REBGV Q3 2021 Housing Overview – Sales and listings trends
Since the last half of 2019, the total inventory of homes for sale in the market has been operating at near historic lows despite higher than typical sales and new listing activity. In March 2021, residential home sales and new listings set all-time records in the Real Estate Board of Greater Vancouver’s (REBGV) area.
The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their current homes and purchasing other, typically larger, homes.
REBGV’s monthly home buyer demographic survey of its members, who recently sold a property, also points to first-time home buyers and move-up buyers becoming a larger proportion of total home sales in today’s market. After setting new sales and listings records in the first half of 2021, the market is settling down.
REBGV Economist Keith Stewart provides a summary of these trends.