It is not news that you continue to hear that housing supply is dropping. The BC Real Estate Association published that sales were down 19.9% from that of 2020, confirming an decrease in inventory.
The lack of supply is not just in Vancouver, we are seeing this in the Fraser Valley, Chilliwack, Victoria as well as the Interior.
The BCREA stated that, ” The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year”.
The total active listings were also down 36.8% from September of 2020, and more that 50% in the Fraser Valley.
During the peak of the pandemic in March 2021, there were 67,000 buyers looking for homes and only 24,000 listings active. On the supply side, the total inventory of homes for sale has been sliding downwards since before the pandemic. Once the pandemic struck. Buyers continued to look for properties that allow them to work from home as well as get them out of densely populated areas.
According to the BCREA at the onset of the pandemic, new buyers and new listings both sharply declined as the pandemic halted market activity. However, potential buyers swiftly returned to the market in early summer, outpacing new listings activity for several months.