Low Supply Keeps Upward Pressure on Home Prices

January sales were 25.3% above the 10 year average. Listing inventory is less than half of what it would be optimal to begin the year. With home prices reaching new highs, the need has never been greater for more housing supply. Here are some of the highlights from the Real Estate Board of Greater Vancouver’s latest stats package:

HOUSING PRICES (1 YEAR CHANGE %)

Single Family Dwellings
Maple Ridge +38%
Port Coquitlam +32%
Coquitlam +27%
Port Moody +26%
New Westminster + 21%
Burnaby +20%

Townhouses
Maple Ridge +39%
Port Coquitlam +32%
Coquitlam +27%
New Westminster +24%
Port Moody + 23%
North Vancouver +23%

Condos
Maple Ridge +27%
Port Coquitlam +20%
Coquitlam +20%
Port Moody +15%
New Westminster +15%
North Vancouver +15%

*Percentage change in price of a typical property in each city. Stats from the REBGV dated February 2, 2022.