Vancouver real estate market: Inventory dips to lows not seen since 2016
A just-published report suggests the inventory in the Vancouver real estate market has reached a low not seen since 2016.
The Q3 report posted Thursday morning by the Real Estate Board of Greater Vancouver noted the number of active listings was low over the summer months, a trend that isn't exactly new in the region.
"Since the last half of 2019, the total inventory of homes for sale in the market has been operating at near-historic lows despite higher-than-typical sales and new listing activity," the REBGV wrote.
Still, record highs for sales and listings were noted in March of this year.
"The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their current homes and purchasing other, typically larger, homes," the board said.
It described the trend board members are seeing since early 2021 as the market "settling down," and said a monthly survey pointed to first-time and move-up buyers becoming a larger portion of total home sales.
While inventory is down, prices are generally not.
The August 2021 benchmark price – a measure that is not an average or median but is calculated based on the typical type, size and age of home available in a region – was a record-breaking $1,176,600.
Looking at detached homes alone, the benchmark was $1,807,000. Benchmarks for attached homes and condos were at $952,600 and $735,100 in the market.
While growth in prices hasn't been to the extent seen at other times in the local market, things are expected to pick up again in the fall.
The board forecast an upward pressure due to above-average sales volumes, coupled with the low inventory noted previously.
It says buyers and sellers should expect new listings and sales in Q4 to remain near to long-term averages, and expects the number of listings to increase, but at a level still well below the norm.
The report also summarized what its seen with housing completions, as well as trends in mortgage rates and employment.
CTVNews.ca Top Stories
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
BREAKING Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The World Health Organization said on Friday that the current overall public health risk posed by H5N1 bird flu virus is low, but for those with exposure to infected birds or animals the risk of infection is considered low-to-moderate.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.