While home buyers have remained active in Metro
Vancouver* throughout the summer, the supply of homes for sale has declined steadily since
June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in
August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.
“August was busier than expected, and listings activity isn’t keeping up with the pace of demand.
This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

There were 4,032 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6
per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease
compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease
compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure
on prices and improve peoples’ home buying options, the market needs a more abundant supply
of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal
election. We encourage the political parties to focus on policy solutions that will help streamline
the creation of more diverse housing options for hopeful home buyers today and into the future.”

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