October 2021 Housing Market: Metro Vancouver Update

The October 2021 housing market in Metro Vancouver remained active, with home sales well above historical averages while the number of homes available for sale continued to decline. Residential sales reached 3,494, up 11% from September 2021.

In addition, October sales were 22.4% above the 10-year average for the month, showing continued buyer demand despite limited inventory.

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.

October 2021 Housing Market: Sales and Inventory

Metro Vancouver recorded 3,494 residential home sales in October 2021. Although that was 5.2% lower than October 2020, sales increased 11% from September.

Meanwhile, 4,049 new properties came onto the market during the month. That represented a 27.3% decrease from October 2020 and a 21.7% decrease from September 2021.

As a result, total active listings fell to 8,034 homes, down 35.3% year over year.

October 2021 Housing Market by Property Type

The sales-to-active listings ratio reached 43.5% across all residential property types.

By property type, the ratios were:

• Detached homes: 33.6%
• Townhomes: 64.4%
• Apartments: 46.7%

Therefore, competition remained particularly strong in the townhome and apartment segments.

Metro Vancouver Home Prices in October 2021

The MLS® Home Price Index composite benchmark price reached $1,199,400, up 14.7% from October 2020 and 1.1% from September 2021.

Benchmark prices by property type were:

• Detached homes: $1,850,500
• Townhomes: $975,000
• Apartments: $746,400

Prices increased year over year across all three property types. Meanwhile, limited inventory continued to put pressure on buyers looking for homes across the region.

What the October 2021 Housing Market Meant for Buyers and Sellers

For buyers, fewer available listings combined with above-average sales created competitive conditions. Therefore, buyers often needed to prepare before desirable properties reached the market.

For sellers, meanwhile, strong demand and limited inventory created favourable conditions. However, results still varied depending on the neighbourhood, property type, condition and pricing strategy.

Looking Back at the October 2021 Housing Market

The October 2021 housing market provides a useful snapshot of Metro Vancouver during a period of strong demand and limited housing inventory.

At the time, sales remained well above historical averages while the supply of available homes continued to decline.

Historical statistics can provide useful context. However, market conditions have changed considerably since 2021, so these figures shouldn’t be used to estimate a property’s value today.