Vancouver Real Estate Market Update For December 2021!

We expect home sale totals to end the year at or near an all-time record in our region. In fact, the statistics released mid-way through November by the Canadian Real Estate Association showed national home sales have already set a new annual record in 2021. Find out what it all means in this month's market update video.

This is your Vancouver real estate market update for December 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 November and what might be coming that could affect that market.

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.

Alright, let’s get into it. This is the final market update for 2021 and as Keith Stewart, the REBGV economist recently said, “We expect home sale totals to end the year at or near an all-time record in our region,” In fact, according to the statistics released mid-way through November by the Canadian Real Estate Association (CREA) showed national home sales have already set a new annual record in 2021.

Here in our region, November sales saw an 11.9 percent increase from the sales recorded in November 2020 and an 1.9 percent decrease from the homes sold in October 2021. Last month’s sales were 33.6 percent above the 10-year November sales average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,144. That’s a 35.7 percent decrease compared to November 2020 and an 11.1 percent decrease compared to October 2021.

As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market. The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market, stated Keith Stewart.

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?

What will the New Year bring for buyers and sellers here in Metro Vancouver? Well, unless we see a major uptick in the number of homes hitting the MLS, buyer demand will continue to outpace supply.

Our Spring market seems to start earlier and earlier each year and 2022 may be no different. I’m already staring to see more immigration happening as those people who had put their plans to relocate to the Vancouver area on hold due to the pandemic are choosing to move here now that they are fully vaccinated.

Canada’s huge targets for immigration for 2021 were not met and most likely those targets will be even higher for 2022.

As always there are many forces at play in our real estate market, including forces of nature, as we’ve seen with the devastating floods recently.

We’ll all be keeping a close eye on things as we head into 2022. No one could have predicted what our market has done over the past 2 years of this pandemic and I’m not about to wade into the murky waters of making predictions of what will happen in 2022.

New Technology.

I usually feature some piece of technology that I utilize to make your home selling and buying experience a smoother one. This month the thing I’d like to feature is not new. It has been around for millennia and has always proven to be the most effective tool for getting ourselves and one another out of difficult situations.

It’s love. Love, kindness, empathy, civility, compassion. These are all things that are in such short supply these days and yet desperately needed right now.

So, as we head into the holiday season and New Year I’d like to challenge you all to make a concerted effort to spread as much love and kindness as possible.

We’ve all been in survival mode for the past 2 years and with the limited amount of interaction we’ve been able to have, it is easy to forget that many of our friends, family, or community members are struggling. Struggling to keep it together. Struggling just to get through the day. Most people aren’t posting these struggles on social media which, if you’re like me, has been the main source of connection to most of my friends and family.

So be kind to one another out there and as my father-in-law likes to say, go gently. I wish you all a Merry Christmas or whatever holiday you may celebrate. I hope you and your families remain safe, healthy, and happy this holiday season and through the coming year.

See you in 2022!