The latest report on Vancouver’s rapidly changing real estate market trends suggests that supply is still not enough to meet demand.

In its monthly market recap, the Greater Vancouver Real Estate Board called the offer “insufficient” and said the lack of listings not only affected buyers in terms of options, but also added pressure. on the rise in prices.

Essentially, lower supply than demand means buyers pay more and have less choice.

The report covers the month of September, when new listings were 1.2 percent below the 10-year average for the month. It’s not a dramatic drop, but the number of all registrations – not just news – was down 27.7% from the 10-year average and 29.5% from the same month in 2020.

Sales, on the other hand, were actually up 20.8% from the 10-month average for September.

REBGV analysts said the trend this summer of above-average home sales continued last month.

The upward pressure seen last month was not as intense as it was in the spring, according to economist Keith Smith, but he noted that house prices vary by property type and neighborhood, so those who are looking to buy or sell should “take a hyperlocal look” before making any decisions.

For example, the benchmark price for all property types in West Vancouver increased 2.4% from the previous month, while the same metric for West Vancouver was down 0.5%.

The benchmark is a slightly different measure than the average, as it takes into account what constitutes a typical property (age, square footage and more) in the market.

The benchmark for a condo in Whistler was up 3.4%, but down 0.9% in Burnaby South.

This could vary even more by neighborhood, although this information was not provided by REBGV.

Last month, the benchmark price for a residential property across the council’s coverage area was $ 1,186,100, an increase of 0.8% from August and 13.8% % compared to the previous September.

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