Week 38 – Vancouver Real Estate Week in Review (September 12th, 2021 - September 18th, 2021)

It looks as though the fall market has arrived. The 38th Week of 2021 (September 12th - 18th) was the first full week after the Labour Day long weekend...and with that we officially moved out of a traditionally slower period.

 

Sales rose for the first time in a month. Moving solidly over the 200 mark to 218 (from a low of 166). Overall active listings also rose for the second week in a row to 3,616 (from 3,487). New listings had a strong week but did dip from 492 to 440.

 

Our market found itself in a balanced market with 4.15 months-of-inventory...the lowest number we've seen in a month...and edging once more to a seller's market.

 

Nearly every sub-market saw increasing demand in the last week. The hottest sub-markets in the last week were townhouses across the city, but specifically East Van (2.3 MOI) and the Westside (2.69 MOI). The only sub-market to move in the opposite direction was Westside houses. That market wen from 9.03 MOI to 10.35 and saw just 18 sales.

 

All indications are that this is the beginning of a busy fall market. Demand is building. And while supply is growing, it's still very limited...creating a highly competitive environment for buyers and putting upward pressure on prices.