Market Update: Vancouver, BC November 2021
Vancouver’s real estate market continues to experience extremely low inventory levels while home prices continue to increase, creating a uniquely strong Seller’s market, according to a recent report from Christie’s International Real Estate.
Historically low inventory levels have caused prices to continue to rise throughout the Vancouver, British Columbia real estate market. According to the report, inventory is at its lowest in at least 30 years.
Despite low inventory, sales remained 22% above the 10-year average. October 2021 recorded a 35.3% decrease compared to last year, and 13% compared to last month, to 8,000 home sales in the city of Vancouver.
Vancouver home prices have increased 20.5% from last year.
In October 2021, Vancouver had over 900 luxury homes for sale, those priced at $4 million or above.
Faith Wilson | Christie’s International Real Estate’s exclusive and comprehensive Vancouver area Market Analyses for October 2021