August 2021 Housing Market: Metro Vancouver Update

The August 2021 housing market in Metro Vancouver remained active, with home sales above historical averages while the supply of available homes continued to decline. Residential sales reached 3,152, up 3.4% from August 2020.

In addition, August sales were 20.4% above the 10-year average for the month, showing that buyer demand remained strong through the summer.

Editor’s Note: This article has been updated and preserved as a historical Metro Vancouver real estate market report. For today’s conditions, visit our latest Metro Vancouver real estate market update.

August 2021 Housing Market: Sales and Inventory

Metro Vancouver recorded 3,152 residential home sales in August 2021. That represented a 3.4% increase from August 2020 but a 5.2% decrease from July 2021.

Meanwhile, 4,032 new properties came onto the market during August. New listings fell 30.6% compared with August 2020 and 7.9% compared with July 2021.

Overall, Metro Vancouver had 9,005 active listings, down 29.7% from the previous year.

August 2021 Housing Market by Property Type

The sales-to-active listings ratio reached 35% across all residential property types.

By property type, the ratios were:

• Detached homes: 25.3%
• Townhomes: 51.8%
• Apartments: 39.2%

As a result, competition remained particularly strong for townhomes and apartments.

Metro Vancouver Home Prices in August 2021

The MLS® Home Price Index composite benchmark price reached $1,176,600, up 13.2% from August 2020 and 0.1% from July 2021.

Benchmark prices by property type were:

• Detached homes: $1,807,100
• Townhomes: $952,600
• Apartments: $735,100

Detached homes recorded the largest year-over-year benchmark increase at 20.4%. Meanwhile, townhomes increased 16.5%, while apartments increased 7.6%.

What the August 2021 Housing Market Meant for Buyers and Sellers

For buyers, above-average sales combined with declining inventory created competitive conditions. Therefore, understanding the market at the neighbourhood and property-type level was particularly important.

For sellers, meanwhile, limited inventory and continued buyer demand created favourable conditions in many areas. However, results still varied depending on location, property type, condition and pricing strategy.

Looking Back at the August 2021 Housing Market

The August 2021 housing market provides a useful snapshot of a period when Metro Vancouver continued to experience strong buyer demand while housing inventory declined.

At the time, the number of homes available for sale was nearly 30% lower than the previous year. However, price growth had begun to moderate compared with the rapid increases seen earlier in 2021.

Historical statistics can provide useful context. However, market conditions have changed considerably since then, so these figures shouldn’t be used to estimate a property’s value today.

Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

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