Highlights of Dexter’s February 2025 report

• Sales in February down 11% year-over-year

• New listings in February drop 9% from January

• Active listings continue to accumulate at a slower rate

• Tariff troubles begin 

The year of political uncertainty continues. Tariff or not to tariff has been the question to start 2025 and continued through the month of February before culminating with a thud of tariffs on March 3. And while the hush that came across from buyers wasn’t all too unexpected, some sellers as well joined in the pause of activity in February. While sales in February were above the totals in January, new listing totals declined in February from January, not a common occurrence in the real estate market. It appears that the uncertainty around tariffs and interest rates affected the real estate market in February. This uncertainty may play out in the coming months, not to mention Canada’s own federal election coming this year. And the election promises are likely to impact what decisions people make with real estate. There is already talk of GST exemptions on new homes either up to $1M or $1.5M depending on which candidate wins, capital gains discussions and likely a push for supply from all sides. With 1.2 million mortgages up for renewal in 2025, some homeowners that have been afraid to make a move due to locked in low rates may now look to make that move they weren’t prepared to do as opposed to just renewing their mortgage. 

Amidst all the political talk, the Bank of Canada will make their next interest rate decision on March 12th, with expectations somewhat mixed on whether another rate cut will happen. With tariffs now in place, the Bank of Canada may need to do another jumbo cut of at least 50 points. With inflation still below 2% and Canadian GDP sputtering along, the case is there for another rate cut by the Bank of Canada. And that’s even before considering the effects of tariffs. And when the economy suffers due to tariffs, expect the same to be considered when the Bank of Canada meets in April again.

There were 1,827 properties sold in Greater Vancouver in February after 1,552 properties sold in January, 1,765 properties sold in December, and 2,181 properties sold in November. The real estate market has undertones of a market wanting to move – literally. The increase in sales from January came amidst much political uncertainty and with fewer listings coming on the market in February compared to January. Cautiously moving forward, with buyers still having the advantage in today’s real estate market. 

Greater Vancouver home sales lagged the previous year for the first time since September after a strong fourth quarter in 2024. No one should be surprised. Sales in February were down 11% compared to February 2024 with 2,070 homes sold and the same as February 2023 at 1,824 sales. This after January was 9% higher compared to the 1,427 properties sold in January 2024 and were a 51% increase from the 1,030 sales in January 2023. Heading east, the Fraser Valley region saw sales in February down 27% compared to February 2024 and at similar levels to February 2023. 

Greater Vancouver sales in February were 39% below the 10-year average compared to January where sales were 29% below the 10-year average, December which was 12% below the 10-year average and November sales at 13% below the 10-year average. This was not a typical February, due mostly to uncertainty and partly due to weather with a 2-week cold snap which included snow (although nothing in comparison to the snow experienced in Eastern Canada.) Only fives times since the year 2000 have we seen less than 2,000 sales in Greater Vancouver for the month of February. Considering there were 4,051 sales in February 1989, this goes to show how few transactions are occurring given the increase in population and housing stocking over the last 35 years. People are holding on to the homes they buy, which exacerbates the lack of supply of available homes. And with a project in North Vancouver’s Lynn Canyon switching to all rental as opposed to a mix of rental and strata, there will be 205 fewer units available to purchase in that already supply starved market. At least Port Moody got the memo for more supply as they approved the first towers for its downtown core with over 1,000 units approved in 3 towers near the Moody Centre Sky Train station.

Sellers were less active in February, perhaps joining buyers on the side of uncertainty. There were 5,163 new listings in February, compared with 5,644 new listings that came on in January in Greater Vancouver. With sales levels still lagging through the first two months of the year, this might have kept some sellers taking a wait and see approach. But it was still well above the numbers of new listings compared to February last year which saw 4,651 come on and significantly more than the 3,559 new listings that came on the market in February 2023. The sales to listings ratio did rise in February, with 35% of new listings selling during the month, compared to 27% in January. But still below the 45% in February 2024 and 51% in February 2023. This points to more favourable conditions for buyers as well.

The number of new listings in February were 12% above the 10-year average, compared with January which saw the number of new listings 30% above the 10-year average and December was right at the 10-year average. There were properties listed in January that came off the market in late 2024 which added to the totals for that month and after seeing the slower start to the year and continued uncertainty, some sellers may have decided to wait and see if there are any impacts from the tariffs and resulting economic damage. March typically produces more new listings as the spring market kicks in. Even with the two-week school spring break, we’ll likely see more listings again this year compared to February but that could also depend on what the economic climate is like as we move through these tumultuous times. Predicting the future is subject to many variables so typical may not be part of the vocabulary for March this year.

There were 12,744 active listings in Greater Vancouver at month end, compared to 11,494 at the end of January. About 250 listings came off the market after the end of February, so March started with a lower total of active listings. 

Months of supply remained at 7 months in Greater Vancouver due to less listings coming on in February. The detached market in Greater Vancouver dropped down to 9 from 11 months supply, compared to 8 months supply in December while townhomes stayed at 5 months after being at 4 months in December and condos also held, staying at 6 months after being at 5 months in December. The trend of townhome properties being the least available and most competitive continued. North Vancouver and Port Coquitlam remain in a seller’s market with only 4 months of supply with Burnaby North and Ladner dropping down to 4 months supply in the townhouse segment and Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge sitting with 2 months supply. Squamish saw a significant jump in sales in February and now sits with 2 months supply of townhouses while detached is at 3 months supply in Squamish. 

Townhome sales in January for the region were up 10% compared to February last year, while condos sales were up 15% year-over-year. Detached sales lagged those product segments at 3% up from February last year. Townhome inventory overall was up 34% year-over year compared to 39% at the end of January, while condo inventory remained up 37% and detached homes were up 27% compared to 28% year-over-year at the end of January. 

The Greater Vancouver real estate market in February 2025 reflected ongoing political and economic uncertainty, with tariffs taking effect on March 3 and interest rate decisions looming. While home sales increased from January, new listings declined, an unusual trend for the season. With a federal election and mortgage renewals on the horizon, market conditions remain unpredictable heading into spring. But after several years of below average activity, this is a market just waiting to move.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,827 – up from 1,552 (18%) in January, up from 1,765 (4%) in December, down from 2,181 (16%) in November, down from 2,070 (11%) in February 2024, and up from 1,824 (0.1%) in February 2023; Active Listings were at 12,744 at month end compared to 10,552 at that time last year (up 32%) and 11,494 at the end of January (up 11%); the 5,163 New Listings in February were down 9% compared to January 2025, up 11% compared to February 2024, and up 45% compared to February 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 27% in January, 45% in February 2024, and 51% in February 2023. 

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.4%.

Vancouver Westside: Total Units Sold in February were 307 – up from 255 (20%) in January, the same as December, down from 383 (34%) in November, down from 374 (18%) in February 2024, and down from 316 (3%) in February 2023; Active Listings were at 2,780 at month end compared to 2,148 at that time last year (up 29%) and 2,548 at the end of January (up 9%); the 1,068 New Listings in February were down 9% compared to January 2025, up 14% compared to February 2024, and up 49% compared to February 2023. Month’s supply of total residential listings is down to 9 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January, 40% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 1.2%. 

Vancouver East Side: Total Units Sold in February were 204 – up from 158 (29%) in January, up from 198 (3%) in December, down from 268 (24%) in November, down from 249 (18%) in February 2024, and up from 198 (3%) in February 2023; Active Listings were at 1,313 at month end compared to 1,109 at that time last year (up 18%) and 1,198 at the end of January (up 10%); the 567 New Listings in February were down 13% compared to January 2025, up 4% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 24% in January, 46% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months down 0.5%. 

North Vancouver: Total Units Sold in February were 153 – up from 148 (3%) in January, up from 138 (11%) in December, down from 173 (12%) in November, down from 163 (6%) in February 2024, and up from 150 (2%) in February 2023; Active Listings were at 684 at month end compared to 489 at that time last year (up 33%) and 596 at the end of January (up 15%); the 352 New Listings in February were down 15% compared to January 2025, up 3% compared to February 2024, and up 39% compared to February 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 34% in January, 48% in February 2024, and 59% in February 2023.

Month-over-month, the house price index is up 1.4% and in the last 6 months down 0.1%. 

West Vancouver: Total Units Sold in February were 39 – up from 30 (30%) in January, the same in December, down from 45 (13%) in November, down from 56 (30%) in February 2024, and down from 43 (9%) in February 2023; Active Listings were at 580 at month end compared to 526 at that time last year (up 10%) and 541 at the end of January (up 7%); the 177 New Listings in February were down 10% compared to January 2025, up 4% compared to February 2024, and up 15% compared to February 2023. Month’s supply of total residential listings is down to 15 month’s supply from 18 (buyer’s market conditions) and sales to listings ratio of 22% compared to 15% in January, 33% in February 2024, and 28% in February 2023.

Month-over-month, the house price index is down 2.0% but in the last 6 months down 7.5%. 

Richmond: Total Units Sold in February were 179 – down from 206 (13%) in January, down from 235 (24%) in December, down from 234 (24%) in November, down from 231 (23%) in February 2024, and down from 227 (21%) in February 2023; Active Listings were at 1,513 at month end compared to 1,088 at that time last year (up 39%) and 1,319 at the end of January (up 15%); the 599 New Listings in February were down 2% compared to January 2025, up 29% compared to February 2024, and up 30% compared to February 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 29% compared to 34% in January, 50% in February 2024, and 49% in February 2023.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 2.7%. 

Burnaby East: Total Units Sold in February were 21 – up from 17 (24%) in January, the same as December, down from 38 (45%) in November, down from 25 (16%) in February 2024, and the same as February 2023; Active Listings were at 153 at month end compared to 94 at that time last year (up 63%) and 135 at the end of January (up 13%); the 65 New Listings in February were down 23% compared to January 2025, up 8% compared to February 2024, and up 225% compared to February 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 20% in January, 42% in February 2024, and 105% in February 2023.

Month-over-month, the house price index is up 0.9% and in the last 6 months down 1.4%. 

Burnaby North: Total Units Sold in February were 129 – up from 104 (24%) in January, down from 130 (1%) in December, down from 145 (10%) in November, up from 121 (7%) in February 2024, and down from 134 (4%) in February 2023; Active Listings were at 728 at month end compared to 447 at that time last year (up 63%) and 649 at the end of January (up 12%); the 322 New Listings in February were down 8% compared to January 2025, up 29% compared to February 2024, and up 58% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 30% in January, 49% in February 2024, and 66% in February 2023.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 3.1%. 

Burnaby South: Total Units Sold in February were 75 – up from 59 (27%) in January, down from 97 (23%) in December, down from 134 (40%) in November, down from 109 (31%) in February 2024, and down from 118 (36%) in February 2023; Active Listings were at 597 at month end compared to 425 at that time last year (up 40%) and 500 at the end of January (up 19%); the 248 New Listings in February were the same as January 2025, up 19% compared to February 2024, and up 20% compared to February 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 30% compared to 24% in January, 52% in February 2024, and 57% in February 2023.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 2.1%. 

New Westminster: Total Units Sold in February were 88 – up from 61 (44%) in January, down from 96 (8%) in December, down from 93 (5%) in November, up from 79 (11%) in February 2024, and up from 66 (33%) in February 2023; Active Listings were at 448 at month end compared to 300 at that time last year (up 49%) and 404 at the end of January (up 11%); the 207 New Listings in February were down 10% compared to January 2025, up 8% compared to February 2024, and up 93% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 42% compared to 27% in January, 41% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%. 

Coquitlam: Total Units Sold in February were 165 – up from 155 (6%) in January, up from 128 (29%) in December, down from 172 (4%) in November, down from 189 (13%) in February 2024, and up from 158 (2%) in February 2023; Active Listings were at 1,049 at month end compared to 599 at that time last year (up 75%) and 917 at the end of January (up 14%); the 472 New Listings in February were down 4% compared to January 2025, up 28% compared to February 2024, and up 99% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 32% in January, 51% in February 2024, and 67% in February 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.2%. 

Port Moody: Total Units Sold in February were 40 – up from 32 (25%) in January, up from 29 (38%) in December, down from 63 (37%) in November, down from 46 (13%) in February 2024, and down from 47 (15%) in February 2023; Active Listings were at 233 at month end compared to 131 at that time last year (up 78%) and 184 at the end of January (up 26%); the 121 New Listings in February were up 10% compared to January 2025, up 49% compared to February 2024, and up 33% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 29% in January, 57% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is down 1.0% and in the last 6 months down 5.3%. 

Port Coquitlam: Total Units Sold in February were 58 – down from 65 (11%) in January, up from 51 (14%) in December, down from 76 (24%) in November, down from 64 (9%) in February 2024, and up from 40 (45%) in February 2023; Active Listings were at 262 at month end compared to 198 at that time last year (up 32%) and 236 at the end of January (up 11%); the 129 New Listings in February were down 13% compared to January 2025, up 13% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 44% compared to 44% in January, 43% in February 2024, and 46% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%. 

Pitt Meadows: Total Units Sold in February were 21 – up from 13 (62%) in January, down from 28 (25%) in December, down from 30 (30%) in November, down from 23 (8%) in February 2024, and up from 15 (40%) in February 2023; Active Listings were at 84 at month end compared to 64 at that time last year (up 31%) and 75 at the end of January (up 12%); the 44 New Listings in February were up 5% compared to January 2025, down 2% compared to February 2024, and up 63% compared to February 2023. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 47% compared to 30% in January, 51% in February 2024, and 55% in February 2023.    

Month-over-month, the house price index is down 2.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in February were 129 – up from 95 (36%) in January, up from 112 (15%) in December, up from 116 (11%) in November, down from 145 (10%) in February 2024, and the same as February 2023; Active Listings were at 735 at month end compared to 678 at that time last year (up 8%) and 663 at the end of January (up 11%); the 313 New Listings in February were down 13% compared to January 2025, down 21% compared to February 2024, and up 50% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 41% compared to 26% in January, 36% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is down 1.8% and in the last 6 months down 3.1%. 

Ladner: Total Units Sold in February were 29 – up from 17 (71%) in January, up from 14 (107%) in December, down from 33 (12%) in November, up from 23 (26%) in February 2024, and up from 27 (7%) in February 2023; Active Listings were at 146 at month end compared to 82 at that time last year (up 78%) and 134 at the end of January (up 9%); the 66 New Listings in February were down 15% compared to January 2025, up 78% compared to February 2024, and up 8% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 43% compared to 22% in January, 62% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 1.2%. 

Tsawwassen: Total Units Sold in February were 28 – up from 26 (8%) in January, up from 21 (33%) in December, up from 26 (8%) in November, down from 38 (26%) in February 2024, and up from 25 (12%) in February 2023; Active Listings were at 245 at month end compared to 156 at that time last year (up 57%) and 216 at the end of January (up 13%); the 98 New Listings in February were down 8% compared to January 2025, up 31% compared to February 2024, and up 85% compared to February 2023. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 28% compared to 24% in January, 51% in February 2024, and 47% in February 2023.

Month-over-month, the house price index is up 1.3% and in the last 6 months down 2.7%. 

Fraser Valley: Sales in February were up 10%, compared to January and were down 27% from February 2024. New listings were down 8% from January and up 12% from February 2024.The average price was down 1% month-over-month and is up 0.4% year-over-year. Active listings were up 8% to 6,966 from 6,214 last month and up 39% from February 2024 which was at 4,997. Month’s supply of total residential listings remains at 8 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%. 

Highlights of Dexter’s December 2024 report

• Sales in December up 31% year-over-year

• Was December the last of the jumbo cuts by the Bank of Canada?

• Quarter 4 sales in Greater Vancouver were up 30% to 2023

• Townhomes continue to be too few and far between for buyers

It’s a new year, but one with the anticipation of continued interest rate reductions. The Bank of Canada meets again on January 29th following their rate cut of 50 points in December and with a month of political and economic headwinds to come, the 25-point drop that’s currently expected could see more swings than the Vancouver Canuck’s season so far. Unfortunately, the new year also brought a new round of legislation for British Columbia property owners to navigate. On January 1st, the provincial government’s flipping tax came into effect. Anyone who sells a property within one year of purchasing, starting January 1st for any sales, could be taxed 20% on any profits with that tax declining in the second year to zero.

This is in addition to the federal tax that came into effect in 2023 which taxed any profits as income for properties sold within one year. This new provincial tax targets not just resales but presales and the assignment of them as well. Certain life event exemptions may apply. It remains to be seen whether the provincial government will double the Speculation and Vacancy Tax in 2025 on properties as promised during the election. Just a few things for buyers and sellers to navigate this year.

There were 1,765 properties sold in Greater Vancouver in December after, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. Fourth quarter sales in Greater Vancouver were 30% higher than the fourth quarter of 2023 and 36% higher than the fourth quarter of 2022. Some areas around Metro Vancouver experienced a greater number of sales in December than in November – Richmond and New Westminster, while Pitt Meadows, Maple Ridge and Aldergrove saw sales in December right near the totals for November. With the Bank of Canada rates coming down, buyer activity increased. The Bank of Canada’s final rate announcement for 2024 producing another jumbo rate cut of 50 points, pushed some buyers to jump back into the market last month. This buyer reengagement trend is likely to continue as January comes out of the holiday season mode. The question is how active will buyers be as we venture into a year with economic and political uncertainty still ahead. That was supposed to be a 2024 problem but with the U.S. Government change and a federal election in Canada (at some point), politics could play a role in real estate and the economy.

Sales in December were a 31% increase from the 1,345 properties sold last year and a 35% increase from the 1,303 sales in December 2022. As interest rates likely come down further, albeit at a slower pace in 2025, buyers won’t face the same spectre of obtaining mortgages at much higher rates then they experienced in the last two years. That led to more activity last fall compared to the last few years and as the spring market approaches, it will have an impact on how the real estate market plays out this year.

There is more optimism and opportunity in the real estate market, especially with new mortgage rules that took effect in December allowing for presale buyers to amortize their mortgage over 30 years and increasing the threshold for insured mortgages to $1.5M. The provincial flipping tax, that started on January 1st, may keep some sellers on the sidelines as they wait out the 2-year period. And for those buyers looking to purchase a property and renovate, they may think twice. Not great for those other buyers who would prefer purchasing a renovated property. 

Greater Vancouver sales in December were 12% below the 10-year average after November sales were 13% below the 10-year average and October sales were 5% below the 10-year average – all of which was far better than September and August where total sales were 26% below the 10-year average. For a December that is typically the slowest month of the year for real estate activity, there was a surprising amount this year. Just ask some REALTORS® that had offers come in on New Year’s Eve. 

Overall, total sales for the year were 26,560 in Greater Vancouver. This was slightly ahead of 2023 when 26,249 homes sold but still less than the 29,227 sales in 2022. Although 2022 saw 65% of the year’s total sales in the first 6 months prior to the start of rate hikes that year. In 2023, 55% of total sales were in the first half of the year while 2024 was more balanced with 52% of total sales in the first half. This showed that momentum in the market was picking up as the second half of the year moved on. 

In Greater Vancouver due to the holiday season, the number of new listings declined in December. There were 1,737 new listings in December, which were down 54% compared to November but up 35% compared to the 1,303 new listings in December of last year. Sellers and buyers were far more active than we’ve seen in the last 3 years for the month of December. And with 1,300 listings having expired at the end of December and others taking their properties off the market over the holidays, some will come back on in January and February as market conditions continue to improve. The total number of new listings in 2024 came in at 60,386 which was up significantly from the 50,883 in 2023 and the 55,028 in 2022. This was still fewer than 2021 when 63,711 new listings came out due to that year having one of the most active years on record for real estate sales. 

The number of new listings in December were right at the 10-year average after November was 5% above the 10-year average, October 20% above the 10-year average and September at 16% above. So, while we did see more listing activity in 2024, we saw that wane as the year went on. As the inventory of homes crept up through the year, some sellers were not keen to adjust prices to meet the expectations of buyers and the reality of more competition. The wait until 2025 and lower rates may have entered the minds of some sellers as the fall market moved on. Buyers certainly hope to see more listings come on in 2025 to give more buying choice with these lower interest rates. 

There were 10,948 active listings in Greater Vancouver at month end, compared to 13,245 at the end of November. After several listings expired at the end of December and others came off through the month of December, January started with just over 9,600 active listings. This was 23% above the total active listing count at the start of 2024. While above last year, that difference had grown to 46% year-over-year in May 2024. While buyers had more choice through 2024, that choice diminished as the year went on. Will we see it grow again in 2025? Perhaps not to the same level but more choice would lead to more transactions and keep price growth limited.  

Months of supply overall stayed steady at 6 in Greater Vancouver. The detached market in Greater Vancouver was the same at 8 months supply compared to November while townhomes remained at 4 months just below the condo market at 5 months – bordering on a seller’s market while townhomes are firmly entrenched in a seller’s market. North Vancouver, Richmond, Burnaby, New Westminster, Port Moody, Port Coquitlam, Maple Ridge, Abbotsford and Cloverdale range from 2 to 3 months supply – Pitt Meadows with one month supply. 

Townhome sales in December in the region were up 55% compared to December last year, showing what was on buyers’ shopping list for this holiday season. Detached homes saw a 31% increase in sales year-over-year while condos were up 23%. The condo inventory is up 30% year-over year, while townhomes are up 23% and detached homes are up 20%. There is more opportunity in the condo market for buyers, some areas more so than others. A good opportunity for first time buyers and investors and why it’s important to understand each market. 
Signs are pointing to an improved real estate market in 2025. More transactions will occur, and prices will be impacted by the number of property listings. Who is more active in 2025 will direct where prices go – more buyers than sellers then we’ll see more pressure on prices. 

There is pent up demand in the market, and arguably pent up supply. But with many new home developments on hold or not viable in current market conditions, supply in the next 2 to 5 years will continue to be a challenge. Rental prices are declining, in part due to the supply of new rental buildings being built and economic conditions making it challenging for renters. It’s been a while since landlords have had to compete for tenants, and with a decrease in federal immigration targets, that could continue. The story of 2025 is yet to be written, but like the previous years in this decade, it is bound to be an interesting one again.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in December were 1,765 - down from 2,181 (19%) in November, down from 2,632 (33%) in October, up from 1,345 (31%) in December 2023, up from 1,303 (35%) in December 2022, down from 2,737 (36%) in December 2021, down from 3,157 (18%) in December 2020, and down from 2,046 (14%) in December 2019; Active Listings were at 10,948 at month end compared to 8,802 at that time last year (up 24%) and 13,245 at the end of November (down 17%); the 1,737 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 40% compared to December 2022, down 13% compared to December 2021, down 30% compared to December 2020, and up 4% compared to December 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 102% compared to 58% in November 2024, 99% in December 2023, and 105% in December 2022. 

Month-over-month, the house price index is down 0.1% and in the last 6 months up 0.5%.

Vancouver Westside: Total Units Sold in December were 307 - down from 383 (20%) in November, down from 472 (35%) in October, up from 235 (31%) in December 2023, up from 244 (26%) in December 2022, down from 468 (34%) in December 2021, down from 486 (37%) in December 2020, and up from 190 (62%) in December 2019; Active Listings were at 2,396 at month end compared to 1,998 at that time last year (up 20%) and 2,856 at the end of November (down 16%); the 331 New Listings in December were down 53% compared to November 2024, up 34% compared to December 2023, up 36% compared to December 2022, down 17% compared to December 2021, down 22% compared to December 2020, and up 28% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 92% compared to 54% in November 2024, 95% in December 2023, and 100% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%. 

Vancouver East Side: Total Units Sold in December were 198 - down from 268 (26%) in November, down from 282 (30%) in October, up from 148 (34%) in December 2023, up from 122 (62%) in December 2022, down from 295 (33%) in December 2021, down from 348 (43%) in December 2020, and down from 208 (5%) in December 2019; Active Listings were at 1,151 at month end compared to 977 at that time last year (up 18%) and 1,407 at the end of November (down 18%); the 185 New Listings in December were down 61% compared to November 2024, up 25% compared to December 2023, up 28% compared to December 2022, down 14% compared to December 2021, down 31% compared to December 2020, and up 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 107% compared to 56% in November 2024, 100% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up down 0.1% and in the last 6 months down 2.1%. 

North Vancouver: Total Units Sold in December were 138 - down from 173 (20%) in November, down from 224 (38%) in October, up from 106 (30%) in December 2023, up from 107 (29%) in December 2022, down from 195 (29%) in December 2021, down from 250 (45%) in December 2020, and down from 155 (11%) in December 2019; Active Listings were at 532 at month end compared to 392 at that time last year (up 61%) and 716 at the end of November (down 12%); the 105 New Listings in December were down 59% compared to November 2024, up 5% compared to December 2023, up 30% compared to December 2022, down 12% compared to December 2021, down 36% compared to December 2020, and down 5% compared to December 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 131% compared to 67% in November 2024, 106% in December 2023, and 132% in December 2022.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.5%. 

West Vancouver: Total Units Sold in December were 39 - down from 45 (13%) in November, down from 59 (34%) in October, down from 41 (5%) in December 2023, down from 40 (2%) in December 2022, down from 62 (37%) in December 2021, down from 82 (52%) in December 2020, and down from 46 (15%) in December 2019; Active Listings were at 546 at month end compared to 487 at that time last year (up 12%) and 645 at the end of November (down 15%); the 78 New Listings in December were down 35% compared to November 2024, up 44% compared to December 2023, up 66% compared to December 2022, up 56% compared to December 2021, up 16% compared to December 2020, and up 30% compared to December 2019. Month’s supply of total residential listings is steady at 14 month’s supply (buyer’s market conditions) and sales to listings ratio of 50% compared to 38% in November 2024, 76% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up 2.4% but in the last 6 months down 2.9%.

 Richmond: Total Units Sold in December were 235 - up from 234 (0.5%) in November, down from 290 (19%) in October, up from 169 (39%) in December 2023, up from 171 (37%) in December 2022, down from 387 (39%) in December 2021, down from 343 (31%) in December 2020, and down from 281 (16%) in December 2019; Active Listings were at 1,351 at month end compared to 1,043 at that time last year (up 30%) and 1,584 at the end of November (down 15%); the 195 New Listings in December were down 58% compared to November 2024, up 20% compared to December 2023, up 13% compared to December 2022, down 29% compared to December 2021, down 36% compared to December 2020, and down 24% compared to December 2019. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 120% compared to 50% in November 2024, 104% in December 2023, and 99% in December 2022.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 2.6%. 

Burnaby East: Total Units Sold in December were 21 - down from 38 (45%) in November, down from 25 (16%) in October, up from 18 (17%) in December 2023, up from 12 (75%) in December 2022, down from 32 (34%) in December 2021, down from 41 (49%) in December 2020, and up from 17 (24%) in December 2019; Active Listings were at 116 at month end compared to 75 at that time last year (up 55%) and 144 at the end of November (down 19%); the 24 New Listings in December were down 57% compared to November 2024, up 100% compared to December 2023, up 71% compared to December 2022, up 9% compared to December 2021, down 26% compared to December 2020, and up 20% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 87% compared to 68% in November 2024, 150% in December 2023, and 86% in December 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 3.1%. 

Burnaby North: Total Units Sold in December were 130 - down from 145 (10%) in November, down from 168 (14%) in October, up from 91 (43%) in December 2023, up from 78 (67%) in December 2022, down from 157 (17%) in December 2021, down from 171 (24%) in December 2020, and up from 113 (15%) in December 2019; Active Listings were at 595 at month end compared to 417 at that time last year (up 43%) and 729 at the end of November (down 18%); the 138 New Listings in December were down 47% compared to November 2024, up 77% compared to December 2023, up 97% compared to December 2022, up 14% compared to December 2021, down 16% compared to December 2020, and up 97% compared to December 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 94% compared to 55% in November 2024, 117% in December 2023, and 111% in December 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 3.5%. 

Burnaby South: Total Units Sold in December were 97 - down from 134 (28%) in November, down from 166 (42%) in October, up from 79 (23%) in December 2023, up from 94 (3%) in December 2022, down from 186 (48%) in December 2021, down from 148 (34%) in December 2020, and down from 132 (27%) in December 2019; Active Listings were at 493 at month end compared to 395 at that time last year (up 25%) and 597 at the end of November (down 17%); the 84 New Listings in December were down 46% compared to November 2024, up 12% compared to December 2023, up 42% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, and up 8% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 115% compared to 80% in November 2024, 105% in December 2023, and 159% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.2%. 

New Westminster: Total Units Sold in December were 96 - up from 93 (3%) in November, down from 120 (20%) in October, up from 46 (109%) in December 2023, up from 53 (81%) in December 2022, down from 139 (31%) in December 2021, down from 151 (36%) in December 2020, and up from 77 (25%) in December 2019; Active Listings were at 360 at month end compared to 240 at that time last year (up 50%) and 464 at the end of November (down 22%); the 67 New Listings in December were down 62% compared to November 2024, up 72% compared to December 2023, up 131% compared to December 2022, down 21% compared to December 2021, down 28% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 143% compared to 53% in November 2024, 118% in December 2023, and 183% in December 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.5%. 

Coquitlam: Total Units Sold in December were 128 - down from 172 (26%) in November, down from 246 (48%) in October, up from 119 (8%) in December 2023, up from 81 (58%) in December 2022, down from 216 (41%) in December 2021, down from 309 (59%) in December 2020, and down from 197 (35%) in December 2019; Active Listings were at 867 at month end compared to 527 at that time last year (up 65%) and 1,027 at the end of November (down 16%); the 155 New Listings in December were down 51% compared to November 2024, up 80% compared to December 2023, up 104% compared to December 2022, up 1% compared to December 2021, down 27% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 82% compared to 55% in November 2024, 138% in December 2023, and 107% in December 2022.

Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.5%. 

Port Moody: Total Units Sold in December were 29 - down from 63 (54%) in November, down from 66 (56%) in October, up from 25 (16%) in December 2023, up from 41 (29%) in December 2022, down from 52 (44%) in December 2021, down from 78 (63%) in December 2020, and down from 37 (22%) in December 2019; Active Listings were at 155 at month end compared to 128 at that time last year (up 21%) and 212 at the end of November (down 27%); the 27 New Listings in December were down 66% compared to November 2024, down 16% compared to December 2023, down 36% compared to December 2022, down 31% compared to December 2021, down 47% compared to December 2020, and down 4% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 107% compared to 79% in November 2024, 78% in December 2023, and 98% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 3.1%. 

Port Coquitlam: Total Units Sold in December were 51 - down from 76 (33%) in November, down from 77 (34%) in October, up from 36 (42%) in December 2023, up from 37 (38%) in December 2022, down from 107 (52%) in December 2021, down from 105 (51%) in December 2020, and down from 84 (39%) in December 2019; Active Listings were at 237 at month end compared to 154 at that time last year (up 54%) and 285 at the end of November (down 17%); the 50 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 14% compared to December 2022, down 24% compared to December 2021, down 51% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 102% compared to 70% in November 2024, 92% in December 2023, and 84% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.1%. 

Pitt Meadows: Total Units Sold in December were 28 - down from 30 (7%) in November, down from 32 (12%) in October, up from 19 (47%) in December 2023, up from 23 (21%) in December 2022, down from 33 (15%) in December 2021, up from 26 (8%) in December 2020, and up from 27 (4%) in December 2019; Active Listings were at 68 at month end compared to 59 at that time last year (up 15%) and 105 at the end of November (down 35%); the 11 New Listings in December were down 74% compared to November 2024, down 21% compared to December 2023, down 8% compared to December 2022, down 61% compared to December 2021, down 45% compared to December 2020, and down 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 254% compared to 71% in November 2024, 135% in December 2023, and 191% in December 2022.  

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%.

Maple Ridge: Total Units Sold in December were 112 - down from 116 (3%) in November, down from 143 (22%) in October, up from 100 (12%) in December 2023, up from 78 (44%) in December 2022, down from 159 (30%) in December 2021, down from 214 (48%) in December 2020, and down from 130 (14%) in December 2019; Active Listings were at 611 at month end compared to 579 at that time last year (up 5%) and 765 at the end of November (down 20%); the 90 New Listings in December were down 59% compared to November 2024, down 11% compared to December 2023, up 38% compared to December 2022, down 17% compared to December 2021, down 45% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 124% compared to 52% in November 2024, 98% in December 2023, and 120% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 1.8%. 

Ladner: Total Units Sold in December were 14 - down from 33 (58%) in November, down from 31 (6%) in October, up from 12 (17%) in December 2023, up from 9 (56%) in December 2022, down from 21 (33%) in December 2021, down from 34 (59%) in December 2020, and down from 20 (30%) in December 2019; Active Listings were at 117 at month end compared to 86 at that time last year (up 36%) and 135 at the end of November (down 13%); the 15 New Listings in December were down 66% compared to November 2024, up 7% compared to December 2023, up 7% compared to December 2022, up 25% compared to December 2021, down 50% compared to December 2020, and down 50% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 93% compared to 75% in November 2024, 86% in December 2023, and 64% in December 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.7%. 

Tsawwassen: Total Units Sold in December were 21 - down from 26 (19%) in November, down from 36 (42%) in October, the same as December 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, and down from 26 (19%) in December 2019; Active Listings were at 181 at month end compared to 152 at that time last year (up 19%) and 204 at the end of November (down 11%); the 25 New Listings in December were down 43% compared to November 2024, up 39% compared to December 2023, up 25% compared to December 2022, up 25% compared to December 2021, down 42% compared to December 2020, and up 32% compared to December 2019. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 84% compared to 59% in November 2024, 117% in December 2023, and 115% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.1%. 

Fraser Valley: Sales in December were down 14.6%, compared to November and were up 20% from December 2023. New listings were down 48% from November and up 41.4% from December 2023.The average price was up 3% month-over-month and is up 10.3% year-over-year. Active listings were down 27.1% to 5,392 from 7,400 last month and up 20.5% from November 2023 which was at 4,476. Month’s supply of total residential listings is down to 6 months from 7 months (balanced market conditions).
Month-over-month, the house price index is down 0.5% and in the last 6 months down 3.7%. 

Highlights of Dexter’s September 2024 report

• Bank of Canada should cut its rate by 0.5% this month

• 5th straight month of declining sales in Metro Vancouver

• Highest number of Vancouver condo listings since 2012

• Buy now before everyone else does when the rates come down further

September 2024 brought on promises and more promises. The Bank of Canada dropped their interest rate for the third consecutive time and by the end of the month the U.S. went ahead with their first rate cut – jumping right in with a half point drop. We’re now expecting a half point drop by the Bank of Canada in October based on the latest economic data. And if that wasn’t enough, the province is heading to the polls later in October with promise after promise from the incumbent NDP government and challenging Conservatives.

Is it any wonder that buyers are waiting to see what happens? That was the tone of buyers in September, all while sellers jumped back into the market with another rush of listings. 

For the third consecutive meeting the Bank of Canada has reduced its key interest rate by a quarter point in September, bringing down mortgage costs for homeowners with variable rate mortgages and lines of credit. While not overly expected, there was some thought that a half point reduction was in order. But what this does now is leave the remaining two meetings open to further reductions in the Bank of Canada’s rate as the economy and inflation numbers clearly indicate that stimulus is needed. Expect both countries to use the remainder of the year to reduce their rates, with Canada going from the current 4.25% to 3.5% or lower by the time 2025 begins.

Many buyers may be thinking that significant Bank of Canada rate cuts will lead to equivalent reductions in fixed rates. But that’s not going to happen. Fixed rates are based on bond yields and current yields have factored in the anticipated drops in the Bank of Canada’s rate. That’s the reason why fixed rates have come down more than 1.5% from their highs already. With economic growth and inflation in Canada lagging, it’s become more likely that the Bank of Canada will cut quicker and deeper than anticipated, so expect variable rate mortgage costs to drop more than fixed rate mortgage costs. That means buyers looking for fixed rate mortgages aren’t going to gain by waiting. With the highest inventory of properties available in the last 6 years, opportunities exist for buyers more so than ever.

There were 1,852 properties sold in Greater Vancouver in September, after 1,903 sold in August, 2,333 properties sold in July, and 2,418 sold in June. With the highest number of active listings available since mid-2019, buyers are still in a holding pattern. Given the path to a sub 3 Bank of Canada rate by some time next year, variable rate mortgages are the flavour of buyers. Taking advantage of the increase in choice will allow those buyers brave enough to buy now and ride the rate down to beat out the competition that will come next spring. 

Sales in September were a 4% decrease from the 1,903 properties sold last year, after a 17% decrease in August from the 2,296 properties sold in August 2023. September typically sees a tepid start to the fall market, so less sales in the month after August is not unusual. Will it take another rate cut to further entice more buyers into the market? While the federal government’s promise to extend amortizations for all buyers of presales to 30% and increase of the threshold for insured mortgages to $1.5M gives promise to buyers for easing the mortgage pain, this won’t come until December. Just what the market needs, another reason to wait and push more into the spring market. Buy now or compete later is the mantra of this fall market.  

Sales in September were 26% below the 10-year average, like August with sales 26% below the 10-year average after July was 18% below the 10-year average and June was 24% below the 10-year average. The fall market has some work to do to eclipse the spring market in terms of activity but what’s clear is that the longer demand holds off, the busier it will be come the spring. With the inventory of listings continuing to rise, buyers have choice and opportunity like they haven’t seen since 2019. 
In Greater Vancouver the number of new listings in September were the highest totals since May after dropping to a low in August. With 6,228 new listings in September, this was a 48% jump from what came on the market in August and an increase of 11% compared to September 2023. Sellers were certainly ready to get into the fall market, even if buyers were still reluctant.

The number of new listings in September were 16% above the 10-year average after August was 1.5% below the 10-year average, July 12% above the 10-year average, and June 2% above the 10-year average. With 3 months left in the year, the total new listings so far are almost at the total for 2023 and will likely be the second highest annual amount in the last 10 years. Even with this, prices had remained relatively flat but are trending lower in the last few months, albeit in the 1 to 3% range for declines. The increase in listings will help keep prices in check as demand enters back into the market at a greater rate over the next year. 

There were 14,932 active listings in Greater Vancouver at month end, compared to 13,812 at the end of August, 14,325 at the end of July and 14,180 at the end of June. After being up 46% year-over-year at the end of May, currently there are 31% more active listings year-over-year, a drop from being at 37% at the end of August. While we did see a significant jump in active listings after the month of September, we’re still not at the highs we saw in 2019, although for the month of September we’d have to go back to 2014 to see an active listing count this high for the month of September. Count on total active listings climbing above 15,000 in Greater Vancouver as we move through October before declining through the rest of year. 

Overall, the detached market in Greater Vancouver is up to 11 months supply from 10 while townhomes remained at 6 months supply and condos climbed to 7 months from 6. Condos have seen the biggest increase in listings with there being 39% active listings year-over-year, with detached at 24% above the same time last year. Detached sales activity has slowed more so though, putting many areas into strong buyer’s markets with over 10 months supply.

Vancouver westside condos are at the highest number of active listings since 2012 and sitting with 10 months supply – likely a result of rental legislation and short-term rental rules making that type of property a less attractive investment. Move over to the east side though and sales are up compared to last month and last year with their only being 5 months supply. That’s what a $200,000 difference in average price will do. As we move through October, election rhetoric and interest rate relief will be a distraction for many buyers.

Affordability will continue to be the word thrown around by the two main parties in B.C. when referencing housing, but with so many regulations put in place by the current government, supply suffers at the hands of so many restrictions. Even with the promise to build more, we are still left with the question of how that’s going to happen.

Here’s a summary of the numbers:


Greater Vancouver: Total Units Sold in September were 1,852 – down from 1,903 (3%) in August, down from 2,333 (21%) in July, down from 2,418 (23%) in June, down from 1,93 (4%) in September 2023, up from 1,701 (9%) in September 2022, down from 3,200 (42%) in September 2021, down from 3,741 (50%) in September 2020, and down from 2,363 (22%) in September 2019; Active Listings were at 14,932 at month end compared to 11,382 at that time last year (up 31%) and 13,812 at the end of August (up 8%); the 6,228 New Listings in September were up 48% compared to August 2024, up 14% compared to September 2023, up 43% compared to September 2022, up 17% compared to September 2021, down 6% compared to September 2020, and up 24% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 45% in August 2024, 35% in September 2023, and 39% in September 2022. 

Month-over-month, the house price index is down 1.4% and in the last 6 months down 1.6%.


Vancouver Westside: Total Units Sold in September were 312 – down from 337 (7%) in August, down from 416 (25%) in July, down from 470 (34%) in June, down from 338 (8%) in September 2023, up from 301 (4%) in September 2022, down from 567 (45%) in September 2021, down from 539 (42%) in September 2020, and down from 404 (23%) in September 2019; Active Listings were at 3,174 at month end compared to 2,558 at that time last year (up 24%) and 2,873 at the end of August (up 10%); the 1,302 New Listings in September were up 69% compared to August 2024, up 57% compared to September 2023, up 43% compared to September 2022, up 5% compared to September 2021, down 4% compared to September 2020, and up 31% compared to September 2019. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 24% compared to 44% in August 2024, 29% in September 2023, and 33% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months up 0.4%. 


Vancouver East Side: Total Units Sold in September were 211 – up from 193 (9%) in August, down from 263 (20%) in July, down from 270 (22%) in June, up from 192 (10%) in September 2023, up from 178 (19%) in September 2022, down from 368 (43%) in September 2021, down from 443 (52%) in September 2020, and down from 293 (28%) in September 2019; Active Listings were at 1,529 at month end compared to 1,196 at that time last year (up 27%) and 1,407 at the end of August (up 8%); the 772 New Listings in September were up 67% compared to August 2024, up 22% compared to September 2023, up 71% compared to September 2022, up 22% compared to September 2021, down 7% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 28% compared to 42% in August 2024, 31% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%. 


North Vancouver: Total Units Sold in September were 144 – down from 145 (1%) in August, down from 201 (28%) in July, down from 221 (35%) in June, down from 169 (15%) in September 2023, up from 128 (13%) in September 2022, down from 230 (37%) in September 2021, down from 328 (56%) in September 2020, and down from 166 (13%) in September 2019; Active Listings were at 856 at month end compared to 627 at that time last year (up 36%) and 675 at the end of August (up 27%); the 543 New Listings in September were up 102% compared to August 2024, up 13% compared to September 2023, up 35% compared to September 2022, up 29% compared to September 2021, down 8% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 27% compared to 54% in August 2024, 35% in September 2023, and 32% in September 2022.

Month-over-month, the house price index is down 2.5% and in the last 6 months down 3.1%. 


West Vancouver: Total Units Sold in September were 45 – down from 57 (21%) in August, down from 59 (24%) in July, down from 75 (40%) in June, down from 53 (15%) in September 2023, up from 42 (7%) in September 2022, down from 71 (37%) in September 2021, down from 98 (54%) in September 2020, and down from 51 (12%) in September 2019; Active Listings were at 724 at month end compared to 626 at that time last year (up 31%) and 678 at the end of August (up 8%); the 237 New Listings in September were up 71% compared to August 2024, down 8% compared to September 2023, up 21% compared to September 2022, up 9% compared to September 2021, up 13% compared to September 2020, and up 1% compared to September 2019. Month’s supply of total residential listings is up to 16 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 19% compared to 42% in August 2024, 21% in September 2023, and 22% in September 2022.

Month-over-month, the house price index is down 3.0% but in the last 6 months down 2.8%. 


Richmond: Total Units Sold in September were 197 – up from 191 (3%) in August, down from 255 (23%) in July, down from 263 (25%) in June, down from 256 (23%) in September 2023, down from 210 (6%) in September 2022, down from 432 (54%) in September 2021, down from 415 (53%) in September 2020, and down from 283 (30%) in September 2019; Active Listings were at 1,736 at month end compared to 1,268 at that time last year (up 37%) and 1,632 at the end of August (up 6%); the 629 New Listings in September were up 16% compared to August 2024, up 4% compared to September 2023, up 35% compared to September 2022, up 0.5% compared to September 2021, down 10% compared to September 2020, and up 12% compared to September 2019. Month’s supply of total residential listings is steady at 9 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 35% in August 2024, 43% in September 2023, and 45% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.5%. 


Burnaby East: Total Units Sold in September were 29 – up from 25 (16%) in August, down from 33 (12%) in July, up from 17 (71%) in June, up from 18 (61%) in September 2023, up from 17 (18%) in September 2022, down from 38 (24%) in September 2021, down from 41 (29%) in September 2020, and up from 22 (32%) in September 2019; Active Listings were at 148 at month end compared to 96 at that time last year (up 54%) and 140 at the end of August (up 6%); the 67 New Listings in September were up 37% compared to August 2024, up 37% compared to September 2023, up 148% compared to September 2022, up 37% compared to September 2021, up 22% compared to September 2020, and up 20% compared to September 2019. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 43% compared to 51% in August 2024, 37% in September 2023, and 63% in September 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 2.4%. 


Burnaby North: Total Units Sold in September were 122 – down from 145 (16%) in August, down from 137 (11%) in July, down from 172 (29%) in June, up from 113 (8%) in September 2023, up from 111 (10%) in September 2022, down from 189 (47%) in September 2021, down from 192 (36%) in September 2020, and down from 138 (6%) in September 2019; Active Listings were at 839 at month end compared to 561 at that time last year (up 49%) and 826 at the end of August (up 1%); the 339 New Listings in September were up 15% compared to August 2024, up 11% compared to September 2023, up 73% compared to September 2022, down 12% compared to September 2021, down 3% compared to September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 36% compared to 49% in August 2024, 37% in September 2023, and 57% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 2.1%. 


Burnaby South: Total Units Sold in September were 114 – up from 112 (2%) in August, down from 140 (19%) in July, down from 135 (16%) in June, down from 126 (10%) in September 2023, up from 96 (19%) in September 2022, down from 183 (38%) in September 2021, down from 173 (34%) in September 2020, and down from 119 (4%) in September 2019; Active Listings were at 694 at month end compared to 518 at that time last year (up 34%) and 634 at the end of August (up 9%); the 332 New Listings in September were up 49% compared to August 2024, up 18% compared to September 2023, up 53% compared to September 2022, up 16% compared to September 2021, down 8% compared to September 2020, and up 42% compared to September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 51% in August 2024, 45% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 3.4% and in the last 6 months down 4.3%. 


New Westminster: Total Units Sold in September were 73 – down from 79 (8%) in August, down from 98 (26%) in July, down from 108 (32%) in June, up from 72 (1%) in September 2023, up from 67 (9%) in September 2022, down from 131 (44%) in September 2021, down from 176 (59%) in September 2020, and down from 110 (34%) in September 2019; Active Listings were at 468 at month end compared to 298 at that time last year (up 57%) and 406 at the end of August (up 15%); the 242 New Listings in September were up 69% compared to August 2024, up 39% compared to September 2023, up 40% compared to September 2022, up 3% compared to September 2021, down 24% compared to September 2020, and up 11% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 42% in September 2023, and 39% in September 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 0.3%. 


Coquitlam: Total Units Sold in September were 155 – down from 171 (9%) in August, down from 178 (13%) in July, down from 189 (18%) in June, down from 170 (9%) in September 2023, up from 142 (9%) in September 2022, down from 247 (37%) in September 2021, down from 307 (50%) in September 2020, and down from 213 (27%) in September 2019; Active Listings were at 1,146 at month end compared to 713 at that time last year (up 61%) and 1,052 at the end of August (up 9%); the 512 New Listings in September were up 22% compared to August 2024, up 15% compared to September 2023, up 58% compared to September 2022, up 43% compared to September 2021, the same as September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 30% compared to 41% in August 2024, 38% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.0%. 


Port Moody: Total Units Sold in September were 61 – up from 39 (56%) in August, up from 58 (5%) in July, up from 56 (9%) in June, up from 44 (39%) in September 2023, up from 53 (15%) in September 2022, down from 69 (12%) in September 2021, down from 88 (31%) in September 2020, and up from 49 (24%) in September 2019; Active Listings were at 251 at month end compared to 185 at that time last year (up 36%) and 243 at the end of August (up 3%); the 143 New Listings in September were up 59% compared to August 2024, up 38% compared to September 2023, up 61% compared to September 2022, up 46% compared to September 2021, down 14% compared to September 2020, and up 51% compared to September 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 43% compared to 43% in August 2024, 42% in September 2023, and 60% in September 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months up 2.4%. 


Port Coquitlam: Total Units Sold in September were 52 – down from 56 (7%) in August, down from 66 (21%) in July, down from 62 (16%) in June, down from 65 (20%) in September 2023, up from 50 (4%) in September 2022, down from 97 (46%) in September 2021, down from 114 (54%) in September 2020, and down from 78 (33%) in September 2019; Active Listings were at 358 at month end compared to 191 at that time last year (up 87%) and 306 at the end of August (up 17%); the 186 New Listings in September were up 81% compared to August 2024, up 33% compared to September 2023, up 49% compared to September 2022, up 28% compared to September 2021, down 7% compared to September 2020, and up 28% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 28% compared to 55% in August 2024, 47% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 2.1% and in the last 6 months down 1.6%. 


Pitt Meadows: Total Units Sold in September were 24 – up from 21 (14%) in August, down from 27 (11%) in July, down from 28 (14%) in June, the same as September 2023, up from 20 (20%) in September 2022, down from 41 (41%) in September 2021, down from 44 (45%) in September 2020, and down from 32 (25%) in September 2019; Active Listings were at 125 at month end compared to 94 at that time last year (up 32%) and 105 at the end of August (up 19%); the 70 New Listings in September were up 75% compared to August 2024, up 29% compared to September 2023, up 27% compared to September 2022, up 59% compared to September 2021, down 9% compared to September 2020, and up 19% compared to September 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 52% in August 2024, 44% in September 2023, and 36% in September 2022.  

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.1%.


Maple Ridge: Total Units Sold in September were 114 – down from 123 (7%) in August, down from 166 (31%) in July, down from 130 (12%) in June, up from 108 (6%) in September 2023, down from 115 (1%) in September 2022, down from 182 (37%) in September 2021, down from 267 (57%) in September 2020, and down from 157 (27%) in September 2019; Active Listings were at 887 at month end compared to 752 at that time last year (up 17%) and 855 at the end of August (up 4%); the 344 New Listings in September were up 24% compared to August 2024, down 4% compared to September 2023, up 22% compared to September 2022, up 50% compared to September 2021, up 14% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 44% in August 2024, 30% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months down 1.2%. 


Ladner: Total Units Sold in September were 22 – down from 25 (12%) in August, down from 31 (29%) in July, down from 27 (19%) in June, down from 26 (15%) in September 2023, up from 20 (10%) in September 2022, down from 38 (42%) in September 2021, down from 53 (58%) in September 2020, and down from 28 (21%) in September 2019; Active Listings were at 136 at month end compared to 117 at that time last year (up 16%) and 124 at the end of August (up 10%); the 73 New Listings in September were up 62% compared to August 2024, up 12% compared to September 2023, up 83% compared to September 2022, up 62% compared to September 2021, up 30% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 40% in September 2023, and 50% in September 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.6%. 


Tsawwassen: Total Units Sold in September were 34 – up from 32 (6%) in August, down from 45 (24%) in July, down from 44 (23%) in June, down from 42 (35%) in September 2023, up from 21 (62%) in September 2022, down from 57 (40%) in September 2021, down from 80 (57%) in September 2020, and up from 26 (31%) in September 2019; Active Listings were at 215 at month end compared to 174 at that time last year (up 23%) and 199 at the end of August (up 7%); the 80 New Listings in September were up 32% compared to August 2024, up 7% compared to September 2023, up 36% compared to September 2022, up 8% compared to September 2021, down 32% compared to September 2020, and the same as September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (buyer’s market conditions) and sales to listings ratio of 43% compared to 53% in August 2024, 57% in September 2023, and 36% in September 2022.

Month-over-month, the house price index is down 2.8% and in the last 6 months down 4.3%. 
 

Fraser Valley: Sales in September were down 8.0%, compared to August and were down 10.7% from September 2023. New listings were up 20.7% from August and up 17.2% from September 2023.The average price was down 2.3% month-over-month and is up 2.4% year-over-year. Active listings were up 4.9% to 9,045 from 8,626 last month and up 38.5% from September 2023 which was at 6,532. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions).
“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.

Month-over-month, the house price index is down 1% and in the last 6 months 3%. 

And the Listings Kept on Coming!

Highlights of Dexter’s May 2024 report

• The first Bank of Canada rate cut since 2020 – now what?

• Active listings in Greater Vancouver are up 46% from last year

• Buyers are being patient; sales dipped in May 

• Watch the Micro Markets closely

• Prices are relatively flat and some are down in the last 6 months

The Canadian Economy has been speaking, and the Bank of Canada finally listened. This morning, they dropped their overnight right by a quarter point which will see rates for variable rate mortgages and lines of credit come down. While not substantial, it signals the start of downward movement with interest rates. A welcome relief to many and perhaps a signal that it’s time to buy. With the next announcement in July, many will be singing like Tim McGraw “I like it, I love it, I want some more of it.”

For the second month in a row, the story was listings. More and more listings came on the market in May, albeit off the pace of April. The result is active listing inventory is at levels not seen since later 2020 after the world opened post Covid shutdown. Buyers are more patient though, with sales overall in Greater Vancouver down from April and May of last year – although the Fraser Valley saw sales creep up from April. This only adds to the level of pent-up demand that will start to act with more favourable interest rate and economic conditions. It’s not a matter of will buyers engage, but a question of when. 

While there was a break this month in new housing regulations, the market is still factoring in the numerous changes to various housing legislation introduced at the provincial and federal levels. Likely we are seeing properties listed due to capital gains changes, short term rental restrictions and investor frustration with the regulations of their rental properties they own. Owning a property in British Columbia has become a lot more difficult and more costly and as a result some sellers would rather sell than hold. This has the knock-on effect of removing some rental stock at the same time – not ideal for those struggling to find a rental.

There were 2,733 properties sold in Greater Vancouver in May after seeing 2,831 properties sold in April and 2,415 properties sold in March this year. This was a 20% decrease from the 3,411 properties sold last year in May. This marked the first month-over-month decline in sales this year. With increased listing counts, it should have brought on more sales, but buyers are continuing to show more patience and take advantage of the opportunity of choice. 

Sales in May were 20% below the 10-year average after being 12% below the 10-year-average in April and 30% below the 10-year average in March. One step forward, one step backward seems to be the theme in the real estate market. But with the number of homes for sale increasing, this will lead to a better chance for increasing home sale when buyers engage. And that may just be this month. What seems to be happening though is that real estate activity is occurring in many different micro markets. Detached houses on Vancouver’s West Side can sell with 5 offers in the $3M range while apartment listings below $1 Million can sit.

Detached properties overall saw the lowest growth in new listings in May, while townhouses surprisingly showed the most growth in new listings. And apartment sales were down the most year-over-year, likely an indication of how much higher interest rates are impacting that end of the market. First time buyers while getting the benefit of more choice still must contend with higher rates and especially the stress test which adds another 2% onto the rate for qualification purposes. Expect to see that segment of the market move quickly with rate reductions. Looking at detached home sales, they were up 4% month-over-month while down 18% year-over-year (although Pitt Meadows and Maple Ridge saw more sales year-over-year), townhouse sales were down 20% month-over-month and down 13% year-over-year and condo sales were down 6% month-over-month and down 22% year-over-year. 

As listings increased in the last two months, the months of supply didn’t increase much if at all in some areas. Greater Vancouver ticked up to 5 months supply (on the border of balanced to seller’s market), while some areas like North Vancouver (even with the number of active townhouse listings double the amount there were in May 2023), Port Coquitlam and Pitt Meadows are at 3 months supply, while New Westminster, Coquitlam, Port Moody and Ladner are at 4 months supply. All while listings totals ramped up. 

While we didn’t hit 7,000 for the number of new listings in May, after reaching 7,229 in April in Greater Vancouver, there were still 6,484 new listings that came on. Just shy of the May 2022 at 6491 and off the May 2021 high for that month at 7,276. For a variety of reasons sellers were coming to the market over the last 2 months, after being patient over the last 2 years. As we’ve said, significant pent-up supply had been building as many moves were on hold due to higher interest rates, lack of buyer demand and an inability to find the next home. With more choice available for sellers, we are seeing the sell and buy transactions coming back into the market. That has been missing over the last few years. And with more supply, prices are holding and, in some areas, and property types seeing downward pressure. 

The number of new listings in May were 7% above the 10-year average after April was 29% above the 10-year average and March was 9% below the 10-year average. May will typically see a significant number of sellers come to the market in advance of summer, so it isn’t surprising to see those numbers. We’ll see the number of new listings decrease as June winds down and the summer months come upon us.  

There were 13,600 active listings in Greater Vancouver at month end, compared to the 12,491 actives at the end of April and 10,552 at the end of March. With sales to listings ratios around 40% over the last two months, it’s allowed active listing counts to grow quickly in the region. Compared to this time last year, listings are up 46% from the 9,293 at the end of May 2023.  Detached active listings are up 37% year-over-year, while townhouses are up 53% and condos are up 56%. The detached market overall in Greater Vancouver remains at 6 months supply - a balanced market. Vancouver’s East Side is bucking this trend though, sitting with 4 month’s supply for all residential properties and producing some interesting multiple offer sales. Townhomes moved up to 4 months supply from 3 and condos stayed at 4 months supply - keeping both technically in seller’s market conditions in Greater Vancouver. Area by area market activity and the level of competition for listings will vary. Considering how much has come on the market; we still aren’t close to a true buyer’s market and it wont’ take much to see the shift back to a seller’s market. 

The last two months have seen a shift in the real estate market to more active sellers and increased buyer hesitation. With so much talk about interest rates, it’s easy to see why buyers are playing the waiting game. With visions of lower rates, why buy now and let’s shop for the best deal has become theme in the buyer world. But tides can shift quickly, when interest rates creep down. Buyers may soon find that the competition they were trying to avoid may come back quicker than expected. Those not distracted or hampered by elevated interest rates could see the best buying opportunity in some time. 

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May were 2,733 – down from 2,831 (3%) in April, up from 2,415 (13%) in March, down from 3,411 (20%) in May 2023, down from 2,947 (7%) in May 2022, down from 4,346 (37%) in May 2021, up from 1,506 (81%) in May 2020, and up from 2,669 (2%) in May 2019; Active Listings were at 13,600 at month end compared to 9,293 at that time last year (up 46%) and 12,491 at the end of April (up 9%); New Listings in May were down 10% compared to April 2024, up 12% compared to May 2023, down 0.1% compared to May 2022, down 11% compared to May 2021, up 72% compared to May 2020, and up 8% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 39% in April 2024, 59% in May 2023, and 45% in May 2022. 

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.5%.

Vancouver Westside: Total Units Sold in May were 501 – up from 471 (6%) in April, up from 424 (18%) in March, down from 624 (20%) in May 2023, down from 582 (14%) in May 2022, down from 736 (32%) in May 2021, up from 264 (90%) in May 2020, and up from 460 (9%) in May 2019; Active Listings were at 2,962 at month end compared to 2,115 at that time last year (up 40%) and 2,778 at the end of April (up 7%); New Listings in May were down 11% compared to April 2024, up 12% compared to May 2023, up 4% compared to May 2022, down 11% compared to May 2021, up 79% compared to May 2020, and up 26% compared to May 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 38% compared to 31% in April 2024, 53% in May 2023, and 46% in May 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months up 2.0%. 

Vancouver East Side: Total Units Sold in May were 329 – down from 349 (5%) in April, up from 285 (15%) in March, down from 360 (9%) in May 2023, up from 318 (3%) in May 2022, down from 474 (31%) in May 2021, up from 167 (97%) in May 2020, and up from 328 (0.3%) in May 2019; Active Listings were at 1,459 at month end compared to 1,006 at that time last year (up 45%) and 1,369 at the end of April (up 7%); New Listings in May were down 16% compared to April 2024, up 12% compared to May 2023, down 4% compared to May 2022, down 15% compared to May 2021, up 88% compared to May 2020, and up 19% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 41% in April 2024, 56% in May 2023, and 45% in May 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 1.9%. 

North Vancouver: Total Units Sold in May were 245 – down from 248 (1%) in April, up from 187 (31%) in March, down from 288 (15%) in May 2023, down from 280 (12%) in May 2022, down from 358 (32%) in May 2021, up from 136 (80%) in May 2020, and down from 257 (5%) in May 2019; Active Listings were at 796 at month end compared to 514 at that time last year (up 55%) and 711 at the end of April (up 12%); New Listings in May were down 12% compared to April 2024, up 21% compared to May 2023, up 11% compared to May 2022, down 11% compared to May 2021, up 59% compared to May 2020, and up 4% compared to May 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 41% in April 2024, 66% in May 2023, and 58% in May 2022.

Month-over-month, the house price index is up 1.4% and in the last 6 months up 3.8%. 

West Vancouver: Total Units Sold in May were 67 – down from 70 (4%) in April, up from 53 (21%) in March, down from 80 (16%) in May 2023, down from 69 (3%) in May 2022, down from 90 (26%) in May 2021, up from 43 (56%) in May 2020, and down from 71 (6%) in May 2019; Active Listings were at 696 at month end compared to 529 at that time last year (up 32%) and 628 at the end of April (up 11%); New Listings in May were down 12% compared to April 2024, up 12% compared to May 2023, up 6% compared to May 2022, down 3% compared to May 2021, up 81% compared to May 2020, and up 11% compared to May 2019. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 26% compared to 24% in April 2024, 35% in May 2023, and 28% in May 2022.

Month-over-month, the house price index is up 2.2% but in the last 6 months up 3.8%. 

Richmond: Total Units Sold in May were 299 – down from 336 (11%) in April, up from 279 (7%) in March, down from 396 (24%) in May 2023, down from 341 (12%) in May 2022, down from 505 (41%) in May 2021, up from 152 (97%) in May 2020, and up from 271 (10%) in May 2019; Active Listings were at 1,440 at month end compared to 1,043 at that time last year (up 38%) and 1,339 at the end of April (up 8%); New Listings in May were down 15% compared to April 2024, up 0.5% compared to May 2023, down 20% compared to May 2022, down 22% compared to May 2021, up 58% compared to May 2020, and down 16% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 46% compared to 4% in April 2024, 61% in May 2023, and 42% in May 2022.

Month-over-month, the house price index is up 0.3% and in the last 6 months up 2.0%. 

Burnaby East: Total Units Sold in May were 31 – up from 30 (3%) in April, down from 32 (3%) in March, down from 39 (21%) in May 2023, up from 30 (3%) in May 2022, down from 53 (42%) in May 2021, up from 18 (72%) in May 2020, and up from 25 (24%) in May 2019; Active Listings were at 117 at month end compared to 90 at that time last year (up 30%) and 114 at the end of April (up 3%); New Listings in May were down 8% compared to April 2024, down 10% compared to May 2023, down 5% compared to May 2022, down 22% compared to May 2021, up 42% compared to May 2020, and up 22% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 45% in April 2024, 57% in May 2023, and 47% in May 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months up 4.0%. 

Burnaby North: Total Units Sold in May were 166 – up from 162 (2%) in April, up from 109 (52%) in March, down from 195 (13%) in May 2023, down from 175 (5%) in May 2022, down from 241 (31%) in May 2021, up from 79 (110%) in May 2020, and up from 123 (35%) in May 2019; Active Listings were at 749 at month end compared to 450 at that time last year (up 66%) and 700 at the end of April (up 7%); New Listings in May were down 16% compared to April 2024, up 27% compared to May 2023, up 18% compared to May 2022, up 1% compared to May 2021, up 148% compared to May 2020, and up 39% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 35% in April 2024, 63% in May 2023, and 53% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 1.7%. 

Burnaby South: Total Units Sold in May were 127 – down from 143 (3%) in April, down from 142 (13%) in March, down from 233 (20%) in May 2023, down from 163 (7%) in May 2022, down from 231 (37%) in May 2021, up from 64 (81%) in May 2020, and down from 131 (2%) in May 2019; Active Listings were at 645 at month end compared to 404 at that time last year (up 60%) and 537 at the end of April (up 22%); New Listings in May were up 6% compared to April 2024, up 8% compared to May 2023, up 15% compared to May 2022, down 12% compared to May 2021, up 168% compared to May 2020, and up 7% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 37% compared to 44% in April 2024, 73% in May 2023, and 54% in May 2022.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.4%. 

New Westminster: Total Units Sold in May were 115 – up from 105 (10%) in April, up from 108 (6%) in March, down from 142 (19%) in May 2023, down from 117 (2%) in May 2022, down from 194 (41%) in May 2021, up from 73 (58%) in May 2020, and down from 127 (9%) in May 2019; Active Listings were at 428 at month end compared to 258 at that time last year (up 66%) and 408 at the end of April (up 5%); New Listings in May were down 14% compared to April 2024, up 4% compared to May 2023, down 14% compared to May 2022, down 21% compared to May 2021, up 38% compared to May 2020, and down 21% compared to May 2019. Month’s supply of total residential listings is up steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 53% compared to 42% in April 2024, 69% in May 2023, and 47% in May 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 3.8%. 

Coquitlam: Total Units Sold in May were 228 – down from 238 (4%) in April, down from 235 (3%) in March, down from 284 (20%) in May 2023, down from 244 (7%) in May 2022, down from 350 (35%) in May 2021, up from 132 (72%) in May 2020, and up from 205 (14%) in May 2019; Active Listings were at 914 at month end compared to 555 at that time last year (up 65%) and 802 at the end of April (up 14%); New Listings in May were down 6% compared to April 2024, up 11% compared to May 2023, up 11% compared to May 2022, down 10% compared to May 2021, up 41% compared to May 2020, and down 1% compared to May 2019. Month’s supply of total residential listings is up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 44% compared to 43% in April 2024, 61% in May 2023, and 53% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 2.1%. 

Port Moody: Total Units Sold in May were 58 – down from 73 (21%) in April, up from 45 (29%) in March, down from 87 (33%) in May 2023, up from 57 (2%) in May 2022, down from 102 (43%) in May 2021, up from 46 (26%) in May 2020, and up from 62 (6%) in May 2019; Active Listings were at 219 at month end compared to 184 at that time last year (up 19%) and 203 at the end of April (up 8%); New Listings in May were down 24% compared to April 2024, down 9% compared to May 2023, down 28% compared to May 2022, down 21% compared to May 2021, up 26% compared to May 2020, and down 4% compared to May 2019. Month’s supply of total residential listings is up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 48% compared to 45% in April 2024, 65% in May 2023, and 34% in May 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months down 2.2%. 

Port Coquitlam: Total Units Sold in May were 95 – down from 102 (7%) in April, up from 89 (10%) in March, up from 91 (4%) in May 2023, up from 91 (4%) in May 2022, down from 165 (42%) in May 2021, up from 60 (58%) in May 2020, and down from 132 (28%) in May 2019; Active Listings were at 278 at month end compared to 153 at that time last year (up 46%) and 254 at the end of April (up 9%); New Listings in May were down 8% compared to April 2024, up 18% compared to May 2023, down 18% compared to May 2022, down 30% compared to May 2021, up 91% compared to May 2020, and down 7% compared to May 2019. Month’s supply of total residential listings is up to 3 month’s supply from 2 (seller’s market conditions) and sales to listings ratio of 55% compared to 54% in April 2024, 62% in May 2023, and 43% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 2.9%. 

Pitt Meadows: Total Units Sold in May were 30 – down from 32 (6%) in April, up from 29 (3%) in March, down from 39 (23%) in May 2023, up from 24 (25%) in May 2022, down from 54 (44%) in May 2021, up from 23 (30%) in May 2020, and down from 40 (25%) in May 2019; Active Listings were at 94 at month end compared to 71 at that time last year (up 32%) and 71 at the end of April (up 32%); New Listings in May were up 26% compared to April 2024, up 60% compared to May 2023, down 9% compared to May 2022, up 13% compared to May 2021, up 50% compared to May 2020, and up 20% compared to May 2019. Month’s supply of total residential listings is up to 3 month’s supply from 2 (seller’s market conditions) and sales to listings ratio of 41% compared to 56% in April 2024, 86% in May 2023, and 30% in May 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months up 4.9%.

Maple Ridge: Total Units Sold in May were 172 – down from 191 (10%) in April, down from 187 (8%) in March, down from 218 (21%) in May 2023, down from 178 (3%) in May 2022, down from 286 (40%) in May 2021, up from 111 (55%) in May 2020, and up from 171 (1%) in May 2019; Active Listings were at 850 at month end compared to 539 at that time last year (up 57%) and 817 at the end of April (up 4%); New Listings in May were down 9% compared to April 2024, up 16% compared to May 2023, down 23% compared to May 2022, up 1% compared to May 2021, up 96% compared to May 2020, and up 10% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 43% in April 2024, 63% in May 2023, and 39% in May 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months up 3.3%. 

Ladner: Total Units Sold in May were 33 – the as 33 in April, up from 30 (10%) in March, down from 54 (39%) in May 2023, up from 28 (18%) in May 2022, down from 49 (33%) in May 2021, up from 20 (65%) in May 2020, and down from 41 (20%) in May 2019; Active Listings were at 139 at month end compared to 85 at that time last year (up 64%) and 121 at the end of April (up 15%); New Listings in May were down 4% compared to April 2024, up 52% compared to May 2023, up 15% compared to May 2022, up 17% compared to May 2021, up 58% compared to May 2020, and down 12% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 42% in April 2024, 108% in May 2023, and 42% in May 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 3.4%. 

Tsawwassen: Total Units Sold in May were 40 – down from 51 (22%) in April, up from 34 (18%) in March, down from 62 (35%) in May 2023, down from 44 (9%) in May 2022, down from 95 (58%) in May 2021, up from 35 (14%) in May 2020, and up from 38 (5%) in May 2019; Active Listings were at 218 at month end compared to 166 at that time last year (up 31%) and 204 at the end of April (up 7%); New Listings in May were down 7% compared to April 2024, up 9% compared to May 2023, down 12% compared to May 2022, down 23% compared to May 2021, up 14% compared to May 2020, and up 5% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 40% compared to 48% in April 2024, 68% in May 2023, and 39% in May 2022. 

Month-over-month, the house price index is down 0.6% and in the last 6 months up 2.9%. 

Fraser Valley: Sales in May were up 3.1%, compared to April and were down 11.3% from April 2023. New listings were down 5.4% from April and up 6.4% from May 2023.The average price was up 2.5% month-over-month and is down 2.2% year-over-year. Active listings were up 8.1% to 7,904 from 7,313 last month and up 42.2% from May 2023 which was at 5,558. The Fraser Valley showed more sales activity in comparison to April this year and May last year, while seeing a slower growth in listings. 

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.” 

Highlights of Dexter’s April 2024 report

• Spike in new listings in April – 64% above last year.

• Buyers slowly moving back into the market

• Townhomes showed a surge in sales in April

• Vancouver’s East/West divide in sales activity 

With more listings, there must be more sales! Not often talked about but the term pent up supply is something that showed to be true with the surge of listings in April. New listings came on last month like we haven’t seen since the fast-paced market of 2021. With new listings in Greater Vancouver up 41% compared to March, buyers had far more to choose from in many areas. Even with the continued hesitation from the Bank of Canada with perhaps signs of that first interest rate cut coming further out, buyers have some decisions to make. Wait it out or take advantage of long sought after listings and jump on the almost 2% lower fixed rate mortgages that have been available in 2024. Almost like the Canucks waiting for the perfect shot, buyers hesitate for a rate cut that realistically doesn’t impact the mortgage product of almost all buyers since fixed rates are not tied directly to the Bank of Canada Rate. Perhaps the Bank of Canada’s first interest rate cut is a psychological move for buyers more than anything. Ask a mortgage broker, buyers are not taking up variable rate mortgages right now. That pent up demand can only wait so long.  

On April 16 the federal government released their annual budget. With a host of promises on building more housing, renter protections and the biggest change proposed being the change in how capital gains are taxed. Going from 50% of the gains being taxed to two thirds being taxed on gains above $250,000 signals that wealth is the target of the Federal Liberal Government. There were ripples through the property market as some owners sought to sell properties prior to the June 25th potential change in capital gains treatment. Short term gain for long term pain. While an attempt to fund programs and perhaps housing, this will be a disincentive to sell property and limit an already tight housing market from seeing more resale homes available for buyers. Metro Vancouver and many parts of Canada do not have a speculation problem, they have a property holding problem. Homeowners focus on keeping the properties they purchase, and this tax change will only intensify that focus. And with new federal and provincial anti-flipping taxes, again, this creates more of a disincentive to sell. Wrong policies at the wrong time. For those with the ability to purchase, it will only add to the value of the property you buy. As much as government policy tries to change the market, supply and demand will ultimately determine what the values are.

And for renters, expect to see landlords selling at a greater pace and less buyers investing to provide private rental stock in the future. Today’s policies, both federally and provincially, do not bode well for the supply of homes going into the future. With less strata resale homes being built, more onerous regulations for landlords, and a signal that investment in the property market is not welcome by our governments, expect this to impact the supply of rental and resale homes.

There were 2,831 properties sold in Greater Vancouver in April after seeing 2,415 properties sold in Greater Vancouver in March and 2,070 properties sold in February this year. This was a 3% increase from the 2,741 properties sold last year in April after a year-over-year decline in March. This is the 4th straight month-over-month gain in the number of properties sold, showing more buyers being enticed to the market by greater selection and adjustments to the current fixed rate mortgages. And in looking at the sales during the month, the pace moved quicker after mid-month which should lead to May producing yet again a month-over-month gain in the number of homes sold. It’s likely we could see a repeat of the sales in last May at 3,400 – which would be the first month over 3,000 sales since then. With the added number of listings, there will be more sales. Just don’t tell the Bank of Canada after their reluctance to decrease its rate during the spring for fears of heating up the spring market. 

With April sales up from last year, they were 12% below the 10-year-average after being 30% below the 10-year average in March and 23% below the 10-year-average in February. With demand increasing and even with an increase in the number of listings, multiple offers are still occurring. Some areas and product types continue to be in short supply leaving buyers with the spectre of competition. We are still not yet at balance overall in the market, but buyers have the greatest opportunity they have seen in long time – even with interest rates where they are.  Detached homes and condos showed the same level of sales in April compared to last year while townhouse sales were up 16% year-over-year. 

Even with the increased listings in April compared to the previous month, there are still only 4 months supply of homes overall in Greater Vancouver, which had fallen from 5 months in February and 6 months in January. Technically this is a seller’s market, but about as streaky a seller’s market as we’ve seen. It makes the Canucks look like a model of consistency. Vancouver’s West Side stayed at 6 months supply, even with a 54% increase in the number of new listings in April compared to March. Vancouver’s East Side stayed at 4 months, still a technical seller’s market, even with a 44% surge in listings compared to March and 78% more compared to April last year. It was the 22% increase in sales month-over-month that kept it at a seller’s market. Amazing how much of a divide there is within the city itself. North Vancouver continues at 3 months supply, surprising given the 82% increase in the number of new listings compared to March. Burnaby climbed to 4 months supply, on the heels of total sales lagging March and April last year, a similar story in New Westminster. Buyer’s take note in those areas! Port Moody showed a 62% month-over-month gain in sales while new listings were up 53% which pushed this market back to 3 month’s supply from 4. And the small markets of Port Coquitlam and Pitt Meadows remain at 2 months supply.  

If it seemed like there were more for sale and open house signs out there, that’s because there were 7,229 new listings in Greater Vancouver that came out in April. This was way above last year’s total of 4,399 new listings, producing another consecutive month of year-over-year increase in new listings. And this was the highest number of new listings by month since the spring of 2021, which was a real estate market like no other we’ve seen. Is this rush of listings fuel for a significant increase in sales? It will certainly add to the number of transactions and likely keep prices relatively flat over the next few months. 

The number of new listings in April were 29% above the 10-year average after March was at 9% below the 10-year average and February was right at the 10-year average. There was a feeling that many sellers were waiting for the spring market to come before listing, and that came to fruition in April. This is likely a result of pent-up supply and likely some sellers reacting to changes to government legislation for short term rental bans, tenancy changes, property flipping taxes and capital gains changes – oh my. What’s changed in real estate this year? More like what hasn’t. 

There were 12,491 active listings in Greater Vancouver at month end, compared to the 10,552 actives at the end of March and 9,634 at the end of February. The count of active listings is up significantly year-over-year though, with there being nearly 3,700 more at the end of April, or 42% more than the end of April 2023. The detached market overall has moved up to 6 months supply from 5.5 in March, keeping it in a balanced market. Vancouver’s East Side is bucking this trend though, sitting with 4 month’s supply and producing some interesting multiple offer sales. Townhomes remain at 3 months supply and condos stayed at 4 months supply - keeping both in seller’s market conditions. 

This is not yesterday’s real estate market. And while the numbers overall show seller’s market conditions, savvy buyers, and sellers with the help of their Dexter agent will find market activity will depend on the area and type of property. Look closely at the numbers to understand the market where you are. Absorption rates for detached were down to 33% from 44% while townhouses and condos were 44% and 42% from the previous month at 53% and 48% respectively. There simply are not enough townhomes being built in Metro Vancouver, and this will continue to be one of the most competitive segments of the market.  

If April was the bell weather month for listings, will those April listings translate into May sales? Or will the continued hangover of the Bank of Canada pulling their interest rate carrot away from Buyers keep many on the sidelines until that signal comes to start buying. Ask yourself if you are a buyer though, do you want to wait for everyone else or take advantage of a market that’s finally given some choice. 

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,831 - up from 2,415 (17%) in March, up from 2,070 (37%) in February, up from 2,741 (3%) in April 2023, down from 3,281 (14%) in April 2022, down from 5,010 (44%) in April 2021, up from 1,119 (153%) in April 2020, up from 1,850 (53%) in April 2019; Active Listings were at 12,491 at month end compared to 8,790 at that time last year (up 42%) and 10,552 at the end of March (up 18%); New Listings in April were up 41% compared to March 2024, up 64% compared to April 2023, up 15% compared to April 2022, down 10% compared to April 2021, up 201% compared to April 2020, and up 23% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 39% compared to 47% in March 2024, 62% in April 2023, and 52% in April 2022. 

Month-over-month, the house price index is up 0.8% and in the last 6 months up 0.8%.

Vancouver Westside: Total Units Sold in April were 471 - up from 424 (11%) in March, up from 374 (26%) in February, up from 468 (3%) in April 2023, down from 619 (24%) in April 2022, down from 764 (38%) in April 2021, up from 195 (142%) in April 2020, up from 342 (38%) in April 2019; Active Listings were at 2,778 at month end compared to 1,992 at that time last year (up 39%) and 2,342 at the end of March (up 19%); New Listings in April were up 54% compared to March 2024, up 78% compared to April 2023, up 17% compared to April 2022, down 3% compared to April 2021, up 235% compared to April 2020, and up 28% compared to April 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 44% in March 2024, 56% in April 2023, and 48% in April 2022. 

Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.4%. 

Vancouver East Side: Total Units Sold in April were 349 - up from 285 (22%) in March, up from 249 (40%) in February, up from 267 (31%) in April 2023, down from 355 (2%) in April 2022, down from 557 (37%) in April 2021, up from 120 (191%) in April 2020, up from 215 (62%) in April 2019; Active Listings were at 1,369 at month end compared to 939 at that time last year (up 46%) and 1,198 at the end of March (up 14%); New Listings in April were up 44% compared to March 2024, up 78% compared to April 2023, up 28% compared to April 2022, down 17% compared to April 2021, up 248% compared to April 2020, and up 45% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 48% in March 2024, 55% in April 2023, and 53% in April 2022. 

Month-over-month, the house price index is up 1.0% and in the last 6 months up 0.4%. 

North Vancouver: Total Units Sold in April were 248 - up from 187 (33%) in March, up from 163 (52%) in February, up from 218 (14%) in April 2023, down from 275 (10%) in April 2022, down from 478 (48%) in April 2021, up from 96 (158%) in April 2020, up from 149 (66%) in April 2019; Active Listings were at 711 at month end compared to 495 at that time last year (up 44%) and 523 at the end of March (up 36%); New Listings in April were up 82% compared to March 2024, up 82% compared to April 2023, up 28% compared to April 2022, down 10% compared to April 2021, up 173% compared to April 2020, and up 18% compared to April 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 56% in March 2024, 66% in April 2023, and 58% in April 2022.

Townhouse new listings were double the amount of April 2023 yet remain with only 2 months supply, while condo inventory saw the biggest jump on the North Shore pushing that segment to 3 months supply. Month-over-month, the house price index is down 0.1% and in the last 6 months no change. 

West Vancouver: Total Units Sold in April were 70 - up from 53 (32%) in March, up from 56 (25%) in February, up from 69 (1%) in April 2023, down from 72 (3%) in April 2022, down from 116 (40%) in April 2021, up from 29 (141%) in April 2020, up from 48 (46%) in April 2019; Active Listings were at 628 at month end compared to 491 at that time last year (up 28%) and 560 at the end of March (up 12%); New Listings in April were up 56% compared to March 2024, up 60% compared to April 2023, up 21% compared to April 2022, up 2% compared to April 2021, up 209% compared to April 2020, and up 19% compared to April 2019. Month’s supply of total residential listings is down to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 24% compared to 28% in March 2024, 38% in April 2023, and 30% in April 2022.

Month-over-month, the house price index is up a shocking 31% but in the last 6 months down 1.2%. 

Richmond: Total Units Sold in April were 336 - up from 279 (20%) in March, up from 231 (45%) in February, down from 338 (1%) in April 2023, down from 426 (21%) in April 2022, down from 668 (56%) in April 2021, up from 137 (145%) in April 2020, up from 172 (109%) in April 2019; Active Listings were at 1,339 at month end compared to 1,062 at that time last year (up 26%) and 1,166 at the end of March (up 15%); New Listings in April were up 38% compared to March 2024, up 52% compared to April 2023, up 1% compared to April 2022, down 23% compared to April 2021, up 213% compared to April 2020, and up 10% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 44% compared to 50% in March 2024, 67% in April 2023, and 56% in April 2022.  

Townhomes and condo listings saw the slowest growth in this municipality keeping them at 3 months supply while detached homes are up to 6 months. Month-over-month, the house price index is down 0.4% and in the last 6 months up 0.7%. 

Burnaby East: Total Units Sold in April were 30 - down from 32 (6%) in March, up from 25 (20%) in February, down from 34 (12%) in April 2023, down from 40 (25%) in April 2022, down from 76 (61%) in April 2021, up from 12 (150%) in April 2020, up from 15 (100%) in April 2019; Active Listings were at 114 at month end compared to 76 at that time last year (up 50%) and 101 at the end of March (up 13%); New Listings in April were up 25% compared to March 2024, up 43% compared to April 2023, down 4% compared to April 2022, down 41% compared to April 2021, up 106% compared to April 2020, and up 16% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 60% in March 2024, 81% in April 2023, and 58% in April 2022.  

Townhouse supply is the scarcest while keeping it at 2 months supply while detached homes are now at 6 months. Month-over-month, the house price index is up 0.6% and in the last 6 months up 1.7%. 

Burnaby North: Total Units Sold in April were 162 - up from 109 (49%) in March, up from 121 (34%) in February, down from 176 (8%) in April 2023, down from 164 (1%) in April 2022, down from 316 (49%) in April 2021, up from 40 (305%) in April 2020, up from 81 (100%) in April 2019; Active Listings were at 700 at month end compared to  415 that time last year (up 69%) and 535 at the end of March (up 31%); New Listings in April were up 53% compared to March 2024, up 77% compared to April 2023, up 33% compared to April 2022, down 0.5% compared to April 2021, up 240% compared to April 2020, and up 65% compared to April 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 35% compared to 36% in March 2024, 67% in April 2023, and 47% in April 2022.

Condo sales are almost double that of March after the push of new listings in March, dropping inventory down to 4 months supply even with overall growth in active listings. Month-over-month, the house price index is up 0.1% and in the last 6 months down 0.5%. 

Burnaby South: Total Units Sold in April were 143 - up from 142 (1%) in March, up from 109 (31%) in February, down from 215 (33%) in April 2023, down from 186 (23%) in April 2022, down from 268 (47%) in April 2021, up from 55 (160%) in April 2020, up from 97 (47%) in April 2019; Active Listings were at 537 at month end compared to 385 at that time last year (up 39%) and 446 at the end of March (up 20%); New Listings in April were up 33% compared to March 2024, up 22% compared to April 2023, down 4% compared to April 2022, down 28% compared to April 2021, up 210% compared to April 2020, and up 15% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 44% compared to 58% in March 2024, 81% in April 2023, and 55% in April 2022. 

Sales overall down to last year, with condo sales less than March and April last year. An area of opportunity. Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.0%. 

New Westminster: Total Units Sold in April were 105 - down from 108 (3%) in March, up from 79 (33%) in February, down from 113 (7%) in April 2023, down from 134 (22%) in April 2022, down from 199 (47%) in April 2021, up from 61 (72%) in April 2020, down from 108 (3%) in April 2019; Active Listings were at 408 at month end compared to 238 at that time last year (up 71%) and 350 at the end of March (up 17%); New Listings in April were up 17% compared to March 2024, up 54% compared to April 2023, up 21% compared to April 2022, down 17% compared to April 2021, up 183% compared to April 2020, and down 13% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 51% in March 2024, 70% in April 2023, and 65% in April 2022.

Detached sales down 50% to March and off last year’s total, pushing this segment into a buyer’s market. Month-over-month, the house price index is up 0.1% and in the last 6 months up 1.5%. 

Coquitlam: Total Units Sold in April were 238 - up from 235 (1%) in March, up from 189 (26%) in February, up from 210 (13%) in April 2023, down from 279 (15%) in April 2022, down from 362 (34%) in April 2021, up from 93 (156%) in April 2020, up from 153 (56%) in April 2019; Active Listings were at 802 at month end compared to 405 at that time last year (up 62%) and 663 at the end of March (up 21%); New Listings in April were up 29% compared to March 2024, up 62% compared to April 2023, up 12% compared to April 2022, down 11% compared to April 2021, up 190% compared to April 2020, and up 18% compared to April 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 55% in March 2024, 62% in April 2023, and 57% in April 2022.

With townhouse listings slow to come to market in April, sales fell off. While up to 3 months supply, it is still a seller’s market. Month-over-month, the house price index is up 0.3% and in the last 6 months up 0.7%. 

Port Moody: Total Units Sold in April were 73 - up from 45 (62%) in March, up from 46 (59%) in February, down from 91 (20%) in April 2023, up from 66 (11%) in April 2022, down from 126 (42%) in April 2021, up from 28 (161%) in April 2020, up from 60 (22%) in April 2019; Active Listings were at 203 at month end compared to 166 at that time last year (up 22%) and 160 at the end of March (up 27%); New Listings in April were up 53% compared to March 2024, up 61% compared to April 2023, down 35% compared to April 2022, down 9% compared to April 2021, up 188% compared to April 2020, and up 11% compared to April 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 43% in March 2024, 91% in April 2023, and 55% in April 2022.

Townhouse sales were the highest since 2021 with limited listings coming on pushed that segment to 1 month supply – time to push for more supply. With only 68 in preliminary planning and 2 projects rejected and withdrawn, there’s little relief coming in this family centric community. Month-over-month, the house price index is up 2.1% and in the last 6 months down 0.6%. 

Port Coquitlam: Total Units Sold in April were 102 - up from 89 (15%) in March, up from 64 (59%) in February, up from 76 (34%) in April 2023, down from 117 (13%) in April 2022, down from 167 (39%) in April 2021, up from 42 (143%) in April 2020, up from 67 (52%) in April 2019; Active Listings were at 254 at month end compared to 137 at that time last year (up 85%) and 213 at the end of March (up 19%); New Listings in April were up 36% compared to March 2024, up 146% compared to April 2023, down 1% compared to April 2022, down 27% compared to April 2021, up 144% compared to April 2020, and down 3% compared to April 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 54% compared to 64% in March 2024, 97% in April 2023, and 61% in April 2022.

Detached sales surged, up 75% year-over-year with townhouse and condo sales not far behind. With only 20 townhomes planned in this community, supply will be scarce in the years to come – can you say missing middle? Month-over-month, the house price index is up 1.3% and in the last 6 months up 1.6%. 

Pitt Meadows: Total Units Sold in April were 32 - up from 29 (10%) in March, up from 23 (39%) in February, up from 27 (19%) in April 2023, down from 45 (29%) in April 2022, down from 48 (33%) in April 2021, up from 19 (68%) in April 2020, up from 28 (14%) in April 2019; Active Listings were at 71 at month end compared to 84 at that time last year (down 15%) and 66 at the end of March (up 8%); New Listings in April were up 36% compared to March 2024, up 5% compared to April 2023, down 2% compared to April 2022, down 17% compared to April 2021, up 84% compared to April 2020, and down 21% compared to April 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 56% compared to 69% in March 2024, 50% in April 2023, and 77% in April 2022.

Month-over-month, the house price index is up 0.9% and in the last 6 months up 4.9%.

Maple Ridge: Total Units Sold in April were 191 - up from 187 (2%) in March, up from 145 (32%) in February, up from 161 (19%) in April 2023, down from 166 (15%) in April 2022, down from 342 (44%) in April 2021, up from 82 (133%) in April 2020, up from 124 (54%) in April 2019; Active Listings were at 817 at month end compared to 506 at that time last year (up 61%) and 714 at the end of March (up 14%); New Listings in April were up 19% compared to March 2024, up 71% compared to April 2023, down 4% compared to April 2022, down 1% compared to April 2021, up 193% compared to April 2020, and up 30% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of % 43compared to 50% in March 2024, 62% in April 2023, and 36% in April 2022.

Month-over-month, the house price index is up 1.8% and in the last 6 months up 1.7%. 

Ladner: Total Units Sold in April were 33 - up from 30 (10%) in March, up from 23 (43%) in February, down from 43 (23%) in April 2023, down from 34 (3%) in April 2022, down from 74 (59%) in April 2021, up from 17 (94%) in April 2020, up from 29 (14%) in April 2019; Active Listings were at 121 at month end compared to 100 at that time last year (up 21%) and 90 at the end of March (up 34%); New Listings in April were up 49% compared to March 2024, up 36% compared to April 2023, down 41% compared to April 2022, down 14% compared to April 2021, up 119% compared to April 2020, and up 22% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 57% in March 2024, 74% in April 2023, and 61% in April 2022.

Month-over-month, the house price index is up 1.5% and in the last 6 months up 1.4%. 

Tsawwassen: Total Units Sold in April were 51 - up from 34 (50%) in March, up from 38 (34%) in February, down from 54 (6%) in April 2023, up from 46 (11%) in April 2022, down from 82 (38%) in April 2021, up from 24 (113%) in April 2020, up from 18 (183%) in April 2019; Active Listings were at 204 at month end compared to 167 at that time last year (up 22%) and 172 at the end of March (up 19%); New Listings in April were up 51% compared to March 2024, up 45% compared to April 2023, up 30% compared to April 2022, down 14% compared to April 2021, up 149% compared to April 2020, and down 2% compared to April 2019. Month’s supply of total residential listings is down to to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 48% in March 2024, 73% in April 2023, and 56% in April 2022.  

Townhouse inventory is showing little growth with most new product sold out and little on the way. Month-over-month, the house price index is up 1.5% and in the last 6 months up 3.2%. 

Fraser Valley: Sales in April were up 5.4%, compared to March and were down 5.3% from April 2023. New listings were up 33.2% from March and up 60.5% from April 2023.The average price was down 1.0% month-over-month and is up 1.8% year-over-year. Active listings were up 18.0% to 7,313 from 6,197 last month and up 57.9% from April 2023 which was at 4,632. Like Greater Vancouver, listings surged in April for the Fraser Valley real estate market, a great opportunity for buyers. 

“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”