Vancouver Market Update 2021: July Real Estate

Metro Vancouver Real Estate Market – July 2021

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

Metro Vancouver Market 2021: July at a Glance

Metro Vancouver’s housing market continued to moderate in July 2021 as sales and listings moved closer to typical seasonal patterns.

Residential home sales totalled 3,326 in July 2021, up 6.3% from July 2020 but down 11.6% from June 2021. However, sales remained 13.3% above the 10-year July average.

Overall, buyer demand remained strong, but the pace of the market had begun to settle following the heightened activity seen earlier in the year.

Metro Vancouver Home Sales in July 2021

A total of 4,377 detached, attached and apartment properties came onto the market in July, down 25.2% from June.

Meanwhile, the total number of homes listed for sale fell to 9,850. This represented a 9.1% decrease from June and an 18.5% decrease from July 2020.

The sales-to-active listings ratio for all property types was 33.8%. However, conditions varied by property type:

  • Detached homes: 25.5%
  • Townhomes: 47.8%
  • Apartments: 37.3%
As a result, limited housing supply continued to play an important role in market conditions.

Home Prices and Inventory

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties reached $1,175,500 in July 2021, up 13.8% from July 2020.

However, the benchmark price remained unchanged from June, showing that the rapid price growth seen earlier in 2021 had begun to level off.

Benchmark prices by property type were:

  • Detached homes: $1,801,100
  • Apartments: $736,900
  • Attached homes: $949,400

While prices remained significantly higher than the previous year, month-over-month changes were minimal.

What the July 2021 Market Meant for Buyers and Sellers

For buyers, the slower pace offered some relief from the intense competition experienced earlier that spring. However, declining inventory meant buyers still faced competition for many properties.

For sellers, demand remained above historical averages. At the same time, stable month-over-month prices showed that market conditions were beginning to normalize.

Looking Back at the 2021 Real Estate Market

Looking back at the Metro Vancouver market update 2021 statistics provides useful context for understanding how quickly housing conditions can shift.

Interest rates, inventory, affordability and buyer demand can all change over time. Therefore, historical market statistics shouldn’t determine what a property is worth or what buyers and sellers should expect today.

Looking for Today’s Metro Vancouver Market Update?

Real estate conditions have changed significantly since July 2021. For that reason, current neighbourhood-level information is much more useful when making a real estate decision today.

For current information, read our latest Metro Vancouver real estate market update, or contact the Adam Lloyd Home Selling Team for a local look at what’s happening in New Westminster, Burnaby, Coquitlam and the surrounding Lower Mainland.
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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Filed under: Burnaby, New Westminster, Lower Mainland, Metro Vancouver Real Estate