The November Stats have been released from the Greater Vancouver Real Estate Board and it’s apparent that the trends we have seen over the last year continue making headway, with no immediate sign of regression. The disparity between the trend of sales and listings has been a common theme this year, and it shows no signs of letting up soon.
As we approach the end of 2021, home buyer demand is considerably above long-term averages, while the supply of available homes in Metro Vancouver continues to drop. Home sales last month landed a staggering 33.6% above the 10-year November average, whereas listings were down 35.7%. In fact, home sales are expected to end the year near or at an all-time high, which makes it imperative that the supply shortage remain the focal point for addressing the affordability crisis in Metro Vancouver. The fact that the HPI benchmark price increased for all home types over November (21.5% month-over-month increase for both townhomes and apartments & 11.3% increase for condos) further supports this sentiment.
What does this mean for development land?
Although there has been upward pressure on prices in the single-family resale market over the course of the last year, this pressure does not translate directly to an increase in multi-family land values. The market for development land continues to be busy, but a steady level of supply remains available for high density and townhouse land in Coquitlam. This is contrary to land designated for slab-on-grade single-family homes in the Tri-Cities area, as those sites were quickly picked over.
Coquitlam is still very much open for business, however, approvals for development applications are starting to run longer than previously seen. Buyers and Sellers will need to factor these realities in to their decisions when it comes to negotiating deals on development land in that area.
Check out our curated summary of the Greater Vancouver Real Estate Board’s November Stats in our infographic below.
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 November 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.