Vancouver home sales surged to a record in 2021 as the real estate rage brought by the pandemic incapacitated years of government policies to bridle in the market, with contracts retrieving all ground mislaid since the efforts commenced.
Vancouver sales surge to record
Merely devoid of 44,000 homes traded hands in the metro area of Vancouver in 2021, a 42% surge from 2020’s sales and approximately 1,700 more than the previous record, as per figures released on 5th January 2021 by the Real Estate Board of Greater Vancouver. The last increase, established in 2015, came just before authorities in both Vancouver and British Columbia put in place procedures to cool the market, inclusive of taxes on foreign purchasers and vacant homes.
Whilst successive waves of policymaking led to a trickle of Vancouver home sales in the past few years, the adjacent recession in prices was too modest in surge housing affordability, which encouraged the moves in the foremost place. At present, ultra-low interest rates and rage for colossal living spaces incited by COVID19 have amalgamated with a historic shortage of homes for sale to send Vancouver’s market back to where it was before the efforts commenced.
The threshold home rates also surged to a record, ending in 2021 at CAD 1.23 million (USD 0.96 million), 17% larger than in December 2020. The purchasing frenzy has also exhausted the city’s housing stock, with the number of homes listed for sale plummeting to just beyond 5,000 at the end of December, the bottommost level in over three decades.
Keith Steward stated in a statement that with demand at record standards, residents should not expect home-price maturity to surrender until there is a more adequate supply of housing obtainable to purchase.
The deficiency of inventory might be beginning to put a hindrance on sales. However, 2021 was a record year comprehensively, transactions lurched 13% in December 2021 from a year earlier, and almost 22% from November 2021, the board’s data portrayed.