The Greater Vancouver Real Estate Board’s housing market statistics have been released for the month of August, and the month was busier than what is considered seasonally “normal.”
The total number of sales was 3.4% greater than that of August last year and 20.4% above August’s 10-year average. The volume of sales has outpaced listings as the number of active listings was 7.9% less than in July and a staggering 30.6% less than August 2020. This momentum in the market has put upward pressure on prices, specifically over these past six months. This upward pressure can be expected to continue until we have more supply of new homes to accommodate the demand for housing.
The HPI benchmark price plateaued in August across all product classes, as projected in last month’s GVREB report. As we head into Fall, we expect this price freeze to continue and perhaps even marginally drop. Despite the present halt to price increases, HPI benchmark prices for detached homes, townhomes, and apartments are up 20.4%, 18%, and 7.5%, respectively, over the same month a year ago.
So What does this Mean for Development Land NORTH OF THE FRASER?
Many developers have completed the sales programs at their previous projects and are now looking to quickly reinvest in new opportunities, which is great news for sellers with reasonable pricing expectations. The current demand and pressure on the housing market has developers moving quickly to get sites under contract, especially those that have short term or immediate development potential.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
View the Real Estate Board of Greater Vancouver’s entire stats package for August 2021 here.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.