Metro Vancouver, Fraser Valley home sales hit record highs in 2021

Record sales across Metro Vancouver and the Fraser Valley were the highlight of 2021 for real estate in the regions.

The Real Estate Board of Greater Vancouver (REBGV) says the second year of the pandemic did little to slow pace, as home sales last year saw a 42.2 per cent increase from 2020, with 43,999 transactions recorded.

The 2021 figure marked a 73.6 per cent increase over the number of homes sold in 2019, and a 33.4 per cent increase over the 10-year sales average.

Meanwhile, the Fraser Valley Real Estate Board (FVREB) says the 27,692 property sales in 2021 was a 39 per cent increase over 2020’s sales. Last year’s figure shattered that region’s previous record of 23,974 set in 2016.

Throughout the health crisis, many people have been looking at their housing situations. This came as more people increased their savings, saw more flexibility with work, and as lower interest rates continued.

 

“Home has been a focus for residents throughout the pandemic,” said REBGV economist Keith Stewart.

However, as we progress into the new year, the number of Greater Vancouver homes listed on the MLS has seen a decline. As demand for homes rose, so did prices.

Supply remains an issue.

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”

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• Metro Vancouver inventory levels reach lows amid 2021 record-breaking home sales

• Living in B.C. in 2022? Here’s what’s going to cost more – or less this year

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The REBGV says the benchmark prices for detached homes and townhomes both increased in 2021 — 22 per cent higher than in 2020. The prices for apartments also rose, increasing 12.8 per cent.

The largest price growths were seen in places like Pitt Meadows and Maple Ridge for detached homes and townhomes.

Meanwhile, the FVREB says benchmark prices for detached homes and townhomes saw year-over-year increases of 39 and 32.9 per cent, respectively. Apartment prices rose by 25.3 per cent.

“No one could have predicted how the pandemic would impact the real estate market,” said FVREB president Larry Anderson, adding a move to working from home has been a factor in the big real estate figures in the Fraser Valley.

Pandemic-fuelled pressure has, by some estimates, pushed up prices for single-family homes around 20 per cent across the Lower Mainland.

The jumps in real estate were evident after property assessments were release in B.C. at the start of January.

As 2022 progresses, some experts expect prices will keep rising — both for people looking to buy property and those looking to rent.