Average house price in Greater Vancouver set to jump nearly 10 per cent in 2021, report says
VANCOUVER -- Next year is shaping up to be a seller’s market, according to real estate company Royal LePage.
The company has released its market survey forecast for 2021, predicting that the median price of a detached home in Greater Vancouver will increase by 9 per cent, from $1,158,400 to $1,262,600.
The company’s managing broker, Randy Ryalls, said in a release, “I am confident we will continue to see prices rise next year. Vancouver has proven to be a rather resilient market, with high demand and quite low inventory.”
Demand for two-storey detached homes is also expected to increase, pushing the median price up 10 per cent from $1,519,700 to $1,671,700.
“We are seeing multiple offers on almost every reasonably-priced detached listing. There simply isn’t enough inventory to meet the demand,” said Ryalls. “A balanced Vancouver market has about 15,000 active listings available. Right now, we’re sitting at roughly 10,000.”
The condo market is much softer. Royal LePage predicts the median price to increase by only 3.5 per cent next year, from $661,200 to $684,300.
Last month, The Canada Mortgage Housing Corp. said more than 11,000 condos were added to the rental market in Metro Vancouver, spurred in part by taxes on empty homes.