We are nearing the end of 2021 which was an eventful year on many fronts, including Canadian & BC real estate. Here’s a recap of what has been going on in the real estate market up to October 0f 2021.
Real Estate Prices Increased Across Canada Throughout 2021
The average selling price of homes across Canada rose to $716,585 in October 2021, 18% higher than the same month last year. 2021 has officially been declared the busiest year for Canada’s real estate market. There were many factors that drove up prices this year, including low inventory & interest, and family inheritance.
BC Saw 40% Less Inventory Than The Same Month Last Year
There were 19,214 active listings in October 2021, which was 40% lower than the inventory in October 2020. All of BC has seen a drop in homes listed for sale except in Powell River, which surprisingly had a 4% increase in listings.
- Victoria saw a 55% decrease in listings
- Fraser Valley saw a 53% decrease in listings
- Kamloops saw a 49% decrease in listings
- Vancouver saw a 47% decrease in listings
Provincial Government Takes Aim At Cooling Off the Market Next Year
The provincial government wants to introduce legislation to bring some calm to the market to tame the runaway increase in prices. The BC Financial Services Authority (BCFSA) is looking into implementing a cooling-off period for resale contracts, similar to the 7 day Rescission Period that covers pre sale contracts. You can read more about this new proposal on Global News.
Real Estate Reports Throughout Metro Vancouver in October 2021
The Filer & Welch team has covered the real estate movement in October 2021 in various communities of Metro Vancouver in more detail.
- East Vancouver Real Estate Report (October 2021)
- Vancouver Westside Real Estate Report (October 2021)
- North Vancouver Real Estate Report (October 2021)
- West Vancouver Real Estate Report (October 2021)
- Richmond Real Estate Report (October 2021)
To get more details of real estate movements in October 2021 across Metro Vancouver, please contact the Baxter and Welch team now!