Active home listings in Metro Vancouver’s real estate market dipped to their lowest levels in five years, since 2016, according to a new third quarter report by the Real Estate Board of Greater Vancouver (REBGV).

Home inventories were at near historic levels over the second half of 2019, before reaching all-time record levels in March 2021 and plateauing over the third quarter of this year.

“The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their current homes and purchasing other, typically larger, homes,” reads the report.

“REBGV’s monthly home buyer demographic survey of its members, who recently sold a property, also points to first-time home buyers and move-up buyers becoming a larger proportion of total home sales in today’s market.”

Since the peak this past spring, sales and new listings have moved from record high levels to lower levels last seen in 2016, when the market saw its last highly active period before a slowdown due to new government interventions on demand.

Currently, new listings and sales are anticipated to remain closer to long-term averages, while active listings will slowly build through Fall 2021 and into Spring 2022. But these gains will be on the “lower side of typical” as the region is facing an “under supply of homes and persistent demand pressures.”

With that said, REBGV states new housing completions have held steady during the pandemic, especially in secured market rental homes, with builders finishing projects that began during the region’s pre-pandemic building boom.

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