October 2021 – Lower Mainland Monthly Update

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

Record low inventory and strong sales indicate prices will increase

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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.

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Sales

Monthly sales are significantly above the 10-year average.

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Cumulative Year-to-date Sales

YTD sales are currently at the highest level ever recorded. Sales from Jan – Sept have already 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.

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Inventory

Inventory remains below the long-term average.

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Sales to Active Listings

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

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Months of Inventory

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

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