{"id":669,"date":"2021-11-30T14:40:34","date_gmt":"2021-11-30T19:40:34","guid":{"rendered":"https:\/\/www.filerwelch.com\/blog\/?p=669"},"modified":"2021-11-30T17:23:54","modified_gmt":"2021-11-30T22:23:54","slug":"the-recap-of-the-october-real-estate-market-in-canada-bc-vancouver","status":"publish","type":"post","link":"https:\/\/www.filerwelch.com\/blog\/the-recap-of-the-october-real-estate-market-in-canada-bc-vancouver\/","title":{"rendered":"The Recap of the October Real Estate Market in Canada &#038; BC"},"content":{"rendered":"<p>We are nearing the end of 2021 which was an eventful year on many fronts, including Canadian &amp; BC real estate. Here\u2019s a recap of what has been going on in the real estate market up to October 0f 2021.<\/p>\n<h3>Real Estate Prices Increased Across Canada Throughout 2021<\/h3>\n<p>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\u2019s real estate market. <a href=\"https:\/\/www.cbc.ca\/news\/business\/crea-housing-october-1.6249145\" target=\"_blank\" rel=\"noopener\">There were many factors that drove up prices this year, including low inventory &amp; interest, and family inheritance<\/a>.<\/p>\n<h3>BC Saw 40% Less Inventory Than The Same Month Last Year<\/h3>\n<p>There were <a href=\"https:\/\/vancouversun.com\/business\/real-estate\/home-supply-in-b-c-at-an-all-time-low\" target=\"_blank\" rel=\"noopener\">19,214 active listings in October 2021,<\/a> 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.<\/p>\n<ol>\n<li aria-level=\"1\">Victoria saw a 55% decrease in listings<\/li>\n<li aria-level=\"1\">Fraser Valley saw a 53% decrease in listings<\/li>\n<li aria-level=\"1\">Kamloops saw a 49% decrease in listings<\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/listings\/pageid-83\/city-Vancouver+West\/page-1\/\">Vancouver<\/a> saw a 47% decrease in listings<\/li>\n<\/ol>\n<h3>Provincial Government Takes Aim At Cooling Off the Market Next Year<\/h3>\n<p>The provincial government wants to introduce legislation to bring some calm to the market to tame the runaway increase in prices.\u00a0The 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 <a href=\"https:\/\/globalnews.ca\/news\/8349939\/british-columbia-cooling-off-periods-home-sales\/\" target=\"_blank\" rel=\"noopener\">read more about this new proposal on Global News<\/a>.<\/p>\n<h4>Real Estate Reports Throughout Metro Vancouver in October 2021<\/h4>\n<p>The Filer &amp; Welch team has covered the real estate movement in October 2021 in various communities of Metro Vancouver in more detail.<\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/blog\/east-vancouver-houses-34-townhomes-condos-49-percent-sales-ratio-october-2021\/\">East Vancouver Real Estate Report (October 2021)<\/a><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/blog\/condos-townhomes-moved-faster-while-houses-found-balance-in-vancouver-west-october-2021\/\">Vancouver Westside Real Estate Report (October 2021)<\/a><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/blog\/north-vancouver-real-estate-moving-at-lightspeed-in-october-2021\/\">North Vancouver Real Estate Report (October 2021)<\/a><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/blog\/west-vancouver-houses-balanced-condos-townhomes-sellers-market-october-2021\/\">West Vancouver Real Estate Report (October 2021)<\/a><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.filerwelch.com\/blog\/richmond-real-estate-in-october-less-inventory-sellers-market\/\">Richmond Real Estate Report (October 2021)<\/a><\/li>\n<\/ul>\n<p>To get more details of real estate movements in October 2021 across Metro Vancouver, <a href=\"https:\/\/www.filerwelch.com\/contact\">please contact the Baxter and Welch team now!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are nearing the end of 2021 which was an eventful year on many fronts, including Canadian &amp; BC real estate. Here\u2019s a recap of what has been going on &hellip; [<a href=\"https:\/\/www.filerwelch.com\/blog\/the-recap-of-the-october-real-estate-market-in-canada-bc-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,9,1,31],"tags":[146,45,182,38,145,183,144,107,186,125,149,50,7,44,92,184,148,39,185,37],"class_list":["post-669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homes","category-real-estate-info","category-real-estate-news","category-real-estate-statistics","tag-attached","tag-bc","tag-canada","tag-condos","tag-detached","tag-fraser-valley","tag-houses","tag-inventory","tag-land","tag-listings","tag-market","tag-north-vancouver","tag-real-estate","tag-realtor","tag-richmond","tag-statisticgs","tag-stats","tag-townhomes","tag-update","tag-vancouver"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Recap of the October Real Estate Market in Canada &amp; 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