Supply 'insufficient' to meet current Vancouver market demand: real estate board
The latest report on trends in Vancouver's fast-paced real estate market suggests supply is still not enough to meet demand.
In its monthly market recap, the Greater Vancouver Real Estate Board called the supply "insufficient," and said the lack of listings is not only impacting buyers in terms of options, but also adding upward pressure on prices.
Essentially, a lower supply than demand means buyers are paying more, and having fewer choices.
The report looks at the month of September, during which new listings were 1.2 per cent below the 10-year average for the month. It's not a dramatic dip, but the number of all listings – not just new – was down 27.7 per cent from the 10-year average, and 29.5 per cent from the same month in 2020.
Sales, on the other hand, were actually up 20.8 per cent over the 10-month September average.
Analysts with the REBGV said the trend this summer of higher-than-average home sales continued last month.
The upward pressure noted last month was not as intense as in the spring, according to economist Keith Smith, but he noted home prices vary by property type and neighbourhood, so those looking to buy or sell should "take a hyperlocal look" before making any decisions.
For example, the benchmark price for all property types in West Vancouver was up 2.4 per cent over the previous month, while the same metric for Vancouver West was down 0.5 per cent.
Benchmark is a measure slightly different than an average, as it takes into account what constitutes as a typical property (age, square footage and more) in the market.
The benchmark for a condo in Whistler was up 3.4 per cent, but down 0.9 per cent in Burnaby South.
This could vary even more by individual neighbourhood, though that information was not provided by the REBGV.
As of last month, the benchmark price for a residential property in the entire region covered by the board was up to $1,186,100, an increase of 0.8 per cent over August, and 13.8 per cent over the previous September.
CTVNews.ca Top Stories
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.