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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kevin Skipworth

Dexter Realty

Broker/Owner