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Supply 'insufficient' to meet current Vancouver market demand: real estate board

Kendra Mangione - CTVNews - Vancouver • October 15, 2021
VANCOUVER - The latest report on trends in Vancouver's fast-paced real estate market suggests supply is still not enough to meet demand.

In its monthly market recap, the Greater Vancouver Real Estate Board called the supply "insufficient," and said the lack of listings is not only impacting buyers in terms of options, but also adding upward pressure on prices.

Essentially, a lower supply than demand means buyers are paying more, and having fewer choices.

The report looks at the month of September, during which new listings were 1.2 per cent below the 10-year average for the month. It's not a dramatic dip, but the number of all listings – not just new – was down 27.7 per cent from the 10-year average, and 29.5 per cent from the same month in 2020.

Sales, on the other hand, were actually up 20.8 per cent over the 10-month September average.

Analysts with the REBGV said the trend this summer of higher-than-average home sales continued last month.

The upward pressure noted last month was not as intense as in the spring, according to economist Keith Smith, but he noted home prices vary by property type and neighbourhood, so those looking to buy or sell should "take a hyperlocal look" before making any decisions.

For example, the benchmark price for all property types in West Vancouver was up 2.4 per cent over the previous month, while the same metric for Vancouver West was down 0.5 per cent.

Benchmark is a measure slightly different than an average, as it takes into account what constitutes as a typical property (age, square footage and more) in the market.

The benchmark for a condo in Whistler was up 3.4 per cent, but down 0.9 per cent in Burnaby South.

This could vary even more by individual neighbourhood, though that information was not provided by the REBGV.

As of last month, the benchmark price for a residential property in the entire region covered by the board was up to $1,186,100, an increase of 0.8 per cent over August, and 13.8 per cent over the previous September.

🏑 Langley & Fraser Valley Market Update – What’s Happening in 2025

By Andy Schildhorn • February 18, 2025
Looking for the latest Langley and Fraser Valley real estate market trends? Wondering if now is the right time to buy or sell a home in Langley, Surrey, or Abbotsford? This video breaks down sales trends, home prices, and what to expect this spring. πŸ“‰ Sales are down πŸ“ˆ Inventory is rising πŸ’° Buyers have more negotiating power But with spring approaching, interest rate cuts expected, and growing inventory, what’s next for Fraser Valley’s housing market? πŸ“Š What’s Covered in This Video? βœ… Langley & Fraser Valley Home Prices: Detached, Townhomes & Condos βœ… Is It a Buyer’s Market? What You Need to Know βœ… Economic Factors Affecting Fraser Valley Real Estate 🏑 Buying or Selling in Langley or Fraser Valley? Let’s Talk! If you’re considering buying or selling a home in Langley, Fraser Valley, or surrounding areas, I can help you navigate the current market trends, pricing strategies, and investment opportunities. πŸ“Š Full FVREB Market Stats → bit.ly/FVREB-Stats πŸ“… Book a Call → https://calendly.com/andyschildhorn πŸ“ž 778.835.8957 πŸ“§ [email protected] 🌐 www.AndytheRealtor.com πŸ“Ί Subscribe for Weekly Langley & Fraser Valley Real Estate Updates! πŸ”” Like, Subscribe & Ring the Bell for More Market Insights! Thanks for watching—see you in the next video! πŸ‘‹

πŸŽ‰ Family Day Fun in Langley! πŸ‘¨‍πŸ‘©‍πŸ‘§‍πŸ‘¦πŸŽΆπŸŽ¨

By Andy Schildhorn • February 17, 2025
Langley residents have plenty of fun to choose from when deciding how to celebrate Family Day this month. Started in 2013, the annual statutory holiday is celebrated on the third Monday of February, but some local events also take place on the weekend leading up to Feb. 17. Find out more.

Sometimes we need to smile

By Andy Schildhorn • February 14, 2025
I typically steer away from politics in my content and anything like that. So....here's a baby beaver for no particular reason.
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