VANCOUVER EAST DECEMBER TOWNHOME 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 decrease in value of 3.1 percent from November to December for the average attached unit in Metro Vancouver. Last month compared to the previous December the benchmark townhouse price is up 22 percent. Year to year the volume of townhome sales is down 27.5 percent.
This December compared to December 2020 Vancouver east townhouse prices rise 20 percent. Year to year attached unit sales are down 17.6 percent. Inventory is 40 percent lower from December to December.
November to December east side attached sales show a 30.9 percent loss. Month to month attached inventory is significantly reduced by 72.5 percent.