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Sales and Listings Report for Metro Vancouver for April 2018

Attached are the Sales and Listings Stats updated to the end of April 2018. April was a month of two tales – while sales were very much on par with March, the number of new listings were far ahead of the levels we saw in March. Active Listing counts are increasing, with the month over month amount increase in April for Greater Vancouver being the largest since the spring of 2012. Inventory is coming to the market and without any significant increases in demand, these levels will continue to grow. While detached properties showed less active demand once again, much more significantly at the higher end of the market, the condo market showed signs of a less activity with their inventory numbers increasing. With all the government tax measures on the mind of buyers and sellers, there is a wait and see approach to the market for some. That coupled with the increased stress test and rising mortgage rates, some buyers aren’t able to enter into the market at this time or bought prior to the implementation in January. This trend is being seen nationally as well, with some expecting the fall to see an increase in demand with the pent up demand coming back into the market. Something that could be seen here as well.

 

There were 2,631 homes sold of all types in Greater Vancouver in April this year compared with 3,617 sales in April last year and 4,898 homes sold in April 2016. This was 21 per cent below the 10 year average for April. Detached Houses saw an increase in sales in April 2018 for Greater Vancouver with there being 814 compared to 727 in April 2017 (up 12 per cent), but down from  1,215 in April 2017 and 1983 in April 2016. This was most pronounced in Vancouver’s West Side with there being 68 Detached House sales in April 2018, 109 sales in April 2017 and 230 sales in April 2016. West Vancouver continues to see low numbers with 32 Detached Houses sold in April 2018, 66 in April 2017 and 113 in April 2016. Richmond similarly saw lower detached house sales in April with there being 65 sales, while there were 157 in April 2017 and 212 sales in April 2016. We did see apartment sales grow as a proportion of total sales for April, year over year. Apartment sales made up 50.5 per cent of overall sales in April 2018 and made 48 per cent of all sales in 2017. The amount of Foreign Buyer sales as recorded at the time of purchase is down significantly since 2016 as provincial stats have shown, but overall demand is pushing to the lower price points making that segment of the market very competitive.

 

As for supply in the market, there were 5,943 new listings in April in Greater Vancouver, up 18 per cent from April last year and down from 5 per cent from April 2016. The amount of new listings in April 2018 were 1.5 per cent below the 10 year average for April. All segments of the market saw an increase in the amount of new listings. Over all in Greater Vancouver there are 4 Month’s Supply of inventory. Most areas in looking at all product are in the 4 to 5 month range, except for West Vancouver which is at 12 Months of Inventory – mostly made up of detached homes. The differentiation comes with the detached market were we are seeing 5 to 12 Month’s of Inventory depending on the area and in the condo market 1 to 3 Month’s of Inventory. But every neighbourhood is unique, the attached area by area and product by product market statistics will help understand where they are at.

 

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.” “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

 

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,708 sales of all property types on its Multiple Listing Service® in April, a decrease of 23.4 per cent compared to 2,230 sales in April of last year, and 2.6 per cent increase compared to the 1,664 sales in March 2018. Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all transactions in April, up from 52 per cent in March. “While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” said John Barbisan, Board President. “This isn’t the same spring market we saw each of the last two years, but listings that are selling are still going fast.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2018 was 2,631 – up from 2,551 (3%) in March 2018, down from 3,617 (27%) in April 2017, down from 4,898 (46%) in April 2016; Active Listings are at 10,474 compared to 8,428 at this time last year; New Listings in April 2018 were up 18% compared to April 2017 and down 5% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 72% in April 2017.

 

Vancouver Westside Residential: Total Units Sold in April 2018 was 467 – up from 441 (6%) in March 2018, down from 613 (24%) in April 2017, down from 878 (47%) in April 2016; Active Listings are at 1,985 compared to 1,369 at this time last year; New Listings in April 2018 were up 34% compared to April 2017 and up 2% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 74% in April 2017.

 

Vancouver Eastside Residential: Total Units Sold in April 2018 was 298 – up from 284 (5%) in March 2018, down from 355 (16%) in April 2017, down from 429 (31%) in April 2016; Active Listings are at 1,223 compared to 1,093 at this time last year; New Listings in April 2018 were up 22% compared to April 2017 and up 27% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 42% compared to 60% in April 2017.

 

North Vancouver Residential Total Units Sold in April 2018 was 221 – up from 216 (2%) in March 2018, down from 255 (13%) in April 2017, down from 359 (38%) in April 2016; Active Listings are at 635 compared to 436 at this time last year; New Listings in April 2018 were up 35% compared to April 2017 and up 17% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 46% compared to 71% in April 2017.

 

West Vancouver Houses: Total Units Sold in April 2018 was 56 – up from 42 (33%) in March 2018, down from 100 (44%) in April 2017, down from 142 (60%) in April 2016; Active Listings are at 653 compared to 511 at this time last year; New Listings in April 2018 were up 20% compared to April 2017 and up 1% compared to April 2016; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 21% compared to 45% in April 2017.

 

Richmond Residential: Total Units Sold in April 2018 was 312 – up from 206 (2%) in March 2018, down from 510 (39%) in April 2017, down from 617 (49%) in April 2016; Active Listings are at 1,475 compared to 1,086 at this time last year; New Listings in April 2018 were up 6% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 45% compared to 78% in April 2017.

 

Burnaby East: Total Units Sold in April 2018 was 35 – up from 26 (35%) in March 2018, down from 46 (24%) in April 2017, down from 41 (15%) in April 2016; Active Listings are at 120 compared to 84 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 18% compared to April 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 53% compared to 77% in April 2017.

 

Burnaby North: Total Units Sold in April 2018 was 135 – up from 131 (3%) in March 2018, down from 200 (32%) in April 2017, down from 217 (38%) in April 2016; Active Listings are at 387 compared to 351 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 4% compared to April 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 77% in April 2017.

 

Burnaby South: Total Units Sold in April 2018 was 108 – up from 103 (5%) in March 2018, down from 164 (34%) in April 2017, down from 254 (57%) in April 2016; Active Listings are at 467 compared to 397 at this time last year; New Listings in April 2018 were up 7% compared to April 2017 and down 15% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 38% compared to 62% in April 2017.

 

New Westminster: Total Units Sold in April 2018 was 133 – down from 149 (10%) in March 2018, down from 179 (26%) in April 2017, down from 216 (38%) in April 2016; Active Listings are at 286 compared to 247 at this time last year; New Listings in April 2018 were up 10% compared to April 2017 and up 4% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 84% in April 2017.

 

Coquitlam: Total Units Sold in April 2018 was 202 – down from 204 (1%) in March 2018, down from 295 (32%) in April 2017, down from 406 (50%) in April 2016; Active Listings are at 666 compared to 490 at this time last year; New Listings in April 2018 were up 15% compared to April 2017 and down 25% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 74% in April 2017.

 

Port Moody: Total Units Sold in April 2018 was 54 – down from 57 (5%) in March 2018, down from 85 (34%) in April 2017, down from 128 (58%) in April 2016; Active Listings are at 155 compared to 143 at this time last year; New Listings in April 2018 were up 12% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings are up to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 48% compared to 66% in April 2017.

 

Port Coquitlam: Total Units Sold in April 2018 was 103 – flat to 103 in March 2018, down from 121 (15%) in April 2017, down from 206 (50%) in April 2016; Active Listings are at 197 compared to 177 at this time last year; New Listings in April 2018 were up 23% compared to April 2017 and down 22% compared to April 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

 

Ladner: Total Units Sold in April 2018 was 32 – up from  (33%) in March 2018, down from 46 (30%) in April 2017, down from 53 (40%) in April 2016; Active Listings are at 129 compared to 155 at this time last year; New Listings in April 2018 were flat compared to April 2017 and down 34% compared to April 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Buyer’s to Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 81% in April 2017.

 

Tsawwassen: Total Units Sold in April 2018 was 38 – down from 39 (1%) in March 2018, down from 41 (5%) in April 2017, down from 67 (43%) in April 2016; Active Listings are at 243 compared to 183 at this time last year; New Listings in April 2018 were up 65% compared to April 2017 and up to 5% compared to April 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 32% compared to 58% in April 2017.

 

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker

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