Connie McGinley

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Potential Immigration the wild card in Metro housing market


“We cannot solve our problems with the same thinking we used when we created them.”

Albert Einstein

 

March housing sales skyrocketed more than 126% higher than in March 2020 – the month the COVID-19 pandemic began – to the highest monthly sales pace ever recorded in Greater Vancouver.

The composite benchmark home price leaped 9.9% in March from a year earlier and detached house prices surged nearly 18% higher to all-time high of $1.7 million.

The unprecedented action of 5,843 sales in the month – more than 174 sales every day – blew past housing forecasts and eclipsed the former all-time sales record set in March of 2016, long recognized as the peak year for housing sales in the region.

Dexter agents have been running on the frontline of the current pace, and we are detecting some buyer fatigue, which is understandable. This market can’t continue at this level forever and, as we’ve seen in previous years, March can be the high point of the year for housing sales.

There could be some truth in that theory, but this year and this market is consistently shattering all the traditions.


We believe there is one wild card yet to be played and it could shift the housing market into hyperdrive later this year. This is a potential rebound of international buyers and immigration, which were credited for sparking high home sales in the mid-1980s and in 2016-18 and could do so again in 2021.


In March of 2020 foreign buyers accounted for 24 residential property transactions in Metro Vancouver, despite the provincial 20% tax on homes. But, after COVID-19 travel restrictions hit, that dropped to single-digits per month. We believe pent-up demand and a war chest is building and it could be unleashed on the Vancouver-area housing market later this year.

For instance, according to recent report from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), $43.6 billion was transferred from troubled Hong Kong to Canada in 2020, and this, FINTRAC said, does not include transfers via cryptocurrencies, between financial institutions, or transfer under $10,000.

As well, Canada was posting the highest population growth in the developed world prior to COVID-19, according to Statistics Canada, with its 1.4% annual growth rate in 2019 more than twice as high as the U.S. and Great Britain, which tied for second place. The Canadian government has increased its annual immigration quota to 400,000 people per year. The inflow has been stalled by the pandemic but when that ends the rush into Canada will begin. Wild as the current Metro Vancouver market is right now, it may be the calm before the storm.

And with some calls to cool the market, and concern over low interest rates creating challenges when rates do eventually rise, we have to remember that Canada has one of the soundest lending practices in the world and with the current Stress Test in place, buyers are qualifying at rates much higher than we are seeing in the market place right now. So, while demand side measures are easy for governments to tinker with and implement, supply side realities need to be a focus or this rush of demand will once again be pushed into the future and create challenges yet again.

Greater Vancouver: There was a welcome uptick in new listings in March compared to a year earlier, but the new arrivals were not enough to match buyer demand. Listings for detached houses increased 122% from March 2020, but sales increased 124% Townhouse listings were up by 122%, but that was nearly matched by the 112% increase in sales. In the condominium market, 64% more apartments were added to the market compared to a year earlier, but March sales surged 128% higher.

Despite a record-high benchmark price of $1,700,200, detached houses led the March market, accounting for 34% all transactions, compared to a 46% share by the condominium sector. Townhouse buyers accounted for only 19% of the market, but this is partially due to a severe lack of inventory. As of March there was only a one-month supply of townhouses in all of Greater Vancouver. This resulted in multiple offers that drove benchmark townhouse prices in March up 10.4% from a year earlier and nearly 5% higher than in February 2021, to $872,000, a record high.

As we predicted last month, strata sales are ramping up, led by condominium apartments which continue to represent the most affordable housing option. With the benchmark condo price rising an average of 3% per month since last October, it reached $715,800 in March, also an unprecedented high.

Vancouver Westside: The price of a Vancouver Westside detached house in March was $3,286,200. That is up nearly 4% , or about $131,000, from the start of this year, but benchmark detached prices are still 5% below what they were in 2018, so there appears room for further appreciation. There were 148 detached sales in March, which was up from 87 in February and 108 in March 2020. Sales of townhouses in March were very strong, with the 108 sales more than double the 56 sold in the same month last year. The townhouse price reflects this, at a median of $1,550,000 in March, it was nearly $200,000 higher than a month earlier. Wow. The real action was in the condo market, however. With 628 transactions in March – by far the highest of any Metro Vancouver community – the median price spiked to $816,700, up 7.5% , or about $61,000, from January 1 2021.

As an aside, anyone interested in Point Grey real estate should plan to attend a series of public sessions on the development of the 90-acre Jericho Lands ( bound by West 4th Avenue, Highbury Street, West 8th Avenue, and West Point Grey Park) that will run from April 10-19 and outline plans for the biggest residential development in recent Westside history. Register through shapeyourcity.ca

Vancouver East Side: Vancouver’s East Side is seeing an acute shortage of housing, and the entrenched NIMBYism in key SkyTrain-served neighbourhoods will likely keep the supply in check. In March, for instance, there were 384 listings for East Side condos but there were 313 sales, or 82% of all the listings. There is now less than a one-month supply. A major developer has issued a proposal to build 520 condos in three towers on the old Safeway site across from the Commercial-Broadway SkyTrain station but it has already been met with protests. It will be years, before supply matches demand, which points to further increases in East Side condo prices, which were already 3% higher, year-over-year, in March to $619,000.

The townhouse supply is even tighter. Only 11 new townhouses are under construction in East Vancouver and, in the first three months of this year there were just 348 listings of resale townhouses and 68% of them sold. As a result, the median townhouse price reached $1,210,000 in March, the highest level in history. Median detached house prices on the East Side in March hit $1,780,000 as sales more than doubled from a year earlier, to 244 transactions, which, incidentally, is 40% higher than on the neighbouring Westside.

North Vancouver: About 63% of all new listings for detached houses in North Vancouver in March sold, a clear seller’s market, with the benchmark price tracking 19.4% higher from a year earlier to $1,853,000, and up 8.8% from the start of the year.

Townhouse sellers were often dealing with multiple offers in March, a reflection of low supply and high demand, which drove the benchmark price of the 87 sales to $1,075,000, up nearly 10% from a year ago. North Vancouver has a total of 2,863 under construction, but reports show that the inventory of complete and unsold condos was just 25 units available as of March 1. A big new project is underway just west of the Lonsdale Quay, but it will take at least a decade for those 700 new condos to complete. Meanwhile, condo sales were up 105% in March from a year earlier, to 203 transactions, but price increases are moderate, advancing 5.2%, year-over-year to a benchmark of $615,200.

West Vancouver: Detached houses are dominant in exclusive West Vancouver, where the benchmark price for a detached house in March was $3,043,400, up a startling 19.2% from March of last year, a cash increase of more than $540,000. Detached house sales increased 139% from March 2020, to 98, which was more than townhouse and condo sales combined.

Sixteen townhouses sold in March, while 32 condo apartments transacted at a benchmark of $1,143,300, up 11% from the same month last year. This is a sustained seller’s market with the supply of total residential listings is down to 3 month’s supply in March.

Richmond: There is now only a 2-month inventory of total residential units on the Richmond market after sales surged 128% in March from the same period last year, to 786 transactions.

Price increases have been dramatic. The median price of a detached house sold in March was $1,850,000, up nearly $100,000 from a month earlier and $250,000 higher than in March of last year. History has shown that Richmond attracts more buyers from abroad than nearly any other market in Metro Vancouver, so we expect detached prices will continue to accelerate when borders open up, because the 106% year-over-year March surge in new listings is not enough to meet demand. Condominiums, which dominated the Richmond market with 384 sales in March, have seen relative price stability with median prices advancing 6.7% year-over-year to $588,000. But, with a sales-to-new-listing ratio of 74% in March, condos are in a strong seller’s market with multiple offers being seen.

Burnaby East: One of the more affordable markets in Greater Vancouver is seeing intense buyer demand, with total sales up 159% in March compared to a year earlier, the highest increase in Burnaby. Even with a 58% increase in new listings in March, there were just 100 total homes for sale in the community, or about a 1-month supply as of month’s end. The sales-to-listing ratio is running at 69%, which means the supply is dwindling in a seller’s market and prices are rising. If you are a detached-house owner in Burnaby East and have considered listing, now may be a prime time to come to market. The benchmark price of a house was $1,380,700 million in March, up nearly 5% or about $65,000, from a month earlier.

Burnaby North: The final major-brand retailers are moving into the recently completed Brentwood shopping centre development, where thousands of new condominiums have already been built. The massive mixed-use project has spurred demand for all types of homes in the area, with total sales up 158% in March from a year earlier and 74% higher than in February. The large inventory of condominiums – 237 new listings in March – has kept price increases restrained. The benchmark condo price is now $637,600 – about $50,000 below the Lower Mainland average - but with 84% of listings selling in March and most of the new Brentwood condo towers complete, condo values are forecast to increase.

Burnaby South: If you have driven through Metrotown recently you have seen the incredible construction pace that now defines the future of Burnaby’s official downtown. The blast radius of the development is apparent in the sale prices of both detached houses – which have been rising by 7.4% month-over-month this year and reached $1,696,200 in March – and townhouses, where the benchmark price is up 6.6% from a year ago to $819,000. Burnaby South is also as one of the hottest condo sales markets in the Lower Mainland, yet condo price increases are relatively stable, still 6.1% below the 2018 peak at $682,700 as of the end of March. This may represent an opportunity for condo investors.

New Westminster: Condominium investors, I hate to say, will want to keep an eye on condo rentals in the Royal City. On March 30, the city won a BC Supreme Court ruling that cements B.C.’s first bylaw that allows retroactive rezoning of condos to rental units in six specific rental buildings. So far about 270 units are affected, but there is no guarantee the bylaw won’t be extended. This may explain a 54% increase in condo listings in the first three months of this year compared to the same period in 2020, including 209 new listing in March. We expect condo listings to increase, which should keep the current median price of $547,200 from increasing dramatically. Detached house prices in New Westminster, meanwhile, were up 14.4% in March from a year earlier to $1,230,000, with the sales-to-listing ratio at 51%, reflecting a modest seller’s market.

Coquitlam: There is a plan that owners of older stratas and detached houses in Coquitlam should be aware of as the vaccine rollout brings an end to the pandemic. This is the developer demand for property that can be developed into higher density residential, either aging strata projects on large lots or houses that can be drawn together into land assemblies. Demand waned during the pandemic but is now coming back to life, due primarily to an aggressive City of Coquitlam development strategy that covers 1,789 acres radiating from the Coquitlam Town Centre near Lougheed Highway and Pinetree Way. Any potential buyers should get up to speed on the master plan by visiting the city’s web site. (There is even a virtual-reality tour available.)

Total Coquitlam housing sales soared 129% in March compared to a year earlier, and detached houses led the price increase, up a startling 20% to $1,433,800. Townhouse prices advanced 11.2% to $757,000 and condo prices were up 6% year-over-year to $560,700.

Port Moody: Savvy owners of older townhouses in the Woodland Park area are likely watching closely as a new 23-acre planned development inches through Port Moody’s approval process.

A developer’s plan for construction of about 1,840 homes over the next decade received first reading March 24 after more than a year of discussion. Today, 19 buildings with 200 townhouses, all of built more than 40 years ago, are on the site. The land is in the 1000-1100 block of Cecile Drive near Clark Road. Owners in the surrounding area should be aware that developers could be scouting for strata windups and land assemblies, but should also be cognizant of Port Moody’s lengthy and fickle approval process. Meanwhile, total home sales in

Port Moody increased 148% in March compared to a year earlier. The median price of a detached house is now $1,193,000, up 22.5% from March 2020, while townhouse values increased 7% to $694,700, but still remain less expensive that condo apartments, which were selling for a benchmark of $697,800 in March. This reflects the many newer condos on the market, and the aging stock of existing townhouses.

Port Coquitlam: Port Coquitlam offers the lowest house prices in the Tri-City area, with a detached house benchmark price of $1,226,400 in March, up 17.2% from a year earlier. Townhouses were up by similar amount, to $753,600, while condo prices saw a more modest increase of 8% to $501,500, or about $60,000 less than in neighbouring Coquitlam. However, with a lack of new construction recently and total sales up 114% year-over-year, there is only a 1-month supply of all type of homes in Port Coquitlam and the sales-to-listing ratio is 65%, an indication of a seller’s market and potential price increases.

Pitt Meadows: The sales bloom faded slightly in Pitt Meadows in March, with total homes transactions of 53, down 5% from February and up a relatively modest 51% from March of 2020 – a reflection on the amount of total stock available with there being half a month to 1 month’s supply of homes available. Detached house prices increased markedly, however, leaping 27.4% year-over-year to a record high of $1,143,000. The sales-to-listings ratio dipped to 67% in March, down from 85% in February, as new listing increased 65% from February to 53 units. Pitt Meadows is catching a trend towards people relocating from the city to smaller, more affordable towns. In March, buyers could find townhouses for around $640,000 and condo apartments for less than $400,000. However, with an extreme seller’s market, the lower-priced units are seeing multiple offers this spring.

Maple Ridge: Even with a 157% surge in total March sales compared to March of last year and detached house prices increasing 20.7% year-over-year, Maple Ridge remains a relative bargain. Its benchmark detached house price was $1,043,900 in March, nearly $500,000 below the Lower Mainland benchmark and $700,000 less than in Greater Vancouver. Yet, multiple offers are common as the sales-to-listing ratio has been north of 80% since the start of the year. New townhouse projects are selling out fairly quickly and the resale townhouse price has spiked 18.6% from last year to $634,400. The typical condo apartment sells for $403,900, up 12.3%, year-over-year.

Ladner: The small town of Ladner in South Delta posted a 225% increase in total sales in March, to 101, compared to March of 2020, the biggest increase in the Lower Mainland. Its 23.2% increase in prices for detached houses was also one of the highest, with March ending with house prices at $1,205,800, which is about $500,000 less than Richmond, the next biggest city. There has been a lot of new strata units built in Ladner over the past year, and more to come. The supply has kept townhouse prices at a benchmark of $702,000, still 3.2% below the 2018 peak, and condo apartment values at $548,400 in March, up about 9% from a year ago but 1.4% below the price three years ago. A total sales-to-listing ratio at 74% in March, however, portends increasing prices across the board.

Tsawwassen: Tsawwassen has been largely a no-go community for developers for many years. The long-delayed Southland community for about 850 homes is slowly taking place, but no large housing projects have been built in a decade. In the 16 months to the first of March 2021 only nine homes were started, all of them rental apartments. This is reflected in the current reality, with multiple offers on the mere 166 active listings available and a sales-to-listing of 77% in March in an extreme seller’s market. The benchmark detached house price soared 21.3% year-over-year to $1,312,100 in March, and is now 112% higher than 10 years ago. Many people want to buy in Tsawwassen, which has driven townhouse prices up nearly 8% from March 2020 and condo prices up 10.8%, year-over-year, to $588,800. For investors, this sunny community is one of the hottest market for potential price appreciation in Greater Vancouver because virtually no new homes are being built.

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February 2021: Watch for the rise of the strata market

 

February is traditionally a ho-hum period in residential real estate but this year, as with so much of the recent Metro Vancouver market, this February proved exceptional. Housing sales hit the highest monthly level since June 2017, with prices arcing nearly 9% higher than a year earlier to a composite benchmark of $1,084,000. The typical detached house now sells for more than $1.62 million –an average increase of $221,000 from February 2020 – with sales up 80% from a year ago.


Detached houses have been the headline news in Metro Vancouver for the past year, but we believe February marked the beginning of a major shift towards the townhouses and condominium sector.

February townhouses sales were up 82% year-over-year and condo apartment sales were 65% higher. Together, strata property sales accounted for nearly 65% of all February transactions, with condo apartments leading all sectors with a blistering pace of 62 sales every day. Condo developers reported “a sense of urgency” in new condo sales in February as 1,400 new condos started construction and 1,759 existing condos sold.

It may come down simply to supply. There is a lack of detached houses to meet demand, despite a 21% spike in new listings in February, and there has been a chronic shortage of townhouses, with just a 1.5-month supply now available. In Port Moody and Maple Ridge there were almost twice as many townhouse sales as active listings in February. And on Vancouver’s West Side the number of townhouse sales in February were the highest since June 2017.

Investors, we believe, are pivoting to condos, looking towards the easing of pandemic regulations that will bring vibrancy back to downtowns and foreign students back to Metro Vancouver campuses. Affordability is part of the equation. In the past year, condo prices have increased just 2.5%, while townhouse prices jumped 7.2% and detached houses soared 13.7%. In East Vancouver, as one example, the typical condo apartment sells for $599,000 while a neighbouring detached house sells for $1.58 million.


For an increasing number of buyers, condominiums are now the first, the smartest and only choice.


What to expect going forward...

 

We are now experiencing a perfect storm that is churning housing demand and prices to unprecedented heights. Mortgage interest rates are at the lowest level in our lifetime, even our parents lifetime. This combines with intense buyer demand and simply not enough listings, all in an environment where the home is now the centre for living and work for thousands of families. Multiple offers are now the majority of transactions. We don’t see that changing anytime soon.


Greater Vancouver: Total housing units sold in February were 3,852 were up 57% from the 2,454 in January 2021, 76% higher than February 2020, and a startling 155% increase compared to February 2019. Total active listings were at 8,851 at month end, compared to 9,894 at the same time last year and 8,831 at the end of January 2021; New listings in February were up 12% compared to January 2021, up 26% compared to February 2020 and up 30% compared to February 2019. Yet the sales-to-listings ratio, a key metric, February was 74%, signally a robust seller’s market, and perhaps strongest performance in history. In February of 2016, the former peak year for housing sales, the sales ratio was 56%.


February 2021 Highlights

  • Least expensive detached house: Maple Ridge, $972,600

  • Most expensive detached house: Westside, Vancouver, $3.3 million

  • Least expensive condo apartment: Port Coquitlam, $481,300

  • Least expensive townhouse: Maple Ridge, $594,300

  • Highest annual home sales increase: Tsawwassen, up 138%

    Real Estate Board of Greater Vancouver.


Vancouver Westside: Home buyers in Canada’s most expensive community should keep a close eye on long-term mortgage rates now because the five-year Canadian government bond rate has doubled since February 5 after barely budging for a decade, rising 45 basis points (0.45% ) to 0.88% as of February 26. The five-year fixed mortgage is tied to the bond rate, unlike variable rate mortgages. The current bond rate has already surpassed the forecast for all of 2021. If you are looking at locking in a new mortgage, the sooner is better.

A total of 592 homes sold on the Westside in February from 1,194 active listings, for a sales-to-listing ratio of 63%, the highest level in at least five years. Sales of condos dominated , with 440 condos purchased, compared to 87 detached houses and 63 townhouses. The price gap between sectors is becoming a chasm. The typical Westside detached house sold for a benchmark of $3,232,500 in February, compared to $735,000 for a condo and just over $1.3 million for a townhouse. Detached house prices were up 8.5% from a year earlier – ,nearly $275,000 – while condo apartment prices were down 0.2% and townhouse prices rose just 2.4%.

Vancouver East Side: Investors take note: East Side condo apartment prices have not budged in two years and now, at a $599,000 benchmark, are $13,000 less than in 2018. Townhouse prices are 2% lower now than three years ago, at a current benchmark of $910,000. However, all East Side strata prices have been edging up since December. Both have increased though in the last 6 to 8 months.

The East Side story is a positive one of increased transit, high-tech job growth and condo prices that are lower than in Burnaby and far below the Westside. There was a is surge in East Side condo and townhouse sales in February and this market appears ripe for rapid price appreciation.

Total East Side housing sales in February, at 408, were up 59% from January and 67% higher than in February 2020 and 146% above the 166 sales in February 2019. Despite an increase in listings, the sales-to-new-listing ratio was 70%, compared to 51% a month earlier and 55% in February 2020. Townhouses were seeing multiple offers with the sales-to-new-listing ratio at a stunning 105% in February, meaning virtually every townhouse listed sold.

North Vancouver: Both the City and District of North Vancouver are regulating new homes to meet the highest energy regulations under the BC Step Code, effective July 1, 2021. Perhaps better for the environment, the changes can add $40,000 or more to the price of a new detached house, according to industry estimates. Something to consider if you are planning to build or buy a new house this year.

North Vancouver is running out of homes for sale faster than nearly any other Metro region. There is now only a one-month supply, based on current listing and sales. In February total listings were 469 units, while sales reached 318 units. The result is an extreme sellers’ market, with a sales-to- listing ratio of 74%.

West Vancouver: February housing sales in West Vancouver, at 102 transactions, more than doubled from a month earlier, rising 127% from January and up 57% from February of last year. Sales were also 162% above February 2019. As usual, detached houses led the market, accounting for 80% of all transactions, despite house prices rising 16.8% from a year earlier to a benchmark of $2,972,400. West Vancouver remains a seller’s market, though more modest than in other regions, with a sales-to-listing ratio in February of 63%, which was up from 23% in January and from a 40% ratio a year earlier.

Richmond: With a sales-to-listing ratio of 77% in February, Richmond has about a three-month supply of residential units and it is being whittled down fairly quickly.

Total Richmond housing sales in February reached 453 units, up from 277 a month earlier and from 253 in February 2020, and a 192% increase from the 155 homes sold in February 2019. The benchmark price of a detached house increased 9.6% year-over-year to $1,651,800, but buyers should note that this price has been rising an average of $24,700 per month for the past three months. Condo sales in February reached 197 units, with benchmark prices up 6.5% year-over-year to $683,200. In the same period, typical townhouse prices advanced nearly 9% to $849,900.

Burnaby East: There were a total of 141 housing sales in February, up 46% from January and 28% higher than in February 2020. Burnaby East has among the lowest-price detached house prices in the region, with its benchmark of $1,317,900 about $300,000 below the Greater Vancouver benchmark. Active listings were at 84 at month end compared to 91 at the same time last year and 67 at the end of January. There is two month’s supply and sales to listings ratio of 64% compared to 65% in January 2021, 84% in February 2020 and 47% in February 2019. The sellers’ market is strengthening.

Burnaby North: This market has become intense with multiple offers on detached houses. One listing recently attracted 43 bids and sold for $300,000 above the asking price. The stats reflect what is going on in the home of the Amazing Brentwood and the new condos that surround it. Total sales were up 93% from the same month last year, to 193 transactions this February. Detached house prices have been rising more than 1% per month since last September and reached $1,572,500 in February. New listings in February were up 9% compared to January 2021, up 37% compared to February 2020 and up 66% compared to February 2019., yet the total inventory of listings is down to a 2 month’s supply. A strong sellers’ market, with the sales-to-listing ratio at 73%, compared to a ratio of 52% in February 2020.

Burnaby South: Anchored by Metrotown, considered Burnaby’s downtown, Burnaby South accounted for 201 of the 525 Burnaby home sales in February, with sales increasing 40% from January and up 91% year-over-year. Benchmark detached house prices were 10.2% higher than in February 2020, to $1,629,300, but the typical condo price was virtually unchanged year-over-year, at $664,700. Townhouse prices have been slowly climbing 0.5% every month for the past six months and reached $806,200 in February. Sales are strong, representing 74% of available listings.

New Westminster: That pounding beat you hear in the Royal City is pile driving on the waterfront as the latest and tallest new condo towers begin to rise above the Westminster Quay, in this instance two towers of 43 and 53 storeys. New Westminster’s housing market is now defined by condominium apartments, which represented 111 of the total of 164 transactions in February. Condo prices were up 3% year-over-year to $532,900, while condo sales increased 69% compared to both one month and one year earlier. New Westminster remains relatively affordable for all types of homes. Despite detached house prices increasing 11.9% from a year ago, the city has the lowest price for a SkyTrain-served market in Greater Vancouver, at a benchmark of $1,177,800. The overall sales-to-listing ratio, at 74% in February, reflects the strong sellers’ market.

Coquitlam: Coquitlam was an early adapter of laneway homes and small-lot, detached-house development, and now the city is considering zoning changes in six southwest neighbourhoods where residents have voiced support for higher density. These pockets include Austin-Poirier, Blue Mountain-Quadling and Whitting-Apian, among others. The areas are fairly close to SkyTrain stations and most of the detached houses were built 40 years ago. The plan is still in the consultation phase, but it is something local owners, buyers and sellers should be aware of.

Coquitlam detached house sales in February totalled 105, up from 76 in January and 67 in February of 2020. The benchmark detached house price posted a year-over-year increase of 16% to $1,363,000. Coquitlam added 71 new listings to the townhouses inventory in February, but with 69 sales, the supply is dwindling and prices were up 7.8% year-over-year to $725,100. Total home sales in the month, at 322, were up 43% from January and 64% higher than in February of last year. The sales-to-listing ratio in Coquitlam was 79% in February, a very strong buyer’s market.

Port Moody: The waterfront, SkyTrain-linked city of Port Moody is in the midst of dramatic change – two new development plans alone call for about 5,000 new homes over the next two decades – but it remains a quiet community backdropped by the massive 2,700-acre Belcarra Regional Park on its north shore. The green space and oceanfront are among the reasons detached house prices have soared 17.5% over the past year to $1,655,900, fourth-highest in Metro Vancouver markets. Port Moody is also distinctive in that its February benchmark condo price, at $671,900, is higher than local townhouse prices, at $660,400, evidence of the modern condo apartments built since SkyTrain arrived. There is only a two-month supply of homes in Port Moody and the February sales-to-listing ratio was 81%, representing one of the strongest sellers’ markets in Metro Vancouver.

Port Coquitlam: Port Coquitlam is rather tucked away but it should not be overlooked for buyers looking for value and potential. The little city has the lowest condo apartment prices in Greater Vancouver, at a February benchmark of $481,300. The secret is apparently getting out, though, as condo sales this year were up about 30% year-over-year to 81 transactions, including 44 in February. Future condo development is coming, and about 20 detached house lots in a six-acre wedge of land on Westwood Street, where the city is planning its first high-density development zone, will be affected. The benchmark price of a detached house in Port Coquitlam is now $1,270,000, but prices have risen 19.1% year-over-year, the fastest increase in the Tri-City area and one of the largest in Metro Vancouver. This is a town for investors to watch.

Maple Ridge: The pandemic work-from-home trend has made Maple Ridge one of the most popular destinations for people seeking more living space and lower housing costs. The result is predictable: overall housing sales have increased 64% year over year and were up 51% in February from a month earlier to 292 units. The benchmark price of a detached house soared 18.2% to $972,600. Townhouse prices are up 13.4% to $594,300 and condo apartment prices have increased nearly 9%, to $387,500, from a year ago. All of these prices are the lowest in Greater Vancouver, but a low inventory may drive values higher. There is now a mere one-month supply of total listings on the Maple Ridge market and the overall sales-to-listing ratio in February was a startling 81%. This is an extreme seller’s market. The shortage won’t end soon. As of February 1, just 185 new townhomes and 189 detached houses were under construction in the Maple Ridge-Pitt Meadows area, and total housing starts in all of 2020 tallied just 213 units.

Pitt Meadows: Pitt Meadows total housing sales more than doubled in February from a month earlier, rising 118% to 48 transactions, and were up 78% from a year earlier, but active listings plunged to just 38, down from 86 a year earlier and 42 at the end of January 2021. The sales-to-listing ratio is 80%, one of the highest in the Metro region, as is the annual price increase of 20.7% for detached houses, to $1,066,700. Townhouse prices are increasing an average of 4% per month and reached $651,000 as of February. This small market is one of the hottest for housing sales in the region.

Ladner: The south Delta community of Ladner led Greater Vancouver’s mainland in price increase for detached houses, up 20.9% year-over-year to $1,159,000 in February. Detached house prices are now rocketing up by 7.7% per month, also the highest such increase in the region. Townhouse prices are up 6% from February of last year to $693,900 and condo apartment prices reached $537,600, up 5.5% from a year earlier in this very active market. With a 74% sales-to-listing ratio and few new homes being completed, total listings represent a mere two-month supply.

Tsawwassen: This sunny region of Delta has a blazing housing market, with intense demand taking up the 91% year-over-year increase in listings seen in February. Sales have more than doubled from a year ago, with 78 transactions in February, up 138% from a year earlier. Townhouse prices edged up 2.4%, year-over-year, to $640,500 but the real surge was in detached houses to $1,273,100, up 15.7% from a year earlier and 3.4% higher than in January 2021. The sales-to-new-listing ratio is 74% and, if the current sales pace continues, Tsawwassen will run out of listings in about eight weeks. So far this year, 359 new homes are under construction in Tsawwassen, including 73 townhomes, 251apartments (some of which are rentals) and just 39 new detached houses, but most of the new units are already pre-sold.

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Very Honoured.

What a Year!

Thank you to all my Family, Friends, Clients and Colleagues, I could not have done it without YOU!

Repost from Dexter Realty

It's with immense pride we share those from our Dexter team who qualified for the Real Estate Board of Greater Vancouver Medallion Club this year.

⭐️ They are associates, partners, mentors, friends, but today we honour you as the incredible agents that lead our industry.

They exemplify professionalism and success and we're honoured to have them all represent Dexter Realty. Congratulations everyone and job well done!

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Welcome to January 2021  please fasten your seat belts

 

Some will express surprise that, as we enter the second year of a global pandemic, the rush to purchase homes in Greater Vancouver continues the startling sales pace seen in 2020. But there is a simple reason for the January surge: price appreciation as accelerating buyer demand collides with a stubborn lack of inventory.


In the past 12 months, the average price (based on dollar volume of sales) of a Greater Vancouver home has increased in value by $93,529, which is far higher than the average household income. In the detached house sector, where sales exploded in January, the average year-over-year price increase is well into the six digits. Dexter agents experienced this first hand during the last week of January as a North Burnaby detached house listing had a stunning amount of interest and showing requests. A significant number of multiple offers occurred, resulting in a sale that surpassed the $1.49 million list price. Each of these bidder was likely aware that, since January of 2020, the average detached house price in North Burnaby has increased by $283,456.

Multiple bids are being seen from West Vancouver and the Sunshine Coast to south of the Fraser River and in every property sector, from detached houses to condominium apartments. In Greater Vancouver during January, 53% of new listings sold, and the sales-to-listing ratio has surpassed 50% for the past seven months. There is little relief coming in new construction. As 2021 started, only 241 detached houses and 230 townhouses had started construction across all of Metro Vancouver, according to Canada Mortgage and Housing Corp. data. Of the total 1,628 new apartment starts, 28% were rentals and many of the remaining condo apartments had been pre-sold months earlier.


What to expect for the 2021 housing market? More of the same. With mortgage interest rates at 100-year-lows and home prices rising an average of nearly $8,000 per month, buyers and investors have awoken to an unprecedented buying opportunity.


Greater Vancouver: In January, 2,454 homes of all property types sold in Greater Vancouver. This compares to 1,602 in January 2020 and 1,120 in January of 2019 and a 28% increase from January of 2015, long considered the peak year for Greater Vancouver housing sales. Another telling stat: during the boom year of 2015, the benchmark January home price was $648,700. This January it was $1,056,600. Yes, we are into an unprecedented seller’s market.


Listings continue to decline, however. Total active listings in January 2021 were 8,820, down from 9,307 in January 2020 and from 11,427 in January 2018. With the current sales-to-listing ratio pace, there is a mere four months of inventory in the entire Greater Vancouver housing market.


Looking at the different types of property sales in Greater Vancouver, January 2021 detached home sales were up 41.8% year-over-year while new listings declined 0.4%; townhouse sales were up 42.8% year-over-year while new listings increased 16%; condominium apartment sales advanced 46.8% and new listings for condos increased by 27% year-over-year. Sales of detached houses in January made up 30% of all sales, compared to 27% in January 2020; townhouses represented 18% of sales, down from 20% a year earlier; and condo apartment sales made up 49% of total sales this January, compared to 51% in January 2020.


JANUARY 2021 HIGHLIGHTS

  • Average composite home price increase year-over-year in Greater Vancouver: 10.8%

  • Biggest detached house price increase year-over-year: Bowen Island (up 30%)

  • Biggest detached house price increase, mainland: Port Coquitlam and Pitt Meadows (up 15.4%)

  • Lowest benchmark condo price: Maple Ridge ($375,000)

  • Source: Real Estate Board of Greater Vancouver


Vancouver Westside: The Westside is the traditional bellwether for aspirational house buyers in Canada and January will be a month to remember, with detached sales rising 100% compared to the same month in either 2020 or 2019. The average price of the 68 Westside houses sold in January was $3,718,280, an increase of $450,000 from a year earlier.

In the townhouse sector, the 38 sales in January matched the record-setting December 2020 sales pace and were up 26% from January 2020. A slight increase in inventory  106 new listings were added in the month - kept average January townhouse prices in check, rising about $20,000 from a month earlier to $1,411,711.

The Westside condominium market saw January sales increasing 35% from January 2020, to 285 transactions. This was the lowest monthly sales level since July 2020, which may be a reaction to a frustrating lack of listings. Just 639 new listings came to the market in January, down 21% from the same month a year earlier. The average price of a Westside condo apartment is now $934,550, up more than $38,000 from December 2020, and multiple bids are not uncommon.

Vancouver Eastside: The line between the Eastside and Westside of Vancouver is rapidly blurring and this January was the latest indication. More detached houses sold on the Eastside – 109 – in January than on the Westside  68  a trend apparent for some time. Over the past five years, the price of an Eastside detached house increased 24% while it advanced just 9% on the Westside. In the past 12 months, the average Eastside house price increased by $20,000 per month – to $1,829,643 in January - yet prices are still half that of a detached house west of Quebec Street. Watch for rising demand and prices for Eastside houses and residential land from Renfrew Street to Mount Pleasant as the new Broadway Corridor SkyTrain line moves closer to reality. New Listings for Eastside houses in January were 175, resulting in a sales-to-new-listing ratio of 62%, slightly above the 2020 average.

Eastside townhouse sales were relatively robust in January. The 48 transactions in the month were down from the 66-unit per month average in the fourth quarter of 2020, but up 60% from January 2020. New listings, at 103, were the highest in two months and the sales-to-new-listing ratio was a healthy 47%. The average price of an Eastside townhouse in January reached $1,152,453, up 2.6% from a year earlier.

While Eastside condo sales in January were up from the 78 units In January 2020, the 99 sales were at the lowest monthly level since June of last year. The average condo price now is $680,177, up 10% from January 2020 and approximately $48,000 higher than in December 2020. With 216 new listings in January, the sales-to-new-listing ratio was 46%, indicating a seller’s market.

North Vancouver: Sales of detached houses in North Vancouver soared 87% in January compared to January 2020, but new listings fell by 33%, and the effect was reflected in prices. The average price of the 45 houses sold in January was $2,144,851, up from just over $1.89 million in December.

There were 67 new listings for townhouses in January, the highest level in five months, and 61% of them sold at an average price of $1,184,760, a price up 14% from January 2020.

After four months of hectic action with condominium apartment sales averaging 130 units per month, North Vancouver condo sales slipped to 92 in January, but represented 52% of the new listings added in the month. The average condo apartment price is now $708,656, up 15% from January 2020.

West Vancouver: Detached houses, which are the dominate property type in West Vancouver, notched 29 sales during January at an average price of $3,983,544. January sales were just eight units above January 2020 and the new listings, at 135, were up by just one house. The big difference was the January average price, which soared 21% - or $714,000  higher than in the same month a year ago.

Richmond: There was a moderate cooling of the red-hot Richmond detached house sales, with transactions dipping to 71 houses in January, the slowest monthly level since May 2020, though 36% above January 2020. With the sales-to-new listing ratio at 47%, the average house price was up nearly 5% year-over-year to $1,749,213 in January.

There was much-needed increase in townhouse listings in Richmond, with 137 units added in January, the highest level in four months. This is partly due to city zoning which has encouraged townhouse development on major Richmond streets since 2017. January sales of 64 townhouses represented 47% of all new listings. The average townhouse price in January was $911,959, up 9% from January 2020.

Condominium apartment sales in Richmond reached 141 units in January, up from 101 transactions in January 2020. With 303 new listings added, the sales-to-new-listing ratio was 47%, slightly lower than the 54% ratio seen in 2020. The average price of a Richmond condo is $613,385, up about 3% from a year earlier and approximately $49,000 above the average price in December 2020.

Burnaby East: The low inventory of detached houses was very apparent in Burnaby East, where buyers snapped up 80% of the new listings – 10  that were added to the January market. The eight houses sold went for an average of $1,560,625,up 23% from January 2020.

The townhouse market was even tighter, with the 6 sales representing 100% of the new listings added in January. The resultant multiple bids drove the average townhouse price up 17%  about $124,000  from December 2020.

Based on the current sales pace, there is only a three-month supply of condo apartments in Burnaby East, where the 13 sales in January absorbed 48% of the new listings. The January average condo price, at $607,284, compares to $563,914 year ago.

Burnaby North: The price of a detached house in Burnaby North reached a record high average of $1,704,836 in January as 22 houses sold, representing a sales-to-new listing ratio of 71%. Total active listings, at 68 in January, are at the lowest level in at least two years.

Sales of townhouses reached 22 in January, the lowest level in seven months, but this is likely a reflection of few new listings. With just 31 townhouses added to the market and active listings at two-year lows, the January sales-to-new-listing ratio was 71%. The average Burnaby North townhouse sold in January for $982,916, up 14% from January 2020.

Condo apartment sales continued the blistering pace seen in 2020, with 96 transactions in January, up 74% from January 2020. With 180 new listings, North Burnaby’s condo sales-to-new-listing ratio was 53%. The average condo price slipped down 4% from a year ago, to $597,117.

Burnaby South: With 26 detached house sales in January, transactions were close to the monthly average over the past 12 months and active listings, at 120, were also fairly constant in this very stable market. The outlier is average house prices, which have been rising steadily and reached $1,742,741 in January, up $285,000 from a year earlier.

Townhouse sales reached 30 in January, up 108% from January 2020 and higher than the 25 transactions in December 2020. With 41 new listings added, the January sales-to-new-listing ratio was 73%, compared to 54% during 2020. Townhouses in Burnaby South sold in January for an average of $1,007,309, up about $54,000 from the end of last year.

Condominium apartment sales continued the strong pace seen over the past seven months, with 87 transactions in January, representing 58% of the 150 new listing added in the month. The supply of condos is estimated at four months, if the current sales pace continues. The average condo price, at $625,937, is up from $595,215 in January 2020.

New Westminster: Detached house sales in New Westminster saw a three-fold increase in January compared to the same month last year, to 21 transactions, representing a startling sales-to-new listing ratio of 84%. The average house price

remained fairly constant in one of the more affordable housing markets in Greater Vancouver. The average house sold in January for $1,285,528, a 4.3% increase, year-over-year.

Townhouse buyers closed on 14 units in January, compared to four in the same month last year, but sales were below the 25-unit average pace over the final six months of 2020. With 28 new listings in January, the sales-to-new-listing was 50%, with the average price virtually unchanged from December 2020 at $727,435.

New Westminster’s year-over-year condo apartment market sales were higher in January, but, at 66 transaction, well below December’s 103 sales. An increase in new listings, to 159 units, kept the sales ratio at 43%, similar to the first month of 2020. The average condo price in January was $543,870, up 9% from December but down about $20,000 from January 2020.

Coquitlam: More Coquitlam detached houses sold in January 2021  76- than in Burnaby and New Westminster combined, an indication of Coquitlam’s growing popularity. The average Coquitlam detached house sold in January for $1,566,814, up 20% year-over-year, while 67% of the new listings sold.

Coquitlam’s townhouse sector saw January sales drop nearly 50% from December, to 38 transactions, but the average price was up 12% year-over-year to $864,957.

Coquitlam condo apartment sales in January, at 106 units, tracked close to the record monthly pace seen in 2020. With 149 condo listings added in January, the sales ratio was 71%, with average prices up $52,000 year-over-year at $574,407.

Port Moody: Since the extension of SkyTrain to the waterfront community, detached house prices have increased sharply. In January 2021, the average Port Moody house price hit a near-record of $1,611,733. This is up 18% from January 2019 and a startling $419,000 increase from January 2020. There were just 20 new listings for detached houses in January 2021, along with 9 sales. Multiple bids are being seen.

Port Moody has a small townhouse market, certainly not enough to meet demand. Through the last quarter of 2020, the sales-to-new-listing ratio was running at 100%. This dipped to 60% in January, with 9 sales from 15 new listings, but the average price climbed to $827,533, up from $769,900 a year earlier.

The condo inventory in Port Moody is mostly composed of new units built since the arrival of SkyTrain in 2016. There is fairly healthy selection, but units sell quickly. In January, with 28 transactions, the sales ratio to new listings was 76%, the second-highest level in a year. The average Port Moody condo price, based on 28 January sales, is now $608,357, highest in the Tri-Cities market.

Port Coquitlam: In January, the city made it easier to build laneway houses on detached-house lot by removing the need for public hearings, which is expected to fuel already hot detached-house sales. Port Coquitlam detached house sales reached 33 units in January, 2021, up from 29 in the month previous and 22 in January 2020. The average house price soared year-over-year from $875,000 to $1,211,787 in January 2021.

Port Coquitlam townhouse prices, at an average of $693,241 in January, are the lowest in the Tri-City region and have remained fairly stable, rising 4.5% year-over-year. January sales, at 18, represented 64% of the new townhouse listings in the month.

Port Coquitlam condo buyers experienced a rarity in January, as the average price of $438,247 was down from a year ago and lower than in December 2020. With just a two-month condo supply available and 49% of new listings selling in January, upward pressure on condo prices could be seen this year.

Ladner: In January, Delta eased the regulations for secondary suites in houses, eliminating the minimum 49-foot lot width and easing parking restrictions. The change will allow more house owners to include a ‘mortgage helper’ rental suite and may increase buyer demand for Ladner houses. In January, 15 detached houses sold in Ladner, representing 63% of the new listings, at an average price of $1,249,066. House sales and prices have remained fairly constant over the past year.

Ladner has seen an increase in townhouse construction over the past year, but the inventory of resale units remains tight. There were only six active listings in January, and just 1 unit sold, for $820,000.

January saw only 3 condo sales at an average price of $645,666, but buyers should know there has been a recent surge in new listings, rising to 21 units in January, the highest level since January 2020.

Tsawwassen: Detached house sales in Tsawwassen have been accelerating for some time but shifted to a higher gear in recent months. The result has been a reduction in detached-house supply to three months, and average prices rising about $90,000 in the past year. In January 30 houses sold, up from 9 in the same month last year. The average house price hit $1,363,083, up from $1,276,736 in January 2020. There were 85 total house listings on the market this January, the lowest level in more than two years.

Tsawwassen is a smallish community, and townhouse sales reflect that, with just 20 total listings and 9 sales in January. The average townhouse price is now $779,300, down slightly from January of last year.

There were 15 condo sales in January and the sales-to-new-listing ratio was 63%, signalling a seller’s market. Average condo prices, at $628,406, are up from $587,877 a year ago, mirroring price increases in much larger municipalities.

Pitt Meadows: The benchmark price of detached house in Pitt Meadows has inched above $1 million, at $1,013,200 in January 2021, a 15.4% increase year-over-year and tied with Port Coquitlam for the highest annual detached house price increase in Greater Vancouver.

Townhouse prices in Pitt Meadows in January were up 3.9% year-over-year to $622,100.

The benchmark condo apartment price increased to $603,200 in January 2021, up 6.3% from January 2020.

Maple Ridge: Maple Ridge posted the lowest benchmark in Greater Vancouver in January, at $930,900, a price up 15% year-over-year and nearly 3% higher than in December 2020.

Detached sales in the region (including neighbouring Pitt Meadows) were up 41% year-over-year to 95 transactions.

The benchmark townhouse price in Maple Ridge is $561,800, up 7.6% from this time last year and townhouse sales increased a stunning 83% to 68 units in the region. There were 79 new listings for townhouses in the regional market as of January.

Maple Ridge condominium apartment prices increased 9.1% from a year earlier in January 2021 to $373,500, the lowest benchmark condo price in Greater Vancouver, which may explain why the sales-to-new-listing ratio was an impressive 79% in January.

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“ There’s nowhere you can be that isn’t where you’re meant to be...John Lennon

Last year I started this report with John Lennon’s lyrics about the new year and hoping it was a good one… Well, the real estate market came alive, but a global pandemic isn’t what anyone would call a good year. In keeping with the legendary artist though, back in March who would have imagined that December would be a record month for the number of properties sold in that month. The analysis and questions of how this could happen during such a global crisis will be a topic for many conversations, and while record low interest rates play a part, a lot of it comes down to one simple reason: everyone’s life was turned upside down, where they live became one of the most important influences in the lives of many in 2020. And as we move through 2021 and life changes again for some, real estate will again be a focus of finding that right place to live and for some what seemed like the right place in 2020 may not actually be the right place in 2021.

 
There were 3,157 properties sold of all types in Greater Vancouver in December this year compared with 3,131 sold in November, 2,046 sales in December last year and 1,094 sold in December 2018. It was the highest number of sales for the month of December on record in Greater Vancouver, shattering the previous December highs in 2015 at 2,905 and 2003 at 2,609. Total sales for 2020 were 31,611 up 23 per cent from 2019 and 26 per cent from 2018. The number of sales in 2020 were only 6 per cent below the 20-year average – pretty incredible considering the grinding halt of activity in March, April and May. It was definitely a tale of two markets in one year with there being 11,471 sales in the first 6 months and 20,140 in the last 6 months of 2020. Multiple offers were common more than not in the last half of 2020, and more so in detached and townhomes as outdoor space and distance from those around us was coveted. While apartments in downtown Vancouver had seen less activity in comparison, that started to change as the year closed out and buyers began to see opportunity amongst the increase in active listings. We will see more activity in the apartment market as 2021 continues and vaccines become more and more available. As activity in business and events come back so too will the desire to live close to the action.
 
Looking at the different types of properties, detached home sales were up 30 per cent year over year (new listings were down 6 per cent), townhouses sales were up 31 per cent year over year (new listings were up 3 per cent), apartment sales were up 12 per cent year over year (new listings were up 13 per cent). Detached homes made up 34 per cent of all sales (32 per cent in 2019), while townhomes made up 19.5 per cent (18 per cent in 2019) and apartments 44.4 per cent (48.4 per cent in 2019).

 

So how do we sum up the year in Greater Vancouver real estate month by month?


January – Optimism for a new year after 2 very slow years
February – Market on the rise
March – Tale of two months – robust start followed by sudden halt
April – 30 more days of March
May – Can we really buy and sell real estate?
June – Yes, we can buy and sell real estate
July – Let’s buy and sell real estate
August – Vacation or buy and sell real estate? Buy and sell real estate!
September – Kids back to school, buyers and sellers will be distracted
October – Buyers and sellers not distracted – strongest month for sales in 2020
November – Market is slowing
December – Market isn’t slowing, strongest December on record

 

2020 Average Daily Listings and Sales in Greater Vancouver by Week:

 
First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August - 299 new listings, 157 sales
September – 313 new listings, 176 sales
October – 272 new listings, 182 sales
November – 212 new listings, 161 sales
November 30 to December 4 – 165 new listings, 163 sales
December 7 to 11 – 147 new listings, 140 sales
December 14 to 18 – 122 new listings, 152 sales
December 21 to 25 – 68 new listings, 143 sales
December 28 to 31 – 76 new listings, 138 sales
 
The number of active listings in Greater Vancouver dropped quickly through December. Even though the number of new listings in December were 38 per cent above the 10-year average for the month, the total number of active listings at the end of December dropped to 9,096 from 13,066 at the end of October. There were 9,309 active listings at the end of December 2019. As typically happens at the end of December a number of listings expire on December 31st which resulted in there being 8,144 as the calendar turned to 2021. At the start of 2020 there were 8,231 active listings in Greater Vancouver. Detached homes made up 42 per cent of total active listings at the start of 2020 while only 32 per cent of current active listings are detached properties in 2021. Townhouse and apartments were 51 per cent in 2020 and 62 per cent currently. Demand for detached homes continues to be strong and with the limited number of homes available, there will be strong competition amongst buyers resulting in multiple offers and pressure on prices as we move through 2021. If a pandemic doesn’t trip up the real estate market, vaccines and recovery surely will have more of a positive impact in activity going forward.
 
What has truly driven the real estate market in 2020 and will it continue to drive the market in 2021? Interest rates are at the lowest we’ve seen, enabling buyers to take advantage of increased purchasing power and opportunity. Buyers that had been on the fence in 2018 and 2019 due to tightened lending restrictions and a hesitation in the market as buyers and sellers wanted to see what would come of increased taxes on purchasing real estate and attempts to curtail demand. The first decade of this century actually saw 8 per cent more real estate transactions than 2010 to 2019. Considering the increase in the number of homes available in the last 10 years compared to 2000 to 2009, it shows that pressure was building for movement to happen. Bring on the pandemic and it jump started movement on a very large scale. To think this movement has been captured in the last 6 months alone, would be a naïve position to take. With interest rates likely to remain low for the next few years, savings rates at all-time highs as consumers are spending less on social and recreational activities and the amount of money pumped into the economy by government, there’s no reason to think sales activity will slow in the near future. As has been the case and will continue to be the case, there just are not enough homes available to meet the demand of buyers in our market place. As much as many resists the notion that real estate should be a commodity, it is. And one in which many take great pride in living in.  

“When the pandemic began in March, the housing market came to a near standstill. We knew however, that shelter needs don’t go away in times of crisis, they intensify,” Colette Gerber, REBGV Chair said, “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were in implemented to BC REALTORS® could help residents safely meet their housing needs. After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons. Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead the supply of homes for sale will be a critical factor in determining home price trends in 2021.”
 
East of Vancouver, the Fraser Valley Real Estate Board processed 2,086 sales of all property types on its Multiple Listing Service® in December, the strongest December on record and 81.2 per cent above normal for the month. There were 19,926 total sales in 2020, which was 28.7 per cent higher than 2019 at 15,487 and the fourth highest sales since 2011. During 2020, there were 8,176 detached home sales, 5,102 townhouse sales and 4,357 apartment sales.  Year-over-year the increase in detached home sales was 41.7 per cent, for townhomes 31.2 per cent and apartments 5.9 per cent. There were 1,502 new listings in December which was the second highest on record. December finished with 3,949 active listings, down from 5,847 active listings at the end of November. “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.” Chris Shields, President of the Fraser Valley Real Estate Board said.
 

Here’s a summary of the numbers:

 
Greater Vancouver: Greater Vancouver: Total Units Sold in December were 3,157 – up from 3,131 (1%) in November 2020, up from 2,046 (54%) in December 2019, up from 1,094 (189%) in December 2018; Active Listings are were at 9,096 at month end compared to 9,309 at that time last year and 11,716 at the end of November; New Listings in December were down 40% compared to November 2020, up 50% compared to December 2019 and up 71% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 127% compared to 75% in November 2020, 123% in December 2019 and 75% in December 2018. Year-over-year, the House Price Index is up 5.4%.
 
Vancouver Westside: Total Units Sold in December were 486 – up from 470 (3%) in November 2020, up from 356 (37%) in December 2019, up from 190 (156%) in December 2018; Active Listings are were at 2,022 at month end compared to 1,687 at that time last year and 2,558 at the end of November; New Listings in December were down 47% compared to November 2020, up 39% compared to December 2019 and up 63% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 115% compared to 59% in November 2020, 117% in December 2019 and 73% in December 2018. Year-over-year, the House Price Index is up 8.4%.
 
Vancouver East Side: Total Units Sold in December were 348 – down from 364 (4%) in November 2020, up from 208 (67%) in December 2019, up from 113 (208%) in December 2018; Active Listings are were at 922 at month end compared to 800 at that time last year and 1,232 at the end of November; New Listings in December were down 44% compared to November 2020, up 66% compared to December 2019 and up 102% compared to December 2018. Month’s supply of total residential listings is at 3 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 130% compared to 76% in November 2020, 129% in December 2019 and 85% in December 2018. Year-over-year, the House Price Index is up 10.2%.
 
North Vancouver: Total Units Sold in December were 250 – down from 264 (5%) in November 2020, up from 155 (61%) in December 2019, up from 99 (152%) in December 2018; Active Listings are were at 458 at month end compared to 466 at that time last year and 693 at the end of November; New Listings in December were down 51% compared to November 2020, up 47% compared to December 2019 and up 107% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 153% compared to 79% in November 2020, 140% in December 2019 and 125% in December 2018. Year-over-year, the House Price Index is up 9.1%.
 
West Vancouver: Total Units Sold in December were 82 – down from 90 (9%) in November 2020, up from 46 (78%) in December 2019, up from 30 (173%) in December 2018; Active Listings are were at 449 at month end compared to 505 at that time last year and 558 at the end of November; New Listings in December were down 41% compared to November 2020, up 12% compared to December 2019 and up 5% compared to December 2018. Month’s supply of total residential listings is down to 5 month’s supply (mostly balanced market conditions) and sales to listings ratio of 122% compared to 80% in November 2020, 77% in December 2019 and 47% in December 2018. Year-over-year, the House Price Index is up 8.4%.
 
Richmond: Total Units Sold in December were 343 – up from 335 (2%) in November 2020, up from 281 (22%) in December 2019, up from 122 (181%) in December 2018; Active Listings are were at 1,376 at month end compared to 1,540 at that time last year and 1,637 at the end of November; New Listings in December were down 40% compared to November 2020, up 19% compared to December 2019 and up 51% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 113% compared to 64% in November 2020, 110% in December 2019 and 61% in December 2018. Year-over-year, the House Price Index is up 4.9%.
 
Burnaby East: Total Units Sold in December were 41 – up from 37 (11%) in November 2020, up from 24 (71%) in December 2019, up from 17 (141%) in December 2018; Active Listings are were at 65 at month end compared to 112 at that time last year and 105 at the end of November; New Listings in December were down 50% compared to November 2020, down 10% compared to December 2019 and down 5% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 216% compared to 97% in November 2020, 114% in December 2019 and 85% in December 2018. Year-over-year, the House Price Index is up 8.3%.
 
Burnaby North: Total Units Sold in December were 171 – up from 156 (10%) in November 2020, up from 113 (51%) in December 2019, up from 50 (242%) in December 2018; Active Listings are were at 470 at month end compared to 322 at that time last year and 594 at the end of November; New Listings in December were down 33% compared to November 2020, up 136% compared to December 2019 and up 106% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 104% compared to 63% in November 2020, 161% in December 2019 and 63% in December 2018. Year-over-year, the House Price Index is up 5.4%.
 
Burnaby South: Total Units Sold in December were 148 – up from 159 (7%) in November 2020, up from 132 (12%) in December 2019, up from 51 (190%) in December 2018; Active Listings are were at 574 at month end compared to 464 at that time last year and 669 at the end of November; New Listings in December were down 29% compared to November 2020, up 85% compared to December 2019 and up 43% compared to December 2018. Month’s supply of total residential listings is at 4 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 103% compared to 78% in November 2020, 169% in December 2019 and 50% in December 2018. Year-over-year, the House Price Index is up 2.4%.
 
New Westminster: Total Units Sold in December were 151 – up from 137 (10%) in November 2020, up from 77 (96%) in December 2019, up from 58 (160%) in December 2018; Active Listings are were at 331 at month end compared to 260 at that time last year and 462 at the end of November; New Listings in December were down 45% compared to November 2020, up 82% compared to December 2019 and up 102% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 162% compared to 82% in November 2020, 151% in December 2019 and 126% in December 2018. Year-over-year, the House Price Index is up 4.5%.
 
Coquitlam: Total Units Sold in December were 309 – up from 260 (19%) in November 2020, up from 197 (57%) in December 2019, up from 89 (247%) in December 2018; Active Listings are were at 566 at month end compared to 568 at that time last year and 782 at the end of November; New Listings in December were down 43% compared to November 2020, up 80% compared to December 2019 and up 78% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 146% compared to 70% in November 2020, 167% in December 2019 and 75% in December 2018. Year-over-year, the House Price Index is up 6.5%.
 
Port Moody: Total Units Sold in December were 78 – up from 67 (16%) in November 2020, up from 37 (111%) in December 2019, up from 29 (168%) in December 2018; Active Listings are were at 155 at month end compared to 138 at that time last year and 226 at the end of November; New Listings in December were down 40% compared to November 2020, up 82% compared to December 2019 and up 218% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 153% compared to 79% in November 2020, 132% in December 2019 and 181% in December 2018. Year-over-year, the House Price Index is up 6.0%.
 
Port Coquitlam: Total Units Sold in December were 105 – up from 102 (3%) in November 2020, up from 84 (25%) in December 2019, up from 51 (106%) in December 2018; Active Listings are were at 133 at month end compared to 186 at that time last year and 199 at the end of November; New Listings in December were down 13% compared to November 2020, up 78% compared to December 2019 and up 158% compared to December 2018. Month’s supply of total residential listings is down to 1 month’s supply (seller’s market conditions) and sales to listings ratio of 102% compared to 86% in November 2020, 145% in December 2019 and 128% in December 2018. Year-over-year, the House Price Index is up 6.6%.
 
Ladner: Total Units Sold in December were 34 – up from 47 (28%) in November 2020, up from 20 (70%) in December 2019, up from 23 (48%) in December 2018; Active Listings are were at 66 at month end compared to 136 at that time last year and 88 at the end of November; New Listings in December were down 21% compared to November 2020, the same amount as December 2019 and up 114% compared to December 2018. Month’s supply of total residential listings is at 2 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 113% compared to 124% in November 2020, 67% in December 2019 and 164% in December 2018. Year-over-year, the House Price Index is up 7.5%.
 
Tsawwassen: Total Units Sold in December were 74 – up from 55 (35%) in November 2020, up from 26 (185%) in December 2019, up from 13 (469%) in December 2018; Active Listings are were at 176 at month end compared to 193 at that time last year and 248 at the end of November; New Listings in December were down 44% compared to November 2020, up 126% compared to December 2019 and up 231% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 172% compared to 71% in November 2020, 137% in December 2019 and 100% in December 2018. Year-over-year, the House Price Index is up 8.4%.
 
Pitt Meadows: Total Units Sold in December were 26 – down from 46 (43%) in November 2020, down from 27 (3%) in December 2019, up from 23 (13%) in December 2018; Active Listings are were at 47 at month end compared to 54 at that time last year and 64 at the end of November; New Listings in December were down 47% compared to November 2020, up 53% compared to December 2019 down 51% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 130% compared to 121% in November 2020, 207% in December 2019 and 56% in December 2018. Year-over-year, the House Price Index is up 5.7%.
 
Maple Ridge: Total Units Sold in December were 214 – up from 176 (22%) in November 2020, up from 130 (65%) in December 2019, up from 73 (193%) in December 2018; Active Listings are were at 371 at month end compared to 557 at that time last year and 484 at the end of November; New Listings in December were down 19% compared to November 2020, up 57% compared to December 2019 and up 132% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 129% compared to 86% in November 2020, 123% in December 2019 and 102% in December 2018. Year-over-year, the House Price Index is up 8.9%. 


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“ Character is much easier kept than recovered.”Thomas Paine

This is no longer a comeback! This is a real estate market making its own way into 2021. This is well beyond pent up demand and more like a surge of moves being made for a variety of reasons. Those buying and selling have had more confidence in the real estate market than did the federal organization that insures mortgages in Canada – and true to form, the customer is always right! 

 
There were 3,181 properties sold of all types in Greater Vancouver in November this year compared with 3,787 sold last month, 2,546 sales in November last year and 1,633 sold in November 2018. It was the fifth highest amount of sales for the month of November on record in Greater Vancouver, and the highest for the month since 2015 at 3,603. Total sales for 2020 have already exceeded the total number of sales in 2018 and 2019 with December still to come. Instances of multiple offers are still occurring at a rate we’ve not seen in the last few years in Metro Vancouver, with some reports showing that a quarter of transactions are selling at list price or above. While more so in detached homes and townhouses, there is still activity in the apartment market that has created competition. While downtown Vancouver has seen less activity in comparison, there are still quite a number of transactions occurring. Inventory of apartments for sale has increased from extreme seller’s market conditions in 2017, and yet the total is still much less than the number of listings on market in 2011 and 2012. As we move into 2021 and the potential for some relief from the pandemic comes, the push away from high rise apartments should relax. When immigration opens up again and service sector jobs return, demand for apartments will increase with it – both to purchase and rent.
 
Total sales in November were 25 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 29 per cent year over year (43 per cent in October), townhouses up 40 per cent year over year (45 per cent in October), apartments up 12 per cent year over year (13 per cent in October). Detached homes made up 34 per cent of all sales (35 per cent in October), while townhomes made up 21 per cent (up from 20 per cent in October) and apartments 44 (up from 41) per cent. Total active listings for apartments are up 37 per cent year over year (compared to 31 per cent at the end of October), and active listings for townhouse and detached homes are down 12 per cent and 20 per cent respectively year over year.
 
2020 Average Daily Listings and Sales in Greater Vancouver by Week:
 
First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August - 299 new listings, 157 sales
September – 313 new listings, 176 sales
October – 272 new listings, 182 sales
November 2 to 6 – 236 new listings, 151 sales
November 9 to 13 – 253 new listings, 188 sales
November 16 to 20 – 191 new listings, 155 sales
November 23 to 27 – 166 new listings, 149 sales
 
The number of new listings coming to market continued to decline in November with total active listings declining as well. Even though the number of new listings in November were 21 per cent above the 10-year average for the month, the total number of active listings at the end of November dropped to 11,716 from 13,066 at the end of October. While slightly above last year’s number of active listings which were 11,517 at the end of November 2019, with buyer demand continuing at the level we’ve seen in the second half of 2020, there will be less than 10,000 total active listings at the end of the year. While December is typically a time to hold off listing a home for sale, this year is a much different year, opportunity exists for those in need of making a move. And with more and more consumer activity happening on line, there will be more eyes shifting to real estate websites after visits to Amazon and other online shopping sites.
 
With one month left in 2020, it’s become clear that despite a pandemic, the real estate market has been driven by real demand and created a shortage of resale homes to be available for buyers to choose from. The month’s supply of listings since June have been the lowest in over two years for detached and townhouse type properties. While the number of apartments has gone up in Vancouver’s West Side, there has been a clear shift towards buying further out in Greater Vancouver. Looking at areas such as Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and Lander, there 2 month’s supply of homes available. In Ladner, at the peak in June 2018 there were 131 houses available for sale, there are now 58; and for townhouses in Ladner, there were 46 available for sale in May 2019 and there are now 13.  In Port Coquitlam in August 2018 there were 159 houses available for sale, there are now 53 and for townhouses there were 102 available in April 2019 and there are now only 26 on the market.

 

“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said, “This is putting upward pressure on home prices, particularly in our detached and townhome markets. The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”

 
East of Vancouver, the Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® in November, a decrease of 8.3 per cent compared to sales in October and a 54.7 per cent increase compared to November last year. This was the highest sales for the month of November in the Fraser Valley Board, a continued trend from September. There were 2,217 new listings in November, a 28.0 per cent decrease compared to October and an 18.1 per cent increase compared to November of last year. November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October’s inventory and a decrease of 13.2 per cent year-over-year. “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.” Chris Shields, President of the Fraser Valley Real Estate Board said. “For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”
 
Here’s a summary of the numbers:
 
Greater Vancouver: Total Units Sold in November were 3,131 – down from 3,787 (16%) in October 2020, up from 2,546 (23%) in November 2019, up from 1,633 (90%) in November 2018; Active Listings are at 11,716 compared to 11,517 at this time last year and 13,066 at the end of October; New Listings in November were down 27% compared to October 2020, up 35% compared to November 2019 and up 17% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 5.8%.
 
Vancouver Westside: Total Units Sold in November were 470 – down from 547 (14%) in October 2020, up from 406 (16%) in November 2019, up from 298 (57%) in November 2018; Active Listings are at 2,558 compared to 2,065 at this time last year and 2,820 at the end of October; New Listings in November were down 30% compared to October 2020, up 41% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is steady at 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 59% compared to 46% in October 2020, 72% in November 2019 and 43% in November 2018. Year-over-year, the House Price Index is up 2.6%.
 
Vancouver East Side: Total Units Sold in November were 364 – down from 392 (7%) in October 2020, up from 310 (17%) in November 2019, up from 181 (101%) in November 2018; Active Listings are at 1,232 compared to 1,006 at this time last year and 1,383 at the end of October; New Listings in November were down 31% compared to October 2020, up 41% compared to November 2019 and up 24% compared to November 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 76% compared to 57% in October 2020, 91% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 6.1%.
 
North Vancouver: Total Units Sold in November were 264 – down from 334 (21%) in October 2020, up from 217 (22%) in November 2019, up from 139 (90%) in November 2018; Active Listings are at 693 compared to 656 at this time last year and 824 at the end of October; New Listings in November were down 25% compared to October 2020, up 47% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 9.3%.
 
West Vancouver:
 Total Units Sold in November were 90 – down from 104 (13%) in October 2020, up from 66 (36%) in November 2019, up from 30 (200%) in November 2018; Active Listings are at 558 compared to 608 at this time last year and 630 at the end of October; New Listings in November were down 44% compared to October 2020, down 3% compared to November 2019 and up 20% compared to November 2018. Month’s supply of total residential listings is steady at 6 month’s supply (mostly balanced conditions) and sales to listings ratio of 80% compared to 50% in October 2020, 56% in November 2019 and 21% in November 2018. Year-over-year, the House Price Index is up 8.1%.
 
Richmond: Total Units Sold in November were 335 – down from 384 (13%) in October 2020, up from 273 (22%) in November 2019, up from 178 (88%) in November 2018; Active Listings are at 1,637 compared to 1,795 at this time last year and 1,637 at the end of October; New Listings in November were down 16% compared to October 2020, up 36% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 64% compared to 62% in October 2020, 71% in November 2019 and 39% in November 2018. Year-over-year, the House Price Index is up 5.3%.
 
Burnaby East: Total Units Sold in November were 37 – down from 50 (26%) in October 2020, up from 33 (12%) in November 2019, up from 17 (118%) in November 2018; Active Listings are at 105 compared to 135 at this time last year and 124 at the end of October; New Listings in November were down 39% compared to October 2020, up 3% compared to November 2019 and up 12% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 97% compared to 81% in October 2020, 89% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 6.7%.
 
Burnaby North: Total Units Sold in November were 156 – down from 170 (8%) in October 2020, up from 137 (14%) in November 2019, up from 71 (120%) in November 2018; Active Listings are at 594 compared to 439 at this time last year and 627 at the end of October; New Listings in November were down 13% compared to October 2020, up 87% compared to November 2019 and up 44% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 63% compared to 60% in October 2020, 104% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 4.7%.
 
Burnaby South: Total Units Sold in November were 159 – down from 178 (11%) in October 2020, down from 167 (5%) in November 2019, up from 79 (101%) in November 2018; Active Listings are at 669 compared to 607 at this time last year and 744 at the end of October; New Listings in November were down 32% compared to October 2020, up 17% compared to November 2019 and up 10% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 78% compared to 59% in October 2020, 96% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 2.9%.
 
New Westminster: Total Units Sold in November were 137 – down from 168 (18%) in October 2020, up from 123 (11%) in November 2019, up from 87 (57%) in November 2018; Active Listings are at 462 compared to 335 at this time last year and 520 at the end of October; New Listings in November were down 38% compared to October 2020, up 73% compared to November 2019 and up 3% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 82% compared to 62% in October 2020, 127% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 5.1%.
 
Coquitlam: Total Units Sold in November were 260 – down from 356 (27%) in October 2020, up from 210 (24%) in November 2019, up from 135 (93%) in November 2018; Active Listings are at 782 compared to 753 at this time last year and 844 at the end of October; New Listings in November were down 18% compared to October 2020, up 72% compared to November 2019 and up 42% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 70% compared to 78% in October 2020, 97% in November 2019 and 51% in November 2018. Year-over-year, the House Price Index is up 7.6%.
 
Port Moody: Total Units Sold in November were 67 – down from 92 (27%) in October 2020, up from 43 (56%) in November 2019, up from 33 (103%) in November 2018; Active Listings are at 226 compared to 182 at this time last year and 254 at the end of October; New Listings in November were down 31% compared to October 2020, up 77% compared to November 2019 and up 22% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 79% compared to 75% in October 2020, 90% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 5.3%.
 
Port Coquitlam: Total Units Sold in November were 102 – down from 122 (16%) in October 2020, up from 90 (13%) in November 2019, up from 67 (52%) in November 2018; Active Listings are at 199 compared to 269 at this time last year and 250 at the end of October; New Listings in November were down 32% compared to October 2020, down 3% compared to November 2019 and down 2% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 86% compared to 69% in October 2020, 73% in November 2019 and 55% in November 2018. Year-over-year, the House Price Index is up 6.8%.
 
Ladner: Total Units Sold in November were 47 – down from 55 (15%) in October 2020, up from 42 (12%) in November 2019, up from 22 (114%) in November 2018; Active Listings are at 88 compared to 163 at this time last year and 120 at the end of October; New Listings in November were down 25% compared to October 2020, down 25% compared to November 2019 and down 14% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 124% compared to 108% in October 2020, 82% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 9.0%.
 
Tsawwassen: Total Units Sold in November were 55 – down from 76 (28%) in October 2020, up from 36 (53%) in November 2019, up from 17 (224%) in November 2018; Active Listings are at 248 compared to 250 at this time last year and 285 at the end of October; New Listings in November were down 9% compared to October 2020, up 75% compared to November 2019 and up 103% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 71% compared to 89% in October 2020, 82% in November 2019 and 45% in November 2018. Year-over-year, the House Price Index is up 8.9%.
 
Pitt Meadows: Total Units Sold in November were 46 – up from 39 (18%) in October 2020, up from 24 (92%) in November 2019, up from 23 (100%) in November 2018; Active Listings are at 64 compared to 82 at this time last year and 90 at the end of October; New Listings in November were down 24% compared to October 2020, up 100% compared to November 2019 and down 7% compared to November 2018. Month’s supply of total residential listings is down to 1 month’s supply (seller’s market conditions) and sales to listings ratio of 121% compared to 79% in October 2020, 126% in November 2019 and 56% in November 2018. Year-over-year, the House Price Index is up 7.3%.
 
Maple Ridge: Total Units Sold in November were 176 – down from 293 (40%) in October 2020, up from 169 (4%) in November 2019, up from 108 (63%) in November 2018; Active Listings are at 484 compared to 674 at this time last year and 527 at the end of October; New Listings in November were down 30% compared to October 2020, down 4% compared to November 2019 and up 1% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 86% compared to 101% in October 2020, 78% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 8.7%.

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The sales and listings numbers are attached as of October 15, 2020. The real estate market continues to move along with October keeping pace with where September was at mid-month, albeit with a slight drop in the number of new listings coming on. Sales in the last half of September did gain momentum, will that be the case for October? In Greater Vancouver, there have been 1,741 sales as of October 15th while there were 1,755 sales last month as of September 15th. While we’ll likely see over 3,000s sale at month end for Greater Vancouver as was the case in September, the year-over-year increase won’t be as dramatic given October 2019 had the highest monthly sales for 2019 at 2,892. But that doesn’t take away from the fact this real estate market continues to move – no pun in intended.
 
Typically, October would have more sales than September – but of course in the year of COVID, there is no usual. We may not quite see the same level of sales to finish the month but buyers are still engaging and with the number of new listings less so far in October than we saw in September, competition continues to be strong – especially for detached homes. There have been 3,060 new listings in Greater Vancouver so far this month, which is less than the 3,385 new listings at mid-month in September. Total active listings are down slightly to 13,670 from the 13,790 at the end of September. We do have a provincial election on October 24th which may distract a few buyers and sellers over the next week but so far that really hasn’t been an issue. Housing policies haven’t been a significant part of the platforms in the election, status quo seems to be where we are headed. Supply is going to be an issue in the coming years as a result. There was a slight lag in sales leading up to Thanksgiving but activity picked up again after that.
 
While it was a September to remember, the real estate market could still be Mr. October after we finish the month.
 

Greater Vancouver Average Daily Listings and Sales

 
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 278 new listings, 145 sales
August 3 to 7 – 337 new listings, 151 sales
August 10 to 15 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales
August 24 to 28 – 279 new listings, 164 sales
August 31 to September 4 – 275 new listings, 162 sales
September 8 to 11 – 379 new listings, 171 sales
September 14 to 18 – 315 new listings, 184 sales
September 21 to 25 – 295 new listings, 180 sales
September 28 to Oct 2 – 302 new listings, 181 sales
October 5 to 9 – 300 new listings, 169 sales

 

Here is a summary of the activity so far:

 
Greater Vancouver – 1,741 Units Sold so far as of October 15 compared to 1,755 as of September 15th, 2020, 1,132 Units Sold at October 14, 2019 and 898 at October 15, 2018. Total New Listings so far in October are 3,060 compared to 3,385 as at September 15, 2020, 1,802 at October 14, 2019 and 2,302 at October 15, 2018. Total Active Listings are at 13,670 (13,627 at the same time in October 2019 and 13,814 at mid-September 2020), Sales To Listings Ratio is at 57% compared to 52% at this time in September 2020, and 63% at this time in October 2019.
 
Vancouver West – 258 Units Sold so far as of October 15 compared to 252 as of September 15th, 2020, 186 Units Sold at October 14, 2019 and 164 at October 15, 2018. Total New Listings so far in October are 630 compared to 693 as at September 15, 2020, 363 at October 14, 2019 and 459 at October 15, 2018. Total Active Listings are at 2,878 (2,382 at the same time in October 2019 and 2,799 at mid-September 2020), Sales To Listings Ratio is at 41% compared to 36% at this time in September 2020, and 51% at this time in October 2019.
 
Vancouver East – 192 Units Sold so far as of October 15 compared to 197 as of September 15th, 2020, 120 Units Sold at October 14, 2019 and 107 at October 15, 2018. Total New Listings so far in October are 395 compared to 403 as at September 15, 2020, 180 at October 14, 2019 and 228 at October 15, 2018. Total Active Listings are at 1,422 (1,239 at the same time in October 2019 and 1,379 at mid-September 2020), Sales To Listings Ratio is at 49% compared to 49% at this time in September 2020, and 67% at this time in October 2019.
 
North Vancouver
 – 155 Units Sold so far as of October 15 compared to 164 as of September 15th, 2020, 96 Units Sold at October 14, 2019 and 68 at October 15, 2018. Total New Listings so far in October are 246 compared to 309 as at September 15, 2020, 130 at October 14, 2019 and 219 at October 15, 2018. Total Active Listings are at 899 (824 at the same time in October 2019 and 926 at mid-September 2020), Sales To Listings Ratio is at 63% compared to 53% at this time in September 2020, and 74% at this time in October 2019.
 
West Vancouver – 47 Units Sold so far as of October 15 compared to 52 as of September 15th, 2020, 32 Units Sold at October 14, 2019 and 24 at October 15, 2018. Total New Listings so far in October are 106 compared to 111 as at September 15, 2020, 67 at October 14, 2019 and 97 at October 15, 2018. Total Active Listings are at 647 (689 at the same time in October 2019 and 649 at mid-September 2020), Sales To Listings Ratio is at 44% compared to 47% at this time in September 2020, and 48% at this time in October 2019.
 
Richmond – 173 Units Sold so far as of October 15 compared to 198 as of September 15th, 2020, 136 Units Sold at October 14, 2019 and 111 at October 15, 2018. Total New Listings so far in October are 325 compared to 368 as at September 15, 2020, 232 at October 14, 2019 and 270 at October 15, 2018. Total Active Listings are at 1,737 (2,041 at the same time in October 2019 and 1,742 at mid-September 2020), Sales To Listings Ratio is at 53% compared to 54% at this time in September 2020, and 59% at this time in October 2019.
 
Burnaby East – 22 Units Sold so far as of October 15 compared to 23 as of September 15th, 2020, 11 Units Sold at October 14, 2019 and 11 at October 15, 2018. Total New Listings so far in October are 27 compared to 27 as at September 15, 2020, 21 at October 14, 2019 and 24 at October 15, 2018. Total Active Listings are at 141 (152 at the same time in October 2019 and 140 at mid-September 2020), Sales To Listings Ratio is at 67% compared to 85% at this time in September 2020, and 52% at this time in October 2019.
 
Burnaby North – 84 Units Sold so far as of October 15 compared to 91 as of September 15th, 2020, 60 Units Sold at October 14, 2019 and 39 at October 15, 2018. Total New Listings so far in October are 165 compared to 171 as at September 15, 2020, 86 at October 14, 2019 and 107 at October 15, 2018. Total Active Listings are at 651 (550 at the same time in October 2019 and 636 at mid-September 2020), Sales To Listings Ratio is at 51% compared to 53% at this time in September 2020, and 70% at this time in October 2019.
 
Burnaby South – 72 Units Sold so far as of October 15 compared to 79 as of September 15th, 2020, 62 Units Sold at October 14, 2019 and 35 at October 15, 2018. Total New Listings so far in October are 771 compared to 177 as at September 15, 2020, 93 at October 14, 2019 and 134 at October 15, 2018. Total Active Listings are at 771 (722 at the same time in October 2019 and 727 at mid-September 2020), Sales To Listings Ratio is at 46% compared to 45% at this time in September 2020, and 70% at this time in October 2019.
 
New Westminster – 72 Units Sold so far as of October 15 compared to 76 as of September 15th, 2020, 51 Units Sold at October 14, 2019 and 43 at October 15, 2018. Total New Listings so far in October are 147 compared to 148 as at September 15, 2020, 80 at October 14, 2019 and 114 at October 15, 2018. Total Active Listings are at 544 (473 at the same time in October 2019 and 522 at mid-September 2020), Sales To Listings Ratio is at 49% compared to 51% at this time in September 2020, and 64% at this time in October 2019.
 
Coquitlam – 160 Units Sold so far as of October 15 compared to 145 as of September 15th, 2020, 98 Units Sold at October 14, 2019 and 60 at October 15, 2018. Total New Listings so far in October are 234 compared to 285 as at September 15, 2020, 139 at October 14, 2019 and 170 at October 15, 2018. Total Active Listings are at 885 (944 at the same time in October 2019 and 919 at mid-September 2020), Sales To Listings Ratio is at 68% compared to 51% at this time in September 2020, and 71% at this time in October 2019.
 
Port Moody – 54 Units Sold so far as of October 15 compared to 40 as of September 15th, 2020, 32 Units Sold at October 14, 2019 and 17 at October 15, 2018. Total New Listings so far in October are 67 compared to 76 as at September 15, 2020, 35 at October 14, 2019 and 26 at October 15, 2018. Total Active Listings are at 260 (217 at the same time in October 2019 and 261 at mid-September 2020), Sales To Listings Ratio is at 81% compared to 53% at this time in September 2020, and 91% at this time in October 2019.
 
Port Coquitlam – 62 Units Sold so far as of October 15 compared to 52 as of September 15th, 2020, 49 Units Sold at October 14, 2019 and 39 at October 15, 2018. Total New Listings so far in October are 83 compared to 119 as at September 15, 2020, 49 at October 14, 2019 and 76 at October 15, 2018. Total Active Listings are at 249 (308 at the same time in October 2019 and 288 at mid-September 2020), Sales To Listings Ratio is at 75% compared to 44% at this time in September 2020, and 100% at this time in October 2019.
 
Ladner – 24 Units Sold so far as of October 15 compared to 22 as of September 15th, 2020, 10 Units Sold at October 14, 2019 and 7 at October 15, 2018. Total New Listings so far in October are 25 compared to 27 as at September 15, 2020, 23 at October 14, 2019 and 26 at October 15, 2018. Total Active Listings are at 134 (182 at the same time in October 2019 and 144 at mid-September 2020), Sales To Listings Ratio is at 96% compared to 81% at this time in September 2020, and 43% at this time in October 2019.
 
Tsawwassen – 37 Units Sold so far as of October 15 compared to 33 as of September 15th, 2020, 15 Units Sold at October 14, 2019 and 13 at October 15, 2018. Total New Listings so far in October are 59 compared to 55 as at September 15, 2020, 29 at October 14, 2019 and 25 at October 15, 2018. Total Active Listings are at 312 (289 at the same time in October 2019 and 319 at mid-September 2020), Sales To Listings Ratio is at 63% compared to 60% at this time in September 2020, and 52% at this time in October 2019.

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The resale housing market is helping to lead us out of the Great Suppression – now who would have thought that would be the case when we dived into the dark days back in March. Certainly not CMHC - the Canadian Mortgage Housing Corporation after they tried to convince everyone there would be a decline in activity and prices. And I’m sure our provincial government is glad CMHC was wrong as they take in the benefits of the property transfer tax revenue these sales generated – not to mention the ancillary economic benefits that come from the sale of homes. This was a month for the record books – highest sales for the month of September on record. And yes, there were almost a record number of new listings that came on the market, but given the lack of properties that have been available, this was and is still needed to contain run away price growth.
 
There were 3,741 properties sold of all types in Greater Vancouver in September this year compared with 3,122 sold last month, 2,363 sales in September last year and 1,634 sold in September 2018. It was the highest amount of sales for the month of September on record in Greater Vancouver second to 3,632 in 2009. It is safe to say we are well beyond COVID-19 pent up demand; this is a housing market that is carrying itself and there are many factors to consider in looking at what the future holds for it.
 
Total sales in September were 55 per cent above the ten-year average for the month, compared to 21 per cent above the ten-year average in August. Looking at the different types of properties, detached home sales were up 77 per cent year over year (55 per cent in August), townhouses up 72 per cent year over year (51 per cent in August), apartments up 36 per cent year over year (19 per cent in August). Detached homes made up 36 per cent of all sales, while townhomes made up 20 per cent and apartments 44 per cent – consistent with August. Total active listings for apartments are up 20 per cent year over year, and active listings for townhouse and detached homes are down 9 per cent and 21 per cent respectively year over year.
 

There continues to be discussion about the apartment market in downtown Vancouver and the increase in active listings. While there has been an increase in the number of apartments for sale, we are coming off extreme lows in 2017 which lead to price increases during that time. There is still less than half the number of active listings than there were in 2010 through 2012. Working at home and the desire for space has led to some owners wanting to make a move outside the downtown core, but the number of transactions have increased since the spring. Buyers are still active and taking advantage of an increase in choice. Market cycles do happen, and a shift to detached homes is one of them, especially in light of price declines in recent years in the detached market.

 
2020 Average Daily Sales and Listings in Greater Vancouver by Week:
 
First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August 4 to 7 – 337 new listings, 151 sales
August 10 to 14 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales
August 24 to 28 – 279 new listings, 164 sales
August 31 to September 4 – 275 new listings, 162 sales
September 8 to 11 – 379 new listings, 171 sales
September 14 to 18 – 315 new listings, 184 sales
September 21 to 25 – 295 new listings, 180 sales
 
There was an increase in the number of new listings in September, which was 25 per cent higher than the ten-year average for this month. As a result, at the end of September there were 13,790 properties for sale, compared to 13,511 at the end of August but still less than the 14,242 available at the end of September 2019 – a 3 per cent reduction in the number of homes available year-over-year. The rate of increase in active listings slowed in September and will likely continue to do so moving through the fall. 
 
While we look to the reminder of 2020 and a fall full of anxiety on where COVID-19 will take us, there is still a lot to be positive about. Yes, government debt has grown as stimulus and support is being injected into our economy but that’s what governments are supposed to do in natural disasters. When the lockdown started, savings rates were at all-time highs as the ability to spend money was for the most part locked down. But even today after economies opened up, savings rates are higher. And with more savings and all-time low interest rates, people are looking to real estate as a vehicle to put their money into. Not as an investment vehicle but they are buying into the market or upgrading their living situation. And with interest rates likely to be low for the foreseeable future, this equation of savings and low mortgage rates are likely to continue driving the real estate market. But this isn’t just a Metro Vancouver phenomenon – U.K. mortgage approvals are at a thirteen-year high. Many other countries are experiencing the same surge in real estate activity that we are seeing. So perhaps this is not just a temporary normal, or COVID pent up demand, but a new normal. With the economic uncertainty we are experiencing, people are not buying speculatively, they are making moves with an abundance of caution and looking long-term, looking at space and shifting their needs. And these moves in Metro Vancouver are local. But globally, as we saw in 2015 and 2016, there is a shift of putting savings and wealth into real estate. And going forward, a home will be even more important. More so than it ever was before.
 

“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months,” Colette Gerber, REBGV Chair said, “This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic. While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down. This is creating upward pressure on home prices, which have been edging up since the spring.”

 
East of Vancouver, the Fraser Valley Real Estate Board processed 2,231 sales of all property types on its Multiple Listing Service® in September, an increase of 9.4 per cent compared to sales in August and a 66.1 per cent increase compared to September last year. This was the highest sales for the month of September in the Fraser Valley Board. There were 3,515 new listings in September, a 6.2 per cent decrease compared to August and a 26.9 per cent increase compared to September of last year. September finished with 7,377 active listings, a decrease of 0.4 per cent compared to August’s inventory and a decrease of 7.2 per cent year-over-year. “Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes,” Chris Shields, President of the Fraser Valley Real Estate Board said. “For many existing home-owners and first-time buyers, their buying power is great than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important assess. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”
 
Here’s a summary of the numbers:
 
Greater Vancouver: Total Units Sold in September was 3,741 – up from 3,122 (20%) in August 2020, up from 2,363 (58%) in September 2019, up from 1,634 (129%) in September 2018; Active Listings are at 13,790 compared to 14,242 (down 3%) at this time last year; New Listings in September were up 10% compared to August 2020, up 32% compared to September 2019 and up 22% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 57% compared to 52% in August 2020, 47% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 5.8%.
 
Vancouver Westside: Total Units Sold in September was 539 – up from 490 (10%) in August 2020, up from 404 (33%) in September 2019, up from 280 (93%) in September 2018; Active Listings are at 2,868 compared to 2,444 (up 17%) at this time last year; New Listings in September were up 12% compared to August 2020, up 36% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 5 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 40% compared to 41% in August 2020, 41% in September 2019 and 27% in September 2018. Year-over-year, the House Price Index is up 4.0%.
 
Vancouver East Side: Total Units Sold in September was 443 – up from 330 (34%) in August 2020, up from 293 (51%) in September 2019, up from 195 (127%) in September 2018; Active Listings are at 1,392 compared to 1,295 (up 7%) at this time last year; New Listings in September were up 13% compared to August 2020, up 43% compared to September 2019 and up 36% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 54% compared to 45% in August 2020, 51% in September 2019 and 32% in September 2018. Year-over-year, the House Price Index is up 7.5%.
 
North Vancouver: Total Units Sold in September was 328 – up from 250 (31%) in August 2020, up from 166 (98%) in September 2019, up from 120 (173%) in September 2018; Active Listings are at 918 compared to 895 (up 3%) at this time last year; New Listings in September were up 19% compared to August 2020, up 31% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 56% compared to 51% in August 2020, 37% in September 2019 and 22% in September 2018. Year-over-year, the House Price Index is up 9.5%.
 
West Vancouver: Total Units Sold in September was 98 – up from 67 (46%) in August 2020, up from 51 (92%) in September 2019, up from 34 (188%) in September 2018; Active Listings are at 654 compared to 721 (down 10%) at this time last year; New Listings in September were up 7% compared to August 2020, down 10% compared to September 2019 and down 14% compared to September 2018. Month’s Supply of Total Residential Listings is 7 Month’s Supply (mostly balanced market conditions) and a Sales to Listings Ratio of 47% compared to 35% in August 2020, 22% in September 2019 and 14% in September 2018. Year-over-year, the House Price Index is up 6.7%.
 
Richmond: Total Units Sold in September was 415 – up from 340 (22%) in August 2020, up from 283 (47%) in September 2019, up from 196 (117%) in September 2018; Active Listings are at 1,751 compared to 2,127 (down 18%) at this time last year; New Listings in September were up 4% compared to August 2020, up 25% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 59% compared to 51% in August 2020, 51% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 4.8%.
 
Burnaby East: Total Units Sold in September was 41 – up from 37 (11%) in August 2020, up from 22 (86%) in September 2019, up from 11 (273%) in September 2018; Active Listings are at 139 compared to 159 (down 13%) at this time last year; New Listings in September were down 14% compared to August 2020, down 1% compared to September 2019 and up 6% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 75% compared to 58% in August 2020, 39% in September 2019 and 21% in September 2018. Year-over-year, the House Price Index is up 7.2%.
 
Burnaby North: Total Units Sold in September was 192 – down from 197 (3%) in August 2020, up from 138 (39%) in September 2019, up from 83 (131%) in September 2018; Active Listings are at 644 compared to 591 (up 9%) at this time last year; New Listings in September were the same compared to August 2020, up 38% compared to September 2019 and up 42% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 55% compared to 57% in August 2020, 55% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 5.2%.
 
Burnaby South: Total Units Sold in September was 173 – up from 130 (33%) in August 2020, up from 119 (45%) in September 2019, up from 82 (110%) in September 2018; Active Listings are at 769 compared to 777 (down 1%) at this time last year; New Listings in September were up 15% compared to August 2020, up 55% compared to September 2019 and up 48% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 48% compared to 42% in August 2020, 51% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 2.8%.
 
New Westminster: Total Units Sold in September was 176 – up from 161 (9%) in August 2020, up from 110 (60%) in September 2019, up from 81 (117%) in September 2018; Active Listings are at 540 compared to 502 (up 8%) at this time last year; New Listings in September were up 11% compared to August 2020, up 47% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 56% compared to 56% in August 2020, 51% in September 2019 and 33% in September 2018. Year-over-year, the House Price Index is up 4.7%.
 
Coquitlam: Total Units Sold in September was 307 – up from 246 (25%) in August 2020, up from 213 (44%) in September 2019, up from 131 (134%) in September 2018; Active Listings are at 897 compared to 872 (up 3%) at this time last year; New Listings in September were up 24% compared to August 2020, up 33% compared to September 2019 and up 12% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 60% compared to 60% in August 2020, 56% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 6.2%.
 
Port Moody: Total Units Sold in September was 88 – up from 86 (2%) in August 2020, up from 49 (80%) in September 2019, up from 34 (159%) in September 2018; Active Listings are at 282 compared to 226 (up 25%) at this time last year; New Listings in September were up 41% compared to August 2020, up 75% compared to September 2019 and up 43% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 53% compared to 73% in August 2020, 52% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 2.4%.
 
Port Coquitlam: Total Units Sold in September was 114 – up from 103 (11%) in August 2020, up from 78 (46%) in September 2019, up from 73 (56%) in September 2018; Active Listings are at 266 compared to 340 (down 22%) at this time last year; New Listings in September were up 17% compared to August 2020, up 38% compared to September 2019 and up 21% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 58% compared to 61% in August 2020, 54% in September 2019 and 45% in September 2018. Year-over-year, the House Price Index is up 8.9%.
 
Ladner: Total Units Sold in September was 53 – up from 40 (33%) in August 2020, up from 28 (89%) in September 2019, up from 30 (76%) in September 2018; Active Listings are at 136 compared to 185 (up 26%) at this time last year; New Listings in September were up 19% compared to August 2020, up 2% compared to September 2019 and down 29% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 95% compared to 58% in August 2020, 51% in September 2019 and 38% in September 2018. Year-over-year, the House Price Index is up 7.1%.
 
Tsawwassen: Total Units Sold in September was 80 – up from 53 (51%) in August 2020, up from 26 (207%) in September 2019, up from 25 (220%) in September 2018; Active Listings are at 308 compared to 301 (up 2%) at this time last year; New Listings in September were up 5% compared to August 2020, up 47% compared to September 2019 and up 41% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 69% compared to 48% in August 2020, 33% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 9.6%.
 
Pitt Meadows: Total Units Sold in September was 44 – up from 42 (5%) in August 2020, up from 32 (37%) in September 2019, up from 17 (158%) in September 2018; Active Listings are at 100 compared to 111 (down 9%) at this time last year; New Listings in September were up 31% compared to August 2020, up 8% compared to September 2019 and up 28% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 68% compared to 85% in August 2020, 54% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 4.4%.
 
Maple Ridge: Total Units Sold in September was 267 – up from 216 (24%) in August 2020, up from 157 (70%) in September 2019, up from 89 (200%) in September 2018; Active Listings are at 610 compared to 822 (down 25%) at this time last year; New Listings in September were the same compared to August 2020, up 6% compared to September 2019 and up 10% compared to September 2018. Month’s Supply of Total Residential Listings is...

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The Sales and listings numbers are attached as of September 15, 2020. Just when we thought the summer was busy, September has gone up another level. At mid-month in September home sales have accelerated from the amounts reported in August. In Greater Vancouver, there have been 1,755 sales as of September 15th while there were 1,304 sales last month as of August 14th. A larger number of properties came to market in the first half of September – which is typical of the fall market. The increase in the number of new listings is helping drive sales in a market where buyers have been competing for properties to purchase, especially after two years of sellers being unwilling partners and holding back on listing their properties. What’s unusual is to see property sales so strong to start the month of September when the focus is typically on the start of school – and that’s never been more so than this year. While COVID-19 is still very much gripping our lives, buying and selling homes continues at a pace no one expected. And it’s not just pent-up demand from 6 weeks of a complete slow-down in March and April, this is a real estate market that continues on its own fundamentals. A real estate market almost entirely made up of local buyers. Imagine that.

Given the start to September we’ve seen, it is likely that the total number of property sales in Greater Vancouver for September will be the highest for that month since 2015 and significantly above the 10-year average. It is conceivable to see over 3,500 sales in Greater Vancouver in September, a number not achieved since the spring of 2017. And while the number of active listings has increased, there are still a significant number of multiple offers occurring on listings. It’s not unusual to hear of double digits in terms of the number of offers on a property. Detached and townhome sales continue to lead the way, but apartment sales are not slow nor are they the unwanted property by any stretch. Downtown Vancouver has seen an increase in the number of apartments available for sale, but that’s after years of being severely short in supply. And with new construction at a low point, this supply of apartments is not likely to be long lived. Outside of downtown, the number apartments available for sale continues to be low with competition amongst buyers continuing to occur for that type of property.

As you can see, the number of average daily sales and new listings in Greater Vancouver has been steadily increasing month by month. May started the recovery and it’s been full steam ahead since then.

 

Greater Vancouver Average Daily Listings and Sales


April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June – 274 new listings, 115 sales

July – 278 new listings, 145 sales

August 3 to 7 – 337 new listings, 151 sales

August 10 to 15 – 282 new listings, 140 sales

August 17 to 21 – 298 new listings, 171 sales

August 24 to 28 – 279 new listings, 164 sales

August 31 to September 4 – 275 new listings, 162 sales

September 8 to 11 – 379 new listings, 171 sales

 

Here is a summary of the activity so far:

 

Greater Vancouver – 1,755 Units Sold so far as of September 15 compared to 1,304 as of August 14th, 2020, 1,013 Units Sold at September 14, 2019 and 717 at that same time in September 2018. Total New Listings so far in September are 3,385 compared to 2,758 as at August 14, 2020, 2,557 at September 14, 2019 and 2,918 at that time in September 2018. Total Active Listings are at 13,814 (14,309 at the same time in September 2019 and 13,227 at mid-August 2020), Sales To Listings Ratio is at 52% compared to 47% at this time in August 2020, and 40% at this time in September 2019.

 

Vancouver West – 252 Units Sold so far as of September 15 compared to 207 as of August 14th, 2020, 181 Units Sold at September 14, 2019 and 117 at that same time in September 2018. Total New Listings so far in September are 693 compared to 548 as at August 14, 2020, 523 at September 14, 2019 and 544 at that time in September 2018. Total Active Listings are at 2,799 (2,391 at the same time in September 2019 and 2,570 at mid-August 2020), Sales To Listings Ratio is at 36% compared to 38% at this time in August 2020, and 35% at this time in September 2019.

 

Vancouver East – 197 Units Sold so far as of September 15 compared to 136 as of August 14th, 2020, 127 Units Sold at September 14, 2019 and 82 at that same time in September 2018. Total New Listings so far in September are 403 compared to 333 as at August 14, 2020, 300 at September 14, 2019 and 337 at that time in September 2018. Total Active Listings are at 1,379 (1,297 at the same time in September 2019 and 1,245 at mid-August 2020), Sales To Listings Ratio is at 49% compared to 41% at this time in August 2020, and 42% at this time in September 2019.

 

North Vancouver – 164 Units Sold so far as of September 15 compared to 106 as of August 14th, 2020, 61 Units Sold at September 14, 2019 and 61 at that same time in September 2018. Total New Listings so far in September are 309 compared to 213 as at August 14, 2020, 225 at September 14, 2019 and 286 at that time in September 2018. Total Active Listings are at 926 (889 at the same time in September 2019 and 874 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 50% at this time in August 2020, and 27% at this time in September 2019.

 

West Vancouver – 52 Units Sold so far as of September 15 compared to 33 as of August 14th, 2020, 19 Units Sold at September 14, 2019 and 11 at that same time in September 2018. Total New Listings so far in September are 111 compared to 83 as at August 14, 2020, 123 at September 14, 2019 and 148 at that time in September 2018. Total Active Listings are at 649 (702 at the same time in September 2019 and 637 at mid-August 2020), Sales To Listings Ratio is at 47% compared to 40% at this time in August 2020, and 15% at this time in September 2019.

 

Richmond – 198 Units Sold so far as of September 15 compared to 130 as of August 14th, 2020, 115 Units Sold at September 14, 2019 and 85 at that same time in September 2018. Total New Listings so far in September are 368 compared to 3137 as at August 14, 2020, 274 at September 14, 2019 and 358 at that time in September 2018. Total Active Listings are at 1,742 (2,187 at the same time in September 2019 and 1,682 at mid-August 2020), Sales To Listings Ratio is at 54% compared to 41% at this time in August 2020, and 42% at this time in September 2019.

 

Burnaby East – 23 Units Sold so far as of September 15 compared to 15 as of August 14th, 2020, 8 Units Sold at September 14, 2019 and 3 at that same time in September 2018. Total New Listings so far in September are 27 compared to 28 as at August 14, 2020, 27 at September 14, 2019 and 28 at that time in September 2018. Total Active Listings are at 140 (157 at the same time in September 2019 and 144 at mid-August 2020), Sales To Listings Ratio is at 85% compared to 54% at this time in August 2020, and 30% at this time in September 2019.

 

Burnaby North – 91 Units Sold so far as of September 15 compared to 90 as of August 14th, 2020, 61 Units Sold at September 14, 2019 and 33 at that same time in September 2018. Total New Listings so far in September are 171 compared to 165 as at August 14, 2020, 136 at September 14, 2019 and 137 at that time in September 2018. Total Active Listings are at 636 (595 at the same time in September 2019 and 593 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 55% at this time in August 2020, and 45% at this time in September 2019.

 

Burnaby South – 79 Units Sold so far as of September 15 compared to 55 as of August 14th, 2020, 46 Units Sold at September 14, 2019 and 45 at that same time in September 2018. Total New Listings so far in September are 177 compared to 144 as at August 14, 2020, 125 at September 14, 2019 and 121 at that time in September 2018. Total Active Listings are at 727 (803 at the same time in September 2019 and 685 at mid-August 2020), Sales To Listings Ratio is at 45% compared to 38% at this time in August 2020, and 37% at this time in September 2019.

 

New Westminster – 76 Units Sold so far as of September 15 compared to 72 as of August 14th, 2020, 57 Units Sold at September 14, 2019 and 35 at that same time in September 2018. Total New Listings so far in September are 148 compared to 141 as at August 14, 2020, 101 at September 14, 2019 and 122 at that time in September 2018. Total Active Listings are at 522 (494 at the same time in September 2019 and 495 at mid-August 2020), Sales To Listings Ratio is at 51% compared to 51% at this time in August 2020, and 56% at this time in September 2019.

 

Coquitlam – 145 Units Sold so far as of September 15 compared to 100 as of August 14th, 2020, 94 Units Sold at September 14, 2019 and 65 at that same time in September 2018. Total New Listings so far in September are 285 compared to 197 as at August 14, 2020, 209 at September 14, 2019 and 243 at that time in September 2018. Total Active Listings are at 919 (1,020 at the same time in September 2019 and 882 at mid-August 2020), Sales To Listings Ratio is at 51% compared to 51% at this time in August 2020, and 45% at this time in September 2019.

 

Port Moody – 40 Units Sold so far as of September 15 compared to 34 as of August 14th, 2020, 20 Units Sold at September 14, 2019 and 14 at that same time in September 2018. Total New Listings so far in September are 76 compared to 66 as at August 14, 2020, 60 at September 14, 2019 and 58 at that time in September 2018. Total Active Listings are at 261 (241 at the same time in September 2019 and 271 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 52% at this time in August 2020, and 33% at this time in September 2019.

 

Port Coquitlam – 52 Units Sold so far as of September 15 compared to 37 as of August 14th, 2020, 33 Units Sold at September 14, 2019 and 36 at that same time in September 2018. Total New Listings so far in September are 119 compared to 74 as at August 14, 2020, 72 at September 14, 2019 and 87 at that time in September 2018. Total Active Listings are at 288 (342 at the same time in September 2019 and 252 at mid-August 2020), Sales To Listings Ratio is at 44% compared to 50% at this time in August 2020, and 46% at this time in September 2019.

 

Ladner – 22 Units Sold so far as of September 15 compared to 19 as of August 14th, 2020, 14 Units Sold at September 14, 2019 and 10 at that same time in September 2018. Total New Listings so far in September are 27 compared to 24 as at August 14, 2020, 28 at September 14, 2019 and 49 at that time in September 2018. Total Active Listings are at 144 (192 at the same time in September 2019 and 149 at mid-August 2020), Sales To Listings Ratio is at 81% compared to 79% at this time in August 2020, and 50% at this time in September 2019.

 

Tsawwassen – 33 Units Sold so far as of September 15 compared to 22 as of August 14th, 2020, 17 Units Sold at September 14, 2019 and 11 at that same time in September 2018. Total New Listings so far in September are 55 compared to 59 as at August 14, 2020, 41 at September 14, 2019 and 48 at that time in September 2018. Total Active Listings are at 319 (292 at the same time in September 2019 and 315 at mid-August 2020), Sales To Listings Ratio is at 60% compared to 37% at this time in August 2020, and 41% at this time in September 2019.

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A tiny change today brings a dramatically different tomorrow.” Richard Bach


There seemed to be more competition in the real estate market than in the National Hockey League this August – who ever thought that would be a comparison for this time of year. If we thought competing offers were a constant in July, after a tempered start in the first half of August, we experienced two weeks with the most amount of sales reported this year after that. Amid all the chatter of economic disruption and its potential negative effects on the housing market, real estate has taken on a life of its own and clearly wants nothing to do with slowing down. And guess what? – it’s local! All the while buyers vying for various types of properties in different areas are walking away from competing offers still looking for their home. Demand side measures haven’t eased the burden for buyers in Metro Vancouver and supply continues to be an issue.   


There were 3,122 properties sold of all types in Greater Vancouver in August this year compared with 3,202 sold in July, 2,256 sales in August last year and 1,961 sold in August 2018. It was actually the sixth highest amount of sales for the month of August on record in Greater Vancouver and the highest monthly sales for August since 2015. This is not just COVID pent up demand, it is a housing market that had been stalled in 2018 and 2019 coming to life. And coming to life with a significant surge as a result of homeowners looking to trade homes and many buyers simply wanting to engage after holding back.


Total sales in August were 21 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 55 per cent year over year, townhouses up 51 per cent year over year, apartments up 19 per cent year over year. Detached homes made up 35 per cent of all sales, while townhomes made up 20 per cent and apartments 43 per cent. While total active listings for apartments are up 16 per cent year over year, and active listings for townhouse and detached homes are down 8 per cent and 21 per cent respectively year over year, let’s not fall into the thinking that apartments are the unwanted product. The flight from apartments broadcast by some has just happened at a quicker pace, as it has always been a part of the buying cycle. While some buyers are looking for space due to working at home or wanting less shared common space, many would have made this move eventually regardless of COVID-19. Record low interest rates and over two years of down markets with price declines in the detached market have given buyers opportunities they have been itching for. After all, it’s the ultimate home owners dream, a plot of land where you live. We shouldn’t be so surprised to see this movement right now. But with more apartments available for sale comes opportunities for first time buyers and those looking for this type of property given they have been a scarce commodity over the last few years. 

 

Average Daily Sales and Listings in Greater Vancouver


First two weeks of March – 253 new listings, 138 sales
Last two week of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July 6 to 10 – 302 new listings, 138 sales
July 13 to 17 – 294 new listings, 146 sales
July 20 to 24 – 258 new listings, 151 sales
July 27 to 31 – 245 new listings, 154 sales
August 4 to 7 – 337 new listings, 151 sales
August 10 to 14 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales*
August 24 to 28 – 279 new listings, 164 sales *
*the two highest weekly sales figures in 2020 including pre-pandemic

 

Some highlights from August:

  • Vancouver West and Burnaby were the only areas in Greater Vancouver to see the number of sales in August higher than July

  • North Vancouver detached home sales which are traditionally low in August were higher than July and 61 per cent higher than August 2019 and 232 per cent higher than August 2018

  • In the Pitt Meadows market, there is only one-month supply of detached homes and townhomes currently

  • Bowen Island and Vancouver East detached homes have seen the biggest year-over-year increase in house prices at 11.8% and 10.1% respectively (House Price Index)

There was an increase in the number of new listings in August, which was 34 per cent higher than the ten-year average for the month of August. As a result, at the end of August there were 13,511 properties for sale, compared to 12,796 at the end of July but still less than the 14,191 available at the end of August 2019 – a 5 per cent reduction in the number of homes available year-over-year. Yes, there have been more properties listed in the last few months than we typically see at this time of year and the total number of active listings have increased, but competing offers continue – houses, townhouses and apartments. Imagine what it would be like for buyers without the number of new listings we’ve seen in the last few months. Even with more homes available for sale it is very much a seller’s market in most areas, some more extreme than others. Vancouver and surrounding cities with 4 to 5 months supply of homes available while further out there are only 3 months supply available. 


So now that we’ve caught up from the summer market, it’s time for the fall market. Interest rates will fuel the real estate while they remain low, but there’s no reason to think the continued availability of listings as they continue to come to market will also fuel real estate sales. There will be further movement by homeowners looking for their “more ideal” home, changes needed as a result of additions to families and unfortunately also the break down of families. And while there have been job losses, many who have been working have decreased their discretionary spending. Vacations and dinners out could turn into more equity to invest in the next home or first home. 


“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer. Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Colette Gerber, REBGV Chair said, “Like everything else in our lives these days, the uncertainty of COVID-19 presents makes it challenging to predict what will happen this fall.”


East of Vancouver, the Fraser Valley Real Estate Board processed 2,039 sales of all property types on its Multiple Listing Service® in August, a decrease of 2.9 per cent compared to sales in July but a 57.2 per cent increase compared to the 1,297 sales in August of last year. Last month’s sales were 39 per cent above the ten-year average for August and the highest August sales in a decade. There were 3,309 new listings in August, a 6.8 per cent decrease compared to July and a 40.4 per cent increase compared to August of last year. July’s new listings were 28.9 per cent above the ten-year average for the month and the highest in the last ten years. July finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year. “We are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well,” Chris Shields, President of the Fraser Valley Real Estate Board said. “In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing.”


Here is a summary of the activity so far:


Greater Vancouver: Total Units Sold in August was 3,122 – down from 3,202 (2%) in July 2020, up from 2,256 (38%) in August 2019, up from 1,961 (59%) in August 2018; Active Listings are at 13,511 compared to 14,191 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 55% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 52% compared to 52% in July 2020, 59% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 5.3%.
 
Vancouver Westside: Total Units Sold in August was 490 – up from 472 (4%) in July 2020, up from 423 (16%) in August 2019, up from 371 (32%) in August 2018; Active Listings are at 2,671 compared to 2,326 (up 15%) at this time last year; New Listings in August were down 1% compared to July 2020, up 88% compared to August 2019 and up 66% compared to August 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 39% in July 2020, 67% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 5.6%.
 
Vancouver East Side: Total Units Sold in August was 330 – down from 344 (2%) in July 2020, up from 235 (38%) in August 2019, up from 191 (59%) in August 2018; Active Listings are at 1,319 compared to 1,233 (down 5%) at this time last year; New Listings in August were up 6% compared to July 2020, up 104% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 50% in July 2020, 65% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 7.9%.
 
North Vancouver: Total Units Sold in August was 250 – down from 267 (6%) in July 2020, up from 184 (36%) in August 2019, up from 131 (91%) in August 2018; Active Listings are at 913 compared to 838 (up 9%) at this time last year; New Listings in August were down 1% compared to July 2020, up 86% compared to August 2019 and up 91% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 54% in July 2020, 70% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 7.0%.
 
West Vancouver: Total Units Sold in August was 67 – down from 68 (2%) in July 2020, up from 49 (38%) in August 2019, up from 46 (59%) in August 2018; Active Listings are at 667 compared to 690 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 43% compared to August 2019 and up 37% compared to August 2018. Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Mostly Buyer’s Market conditions) and a Sales to Listings Ratio of 35% compared to 35% in July 2020, 36% in August 2019 and 32% in August 2018. Year-over-year, the House Price Index is up 3.7%.
 
Richmond: Total Units Sold in August was 340 – down from 363 (6%) in July 2020, up from 250 (36%) in August 2019, up from 266 (28%) in August 2018; Active Listings are at 1,712 compared to 2,210 (down 23%) at this time last year; New Listings in August were up 7% compared to July 2020, up 30% compared to August 2019 and up 17% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 58% in July 2020, 48% in August 2019 and 47% in August 2018. Year-over-year, the House Price Index is up 5.1%.
 
Burnaby East: Total Units Sold in August was 37 – up from 32 (16%) in July 2020, up from 31 (19%) in August 2019, up from 21 (4%) in August 2018; Active Listings are at 143 compared to 149 (down 4%) at this time last year; New Listings in August were down 6% compared to July 2020, up 21% compared to August 2019 and up 68% compared to August 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 47% in July 2020, 58% in August 2019 and 55% in August 2018. Year-over-year, the House Price Index is up 7.2%.
 
Burnaby North: Total Units Sold in August was 197 – up from 141 (40%) in July 2020, up from 129 (53%) in August 2019, up from 82 (140%) in August 2018; Active Listings are at 615 compared to 591 (up 4%) at this time last year; New Listings in August were up 6% compared to July 2020, up 64% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 43% in July 2020, 61% in August 2019 and 44% in August 2018. Year-over-year, the House Price Index is up 3.5%.
 
Burnaby South: Total Units Sold in August was 130 – up from 114 (14%) in July 2020, up from 126 (3%) in August 2019, up from 94 (38%) in August 2018; Active Listings are at 702 compared to 792 (down 11%) at this time last year; New Listings in August were the same compared to July 2020, up 26% compared to August 2019 and up 54% compared to August 2018. Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 36% in July 2020, 51% in August 2019 and 46% in August 2018. Year-over-year, the House Price Index is up 2.6%.
 
New Westminster: Total Units Sold in August was 161 – down from 164 (2%) in July 2020, up from 97 (66%) in August 2019, up from 90 (79%) in August 2018; Active Listings are at 504 compared to 498 (up 1%) at this time last year; New Listings in August were up 3% compared to July 2020, up 72% compared to August 2019 and up 76% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 56% compared to 59% in July 2020, 58% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 4.9%.
 
Coquitlam: Total Units Sold in August was 246 – down from 287 (2%) in July 2020, up from 198 (38%) in August 2019, up from 183 (59%) in August 2018; Active Listings are at 872 compared to 1,059 (down 5%) at this time last year; New Listings in August were down 4% compared to July 2020, up 17% compared to August 2019 and up 12% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 60% compared to 67% in July 2020, 56% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 4.9%.
 
Port Moody: Total Units Sold in August was 86 – down from 96 (10%) in July 2020, up from 39 (121%) in August 2019, up from 29 (197%) in August 2018; Active Listings are at 251 compared to 226 (up 11%) at this time last year; New Listings in August were down 18% compared to July 2020, up 55% compared to August 2019 and up 111% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 73% compared to 67% in July 2020, 51% in August 2019 and 52% in August 2018. Year-over-year, the House Price Index is up 1.2%.
 
Port Coquitlam: Total Units Sold in August was 103 – down from 119 (13%) in July 2020, up from 79 (30%) in August 2019, up from 72 (43%) in August 2018; Active Listings are at 258 compared to 338 (down 24%) at this time last year; New Listings in August were down 1% compared to July 2020, up 46% compared to August 2019 and up 15% compared to August 2018. Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 61% compared to 70% in July 2020, 68% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 6.5%.
 
Ladner: Total Units Sold in August was 40 – down from 49 (18%) in July 2020, up from 33 (21%) in August 2019, down from 46 (13%) in August 2018; Active Listings are at 155 compared to 192 (down 19%) at this time last year; New Listings in August were down 4% compared to July 2020, up 3% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 68% in July 2020, 49% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 6.9%.
 
Tsawwassen: Total Units Sold in August was 53 – down from 62 (2%) in July 2020, up from 73 (38%) in August 2019, up from 45 (59%) in August 2018; Active Listings are at 319 compared to 294 (down 5%) at this time last year; New Listings in August were down 13% compared to July 2020, up 52% compared to August 2019 and up 147% compared to August 2018. Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 48% in July 2020, 41% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 5.1%.
 
Pitt Meadows: Total Units Sold in August was 42 – down from 48 (12%) in July 2020, up from 39 (38%) in August 2019, up from 23 (83%) in August 2018; Active Listings are at 90 compared to 118 (down 23%) at this time last year; New Listings in August were down 21% compared to July 2020, up 28% compared to August 2019 and up 4% compared to August 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 85% compared to 77% in July 2020, 102% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 3.1%.
 
Maple Ridge: Total Units Sold in August was 216 – down from 246 (12%) in July 2020, up from 133 (62%) in August 2019, up from 121 (79%) in August 2018; Active Listings are at 681 compared to 14,191 (down 18%) at this time last year; New Listings in August were down 17% compared to July 2020, up 43% compared to August 2019 and up 20% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 71% compared to 67% in July 2020, 63% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 4.7%.

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Is this the real life? or is this just fantasy? Caught in a landslide, no escape from reality? The lyrics fit well right now.  After seeing real estate sales in July be the highest in three years, the questions have been bouncing around as to whether this is a short-term result or a market intent on continuing to produce through the rest of 2020. With all that is happening in our world, it’s easy to contemplate the downside. We would be naïve to think that COVID-19 isn’t going to be a factor going forward – both in terms of the virus itself, or the economic conditions resulting from shutting down parts of society to deal with it. What we know is what is currently happening  though– interest rates are the lowest they have ever been, pent up demand from over two years, not to mention the shut down in March and April, and a strong desire to find a different home have propelled the real estate market to where we are now. All these factors should not be underestimated in how the market will perform going forward.


There were 3,202 properties sold of all types in Greater Vancouver in July this year compared with 2,497

sold in June, 2,584 sales in July last year and 2,108 sold in July 2018. It was actually the seventh highest amount of sales for the month of July on record and the highest monthly sales amount since June 2017. Total home sales in July were 14 per cent above the ten-year average for the month and July saw the continued increase in the number of sales, week by week since the pandemic took hold. Looking at the different types of homes, detached home sales were up 33 per cent year over year, townhouses up 28 per cent year over year, apartments up 12 per cent year over year. Buyers have shown more interest in real estate with space over the last few months, but that doesn’t necessarily mean condos aren’t getting interest. We are still seeing multiple offers with them, with even the higher end of the condo market starting to see sales occurring where they had been absent in the previous months.


2020 Average Daily Sales in Greater Vancouver by Week:


First two weeks of March – 253 new listings, 138 sales

Last two week of March – 167 New Listings, 98 Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June 1 to 5 – 271 new listings, 88 sales

June 8 to 12 – 272 new listings, 107 sales

June 15 to 19 – 274 new listings, 120 sales

June 22 to 26 – 241 new listings, 129 sales

June 29 to July 3 – 311 new listings, 133 sales

July 6 to 10 – 302 new listings, 138 sales

July 13 to 17 – 294 new listings, 146 sales

July 20 to 24 – 258 new listings, 151 sales

July 27 to 31 – 245 new listings, 154 sales



Some highlights from July:


  • East Vancouver, North Vancouver, New Westminster, Coquitlam, Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge are all down to 3 month’s supply of active listings – Townhouses in Port Coquitlam are down to one-month supply
  • Richmond showed greater strength in the townhouse and condo market compared to the detached market with detached still in balanced to buyer’s market conditions while townhouses and condos have moved into seller’s market conditions
  • The number of detached homes available has declined by 28 percent compared to July last year, while townhouses and condos have declined 17 per cent and 15 per cent respectively
  • Vancouver’s Westside and Burnaby South had less sales in July this year compared to July last year – down 3 per cent and 25 per cent respectively which wasn’t consistent with all other areas



We saw a slight increase in the number of new listings in July, which was 22 per cent higher than the ten-year average for the month of July. As a result, at the end of July there were 12,796 homes for sale, compared to 12,146 at the end of June but still less than the 15,037 available at the end of July 2019 – a 15 per cent reduction in the number of homes available year-over-year. There is still a limited amount of homes available for sale which is resulting in multiple offers still occurring in all segments of the market – including two properties in Vancouver listed over $8 million that sold over the list price. Metro Vancouver isn’t the only place that is experiencing this. Throughout Canada and the United States, the number of homes for sale is down year-over-year. Even with the higher number of active listings last year those inventories were still low considering the lack of sales activity in the market here in Metro Vancouver. While we don’t know how long the pent-up demand will play out, the number of homes for sale is not likely to increase enough. Unlike recent reports of significant increase in condos for sale in Toronto, we still have a lack of supply here with Vancouver’s Westside condos at 5 month’s supply and Vancouver’s East side at 3 month’s supply.


What’s next? Will August continue the trend of a real estate market on the rise. For Greater Vancouver, the pent-up demand is not just from COVID but from almost three years of the market reacting to new taxes and restrictions on buyers. At some point activity would have increased and we saw that trend emerging just prior to COVID. Key points to consider are that interest rates are going to remain low in the years to come, real estate will be seen as a better long term investment vehicle and home owners are going to continue to look at the space they are living in and consider alternative locations or types of homes for the next phase of their life. That has been a theme over the last few months, and with the continued presence of COVID, we’ve likely seen just the start of homeowners making “COVID” moves. And when mobility increases within Canada and from outside, British Columbia and especially Metro Vancouver is going to be seen as a destination once again and likely more so than ever before. How we’ve fared thus far in COVID times has not gone unnoticed – especially from our neighbours to the south.


“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said, “Low interest rates and limited overall supply are also increasing competition across our market.”


East of Vancouver, the Fraser Valley Real Estate Board processed 2,100 sales of all property types on its Multiple Listing Service® in July, an increase of 22.2 per cent compared to sales in June and a 44 per cent decrease compared to the 1,458 sales in July of last year. Last month’s sales were 22.5 per cent above the ten-year average for July and second only to July 2015. There were 3,549 new listings in July, a 2.7 per cent increase compared to June and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. July finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year. “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing the market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.” Chris Shields, President of the Fraser Valley Real Estate Board said. “We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on homes prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July was 3,202 – up from 2,497 (28%) in June 2020, up from 2,584 (24%) in July 2019, up from 2,108 (52%) in July 2018; Active Listings are at 12,796 compared to 15,037 (down 15%) at this time last year; New Listings in July were up 3% compared to June 2020, up 30% compared to July 2019 and up 25% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 52% compared to 42% in June 2020, 55% in July 2019 and 43% in July 2018.


Vancouver Westside Residential: Total Units Sold in July was 472 – up from 409 (15%) in June 2020, down from 489 (3%) in July 2019, up from 403 (17%) in July 2018; Active Listings are at 2,489 compared to 2,572 (down 3%) at this time last year; New Listings in July were up 4% compared to June 2020, up 35% compared to July 2019 and up 36% compared to July 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 39% compared to 35% in June 2020, 40% in July 2019 and 45% in July 2018.


Vancouver East Side Residential: Total Units Sold in July was 344 – up from 280 (23%) in June 2020, up from 277 (24%) in July 2019, up from 227 (52%) in July 2018; Active Listings are at 1,164 compared to 1,341 (down 15%) at this time last year; New Listings in July were up 6% compared to June 2020, up 46% compared to July 2019 and up 27% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 50% compared to 43% in June 2020, 59% in July 2019 and 42% in July 2018.


North Vancouver Residential: Total Units Sold in July was 267 – up from 239 (12%) in June 2020, up from 205 (30%) in July 2019, up from 153 (75%) in July 2018; Active Listings are at 857 compared to 949 (down 10%) at this time last year; New Listings in July were down 6% compared to June 2020, up 35% compared to July 2019 and up 19% compared to July 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 54% compared to 45% in June 2020, 56% in July 2019 and 48% in July 2018.


West Vancouver: Total Units Sold in July was 68 – up from 62 (10%) in June 2020, up from 59 (15%) in July 2019, up from 57 (19%) in July 2018; Active Listings are at 638 compared to 726 (down 12%) at this time last year; New Listings in July were down 11% compared to June 2020, up 29% compared to July 2019 and up 13% compared to July 2018. Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 35% compared to 28% in June 2020, 39% in July 2019 and 33% in July 2018.


Richmond Residential: Total Units Sold in July was 363 – up from 272 (33%) in June 2020, up from 270 (34%) in July 2019, up from 284 (28%) in July 2018; Active Listings are at 1,603 compared to 2,309 (down 31%) at this time last year; New Listings in July were down 1% compared to June 2020, up 2% compared to July 2019 and down 3% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 43% in June 2020, 49% in July 2019 and 44% in July 2018.


Burnaby East: Total Units Sold in July was 32 – up from 31 (3%) in June 2020, up from 14 (129%) in July 2019, up from 21 (52%) in July 2018; Active Listings are at 139 compared to 166 (down 16%) at this time last year; New Listings in July were up 17% compared to June 2020, up 51% compared to July 2019 and up 24% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 47% compared to 36% in June 2020, 31% in July 2019 and 38% in July 2018.


Burnaby North: Total Units Sold in July was 141 – up from 107 (32%) in June 2020, up from 132 (7%) in July 2019, up from 88 (60%) in July 2018; Active Listings are at 566 compared to 630 (down 10%) at this time last year; New Listings in July were up 18% compared to June 2020, up 40% compared to July 2019 and up 56% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 43% compared to 39% in June 2020, 56% in July 2019 and 42% in July 2018.


Burnaby South: Total Units Sold in July was 114 – up from 93 (23%) in June 2020, up from 97 (14%) in July 2019, up from 76 (50%) in July 2018; Active Listings are at 641 compared to 807 (down 21%) at this time last year; New Listings in July were up 9% compared to June 2020, up 32% compared to July 2019 and up 20% compared to July 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some signs of Seller’s Market conditions) and a Sales to Listings Ratio of 36% compared to 32% in June 2020, 64% in July 2019 and 29% in July 2018.


New Westminster: Total Units Sold in July was 164 – up from 97 (69%) in June 2020, up from 122 (34%) in July 2019, up from 114 (44%) in July 2018; Active Listings are at 471 compared to 533 (down 12%) at this time last year; New Listings in July were up 7% compared to June 2020, up 40% compared to July 2019 and up 35% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions with some areas of Balanced Market Conditions) and a Sales to Listings Ratio of 59% compared to 37% in June 2020, 61% in July 2019 and 55% in July 2018.


Coquitlam: Total Units Sold in July was 287 – up from 216 (28%) in June 2020, up from 236 (24%) in July 2019, up from 150 (30%) in July 2018; Active Listings are at 846 compared to 1,120 (down 15%) at this time last year; New Listings in July were down 6% compared to June 2020, down 2% compared to July 2019 and down 8% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 48% in June 2020, 54% in July 2019 and 32% in July 2018.


Port Moody: Total Units Sold in July was 96 – up from 59 (28%) in June 2020, up from 56 (24%) in July 2019, up from 52 (30%) in July 2018; Active Listings are at 256 compared to 236 (down 15%) at this time last year; New Listings in July were down 3% compared to June 2020, up 92% compared to July 2019 and up 32% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 40% in June 2020, 75% in July 2019 and 48% in July 2018.


Port Coquitlam: Total Units Sold in July was 119 – up from 91 (28%) in June 2020, up from 86 (24%) in July 2019, up from 84 (30%) in July 2018; Active Listings are at 238 compared to 381 (down 15%) at this time last year; New Listings in July were up 1% compared to June 2020, up 12% compared to July 2019 and down 9% compared to July 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 70% compared to 54% in June 2020, 57% in July 2019 and 45% in July 2018.


Ladner: Total Units Sold in July was 49 – up from 38 (29%) in June 2020, up from 34 (44%) in July 2019, up from 29 (69%) in July 2018; Active Listings are at 148 compared to 190 (down 22%) at this time last year; New Listings in July were up 18% compared to June 2020, up 22% compared to July 2019 and up 64% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 68% compared to 62% in June 2020, 58% in July 2019 and 66% in July 2018.


Tsawwassen: Total Units Sold in July was 62 – up from 48 (29%) in June 2020, up from 46 (35%) in July 2019, up from 23 (170%) in July 2018; Active Listings are at 295 compared to 287 (up 3%) at this time last year; New Listings in July were up 10% compared to June 2020, up 80% compared to July 2019 and up 106% compared to July 2018. Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 41% in June 2020, 65% in July 2019 and 37% in July 2018.


Pitt Meadows: Total Units Sold in July was 48 – up from 28 (71%) in June 2020, up from 20 (140%) in July 2019, up from 25 (92%) in July 2018; Active Listings are at 99 compared to 139 (down 28%) at this time last year; New Listings in July were up 15% compared to June 2020, up 24% compared to July 2019 and up 19% compared to July 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 77% compared to 51% in June 2020, 40% in July 2019 and 48% in July 2018.


Maple Ridge: Total Units Sold in July was 246 – up from 189 (30%) in June 2020, up from 182 (35%) in July 2019, up from 130 (89%) in July 2018; Active Listings are at 671 compared to 870 (down 22%) at this time last year; New Listings in July were up 11% compared to June 2020, up 13% compared to July 2019 and up 34% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 57% in June 2020, 56% in July 2019 and 47% in July 2018.



Kevin Skipworth
Managing Broker/Partner/Chief Economist

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We have moved into Phase 3 of the British Columbia COVID-19 Restart Plan which will allow for more businesses to open up, movement around the province and improvement in economic conditions. In looking at home sales in June, the real estate market had already moved into its next phase as June began with buyers and seller having become more engaged in real estate. With limited showing measures and the continued focus on virtual means as a way to be introduced to homes for sale, week by week in June home sales kept increasing. There appears to be a renewed fever in the market, with market conditions coming close to resembling those seen at the beginning of March, pre COVID. And as the incidence for COVID-19 continue to be the lowest in Canada and in North America, there will be a positive energy that carries through the region and into real estate. And as the lyrics go from a song released in 1990 – don’t call it a comeback, I’ve been here for years. We shouldn’t be surprised by the resiliency of Metro Vancouver’s real estate market.


There were 2,497 homes sold of all types in Greater Vancouver in June this year compared with 1,506 homes sold in May, 1,119 in April, 2,098 sales in June last year and 2,467 homes sold in June 2018. It was actually the fifth highest amount of sales for a month going back to May 2018. To me that’s improvement and a sign of a real estate market that wants to move – literally. Pent up demand continues to be a factor in the recovery of Metro Vancouver’s real estate market. And realistically, the market can’t be kept down. Two of the slowest years in activity that we’ve seen have put pressure on market activity to increase. In the first half of 2019 there were 10,992 homes sold and in the first half of 2020 there were 11,471 homes sold. That is fairly significant considering half of that period this year was in the midst of a global pandemic.


2020 Average Daily Sales in Greater Vancouver by Week in COVID times:


First two weeks of March – 253 new listings, 138 sales

Last two week of March – 167 New Listings, 98 Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June 1 to 5 – 271 new listings, 88 sales

June 8 to 12 – 272 new listings, 107 sales

June 15 to 19 – 274 new listings, 120 sales

June 22 to 26 – 241 new listings, 129 sales



Some highlights from June:


  • The move to houses is showing a sign of a trend in Metro Vancouver – North Vancouver house sales were the highest by month in that region in 2020 with 84, compared with 71 and 69 in February and March respectively
  • There are 3 months supply of houses and townhouses in North Vancouver – into a seller’s market with sales of condos in June up 100 per cent compared to May – don’t count out the condo market
  • There are 3 months supply of houses, and 2 months supply of townhouses and condos in Port Coquitlam – firmly into a seller’s market
  • There were 43 per cent more houses sold in West Vancouver in June compared to the same month last year with the average price up 23 per cent from last month
  • Sales and new listings in Richmond were at the same levels as June last year while other areas saw increases in both but condo sales in June were 113 per cent higher than May – again, those condos are still in demand



Once again there was an increase in the number of homes available in Greater Vancouver in June. At the end of June there were 12,145 homes for sale, compared to 10,771 at the end of May but still less than the 15,770 available at the end of June 2019 – a 23 per cent reduction in the number of homes available year-over-year. At the end of May there were 30 per cent less homes available compared to the previous year. More choice is available, but that’s also helping to create more home sales. Even with the increase in the number of homes available, it is significantly below the 15,342 average that we’ve seen for the month of June going back to 1995. It would be the expectation that after the halting of market activity starting mid-March there would be a sudden increase in homes coming on the market, but yet there is still a shortage or homes available. 


Predicting Metro Vancouver’s real estate market has long been a fascination of many. Dire predictions make the rounds, but it’s been clear the strength of the market has prevailed. Of course there are economic storm winds ahead, and unknowns as to which path COVID-19 will take but we live in a pretty amazing place and the course of what has happened over the last 4 months is being noticed by many around the world. Our region has and continues to be a safe place to be. Property will always be an investment vehicle, home ownership will always be sought after and with each day, British Columbia continues to shine in the eyes of the world. And while logic would suggest one type of property or area that allows for more separation or that is less densely populated will draw significant activity, every property type and location is unique and will likely perform in ways many wouldn’t have anticipated. Far be it from Metro Vancouver real estate to follow predictability – it always has a surprise up its sleeve.


“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said, “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”


East of Vancouver, the Fraser Valley Real Estate Board processed 1,718 sales of all property types on its Multiple Listing Service® in June, an increase of 113 per cent compared to sales in May and a 32 per cent decrease compared to the 1,306 sales in June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June. There were 3,456 new listings in June, a 57 per cent increase compared to May and a 23 per cent decrease compared to June of last year. May finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year-over-year. “It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold and the new CMHC rules that came into effect on July 1st making it harder to qualify for the mortgage insurance.” Chris Shields, President of the Fraser Valley Real Estate Board said. “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”


 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June was 2,497 – up from 1,506 (66%) in May 2020, up from 2,098 (19%) in June 2019, up from 2,467 (1%) in June 2018; Active Listings are at 12,146 compared to 15,770 (down 23%) at this time last year; New Listings in June were up 57% compared to May 2020, up 22% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 40% in May 2020, 43% in June 2019 and 45% in June 2018.


Vancouver Westside Residential: Total Units Sold in June was 409 – up from 264 (55%) in May 2020, up from 355 (15%) in June 2019, down from 458 (11%) in June 2018; Active Listings are at 2,229 compared to 2,779 (down 20%) at this time last year; New Listings in June were up 57% compared to May 2020, up 31% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 35% compared to 36% in May 2020, 40% in June 2019 and 47% in June 2018.


Vancouver East Side Residential: Total Units Sold in June was 280 – up from 167 (68%) in May 2020, up from 215 (30%) in June 2019, down from 282 (1%) in June 2018; Active Listings are at 1,071 compared to 1,435 (down 25%) at this time last year; New Listings in June were up 68% compared to May 2020, up 35% compared to June 2019 and up 5% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 43% compared to 43% in May 2020, 44% in June 2019 and 45% in June 2018.


North Vancouver Residential: Total Units Sold in June was 239 – up from 136 (76%) in May 2020, up from 202 (18%) in June 2019, up from 199 (20%) in June 2018; Active Listings are at 815 compared to 1,030 (down 21%) at this time last year; New Listings in June were up 58% compared to May 2020, up 28% compared to June 2019 and up 27% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 40% in May 2020, 49% in June 2019 and 48% in June 2018.


West Vancouver: Total Units Sold in June was 62 – up from 43 (44%) in May 2020, up from 43 (44%) in June 2019, up from 54 (15%) in June 2018; Active Listings are at 611 compared to 764 (down 20%) at this time last year; New Listings in June were up 55% compared to May 2020, up 23% compared to June 2019 and down 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 28% compared to 30% in May 2020, 24% in June 2019 and 23% in June 2018.


Richmond Residential: Total Units Sold in June was 272 – up from 152 (79%) in May 2020, up from 270 (1%) in June 2019, down from 308 (12%) in June 2018; Active Listings are at 1,599 compared to 2,369 (down 33%) at this time last year; New Listings in June were up 54% compared to May 2020, the same amount as June 2019 and down 10% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions with some multiple offers occurring) and a Sales to Listings Ratio of 43% compared to 37% in May 2020, 43% in June 2019 and 44% in June 2018.


Burnaby East: Total Units Sold in June was 21 – up from 18 (17%) in May 2020, up from 19 (11%) in June 2019, down from 26 (19%) in June 2018; Active Listings are at 131 compared to 161 (down 19%) at this time last year; New Listings in June were up 35% compared to May 2020, up 16% compared to June 2019 and up 16% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 36% compared to 42% in May 2020, 38% in June 2019 and 52% in June 2018.


Burnaby North: Total Units Sold in June was 107 – up from 79 (35%) in May 2020, up from 100 (7%) in June 2019, 107 in June 2018; Active Listings are at 490 compared to 670 (down 27%) at this time last year; New Listings in June were up 75% compared to May 2020, up 19% compared to June 2019 and up 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 39% compared to 50% in May 2020, 43% in June 2019 and 41% in June 2018.


Burnaby South: Total Units Sold in June was 93 – up from 64 (45%) in May 2020, down from 121 (23%) in June 2019, down from 121 (23%) in June 2018; Active Listings are at 562 compared to 872 (down 36%) at this time last year; New Listings in June were up 123% compared to May 2020, up 8% compared to June 2019 and up 17% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 32% compared to 50% in May 2020, 45% in June 2019 and 49% in June 2018.


New Westminster: Total Units Sold in June was 97 – up from 73 (33%) in May 2020, 97  in June 2019, down from 141 (31%) in June 2018; Active Listings are at 454 compared to 577 (down 21%) at this time last year; New Listings in June were up 67% compared to May 2020, up 29% compared to June 2019 and up 12% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 37% compared to 47% in May 2020, 48% in June 2019 and 61% in June 2018.


Coquitlam: Total Units Sold in June was 216 – up from 132 (64%) in May 2020, up from 177 (22%) in June 2019, up from 178 (21%) in June 2018; Active Listings are at 856 compared to 1,159 (down 26%) at this time last year; New Listings in June were up 24% compared to May 2020, up 17% compared to June 2019 and the same compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 36% in May 2020, 46% in June 2019 and 40% in June 2018.


Port Moody: Total Units Sold in June was 59 – up from 46 (28%) in May 2020, up from 42 (40%) in June 2019, up from 48 (23%) in June 2018; Active Listings are at 256 compared to 266 (down 4%) at this time last year; New Listings in June were up 53% compared to May 2020, up 68% compared to June 2019 and up 22% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 40% compared to 47% in May 2020, 48% in June 2019 and 40% in June 2018.


Port Coquitlam: Total Units Sold in June was 91 – up from 60 (52%) in May 2020, up from 77 (18%) in June 2019, down from 108 (16%) in June 2018; Active Listings are at 228 compared to 381 (down 40%) at this time last year; New Listings in June were up 85% compared to May 2020, down 4% compared to June 2019 and down 2% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 54% compared to 66% in May 2020, 44% in June 2019 and 50% in June 2018.


Ladner: Total Units Sold in June was 38 – up from 20 (90%) in May 2020, up from 29 (31%) in June 2019, the same as in June 2018; Active Listings are at 154 compared to 207 (down 26%) at this time last year; New Listings in June were up 27% compared to May 2020, down 13% compared to June 2019 and down 14% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 62% compared to 42% in May 2020, 47% in June 2019 and 54% in June 2018.


Tsawwassen: Total Units Sold in June was 48 – up from 35 (37%) in May 2020, up from 35 (37%) in June 2019, up from 42 (14%) in June 2018; Active Listings are at 270 compared to 310 (down 13%) at this time last year; New Listings in June were up 33% compared to May 2020, up 47% compared to June 2019 and up 66% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 40% in May 2020, 44% in June 2019 and 60% in June 2018.


Pitt Meadows: Total Units Sold in June was 28 – up from 23 (22%) in May 2020, up from 24 (16%) in June 2019, up from 24 (16%) in June 2018; Active Listings are at 107 compared to 130 (down 17%) at this time last year; New Listings in June were up 57% compared to May 2020, up 14% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 47% in May 2020, 51% in June 2019 and 40% in June 2018.


Maple Ridge: Total Units Sold in June was 189 – up from 111 (70%) in May 2020, up from 132 (43%) in June 2019, up from 136 (39%) in June 2018; Active Listings are at 671 compared to 868 (down 22%) at this time last year; New Listings in June were up 61% compared to May 2020, up 15% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 54% in May 2020, 46% in June 2019 and 48% in June 2018.



Kevin Skipworth
Managing Broker/Partner

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We are all in the arena right now, and it is going to take the work of us all to come through what we are fighting today. Understanding compassion and humility will never be as important as it is during the current times.


As we moved through May, we saw a real estate market begin to form from the depths of the slowdown in March and April and with it the actions of many came under the microscope. For better or for worse, humanity moves forward. Home sales and listing activity showed significant improvement in May, with the provincial government announcing a phased approach to re-opening the economy and business. There was a breath of air that came with that announcement and continued lower numbers of COVID-19 cases in British Columbia compared to other parts of Canada and globally.


There were 1,506 homes sold of all types in Greater Vancouver in May this year compared with 1,119 homes sold last month, 2,669 sales in May last year and 2,890 homes sold in May 2018. We have had two very slow years in real estate in Metro Vancouver, in fact 2018 and 2019 were 20 per cent and 26 per cent below the 10-year average respectively. To say there is pent up demand is an understatement. But May saw the number of homes sold almost double in the last half of the month compared to the first two weeks. The growth of sales in May’s second half was greater than the growth of new listings. So yes, the number of homes sold for May is still below last year’s amount and the lowest on record for the month of May, but that is to be expected considering where we are coming from. With the second lowest number of homes sold being in 1998 at 1,799, we are seeing improvement during a time of significant isolation and economic turbulence.


2020 Average Daily Sales in Greater Vancouver by Week in COVID times:


First two weeks of March – 253 new listings, 138 sales

March 23 to 27 – 172 New Listings, 131 Sales

March 30 to April 3 – 104 new listings, 62 sales

April 6 to April 9 – 137 new listings, 58 sales

April 14 to 17 – 131 new listings, 63 sales

April 20 to 24 – 117 new listings, 48 sales

April 27 to May 1 – 126 new listings, 48 sales

May 4 to 8 – 168 new listings, 58 sales

May 11 to 15 – 169 new listings, 69 sales

May 19 to 22 – 243 new listings, 93 sales

May 25 to 29 – 196 new listings, 90 sales



Some highlights from May:


  • Detached home sales outside of Vancouver performed better year-over-year compared to townhouse and apartments showing the need for space and separation were and will be important factors in home decisions moving forward
  • Absorption rates still continue to be better than what we saw in the first quarter of 2019
  • Compared to the last two weeks of April which showed the most significant lag in home sales and new listings, it was the opposite for May which saw the second half out perform the first and we are seeing more multiple offers occurring
  • Port Coquitlam detached houses saw the highest absorption rate with 30 homes sold and only 30 homes listed
  • According to a survey of landlords by the Urban Development Institute and LandlordBC, residential landlords reported the highest percentage of full rent payments at 86 per cent with overall rent payments at 90 per cent and only 3 per cent not collecting any rent



The number of homes available for sale in Greater Vancouver increased in May. At the end of May there were 10,771 homes for sale, compared to 10,115 at the end of April and 15,452 at the end of May 2019 – a 30 per cent reduction in the number of homes available year-over-year. Even with the increase in the number of homes actively for sale, it is still the 4th lowest amount for the month of May going back to 1995. Make no mistake, there is a shortage of homes for sale. The number of new listings in May for Greater Vancouver increased with there being 3,777 homes listed for sale compared to 2,399 in April but this was the first time there were fewer than 4,000 new listings in the month of May going back to 1991. This amount was well below the 10-year average for May which is 6,344. Current market conditions continue to be different in every way compared to other market downturns with home sales and listing activity decreasing tantamount to each other. The market is still operating but in a vacuum of much less activity due to the pandemic. There hasn’t been an indication of any kind of panic in the market. Yes, economic conditions continue to be something that will need to be considered going forward but with British Columbia having much less instances of mortgage deferrals and less insured mortgages as a percentage of overall in Canada, the real estate market can be seen to have less risk than other parts of Canada. With mortgage rates at all-time lows and government continuing to provide economic stimulus, there are certainly backstops in place to help keep the real estate market from going down a negative road that some are trying to predict. That tied with the numbers in the graphs below, Metro Vancouver and much of the province is in a better position going through the pandemic and as such, deciphering real estate markets should be done on a regional basis. And perhaps at the end of the day, let the market speak for itself.




Percentage of Mortgage Deferrals in Canada




Percentage of Insured Mortgages




“Home prices have been stable during the COVID-19 period,” Colette Gerber, REBGV Chair said, “While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge. Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020. Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”


East of Vancouver, the Fraser Valley Real Estate Board processed 805 sales of all property types on its Multiple Listing Service® in April, an increase of 17 per cent compared to sales in April and a 47 per cent decrease compared to the 1,517 sales in May of last year. There were 2,207 new listings in May, a 56 per cent increase compared to April and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year-over-year. “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve. It is important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.” Chris Shields, President of the Fraser Valley Real Estate Board.


 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May was 1,506 – up from 1,119 (35%) in April 2020, down from 2,669 (44%) in May 2019, down from 2,890 (48%) in May 2018; Active Listings are at 10,771 compared to 15,452 (down 30%) at this time last year; New Listings in May 2020 were up 40% compared to April 2020, down 37% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 44% in May 2019 and 44% in May 2018.


Vancouver Westside Residential: Total Units Sold in May was 264 – up from 195 (35%) in April 2020, down from 460 (43%) in May 2019, down from 504 (48%) in May 2018; Active Listings are at 1,931 compared to 2,778 (down 30%) at this time last year; New Listings in May 2020 were up 66% compared to April 2020, down 30% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 36% compared to 44% in May 2019 and 40% in May 2018.


Vancouver East Side Residential: Total Units Sold in May was 167 – up from 120 (39%) in April 2020, down from 328 (49%) in May 2019, down from 364 (54%) in May 2018; Active Listings are at 886 compared to 1,403 (down 37%) at this time last year; New Listings in May 2020 were up 57% compared to April 2020, down 37% compared to May 2019 and down 47% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 43% compared to 54% in May 2019 and 50% in May 2018.


North Vancouver Residential: Total Units Sold in May was 136 – up from 96 (42%) in April 2020, down from 257 (47%) in May 2019, down from 238 (43%) in May 2018; Active Listings are at 686 compared to 1,035 (down 34%) at this time last year; New Listings in May 2020 were up 52% compared to April 2020, down 35% compared to May 2019 and down 37% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 50% in May 2019 and 45% in May 2018.


West Vancouver: Total Units Sold in May was 43 – up from 29 (48%) in April 2020, down from 71 (39%) in May 2019, down from 63 (32%) in May 2018; Active Listings are at 535 compared to 740 (down 28%) at this time last year; New Listings in May 2020 were up 51% compared to April 2020, down 39% compared to May 2019 and down 52% compared to May 2018. Month’s Supply of Total Residential Listings is at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 30% in May 2019 and 21% in May 2018.


Richmond Residential: Total Units Sold in May was 152 – up from 137 (11%) in April 2020, down from 271 (44%) in May 2019, down from 356 (57%) in May 2018; Active Listings are at 1,549 compared to 2,329 (down 33%) at this time last year; New Listings in May 2020 were up 68% compared to April 2020, down 47% compared to May 2019 and down 52% compared to May 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced Market to Buyer’s Market Conditions) and a Sales to Listings Ratio of 37% compared to 35% in May 2019 and 41% in May 2018.


Burnaby East: Total Units Sold in May was 18 – up from 12 (50%) in April 2020, down from 25 (28%) in May 2019, down from 29 (38%) in May 2018; Active Listings are at 108 compared to 101 (up 7%) at this time last year; New Listings in May 2020 were up 34% compared to April 2020, down 14% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 42% compared to 50% in May 2019 and 39% in May 2018.


Burnaby North: Total Units Sold in May was 79 – up from 40 (98%) in April 2020, down from 123 (36%) in May 2019, down from 147 (46%) in May 2018; Active Listings are at 409 compared to 655 (down 38%) at this time last year; New Listings in May 2020 were up 15% compared to April 2020, down 44% compared to May 2019 and down 41% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 50% compared to 44% in May 2019 and 55% in May 2018.


Burnaby South: Total Units Sold in May was 64 – up from 55 (16%) in April 2020, down from 131 (51%) in May 2019, down from 127 (50%) in May 2018; Active Listings are at 450 compared to 841 (down 46%) at this time last year; New Listings in May 2020 were up 23% compared to April 2020, down 60% compared to May 2019 and down 59% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 50% compared to 40% in May 2019 and 40% in May 2018.


New Westminster: Total Units Sold in May was 73 – up from 61 (20%) in April 2020, down from 127 (43%) in May 2019, down from 132 (45%) in May 2018; Active Listings are at 356 compared to 562 (down 37%) at this time last year; New Listings in May 2020 were up 77% compared to April 2020, down 43% compared to May 2019 and down 40% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 47% in May 2019 and 51% in May 2018.


Coquitlam: Total Units Sold in May was 132 – up from 93 (42%) in April 2020, down from 205 (36%) in May 2019, down from 200 (34%) in May 2018; Active Listings are at 760 compared to 1,140 (down 33%) at this time last year; New Listings in May 2020 were up 94% compared to April 2020, down 30% compared to May 2019 and down 28% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 36% compared to 39% in May 2019 and 40% in May 2018.


Port Moody: Total Units Sold in May was 46 – up from 28 (64%) in April 2020, down from 62 (26%) in May 2019, down from 64 (28%) in May 2018; Active Listings are at 211 compared to 264 (down 20%) at this time last year; New Listings in May 2020 were up 73% compared to April 2020, down 24% compared to May 2019 and down 25% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 49% in May 2019 and 50% in May 2018.


Port Coquitlam: Total Units Sold in May was 60 – up from 42 (43%) in April 2020, down from 132 (55%) in May 2019, down from 104 (42%) in May 2018; Active Listings are at 190 compared to 362 (down 48%) at this time last year; New Listings in May 2020 were up 17% compared to April 2020, down 51% compared to May 2019 and down 61% compared to May 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced to Seller’s Market Conditions as a result of a significant shortage of homes available for sales) and a Sales to Listings Ratio of 66% compared to 71% in May 2019 and 44% in May 2018.


Ladner: Total Units Sold in May was 20 – up from 17 (18%) in April 2020, down from 41 (51%) in May 2019, down from 36 (44%) in May 2018; Active Listings are at 160 compared to 163 (down 2%) at this time last year; New Listings in May 2020 were up 33% compared to April 2020, down 44% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 42% compared to 48% in May 2019 and 43% in May 2018.


Tsawwassen: Total Units Sold in May was 35 – up from 24 (46%) in April 2020, down from 38 (8%) in May 2019, down from 35 (0%) in May 2018; Active Listings are at 237 compared to 305 (down 22%) at this time last year; New Listings in May 2020 were up 102% compared to April 2020, down 7% compared to May 2019 and down 2% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 40% in May 2019 and 39% in May 2018.


Pitt Meadows: Total Units Sold in May was 23 – up from 19 (21%) in April 2020, down from 40 (42%) in May 2019, down from 39 (41%) in May 2018; Active Listings are at 103 compared to 137 (down 24%) at this time last year; New Listings in May 2020 were up 55% compared to April 2020, down 20% compared to May 2019 and down 29% compared to May 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 66% in May 2019 and 57% in May 2018.


Maple Ridge: Total Units Sold in May was 111 – up from 82 (35%) in April 2020, down from 171 (35%) in May 2019, down from 188 (41%) in May 2018; Active Listings are at 633 compared to 832 (down 23%) at this time last year; New Listings in May 2020 were up 37% compared to April 2020, down 43% compared to May 2019 and down 44% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 54% compared to 47% in May 2019 and 51% in May 2018.


Kevin Skipworth
Managing Broker/Partner



 
 
 
 
 
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"It's not whether you get knocked down, it's whether you get up. – Vince Lombardi

 


We will get back up! Considering the extent of lock down, the momentum of what March started certainly carried over into April. While sales were down and new listings were down, there was still participation in the market as Realtors found ways to present properties virtually and look at ways to ensure socially distanced showings could happen if necessary. Buyers were there and continue to be, with multiple offers occurring, even as of last week.


There were 1,119 homes sold of all types in Greater Vancouver in April this year compared with 2,562 homes sold last month, 1,850 sales in April last year and 2,631 homes sold in April 2018. Sales and listings were well below the ten-year average but actually higher than in November and December 2008 and January 2009, all three months below 1,000 homes sold. The last two weeks of April showed home sales average 48 per day compared with 138 per day during the first two weeks of March – a reduction of 75 per cent. New listings were down 51 per cent with there being an average of 122 per day compared to 253 per day at the beginning of March.


2020 Average Daily Sales by Week in Covid times:


First two weeks of March – 253 new listings, 138 sales

March 23 to 27 – 172 New Listings, 131 Sales

March 30 to April 3 – 104 new listings, 62 sales

April 6 to April 9 – 137 new listings, 58 sales

April 14 to 17 – 131 new listings, 63 sales

April 20 to 24 – 117 new listings, 48 sales

April 27 to May 1 – 126 new listings, 48 sales



With the reduction in the number of homes sold and the number of homes being listed, absorption of new listings was actually stronger this April then compared with April 2019, 47 per cent compared to 31 per cent. The 47 per cent this year was even better than April 2018 at 44 per cent. Buyers were more engaged with the limited number of new listings than we’ve seen in April for the last 2 years – with more incidents of multiple offers occurring. Had more homes come on to the market we would have likely seen more home sales as a result.


Some highlights from April:


  • Detached home sales in Vancouver West were slightly higher than January of this year, with a 58 per cent absorption rate and a slight increase in the average price for April compared to March
  • Detached home sales in most areas had high absorption rates compared to attached homes, perhaps a sign of a push towards separate space and less home owners willing to part with that and put their homes up for sale
  • The last two weeks of April showed the most significant lag in home sales and new listings, but similar to the end of March, home sales reported are from weeks previous and anecdotal reports indicated more activity amongst home buyers and sellers
  • While Month’s of Supply increased in April due to lower sales totals, pushing areas into Buyer’s Market Conditions on paper– this will be temporary and even with those conditions we are seeing sales that favor sellers.



The number of homes for sale in Greater Vancouver saw a slight decrease in April. At the end of April there were 10,115 homes for sale, compared to 10,315 at the end of March and 15,060 at the end of April 2019 – a 33 per cent reduction in the number of homes available year-over-year. As expected, the number of homes that came to market in April were half that of March with 2,399 homes listed for sale, compared with 4,521 in March. We will come out of this pandemic with an extremely under supplied housing market, for both resale homes and presale homes. And while there are already some anticipating a drop in home prices as a result, activity through the worst of the pandemic hasn’t indicated that so far. As local, national and global governments begin to open up economies, there will be more opportunities for increased activity in the housing market. Home owners will seek changes in where they live, having been through more time at home than ever before, and in conditions they have not experienced. Changes will be desired for some and required for others. And governments will be doing their part to push the economy forward – they have the tools to do so and will.


“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV president-elect said, “People are, however, adapting. They’re working with the Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic. We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle electronically.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 688 sales of all property types on its Multiple Listing Service® in April, a decrease of 52 per cent compared to sales in March and a 50 per cent decrease compared to the sales in April of last year. According to the Fraser Valley Board, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last need in April 1981. There were 1,416 new listings in April, a 47 per cent decrease compared to March and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year-over-year. “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic. Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable,” Chris Shields, President of the Fraser Valley Real Estate Board.


More important than the housing market right now is focusing on getting through this pandemic and working to stay healthy and supporting those around us. The real estate market will continue and be much more active as social distancing measures and relaxations of those measures are allowed. Be safe and be careful.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2020 was 1,119 – down from 2,562 (56%) in March 2020, down from 1,850 (40%) in April 2019, down from 2,631 (57%) in April 2018; Active Listings are at 10,115 compared to 15,060 (down 33%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 60% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 47% compared to 31% in April 2019 and 44% in April 2018.


Vancouver Westside Residential: Total Units Sold in April 2020 was 195 – down from 467 (58%) in March 2020, down from 342 (43%) in April 2019, down from 467 (48%) in April 2018; Active Listings are at 1,760 compared to 2,808 (down 37%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 62% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 40% in April 2018.


Vancouver East Side Residential: Total Units Sold in April 2020 was 120 – down from 297 (60%) in March 2020, down from 174 (31%) in April 2019, down from 298 (60%) in April 2018; Active Listings are at 836 compared to 1,403 (down 40%) at this time last year; New Listings in April 2020 were down 58% compared to April 2019 and down 66% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 49% compared to 36% in April 2019 and 42% in April 2018.


North Vancouver Residential: Total Units Sold in April 2020 was 96 – down from 204 (53%) in March 2020, down from 149 (36%) in April 2019, down from 221 (57%) in April 2018; Active Listings are at 633 compared to 1,049 (down 40%) at this time last year; New Listings in April 2020 were down 57% compared to April 2019 and down 54% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 43% compared to 29% in April 2019 and 46% in April 2018.


West Vancouver: Total Units Sold in April 2020 was 29 – down from 56 (48%) in March 2020, down from 48 (40%) in April 2019, down from 56 (48%) in April 2018; Active Listings are at 527 compared to 723 (down 27%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 64% compared to April 2018. Month’s Supply of Total Residential Listings is at 18 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 31% compared to 19% in April 2019 and 21% in April 2018.


Richmond Residential: Total Units Sold in April 2020 was 137 – down from 337 (59%) in March 2020, down from 172 (20%) in April 2019, down from 312 (59%) in April 2018; Active Listings are at 1,386 compared to 2,220 (down 38%) at this time last year; New Listings in April 2020 were down 65% compared to April 2019 and down 65% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 25% in April 2019 and 45% in April 2018.


Burnaby East: Total Units Sold in April 2020 was 12 – down from 27 (56%) in March 2020, down from 15 (20%) in April 2019, down from 35 (66%) in April 2018; Active Listings are at 101 compared to 153 (down 34%) at this time last year; New Listings in April 2020 were down 44% compared to April 2019 and down 52% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 38% compared to 26% in April 2019 and 53% in April 2018.


Burnaby North: Total Units Sold in April 2020 was 40 – down from 130 (69%) in March 2020, down from 81 (51%) in April 2019, down from 135 (70%) in April 2018; Active Listings are at 409 compared to 634 (down 35%) at this time last year; New Listings in April 2020 were down 51% compared to April 2019 and down 51% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 29% compared to 29% in April 2019 and 48% in April 2018.


Burnaby South: Total Units Sold in April 2020 was 55 – down from 143 (62%) in March 2020, down from 97 (43%) in April 2019, down from 108 (49%) in April 2018; Active Listings are at 463 compared to 819 (down 43%) at this time last year; New Listings in April 2020 were down 63% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 34% in April 2019 and 38% in April 2018.


New Westminster: Total Units Sold in April 2020 was 61 – down from 118 (48%) in March 2020, down from 108 (44%) in April 2019, down from 133 (54%) in April 2018; Active Listings are at 333 compared to 533 (down 38%) at this time last year; New Listings in April 2020 were down 69% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 69% compared to 38% in April 2019 and 56% in April 2018.


Coquitlam: Total Units Sold in April 2020 was 93 – down from 202 (54%) in March 2020, down from 153 (39%) in April 2019, down from 202 (54%) in April 2018; Active Listings are at 687 compared to 1,068 (down 36%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 59% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 49% compared to 33% in April 2019 and 44% in April 2018.


Port Moody: Total Units Sold in April 2020 was 28 – down from 54 (48%) in March 2020, down from 60 (53%) in April 2019, down from 54 (48%) in April 2018; Active Listings are at 204 compared to 252 (down 19%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 50% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 50% compared to 41% in April 2019 and 48% in April 2018.


Port Coquitlam: Total Units Sold in April 2020 was 42 – down from 96 (54%) in March 2020, down from 67 (37%) in April 2019, down from 103 (39%) in April 2018; Active Listings are at 197 compared to 395 (down 50%) at this time last year; New Listings in April 2020 were down 60% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 54% compared to 34% in April 2019 and 56% in April 2018.


Ladner: Total Units Sold in April 2020 was 17 – down from 32 (47%) in March 2020, down from 29 (41%) in April 2019, down from 32 (47%) in April 2018; Active Listings are at 173 compared to 190 (down 9%) at this time last year; New Listings in April 2020 were down 45% compared to April 2019 and down 37% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 47% compared to 45% in April 2019 and 56% in April 2018.


Tsawwassen: Total Units Sold in April 2020 was 24 – down from 39 (38%) in March 2020, up from 18 (33%) in April 2019, down from 38 (37%) in April 2018; Active Listings are at 209 compared to 296 (down 29%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 17% in April 2019 and 32% in April 2018.


Pitt Meadows: Total Units Sold in April 2020 was 19 – down from 35 (46%) in April 2020, down from 28 (45%) in April 2019, down from 25 (24%) in March 2018; Active Listings are at 97 compared to 136 (down 28%) at this time last year; New Listings in April 2020 (31) were down 56% compared to April 2019 and down 47% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Mostly a Balanced Market with some Seller’s Market Conditions) and a Sales to Listings Ratio of 61% compared to 38% in April 2019 and 43% in April 2018.


Maple Ridge: Total Units Sold in March 2020 was 82 – down from 170 (52%) in March 2020, down from 124 (33%) in April 2019, down from 205 (60%) in April 2018; Active Listings are at 649 compared to 792 (down 18%) at this time last year; New Listings in April 2020 were down 55% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Mostly Balanced Market Conditions) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 57% in April 2018.



Kevin Skipworth
Managing Broker/Partner/Chief Economist 

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Where to begin. This month’s numbers for Greater Vancouver real estate are a tale of what could have been, not so much what will be. The way sales on a given day are counted by the Real Estate Board of Greater Vancouver are by looking at the day when that sale is reported by a real estate company to the Board, regardless of when the date the contract is written. So, there is a time lag between when the contract is written and when it is reported. This will be important in looking at sales figures for March as a degree of that activity came from transactions that were initiated prior to mid-March.


There were 2,562 homes sold of all types in Greater Vancouver in March this year compared with 2,185 homes sold last month, 1,745 sales in March last year and 2,551 homes sold in March 2018. Sales in March were 19 per cent below the 10-year average for the month of March. The number of sales in March were 47 per cent higher compared to March 2019, continuing the trend for the ninth straight month where year-over-year sales were up. This trend is likely to stop in April as the effect of the COVID-19 Virus impacts the real estate market.


Some highlights from March:


  • North Vancouver was one of the few areas that saw a decline in the number of sales in March compared to February and the number of detached homes sold was below that of March 2019
  • Year over year, the increase in detached homes sold was the greatest at 61 per cent, townhouses followed at 51 per cent with apartments at 35 per cent
  • Year over year the decrease in the number of active listings for detached homes was the greatest at 28 per cent, followed by townhouses at 27 per cent and then apartments at 19 per cent


Beyond the Pandemic:


The COVID-19 crisis will continue over the next number of months, a timeframe which is impossible to determine at this time. The numbers show that Greater Vancouver was in the stages of a market gaining momentum. While the market was still reaching for average, it was still vastly improved from last year which was a very challenged real estate market. Pent up demand was coming to the market, and from the provincial numbers identifying a very small number of foreign buyers, these were local buyers. While the real estate market takes a pause for the short term, there are many reasons to think it will be very active when we see some relief from virus, and in some cases why we may see activity over the next few months.


  • Detached/townhouse will be more attractive and in greater demand after this as people want dwellings with social distancing – people will make personal and financial sacrifices for health
  • Those in sectors where the most job losses are occurring in higher numbers aren’t the typical buyers in the market
  • After isolation people will grow tired of their homes and want a change
  • Unfortunately, some marriages may not survive after this hence people will need to move
  • In 9 to 12 months there likely will be a mini-baby boom hence people will need to move
  • Having not spent disposable income as much, people are in saving modes and that will carry on beyond this and will add to what’s available for home purchasing (even with reduced incomes, many of the home buyers are still earning an income)
  • Interest rates will be low for the foreseeable future, lowest we’ve seen
  • With so many sectors in the economy suffering that are important to government revenue, and as they struggle to recover, the government will need investment and revenue from real estate
  • There will be a shortage of homes available coming out of this and continuing so prices will not be dropping to any great degree, and new construction will suffer which will perpetuate the shortage in the years to come
  • Stock markets will continue to be volatile, pushing money into real estate, especially at higher price points
  • Canada’s response to Covid-19 is showing it a favourable place to be – immigration and investment will likely flourish with the United States potentially being a source of those coming to Canada.




The number of homes for sale in Greater Vancouver saw a slight increase in March. At the end of March there were 10,338 homes for sale in Greater Vancouver, compared to 9,894 at the end of February and 13,408 at the end of March 2019. While it may be surprising that we had that many new listings during the current pandemic, April will be more telling of the effects. But we saw 2,511 new listings up to March 15 and then 2,010 after that. The number of new listings per day did start to decline in the days leading up to the end of the month, but we are still seeing listings coming on (233 in Greater Vancouver in the last two days of the month.) Current market conditions are still producing some multiple offers – in all product types. While it may seem like a high number of new listings for current conditions, it is still well below what we would see for March in Greater Vancouver. There were 4,421 new listings during March in Greater Vancouver, down 11 per cent from March last year. The number of new listings in March were 22 per cent below the 10-year average for the month.


The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew. “Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,441 sales of all property types on its Multiple Listing Service® in March, an increase of 7 per cent compared to sales in February and a 18 per cent increase compared to the sales in March of last year. According to the Fraser Valley Board, during the first 7 business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.   Active listings for the Fraser Valley finished 6 per cent higher month-over-month and decreased of 13 per cent when compared to March 2019. There were 2,666 new listings in March, a 4 per cent increase compared to February 2020 and a 7 per cent decrease compared to March 2019.


Above all else, right now is a time to focus on staying safe and healthy. There will be real estate activity while we are under these unprecedented times, some people’s financial wellbeing may depend upon it. Others just need a home to isolate in. What’s important is that we all act in a way to help bring back normalcy to our lives – as much as that can be. Be safe and be careful.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2020 was 2,562 – up from 2,185 (17%) in February 2020, up from 1,745 (47%) in March 2019, up from 2,551 (0%) in March 2018; Active Listings are at 10,315 compared to 13,408 (down 23%) at this time last year; New Listings in March 2020 were down 11% compared to March 2019 and down 1% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 57% compared to 35% in March 2019 and 51% in March 2018.


Vancouver Westside Residential: Total Units Sold in March 2020 was 467 – up from 367 (27%) in February 2020, up from 333 (40%) in March 2019, up from 441 (6%) in March 2018; Active Listings are at 1,814 compared to 2,511 (down 28%) at this time last year; New Listings in March 2020 were down 15% compared to March 2019 and down 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 34% in March 2019 and 49% in March 2018.


Vancouver East Side Residential: Total Units Sold in March 2020 was 297 – up from 243 (22%) in February 2020, up from 174 (71%) in March 2019, up from 284 (5%) in March 2018; Active Listings are at 834 compared to 1,239 (down 33%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 64% compared to 34% in March 2019 and 55% in March 2018.


North Vancouver Residential: Total Units Sold in March 2020 was 204 – down from 206 (1%) in February 2020, up from 165 (24%) in March 2019, down from 216 (6%) in March 2018; Active Listings are at 640 compared to 883 (down 28%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 2% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 42% in March 2019 and 60% in March 2018.


West Vancouver: Total Units Sold in March 2020 was 56 – down from 57 (2%) in February 2020, up from 34 (65%) in March 2019, up from 42 (36%) in March 2018; Active Listings are at 553 compared to 670 (down 20%) at this time last year; New Listings in March 2020 were the same compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 33% compared to 20% in March 2019 and 27% in March 2018.


Richmond Residential: Total Units Sold in March 2020 was 337 – up from 253 (33%) in February 2020, up from 178 (89%) in March 2019, up from 306 (10%) in March 2018; Active Listings are at 1,464 compared to 2,025 (down 28%) at this time last year; New Listings in March 2020 were up 23% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 64% compared to 26% in March 2019 and 50% in March 2018.


Burnaby East: Total Units Sold in March 2020 was 27 – down from 32 (16%) in February 2020, up from 17 (59%) in March 2019, up from 26 (4%) in March 2018; Active Listings are at 101 compared to 141 (down 28%) at this time last year; New Listings in March 2020 were up 6% compared to March 2019 and up 17% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 33% in March 2019 and 63% in March 2018.


Burnaby North: Total Units Sold in March 2020 was 130 – up from 100 (30%) in February 2020, up from 77 (69%) in March 2019, down from 131 (1%) in March 2018; Active Listings are at 392 compared to 536 (down 27%) at this time last year; New Listings in March 2020 were down 1% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 34% in March 2019 and 61% in March 2018.


Burnaby South: Total Units Sold in March 2020 was 143 – up from 105 (36%) in February 2020, up from 97 (47%) in March 2019, up from 103 (39%) in March 2018; Active Listings are at 482 compared to 771 (down 37%) at this time last year; New Listings in March 2020 were down 24% compared to March 2019 and up 12% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 65% compared to 33% in March 2019 and 53% in March 2018.


New Westminster: Total Units Sold in March 2020 was 118 – up from 90 (20%) in February 2020, up from 81 (46%) in March 2019, down from 149 (21%) in March 2018; Active Listings are at 350 compared to 472 (down 26%) at this time last year; New Listings in March 2020 were down 2% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 40% in March 2019 and 77% in March 2018.


Coquitlam: Total Units Sold in March 2020 was 202 – up from 196 (19%) in February 2020, up from 142 (42%) in March 2019, down from 204 (1%) in March 2018; Active Listings are at 696 compared to 933 (down 25%) at this time last year; New Listings in March 2020 were down 5% compared to March 2019 and up 20% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 35% in March 2019 and 63% in March 2018.


Port Moody: Total Units Sold in March 2020 was 54 – up from 36 (50%) in February 2020, up from 38 (42%) in March 2019, down from 57 (5%) in March 2018; Active Listings are at 199 compared to 210 (down 5%) at this time last year; New Listings in March 2020 were up 9% compared to March 2019 and up 33% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 40% in March 2019 and 73% in March 2018.


Port Coquitlam: Total Units Sold in March 2020 was 96 – up from 83 (16%) in February 2020, up from 59 (63%) in March 2019, down from 103 (7%) in March 2018; Active Listings are at 194 compared to 168 (up 15%) at this time last year; New Listings in March 2020 were up 15% compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 68% compared to 35% in March 2019 and 82% in March 2018.


Ladner: Total Units Sold in March 2020 was 32 – down from 36 (11%) in February 2020, up from 25 (28%) in March 2019, up from 24 33%) in March 2018; Active Listings are at 171 compared to 170 (up 1%) at this time last year; New Listings in March 2020 were down 13% compared to March 2019 and up 22% compared to March 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 48% compared to 32% in March 2019 and 44% in March 2018.


Tsawwassen: Total Units Sold in March 2020 was 39 – up from 32 (22%) in February 2020, up from 15 (160%) in March 2019, and the same at 39 in March 2018; Active Listings are at 218 compared to 236 (down 8%) at this time last year; New Listings in March 2020 down up 12% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 18% in March 2019 and 45% in March 2018.


Pitt Meadows: Total Units Sold in March 2020 was 35 – up from 27 (30%) in February 2020, up from 24 (45%) in March 2019, up from 34 (21%) in March 2018; Active Listings are at 102 compared to 119 (down 14%) at this time last year; New Listings in March 2020 were up 20% compared to March 2019 and up 94% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 53% compared to 43% in March 2019 and 100% in March 2018.


Maple Ridge: Total Units Sold in March 2020 was 170 – down from 177 (48%) in February 2020, up from 116 (46%) in March 2019, down from 180 (6%) in March 2018; Active Listings are at 659 compared to 675 (down 2%) at this time last year; New Listings in March 2020 were up 14% compared to March 2019 and up 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 57% compared to 44% in March 2019 and 63% in March 2018.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
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Average is the new up! Vancouver prices have gone up and will rise even more. What seemed like a very exuberant real estate market in Greater Vancouver in February produced an average volume of sales. With multiple offers a consistent theme, less so with detached homes, one would think it was a record month for total number of sales – especially with 42 offers on a house in Kitsilano. But funny, that supply and demand equation still rings true, when there isn’t enough supply to meet the demand, prices shift up and competition occurs.


British Columbia’s finance minister said that she is cautiously optimistic that real estate will become affordable for the average citizen over the next year, even though demand is expected to keep eclipsing supply. Think about that for a second. The number of buyers is increasing more than the number of sellers. What happens when there is scarcity of something? people compete for that item. Greater Vancouver’s real estate market is seeing the number of homes available dwindle to a level not seen in over two years in all property types and a spring market is emerging that has buyers wanting what there isn’t enough of – housing. And these are very much local buyers. This is most evident in the apartment and townhome segment of the market under $1,000,000. Since January 1st, in Downtown Vancouver there have been 89 MLS® sales reported – 43 of which sold at list price or above. There have been 18 townhouse sales on Vancouver’s Westside since January 1st and 9 of those sold at list or above. What happens when apartment buyers can’t find townhomes to buy? They don’t sell and there are less apartments in lower price ranges available. But what’s really telling in this market is that while the number of home sales are just below the 10-year average; prices are rising… incidents of 18 offers, 25 offers, 68 offers on listed properties are occurring. What part of that signal’s affordability?


There were 2,185 homes sold of all types in Greater Vancouver in February this year compared with 1,602 homes sold last month, 1,512 sales in February last year and 2,241 homes sold in February 2018. Sales in February were 17 per cent below the 10-year average for the month of February but only 7 per cent below the 10-year average if the 4,254 sales from February 2016 were excluded – an all-time record amount of sales for that month. The number of sales in February were 45 per cent higher compared to February 2019, continuing the trend for the eighth straight month where year-over-year sales were up. Yes, home sales are up but they are still reaching for the average. Imagine what could happen to prices once buyers engage even more, and the number of homes for sale continues to decline.


Some highlights from February:


  • The number of sales in Richmond in January were only up 11% compared to January of last year with townhouses once again leading the way, up 103% year over year – the number of new listings in Richmond for all property types were down year over year
  • The number of detached homes currently listed in Vancouver continues to decline – with 517 Westside houses available at the end of February – which is lower than the end of January and 27% fewer than February 2019; on the East Side there are 36% less houses available compared to February 2019 with sales of detached houses up 59% year over year
  • Average prices for townhouses and condos in the majority of areas in Greater Vancouver increased significantly in February as buyers competed much more for these types of properties (Average prices are a calculation based on the total dollar volume of sales and the number of homes sold)
  • Detached homes showed higher year over year gains in the number of homes sold compared to townhouses and apartments in most areas as buyers continue to take advantage of the closer gap between the price of detached homes and attached properties
  • There have been 47 sales of homes under $3,000,000 on Vancouver’s Westside since January 1st and 16 of them have sold at list price or above



The number of homes for sale in Greater Vancouver saw limited growth in February, with a similar number of new listings for the month of February over the last three years. At the end of February there were 9,894 homes for sale in Greater Vancouver, compared to 9,307 at the end of January and 12,207 at the end of February 2019. This limited number of homes for sale is producing more multiple offers than we’ve seen in the last few years and is pushing prices up in some areas and product types. There were 4,101 new listings during February in Greater Vancouver, up 3 per cent from February last year. The number of new listings in February were 17 per cent below the 10-year average for the month of February. And with reports that there are significantly less new developments that will be coming out over the next few years, the supply of homes available to purchase will cause prices to rise. Again, what part of that signal’s affordability?


“Home buyer demand again saw string year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “This was most pronounced in the condominium market.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® in February, a decrease of 39 per cent compared to sales in January and a 38 per cent increase compared to the sales in February of last year. Active listings for the Fraser Valley finished at 5,741, increasing 12 per cent month-over-month and a decrease of 10 per cent when compared to February 2019. There were 2,557 new listings in February, a 15 per cent increase compared to January 2020 and a 15 per cent increase compared to February 2019. “Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold. We are seeing more traffic at open houses, more multiple offers and a slight increase in year-over-year prices,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Another indicator and in February, the three main residential property types sold on average six days faster than last year.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2020 was 2,185 – up from 1,602 (36%) in January 2020, up from 1,512 (45%) in February 2019, down from 2,241 (2%) in February 2018; Active Listings are at 9,894 compared to 12,207 (down 19%) at this time last year; New Listings in February 2020 were up 3% compared to February 2019 and down 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 53% compared to 38% in February 2019 and 51% in February 2018.


Vancouver Westside Residential: Total Units Sold in February 2020 was 367 – up from 275 (33%) in January 2020, up from 254 (44%) in February 2019, down from 429 (14%) in February 2018; Active Listings are at 1,774 compared to 2,333 (down 24%) at this time last year; New Listings in February 2020 were down 20% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 29% in February 2019 and 48% in February 2018.


Vancouver East Side Residential: Total Units Sold in February 2020 was 243 – up from 161 (51%) in January 2020, up from 166 (46%) in February 2019, down from 244 (1%) in February 2018; Active Listings are at 837 compared to 1,119 (down 25%) at this time last year; New Listings in February 2020 were up 14% compared to February 2019 and down 7% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 43% in February 2019 and 51% in February 2018.


North Vancouver Residential: Total Units Sold in February 2020 was 206 – up from 100 (106%) in January 2020, up from 124 (66%) in February 2019, down up 166 (24%) in February 2018; Active Listings are at 612 compared to 814 (down 25%) at this time last year; New Listings in February 2020 were up 11% compared to February 2019 and down 25% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 37% in February 2019 and 52% in February 2018.


West Vancouver: Total Units Sold in February 2020 was 57 – up from 29 (97%) in January 2020, up from 39 (46%) in February 2019, up from 42 (36%) in February 2018; Active Listings are at 536 compared to 635 (down 16%) at this time last year; New Listings in February 2020 were down 15% compared to February 2019 and down 30% compared to February 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 23% in February 2019 and 20% in February 2018.


Richmond Residential: Total Units Sold in February 2020 was 253 – up from 227 (11%) in January 2020, up from 155 (63%) in February 2019, down from 262 (3%) in February 2018; Active Listings are at 1,470 compared to 1,842 (down 20%) at this time last year; New Listings in February 2020 were up 7% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 50% compared to 33% in February 2019 and 41% in February 2018.


Burnaby East: Total Units Sold in February 2020 was 32 – up from 18 (78%) in January 2020, up from 17 (88%) in February 2019, down from 34 (6%) in February 2018; Active Listings are at 91 compared to 121 (down 25%) at this time last year; New Listings in February 2020 were up 6% compared to February 2019 and down 43% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 84% compared to 47% in February 2019 and 51% in February 2018.


Burnaby North: Total Units Sold in February 2020 was 100 – up from 96 (4%) in January 2020, up from 84 (19%) in February 2019, up from 89 (12%) in February 2018; Active Listings are at 368 compared to 482 (down 24%) at this time last year; New Listings in February 2020 were up 21% compared to February 2019 and up 11% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 53% in February 2019 and 51% in February 2018.


Burnaby South: Total Units Sold in February 2020 was 105 – up from 90 (17%) in January 2020, up from 83 (27%) in February 2019, down from 135 (22%) in February 2018; Active Listings are at 466 compared to 678 (down 31%) at this time last year; New Listings in February 2020 were down 8% compared to February 2019 and up 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 40% in February 2019 and 75% in February 2018.


New Westminster: Total Units Sold in February 2020 was 90 – up from 50 (80%) in January 2020, up from 63 (43%) in February 2019, down from 103 (13%) in February 2018; Active Listings are at 311 compared to 430 (down 28%) at this time last year; New Listings in February 2020 were down 7% compared to February 2019 and down 1% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 67% in February 2018.


Coquitlam: Total Units Sold in February 2020 was 196 – up from 144 (36%) in January 2020, up from 134 (46%) in February 2019, up from 178 (10%) in February 2018; Active Listings are at 612 compared to 832 (down 26%) at this time last year; New Listings in February 2020 were up 13% compared to February 2019 and up 9% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 60% compared to 46% in February 2019 and 60% in February 2018.


Port Moody: Total Units Sold in February 2020 was 36 – down from 37 (3%) in January 2020, up from 30 (20%) in February 2019, down from 42 (14%) in February 2018; Active Listings are at 171 compared to 181 (down 6%) at this time last year; New Listings in February 2020 were up 30% compared to February 2019 and up 22% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 33% compared to 38% in February 2019 and 47% in February 2018.


Port Coquitlam: Total Units Sold in February 2020 was 83 – up from 60 (38%) in January 2020, up from 60 (38%) in February 2019, down from 84 (1%) in February 2018; Active Listings are at 195 compared to 302 (down 35%) at this time last year; New Listings in February 2020 were up 10% compared to February 2019 and down 2% compared to February 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 65% compared to 43% in February 2019 and 65% in February 2018.


Ladner: Total Units Sold in February 2020 was 36 – up from 35 (3%) in January 2020, up from 20 (80%) in February 2019, up from 19 (89%) in February 2018; Active Listings are at 156 compared to 149 (up 5%) at this time last year; New Listings in February 2020 were up 34% compared to February 2019 and down 49% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 54% compared to 40% in February 2019 and 42% in February 2018.


Tsawwassen: Total Units Sold in February 2020 was 32 – up from 21 (52%) in January 2020, up from 21 (52%) in February 2019, up from 29 (10%) in February 2018; Active Listings are at 207 compared to 195 (up 6%) at this time last year; New Listings in February 2020 were down 2% compared to February 2019 and down 19% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 43% in February 2018.


Pitt Meadows: Total Units Sold in February 2020 was 27 – up from 19 (42%) in January 2020, up from 15 (80%) in February 2019, down from 34 (21%) in February 2018; Active Listings are at 86 compared to 111 (down 22%) at this time last year; New Listings in February 2020 were up 24% compared to February 2019 and up 16% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 52% compared to 36% in February 2019 and 77% in February 2018.


Maple Ridge: Total Units Sold in February 2020 was 177 – up from 120 (48%) in January 2020, up from 100 (77%) in February 2019, up from 158 (12%) in February 2018; Active Listings are at 609 compared to 626 (down 2%) at this time last year; New Listings in February 2020 were up 43% compared to February 2019 and up 28% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 59% compared to 48% in February 2019 and 68% in February 2018.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
 
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Happy New Year! All the best for a successful 2020 ahead!


In the immortal words of John Lennon – “another year over, and a new one just begun… Let’s hope it’s a good one.” For the third straight year, real estate sales in Metro Vancouver suffered through a collection of government policies aimed at achieving affordability and stability in the market, but achieving neither – in fact, making it worse. Demand has been artificially held in check leading to the start of what is typical in a real estate market, a significant increase in people wanting to make a move into or within the real estate market. And with December sales up 87 per cent compared to the same month last year, it became clear that buyers are engaging.


Attached are the year-end 2019 Sales and Listings Stats in Greater Vancouver. There were 25,681 home sales in Greater Vancouver in 2019 up 3 per cent compared to 2018, the 4th lowest annual amount of sales since 2000. On the positive side, it was only the 3rd time in 25 years where the number of homes sold in the last 6 months of the year were more than the number of homes sold in the first 6 months, with there being 13 per cent more sales in the last half of 2019. The previous two times this occurred, it preceded a period of increased activity in the market over the following 3 to 4 years. The number of sales in December at 2,046 were 9 per cent above the 10-year average for the month of December. There were 53,272 new listings in 2019 in Greater Vancouver, the lowest annual amount since 2003 and 3 per cent lower than the total number of new listings in 2018. The number of new listings in December at 1,666 were 4 per cent below the 10-year average.


The wait and see mindset of sellers continued on for a second straight year, as shown by the lack of listings coming on market and the increase in sales in the latter half of the year. Of the total sales in Greater Vancouver, 48 per cent were apartments which was down from 51 per cent in 2018 (down from 50 per cent in 2017, up from 46 per cent in 2016 and 42 per cent in 2015), 18 per cent were townhouses up from 17 per cent in 2018, and 17 per cent in 2017 (up from 15 per cent in 2016 and up from 17 per cent in 2015) and 32 percent were houses which was the same as 2018 and 2017 (down from 36 per cent in 2016 and 41 per cent in 2015). This year did show an increase in activity in the detached housing market though, more so in the last half of the year. This was especially evident in Richmond, after seeing slower sales through the year, there was a significant increase in sales in December there with a 196 per cent increase in sales year over year for detached homes, with a 121 per cent increase in sales year over year for apartments. With the decrease in the share of apartments sold, and increase in townhouses, buyers are trading up in the market and looking to take advantage in the decrease in the spread between the cost of attached homes versus detached homes. Part of the decrease in sales of apartments could be due to the shrinking number of new listings. Month’s Supply of Inventory has dropped into seller’s market conditions for apartments in most areas of Metro Vancouver, with North Vancouver, Coquitlam, Burnaby, and Pitt Meadows having 2 Month’s Supply of inventory, while the majority of other areas are showing 3 Month’s Supply. Affordability is not going to improve with a lack of homes for sale in the lower end of the market.


In the Fraser Valley there were 15,487 sales in 2019, which was down 0.6 per cent from 15,586 sales in 2018 and the lowest total sales in the Fraser Valley since 2013. Of the total sales, 5,770 were detached homes, 3,888 were townhouses and 4,115 were apartments. Year over year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent. In December there were 1,247 total sales, the third best December since 2010. Active listings finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the moth, with a total of 948 new listings entering the market through the month. There was a total of 30,568 new listings in 2019, the second lowest amount in the last decade.


“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels. Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”


Where will the real estate market go in 2020 in Metro Vancouver? With recently released assessed values down across all classes, there will be an adjustment in sentiment as sellers come off the highs that once were and buyers look to be a part of a market that didn’t seem possible two years ago. But has this helped affordability? With the number of active listings down significantly at the end of the year, opportunity that was there has decreased significantly and where it matters most – at the lower end of the market. Those homes at the lower end of the price spectrum will see the most activity as the hangover from the mortgage stress test that came into place in January 2018 wears off. We’ve already seen multiple offers on apartments in Vancouver with 22 and 15 offers occurring on two specific listings, and many others with multiple buyers bidding. Market dynamics are moving towards seller’s market conditions for the very end of the market where affordability matters most. This begs the question, what exactly did the provincial government’s policies to ease affordability issues actually do? Real estate values at the higher end have suffered the greatest decrease in values, which didn’t ease affordability issues at all. It’s taken away potential equity from local owners.  Developers have basically been told to stop building – both at a provincial and municipal level. Populations are expected to grow by 30,000 people annually in Metro Vancouver and Amazon will be set to open its second biggest office space in Downtown Vancouver employing up to 10,000 workers in the next few years. Supply and demand will dictate prices more than anything going forward, especially at the lower end of the market. And with demand already breaking free from two years of being artificially held back and more and more buyers coming forward by the day, there just isn’t enough supply to keep up. That’s the issue that needs to be addressed.

  

Here is the breakdown of the numbers across the region:

 

Greater Vancouver: Total Units Sold in December 2019 was 2,046 – down from 2,546 (20%) in November 2019; up from 1,094 (87%) in December 2018 and down from 2,069 (1%) in December 2017. New Listings in December 2019 were up 15% compared to December 2018 and down 15% compared to December 2017. Total Active Listings were at 9,309 at month end, down from 10,907 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 123% in December 2019 compared to 75% in December 2018. Year over Year, Benchmark Price is down 3.1% (Detached homes down 4.0% and Apartments down 2.7%).


Vancouver Westside: Total Units Sold in December 2019 was 356 – down from 406 (12%) in November 2019; up from 190 (87%) in December 2018 and up from 315 (13%) in December 2017. New Listings in December 2019 were up 18% compared to December 2018 and down 6% compared to December 2017. Total Active Listings were at 1,687 at month end, down from 1,947 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 117% in December 2019 compared to 73% in December 2018. Year over Year, Benchmark Price is down 6.7% (Detached homes down 6.7% and Apartments down 3.0%).


Vancouver Eastside: Total Units Sold in December 2019 was 208 – down from 310 (33%) in November 2019; up from 113 (84%) in December 2018 and down from 239 (13%) in December 2017. New Listings in December 2019 were up 21% compared to December 2018 and down 23% compared to December 2017. Total Active Listings were at 800 at month end, down from 1,075 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 129% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 1.7% (Detached homes down 3.1% and Apartments down 1.1%).


North Vancouver: Total Units Sold in December 2019 was 155 – down from 217 (29%) in November 2019; up from 99 (57%) in December 2018 and up from 138 (12%) in December 2017. New Listings in December 2019 were up 41% compared to December 2018 and down 59% compared to December 2017. Total Active Listings were at 466 at month end, down from 630 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Balanced to Seller’s Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 140% in December 2019 compared to 125% in December 2018. Year over Year, Benchmark Price is down 3.0% (Detached homes down 2.1% and Apartments down 3.0%).


West Vancouver: Total Units Sold in December 2019 was 46 – down from 66 (30%) in November 2019; up from 30 (53%) in December 2018 and up from 44 (5%) in December 2017. New Listings in December 2019 were down 58% compared to December 2018 and up 5% compared to December 2017. Total Active Listings were at 505 at month end, down from 579 at the end of December 2018, Month’s Supply of Total Residential Listings is at 11 Months (Buyer’s Market) compared to 19 Months Supply at the end of 2018 and Sales to Listings Ratio was 77% in December 2019 compared to 47% in December 2018. Year over Year, Benchmark Price is down 4.8% (Detached homes down 3.2% and Apartments down 10.2%).


Richmond: Total Units Sold in December 2019 was 281 – up from 271 (4%) in November 2019; up from 122 (122%) in December 2018 and down from 287 (13%) in December 2017. New Listings in December 2019 were up 27% compared to December 2018 and down 15% compared to December 2017. Total Active Listings were at 1,540 at month end, down from 1,597 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 13 Months Supply at the end of 2018 and Sales to Listings Ratio was 110% in December 2019 compared to 61% in December 2018. Year over Year, Benchmark Price is down 4.7% (Detached homes down 6.1% and Apartments down 2.9%).


Burnaby East: Total Units Sold in December 2019 was 24 – down from 33 (27%) in November 2019; up from 17 (41%) in December 2018 and down from 28 (14%) in December 2017. New Listings in December 2019 were up 5% compared to December 2018 and down 16% compared to December 2017. Total Active Listings were at 112 at month end, down from 115 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 7 Months Supply at the end of 2018 and Sales to Listings Ratio was 114% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 0.7% (Detached homes down 0.7% and Apartments down 7.2%).


Burnaby North Total Units Sold in December 2019 was 113 – down from 137 (18%) in November 2019; up from 50 (126%) in December 2018 and up from 99 (14%) in December 2017. New Listings in December 2019 were down 12% compared to December 2018 and down 30% compared to December 2017. Total Active Listings were at 322 at month end, down from 463 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 161% in December 2019 compared to 63% in December 2018. Year over Year, Benchmark Price is down 3.2% (Detached homes down 4.1% and Apartments down 3.3%).


Burnaby South: Total Units Sold in December 2019 was 132 – down from 167 (21%) in November 2019; up from 51 (159%) in December 2018 and up from 109 (21%) in December 2017. New Listings in December 2019 were down 23% compared to December 2018 and down 31% compared to December 2017. Total Active Listings were at 464 at month end, down from 627 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 12 Months Supply at the end of 2018 and Sales to Listings Ratio was 169% in December 2019 compared to 50% in December 2018. Year over Year, Benchmark Price is down 4.8% (Detached homes down 4.8% and Apartments down 4.9%).


New Westminster: Total Units Sold in December 2019 was 77 – down from 123 (37%) in November 2019; up from 58 (33%) in December 2018 and down from 117 (34%) in December 2017. New Listings in December 2019 were up 11% compared to December 2018 and down 46% compared to December 2017. Total Active Listings were at 260 at month end, down from 390 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 7 Months Supply at the end of 2018 and Sales to Listings Ratio was 129% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 5.9% (Detached homes down 4.1% and Apartments down 6.6%).


Coquitlam: Total Units Sold in December 2019 was 197 – down from 210 (6%) in November 2019; up from 89 (121%) in December 2018 and down from 162 (22%) in December 2017. New Listings in December 2019 were down 1% compared to December 2018 and down 29% compared to December 2017. Total Active Listings were at 568 at month end, down from 786 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 167% in December 2019 compared to 75% in December 2018. Year over Year, Benchmark Price is down 2.4% (Detached homes down 4.1% and Apartments up 1.8%).


Port Moody: Total Units Sold in December 2019 was 37 – down from 43 (14%) in November 2019; up from 29 (28%) in December 2018 and down from 38 (3%) in December 2017. New Listings in December 2019 were up 75% compared to December 2018 and down 22% compared to December 2017. Total Active Listings were at 138 at month end, down from 169 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 132% in December 2019 compared to 181% in December 2018. Year over Year, Benchmark Price is down 3.0% (Detached homes down 5.8% and Apartments down 0.1%).


Port Coquitlam: Total Units Sold in December 2019 was 84 – down from 123 (32%) in November 2019; up from 51 (65%) in December 2018 and up from 71 (18%) in December 2017. New Listings in December 2019 were up 45% compared to December 2018 and down 11% compared to December 2017. Total Active Listings were at 186 at month end, down from 259 at the end of December 2018, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 5 Months Supply at the end of 2018 and Sales to Listings Ratio was 145% in December 2019 compared to 128% in December 2018. Year over Year, Benchmark Price is down 0.8% (Detached homes up 0.5% and Apartments down 1.0%).


Ladner: Total Units Sold in December 2019 was 20 – down from 51 (61%) in November 2019; down from 23 (13%) in December 2018 and down from 26 (23%) in December 2017. New Listings in December 2019 were up 114% compared to December 2018 and down 88% compared to December 2017. Total Active Listings were at 136 at month end, down from 143 at the end of December 2018, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 67% in December 2019 compared to 164% in December 2018. Year over Year, Benchmark Price is down 5.9% (Detached homes down 3.0% and Apartments down 6.0%).


Tsawwassen: Total Units Sold in December 2019 was 26 – down from 36 (28%) in November 2019; up from 13 (100%) in December 2018 and up from 13 (100%) in December 2017. New Listings in December 2019 were up 46% compared to December 2018 and down 46% compared to December 2017. Total Active Listings were at 193 at month end, down from 171 at the end of December 2018, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 13 Months Supply at the end of 2018 and Sales to Listings Ratio was 137% in December 2019 compared to 100% in December 2018. Year over Year, Benchmark Price is down 5.0% (Detached homes down 3.2% and Apartments down 6.8%).


Pitt Meadows: Total Units Sold in December 2019 was 27 – up from 24 (13%) in November 2019; up from 11 (145%) in December 2018 and down from 37 (27%) in December 2017. New Listings in December 2019 were down 23% compared to December 2018 and down 24% compared to December 2017. Total Active Listings were at 54 at month end, down from 98 at the end of December 2018, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 207% in December 2019 compared to 64% in December 2018. Year over Year, Benchmark Price is down 4.2% (Detached homes down 3.3% and Apartments down 3.5%).


Maple Ridge: Total Units Sold in December 2019 was 130 – down from 169 (23%) in November 2019; up from 73 (78%) in December 2018 and down from 131 (2%) in December 2017. New Listings in December 2019 were up 47% compared to December 2018 and down 20% compared to December 2017. Total Active Listings were at 557 at month end, down from 573 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 8 Months Supply at the end of 2018 and Sales to Listings Ratio was 123% in December 2019 compared to 102% in December 2018. Year over Year, Benchmark Price is down 2.5% (Detached homes down 2.0% and Apartments down 3.7%).


Kevin Skipworth
Dexter Realty - Managing Broker/Partner/Cheif Economist


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The Vancouver Real Estate Market 2019-2020: Just the Facts!


December 2019


1)    Due to uncertainty caused by aggressive taxation of Real Estate in BC, tightening of financing (Stress test), and a naturally cooling market, 2018-2019 resulted in the slowest two years in the Vancouver Real Estate marketplace since 1999.

2)    When buyer’s confidence is shaken, they go to the sidelines and wait. As time goes by, this group grows into pent up buyer demand. At the same time, more buyers add to this demand due to population growth in the region.

3)    We have had 17 months (February 2018-June 2019) where sales were lower than the same month in the previous year; something rarely seen in the Vancouver Market.

4)    Residential sales since July 2019 (5 months in a row) have exceeded the same month in the previous year. This is always a signal of the market starting to recover.

5)    Other signals:  Supply- unusually low for a period following a slowdown.

                           Media reporting: Starting to report the market upswing.

                           Multiple offers: A significant increase due to buyers acting.

                           Open houses and new listings generating lots of interest.

6)    Pent up demand is a powerful force when coupled with time and a reduction in prices. People’s lives carry on regardless of Government policy. They get married, get older, have babies, want to help their children, move jobs, pass away, need a bigger/smaller home, etc., etc.

7)    The ten year average for residential sales for the Real Estate Board of Greater Vancouver is 33,000 homes per year. This average actually grows naturally over time due to population growth in the region. Two years of sales at approximately 25,000 units leaves at least 16,000 buyers now waiting to buy on top of the buyers that will buy regardless of the market, the media or Government actions!


The waiting is over and the Real Estate market recovery has begun. 2020 in Vancouver will be busy in Real Estate as the enormous pent up demand starts to take advantage of low interest rates, better prices (for now!) and all of the wonderful things Vancouver has to offer!


David Peerless

DEXTER REALTY

President/Owner/Managing Broker

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Is this an early present for the Greater Vancouver real estate market? With a continuing free fall in the number of active listings and the number of home sales continuing to be on the rise, perhaps the Grinch hasn’t actually stolen all the thunder from real estate in Greater Vancouver. Attached are the Sales and Listings Statistics updated to the end of November 2019. It has become quite clear over the last five months – buyers are entering the market more so than we’ve seen in the past two years, while many sellers are content to hold on to their homes and not list for sale. Perhaps taxation policies aren’t the answer to affordability in the housing market?


There were 2,546 homes sold of all types in Greater Vancouver in November this year compared with 2,892 homes sold last month, 1,633 sales in November last year and 2,831 homes sold in November 2017. November sales were 4 per cent above the 10-year average for the month of November. This was a 56 per cent increase in homes sold compared to November 2018, continuing the trend of strength in the real estate market. With the number of home sales trending as they are, 2019 is likely to finish with more sales in 2019 compared to 2018 – likely setting up for a busy spring market.


Some highlights from November:


  • Detached home and strata townhouse sales again showed a significant year over year gain this month, up 58 per cent while apartments were up 50 per cent year over year
  • New listings for apartments were down 17 per cent year over year, brining price stability and more multiple offers to this segment of the market
  • Sales to listings ratios were the strongest this November we’ve seen since November 2015 – some areas over 100%, meaning that more homes are sold than listed in a month (New Westminster had a sales to listings ratio of 127 per cent)
  • After a strong October, sales in Richmond came dropped more than any other area – mainly in the detached house market
  • Active listings for detached houses in East Vancouver and North Vancouver are nearly half the amounts that they were two years ago



There were 828 detached houses sold in November 2019 up from 518 (58 per cent) in November 2018 in Greater Vancouver, with a 5.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 451 sales in November 2019 compared to 282 in November 2018 (up 59 per cent) with a 4.4 per cent decrease in the benchmark price year over year; and for condos there were 1,222 sales in November 2019, an increase in sales from 810 in November 2018 (up 50 per cent) with a 3.8 per cent decrease in the benchmark price year over year. Definitely a November to remember this year.


The number of homes for sale in Greater Vancouver continued to decline in November with significantly less coming on the market than is typical for this time of year. At the end of November there were 11,517 homes for sale in Greater Vancouver, and at the end of October there were 13,022, reducing the month’s supply of homes in some markets down to 3 to 4 months – a seller’s market. Multiple offers were more common place in November, and in all segments of the market. Well priced properties were getting more attention, with a one-bedroom apartment listing in downtown Vancouver receiving 22 offers this month. There were 3,069 new listings during November in Greater Vancouver, down 14 per cent from November last year and down 27 per cent from November 2017. The number of new listings in November 2019 were 8 per cent below the 10-year average for the month of November. But then again, the argument continues from some that supply isn’t an issue. But here we are, sales are up, listings are down and pressure on prices begins. With home sales hovering slightly above the 10-year average, imagine what will happen to prices if the number of sales increases even more.


“We started to see more home buyer confidence in the summer and this trend continues today,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “It’ll be important to watch home listing levels over the new few months to see if supply can stay in line with home buyer demand.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® in November, an increase of 11.7 per cent compared to sales in October and a 36.7 per cent increase compared to the 1,028 sales in November of last year. Active listings for the Fraser Valley finished at 6,733, decreasing 9 per cent month-over-month and a decrease of 8.5 per cent when compared to November 2018. There were 1,877 new listings in November, a 9.6 per cent decrease compared to November 2018 and a 21.2 per cent decrease compared to October 2019. “Some listings are seeing a lot of activity depending on location and property type. Agents are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for this time of year.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Four our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2019 was 2,546 – down from 2,892 (12%) in October 2019, up from 1,633 (56%) in November 2018, down from 2,831 (10%) in November 2017; Active Listings are at 11,517 compared to 12,978 (down 11%) at this time last year; New Listings in November 2019 were down 14% compared to November 2018 and down 27% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 83% compared to 46% in November 2018 and 69% in October 2019.


Vancouver Westside Residential: Total Units Sold in November 2019 was 406 – down from 506 (20%) in October 2019, up from 298 (36%) in November 2018, down from 505 (20%) in November 2017; Active Listings are at 2,065 compared to 2,361 (down 13%) at this time last year; New Listings in November 2019 were down 19% compared to November 2018 and down 22% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 72% compared to 43% in November 2018 and 62% in October 2019.


Vancouver East Side Residential: Total Units Sold in November 2019 was 310 – down from 316 (2%) in October 2019, up from 181 (29%) in November 2018, down from 315 (2%) in November 2017; Active Listings are at 1,006 compared to 1,314 (down 23%) at this time last year; New Listings in November 2019 were down 11% compared to November 2018 and down 35% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 91% compared to 47% in November 2018 and 72% in October 2019.


North Vancouver Residential: Total Units Sold in November 2019 was 217 – down from 260 (17%) in October 2019, up from 139 (44%) in November 2018, down from 250 (13%) in November 2017; Active Listings are at 656 compared to 854 (down 23%) at this time last year; New Listings in November 2019 were down 22% compared to November 2018 and down 39% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 95% compared to 48% in November 2018 and 76% in October 2019.


West Vancouver: Total Units Sold in November 2019 was 66 – the same as October 2019, up from 30 (120%) in November 2018, down from 57 (5%) in November 2017; Active Listings are at 608 compared to 705 (down 14%) at this time last year; New Listings in November 2019 were down 18% compared to November 2018 and down 32% compared to November 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 56% compared to 21% in November 2018 and 42% in October 2019.


Richmond Residential: Total Units Sold in November 2019 was 273 – down from 345 (21%) in October 2019, up from 178 (53%) in November 2018, down from 350 (22%) in November 2017; Active Listings are at 1,795 compared to 1,809 (down 1%) at this time last year; New Listings in November 2019 were down 15% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market Conditions) and a Sales to Listings Ratio of 71% compared to 39% in November 2018 and 68% in October 2019.


Burnaby East: Total Units Sold in November 2019 was 33 – up from 26 (27%) in October 2019, up from 17 (94%) in November 2018, down from 30 (10%) in November 2017; Active Listings are at 135 compared to 142 (down 5%) at this time last year; New Listings in November 2019 were up 9% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 89% compared to 50% in November 2018 and 50% in October 2019.


Burnaby North: Total Units Sold in November 2019 was 137 – down from 166 (17%) in October 2019, up from 71 (93%) in November 2018, down from 144 (5%) in November 2017; Active Listings are at 439 compared to 547 (down 20%) at this time last year; New Listings in November 2019 were down 23% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 104% compared to 42% in November 2018 and 80% in October 2019.


Burnaby South: Total Units Sold in November 2019 was 167 – up from 157 (6%) in October 2019, up from 79 (99%) in November 2018, up from 148 (13%) in November 2017; Active Listings are at 607 compared to 688 (down 12%) at this time last year; New Listings in November 2019 were down 6% compared to November 2018 and down 28% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 96% compared to 42% in November 2018 and 68% in October 2019.


New Westminster: Total Units Sold in November 2019 was 123 – down from 136 (10%) in October 2019, up from 87 (41%) in November 2018, down from 167 (26%) in November 2017; Active Listings are at 335 compared to 491 (down 68%) at this time last year; New Listings in November 2019 were down 40% compared to November 2018 and down 47% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 127% compared to 53% in November 2018 and 85% in October 2019.


Coquitlam: Total Units Sold in November 2019 was 210 – down from 254 (17%) in October 2019, up from 135 (56%) in November 2018, down from 323 (35%) in November 2017; Active Listings are at 753 compared to 935 (down 19%) at this time last year; New Listings in November 2019 were down 17% compared to November 2018 and down 33% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 97% compared to 51% in November 2018 and 77% in October 2019.


Port Moody: Total Units Sold in November 2019 was 43– down from 66 (35%) in October 2019, up from 33 (30%) in November 2018, down from 73 (41%) in November 2017; Active Listings are at 182 compared to 219 (down 17%) at this time last year; New Listings in November 2019 were down 31% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 90% compared to 47% in November 2018 and 80% in October 2019.


Port Coquitlam: Total Units Sold in November 2019 was 90 – down from 107 (16%) in October 2019, up from 67 (34%) in November 2018, down from 94 (4%) in November 2017; Active Listings are at 269 compared to 335 (down 20%) at this time last year; New Listings in November 2019 were up 1% compared to November 2018 and down 2% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 73% compared to 55% in November 2018 and 84% in October 2019.


Ladner: Total Units Sold in November 2019 was 42 – up from 34 (24%) in October 2019, up from 23 (83%) in November 2018, up from 26 (62%) in November 2017; Active Listings are at 163 compared to 143 (up 14%) at this time last year; New Listings in November 2019 were up 264% compared to November 2018 and up 28% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 164% in November 2018 and 52% in October 2019.


Tsawwassen: Total Units Sold in November 2019 was 36 – up from 32 (13%) in October 2019, up from 17 (112%) in November 2018, up from 24 (50%) in November 2017; Active Listings are at 250 compared to 219 (up 14%) at this time last year; New Listings in November 2019 were up 16% compared to November 2018 and down 8% compared to November 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 45% in November 2018 and 40% in October 2019.


Pitt Meadows: Total Units Sold in November 2019 was 24 – down  from 31 (23%) in October 2019, up from 23 (4%) in November 2018, down from 32 (25%) in November 2017; Active Listings are at 82 compared to 112 (down 26%) at this time last year; New Listings in November 2019 were down 53% compared to November 2018 and down 63% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 126% compared to 56% in November 2018 and 64% in October 2019.


Maple Ridge: Total Units Sold in November 2019 was 169 – down from 180 (6%) in October 2019, up from 108 (56%) in November 2018, down from 184 (8%) November 2017; Active Listings are at 689 compared to 674 (up 2%) at this time last year; New Listings in November 2019 were up 5% compared to November 2018 and up 6% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 78% compared to 53% in November 2018 and 74% in October 2019.



Kevin Skipworth
Dexter Realty - Managing Broker/Partner/Chief Economist

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Average is the new up! And above average could be the start of a new trend in Greater Vancouver real estate. Attached are the Sales and Listings Statistics updated to the end of October 2019. This October in the Greater Vancouver real estate market saw a significant increase in the amount of sales compared to October of last year. Buyers are clearly engaging; some home sellers are still reluctant to sell at today’s prices or are simply not engaging at all and the opportunities seen for buyers earlier in the year are diminishing. And with CMHC coming out recently and saying, “The Metro Vancouver Housing Market will see higher sales and modest price increases over the next two years. Resale activity and house prices are expected to fully recover from the recent decline.” The question of “When will we hit the bottom of the market” looks to have been answered with “we already have and are past that point.”


There were 2,892 homes sold of all types in Greater Vancouver in October this year compared with 2,363 homes sold last month, 1,995 sales in October last year and 3,073 homes sold in October 2017. October sales were 9 per cent above (yes that’s correct, above) the 10-year average for the month of October and actually 5 per cent above the 20-year average This was a 45 per cent increase in homes sold compared to October 2018, the same as September in comparison to the previous year. October sales were the highest monthly sales since October 2017. Activity noticeably accelerated towards the end of the month. Perhaps we should save the felines and not call this a “Dead Cat Bounce” but classify it as pent up demand actually coming forward and engaging in the market. It’s the fourth straight month of home sales being higher compared to the same month in the previous year after 17 straight months of those sales being lower compared to the previous year.


Some highlights from October:


  • Detached home sales again showed a significant year over year gain this month, up 45 per cent with townhomes up 55 per cent
  • Vancouver and North Vancouver showed stronger year over year sales for townhouses and condos in October
  • Sales of detached homes and townhouses in Richmond showed significant growth this month after being more stagnant in the previous two years, up 83 per cent and 80 per cent year over year respectively while condos were only 21 per cent higher compared to October 2018
  • Sales of townhouses and condos in Port Moody were 136 per cent and 78 per cent higher year over year this October with both showing months of supply at 2 months – indicators of a shift to seller’s market conditions
  • Coquitlam detached home sales were 115 per cent higher year over year in October



There were 943 detached houses sold in October 2019 up from 642 (46 per cent) in October 2018 in Greater Vancouver, with a 7.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 536 sales in October 2019 compared to 344 in October 2018 (up 55 per cent) with a 5.8 per cent decrease in the benchmark price year over year; and for condos there were 1,384 sales in October 2019, an increase in sales from 985 in October 2018 (up 40 per cent) with a 5.9 per cent decrease in the benchmark price year over year. It would seem buyers are taking advantage of opportunities in the townhouse and detached home market as the gap in price between those and condos has come closer over the last two years.


The number of homes for sale in Greater Vancouver dropped significantly this month. At a time when government policies were supposed to be doing the opposite to resale home supply. At the end of September there were 14,242 homes for sale in Greater Vancouver, and at the end of October there were 13,022, the result was pushing some areas and product types into seller’s market conditions. Albeit without the overheated conditions experienced in 2015 and 2016. There were 4,183 new listings during October in Greater Vancouver, down 17 per cent from October last year and down 10 per cent from October 2017. The number of new listings in October 2019 were 5 per cent below the 10-year average for the month of October and 7 per cent below the 20-year average. While the number of detached homes listed for sale across the region has seen the biggest decrease, active listings for condos are now decreasing and more so in Vancouver, North Vancouver and Richmond.


So, did the federal election results in October provide any clarity on policies that may affect the housing market? With a minority Liberal government that has indicated it won’t align with any one party, policy will be that much more difficult to get through. And from the various election platforms, the policies were different amongst the Liberals, Conservatives and NDP parties. So, while it may have been easy to consider foreign buyers as the root cause of a lack of affordability, what we do know is that real estate transactions in Metro Vancouver are very local currently. When the activity increased in May, the percentage of foreign buyers significantly dropped and continued at this lower level through the next 4 months according to numbers released by the provincial government. May through August showed the percentage of transactions attributed to foreign buyers at less than 1.7 per cent with the average for 2019 currently at 2.3 per cent. Given the various policies implemented by government are not producing more supply, and are more so restricting supply where will the blame go if sales activity and prices edge up in the next two years?


“Home buyers have more confidence today than we saw in the first half of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall. The recent uptick in home sales is moving us into a more historically typical market, both sale and listing activity is trending around our long-term averages in recent months.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® in October, an increase of 18.5 per cent compared to sales in September and a 37.8 per cent increase compared to the 1,155 sales in October of last year. Active listings for the Fraser Valley finished at 7,398, decreasing 6.9 per cent month-over-month and a decrease of 4.5 per cent when compared to October 2018. There were 2,383 new listings in October, a 14.2 per cent decrease compared to October 2018 and a 13.9 per cent decrease compared to September 2019. “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October homes sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2019 was 2,892 – up from 2,363 (22%) in September 2019, up from 1,634 (45%) in October 2018, down from 3,073 (6%) in October 2017; Active Listings are at 13,022 compared to 13,682 (down 5%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 10% compared to October 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 69% compared to 40% in October 2018 and 47% in September 2019.


Vancouver Westside Residential: Total Units Sold in October 2019 was 506 – up from 404 (25%) in September 2019, up from 381 (33%) in October 2018, down from 556 (9%) in October 2017; Active Listings are at 2,278 compared to 2,459 (down 7%) at this time last year; New Listings in October 2019 were down 19% compared to October 2018 and down 12% compared to October 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in lower price ranges) and a Sales to Listings Ratio of 62% compared to 37% in October 2018 and 41% in September 2019.


Vancouver East Side Residential: Total Units Sold in October 2019 was 316 – up from 293 (8%) in September 2019, up from 234 (35%) in October 2018, up from 298 (6%) in October 2017; Active Listings are at 1,183 compared to 1,409 (down 16%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 21% compared to October 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Seller’s Market conditions) and a Sales to Listings Ratio of 72% compared to 44% in October 2018 and 51% in September 2019.


North Vancouver Residential: Total Units Sold in October 2019 was 260 – up from 166 (57%) in September 2019, up from 173 (50%) in October 2018, up from 250 (4%) in October 2017; Active Listings are at 777 compared to 938 (down 17%) at this time last year; New Listings in October 2019 were down 27% compared to October 2018 and down 16% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions) and a Sales to Listings Ratio of 76% compared to 37% in October 2018 and 37% in September 2019.


West Vancouver Houses: Total Units Sold in October 2019 was 66 – up from 51 (29%) in September 2019, up from 55 (20%) in October 2018, up from 46 (43%) in October 2017; Active Listings are at 678 compared to 743 (down 9%) at this time last year; New Listings in October 2019 were down 24% compared to October 2018 and down 19% compared to October 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 42% compared to 26% in October 2018 and 22% in September 2019.


Richmond Residential: Total Units Sold in October 2019 was 345 – up from 283 (22%) in September 2019, up from 230 (45%) in October 2018, down from 411 (16%) in October 2017; Active Listings are at 1,948 compared to 1,878 (down 4%) at this time last year; New Listings in October 2019 were down 13% compared to October 2018 and down 18% compared to October 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 68% compared to 39% in October 2018 and 51% in September 2019.


Burnaby East: Total Units Sold in October 2019 was 26 – up from 22 (18%) in September 2019, up from 17 (53%) in October 2018, up from 22 (18%) in October 2017; Active Listings are at 153 compared to 148 (up 3%) at this time last year; New Listings in October 2019 were the same as October 2018 and down 13% compared to October 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 50% compared to 33% in October 2018 and 39% in September 2019.


Burnaby North: Total Units Sold in October 2019 was 166 – up from 138 (20%) in September 2019, up from 76 (118%) in October 2018, up from 161 (3%) in October 2017; Active Listings are at 517 compared to 556 (down 7%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and up 6% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 80% compared to 30% in October 2018 and 55% in September 2019.


Burnaby South: Total Units Sold in October 2019 was 157 – up from 119 (32%) in September 2019, up from 87 (80%) in October 2018, down from 184 (15%) in October 2017; Active Listings are at 704 compared to 693 (up 2%) at this time last year; New Listings in October 2019 were down 18% compared to October 2018 and up 3% compared to October 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 68% compared to 31% in October 2018 and 51% in September 2019.


New Westminster: Total Units Sold in October 2019 was 136 – up from 110 (24%) in September 2019, up from 88 (55%) in October 2018, down from 152 (11%) in October 2017; Active Listings are at 430 compared to 511 (down 16%) at this time last year; New Listings in October 2019 were down 34% compared to October 2018 and down 19% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions) and a Sales to Listings Ratio of 85% compared to 36% in October 2018 and 51% in September 2019.


Coquitlam: Total Units Sold in October 2019 was 254 – up from 213 (19%) in September 2019, up from 136 (87%) in October 2018, up from 248 (2%) in October 2017; Active Listings are at 882 compared to 1,026 (down 14%) at this time last year; New Listings in October 2019 were down 11% compared to October 2018 and down 2% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 77% compared to 37% in October 2018 and 56% in September 2019.


Port Moody: Total Units Sold in October 2019 was 66 – up from 49 (53%) in September 2019, up from 36 (83%) in October 2018, down from 76 (13%) in October 2017; Active Listings are at 204 compared to 242 (down 16%) at this time last year; New Listings in October 2019 were up 15% compared to October 2018 and down 19% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 80% compared to 51% in October 2018 and 52% in September 2019.


Port Coquitlam: Total Units Sold in October 2019 was 107 – up from 78 (37%) in September 2019, up from 75 (43%) in October 2018, down from 120 (11%) in October 2017; Active Listings are at 296 compared to 357 (down 17%) at this time last year; New Listings in October 2019 were down 21% compared to October 2018 and down 3% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 84% compared to 46% in October 2018 and 54% in September 2019.


Ladner: Total Units Sold in October 2019 was 34 – up from 28 (21%) in September 2019, up from 22 (55%) in October 2018, up from 31 (10%) in October 2017; Active Listings are at 180 compared to 177 (up 2%) at this time last year; New Listings in October 2019 were up 16% compared to October 2018 and up 27% compared to October 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 a Sales to Listings Ratio of 52% compared to 50% in October 2018 and 51% in September 2019.


Tsawwassen: Total Units Sold in October 2019 was 32 – up from 26 (23%) in September 2019, up from 25 (25%) in October 2018, down from 40 (20%) in October 2017; Active Listings are at 296 compared to 230 (down 29%) at this time last year; New Listings in October 2019 were up 19% compared to October 2018 and up 27% compared to October 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 40% compared to 37% in October 2018 and 33% in September 2019.


Pitt Meadows: Total Units Sold in October 2019 was 31 – down from 32 (4%) in September 2019, the same as October 2018, down from 35 (11%) in October 2017; Active Listings are at 104 compared to 115 (down 9%) at this time last year; New Listings in October 2019 were up 33% compared to October 2018 and up 11% compared to October 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 64% compared to 86% in October 2018 and 54% in September 2019.


Maple Ridge: Total Units Sold in October 2019 was 180 – up from 145 (24%) in September 2019, down from 183 (2%) in October 2018, the same as October 2017; Active Listings are at 765 compared to 703 (up 8%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 18% compared to October 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 74% compared to 49% in October 2018 and 55% in September 2019.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
 
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