Metro Vancouver Real Estate Market – June 2021

Metro Vancouver Real Estate Market – June 2021

Editor’s Note: This article covers the Metro Vancouver market in 2021 and has been kept as a historical market update. For today’s real estate conditions, visit our latest Metro Vancouver real estate market update.

Metro Vancouver Market 2021: June at a Glance

Metro Vancouver’s housing market began to settle into a calmer pace in June 2021 following the record-setting activity seen earlier that spring.

Residential home sales totalled 3,762 in June 2021, up 54% from June 2020 but down 11.9% from May 2021. In addition, sales remained 18.4% above the 10-year June average.

While demand remained strong, the market was beginning to move toward more typical conditions.

Metro Vancouver Home Sales in June 2021

A total of 5,849 detached, attached and apartment properties came onto the market in June. That represented a 17.9% decrease from May 2021.

Meanwhile, buyers had 10,839 homes to choose from across Metro Vancouver.

The sales-to-active listings ratio for all property types was 34.7%. However, conditions varied by property type. Townhomes had the highest ratio at 49.2%, followed by apartments at 37.1% and detached homes at 27.5%.

Home Prices and Inventory

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties reached $1,175,100 in June 2021, up 14.5% from the previous year.

Benchmark prices by property type were:

• Detached homes: $1,801,100
• Apartments: $737,600
• Attached homes: $946,900

Despite strong year-over-year price growth, the composite benchmark increased only 0.2% from May. As a result, the numbers showed that the rapid pace seen earlier in the year was beginning to ease.

What the June 2021 Market Meant for Buyers and Sellers

June 2021 remained a strong seller’s market. However, conditions were becoming less intense than they had been during the spring.

Multiple offers became less common, buyers began including subjects in offers more frequently, and the market saw fewer new price records.

For buyers, this meant slightly less competition. For sellers, demand remained strong, although the market was showing signs of normalization.

Looking Back at the 2021 Real Estate Market

Looking back at the Metro Vancouver market in 2021 provides useful context for understanding how quickly real estate conditions can change.

Interest rates, inventory, buyer demand and affordability all influence the market, which is why historical statistics shouldn’t be used to determine what a home is worth or what buyers should expect today.