VANCOUVER WEST DECEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release looks back on 2021 as the year Greater Vancouver home sales reached an all-time high, 33.4 percent above the 10 year sales average. Buyers took advantage of saving surpluses and low interest rates to invest in bigger spaces to not only live in, but also work. Unfortunately supply proved insufficient causing prices to escalate. It’s unlikely that upward pressure will abate quickly in 2022, as it starts with the lowest inventory in 30 years.
Although last months sales of all residential properties are well above the 10 year average for December, they were still down by 13.1 percent December 2021 compared to December 2020. Annually, new listings drop 19.3 percent while the total inventory of listed properties falls 38.7 percent year to year. Last month the composite value of all properties is 17.3 percent higher than the previous December.
The graph shows a slight easing of 0.6 percent from November to December in the average price for detached properties. The benchmark price for detached homes in December 2021 is 22 percent higher than December 2020. The volume of house sales is less by 22.6 percent year to year.
Last month versus December 2020, Vancouver west detached prices increase 8.6 percent. Year to year west side house sales are down 5.9 percent. December 2021 inventory is 2.5 percent over that of the previous December.
From November to December west side house sales decline 21 percent. Month to month detached inventory is 41 percent lower.