VANCOUVER WEST 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.
Vancouver west townhouse prices are up 14.5 percent from December to December. Attached unit sales increase 18.4 percent year to year. This December versus December 2020 inventory is 2.2 percent lower.
West side attached sales decrease 29.7 percent from November to December. Month to month Vancouver west attached inventory is down by 51 percent.