September 2021 Housing Market: Metro Vancouver Update

The September 2021 housing market in Metro Vancouver remained active, with home sales continuing to outpace historical averages while the supply of available homes remained limited. Residential sales reached 3,149, nearly unchanged from August 2021.

In addition, September sales were 20.8% above the 10-year average for the month, showing that buyer demand remained strong heading into the fall market.

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.

September 2021 Housing Market: Sales and Inventory

Metro Vancouver recorded 3,149 residential home sales in September 2021. That represented a 13.6% decrease compared with September 2020 and a slight 0.1% decrease from August 2021.

Meanwhile, 5,171 new properties came onto the market during September. New listings increased 28.2% from August but remained 19.2% below September 2020.

Overall, Metro Vancouver had 9,236 active listings, down 29.5% from the previous year.

September 2021 Housing Market by Property Type

The sales-to-active listings ratio reached 34.1% across all residential property types.

By property type, the ratios were:

• Detached homes: 25.5%
• Townhomes: 53.1%
• Apartments: 36.7%

As a result, competition remained particularly strong in the townhome segment.

Metro Vancouver Home Prices in September 2021

The MLS® Home Price Index composite benchmark price reached $1,186,100, up 13.8% from September 2020 and 0.8% from August 2021.

Benchmark prices by property type were:

• Detached homes: $1,828,200
• Townhomes: $963,800
• Apartments: $738,600

Detached homes recorded the largest year-over-year benchmark increase at 20.4%. Meanwhile, townhomes increased 17.5%, while apartments increased 8.4%.

What the September 2021 Housing Market Meant for Buyers and Sellers

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

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

Looking Back at the September 2021 Housing Market

The September 2021 housing market provides a useful snapshot of a period when buyer demand remained elevated while the supply of available homes struggled to keep pace.

At the time, active inventory was nearly 30% lower than the previous year and more than 27% below the 10-year September average.

Historical statistics can provide useful context. However, real estate conditions have changed considerably since 2021, 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.

Thinking about a move in Burnaby or New Westminster?

Explore homes in the best neighbourhoods and plan your next step with local guidance.

Download the Free Seller’s Guide

Or contact the Adam Lloyd Team for a free consultation.