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

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

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

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

Here’s a summary of the numbers:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kevin Skipworth

Dexter Realty

Partner/Broker