Homes listed for sale in Metro Vancouver have fallen to lows not seen since 2016

Posted by Hina Alam, The Canadian Press

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VANCOUVER — The Real Estate Board of Greater Vancouver says home sales have plateaued after reaching record highs in March.

In its third-quarter housing overview for 2021, it said the number of homes listed for sale in Metro Vancouver has fallen to lows not seen since 2016.

The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their homes and purchasing other, typically larger ones, it said. First-time homebuyers or those who moved into bigger houses made up a large proportion of house sales, it said.

Andy Yan, director of the City Program at Simon Fraser University, said the earlier rise in sales could be attributed to seasonality where home sales see a surge in the summer as well as people spending the money they had saved up during the pandemic on buying a house…read more.