Ottawa, ON, April 19, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and newly available listings both retreated in March 2022 after having jumped briefly higher in February.

HIGHLIGHTS

• National home sales fell back by 5.4% on a month-over-month basis in March.

• Actual (not seasonally adjusted) monthly activity came in 16.3% below the all-time sales record set in March 2021.

• The number of newly listed properties was down 5.5% month-over-month.

• The MLS® Home Price Index (HPI) rose 1% month-over-month and was up 27.1% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted an 11.2% year-over-year gain in March.

Home sales recorded over Canadian MLS® Systems fell back 5.4% between February and March 2022. The decline puts activity back in line with where it had been since last fall. (Chart A)

Sales were down in about half of local markets in March, led by declines in the Greater Toronto...

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Calmer than last spring’s record pace, Metro Vancouver home buyer demand remains elevated

While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022. 

Last month’s sales were 25.5 per cent above the 10-year March sales average. 

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.” 

There were 6,673 detached, attached and...

Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021.

There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 percent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). 

Last year’s sales total is the second-highest on record behind 2016 when 2,848 sales were recorded.

The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 percent increase from $8.635 billion in 2020.

"Like residential consumers, businesses and investors became more comfortable operating in the commercial market in the second year of the pandemic," Daniel John, REBGV Chair said. "We saw consistent increases among the different commercial property types both in sales volumes and dollar figures last year."

2021 activity by...

Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.

The Homebuyer Protection Period, sometimes called a “right of recission,” responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit offers without basic conditions intended to protect their interests.

The amendments would enable the creation of a period to give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions. Regulations will be introduced this year to define the specific time homebuyers will have to exercise this right as well as the financial costs of retracting an offer. The legislation also allows for regional variation within the province, recognizing the housing market varies between regions.

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Ottawa, ON, March 15, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up in February 2022 as buyers jumped on the first batch of spring listings.

HIGHLIGHTS

• National home sales rose 4.6% on a month-over-month basis in February.

• Actual (not seasonally adjusted) monthly activity came in 8.2% below the record February in 2021.

• The number of newly listed properties bounced back by 23.7% month-over-month.

• The MLS® Home Price Index (HPI) rose a record 3.5% month-over-month and was up a record 29.2% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 20.6% year-over-year gain in February.

Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022. The monthly increase in activity was likely the result of a rebound in new listings in February following big a decline in January. 

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REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 per cent decrease from the 3,093 sales recorded in December 2020, and a 21.6 per cent decrease from the 3,428 homes sold in November 2021. 

Last month’s sales were 33.4 per cent above the 10-year December sales average. 

There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed. 

For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent. By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period,...

At the end of the Year 2021 and look back, Metro Vancouver’s real estate market has seen heightened, and in some cases record-breaking, sales activity throughout much of the pandemic.

During this period, the supply of homes for sale has struggled to keep pace and we’ve seen inventory levels reach lows not seen in several years.

REBGV Economist Keith Stewart’s latest report takes a deeper look at supply in Metro Vancouver and the factors affecting it during the COVID-19 pandemic. Read Keith's report today to learn more about:

• What’s happening with housing supply in our region?
• Competition for housing.
• Emerging trends relating to property types and sub-areas.

What's happening with sales and listings in Metro Vancouver?

Price Trend of Metro Vancouver

Trends in new construction

Content is supplied by Keith Stewart

Economist

Real Estate Board of Greater Vancouver