Third Quarter – August 2021

The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year.

An expected second-half slowdown has arrived, prompted by eroding affordability and a tightening of mortgage qualification rules. However, with the BC economy on track for very strong growth this year and next, along with the eventual return of normal migration flows, home sales are anticipated to remain well above long-run average levels into 2022.

Canadian mortgage rates have remained stable after rising from...

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The trend in housing starts was 271,068 units in September 2021, down from 284,757 units in August 2021, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The six-month trend in housing starts declined from August to September, with total starts continuing to pull back from their earlier 2021 levels,” said Bob Dugan, CMHC's chief economist. “Single-detached and multi-family SAAR starts were both lower in Canada’s urban areas...

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales edged up between August and September 2021.

Highlights:

• National home sales rose 0.9% on a month-over-month basis in September.
• Actual (not seasonally adjusted) activity was down 17.5% on a year-over-year basis.
• The number of newly listed properties declined by 1.6% from August to September.
• The MLS® Home Price Index (MLS® HPI) rose 1.7% month-over-month and was up 21.5% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 13.9% year-over-year gain...

The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year.

“Home sales have settled at levels that are slightly above long-term average,” said BCREA Chief Economist Brendon Ogmundson. “The main story...

Home sale activity remains elevated across Metro Vancouver’s* housing market while the pace of homes being listed for sale continues to follow long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021.

Last month’s sales were 20.8 per cent above the 10-year September sales average.

There were 5,171 detached, attached and apartment properties newly...