Home sales in Metro Vancouver reached a record high in 2021 with experts saying the pandemic played a significant role.
According to the Real Estate Board of Greater Vancouver, home sales in 2021 increased by 42.2 per cent compared to 2020 and by 73.6 per cent from 2019.
The 43,999 homes sold in 2021 also broke 2015’s all-time sales record of 42,326.
Keith Stewart, REBGV economist, said the pandemic pushed residents to focus more on what they want in their homes.
“With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Stewart said in a news release Wednesday.
Home sales from last year were 33.4 per cent higher than the 10-year average, RGBEV’s report said, and listings were 11 per cent higher than the 10-year average.
“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021,” Stewart said. “This imbalance caused residential home prices to rise over the past 12 months.”
But 2022 appears to be off to a slower start, with just 5,000 homes for sale across Greater Vancouver so far.
“This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
According to the REBGV, the benchmark price for all homes in Metro Vancouver at the end of 2021 was $1,230,200, which is a 17.3 per cent increase from December 2020. Prices for detached homes and townhouses rose 22 per cent last year. Apartment prices increased 12.8 per cent, the report said.
The most dramatic price increases were seen in Maple Ridge, where the benchmark rose by 34.7 per cent. Pitt Meadows had the second highest increase at 29.8 per cent.
The REBGV’s report covers most areas in Metro Vancouver, but excludes Surrey.
Source: CTV News