Here are some of the report’s highlights:
- Metro Vancouver’s job market continues to recover, but the recovery will be slower going forward.
- Job vacancies remain elevated in the Lower Mainland compared to the country’s other major centres and a large increase in housing supply will be needed to close the gap.
- Home sales and new listings have plateaued after reaching record peaks in March 2021.
- Home sale inventory (active listings) is back to lows not seen since 2016.
- New home construction has held up through the pandemic, with notable gains made in purpose-built rental units.
- Heading into the fourth quarter of 2021, expect new listings and sales in Metro Vancouver to remain near long-term averages (which will be lower than last fall) and watch for the total supply of homes for sale (active listings) to increase slowly through September and October.