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Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3 per cent above the 10-year July sales average.

Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.
 
MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
• Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
• Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.

In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22 per cent above the ten-year average.

Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.

While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4 per cent above the 10-year June sales average.

It’s expected that the majority of Canadian housing markets will sit in seller’s market territory in 2021. This is great news if you already own a home and are considering selling it. On the other hand, those who have their sights set on buying their first home this year will face some challenges. How do you buy a home in a seller’s market? Here’s everything you need to know.

Seller’s markets expected to dominate Canadian real estate in 2021

In our annual Housing Market Outlook Report, in which RE/MAX analyzes Canadian real estate trends from the past 12 months and forecasts activity for the upcoming year, RE/MAX determined that 32 of the total 39 Canadian housing markets examined are seller’s markets. Only five markets were identified as being in balanced territory, and just two markets – West Vancouver, BC and St. John’s, Newfoundland – are buyer’s markets.

This means the majority of Canadian homebuyers in 2021 who plan to purchase in any of these cities will likely be up against limited housing supply, lots of competition, and the same question on their lips: how do you buy a home in a seller’s market, with the cards stacked against you?

Lifestyle is a very important criterion when you’re shopping for a new home. After all, a home and its surrounding neighbourhood are the places where much of your lifestyle is going to be experienced.

So when you consider a new home, think about the kind of lifestyle to which the property needs to lend itself. Ask yourself:

• How much entertaining do we do?
• How important is it to have good schools located nearby?
• How long will the commute to work be?
• How big of a backyard do we require?
• Do we need a rec room?
• How easy will it be to get to golfing, dance lessons, baseball practices, movies and other activities my family and I enjoy?
• How important is it to be in a quiet area?
• Do we want a local park nearby for jogging, playing with the kids, and walking the dog?

This list is just an example. Ideally, you’ll create your own list of questions to ask yourself when considering a particular home and neighbourhood.