the long-term average.
Sales to Active Listings
Prices are expected to rise with increased sales to active lisitng ratio
Months of Inventory
Months of inventory struggles through October, further indicating that prices are expected to rise.