Here's what happened in Metro Vancouver last month:

Home sales activity remains up, listings down across Metro Vancouver’s housing market

As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020, and a 1.9 per cent decrease from the 3,494 homes sold in October 2021. 

Last month’s sales were 33.6 per cent above the 10-year November sales average. 

“We expect home sale totals to end the year at or near an all-time record in our region,” Keith Stewart, REBGV economist said. “We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.” 

There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2021. This represents a 2.6 per cent decrease compared to the 4,068 homes listed in November 2020 and a 2.1 per cent decrease compared to October 2021 when 4,049 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144, a 35.7 per cent decrease compared to November 2020 (11,118) and a 11.1 per cent decrease compared to October 2021 (8,034). 

For all property types, the sales-to-active listings ratio for November 2021 is 48 per cent. By property type, the ratio is 33.8 per cent for detached homes, 74.3 per cent for townhomes, and 53.7 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16 per cent increase over November 2020 and a one per cent increase compared to October 2021. 

Sales of detached homes in November 2021 reached 987, a seven per cent decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020 and a 1.1 per cent increase compared to October 2021. 

Sales of apartment homes reached 1,828 in November 2021, a 33.3 per cent increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4 per cent increase from November 2020 and a 0.9 per cent increase compared to October 2021. 

Attached home sales in November 2021 totalled 613, a three per cent decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2 per cent increase from November 2020 and a 1.6 per cent increase compared to October 2021.

Download the November 2021 stats package.

Want more information on what the market is doing?  Contact us today!  You can reply to this email or call us at 604-202-7205.

5 Ways to Re-Energize in Just 5 Minutes

1. Take a short walk. Scientists say your body will often de-stress significantly after just a 12-minute stroll.
2. Drink a glass of water. Dehydration, which can come on without you realizing it, can quickly lead to fatigue and tension.
3. Do something completely different. Often, if you completely remove yourself from a situation or activity, even for just a few minutes, you’ll come back feeling better. So, take a moment for yourself!
4. Breathe and stretch. It’s almost impossible to feel tense after a few deep breaths and some stretching exercises. In fact, that’s where the urge to yawn and stretch comes from. It’s your body’s way of boosting energy!
5. Write it down. If you’re worried or frustrated about something, writing it down will feel like deflating that balloon of stress. Taking it off your shoulders and onto paper will put the concern into perspective. 

Try one of these tips the next time you feel overwhelmed.

Showcase your Home With the Right Lighting

There are two types of light sources, manufactured and natural. You need to consider both when staging your home for sale.

Think about the mood you want to create in each room. For example, you might want the kitchen to seem bright and alive. If yours isn’t quite like that, check whether you are using the highest wattage light bulbs suitable for your fixtures. Also, look for ways to bring in more sunshine. Switching curtains for blinds might do the trick.

In the living room, you might want a cozier feel. That can be accomplished by using lamps that cast a softer and gentler light than more imposing overhead fixtures.

Pay particular attention to dimly lit rooms in your home, including nooks and crannies. Even adding small track lighting to a pantry cupboard can make the space seem brighter and more inviting. Check that lighting is adequate in the garage and walk-in closets too.

Finally, make sure all lights in your home work during viewings. Have spare bulbs available in case one burns out. You don’t want a buyer to try to turn on a light and discover it’s not working.

Leverage the Power of “Done” to Achieve Goals

You may feel the same way when you finish a project or task. Energized!

You can use this phenomenon to help you reach your 2022 goals. If you have a big goal, you can divide it into specific milestones that will give you that motivating sense of completion. Say, for example, you want to lose weight. Your milestones might include:

• Make a nutritional eating plan.

• Find a weight loss buddy to share the journey.

• Lose your first 5 pounds.

As you check off each milestone, you’ll become motivated to take on the next. Give this technique a try in the new year!

Notable, Quotable, Quotes!

“Start each day with a positive thought and a grateful thought.”
Roy T. Bennett

“The way to get started is to quit talking and begin doing.”
Walt Disney

“I never dreamed about success. I worked for it.”
Estée Lauder