Canada’s real estate market with the highest prices continues to cool from its previous frantic pace, but this has not led to a decline in housing prices in the Vancouver metro.
The Greater Vancouver Real Estate Board (REBGV) reports that sales of all types of homes in August were down 5.2% from July.
Sales were up 3.4% from August 2020 and 20.4% above the 10-year average sales in August.
REBGV says people wanted to buy, but they didn’t have many options.
“August was busier than expected and listing activity has not kept pace with demand. This leads to a shortage of supply in the market, ”said REBGV economist Keith Stewart.
The number of new homes on the list fell 7.9% compared to July and 30.6% compared to August 2020. The total number of homes for sale fell 8.6% compared to July and 29.7% compared to August 2020.
“Housing supply is the biggest factor influencing the market right now. To help reduce price pressures and improve people’s home buying opportunities, the market needs more homes for sale, ”Stewart said.
“Housing affordability was a key issue in the federal elections. We urge political parties to focus on policy solutions that will optimize the creation of more diversified housing options for up-and-coming home buyers today and in the future. ”
Increasing supply has been a key part of each party’s housing plan to address the affordability issue that remains elusive in Vancouver. Prices measured by the MLS House Price Index were virtually unchanged in August compared to July. However, compared to August 2020, prices increased by 13.2 percent and averaged $ 1,176,600.
The largest rise in prices was observed in the stand-alone market. The estimated price for a detached house is $ 1807,100, which is 20.4% more than in August 2020.
Jesse Baines is a senior reporter for Yahoo Finance Canada. Follow him on Twitter @jessysbains…