The Real Estate Board of Greater Vancouver says home sales have plateaued after reaching record highs in March.

In its third-quarter housing overview for 2021, it says the number of homes listed for sale in Metro Vancouver has fallen to lows not seen since 2016.

The board says new homes have continued to be built during the pandemic, with a specific focus on projects for the rental market.

It says Metro Vancouver鈥檚 job market continues to recover, but the recovery will be slower in the future.

The report says job vacancies are high in the Lower Mainland compared with other cities in the country, and a large increase in housing supply is needed to close the gap.

The board says listings and sales across the region are expected to reflect long-term averages as the fourth quarter begins, and any increase in the number of homes for sale to be 鈥渁t a rate well below historical norms.鈥�

鈥擳he Canadian Press