September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

September 2021 – Lower Mainland Monthly Update (REBGV & FVREB)

Prices this Autumn are expected to increase overall 

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

Visit this link to learn more about house prices and inventory.

Sales

Monthly sales are significantly above the long term average.

Cumulative Year-to-date Sales

YTD sales are significantly above the long-term average and we are on pace to see the highest number of sales on record.

Inventory

Inventory remains below the long-term average.

Sales to Active Listings

Sales to active listing is significantly elevated, indicating prices are expected to rise.

Months of Inventory

Months of Inventory is significantly depressed, indicating prices are expected to rise.

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – August 2021

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – August 2021

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in August 2021.
Find all the infographics related to the May Market Statistics by visiting the Facebook Album.

Whistler 

In August 2021, there were 14 sales of detached homes and 46 active listings. The benchmark sale price was $2,478,900.
The condo market had 33 sales and 61 active listings at the end of the month.  The benchmark sale price was $591,200.
The townhome market had 15 sales and, the active listings were 11. The benchmark sale price was $1,269,300.
It’s a Seller’s market in Whistler.

 

Squamish

In August 2021, there were 19 sales of detached homes and 58 active listings. The benchmark sale price was $1,363,100.
The condo market had 10 sales and 13 active listings at the end of the month. The benchmark sale price was $565,500.
The townhome market had 11 sales and, the active listings were 17. The benchmark sale price was $879,200.
It’s a Seller’s Market in Squamish.

 

Sunshine Coast

In August 2021, there were 67 sales of detached homes and 166 active listings. The benchmark sale price was $847,800.
The condo market had 14 sales and 34 active listings at the end of the month.
The townhome market had 10 sales and, the active listings were 21.
It’s a Seller’s market on Sunshine Coast.

 


Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? 
Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Greater Vancouver Real Estate Market Statistics – August 2021

Greater Vancouver Real Estate Market Statistics – August 2021

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in August 2021.
Find all the infographics by visiting the Facebook Album.

As released by the Board, while home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

The Board also has informed:

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

*Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Check out the infographics of Squamish, Sunshine Coast and Whitler, HERE.

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Ladner

Maple Ridge

New Westminster

North Vancouver

Pitt Meadows

Coquitlam

 

Port Coquitlam

Port Moody

Richmond

Tsawwassen

Vancouver East

Vancouver West

West Vancouver

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

Okanagan Real Estate Market Statistics – August 2021

Okanagan Real Estate Market Statistics – August 2021

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in August 2021.
Find the infographics by visiting the Facebook Album.

Central Okanagan: Kelowna and Lake Country

There were 236 sales, 501 active listings, and $961,800 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 167 sales and 240 active listings at the end of the month. The average sale price was $473,100.
Townhome sales were 76, active listings were 143 and the average sale price was $644,800.
It’s a seller’s market in Central Okanagan.

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area and the average sale price was $682,700. At the end of the month, there were 97 sales and 172 active listings.
There were 29 sales and 56 active listings for condos. The average sale price was $297,500.
In comparison, townhomes featured 38 sales, 62 active listings and a $444,100 average sale price.
It’s a seller’s market in North Okanagan.

South Okanagan

There were 116 sales, 368 active listings, and $780,072 average sale price for detached homes in the South Okanagan market.
The condo market featured 36 sales and 106 active listings at the end of the month. The average sale price was $448,172.
Townhome sales were 30, active listings were 61 and the average sale price was $594,322.
It’s a seller’s market in South Okanagan.

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – August 2021

Abbotsford, Mission, Surrey and Fraser Valley Real Estate Market Statistics – August 2021

According to the Fraser Valley Real Estate Board home sales in the Fraser Valley region remained elevated in August reaching the second-highest sales ever for the month against a backdrop of decreasing supply.

The Board released the report saying they have processed a total of 2,087 property sales on its Multiple Listing Service® (MLS®) in August, an increase of 4.0 per cent compared to July and a 2.4 per cent increase compared to the same month last year. Sales remained unusually high for the month; second only to August of 2005.

As informed by the Board Larry Anderson, President of the Board, said, “Home buyers are facing one of the worst supply shortages in Fraser Valley history. Our sales are over 30 per cent above normal, while our housing stock is at levels last seen in the early 80s.”To put our supply and demand situation in perspective, for every 100 townhomes on the market in August, Fraser Valley REALTORS® sold 94. The single-family detached and condo markets also remained in strong seller’s market territory. Persistent demand and lack of supply continues to put upward pressure on home prices.”

According to the Board release In August, they received 2,107 new listings, a decrease of 36.3 per cent compared to last year, and a decrease of 13.3 per cent compared to July 2021. The month ended with total active inventory sitting at 4,077, a 16.8 per cent decrease compared to July, and 44.9 per cent fewer than August 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later. And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 per cent. “Those measures did not address the core issue, which is insufficient supply to meet the rise in our population growth. All levels of government must work together to correct the structural housing shortage.”

Across Fraser Valley, in August, the average number of days to sell a single-family detached home was 29 and a townhome was 19 days. Apartments took, on average, 29 days to sell.

Find all the infographics related to the April Market Statistics by visiting the Facebook Album.

Abbotsford

Cloverdale

Langley

Mission

North Delta

North Surrey

Surrey Central

 

White Rock / South Surrey

Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley

Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price

Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca

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