Vancouver Real Estate Market Update For October 2021!

September sales saw a 13.6 % decrease from the sales recorded in September 2020 and a 0.1 % decrease from the homes sold in August 2021. Find out what it all means in this month's Vancouver real estate market update for October 2021.

This is your Vancouver real estate market update for October 2021 and we’re getting into it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC. In today’s video, I’m going to cover what’s happened in the Vancouver real estate market through the month of September, what might be coming that could affect that market and a piece of technology I utilize to make your home selling and buying experience a smoother one.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s dive into it. September sales saw a 13.6 % decrease from the sales recorded in September 2020, and a 0.1 % decrease from the homes sold in August 2021. Last month’s sales were 20.8 per cent above the 10-year September sales average. 

The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month. Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring.

This is, however, a high-level look at our real estate market. Home price trends will vary depending on property type and neighbourhood, so it’s important to take a hyperlocal look at your location and property category of choice before making a home buying or selling decision.

The total inventory of homes for sale remains insufficient to meet the demand in today’s market. This scarcity limits peoples’ purchasing options and ultimately adds upward pressure on home prices.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, down in the description section is a link to a sample report which I send to my clients on a monthly basis. Feel free to review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

Keith Stewart, the Real Estate Board of Greater Vancouver economist recently said “With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options.”

I think the most immediate changes would happen if our local municipal governments worked on revising the antiquated and inefficient zoning laws. This would have a direct impact locally for builders and developers who would be able to help increase the supply of housing options.

I’ve had many clients lament the fact we don’t have a lot of row housing here in Metro or Greater Vancouver and continually ask me why that is. It’s a great question and the short answer is the zoning laws. Row houses offer a great alternative to buyers who may not be able to afford a detached home. It provides the convenience of a detached home but at a much more reasonable price point and without the added expense of strata fees.

Let me know in the comments below what you’d like to see our local governments do to help increase the supply of affordable housing options.

New Technology

It’s no surprise that nearly 99% of all home buyers and sellers begin their search online. What sellers are most interested in is finding out what homes in their neighbourhood have recently sold for. Buyers also want to know this information when they are looking to purchase a home in a particular neighbourhood. The challenge has been how to get that information. Normally one would have to contact a real estate agent and ask them to provide it. Who knows how long it could take to get that information. 24, 48, 72 hours or more?

Speed is everything to most people these days and you want access to the information at any time. On my website, not only can you search for available homes in any area, but you can also search for SOLD home data for any area of Metro Vancouver, Greater Vancouver, or the Fraser Valley. Anytime you want. Day or night.

Down in the description below is the link to that functionality on my website. Make sure you check it out.

Hey, thanks very much for watching. If you enjoyed that video and you want to learn more about Vancouver neighbourhoods, I have filmed over 40 neighbourhoods around Metro Vancouver and you can check them out on this playlist right here. And, don’t forget to hit the subscribe button here because on this channel you’ll find everything you need to live, love, and own here in Vancouver so, don’t forget to subscribe.