Connie McGinley

Cell: 604-916-9656 |

Attached are the Sales and Listings Stats updated to the end of August 2019. Considering August is traditionally one of the slower months for real estate sales, this August was more active than anticipated. On the supply side, the number of new listings and active listings were down – showing buyers are engaging more than they have and sellers are willing to hold on to their properties. Once again, there is a noticeable increase in demand for homes in August, similar to July, with anecdotal reports of multiple offers and properties that have been on the market for a number of months getting activity and offers. Prices have already come down (despite reports that they are just starting to come down) which has piqued the interest of buyers and allowed some buyers priced out by the mortgage stress test, to come back in to the market.


There were 2,256 homes sold of all types in Greater Vancouver in August this year compared with 2,584 homes sold last month, 1,961 sales in August last year and 3,097 homes sold in August 2017. August sales were 10 per cent below the 10-year average for this month. In the last three market downturns, (2008, 2012 and 2018) August was the start of the market decline. In fact, in 2008 there were 1,654 sales in August and in 2012 there were 1,670 homes sold. This August had a much different feeling to it. With the supply of listings shrinking, buyers have been more engaged and focusing on the more desirably priced homes. There were 711 detached houses sold in August 2019 up from 575 (23 per cent) in August 2018 in Greater Vancouver, with a 9.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 409 sales in August 2019 compared to 337 in August 2018 (up 21 per cent) with a 7.8 per cent decrease in the benchmark price year over year; and for condos there were 1,116 sales in August 2019, an increase in sales from 1,025 in August 2018 (up 8 per cent) with an 7.4 per cent decrease in the benchmark price year over year. Houses are getting more and more attention from buyers as the price gap between houses and condos has shrunk and with interest rates coming down, that opportunity will continue to grow.


As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in August compared to last month and August of last year. There were 3,843 new listings during August in Greater Vancouver, down 3 per cent from August last year and down 12 per cent from August 2017 – the same as July in comparison to the last two years. Clearly there isn’t a panic amongst sellers to list. The number of new listings in August 2019 were 9 per cent below the 10-year average for the month of August. Active Listings are at 14,191 for month end (up 13 per cent compared to August 2018) and after listing expiries at month’s end, there were only 13,813 active listings at the start of September. The month by month drop in active listings is continuing, so with inventory shrinking this is leaving a greater proportion of listings that have been on the market for an extended period of time and the land assembly properties.


The funny thing about supply and demand in today’s real estate market is that the total number of homes in Metro Vancouver has grown considerably since the 1990’s yet total number of monthly sales had been relatively the same during the various market cycles in the last 30 years. Home sales in 2015 and 2016 were among the highest on record, which is to be expected when the total market size has increased significantly. With the limited number of home sales in the last two years, there will be significant pent up demand. And demand is not the same as it was 30 years ago. Demographics show that younger generations are staying single longer, and some when coming together keep both properties making one a rental. Divorce rates are higher than before, requiring one household to turn into 2. And of course, people are living longer and staying in homes longer than before. To suggest that demand for housing comes from population growth and that’s how to determine the need, doesn’t take into account all the other factors that drive the need for homes. And we haven’t even talked about potential effects from Hong Kong. Which begs the question, why is supply not an issue?


“Homes sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® in August, a decrease of 11 per cent compared to sales in July and a 12.3 per cent increase compared to the 1,155 sales in August of last year. Active listings for the Fraser Valley finished at 8,040, decreasing 3.6 per cent month-over-month and an increase of 9.6 per cent when compared to August 2018. There were 2,357 new listings in August, an 8.5 per cent decrease compared to August 2018. “Compared to last year, this August as been quite robust. All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10-year average.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in August 2019 was 2,256 – down from 2,584 (13%) in July 2019, up from 1,961 (15%) in August 2018, down from 3,097 (27%) in August 2017; Active Listings are at 14,191 compared to 12,519 (up 13%) at this time last year; New Listings in August 2019 were down 3% compared to August 2018 and down 12% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 59% compared to 49% in August 2018 and 55% in July 2019.


Vancouver Westside Residential: Total Units Sold in August 2019 was 423 – down from 489 (13%) in July 2019, up from 371 (14%) in August 2018, down from 516 (18%) in August 2017; Active Listings are at 2,326 compared to 2,158 (up 8%) at this time last year; New Listings in August 2019 were down 12% compared to August 2018 and down 16% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 67% compared to 51% in August 2018 and 55% in July 2019.


Vancouver Eastside Residential: Total Units Sold in August 2019 was 235 – down from 277 (15%) in July 2019, up from 191 (23%) in August 2018, down from 288 (18%) in August 2017; Active Listings are at 1,233 compared to 1,326 (down 7%) at this time last year; New Listings in August 2019 were down 9% compared to August 2018 and down 14% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 65% compared to 48% in August 2018 and 59% in July 2019.


North Vancouver Residential Total Units Sold in August 2019 was 184 – down from 205 (10%) in July 2019, up from 131 (40%) in August 2018, down from 217 (15%) in August 2017; Active Listings are at 838 compared to 739 (up 13%) at this time last year; New Listings in August 2019 were up 3% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 70% compared to 51% in August 2018 and 56% in July 2019.


West Vancouver Houses: Total Units Sold in August 2019 was 49 – down from 59 (17%) in July 2019, up from 46 (6%) in August 2018, down from 50 (2%) in August 2017; Active Listings are at 690 compared to 716 (down 4%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is up to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 32% in August 2018 and 39% in July 2019.


Richmond Residential: Total Units Sold in August 2019 was 250 – down from 301 (17%) in July 2019, down from 266 (6%) in August 2018, down from 454 (45%) in August 2017; Active Listings are at 2,210 compared to 1,785 (up 24%) at this time last year; New Listings in August 2019 were down 10% compared to August 2018 and down 26% compared to August 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 48% compared to 47% in August 2018 and 49% in July 2019.


Burnaby East: Total Units Sold in August 2019 was 31 – up from 14 (221%) in July 2019, up from 21 (48%) in August 2018, up from 30 (3%) in August 2017; Active Listings are at 159 compared to 126 (up 26%) at this time last year; New Listings in August 2019 were up 39% compared to August 2018 and down 7% compared to August 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 55% in August 2018 and 31% in July 2019.


Burnaby North: Total Units Sold in August 2019 was 129 – down from 132 (2%) in July 2019, up from 82 (57%) in August 2018, down from 166 (22%) in August 2017; Active Listings are at 591 compared to 482 (up 27%) at this time last year; New Listings in August 2019 were down 13% compared to August 2018 and up 3% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 61% compared to 44% in August 2018 and 56% in July 2019.


Burnaby South: Total Units Sold in August 2019 was 126 – down from 152 (17%) in July 2019, up from 94 (34%) in August 2018, down from 168 (25%) in August 2017; Active Listings are at 792 compared to 614 (up 29%) at this time last year; New Listings in August 2019 were up 22% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 46% in August 2018 and 64% in July 2019.


New Westminster: Total Units Sold in August 2019 was 97 – down from 122 (20%) in July 2019, up from 90 (7%) in August 2018, down from 170 (43%) in August 2017; Active Listings are at 498 compared to 382 (up 30%) at this time last year; New Listings in August 2019 were up 2% compared to August 2018 and down 19% compared to August 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 56% in August 2018 and 61% in July 2019.


Coquitlam: Total Units Sold in August 2019 was 198 – down from 236 (16%) in July 2019, up from 183 (8%) in August 2018, down from 249 (20%) in August 2017; Active Listings are at 1,059 compared to 971 (up 9%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and down 8% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 56% compared to 50% in August 2018 and 54% in July 2019.


Port Moody: Total Units Sold in August 2019 was 39 – down from 56 (30%) in July 2019, up from 29 (34%) in August 2018, down from 67 (42%) in August 2017; Active Listings are at 226 compared to 201 (up 12%) at this time last year; New Listings in August 2019 were down 36% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 52% in August 2018 and 75% in July 2019.


Port Coquitlam: Total Units Sold in August 2019 was 79 – down from 86 (8%) in July 2019, up from 72 (10%) in August 2018, down from 115 (31%) in August 2017; Active Listings are at 338 compared to 336 (up 1%) at this time last year; New Listings in August 2019 were down 21% compared to August 2018 and down 36% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 68% compared to 49% in August 2018 and 57% in July 2019.


Ladner: Total Units Sold in August 2019 was 33 – down from 34 (3%) in July 2019, up from 23 (43%) in August 2018, down from 40 (17%) in August 2017; Active Listings are at 192 compared to 168 (up 14%) at this time last year; New Listings in August 2019 were up 46% compared to August 2018 and up 86% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 49% compared to 50% in August 2018 and 58% in July 2019.


Tsawwassen: Total Units Sold in August 2019 was 30 – down from 46 (35%) in July 2019, up from 25 (20%) in August 2018, down from 40 (25%) in August 2017; Active Listings are at 294 compared to 227 (up 30%) at this time last year; New Listings in August 2019 were up 62% compared to August 2018 and up 33% compared to August 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 41% compared to 56% in August 2018 and 65% in July 2019.


Pitt Meadows: Total Units Sold in July 2019 was 39 – up from 20 (95%) in July 2019, up from 23 (70%) in August 2018, down from 47 (17%) in August 2017; Active Listings are at 118 compared to 117 (up 2%) at this time last year; New Listings in August 2019 were down 19% compared to August 2018 and down 17% compared to August 2017; Month’s Supply of Total Residential Listings down to 3 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 102% compared to 48% in August 2018.


Maple Ridge: Total Units Sold in August 2019 was 133 – down from 182 (27%) in July 2019, up from 121 (9%) in August 2018, down from 194 (31%) in August 2017; Active Listings are at 831 compared to 648 (up 28%) at this time last year; New Listings in August 2019 were down 15% compared to August 2018 and up 9% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 63% compared to 48% in August 2018.



Kevin Skipworth
Managing Broker/Partner


For more info or other area graphics please contact Connie.

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ales and listings stats are attached as of August 18, 2019. At mid-month in August home sales are performing marginally better than August of last year at mid-month, although last August was the first of nine straight months with home sales in Greater Vancouver below 2,000 units, this August should see the fourth straight month above 2,000 homes sold. While sales are on the increase, new listings are going in the opposite direction. With less homes coming to the market this is creating more competition amongst buyers and resulting in a fewer number of active listings. And with global changes, potential for lower interest rates and continued population growth, the supply issues will once again become the unrecognized factor in Metro Vancouver’s real estate market. Along with the stats is David’s analysis of sales by price point for Westside detached and attached.


Here is a summary of the activity so far:


Greater Vancouver –1,167 Units Sold so far in August 2019 compared to 1,091 Units Sold at this time in August 2018 and 1,862 at the same time in August 2017. Total New Listings so far in August are 2,161 compared to 2,347 at this time in August 2018 and 2,798 at this time in August 2017. Total Active Listings are at 14,576 (12,679 at the same time in August 2018), Sales To Listings Ratio is at 54% compared to 46% at this time in August 2018.


Vancouver West - 208 Units Sold so far in August 2019 compared to 210 Units Sold at this time in August 2018 and 308 at the same time in August 2017. Total New Listings so far in August are 372 compared to 458 at this time in August 2018 and 483 at this time in August 2017. Total Active Listings are at 2,450 (2,223 at the same time in August 2018), Sales To Listings Ratio is at 56% compared to 46% at this time in August 2018.


Vancouver East – 126 Units Sold so far in August 2019 compared to 103 Units Sold at this time in August 2018 and 184 at the same time in August 2017. Total New Listings so far in August are 195 compared to 239 at this time in August 2018 and 270 at this time in August 2017. Total Active Listings are at 1,294 (1,359 at the same time in August 2018), Sales To Listings Ratio is at 65% compared to 43% at this time in August 2018.


North Vancouver – 102 Units Sold so far in August 2019 compared to 73 Units Sold at this time in August 2018 and 135 at the same time in August 2017. Total New Listings so far in August are 159 compared to 157 at this time in August 2018 and 165 at this time in August 2017. Total Active Listings are at 889 (764 at the same time in August 2018), Sales To Listings Ratio is at 64% compared to 46% at this time in August 2018.


West Vancouver – 25 Units Sold so far in August 2019 compared to 27 Units Sold at this time in August 2018 and 23 at the same time in August 2017. Total New Listings so far in August are 72 compared to 86 at this time in August 2018 and 84 at this time in August 2017. Total Active Listings are at 702 (735 at the same time in August 2018), Sales To Listings Ratio is at 35% compared to 31% at this time in August 2018.


Richmond –126 Units Sold so far in August 2019 compared to 140 Units Sold at this time in August 2018 and 270 at the same time in August 2017. Total New Listings so far in August are 273 compared to 336 at this time in August 2018 and 425 at this time in August 2017. Total Active Listings are at 2,239 (1,808 at the same time in August 2018), Sales To Listings Ratio is at 46% compared to 42% at this time in August 2018.


Burnaby East –13 Units Sold so far in August 2019 compared to 11 Units Sold at this time in August 2018. Total New Listings so far in August are 32 compared to 17 at this time in August. Total Active Listings are at 171 (129 at the same time in August 2018), Sales To Listings Ratio is at 41% compared to 65% at this time in August 2018.


Burnaby North –49 Units Sold so far in August 2019 compared to 49 Units Sold at this time in August 2018. Total New Listings so far in August are 122 compared to 112 at this time in August. Total Active Listings are at 621 (484 at the same time in August 2018), Sales To Listings Ratio is at 49% compared to 44% at this time in August 2018.


Burnaby South – 56 Units Sold so far in August 2019 compared to 57 Units Sold at this time in August 2018. Total New Listings so far in August are 153 compared to 128 at this time in August. Total Active Listings are at 825 (630 at the same time in August 2018), Sales To Listings Ratio is at 37% compared to 45% at this time in August 2018.


New Westminster – 49 Units Sold so far in August 2019 compared to 102 Units Sold at this time in August 2018. Total New Listings so far in August are 102 compared to 95 at this time in August. Total Active Listings are at 516 (392 at the same time in August 2018), Sales To Listings Ratio is at 48% compared to 47% at this time in August 2018.


Coquitlam – 113 Units Sold so far in August 2019 compared to 107 Units Sold at this time in August 2018. Total New Listings so far in August are 203 compared to 215 at this time in August. Total Active Listings are at 1,082 (968 at the same time in August 2018), Sales To Listings Ratio is at 56% compared to 50% at this time in August 2018.


Port Moody –25 Units Sold so far in August 2019 compared to 21 Units Sold at this time in August 2018. Total New Listings so far in August are 52 compared to 31 at this time in August. Total Active Listings are at 231 (208 at the same time in August 2018), Sales To Listings Ratio is at 48% compared to 68% at this time in August 2018.


Burnaby East –13 Units Sold so far in August 2019 compared to 11 Units Sold at this time in August 2018. Total New Listings so far in August are 32 compared to 17 at this time in August. Total Active Listings are at 171 (129 at the same time in August 2018), Sales To Listings Ratio is at 41% compared to 65% at this time in August 2018.


Port Coquitlam –44 Units Sold so far in August 2019 compared to 40 Units Sold at this time in August 2018. Total New Listings so far in August are 57 compared to 77 at this time in August. Total Active Listings are at 352 (327 at the same time in August 2018), Sales To Listings Ratio is at 77% compared to 52% at this time in August 2018.


Ladner –19 Units Sold so far in August 2019 compared to 15 Units Sold at this time in August 2018. Total New Listings so far in August are 32 compared to 23 at this time in August. Total Active Listings are at 189 (159 at the same time in August 2018), Sales To Listings Ratio is at 59% compared to 65% at this time in August 2018.


Tsawwassen –14 Units Sold so far in August 2019 compared to 15 Units Sold at this time in August 2018. Total New Listings so far in August are 35 compared to 16 at this time in August. Total Active Listings are at 281 (221 at the same time in August 2018), Sales To Listings Ratio is at 40% compared to 94% at this time in August 2018.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
 
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Attached are the Sales and Listings Stats updated to the end of July 2019. It’s down, it’s up, it’s down, it’s up… We wouldn’t expect anything less from the Metro Vancouver real estate market. After a lack lustre June, home sales in July were higher than both June of this year and July last year. A noticeable increase in demand for homes in July, a month that typically sees buyers taking a break from the market. And looking at the number of new listings that came on, sellers may have been the ones taking a break from the market. I hate to say I told you so, but active listings did their best to climb above 15,000 and have now dropped below. Supply isn’t an issue? Only if we don’t want don’t want to keep home prices in check.


There were 2,584 homes sold of all types in Greater Vancouver in July this year compared with 2,098 homes sold last month, 2,018 sales in July last year and 3,012 homes sold in July 2017. This was 8 per cent below the 10-year average for July (compared with 33 per cent below the 10-year average last year in July). It was still the lowest number of homes sold in July since 2012 at 2,135. In fact, 1998 to 2000 saw some of the lowest amounts for sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Considering the commentary of it being a down real estate market, this month showed that buyers are engaging. There were 841 detached houses sold in July 2019 up from 637 (32 per cent) in June in Greater Vancouver, with a 10.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 473 sales in July 2019 compared to 354 in July 2018 (up 33.6 per cent) with a 9 per cent decrease in the benchmark price year over year; and for condos there were 1,243 sales in July, an increase in sales from 1,079 in July 2018 (up 15.2 per cent) with an 8.8 per cent decrease in the benchmark price year over year. Buyers are taking advantage of the opportunity to move up and buy into the townhouse and detached home market with their price decreases in the last 2 years.


As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in July compared to last month and July of last year. There were 4,719 new listings during July in Greater Vancouver, down 3 per cent from July last year and down 12 per cent from July 2017. The number of new listings in July 2019 were 6 per cent below the 10-year average for the month of July. Active Listings are at 15,037 for month end (up 17 per cent compared to July 2018) and after listing expiries at month’s end, there were only 14,469 active listings at the start of August. This was a much more significant drop in listings after July than we’ve seen after the through the month of July in the last 10 years. Over the last 25 years the number of new listings in the last 6 months of the year has been 30 to 35 per cent less than the number of new listings in the first half of the year – so expect the active listing count to drop further and buyers will need to act sooner rather than later to take advantage of buyer market conditions.


The mix of supply currently has 10,000 active listings priced at $1M are more – leaving less than 4,700 active listings priced below $1M in Greater Vancouver. Looking at 13,576 sales in the first 7 months of 2019, there have been only 347 sales above $3M; 672 sales between $2m to $3M; 3,382 sales between $1M to $2M and 9,018 sales below $1M. The competition is clearly in the least suppled range of homes, yet this is not the focus of policy for all levels of government. The provincial government is intent on focusing policy on the least active segment of the market by trying to control that demand. Which begs the question, how are they making housing more affordable by not focusing on the supply of the lower end of the market?


Below is the historical month by month data in Greater Vancouver going back to the early 90’s showing sales, new listings and active listings. The yellow highlighted areas for sales show the slowest months of the market and for active listings, the highest number of active listings we’ve seen in the market. Clearly this latest slowdown in the real estate market saw one of the more prolonged decrease in sales but the least number of active listings for a down market. Sellers are confident and the idea of a significant drop in values won’t happen with that confidence.






“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Those looking to buy today continue to benefit from the low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® in July, an increase of 11.6 per cent compared to sales in June and a 13 per cent increase compared to the 1,290 sales in July of last year. Active listings for the Fraser Valley finished at 8,340, decreasing 2.1 per cent month-over-month and an increase of 12.7 per cent when compared to July 2018. There were 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019 and a 4.2 per cent decrease compared to July 2018. “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average,” said Chris Shields, President-Elect of the Fraser Valley Real Estate Board. “We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses, and an increase in the number of first-time buyers.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2019 was 2,584 – up from 2,098 (23%) in June 2019, up from 2,108 (23%) in July 2018, down from 3,012 (14%) in July 2017; Active Listings are at 15,037 compared to 12,848 (up 17%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 55% compared to 43% in July 2018.


Vancouver Westside Residential: Total Units Sold in July 2019 was 489 – up from 355 (38%) in June 2019, up from 403 (21%) in July 2018, down from 525 (7%) in July 2017; Active Listings are at 2,572 compared to 2,272 (up 13%) at this time last year; New Listings in July 2019 were up 0.5% compared to July 2018 and down 10% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market with higher end homes in Buyer’s Market Conditions) and a Sales to Listings Ratio of 55% compared to 45 in July 2018.


Vancouver Eastside Residential: Total Units Sold in July 2019 was 277 – up from 215 (29%) in June 2019, down from 282 (2%) in July 2018, down from 307 (10%) in July 2017; Active Listings are at 1,341 compared to 1,391 (down 4%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 59% compared to 42% in July 2018.


North Vancouver Residential Total Units Sold in July 2019 was 205 – up from 202 (1%) in June 2019, up from 153 (34%) in July 2018, up from 200 (3%) in July 2017; Active Listings are at 949 compared to 794 (up 20%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and up 1% compared to July 2017; Month’s Supply of Total Residential Listings is steady at Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.


West Vancouver Houses: Total Units Sold in July 2019 was 59 – up from 43 (37%) in June 2019, up from 57 (4%) in July 2018, up from 56 (5%) in July 2017; Active Listings are at 726 compared to 740 (down 2%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in July 2018.


Richmond Residential: Total Units Sold in July 2019 was 301 – up from 270 (11%) in June 2019, up from 284 (6%) in July 2018, down from 404 (25%) in July 2017; Active Listings are at 2,309 compared to 1,809 (up 28%) at this time last year; New Listings in July 2019 were down 4% compared to July 2018 and down 24% compared to July 2017; Month’s Supply of Total Residential Listings down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 44% in July 2018.


Burnaby East: Total Units Sold in July 2019 was 14 – down from 19 (23%) in June 2019, down from 21 (23%) in July 2018, down from 31 (14%) in July 2017; Active Listings are at 166 compared to 138 (up 17%) at this time last year; New Listings in July 2019 were down 18% compared to July 2018 and down 25% compared to July 2017; Month’s Supply of Total Residential Listings up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 38% in July 2018.


Burnaby North: Total Units Sold in July 2019 was 132 – up from 100 (32%) in June 2019, up from 88 (50%) in July 2018, up from 124 (6%) in July 2017; Active Listings are at 630 compared to 476 (up 32%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 42% in July 2018.


Burnaby South: Total Units Sold in July 2019 was 152 – up from 121 (26%) in June 2019, up from 76 (23%) in July 2018, down from 144 (14%) in July 2017; Active Listings are at 807 compared to 646 (up 100%) at this time last year; New Listings in July 2019 were down 8% compared to July 2018 and down 23% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 64% compared to 29% in July 2018.


New Westminster: Total Units Sold in July 2019 was 122 – up from 97 (26%) in June 2019, up from 114 (7%) in July 2018, down from 150 (19%) in July 2017; Active Listings are at 533 compared to 385 (up 38%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 61% compared to 55% in July 2018.


Coquitlam: Total Units Sold in July 2019 was 236 – up from 177 (33%) in June 2019, up from 150 (57%) in July 2018, down from 270 (13%) in July 2017; Active Listings are at 1,120 compared to 979 (up 14%) at this time last year; New Listings in July 2019 were down 6% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 32% in July 2018.


Port Moody: Total Units Sold in July 2019 was 56 – up from 42 (23%) in June 2019, up from 52 (23%) in July 2018, down from 75 (14%) in July 2017; Active Listings are at 236 compared to 218 (up 17%) at this time last year; New Listings in July 2019 were down 31% compared to July 2018 and down 37% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 75 compared to 48% in July 2018.


Port Coquitlam: Total Units Sold in July 2019 was 86 – up from 77 (12%) in June 2019, down from 108 (20%) in July 2018, down from 120 (38%) in July 2017; Active Listings are at 381 compared to 330 (up 15%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 57% compared to 45% in July 2018.


Ladner: Total Units Sold in July 2019 was 34 – up from 33 (3%) in June 2019, up from 29 (17%) in July 2018, down from 46 (26%) in July 2017; Active Listings are at 190 compared to 164 (up 16%) at this time last year; New Listings in July 2019 were up 34% compared to July 2018 and up 9% compared to July 2017; Month’s Supply of Total Residential Listings steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 66% in July 2018.


Tsawwassen: Total Units Sold in July 2019 was 46 – up from 35 (31%) in June 2019, up from 23 (100%) in July 2018, up from 43 (7%) in July 2017; Active Listings are at 287 compared to 253 (up 13%) at this time last year; New Listings in July 2019 were up 15% compared to July 2018 and down 7% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 65% compared to 37% in July 2018.


Pitt Meadows: Total Units Sold in July 2019 was 20 – down from 24 (17%) in June 2019, down from 25 (20%) in July 2018, down from 25 (20%) in July 2017; Active Listings are at 139 compared to 109 (up 28%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and up 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 48% in July 2018.


Maple Ridge: Total Units Sold in July 2019 was 182 – up from 132 (38%) in June 2019, up from 130 (40%) in July 2018, down from 213 (15%) in July 2017; Active Listings are at 870 compared to 614 (up 35%) at this time last year; New Listings in July 2019 were up 18% compared to July 2018 and up 2% compared to July 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.

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Sales and listings stats are attached as of July 21, 2019. I remember a comment from this very analyst that writes these updates that sales were showing signs of increasing and total active listings were struggling to stay above 15,000 homes. Sales for July are so far tracking at about 15 per cent above the levels of last July at this time, with new listings down 9 per cent and active listings falling. We are likely to see sales in Greater Vancouver finish July at 2,500 homes sold which would be 19 per cent above the number of sales in June. Vancouver’s West Side is showing some of the better numbers for far, with detached home sales at the same level as June already. Active listings are down to 15,385 after peaking at 15,770 at the end of June. The federal government reduced the stress test rate to 5.19 per cent, down from 5.34 per cent. While not a significant amount, a sign that rates for borrowing are dropping and could spark further interest from buyers. Fixed rates are down approximately 0.7 per cent since going up – begging the question as to why the government only dropped the stress test rate by 0.15 per cent!


Here is a summary of the activity so far:


Greater Vancouver – 1,609 units sold so far in July 2019 compared to 1,398 units sold as of July 22, 2018. Total New Listings so far in July are 3,260 compared to 3,492 units listed as of July 22, 2018. Total Active Listings are at 15,385 (12,920 at the same time last year). Sales To Listings Ratio is at 49% compared to 43% in June 2019.


Vancouver West - 322 units sold so far in July 2019 compared to 263 units sold as of July 22, 2018. Total New Listings so far in July are 623 compared to 644 units listed as of July 22, 2018. Total Active Listings are at 2,644 (2,327 at the same time last year). Sales To Listings Ratio is at 52% compared to 40% in June 2019


Vancouver East – 164 units sold so far in July 2019 compared to 141 units sold as of July 22, 2018. Total New Listings so far in July are 348 compared to 382 units listed as of July 22, 2018. Total Active Listings are at 1,404 (1,417 at the same time last year). Sales To Listings Ratio is at 47% compared to 44% in June 2019


North Vancouver – 115 units sold so far in July 2019 compared to 104 units sold as of July 22, 2018. Total New Listings so far in July are 267 compared to 237 units listed as of July 22, 2018. Total Active Listings are at 1,020 (808 at the same time last year). Sales To Listings Ratio is at 43% compared to 49% in June 2019


West Vancouver – 32 units sold so far in July 2019 compared to 42 units sold as of July 22, 2018. Total New Listings so far in July are 102 compared to 123 units listed as of July 22, 2018. Total Active Listings are at 741 (742 at the same time last year). Sales To Listings Ratio is at 31% compared to 24% in June 2019


Richmond - 192 units sold so far in July 2019 compared to 178 units sold as of July 22, 2018. Total New Listings so far in July are 422 compared to 467 units listed as of July 22, 2018. Total Active Listings are at 2,338 (1,831 at the same time last year). Sales To Listings Ratio is at 45% compared to 43% in June 2019


Burnaby East – 9 units sold so far in July 2019 compared to 13 units sold as of July 22, 2018. Total New Listings so far in July are 33 compared to 41 units listed as of July 22, 2018. Total Active Listings are at 166 (141 at the same time last year). Sales To Listings Ratio is at 27% compared to 38% in June 2019


Burnaby North – 85 units sold so far in July 2019 compared to 61 units sold as of July 22, 2018. Total New Listings so far in July are 165 compared to 151 units listed as of July 22, 2018. Total Active Listings are at 648 (490 at the same time last year). Sales To Listings Ratio is at 52% compared to 43% in June 2019


Burnaby South – 96 units sold so far in July 2019 compared to 74 units sold as of July 22, 2018. Total New Listings so far in July are 163 compared to 197 units listed as of July 22, 2018. Total Active Listings are at 830 (637 at the same time last year). Sales To Listings Ratio is at 59% compared to 45% in June 2019


New Westminster – 84 units sold so far in July 2019 compared to 74 units sold as of July 22, 2018. Total New Listings so far in July are 124 compared to 149 units listed as of July 22, 2018. Total Active Listings are at 540 (391 at the same time last year). Sales To Listings Ratio is at 68% compared to 48% in June 2019


Coquitlam – 144 units sold so far in July 2019 compared to 100 units sold as of July 22, 2018. Total New Listings so far in July are 289 compared to 325 units listed as of July 22, 2018. Total Active Listings are at 1,152 (954 at the same time last year). Sales To Listings Ratio is at 50% compared to 46% in June 2019


Port Moody – 32 units sold so far in July 2019 compared to 32 units sold as of July 22, 2018. Total New Listings so far in July are 51 compared to 76 units listed as of July 22, 2018. Total Active Listings are at 249 (219 at the same time last year). Sales To Listings Ratio is at 63% compared to 48% in June 2019


Port Coquitlam – 52 units sold so far in July 2019 compared to 56 units sold as of July 22, 2018. Total New Listings so far in July are 105 compared to 130 units listed as of July 22, 2018. Total Active Listings are at 583 (325 at the same time last year). Sales To Listings Ratio is at 50% compared to 44% in June 2019


Ladner – 25 units sold so far in July 2019 compared to 23 units sold as of July 22, 2018. Total New Listings so far in July are 39 compared to 30 units listed as of July 22, 2018. Total Active Listings are at 184 (162 at the same time last year). Sales To Listings Ratio is at 64% compared to 47% in June 2019


Tsawwassen – 25 units sold so far in July 2019 compared to 18 units sold as of July 22, 2018. Total New Listings so far in July are 51 compared to 40 units listed as of July 22, 2018. Total Active Listings are at 301 (249 at the same time last year). Sales To Listings Ratio is at 49% compared to 44% in June 2019


Kevin Skipworth
Managing Broker/Partner





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“Being challenged in life is inevitable, being defeated is optional.” Roger Crawford


 
 
 
 
 
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VANCOUVER, June 6, 2019/Kevin Skipworth, Chief Economist at Dexter Realty, publishes his latest fact-based real estate report highlighting the real story behind sales and listings stats.

Having been in the residential real estate business for many cycles we at Dexter Realty believe the Metro Vancouver resale real estate market is primed for a comeback! Never before have we seen sales and listings numbers like we are experiencing right now. Even with monthly sales transactions below that of a typical May and below the 10-year average, fundamentals shown by new and active listing counts demonstrate that, despite some reports painting a bleak picture in real estate, we actually see renewed confidence as evidenced by recent sales and these new and active listing counts. Sales in May were 44% above those in April, as such, it’s not a slumping market, but one with a gasp of breath. Ask REALTORS® how many multiple offers they have experienced in the last month? Lack of Supply is the story!

When you look at the numbers, over the past 20 years we’ve seen 3 significant slow downs in Vancouver real estate. During the periods between 1997 to 1999, 2008 to 2009 and 2012 to 2013 monthly home sales in Greater Vancouver persisted below 2,000 units. In each of these periods, there were either over or close to 20,000 listings on the market. In this current cycle we are seeing the market struggle to get over 15,000 active listings—at a time when the overall housing stock is at its highest! Demand is and will increase, and supply is clearly less than other significant slower markets.

As an example, click on the following link to view a graph of real estate data since 1992 that I created. The numbers are from the Real Estate Board of Greater Vancouver.

The lack of homes listed during one of the slowest markets we’ve encountered in 30 years shows that sellers are not looking to “panic sell”—some will sell out of need and agree to prices below what they would like, others will hold and wait. There is confidence in the Metro Vancouver real estate market long term—with more buyers and fewer sellers, it will lead to stabilization in the market. We may be seeing prices bottom out in the lower and middle end of the market, but there are still great opportunities for buyers, however they are diminishing.

Supply of homes, especially the right supply, will continue to be an issue without being addressed by government at all levels. With increased taxes and costs, as well as restrictive zoning, developers are pulling back and we'll see a lack of new supply and especially the right supply in the next 2 to 4 years. That, coupled with low resale inventories, significant pent up demand, a growing population and Metro Vancouver being a region where people gravitate to, the cycle will continue with demand outstripping supply and prices rising. 

The market is always right—supply and demand ultimately dictates market conditions. The recent intervention on the demand side by the provincial government through taxes and the federal government through the stress test only served to reduce prices significantly in the high end for those the government wanted out of this market and, unwittingly, prevented home buyers from getting into homes in the lower end. Thus affordability overall has not improved and will not get any better without a serious look at the ill-conceived government policies and other factors keeping new homes from making it through the rezoning process to completion.


Kevin Skipworth, B.A. Economics
Partner/Managing Broker & Chief Economist
Dexter Realty
604-868-3656
kevin@skipworth.ca


 


 


Kevin produces a bi-monthly statistical report providing up to date sales and listing numbers for Greater Vancouver and its sub areas. Contact Kevin to receive these reports.


 


 


 
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Is this a one hit wonder or the start of a new album for Metro Vancouver real estate? Sales in May were the highest since May 2018 and second highest since November 2017. After 9 straight months with home sales below 2,000 units, there were 2,669 homes sold in Greater Vancouver in May. This was the longest period of monthly sales being below 2,000 since a period of 16 months from November 1997 to February 1999. With the spring market typically being the busy time of year for buyers and sellers, it seems engagement through the end of April and into May was much higher than we’ve seen over the last month. And with all that has been thrown at the market, it shouldn’t be surprising that it took time for the market and its participants to digest. And with less listings coming on the market in May than is typical, total inventory level growth has slowed, resulting in some multiple offers in the market – albeit with a more cautious tone to them. It would seem pent up demand in the market is coming out from the stalemate we’ve seen over the last year. The question is, will this continue. Certainly, with the economy still performing well, population growing and the continued love affair with our region, there is little to keep the market activity from stabilizing. Not to be confused with price growth, which will take longer to recover, but make no mistake it will.


The 2,669 homes sold in Greater Vancouver in May were up from 1,850 (44%) from April this year. The largest month over month increase since March 2017. This was compared with 2,890 sales (down 8%) in May last year and 4,425 sales in May 2017, the largest year over year increase since February 2018. And this was 23 per cent below the 10-year average for May unit sales in Greater Vancouver. The detached house market was stronger in May than we’ve seen in the last year – with areas like Richmond, North Vancouver, New Westminster and Port Moody (up 43 per cent to May 2018), showing better performance year over year compared to the condo and townhouse markets.


On the other side of the equation, there were 6,031 new listings in May in Greater Vancouver, down from 6,558 in May last year and up from 5900 in April 2019. The number of new listings in May were 5 per cent below the 10-year average for May. There are currently 15,452 Active Listings on the market in Greater Vancouver – up from 11,989 at the end of May last year. A combination of lower new listings and higher home sales volumes have slowed down the rate of growth of Active Listings, not typical during a slow real estate market. In the period of 1997 to 1999, Active Listings were consistently at levels of 20,000 – at a time when there were far less homes available for sale in the Greater Vancouver market. Similarly, in the two slowest markets since in 2008 and 2012 to the beginning of 2014, Active Listings were near 20,000 during that period. While this has been one of the slower real estate markets we’ve seen in 20 years, the lack of homes being listed indicates the strength of the market and that prices may not fall much further. And certainly, if buyers engage as they have done this month, that will keep prices consistent. Of course, not all segments of the market operate the same, with the higher end of the market still struggling to recover and further price declines possible.


“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market.”


The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its MLS® in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year. Of the 1,517 total sales, 41.2 per cent, up from 39.4 per cent in April; attached homes were 58.8 per cent of total sales in May compared to 60.6 per cent in April. “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months,” Darin Germyn, President of the Fraser Valley Real Estate Board, said “We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May 2019 was 2,669 – up from 1,850 (44%) in April 2019, down from 2,890 (8%) in May 2018, down from 4,425 (40%) in May 2017; Active Listings are at 15,452 compared to 11,980 at this time last year (up 29%); New Listings in May 2019 were up 2% compared to April 2019; were down 8% compared to May 2018 and down 3% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 31% in April 2019 and 44% in May 2018.


Vancouver Westside Residential: Total Units Sold in May 2019 was 460 – up from 342 (35%) in April 2019, down from 504 (9%) in May 2018, down from 796 (42%) in May 2017; Active Listings are at 2,778 compared to 2,276 at this time last year (up 22%); New Listings in May 2019 were down 10% compared to April 2019; were down 17% compared to May 2018 and down 2% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 40% in May 2018.


Vancouver Eastside Residential: Total Units Sold in May 2019 was 328 – up from 215 (53%) in April 2019, down from 364 (10%) in May 2018, down from 467 (30%) in May 2017; Active Listings are at 1,403 compared to 1,323 at this time last year (up 6%); New Listings in May 2019 were up 3% compared to April 2019; were down 16% compared to May 2018 and down 9% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 50% in May 2018.


North Vancouver Residential Total Units Sold in May 2019 was 257 – up from 149 (72%) in April 2019, up from 238 (8%) in May 2018, down from 325 (21%) in May 2017; Active Listings are at 1,035 compared to 764 at this time last year (up 35%); New Listings in May 2019 were the same as April 2019; were down 3% compared to May 2018 and up 2% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 50% compared to 29% in April 2019 and 45% in May 2018.


West Vancouver Houses: Total Units Sold in May 2019 was 71 – up from 48 (48%) in April 2019, up from 63 (13%) in May 2018, down from 100 (29%) in May 2017; Active Listings are at 740 compared to 744 at this time last year (down 1%); New Listings in May 2019 were down 6% compared to April 2019; were down 21% compared to May 2018 and down 4% compared to May 2017; Month’s Supply of Total Residential Listings is down to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 19% in April 2019 and 21% in May 2018.


Richmond Residential: Total Units Sold in May 2019 was 271 – up from 172 (58%) in April 2019, down from 358 (24%) in May 2018, down from 563 (52%) in May 2017; Active Listings are at 2,329 compared to 1,680 at this time last year (up 39%); New Listings in May 2019 were up 10% compared to April 2019; were up 14% compared to May 2018 and down 3% compared to May 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 25% in April 2019 and 41% in May 2018.


Burnaby East: Total Units Sold in May 2019 was 25 – up from 15 (67%) in April 2019, down from 29 (14%) in May 2018, down from 36 (31%) in May 2017; Active Listings are at 149 compared to 144 at this time last year (up 3%); New Listings in May 2019 were down 12% compared to April 2019; were down 32% compared to May 2018 and down 19% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 26% in April 2019 and 39% in May 2018.


Burnaby North: Total Units Sold in May 2019 was 123 – up from 81 (52%) in April 2019, down from 147 (16%) in May 2018, down from 217 (43%) in May 2017; Active Listings are at 655 compared to 425 at this time last year (up 54%); New Listings in May 2019 were the same compared to April 2019; were up 5% compared to May 2018 and down 11% compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 55% in May 2018.


Burnaby South: Total Units Sold in May 2019 was 131 – up from 97 (35%) in April 2019, up from 127 (3%) in May 2018, down from 250 (48%) in May 2017; Active Listings are at 841 compared to 532 at this time last year (up 58%); New Listings in May 2019 were up 14% compared to April 2019; were up 3% compared to May 2018 and down 11% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 34% in April 2019 and 40% in May 2018.


New Westminster: Total Units Sold in May 2019 was 127 – up from 108 (18%) in April 2019, down from 132 (4%) in May 2018, down from 227 (44%) in May 2017; Active Listings are at 562 compared to 351 at this time last year (up 60%); New Listings in May 2019 were down 5% compared to April 2019; were up 5% compared to May 2018 and up 10% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 38% in April 2019 and 51% in May 2018.


Coquitlam: Total Units Sold in May 2019 was 205 – up from 153 (34%) in April 2019, up from 200 (3%) in May 2018, down from 365 (45%) in May 2017; Active Listings are at 1,140 compared to 809 at this time last year (up 41%); New Listings in May 2019 were up 12% compared to April 2019; were up 5% compared to May 2018 and up 7% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in April 2019 and 40% in May 2018.


Port Moody: Total Units Sold in May 2019 was 62 – up from 60 (3%) in April 2019, down from 64 (3%) in May 2018, down from 105 (41%) in May 2017; Active Listings are at 264 compared to 191 at this time last year (up 38%); New Listings in May 2019 were down 12% compared to April 2019; were down 2% compared to May 2018 and down 6% compared to May 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 49% compared to 41% in April 2019 and 50% in May 2018.


Port Coquitlam: Total Units Sold in May 2019 was 132 – up from 67 (97%) in April 2019, up from 104 (27%) in May 2018, down from 171 (23%) in May 2017; Active Listings are at 362 compared to 275 at this time last year (up 32%); New Listings in May 2019 were down 5% compared to April 2019; were down 20% compared to May 2018 and down 16% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 71% compared to 34% in April 2019 and 44% in May 2018.


Ladner: Total Units Sold in May 2019 was 41 – up from 29 (41%) in April 2019, down from 36 (14%) in May 2018, down from 59 (31%) in May 2017; Active Listings are at 208 compared to 156 at this time last year (up 33%); New Listings in May 2019 were up 32% compared to April 2019; were up 3% compared to May 2018 and up 43% compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 45% in April 2019 and 43% in May 2018.


Tsawwassen: Total Units Sold in May 2019 was 38 – up from 18 (111%) in April 2019, up from 35 (9%) in May 2018, down from 47 (19%) in May 2017; Active Listings are at 305 compared to 266 at this time last year (up 15%); New Listings in May 2019 were down 14% compared to April 2019; were up 6% compared to May 2018 and up 13% compared to May 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 17% in April 2019 and 39% in May 2018.


Pitt Meadows: Total Units Sold in May 2019 was 40 – up from 28 (43%) in April 2019, up from 39 (3%) in May 2018, down from 72 (44%) in May 2017; Active Listings are at 137 compared to 84 at this time last year (up 63%); New Listings in May 2019 were down 17% compared to April 2019; were down 11% compared to May 2018 and down 35% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 66% compared to 38% in April 2019 and 57% in May 2018.


Maple Ridge: Total Units Sold in May 2019 was 171 – up from 124 (38%) in April 2019, down from 188 (9%) in May 2018, down from 292 (41%) in May 2017; Active Listings are at 832 compared to 592 at this time last year (up 40%); New Listings in May 2019 were up 7% compared to April 2019; the same compared to May 2018 and the same compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 36% in April 2019 and 51% in May 2018.



Kevin Skipworth
Managing Broker/Partner

  

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Attached are the Sales and Listings Stats updated to the end of April 2019. Not much is changing in the market in relation to sales numbers, we are seeing total number of homes sold consistently below 2,000 since July of 2018. But on a positive note, it was the 4 straight increase months over month. Rome wasn’t built in a day nor is the Greater Vancouver housing market. The pent-up demand continues to build as a result. There were 1,850 sales in Greater Vancouver in March 2019, the lowest total for the month of April since 1995. The standoff continues between buyers and sellers as both sides are waiting for the other to blink. Increasingly sellers are starting to blink first as buyers are being very selective on what they are willing to offer on and jumping on properties that are priced well in today’s market. An opportunity that has been long sought after from buyers in Metro Vancouver.


The 1,850 homes sold in Greater Vancouver in April were up from 1,745 (6%) from March this year. This was compared with 2,631 sales (down 30%) in April last year and 3,617 sales in March 2017. This was 45 per cent below the 10-year average for April. Around the region, North Vancouver and Richmond saw total home sales decline in April compared to March – while all other regions saw sales increase in April. Port Moody had the largest increase in sales in April compared to March.


On the other side of the equation, there were 5,900 new listings in April in Greater Vancouver, down from 5,943 in April last year and up from 5,057 in March 2019. The number of new listings in April were 2 per cent below the 10-year average for April. There are currently 15,050 Active Listings on the market in Greater Vancouver – up from 10,474 at the end of April last year. This is the highest number of Active listings since September 2014. While Active Listings are up 44 per cent to last year, this trended down 4% compared to March year over year. But clearly the growth in listings is attributed to the lack of home sales occurring in the market. New Listings are not occurring at a higher rate comparative to previous years. Buyers have a lot more choice than they have had in the past though making for opportunity.


“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”


The Fraser Valley Real Estate Board processed 1,383 sales of all property types on its MLS® in April, a 13.3 per cent increase compared to sales in March 2019, and a 19 per cent decrease compared to the 1,708 sales in April of last year. Of the 1,383 total sales, 489 were residential detached homes, 379 were townhouses, and 374 apartments. “Consumers may not have the purchasing power that they did prior to January 2018, but the desire for home ownership is still there and we’re seeing that reflected in our MLS® data,” Darin Germyn, President of the Fraser Valley Real Estate Board, said “A slower, stable market has had a positive impact on affordability in our region. Prices of typical residential homes in the Fraser Valley have decreased between 5 and 6 per cent in the last year. In the last three months, benchmark prices have either plateaued or have experienced a small recovery.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2019 was 1,850 – up from 1,745  (6%) in March 2019, down from 2,631 (30%) in April 2018, down from 3,617 (49%) in April 2017; Active Listings are at 15,060 compared to 10,474 at this time last year (up 44%); New Listings in April 2019 were up 17% compared to March 2019; were down 1% compared to April 2018 and up 18% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 35% in March 2019.


Vancouver Westside Residential: Total Units Sold in April 2019 was 342 – up from 333  (3%) in March 2019, down from 441 (22%) in April 2018, down from 613 (44%) in April 2017; Active Listings are at 2,808 compared to 1,985 at this time last year (up 41%); New Listings in April 2019 were up 18% compared to March 2019; were the same compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.


Vancouver Eastside Residential: Total Units Sold in April 2019 was 215 – up from 174 (24%) in March 2019, down from 298 (28%) in April 2018, down from 355 (39%) in April 2017; Active Listings are at 1,403 compared to 1,223 at this time last year (15%); New Listings in April 2019 were up 16% compared to March 2019; were down 17% compared to April 2018 and up 1% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 34% in March 2019.


North Vancouver Residential Total Units Sold in April 2019 was 149 – down from 165 (10%) in March 2019, down from 221 (33%) in April 2018, down from 255 (42%) in April 2017; Active Listings are at 1,049 compared to 635 at this time last year (up 65%); New Listings in April 2019 were up 26% compared to March 2019; were up 7% compared to April 2018 and up 44% compared to April 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 42% in March 2019.


West Vancouver Houses: Total Units Sold in April 2019 was 48 – up from 34 (41%) in March 2019, down from 56 (14%) in April 2018, down from 100 (52%) in April 2017; Active Listings are at 723 compared to 653 at this time last year (up 11%); New Listings in April 2019 were up 48% compared to March 2019; were down 12% compared to April 2018 and up 13% compared to April 2017; Month’s Supply of Total Residential Listings is down to 15 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 20% in March 2019.


Richmond Residential: Total Units Sold in April 2019 was 172 – down from 178 (3%) in March 2019, down from 312 (44%) in April 2018, down from 510 (66%) in April 2017; Active Listings are at 2,220 compared to 1,475 at this time last year (up 51%); New Listings in April 2019 were up 4% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 26% in March 2019.


Burnaby East: Total Units Sold in April 2019 was 15 down from 17 (12%) in March 2019, down from 35 (51%) in April 2018, down from 46 (63%) in April 2017; Active Listings are at 153 compared to 120 at this time last year (up 28%); New Listings in April 2019 were up 12% compared to March 2019; were down 14% compared to April 2018 and down 5% compared to April 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in March 2019.


Burnaby North: Total Units Sold in April 2019 was 81 – up from 77 (5%) in March 2019, down from 135 (40%) in April 2018, down from 200 (59%) in April 2017; Active Listings are at 634 compared to 387 at this time last year (up 64%); New Listings in April 2019 were up 26% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.


Burnaby South: Total Units Sold in April 2019 was 97– the same as March 2019, down from 108 (10%) in April 2018, down from 164 (41%) in April 2017; Active Listings are at 819 compared to 467 at this time last year (up 75%); New Listings in April 2019 were down 3% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 33% in March 2019.


New Westminster: Total Units Sold in April 2019 was 108 – up from 81 (33%) in March 2019, down from 133 (19%) in April 2018, down from 179 (40%) in April 2017; Active Listings are at 533 compared to 286 at this time last year (up 86%); New Listings in April 2019 were up 41% compared to March 2019; were up 21% compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 40% in March 2019.


Coquitlam: Total Units Sold in April 2019 was 153 – up from 142 (8%) in March 2019, down from 202 (24%) in April 2018, down from 295 (48%) in April 2017; Active Listings are at 1,068 compared to 809 at this time last year (up 32%); New Listings in April 2019 were up 2% compared to March 2019; were up 2% compared to April 2018 and up 17% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 35% in March 2019.


Port Moody: Total Units Sold in April 2019 was 60 – up from 38 (58%) in March 2019, up from 54 (11%) in April 2018, down from 85 (29%) in April 2017; Active Listings are at 252 compared to 155 at this time last year (up 63%); New Listings in April 2019 were up 53% compared to March 2019; were up 28% compared to April 2018 and up 12% compared to April 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 41% compared to 40% in March 2019.


Port Coquitlam: Total Units Sold in April 2019 was 67 – up from 59 (14%) in March 2019, down from 103 (35%) in April 2018, down from 121 (45%) in April 2017; Active Listings are at 395 compared to 197 at this time last year (up 101%); New Listings in April 2019 were up 17% compared to March 2019; were up 7% compared to April 2018 and up 32% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 35% in March 2019.


Ladner: Total Units Sold in April 2019 was 29 – up from 25 (16%) in March 2019, down from 32 (9%) in April 2018, down from 46 (37%) in April 2017; Active Listings are at 190 compared to 129 at this time last year (up 47%); New Listings in April 2019 were down 16% compared to March 2019; were up 14% compared to April 2018 and up 14% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 32% in March 2019.


Tsawwassen: Total Units Sold in April 2019 was 18 – up from 15 (20%) in March 2019, down from 38 (53%) in April 2018, down from 41 (56%) in April 2017; Active Listings are at 296 compared to 243 at this time last year (up 22%); New Listings in April 2019 were up 28% compared to March 2019; were down 7% compared to April 2018 and up 54% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 17% compared to 18% in March 2019.


Pitt Meadows: Total Units Sold in April 2019 was 28 – up from 24 (31%) in March 2019, up from 25 (12%) in April 2018, down from 56 (50%) in April 2017; Active Listings are at 136 compared to 72 at this time last year (up 89%); New Listings in April 2019 were up 28% compared to March 2019; were up 24% compared to April 2018 and down 11% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 43% in March 2019.


Maple Ridge: Total Units Sold in April 2019 was 124 – up from 15 (20%) in March 2019, down from 205 (39%) in April 2018, down from 205 (60%) in April 2017; Active Listings are at 792 compared to 512 at this time last year (up 56%); New Listings in April 2019 were up 31% compared to March 2019; were down 5% compared to April 2018 and up 23% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 44% in March 2019.



Kevin Skipworth
DEXTER REALTY - Managing Broker/Partner

 
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Sales and listings stats are attached as of April 15, 2019. April sales volumes are similar to that of March and down from April of last year. But the number of listings on market has increased and signs of the number of new listings in April are higher than last year and March of this year. With the number of new listings higher this month, the sales to listings ratio did drop from March so far, but that is likely to change by the end of the month with sales volumes increasing as the month goes on. Here is a summary of the activity so far:


Greater Vancouver – 856 Units Sold so far in April 2019 compared to 1,143 Units Sold as of April 15, 2018 and 864 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 2,890 compared to 2,785 at the same time in April 2018 and 2,708 as of March 15, 2019. Total Active Listings are at 14,230 (9,723 at the same time last year). Sales To Listings Ratio is at 30% compared to 32% in March 2019.


Vancouver West - 154 Units Sold so far in April 2019 compared to 219 Units Sold as of April 15, 2018 and 176 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 568 compared to 594 at the same time in April 2018 and 564 as of March 15, 2019. Total Active Listings are at 2,648 (1,862 at the same time last year). Sales To Listings Ratio is at 27% compared to 31% in March 2019.


Vancouver East – 94 Units Sold so far in April 2019 compared to 130 Units Sold as of April 15, 2018 and 176 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 301 compared to 329 at the same time in April 2018 and 261 as of March 15, 2019. Total Active Listings are at 1,335 (1,114 at the same time last year). Sales To Listings Ratio is at 31% compared to 34% in March 2019.


North Vancouver – 71 Units Sold so far in April 2019 compared to 92 Units Sold as of April 15, 2018 and 78 Units Sold as of March 15, 2019. Total New Listings so far in April 2018 are 273 compared to 235 at the same time in April 2018 and 214 as of March 15, 2019. Total Active Listings are at 989 (596 at the same time last year). Sales To Listings Ratio is at 26% compared to 36% in March 2019.


West Vancouver – 27 Units Sold so far in April 2019 compared to 22 Units Sold as of April 15, 2018 and 17 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 119 compared to 128 at the same time in April 2018 and 104 as of March 15, 2019. Total Active Listings are at 695 (608 at the same time last year). Sales To Listings Ratio is at 23% compared to 16% in March 2019.


Richmond – 80 Units Sold so far in April 2019 compared to 146 Units Sold as of April 15, 2018 and 94 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 367 compared to 317 at the same time in April 2018 and 365 as of March 15, 2019. Total Active Listings are at 2,144 (1,408 at the same time last year). Sales To Listings Ratio is at 22% compared to 26% in March 2019.


Kevin Skipworth

Dexter Realty

Owner Partner/Managing Broker


#mondaymorningmeeting
At the Dexter Realty #southgranville offices in #vancouver
#realestate 
#greaterVancouver
#realestatemarket

With the implementation of mortgage stress test since Jan 1, 2018, it has created a strong buyer market . With the recent government intervention and mortgage stress test, the sales volume has significant decreased. But from a long history of real estate market in Vancouver , it’s been quite resilient . They have been various cycles through the years, but it has been a positive long term investment .

Market update
- Sales in March is better than February and Sales in February is better than January 2019.
- overall sales in 1st 2 weeks of April is 50% more than 1st 2 weeks of March 2019

The statistics showed that we have about 1700 sales by March. 
13,400 listing in the market place currently and Vancouver Westside activities has really picked up in March compared to the first 2 months of 2019. The single detach house remains 11 months supply which is still a buyer market & the Westside condo market is around 6 months supply which is a balanced market. This is the 1st sign of a turning spring market.

These are all signs for a strong Spring Market. 
If you are looking to get into the market or move up to a larger home, this is a great opportunity let’s meet and talk about it.

PROFESSIONAL ADVICE
From Carolynne Maguire - BC Notary.

End of April is fast approaching and tax filing due date is coming soon! If you purchased your very first home as a first-time buyer in 2018, you might be qualify for income tax credit when you file your income tax - that means possibly Free Money.
If you know someone who is a first time buyer & purchased a home in 2018, 
Call us for more information !

#MortgageUpdate 
Family Equity Program - a great way for parents to provide a protected down payment gift to their children in helping them with their home purchase while the parents’ gift is protected . If you are wanting to learn more about this, please let us know !

#CurrentInterestRate 
Current 5 Year Bond rate went up slightly.

 Fix rate special 3.39% for high-ratio mortgage, $478/month of mortgage payment for every $100,000 borrowed

 High-ratio mortgage rate -3.14%which is around $481/month of mortgage payment with 25 years amortization for every $100,000 borrowed or $451/ month of mortgage payment for 30 years amortization length.

 Conventional rate - 3.24% which is around $435/month of mortgage payment for every $100,000 borrower with 30 years amortization period

 Variable rate - 2.95% which is about $471/Month of mortgage payment for $100,000 you borrow with 25 years of amortization period or $418/month of mortgage payment for 30 years of amortization period

We are at 35 years low in mortgage growth as a result of the implementations of mortgage stress test from one year ago.

Rate has been holding fairly steady and there are a good supply of housing options on the market.

#lovewhereyoulive 
#lovewhatyoudo

Have a Fantastic week!



www.conniemcginley.ca

Graph from January 1977 to March 2019

Photo of: David Peerless - Dexter Realty - Owner President/Managing Broker


Contact me for a copy of it.

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Attached are the Sales and Listings Stats updated to the end of March 2019. Ok, next! Let’s just move on to April! But for those looking for a recap, there were 1,743 sales in Greater Vancouver in March 2019, the lowest total for the month of March since 1986. So here is what we know; it was a slow month for home sales, buyers and sellers are both hesitant in the market, The Federal Government announced their budget in March and provided little in the way of benefits to buyers in our market area and now we see fixed interest rates coming down. Here’s what we don’t know; while fixed rates are falling, how far will they fall, will there be federal election promises to boost the housing market prior to October’s election, where will the inventory of resale homes go after moderately increasing in a slower market for sales. And what don’t we know: how many buyers and sellers are waiting eagerly on the sidelines to make a move – pent up demand is growing! And policy changes can only keep that demand down for so long.


The 1,743 homes sold in Greater Vancouver in March were up from 1,512 (15%) from February this year. This was compared with 2,551 sales (down 35%) in March last year and 3,632 sales in March 2017. This was 45 per cent below the 10-year average for March. In looking around Greater Vancouver, both Vancouver’s Westside and North Vancouver saw the most significant increases in sales month over month at 33 per cent and 35 per cent respectively. While West Vancouver, Port Coquitlam and Tsawwassen had sales in March lower than February. In Burnaby East there were zero detached house sales in March. Regional markets are different in their make up and activity, but we typically see Vancouver be a leading indicator in the market. So again, let’s move into April.


On the other side of the equation, there were 5,057 new listings in March in Greater Vancouver, up from 4,557 in March last year and up from 3,974 in February 2019. The number of new listings in March were 12 per cent below the 10-year average for March. There are currently 13,408 Active Listings on the market in Greater Vancouver – up from 9,037 at the end of March last year. While Active Listings are up 48 per cent, they are still relatively low compared to previous markets with similar activity. In 1998 there were 1,921 sales in March with 19,488 Active Listings and in 2013 there were 2,373 sales with 16,322 Active Listings. The lack of inventory is still keeping buyers at bay in some areas. In Vancouver’s Westside the amount of detached homes for sale decreased in March to 694 from 713 in February, an unusual trend for a spring market.


“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on the housing market. What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”


The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its MLS® in March, a 24.3 per cent increase compared to sales in February 2019, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 apartments. This was the lowest sales total for the Board for March since 2013. Darin Germyn, President of the Fraser Valley Real Estate Board, said “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2019 was 1,745 – up from 1,512  (15%) in February 2019, down from 2,551 (32%) in March 2018, down from 3,632 (52%) in March 2017; Active Listings are at 13,408 compared to 9,037 at this time last year; New Listings in March 2019 were up 27% compared to February 2019; were up 10% compared to March 2018 and up 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 38% in February 2019.


Vancouver Westside Residential: Total Units Sold in March 2019 was 333 – up from 254  (31%) in February 2019, down from 441 (24%) in March 2018, down from 616 (38%) in March 2017; Active Listings are at 2,511 compared to 1,691 at this time last year; New Listings in March 2019 were up 12% compared to February 2019; were up 11% compared to March 2018 and up 20% compared to March 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 29% in February 2019.


Vancouver Eastside Residential: Total Units Sold in March 2019 was 174 – up from 166  (5%) in February 2019, down from 284 (39%) in March 2018, down from 384 (55%) in March 2017; Active Listings are at 1,239 compared to 1,043 at this time last year; New Listings in March 2019 were up 32% compared to February 2019; were the same compared to March 2018 and down 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 43% in February 2019.


North Vancouver Residential Total Units Sold in March 2019 was 165 – up from 124  (33%) in February 2019, down from 216 (24%) in March 2018, down from 261 (37%) in March 2017; Active Listings are at 883 compared to 516 at this time last year; New Listings in March 2019 were up 16% compared to February 2019; were up 8% compared to March 2018 and up 14% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 42% compared to 37% in February 2019.


West Vancouver Houses: Total Units Sold in March 2019 was 34 – up from 39  (13%) in February 2019, down from 42 (19%) in March 2018, down from 97 (65%) in March 2017; Active Listings are at 670 compared to 585 at this time last year; New Listings in March 2019 were down 1% compared to February 2019; were up 9% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 20 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 23% in February 2019.


Richmond Residential: Total Units Sold in March 2019 was 178 – up from 155  (15%) in February 2019, down from 306 (42%) in March 2018, down from 537 (67%) in March 2017; Active Listings are at 2,025 compared to 1,379 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 10% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in February 2019.


Burnaby East: Total Units Sold in March 2019 was 17 – the same as in February 2019, down from 26 (35%) in March 2018, down from 53 (68%) in March 2017; Active Listings are at 141 compared to 123 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 24% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 47% in February 2019.


Burnaby North: Total Units Sold in March 2019 was 77 – down from 84 (8%) in February 2019, down from 131 (41%) in March 2018, down from 170 (55%) in March 2017; Active Listings are at 536 compared to 314 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 4% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 53% in February 2019.


Burnaby South: Total Units Sold in March 2019 was 97 – up from 83  (17%) in February 2019, down from 103 (6%) in March 2018, down from 167 (42%) in March 2017; Active Listings are at 771 compared to 390 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 48% compared to March 2018 and up 29% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 40% in February 2019.


New Westminster: Total Units Sold in March 2019 was 81 – up from 63 (29%) in February 2019, down from 149 (46%) in March 2018, down from 166 (51%) in March 2017; Active Listings are at 472 compared to 224 at this time last year; New Listings in March 2019 were up 24% compared to February 2019; were up 5% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.


Coquitlam: Total Units Sold in March 2019 was 142 – up from 134 (6%) in February 2019, down from 204 (30%) in March 2018, down from 303 (53%) in March 2017; Active Listings are at 933 compared to 552 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 27% compared to March 2018 and up 9% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 46% in February 2019.


Port Moody: Total Units Sold in March 2019 was 38 – up from 30 (27%) in February 2019, down from 57 (33%) in March 2018, down from 83 (54%) in March 2017; Active Listings are at 210 compared to 131 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 22% compared to March 2018 and the same compared to March 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.


Port Coquitlam: Total Units Sold in March 2019 was 59 – down from 60 (1%) in February 2019, down from 103 (43%) in March 2018, down from 139 (58%) in March 2017; Active Listings are at 343 compared to 160 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 34% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 35% compared to 43% in February 2019.


Ladner: Total Units Sold in March 2019 was 25 – up from 20 (25%) in February 2019, up from 24 (3%) in March 2018, down from 45 (44%) in March 2017; Active Listings are at 170 compared to 126 at this time last year; New Listings in March 2019 were up 54% compared to February 2019; were up 40% compared to March 2018 and up 4% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 40% in February 2019.


Tsawwassen: Total Units Sold in March 2019 was 15 – down from 21 (29%) in February 2019, down from 39 (62%) in March 2018, down from 58 (74%) in March 2017; Active Listings are at 236 compared to 194 at this time last year; New Listings in March 2019 were up 55% compared to February 2019; were up 2% compared to March 2018 and up 16% compared to March 2017; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 18% compared to 38% in February 2019.


Pitt Meadows: Total Units Sold in March 2019 was 24 – the same as February 2019, down from 34 (29%) in March 2018, down from 44 (45%) in March 2017; Active Listings are at 119 compared to 52 at this time last year; New Listings in March 2019 were up 34% compared to February 2019; were up 61% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 43% compared to 36% in February 2019.


Maple Ridge: Total Units Sold in March 2019 was 116 – up from 100 (16%) in February 2019, down from 180 (35%) in March 2018, down from 262 (56%) in March 2017; Active Listings are at 675 compared to 422 at this time last year; New Listings in March 2019 were up 26% compared to February 2019; down 8% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 48% in February 2019.


Kevin Skipworth

Dexter Realty

Broker/Owner

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Sales and listings stats are attached as of February 15, 2019. While the weather turned colder in February, the real estate market warmed up. Sales have increased at mid month compared to the same period in January. With 782 homes sold for the first half of February compared to 396 at the same time in January 2019, buyers were coming back to the market. Even with a week of snow, the number were higher. There were 2,240 new listings at this time compared to 1,940 new listings up to January 14 2019 showing that buyers are much more active than sellers. In fact, Richmond and Burnaby saw fewer new listings at mid month in February compared to January. And East Vancouver townhouses and condos have seen as many sales’ mid month in February as there were in all of January. Here is a summary of the activity so far in February 2019:


Greater Vancouver – 782 Units Sold so far in February 2019 compared to 396 Units Sold so far at this time in January 2019. Total New Listings so far in January are 2,240 compared to 1,940 at this point in January 2019. Total Active Listings are at 11,910 compared to 10,183 at mid month in January 2019. Sales To Listings Ratio is at 35% compared to 19% in January 2019 at mid month.


Vancouver West - 131 Units Sold so far in February 2019 compared to 57 Units Sold so far at this time in January 2019. Total New Listings so far in January are 514 compared to 367 at this point in January 2019. Total Active Listings are at 2,240 compared to 1,175 at mid month in January 2019. Sales To Listings Ratio is at 25% compared to 16% in January 2019 at mid month.


Vancouver East – 87 Units Sold so far in February 2019 compared to 41 Units Sold so far at this time in January 2019. Total New Listings so far in January are 216 compared to 193 at this point in January 2019. Total Active Listings are at 1,099 compared to 968 at mid month in January 2019. Sales To Listings Ratio is at 40% compared to 21% in January 2019 at mid month.


North Vancouver – 63 Units Sold so far in February 2019 compared to 31 Units Sold so far at this time in January 2019. Total New Listings so far in January are 194 compared to 151 at this point in January 2019. Total Active Listings are at 782 compared to 604 at mid month in January 2019. Sales To Listings Ratio is at 32% compared to 21% in January 2019 at mid month.


West Vancouver – 17 Units Sold so far in February 2019 compared to 7 Units Sold so far at this time in January 2019. Total New Listings so far in January are 107 compared to 91 at this point in January 2019. Total Active Listings are at 629 compared to 544 at mid month in January 2019. Sales To Listings Ratio is at 16% compared to 8% in January 2019 at mid month.


Richmond – 75 Units Sold so far in February 2019 compared to 49 Units Sold so far at this time in January 2019. Total New Listings so far in January are 273 compared to 293 at this point in January 2019. Total Active Listings are at 1,805 compared to 1,460 at mid month in January 2019. Sales To Listings Ratio is at 27% compared to 17% in January 2019 at mid month.


Burnaby East – 7 Units Sold so far in February 2019 compared to 3 Units Sold so far at this time in January 2019. Total New Listings so far in January are 19 compared to 22 at this point in January 2019. Total Active Listings are at 122 compared to 106 at mid month in January 2019. Sales To Listings Ratio is at 37% compared to 14% in January 2019 at mid month.


Burnaby North – 46 Units Sold so far in February 2019 compared to 22 Units Sold so far at this time in January 2019. Total New Listings so far in January are 78 compared to 91 at this point in January 2019. Total Active Listings are at 471 compared to 441 at mid month in January 2019. Sales To Listings Ratio is at 59% compared to 22% in January 2019 at mid month.


Burnaby South – 47 Units Sold so far in February 2019 compared to 23 Units Sold so far at this time in January 2019. Total New Listings so far in January are 118 compared to 105 this point in January 2019. Total Active Listings are at 662 compared to 570 at mid month in January 2019. Sales To Listings Ratio is at 40% compared to 22% in January 2019 at mid month.


New Westminster – 34 Units Sold so far in February 2019 compared to 27 Units Sold so far at this time in January 2019. Total New Listings so far in January are 85 compared to 75 at this point in January 2019. Total Active Listings are at 403 compared to 364 at mid month in January 2019. Sales To Listings Ratio is at 40% compared to 36% in January 2019 at mid month.


Coquitlam – 75 Units Sold so far in February 2019 compared to 17 Units Sold so far at this time in January 2019. Total New Listings so far in January are 154 compared to 144 at this point in January 2019. Total Active Listings are at 806 compared to 726 at mid month in January 2019. Sales To Listings Ratio is at 49% compared to 12% in January 2019 at mid month.


Port Moody – 17 Units Sold so far in February 2019 compared to 10 Units Sold so far at this time in January 2019. Total New Listings so far in January are 43 compared to 25 at this point in January 2019. Total Active Listings are at 172 compared to 145 at mid month in January 2019. Sales To Listings Ratio is at 40% compared to 40% in January 2019 at mid month.


Port Coquitlam – 25 Units Sold so far in February 2019 compared to 16 Units Sold so far at this time in January 2019. Total New Listings so far in January are 73 compared to 67 at this point in January 2019. Total Active Listings are at 303 compared to 251 at mid month in January 2019. Sales To Listings Ratio is at 34% compared to 24% in January 2019 at mid month.


Ladner – 13 Units Sold so far in February 2019 compared to 1 Units Sold so far at this time in January 2019. Total New Listings so far in January are 29 compared to 24 at this point in January 2019. Total Active Listings are at 140 compared to 132 at mid month in January 2019. Sales To Listings Ratio is at 45% compared to 4% in January 2019 at mid month.


Tsawwassen – 11 Units Sold so far in February 2019 compared to 2 Units Sold so far at this time in January 2019. Total New Listings so far in January are 31 compared to 37 at this point in January 2019. Total Active Listings are at 190 compared to 175 at mid month in January 2019. Sales To Listings Ratio is at 35% compared to 5% in January 2019 at mid month.



Kevin Skipworth

Dexter Realty

Broker/Owner



 
 
 
 
 
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“Look at everything as though you were seeing it either for the first or last time.” – Betty Smith


Attached are the Sales and Listings Report updated to the end of January 2019. New Year, a similar mentality to start the year with a wait and see attitude in the market with both buyers and sellers. But the feeling is one of some growth of opportunity in the market with prices coming off lofty highs and some multiple offers occurring. Call it tempered optimism. There were 1,120 home sales in Greater Vancouver in January this year, the third lowest total since 2000 (771 in 2009 and 1,062 in 2000). With only 1,094 home sales in December it is curious that only twice since 2000 have sales in January been higher than the preceding December as January is typically a slow month to start the year. Sales in January were 35 per cent below the 10-year average for January, not surprising after the year we had in 2018. With 4,980 new listings in January this year, it was 27 per cent up from January 2018 and only up 3 per cent from the 10 year average. Total sales for Greater Vancouver in January were 1,864 – up 6.5 per cent from January 2017 and up 6.4 per cent on the ten year average. Total active listings were at 11,427 at month’s end, compared to 7,371 in January 2018, 7,834 in January 2017 and 11,753 in January 2015.


With the real estate market in Metro Vancouver firmly entrenched in a Buyer’s Market, what brought us here. The detached market has existed with these conditions much of the last two years. It was the multifamily market that shifted towards these conditions in 2018 and are very much that way to start 2019. Apartment listings are 2 to 3 times higher than they were in 2018 to start while the number of detached homes on the market is just slightly above where they were in January 2018, and in East Vancouver there were less detached homes on the market at the end of January 2019 compared to January 2018. With the total number of occupied households up 27 per cent since 2001, there are far few homes listed in comparison to the total number of homes available to be sold. Where 2019 will go from here will in part depend on the pace of listings that come on the market. As it stands now, there is a lack of real inventory on the market. Some of what is currently listed on the market are listings that are priced beyond current market values and some are listed as part of land assemblies. There is demand waiting to buy, but looking for the right property and the right price. With word of one detached house listing on Vancouver’s East Side this weekend having 49 offers on it (there were only 44 detached sales in all of January), it would appear buyers are there.


“REALTORS® are seeing more traffic at open houses compared to recent months, however buyers are choosing to remain in a holding pattern for the time being,” Phil Moore, Real Estate Board of Greater Vancouver president said. “Home prices have edged down across all home types in the region over the last seven months.”


In the Fraser Valley, there were 784 sales of all property types which was a 35.2 per cent decrease compared to January of last year and a 2 per cent decrease from December 2018. Of the 784 sales last month, 250 were residential detached homes, 190 were townhouses and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.


“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Fraser Valley Real Estate Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in January 2019 was 1,120 – down from 1,846 (39%) from January 2018, down from 1,553 (28%) in January 2017; Active Listings are at 11,427 compared to 7,371 at this time last year; New Listings in January 2018 were up 27% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 47% in January 2018.


Vancouver Westside Residential: Total Units Sold in January 2019 was 187 – down from 313 (40%) from January 2018, down from 271 (31%) in January 2017; Active Listings are at 2,084 compared to 1,331 at this time last year; New Listings in January 2018 were up 21% compared to January 2018; Month’s Supply of Total Residential Listings is at 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 39% in January 2018.


Vancouver Eastside Residential: Total Units Sold in January 2019 was 105 – down from 137 (23%) from January 2018, down from 139 (24%) in January 2017; Active Listings are at 1,071 compared to 922 at this time last year; New Listings in January 2018 were up 16% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 34% in January 2018.


North Vancouver Residential Total Units Sold in January 2019 was 91 – down from 132 (31%) from January 2018, down from 107 (15%) in January 2017; Active Listings are at 740 compared to 413 at this time last year; New Listings in January 2018 were up 47% compared to January 2018; Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 45% in January 2018.


West Vancouver Houses: Total Units Sold in January 2019 was 26 – down from 43 (40%) from January 2018, the same as January 2017; Active Listings are at 599 compared to 493 at this time last year; New Listings in January 2018 were up 21% compared to January 2018; Month’s Supply of Total Residential Listings is at 23 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 11% compared to 23% in January 2018.


Richmond Residential: Total Units Sold in January 2019 was 121 – down from 275 (56%) from January 2018, down from 225 (46%) in January 2017; Active Listings are at 1,696 compared to 1,104 at this time last year; New Listings in January 2018 were up 39% compared to January 2018; Month’s Supply of Total Residential Listings is at 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 16% compared to 50% in January 2018.


Burnaby East: Total Units Sold in January 2019 was 11 – down from 29 (62%) from January 2018, down from 18 (39%) in January 2017; Active Listings are at 119 compared to 114 at this time last year; New Listings in January 2018 were down 14% compared to January 2018; Month’s Supply of Total Residential Listings is at 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 45% in January 2018.


Burnaby North: Total Units Sold in January 2019 was 65 – down from 73 (11%) from January 2018, down from 72 (10%) in January 2017; Active Listings are at 483 compared to 264 at this time last year; New Listings in January 2018 were up 34% compared to January 2018; Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 45% in January 2018.


Burnaby South: Total Units Sold in January 2019 was 55 – down from 102 (46%) from January 2018, down from 86 (36%) in January 2017; Active Listings are at 657 compared to 361 at this time last year; New Listings in January 2018 were up 38% compared to January 2018; Month’s Supply of Total Residential Listings is at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 50% in January 2018.

New Westminster: Total Units Sold in January 2019 was 75 – down from 96 (22%) from January 2018, up from 63 (19%) in January 2017; Active Listings are at 386 compared to 205 at this time last year; New Listings in January 2018 were up 26% compared to January 2018; Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 62% in January 2018.


Coquitlam: Total Units Sold in January 2019 was 87 – down from 156 (44%) from January 2018, down from 114 (24%) in January 2017; Active Listings are at 788 compared to 469 at this time last year; New Listings in January 2018 were up 39% compared to January 2018; Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 58% in January 2018.


Port Moody: Total Units Sold in January 2019 was 31 – down from 46 (33%) from January 2018, down from 43 (28%) in January 2017; Active Listings are at 165 compared to 100 at this time last year; New Listings in January 2018 were up 22% compared to January 2018; Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Detached is a Buyer’s Market, Townhomes and Apartments a Balanced Market) and a Sales to Listings Ratio of 37% compared to 68% in January 2018.


Port Coquitlam: Total Units Sold in January 2019 was 38 – down from 58 (34%) from January 2018, down from 60 (37%) in January 2017; Active Listings are at 290 compared to 155 at this time last year; New Listings in January 2018 were up 35% compared to January 2018; Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 27% compared to 55% in January 2018.


Pitt Meadows: Total Units Sold in January 2019 was 10 – down from 18 (44%) from January 2018, down from 23 (57%) in January 2017; Active Listings are at 96 compared to 57 at this time last year; New Listings in January 2018 were up 25% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 58% in January 2018.


Maple Ridge: Total Units Sold in January 2019 was 82 – down from 182 (54%) from January 2018, down from 100 (28%) in January 2017; Active Listings are at 602 compared to 343 at this time last year; New Listings in January 2018 were up 16% compared to January 2018; Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 84% in January 2018.


Ladner: Total Units Sold in January 2019 was 16 – down from 19 (16%) from January 2018, down from 18 (11%) in January 2017; Active Listings are at 143 compared to 102 at this time last year; New Listings in January 2018 were up 15% compared to January 2018; Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 35% in January 2018.


Tsawwassen: Total Units Sold in January 2019 was 14 – down from 16 (12%) from January 2018, down from 21 (33%) in January 2017; Active Listings are at 182 compared to 157 at this time last year; New Listings in January 2018 were up 18% compared to January 2018; Month’s Supply of Total Residential Listings is at 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 26% in January 2018.



Kevin Skipworth

Dexter Realty

Broker/Owner

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FIRST TIME HOME BUYERS

VANCOUVER & beyond . . .



No App can replace a REALTOR®



Connie McGinley - Dexter Realty


Join us at our New Dexter offices in South Granville for Complimentary Drinks, Appetizers, Door Prizes and Everything you need to know about getting in the Real Estate Market.




Venue: #560-2608 Granville Street, Vancouver BC

(Granville at 10th Avenue above Pottery Barn)

Date: Tuesday, February 26th, 2019

Time: 6:30 – 7:30pm


Like us on Facebook - First Time Home Buyer Vancouver

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RSVP: To attend this free event please contact

mcginley@dexterrealty.com

Space is limited – Reserve today


 

Connie McGinley – REALTOR ®

604-916-9656  @conmcginley


                                    

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Below are the breakdowns of both the B.C. Speculation and Vacancy Tax and the City of Vancouver Empty Homes Tax. The key is to be aware of the timelines for declaration. Both require every property owner to make a declaration and the B.C. Speculation and Vacancy Tax requires all owners of the property to make a separate declaration. If they don’t, the tax will be applied to their share of title.

Speculation Tax – https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax  


    • The tax applies to residential properties in Capital Regional District (Victoria), Metro Vancouver Regional District excluding Bowen Island, Village of Lions Bay but including the University Endowment Lands and UBC, City of Abbotsford, District of Mission, City of Chilliwack, City of Kelowna and West Kelowna, City of Nanaimo and District of Lantzville
    • The tax will 0.5% for 2018 and 0.5 for Residents of British Columbia and Canadian Citizens and 2% for Foreign Nationals in 2019 and going forward from there.
    • All residential property owners on title in designated taxable regions of B.C will have to complete an annual declaration for the Speculation and Vacancy Tax to claim any relevant exemptions. Where there are multiple owners of a home, a declaration must be completed by each owner.
    • Declaration will be sent in mid-February and will be due by March 31st each year and any tax owing will be due July 2 of each year
    • Anyone who uses their home as their principal residence is exempt. For this exemption, an owner must be a Canadian citizen or permanent resident of Canada who’s a B.C. resident for income tax purposes and isn’t part of a satellite family
    • Long-term rentals are exempt from the tax.
    • 2018 – Homes must be rented out for at least 3 months.
    • 2019 - Homes must be rented out for at least 6 months, in increments of 30 days or more.
    • Strata buildings with rental restrictions are exempt for 2018 and 2019 only as long as the rental bylaw was in place as of October 2018.
    • Special Case Exemptions:


Empty Home Tax (City of Vancouver Only) - https://vancouver.ca/home-property-development/empty-homes-tax.aspx


    • The City of Vancouver Empty Home Tax “EHT” became effective January 1, 2017. The Empty Home Tax is applied annually with the first taxation year beginning January 1, 2017. The tax for 2017 was payable by April 2018. The tax rate is 1% of the assessed value based on the assessment in the year the tax is paid. For 2019 the tax if applicable will be due by April 12, 2019.
    • The EHT does not apply to a home used as a principal residence or is subject to a long term tenancy agreement of at least 180 days accrued in a calendar year with a minimum of 30 day terms for the tenancies.
    • There are various exemptions for the EHT for situations such as major renovations, major illness, death of the owner, ownership of the property changed curing the previous year, strata rental restrictions that were in place prior to November 16, 2016, homes used for work orders, homes subject to a court order. Explanations for these can be found on the City of Vancouver website https://vancouver.ca/home-property-development/will-your-home-be-taxed.aspx

Every residential home owner in the City of Vancouver must submit an Empty Home Declaration by February 4th each year, whether the property is deemed vacant or not. Failure to do so will result in the City declaring the property vacant.




Kevin Skipworth

Dexter Realty

Broker/Owner

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Happy New Year! All the best for a successful 2019 ahead!


As we reflect on 2018, it was certainly the year of intervention into the real estate market. What we thought was intervention in the previous two years, became a race this year to add as many variables as possible to “create affordability.”  Attached are the yearend 2018 Sales and Listings Stats in Greater Vancouver. There were 24,961 home sales in Greater Vancouver in 2018, the lowest annual amount of sales since the year 2000 at 21,940. There were 55,057 new listings in 2018 in Greater Vancouver, the lowest annual amount since 2009. Clearly the real estate market was in a wait and see mode last year. While we saw the detached home market continue to struggle – a trend that extended out to the suburbs, it was the townhome and apartment market that after a quick start, slowed down as the year progressed. Of the total sales in Greater Vancouver, 49 per cent were apartments which was down from 49 per cent in 2017 (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses similar to 2017 (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent were houses which was the same as 2017 (down from 36 per cent in 2016 and 41 per cent in 2015). While the detached housing market had already slowed down in 2017 and continued at these slower sales levels in 2018, the bulk of the drop in overall sales in Greater Vancouver in 2018 came from the townhouse and apartment market. Vancouver’s Westside continues to see 73 per cent of sales being apartments which accounted for a bigger drop overall in the Westside market. Month’s Supply of Inventory has moved up over the last year, finishing with most areas above 6 months, putting them in Buyer’s Market conditions. North Vancouver, Port Moody, Coquitlam and Port Coquitlam averaged 4 to 6 Months Supply of Townhouses and Apartments, fairing better than other areas. Affordability seemed to be the key to driving demand down as the year went on, not surprising given the new Federal Government Stress Test regulations put in place for lending to start 2018. More on that later.


In the Fraser Valley there were 15,586 sales in 2018, which was down 30.2 per cent from the record of 23,974 sales in 2016 and 22,338 sales in 2017. It was the lowest total sales in the Fraser Valley since 2013. Of the total sales, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017. Total townhouse sales dropped 25.6 per cent year over year and total apartments sales dropped 30.5 per cent year over year. In terms of inventory, there were a total of 32,058 new listings processed in the Fraser Valley in 2018. That was the fourth highest total for new inventory in the Board’s history.


Some highlights in market areas during 2017:


  • Total sales of Detached Houses in West Vancouver declined from 1074 in 2015 to 834 in 2016 to 509 sales in 2017 and 328 sales in 2018
  • Total sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,058 in 2017 and 705 in 2018
  • Total sales for Greater Vancouver All Residential declined from 43,155 in 2015, to 40,880 in 2016, to 36,604 in 2017 and 25,051 in 2018. You could almost say the government was late to the party by intervening in 2018.


Just when we thought that government policy was heavy in the real estate market in 2016 and 2017, along came 2018. The year started with the implementation of the B 20 Mortgage Stress Test which now requires any mortgage with a down payment of 20 per cent or more to have the buyer qualify at the contract interest rate plus 2 per cent or the Bank of Canada Posted Rate (currently at 5.34 per cent). This was in place for insured mortgages with a down payment less than 20 per cent already. The effect was to essentially reduce the purchasing power of buyers by 20 per cent. That change had the single biggest impact on the real estate market in 2018, not just in Vancouver but across the country – more so the lower end of the market. Then in February the British Columbia government lead by the NDP introduced a host of measures in their budget aimed at controlling demand. Namely the Speculation and Vacancy Tax (SVT), an increase in School Taxes and the Property Transfer Tax for properties assessed at $3 Million and above and an increase in the Foreign Buyer Tax to 20%. Both the SVT and Foreign Buyer Tax applied to areas in Metro Vancouver, Kelowna, Greater Victoria, Kelowna, Nanaimo and the Fraser Valley – affecting the higher end of the market and vacation properties to a greater extent. Between the Federal and Provincial government, all areas of the real estate market were smothered by policy which decreased demand and more so created psychological uncertainty. Any time new policies are introduced, there is an adjust period as buyers and sellers try to out think the market. And guess what, sales and listings were at their lowest point in years.


What will the real estate market bring in 2019 in Metro Vancouver? Well, what we are seeing here is not much different that other cities not only in Canada but around the world. Both in terms of housing issues but also market conditions. Here’s an example of headlines from articles of late: “San Francisco adds 6,500 residents, 2,200 homes in 2018 – Department of finance says populations still growing despite housing crisis”; “Why are Seattle-area home prices falling now?”; “London Housing Market Suffers Sharp Price Falls”; “New York Has Moved Into a Buyer’s Market, and Is Experiencing A Housing Trend Last Seen in 2009.” Global capital is pulling back, properties are staying on the market longer, and global concerns make for nervous buyers – Trump, Brexit, resistance against foreign capital invading property markets in many global cities, and concern over capital restrictions in China. That’s just a quick summary, and there are many micro economic and political conditions that affect local markets. And of course, markets shift as a normal course, as prices climb too high, demand pulls back. Our real estate market is no different. Of course, there will be many predictions on where our real estate market will go – and as usual predictions of sharp and significant declines will come. With population growing at such high rates, the economy being strong, livability in the City of Vancouver, Metro Vancouver and the province, there are many factors that fly in the face of panic selling or an exodus from our location to bring about significant price declines. Changing markets with a dose of intervention, how could we expect the market to act any differently than it did in 2018.


While active listings at the start of January 2019 were 9,413 (6,733 in 2018, 6,221 in 2017, and 6,312 in 2016), they were actually higher at the start of each year prior to 2016 going back to 2009. And it can be argued that up to 20 per cent of the current listings on market form part of a land assembly and can’t really be counted. What will determine pricing going forward will in large part be based on how many listings come on market. The lack of inventory still being experienced is keeping the market relatively stuck and prices from decreasing any more than they have – and listings aren’t likely to increase dramatically to help ease affordability. After all, while talk of supply solutions from the government were discussed, we’ve yet to see the action. “When you’re thirsty, it’s too late to think about digging a well.” – Anonymous.  


Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2018 was 1,094 – down from 1,633 in November 2018; down from 2,069 in December 2017 and down from 1,743 in December 2016. Total Active Listings were at 10,907 at month end, up from 7,540 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 75% in December 2018 compared to 106% in December 2017. Benchmark Price is down 2.7% (Detached homes down 7.8% and Apartments up 0.6%).


Vancouver Westside: Total Units Sold in December 2018 was 190 – down from 298 in November 2018; down from 315 in December 2017 and down from 324 in December 2016. Total Active Listings were at 1,947 at month end, up from 1,284 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 73% in December 2018 compared to 97% in December 2017. Benchmark Price is down 5.8% (Detached homes down 11.8% and Apartments down 2.9%).


Vancouver Eastside: Total Units Sold in December 2018 was 113 – down from 181 in November 2018; down from 239 in December 2017 and down from 183 in December 2016. Total Active Listings were at 1,075 at month end, up from 927 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 85% in December 2018 compared to 115% in December 2017. Benchmark Price is down 4.6% (Detached homes down 7.2% and Apartments down 1.4%).


North Vancouver: Total Units Sold in December 2018 was 99 – down from 139 in November 2018; down from 138 in December 2017 and down from 138 in December 2016. Total Active Listings were at 630 at month end, up from 393 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 125% in December 2018 compared to 197% in December 2017. Benchmark Price is down 3.7% (Detached homes down 8.2% and Apartments down 0.3%).


West Vancouver: Total Units Sold in December 2018 was 30 – the same amount in November 2018; down from 44 in December 2017 and down from 44 in December 2016. Total Active Listings were at 579 at month end, up from 356 at the end of December 2017, Month’s Supply of Total Residential Listings is at 19 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2017 and Sales to Listings Ratio was 47% in December 2018 compared to 80% in December 2017. Benchmark Price is down 12.2% (Detached homes down 13.5% and Apartments down 2.6%).


Richmond: Total Units Sold in December 2018 was 122 – down from 178 in November 2018; down from 287 in December 2017 and down from 235 in December 2016. Total Active Listings were at 1,597 at month end, up from 1,184 at the end of December 2017, Month’s Supply of Total Residential Listings is at 13 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 61% in December 2018 compared to 95% in December 2017. Benchmark Price is down 2.8% (Detached homes down 9.2% and Apartments up 2.5%).


Burnaby East: Total Units Sold in December 2018 was 17 – the same as November 2018; down from 28 in December 2017 and down from 20 in December 2016. Total Active Listings were at 115 at month end, up from 106 at the end of December 2017, Month’s Supply of Total Residential Listings is at 7 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 85% in December 2018 compared to 112% in December 2017. Benchmark Price is down 2.1% (Detached homes down 10.6% and Apartments up 1.9%).


Burnaby North Total Units Sold in December 2018 was 50 – down from 71 in November 2018; down from 99 in December 2017 and down from 85 in December 2016. Total Active Listings were at 463 at month end, up from 266 at the end of December 2017, Month’s Supply of Total Residential Listings is at 9 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 63% in December 2018 compared to 99% in December 2017. Benchmark Price is down 1.6% (Detached homes down 8.2% and Apartments up 2.6%).


Burnaby South: Total Units Sold in December 2018 was 51 – down from 79 in November 2018; down from 109 in December 2017 and down from 73 in December 2016. Total Active Listings were at 627 at month end, up from 370 at the end of December 2017, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 50% in December 2018 compared to 96% in December 2017. Benchmark Price is down 1.6% (Detached homes down 6.6% and Apartments up 0.1%).


New Westminster: Total Units Sold in December 2018 was 58 – down from 87 in November 2018; down from 117 in December 2017 and down from 103 in December 2016. Total Active Listings were at 390 at month end, up from 187 at the end of December 2017, Month’s Supply of Total Residential Listings is at 7 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 126% in December 2018 compared to 123% in December 2017. Benchmark Price is up 4.2% (Detached homes down 8.7% and Apartments up 7.4%).


Coquitlam: Total Units Sold in December 2018 was 89 – down from 135 in November 2018; down from 162 in December 2017 and down from 128 in December 2016. Total Active Listings were at 786 at month end, up from 487 at the end of December 2017, Month’s Supply of Total Residential Listings is at 9 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 75% in December 2018 compared to 98% in December 2017. Benchmark Price is down 0.5% (Detached homes down 5.3% and Apartments up 3.2%).


Port Moody: Total Units Sold in December 2018 was 29 – down from 33 in November 2018; down from 38 in December 2017 and down from 41 in December 2016. Total Active Listings were at 169 at month end, up from 106 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 181% in December 2018 compared to 106% in December 2017. Benchmark Price is down 0.2% (Detached homes down 1.1% and Apartments down 0.9%).


Port Coquitlam: Total Units Sold in December 2018 was 51 – down from 67 in November 2018; down from 71 in December 2017 and down from 59 in December 2016. Total Active Listings were at 259 at month end, up from 135 at the end of December 2017, Month’s Supply of Total Residential Listings is at 5 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 128% in December 2018 compared to 109% in December 2017. Benchmark Price is down 0.7% (Detached homes down 4.9% and Apartments up 2.2%).


Ladner: Total Units Sold in December 2018 was 23 – up from 22 in November 2018; down from 26 in December 2017 and up from 21 in December 2016. Total Active Listings were at 143 at month end, up from 92 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 164% in December 2018 compared to 163% in December 2017. Benchmark Price is down 2.8% (Detached homes down 6.3% and Apartments up 5.8%).


Tsawwassen: Total Units Sold in December 2018 was 13 – down from 17 in November 2018; the same as December 2017 and down from 15 in December 2016. Total Active Listings were at 171 at month end, up from 141 at the end of December 2017, Month’s Supply of Total Residential Listings is at 13 Months (Buyer’s Market) compared to 11 Months Supply at the end of 2017 and Sales to Listings Ratio was 100% in December 2018 compared to 100% in December 2017. Benchmark Price is down 4.4% (Detached homes down 7.0% and Apartments up 6.5%).


Kevin Skipworth

Dexter Realty

Partner/Broker

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Happy New Year Everyone!


The BC Property Assessments for 2019 are available online now:


https://www.bcassessment.ca/


Please keep in mind these assessments were done last summer of  July 2018, so they don’t accurately portray today's market value.


Recent market activity is what will better reflect the market value, not these property assessments.

Your assessments for each property will be arriving in the mail in the coming days.


If you have any questions  . . . Call, Text or Email me I am here to help.



Wishing you all the Best for 2019,




Connie


604-916-9656

conniemcginleyrealty@gmail.com

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January 3, 2019

Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s 10-year sales average.


“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”


Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016.


“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.


The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7 per cent decrease compared to December 2017.


“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore said.


The benchmark price of detached homes in the region declined 7.8 per cent over the last 12 months and 7.3 per cent since June 2018. Apartment homes increased 0.6 per cent over the last 12 months and have declined 6.4 per cent since June 2018. The benchmark price for townhomes in Metro Vancouver have increased 1.3 per cent since December 2017 and have decreased 5.3 per cent over the last six months.

December summary

REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.


Last month’s sales were 43.3 per cent below the 10-year December sales average.

There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).


For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


Sales of detached homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.

Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.


Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.


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There were 1,633 homes sold of all types in Greater Vancouver in November this year compared with 2,831 sales in November last year and 2,255 homes sold in November 2016. This was 35 per cent below the 10-year average for November and the lowest level of sales in November since 2008 which had 930 homes sold that month. The second lowest amount for November was 2012 which saw 1,733 sales. While we are seeing the active listings decline to close out 2018, buyers who recognize opportunities are engaging while others await what they feel is the right time to engage in buying or selling to make a move to another home. There is significant pent up demand building in the market as a result. There were 518 Detached Houses sold in November 2018 down from 846 (down 38 per cent) in November 2017 in Greater Vancouver, and down from 643 in November 2016. For townhouses there were 282 sales in November 2018 compared to 446 in November 2017 (down 36 per cent), down from 446 November 2016 and for condos there were 810 sales in November 2018, a decrease in sales from 1,508 in November 2017 (down 46 per cent) and compared to 1,508 in November 2016. Detached sales amounts were more consistent so far this fall compared to the fall of 2017, it is the townhouse and apartment market where we are seeing the more significant declines in sales volumes.


As for supply in the market, there was a decrease in the number of new listings in November compared to October this year and November of last year. There were 3,553 new listings in November in Greater Vancouver, down 29 per cent from October and down 16 per cent from November last year. The number of new listings in November 2018 were 4 per cent above the 10-year average for November. Active Listings are at 12,978 for month end (up 38 per cent compared to November 2017). Active Listings are staying mostly stagnant year over year for detached properties but are up for townhouse and apartments. The number of active listings for detached are up 9 per cent year over year in Greater Vancouver while townhouses are up 56 per cent and apartments are up 106 per cent year over year.


“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year. Home prices have declined between four and seven per cent over the last six months depending on property type.”



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® in November, a decrease of 41 per cent compared to 1,743 sales in November of last year, and a 11 per cent increase compared to sales in October 2018. Of the 1,028 sales processed last month 241 were townhouses and 286 were apartments and 383 were detached homes. “Lessening demand continues to impact our market significantly,” said John Barbisan, Board President. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2018 was 1,633 – down from 1,995 (18%) in October 2018, down from 2,831 (42%) in November 2017, down from 2,255 (28%) in November 2016; Active Listings are at 12,978 compared to 9,369 (up 39%) at this time last year; New Listings in November 2018 were down 16% compared to November 2017 and up 10% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 67% in November 2017.


Vancouver Westside Residential: Total Units Sold in November 2018 was 298 – down from 381 (22%) in October 2018, down from 505 (41%) in November 2017, down from 408 (27%) in November 2016; Active Listings are at 2,361 compared to 1,607 (up 47%) at this time last year; New Listings in November 2018 were down 4% compared to November 2017 and up 22% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 69% in November 2017.


Vancouver Eastside Residential: Total Units Sold in November 2018 was 181 – down from 234 (23%) in October 2018, down from 315 (43%) in November 2017, down from 251 (28%) in November 2016; Active Listings are at 1,314 compared to 1,153 (up 14%) at this time last year; New Listings in November 2018 were down 26% compared to November 2017 and down 8% compared to November 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 61% in November 2017.


North Vancouver Residential Total Units Sold in November 2018 was 139 – down from 173 (20%) in October 2018, down from 250 (45%) in November 2017, down from 173 (20%) in November 2016; Active Listings are at 854 compared to 595 (up 44%) at this time last year; New Listings in November 2018 were down 23% compared to November 2017 and up 32% compared to November 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 66% in November 2017.


West Vancouver Houses: Total Units Sold in November 2018 was 30 – down from 55 (45%) in October 2018, down from 57 (47%) in November 2017, down from 44 (32%) in November 2016; Active Listings are at 705 compared to 626 (up 13%) at this time last year; New Listings in November 2018 were down 17% compared to November 2017 and up 29% compared to November 2016; Month’s Supply of Total Residential Listings is up to 24 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 33% in November 2017.


Richmond Residential: Total Units Sold in November 2018 was 178 – down from 230 (23%) in October 2018, down from 350 (49%) in November 2017, down from 262 (32%) in November 2016; Active Listings are at 1,809 compared to 1,419 (up 27%) at this time last year; New Listings in November 2018 were down 27% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 56% in November 2017.


Burnaby East: Total Units Sold in November 2018 was 17 – the same as October 2018, down from 30 (33%) in November 2017, down from 30 (33%) in November 2016; Active Listings are at 142 compared to 129 (up 10%) at this time last year; New Listings in November 2018 were down 36% compared to November 2017 and down 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 57% in November 2017.


Burnaby North: Total Units Sold in November 2018 was 71 – down from 76 (7%) in October 2018, down from 144 (51%) in November 2017, down from 121 (41%) in November 2016; Active Listings are at 547 compared to 331 (up 71%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and up 21% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 76% in November 2017.


Burnaby South: Total Units Sold in November 2018 was 79 – down from 87 (9%) in October 2018, down from 148 (47%) in November 2017, down from 98 (20%) in November 2016; Active Listings are at 688 compared to 454 (up 51%) at this time last year; New Listings in November 2018 were down 24% compared to November 2017 and up 19% compared to November 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 21% in November 2017.


New Westminster: Total Units Sold in November 2018 was 87 – down from 88 (1%) in October 2018, down from 184 (53%) in November 2017, down from 97 (10%) in November 2016; Active Listings are at 491 compared to 257 (up 91%) at this time last year; New Listings in November 2018 were down 11% compared to November 2017 and up 16% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 91% in November 2017.


Coquitlam: Total Units Sold in November 2018 was 135 – down from 136 (2%) in October 2018, down from 228 (41%) in November 2017, down from 174 (22%) in November 2016; Active Listings are at 935 compared to 606 (up 54%) at this time last year; New Listings in November 2018 were down 19% compared to November 2017 and up 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 71% in November 2017.


Port Moody: Total Units Sold in November 2018 was 33 – down from 36 (3%) in October 2018, down from 73 (55%) in November 2017, down from 38 (13%) in November 2016; Active Listings are at 219 compared to 139 (up 58%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and the same compared to November 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 94% in November 2017.


Port Coquitlam: Total Units Sold in November 2018 was 67 – down from 75 (11%) in October 2018, down from 94 (20%) in November 2017, down from 96 (30%) in November 2016; Active Listings are at 335 compared to 168 (up 99%) at this time last year; New Listings in November 2018 were down 2% compared to November 2017 and up 39% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 55% compared to 75% in November 2017.


Ladner: Total Units Sold in November 2018 was 22 – down from 30 (27%) in October 2018, down from 26 (15%) in November 2017, down from 27 (19%) in November 2016; Active Listings are at 177 compared to 127 (up 39%) at this time last year; New Listings in November 2018 were up 10% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 65% in November 2017.


Tsawwassen: Total Units Sold in November 2018 was 17 – down from 25 (32%) in October 2018, down from 24 (29%) in November 2017, down from 30 (43%) in November 2016; Active Listings are at 219 compared to 174 (up 26%) at this time last year; New Listings in November 2018 were down 21% compared to November 2017 and down 34% compared to November 2016; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 50% in November 2017.


Kevin Skipworth

Dexter Realty

Partner/Broker

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Attached are the Sales and Listings Stats updated to the end of October 2018. Two things came in October – rain and a few more sales in the market. As is the case with October, activity does increases as do the number of new listings.


There were 1,995 homes sold of all types in Greater Vancouver in October this year compared with 3,073 sales in October last year and 2,284 homes sold in October 2016. This was 27 per cent below the 10 year average for October and almost the same level as October 2012 at 1,979. In fact, when we look at 2012, so far, each month has tracked very similar for sales levels. With the main difference being the inventory levels. – much lower than in 2012. There continues to be a hesitation in the market right now While prices on the detached side of the market have been falling over the last year, we are now seeing this occur in the apartment and townhouse market in some areas and product types.  There were 642 Detached Houses sold in October 2018 down from 945 (down 38 per cent) in October 2017 in Greater Vancouver, and down from 659 in October 2016. For townhouses there were 344 sales in October 2018 compared to 550 in October 2017 (down 37 per cent), down from 403 October 2016 and for condos there were 985 sales in October 2018, a decrease in sales from 1,532 in October 2017 (down 36 per cent) and compared to 1,178 in September 2016. Overall there has been an increase in market activity for October compared to November as we typically see. Although the bigger increases in homes sold has been in Vancouver, North Vancouver and West Vancouver. Ladner actually saw less sales in October compared to September and areas like Burnaby, New Westminster and the Tri-Cities saw lower per centage gains in comparison. The average prices in those areas also dropped while Vancouver saw a gain.


As for supply in the market, there was an increase in the number of new listings in October compared to October of last year. There were 5,026 new listings in October in Greater Vancouver, up 8 per cent from October last year and up from 4,066 or 23 per cent from October 2016. The number of new listings in September 2018 were just above the 11 year average for September. Active Listings are at 13,682 for month end (up 36 per cent compared to October). Active Listings fell from 13,760 in September 2018 and will continue to do so as the year finishes. At the end of October 2012, the Active Listing count was 18,519 – 35 per cent higher than in today’s market. A significant difference from the last down market and indicative of strength in the market overall.


“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace. Home prices have edged down between three and fiver per cent, depending on housing type, in our region since June. This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® in October, a decrease of 36 per cent compared to 1,779 sales in October of last year, and a 12 per cent increase compared to sales in September 2018. Of the 1,155 sales processed last month 306 were townhouses and 292 were apartments and 438 were detached homes. While slight, this is the first time since May that sales here have been on the upswing,” said John Barbisan, Board President. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2018 was 1,995 – up from 1,634 (22%) in September 2018, down from 3,073 (35%) in October 2017, down from 2,284 (13%) in October 2016; Active Listings are at 13,682 compared to 9,768 (up 40%) at this time last year; New Listings in October 2018 were up 8% compared to October 2017 and up 24% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 66% in October 2017.


Vancouver Westside Residential: Total Units Sold in October 2018 was 381 – up from 280 (36%) in September 2018, down from 556 (31%) in October 2017, down from 408 (7%) in October 2016; Active Listings are at 2,459 compared to 1,725 (up 43%) at this time last year; New Listings in October 2018 were up 10% compared to October 2017 and up 35% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 60% in October 2017.


Vancouver Eastside Residential: Total Units Sold in October 2018 was 234 – up from 195 (20%) in September 2018, down from 298 (21%) in October 2017, up from 202 (16%) in October 2016; Active Listings are at 1,409 compared to 1,168 (up 21%) at this time last year; New Listings in October 2018 were down 5% compared to October 2017 and up 6% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 54% in October 2017.


North Vancouver Residential Total Units Sold in October 2018 was 173 – up from 120 (44%) in September 2018, down from 250 (31%) in October 2017, up from 170 (2%) in October 2016; Active Listings are at 938 compared to 604 (up 55%) at this time last year; New Listings in October 2018 were up 15% compared to October 2017 and up 50% compared to October 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 37% compared to 61% in October 2017.


West Vancouver Houses: Total Units Sold in October 2018 was 55 – up from 34 (62%) in September 2018, up from 46 (20%) in October 2017, up from 35 (57%) in October 2016; Active Listings are at 743 compared to 652 (up 14%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 48% compared to October 2016; Month’s Supply of Total Residential Listings is down to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 23% in October 2017.


Richmond Residential: Total Units Sold in October 2018 was 230 – up from 196 (17%) in September 2018, down from 411 (44%) in October 2017, down from 290 (20%) in October 2016; Active Listings are at 1,878 compared to 1,408 (up 33%) at this time last year; New Listings in October 2018 were down 6% compared to October 2017 and up 15% compared to October 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 66% in October 2017.


Burnaby East: Total Units Sold in October 2018 was 17 – up from 11 (54%) in September 2018, down from 22 (45%) in October 2017, down from 22 (45%) in October 2016; Active Listings are at 148 compared to 127 (up 17%) at this time last year; New Listings in October 2018 were down 13% compared to October 2017 and up 8% compared to October 2016; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 37% in October 2017.


Burnaby North: Total Units Sold in October 2018 was 76 – down from 83 (8%) in September 2018, down from 161 (53%) in October 2017, down from 121 (40%) in October 2016; Active Listings are at 556 compared to 383 (up 45%) at this time last year; New Listings in October 2018 were up 28% compared to October 2017 and up 26% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 82% in October 2017.


Burnaby South: Total Units Sold in October 2018 was 87 – up from 82 (6%) in September 2018, down from 184 (53%) in October 2017, down from 103 (16%) in October 2016; Active Listings are at 693 compared to 450 (up 54%) at this time last year; New Listings in October 2018 were up 25% compared to October 2017 and up 57% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 81% in October 2017.


New Westminster: Total Units Sold in October 2018 was 88 – up from 81 (9%) in September 2018, down from 152 (53%) in October 2017, down from 106 (17%) in October 2016; Active Listings are at 511 compared to 282 (up 81%) at this time last year; New Listings in October 2018 were up 22% compared to October 2017 and up 62% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 77% in October 2017.


Coquitlam: Total Units Sold in October 2018 was 136 – up from 131 (4%) in September 2018, down from 248 (55%) in October 2017, down from 183 (26%) in October 2016; Active Listings are at 1,026 compared to 662 (up 55%) at this time last year; New Listings in October 2018 were up 9% compared to October 2017 and up 18% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 73% in October 2017.


Port Moody: Total Units Sold in October 2018 was 36 – up from 34 (6%) in September 2018, down from 76 (53%) in October 2017, down from 65 (45%) in October 2016; Active Listings are at 242 compared to 160 (up 51%) at this time last year; New Listings in October 2018 were down 30% compared to October 2017 and down 20% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 75% in October 2017.


Port Coquitlam: Total Units Sold in October 2018 was 75 – up from 73 (3%) in September 2018, down from 120 (37%) in October 2017, down from 93 (19%) in October 2016; Active Listings are at 357 compared to 170 (up 110%) at this time last year; New Listings in October 2018 were up 23% compared to October 2017 and up 9% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 91% in October 2017.


Ladner: Total Units Sold in October 2018 was 21 – down from 30 (30%) in September 2018, down from 31 (33%) in October 2017, down from 27 (23%) in October 2016; Active Listings are at 187 compared to 121 (up 55%) at this time last year; New Listings in October 2018 were up 29% compared to October 2017 and down 3% compared to October 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 61% in October 2017.


Tsawwassen: Total Units Sold in October 2018 was 25 – the same as September 2018, down from 40 (37%) in October 2017, up from 24 (24%) in October 2016; Active Listings are at 230 compared to 179 (up 28%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 36% compared to October 2016; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 63% in October 2017.



Kevin Skipworth

Dexter Realty

Partner/Broker

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The ten principles of applying for a Mortgage
 

  1. Do not change jobs, become self-employed or quit your job.

A strong and steady employment history is essential.
 

  1. Do not buy a car, truck or van (or you may be living in it!!)

Some lenders will check your credit just prior to funding the mortgage. If anything shows up that hinders your ability to repay their new mortgage to you, such as a new car loan, they could refuse to fund the mortgage.
 

  1. Do not use credit cards excessively or let current accounts fall behind.

If there have been substantial changes in any of your credit cards, bank loans or lines of credit, this could alter your purchasing power.
 

  1. Set aside money for closing costs at the start of the process.

In addition to the down payment on the purchase, you will need to pay the lawyer/notary all of the closing costs. Closing costs include: Property Transfer Tax (if applicable), property tax adjustments, strata fee adjustments, and the legal fees.
 

  1. Do not omit debts or liabilities from your loan application.

They will show up on the credit bureau.
 

  1. Do not ‘go shopping’ for a mortgage with multiple applications.

Submitting a second application with a different broker will have negative results. If you have questions, ask your broker!
 

  1. Do not originate multiple inquiries into your credit.

If you have applied for a couple of new credit cards or accepted the new bank account with a large overdraft privilege, you may appear as a ‘credit seeker’ and that could compromise your ability to repay a new mortgage.
 

  1. Do not make large cash deposits or transfers without checking with your mortgage broker.


  1. Do not change bank accounts.

Financial history has to be provided for down payment funds, in some cases up to 90 days
 

  1. Do not co-sign a loan for anyone else.

If the person you co-signed for is unable to make their payments (for whatever reason) that lender is coming after you for the payments and/or the balance of the loan.
 

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Today was the last full day at our Dexter Realty Kerrisdale offices at 43rd and East Boulevard!
29 years at this location and over 35 years of helping #buyers and #sellers
#beyondexpectations
Can't wait to be our brand new offices at:
#560-2608 Granville Street (at 10th Avenue above the #potterybarn ) 
#southgranville
#vancouver
#realestate
Serving #greatervancouver
#lovewhereyouwork
#lovewhatyoudo
#lovewhereyoulive❤️
#DexterRealtySince1983
#aboldmove
 
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.