“On the other side of a storm is the strength that comes from having navigated through it. Raise your sail and begin.“

Gregory S. Williams

Buyer’s emerging with a market advantage

Highlights of the June Report

• Biggest drop in month-over-month house price Port Coquitlam down 5.9%

• Biggest increase in month-over-month house price: West Vancouver, up 0.4%

• Total housing starts are down 45% so far this year compared to 2021, at 24,531.

• Composite home price in Greater Vancouver is $186,900 higher than in June 2020

It is not the change that we have seen in Metro Vancouver’s residential market but the speed of that change that has caught so many off guard. After two years of near-record sale and price increases, purchasers scrambling to top competing bids and a dramatic shortage of housing that has senior governments trying to speed new home construction, the current calm comes across as a bit unnerving.

Yet, when you dig down into the numbers, it reveals a very stable market that is gently shifting from a balanced environment to one favouring buyers – but not all markets are reacting the same. Still, the physiological effects should not be understated, and it will take some time for sellers and buyers to process it all.

We see it in homebuyers emerging into markets which are now tilted in their favour. Rather than facing multiple offers, they now enjoy multiple properties to choose from. Rather than concern about missing out, they can now be confident of getting into Canada’s most dynamic and rewarding housing market.

Half-way into this year, the June benchmark composite home price is $1,235,900, down 2% from May and 2.2% lower than three months ago. The benchmark is up 12.4% from a year ago, however, and is $186,400 higher than it was in June 2020 as the super cycle began.

There were 2,466 residential properties sold of all types in Greater Vancouver in June this year compared with 2,947 sold last month, 3,824 sales in June last year, 2,497 sold in June 2020 and 2,098 sold in June 2019 (the end of the last down cycle in the real estate market). These are not dramatic sale swings. June’s downturn in sales is a minor correction from the 10-year June average and was expected following three increases in the Bank of Canada lending rates since March. (A fourth is expected July 13).

The market remains active, just at different levels with the advantage now shifting to buyers. The lower end of the market is still a struggle for lack of inventory and continued strong demand, however.

The slowdown in sales is not yet creating a large surplus of homes for sale, as some sellers are holding off as they prepare for summer vacations with reduced COVID-19 restrictions and new housing starts remaining below demand.

June saw 5,410 new listings come to the Greater Vancouver market which was below the 6,491 added in May 2022 and less than the 5,981 new listings in June 2021. The number of new listings in June were 3.5% below the 10-year average (down from 4% above the 10-year average a month earlier). The total number of active listings rose to 10,839 at the end of June compared to 10,389 at the end of May.

The rate of increase was only 4% above the total in May compared to the 13% increase in active listings from April to May.

The inventory build-up is seen in the detached housing market, where the sales-to-active- listing ratio in June was 14.3%, as compared to 31.5% for townhomes and 30.2% for condo apartments.
In most areas and especially at higher price points, it is already a buyer’s market for detached houses. Vancouver’s Westside detached sector has a 10 month’s supply available currently, West Vancouver is sitting with 14 months of inventory, Richmond 8 months and Whistler/Pemberton with a 10 month’s supply. Again, on the higher-price side, Vancouver’s Westside has seen townhouses and condos go up to 5 month’s supply from 3 months. What a switch and opportunity from a year ago. Buyers, your time is now!

Outlier markets

As we have noted previously, outlier suburban markets that had led the sale and price parade are now seeing the biggest price corrections. Maple Ridge, Pitt Meadows, for example, saw the composite benchmark home price fall about 3.8% from May to June, compared to a 2% decline across all Greater Vancouver.

In the Fraser Valley, June benchmark detached house prices dropped 5.5% month-over-month in Cloverdale, 3.8% in White Rock/South Surrey and were down 4.4% in North Delta. In South Delta, the June median price for a detached-house price fell $100,000 from May to $1,499,000.

As pandemic measures ease, the revival of big-city events and more people returning to the office may convince more homebuyers to purchase closer to Vancouver, especially if city prices continue to moderate.

Other takeaways from the June market reveal the truth that real estate is regional, with contrasting performance among Metro municipalities.

• Richmond sales in June are on par with May, townhouse sales were up 33% and months of supply dropped down to 3. Active listings for townhouses dropped 8% from last month – an anomaly in the market.

• New Westminster also saw active listing totals drop from May to June – new listings were down more so than other areas and demand was strong. One of the highest absorption rates in Greater Vancouver.

• Coquitlam saw sluggish sales for townhouses in June while condo sales were strong resulting in a drop in the number of active listings.

• Port Moody had the same number of total sales in June as May with 29% less new listings with townhouses back down to 1 month supply.

• Port Coquitlam saw more sales in June, even in the detached market which resulted in a 20% drop in the number of active listings, but detached benchmark prices fell 5.9% from May, the sharpest decline in Greater Vancouver.

• Ladner saw a drop in average prices of close to 25% with the lower end of the market driving it thus producing less volume of dollar sales.

• Pitt Meadows and Maple Ridge continue to see increases in the number of active listings over last year – the outlier for this in Greater Vancouver.

Despite the moderating sales, the supply of housing remains a major concern. B.C. is seeing record levels of immigration and the provincial unemployment rate is 4.6% – which equates to near full employment and the second-best rate in Canada, so the demand for homeownership will increase. Yet housing starts in Metro Vancouver (which includes Langley and Surrey) were just 24, 531 as of June 1, down 45% from the 44,966 starts as of June 1, 2021 – and nearly 30% of new starts this year are rentals.

Here’s a summary of the numbers:

Greater Vancouver: Total June housing sales, at 2,466, were down 16% from May to the lowest monthly level this year, down 36% from June 2021. Active listings were at 10,839 at month end compared to 11,359 at that time last year and 10,389 (up 4%) at the end of May; New listings in June were down 17% compared to May 2022 and 10% lower compared to June 2021. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 45%. The benchmark composite in June was $1,235,900, down 2% from May and 2.2% lower than three months earlier. Detached house prices have declined 1.8% over the past three months to $2,058,600, while June townhouse prices, at $1,115,600, were off 2.2% from May. Condo apartment prices were down 1.7% in June from a month earlier, at $766,300. Interestingly, the overall composite home price in Greater Vancouver is now about $210,000 higher than in June 2020, when the super cycle was beginning, but the number of sales is almost exactly the same.

Fraser Valley: The Valley market is experiencing a more dramatic change than Greater Vancouver. In June, the Fraser Valley Real Estate Board processed 1,281 sales, a decrease of 5.8% compared to May and a 43% decrease compared to June of last year. This June ended with a total active inventory of 6,474, a 4.7% increase compared to May, and 18.3% more than June 2021. Prices are also in play: the benchmark detached house price in June was down 3.5% from May at $1,653,000; townhouse prices dipped 2.7% from May to $894,300 and condo apartment prices fell 2.2% from a month earlier to $568,700.

“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so,” cautioned Baldev Gill, chief executive officer of the Fraser Valley Real Estate Board.  Compared to June 2020, benchmark detached house prices in the Valley are up $658,500; townhouse prices are $304,700 higher and the typical condo apartment has increased in value by $133,400.

Vancouver Westside: For all of us who aspire to a detached house on the prestigious Westside, that potential has increased slightly over the past few weeks. With detached sales down 23% in June from a month earlier, to 448 transactions, the benchmark price has increased just 3.7% from a year ago, the lowest for detached houses in Greater Vancouver markets. At $3,499,700, the benchmark price was down 1% from three months earlier. While shifting to a buyer’s market in June, the detached house market remains tight, with new listings down to 206 houses in June from 253 a month earlier. Meanwhile total residential sales on the Westside in June reached 448, down 21% from June 2021, with both townhome and condo apartment sales lower than a month earlier. The median townhouse price was $1,405,0000, while 323 condos sold at a median of $828,000. The total inventory of residential listings is up to a 6 month’s supply and the sale-to-listings ratio in June was 42% compared to 46% in May 2022 and 48% in June 2021.

Vancouver East Side: More detached houses are selling on the East Side than any other market in Greater Vancouver, with 77 transactions in June at a benchmark price of $1,904,000, a price down 2.2% from a month earlier and about $1.5 million less than in the neighbouring Westside and less expensive than houses in Richmond, the North Shore and Port Moody. With a relatively large inventory, with 253 new listings in June, this is a welcoming market with perhaps the best upside potential in the region. The new Vancouver Plan envisions higher density close to the new Broadway Skytrain and Millennium Line which will fuel detached lot assemblies and higher house prices on the East Side. Total residential sales in June, at 265, were down 17% from May and 41% lower than in June 2021. Condo apartment sales lead the East Side market, with 1,058 units sold in the last six months, including 137 in June at a median price of $680,000, a price that is higher than in May 2022 and from a year earlier, which is rare in Greater Vancouver. This remains a seller’s markets, despite active listings rising from May to 1,210 homes to June. June’s sales-to-listing ratio was a healthy 46% and new listings slipped 15% compared to a month and a year earlier.

North Vancouver: Existing condos and apartments may be the best strata buy in North Vancouver District because new “climate ready’ building codes will make construction more expensive. District council decided July 4 that anyone seeking to rezone a lot for higher-density housing will have to show an accounting for the embodied carbon in their project, which will be monitored over the life cycle of the project. This new policy, combined with strict new ventilation and air conditioning regulations will add considerable cost to new strata and rental buildings. (Wood emits less carbon than concrete, but wood prices have soared this year.) North Vancouver condo sales were down sharply in June, dropping to 97 transactions, down from 154 in May and 135 in June 2021. At $819,600 in June, the benchmark price for a condo was down 2.6% from a month earlier. Townhome prices are also tracking lower, down 4.3% from three months ago, to $1,347,200. Detached-house prices, benchmarked at $2,325,800, are down nearly 4% over the past three months. The supply of total residential listings is up to 3 months in this modest seller’s market, where the sales-to-listings ratio is running at 43%.

West Vancouver: Despite the turmoil in the Lower Mainland market, West Vancouver’s detached house prices appears bullet-proof. The benchmark house price in June was $3,490,000, up 5.3% from three months earlier to lead Metro Vancouver in price appreciation. Detached house sales in West Vancouver, at 32, were down from 46 in May. In the first six months of this year, 284 detached houses have sold, down from 405 in the same period last year. West Vancouver is now a buyer’s market for detached houses. There is in fact a swelling inventory of West Vancouver total listings, with a 10 month’s supply as of June and a sales-to-listing ratio falling to 30%, down from 42% a year ago.

Richmond: We have seen price reductions in Richmond recently, but the benchmark composite home price held fairly steady in June at $1,187,000, down just 1.2% from three months earlier. Total residential sales in June were 337, unchanged from May 2022 but down 29% from a year earlier.

Active Listings were at 1,380 at month end compared to 1,613 at that time last year and 1,385 (down 0.5%) at the end of May 2022. The inventory of total residential listings is steady at a 4 month’s supply (seller’s market conditions), with a sales to listings ratio of 54%.

Burnaby East: Burnaby East has the lowest detached house prices in Burnaby, and benchmark prices slipped again in June, dropping 3.8% from May after falling 6.1% over the previous three months. Total home sales in June were down 17% from May and nearly 50% lower than in June 2021. This is technically a seller’s market, with a 63% sales-to-listing ratio and lower inventory, with just 81 active listings as of the end of June for the second month in a row. Condo prices remain the highest in Burnaby, at $816,700 in June, but the benchmark price was down 2.3% from May 2022.

Burnaby North: Brentwood in North Burnaby is one of the largest high-rise condo construction sites in B.C., with the sixth tower now rising after the first five sold out. Grosvenor Canada is also developing 7.8 acres for 900 condos and 2,000 rental units. Condos are the big play in North Burnaby but the high supply has kept benchmark prices in check, dropping to $740,500 in June, virtually unchanged from three months earlier. Burnaby North detached house prices are holding firm at $2,128,000 in June, up 1.8% in three-months and 17.4% higher than a year earlier. Month’s supply of total residential listings is up to 4 month’s supply with a sales to listings ratio at a healthy 52% in this seller’s market.

Burnaby South: Total Units Sold in June were 144 – down 12% from May 2022, and down from 217 (34%) in June 2021. New Listings in June were down 7% compared to May 2022 and 20% lower compared to June 2021. The composite home price has been declining an average of 2.3% per month since April and is now at $1,149,100. There is an estimated 3 month’s supply of total listings and this seller’s market is seeing a sales-to-listing ratio of 51%.

New Westminster: Earlier this year, less than acre in uptown New Westminster zoned for high-density housing sold for $27.5 million – an indication of the potential being seen in the Royal City. We see this as promising market, especially right now. The composite benchmark home price is $845,300, down 2.4% from three months ago to the lowest level in Greater Vancouver. Condos are selling for $663,900, nearly $100,000 below the Greater Vancouver average; and detached house prices, at $1,541,100 in June, were down nearly 6% from April and down 4% from May. This is a technically a seller’s market, with a 60% sales-to-listing, but I would advise buyers to take a close look at New Westminster for true housing value.

Coquitlam: Total housing sales in June were 189, down 23% from May and 43% lower than June 2021. The composite home price, meanwhile, dropped 3.9% from May to $1,154,200, while detached prices fell by the same amount to $1,874,100.

Active Listings were at 642 in June, compared to 745 at that time last year and 642 at the end of May; The June sales-to-listings ratio was 51% compared to 53% in May 2022 and 72% in June 2021. This remains a seller’s market, despite recent drops in sales and prices.

Port Moody: Sales of detached houses were down 50% in June, to 14, compared to June 2021, but the detached house price remains 22% higher than a year ago at $2,201,300, the highest in the Tri-Cities. This reflects the higher values seen in the Belcarra neighbourhood. Port Moody remains very much a seller’s market. Total housing sales in June were 57 – the same as in May 2022, but down from 40% from June 2021. Active Listings were at 218 at month end compared to 203 at that time last year and 209 at the end of May; Month’s supply of total residential listings is steady at 4 month’s supply and the sales-to-listings ratio is 48% compared to 34% in May 2022.

Port Coquitlam: Detached house prices have been tracking down for three months and dropped 5.9% from May to a June benchmark of $1,427,900. Condo prices are holding firm at $648,300, virtually unchanged since March. Total housing sales in June reached 94, up from 91 in May 2022, but down 33% from June 2021, The inventory of total residential listings is down to a 2 month’s supply and the June sales to listings ratio of 61% compares to 43% in May 2022 and 84% in June 2021 in this seller’s market.

Pitt Meadows: The composite home benchmark price was down 3.9% in June from a month earlier, at $988,000, after tracking down 2.1% per month since the end of March. Total units old in June were 23 – down from 24 (4%) in May 2022 and down from 60 (62%) in June 2021. Active listings were at 98 at month end compared to 65 at that time last year and 84 (up 17%) at the end of May. June’s sales to listings ratio was 38% compared to 30% in May 2022 and 73% in June 2021 in this calming market.

Maple Ridge: The housing market has cooled considerably, with total sales down 45% in June from the same month last year and falling 24% month-over-month in June to just 135 transactions, Detached house prices dropped 7.1% from March to $1,379,700. June townhouse prices are down 3% from May at $833,400, with condo prices down 1.8% to $564,300. New listings in June were down 10% compared to May 2022, but up 49% compared to June 2021. The sales-to-listings ratio was 32% in June, compared to 39% in May 2022 and 89% in June 2021.

Ladner: Total homes sold in June were 29 – up from 28 (4%) in May 2022 but down from 52 (44%) in June 2021. The composite home price in June, at $1,189,200, was down 3.6% from May but still 16.6% higher than a year earlier. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 53% compares to 42% in May 2022 and 64% in June 2021.

Tsawwassen: This is primarily a detached market, but detached house prices fell 2.7% in June from a month earlier to $1,687,700. Total housing sales in June were 40, down 9% from May and a sharp 43% drop from June 2021. Total active listings had been holding steady at 175, but new listings dropped 30% from May and were down 21% compared to Jube 2021.The sales-to-listing ratio is a respectable 51%, as it appears that the seller’s advantage is holding.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

“Become a student of change. It is the only thing that will remain constant.“ Anthony J.

Welcome back to a balanced market. Don’t be afraid

Highlights of the April Report

• Immigration at record high; housing starts down 41%
• April housing sales down 34% from a year earlier
• Price resistance as detached house tops $2.1 million
• Markets where detached house prices are down from March 2022: 5
• Markets where detached house sales are down from a year ago: 14

As we noted here last month, the residential super cycle is over in Metro Vancouver. April’s action confirmed that, after two years of blistering sales and price increases, we are back to more balanced conditions. As befitting a housing market that has defied all traditions since March 2020, the current calming is happening in midst of what, conventionally, is the most active selling season of the year.

The president of the Fraser Valley Real Estate Board, which saw April housing sales plunge 45.7% year-over-year and drop 36.6% from a month earlier, summed up what is happening:

“We would typically see a flurry of activity around this time of the year,” Sandra Benz said. “However, that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market.”

Just as very few predicted the latest super cycle, no one really knows how long the current moderation will last. There are clues to suggest this will not be a temporary lull. It will likely last until rising in-migration levels collide with a consistently low inventory of homes available.  

So far this year, in-migration is near record highs while housing starts have fallen 40% from a year ago. In the past couple of months, a combination of factors helped to slow Metro housing sales. These include clumsy government threats and actions, an increase in bank lending and mortgage rates and a push back against record-high home prices. While the former affected markets across Canada, the latter – price resistance – was seen locally first in the Fraser Valley and outlier B.C. markets before it surfaced in Greater Vancouver.

In Kelowna, for example, March sales were down 25% after prices soared 30% from a year ago. The Fraser Valley has experienced a near 50% drop in sales once prices had increased by more than a third from a year earlier.

In Maple Ridge, which had been posting the highest year-over-year price increases in Greater Vancouver, sales plunged 37% in April from a year earlier.

Across Greater Vancouver it is no coincidence that April sales of detached houses have fallen faster than any other type of residential property, down 41.9% from a year ago, after the benchmark price leapt 21% year over year to $2,139,200.

On the bellwether West Side of Vancouver, sales of detached houses dropped to just 93 houses in April – down from 124 a month earlier and 139 in April 2021 – after the median price increased $258,000 from March 2022 to a record high of $3,768,000. 

Since March, government measures to cool demand are mostly threats, but they have had an impact. The City of Vancouver plans to increase its empty home tax to 5% from 3%; the province plans to bring in a homebuyer “cooling-off” period to fix a problem that no longer exists; and the feds plan to ban foreign home buyers for two years, just as it is attempting to attract a record number of new immigrants.

None of these measures are needed and all are counterproductive, but they have helped to scare some buyers and builders out of the market.  

Since investors are very active in the new condominium sector, government action and plans to tax pre-sales and speculation will have a direct detrimental impact on multi-family development. Eventually, however, the fact that the housing supply is not close to keeping pace with population growth, largely due to immigration, will kick off another super cycle in Metro Vancouver housing sales and prices. This may not take long. 

In the first quarter of 2022, total housing starts in Metro Vancouver had fallen to 4,308 units, down a shocking 41% from the same period last year.  

However, in the first quarter of 2022, B.C. also welcomed a net increase of 14,885 persons, including 12,606 immigrants.

In 2021 B.C. net international migration accounted for an increase of 67,141 while net interprovincial migration added another 33,656. Most of these 100,00 plus newcomers settled into Metro Vancouver, where only 26,013 homes were built last year, including just 6,600 rentals.

Townhouses: The effect of low supply and high demand is and will be felt acutely this year in the townhouse sector. Townhouses are very popular but just 481 have started construction this year across Metro Vancouver, down from 773 at the same time in 2021. Only 25 new townhouse units have been started this year in the entire City of Vancouver. 

The benchmark price of a townhouse in Greater Vancouver is now $1,150,500, up 25% from April 2021 and nearly 12% higher than in February 2022. The low supply and high prices combined to drive townhouse sales down 40% in April compared to the same month last year. Without a dramatic supply increase, which seems unlikely, townhouse prices will keep climbing.

Here’s a summary of the numbers:

Greater Vancouver: Total housing sales in April, at 3,281, were down 26% from March and 35% lower than in April 2021.  But they were 193% higher than in April 2020, as the pandemic became a reality, and 77% higher than in April of 2019, so this April was still a strong month for sales. Active Listings were at 9,176 in April, compared to 10,749 at that time last year and 7,970 (up 15%) at the end of March 2022. If we take out the anomaly of 2021 and 2020, the number of new listings in April are only 2% above the 10-year average, as normal as normal can be. This is still a seller’s market with an overall sales-to-listing ratio of 52% and just a 3-month supply of total inventory. and the composite benchmark price hitting a fresh high of $1,374,500. This represents an 18.9% price increase over April 2021 and a 1% increase compared to March 2022. 

Fraser Valley: The Fraser Valley Real Estate Board processed 1,637 sales in April, a decrease of 45.7% compared to April 2021 and a 36.6% decrease compared to March 2022. The Valley saw 3,622 new listings, down 27.8% compared to April 2021, and a decrease of nearly 21% compared to March 2022. The total month-end active inventory in April, however, was 5,387, 14.6 per cent higher than in March and up 38.3% from April 2021. Benchmark prices are up an average of 1 per cent from March 2022 but about 38% higher than a year earlier, with detached houses selling in April at $1,713,000; townhomes at $902,500 and condominium apartments at $649,500, all record highs. With Fraser Valley sales falling for the second straight month, we expect to see price corrections coming.

Vancouver Westside: The Westside now has a healthy 7-month supply of detached houses, reflecting lower sales in the past few months, at least partially due to sticker shock. The April detached house benchmark was $3,643,100, which, despite the sales slowdown, is 2%, or $72,800, higher than in March 2022. Houses accounted for only 93 of the 619 transactions in April, which was dominated by 465 condo apartment sales that sold at a median of $887,500.  Townhouse sales accounted for 60 transactions from 148 listings, at a median price of $1,614,950.  Total active listings were at 2,313 at month end compared to 2,434 at that time last year and 2,065 (up 12%) at the end of March. New Listings in April were down 6% compared to March 2022.

Vancouver East Side: As the median price of an East Side detached house crested over $2 million for the second month, detached sales plunged 50% from a year earlier and dropped 36% from March 2022, to just 110 transactions. Sales of condominium apartments were also lower, at 178 units, as the median condo price held steady from a month earlier at $680,000.  The sales-to-listing ratio for townhouses dipped to 41%, the lowest level this year, even as the median price of the 65 sales dipped to $1,350,000, down from a four-month average of $1.4 million. Active listings were at 1,038 at month end compared to 1,244 at that time last year and 946 (up 10%) at the end of March; New Listings in April were down 8% compared to March 2022 and the supply of total residential listings is up to 3 months in what is cooling seller’s market.

North Vancouver: Despite pressure from senior levels of government to bypass public hearings on housing projects that already fit the official community plan, North Vancouver City recently pushed two proposals with a total of 118 strata units to such hearings. So far this year just 390 multi-family units have started in the city and most of these were rentals. Sales in April, at 275, were down 42% from a year earlier and 20% lower than in March 2022 Active Listings were at 497 at month end compared to 624 at that time last year. New Listings in April were down 3% compared to March 2022, down 30% compared to April 2021, with the overall sales to listing ratio at 58%. The composite home benchmark in North Vancouver is $1,438,000 and the typical detached house sold in April at $2,231,000, both virtually unchanged from March.

West Vancouver: Total housing sales in April, at 72, were down 18% from March and 38% lower than in April 2021 in a fairly balanced market. West Vancouver is primarily about detached houses, which accounted for 54 of the April sales. The benchmark detached house price is $3,380,200, which was up 2% from a month earlier. Active listings were at 502 at April’s end, compared to 554 at that time last year and 423 (up 19%) at the end of March 2022. New listings were up 32% compared to March but down 16% compared to April 2021. Total supply of residential listings is up to 7 months, with a relatively modest sales-to-listings ratio of 30%. 

Richmond: Richmond has seen new townhouse active listings double since January, with detached houses now at 5-months supply while townhouses remain at 2-months supply. If April sales are an indication, supply will remain healthy. Total sales, at 557, were down 24% from March 2022 and 36% lower than in April 2021, while active listings were up 13% from March 2022 to 1,197. The sales-to-listing ratio is holding at 56%, down from 63% in March but the same as in April 2021. Condo apartments led the April market, accounting for 223 of the 426 transactions. The typical condo now sells for a median of $675,900, compared to $1,960,000 for a detached house and $1,165,000 for a Richmond townhouse.

Ladner: Outlier markets are seeing the largest sales slump and Ladner was no exception as April transactions dropped 39% from March 2022 to just 34. There could be price resistance, as the benchmark detached house price fell 0.6% from March to $1,517,800, the first month-over-month decline in more than two years. Condo apartment prices rallied, however, increasing 6.2% month-over-month to $692,600, reflective of the new condo construction in 2021. Total active listings were 86 at month end in April compared to 117 at that time last year and 79 at the end of March. The total supply of residential listings is up to 3 month’s supply, with a sales-to-listings ratio at 61% compared to 63% in March 2022 and 80% in April 2021.

Tsawwassen: Total housing sales in April at 46 had fallen 41% compared to a month earlier and down 44% from April of last year. The benchmark detached house price is $1,688,800, 25.6% higher than a year ago but up just 0.9% from March 2022. Active Listings were at 130 at month end compared to 188 at that time last year and 105 (up 24%) at the end of March. The supply of total residential listings is up to 3 months. April’s sales-to-listings ratio of 56% compares to 82% in March 2022 and 66% in April 2021. This market is cooling but sellers still hold the advantage.

Burnaby North: This market posted one of the largest sale declines in April, with total transactions down 46% from a month earlier and 48% below the pace in April of 2021.  Just 164 homes sold in April, while active listings were up 33% from March at 419. The detached house sector posted the second-lowest sales this year, at 38, which may reflect price resistance as a house is now selling for an average of $2,048,300. But the condo market is also waning with the 111 April sales and average price, at $754,034, both at the lowest level since January. The total sales to listing ratio is running at 47%, well below the 72% in March and the 68% a year ago.

Burnaby South: Total units sold in April were 186 – down from 213 (-13%) in March 2022, and down 31% compared to April 2021. The average price of the 36 detached houses sold in April w as $2,304,966, down marginally from a month earlier. Townhouse average prices were up slightly from March, at $1,245,205 based on 60 sales in April. Condo apartment sales, at 116, were down from 142 a month earlier but the average price hit a new high of $808,030. The supply of total residential listings is now at 3 month’s supply, and the April sales-to-listings ratio was 55%, compared to 59% in March 2022. 

Burnaby East: Just 40 homes sold in April, down 29% from March 2022 and 47% below April of 2021, but active listings were also lower, down to just 67 compared to 112 in April of last year. New listings were down 38% year-over-year but up 3% from March. Detached house sales dropped to 11 transactions, the lowest since January 2022, at an average price hit $2,126,808. The supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and April’s sales- to-listings ratio was 58% compared to 84% in March 2022 and 68% in April 2021.

New Westminster: The Royal City saw housing sales drop to 134 in April, down 34% from a month earlier and 23% below sales in April 2021. Each sector was down, including the condo apartment market, which posted 102 sales at a median price of $630,000. There were 24 detached housing sales, at a median of $1,701,500 and half of the 14 townhouses listed sold at just under $1 million each. Total new listings in April were down 21% compared to March 2022 and down 31% compared to April 2021. With the sales-to-listing ratio at 65%, there is only about a 2-month supply of homes on the market.

Coquitlam: April housing sales, at 279, were down 30% compared to March and 11% lower than in April 2021, but Coquitlam’s housing future appears solid, with several large new developments coming. These include the 91.5-acre Fraser Mills waterfront site where 5,100 strata homes and 400 rentals are planned, and new strata homes at Burke Mountain. New listings in April were down 20% compared to March 2022 and down 21% compared to April 2021. The benchmark price for a detached house reached $1,847,800, up 25% from a year earlier but virtually unchanged from March. Condo apartments are selling for $712,500 and townhouses are benchmarked at just over $1 million.

Port Moody: The giant Coronation Park development was reluctantly approved in April, but the city added a costly last-minute demand that 15% of the homes – about 400 units – be below-market rentals, so the project may be delayed again after years of debate. Meanwhile, April housing sales plunged 39% from March and were nearly 50% lower than in April 2021. The detached house price is now benchmarked at $2,314,900, the highest in the Tri-Cities. There is just a 2-month supply of total listings available in this seller’s market.

Port Coquitlam: Total units sold in April were 117 – down from 141 (-17%) in March 2022, and down from 167 (-30%) in April 202. New Listings in April were down 9% compared to March 2022 and 27% below that of April 2021. Detached house prices have flatlined at $1,614,600, unchanged from March 2022. The supply of total residential listings is steady at 1 month’s supply (seller’s market conditions) and April’s sales-to-listings ratio of 61% compares to 67% in March 2022 and 64% in April 2021.

Pitt Meadows: The Pitt Meadows market has calmed down but remains a seller’s advantage with just a 1-month supply of homes on the market and sales-to-listing ratio at a strong 77%.  April sales were 45 units, down 18% from March and just 6% below April 2021, which is a relatively strong performance. The benchmark price of a detached house dipped 1.5% from March, rare in Metro Vancouver, to $1,540,000. Total active listings were 51 at month’s end compared to 63 at that time last year and 53 at the end of March.

Maple Ridge: What was one of the hottest markets in 2021 has cooled this year, with April sales, at 166 homes, down 37% from March of this year and a 52% plunge from April 2021. The benchmark detached house price, however, increased a further 2.2% month-over-month to $1,447,600 in April, which is 31% above the price a year earlier. Maple Ridge townhouse buyers saw the benchmark price fall 1.5% from March to $889,200, while condo apartments were unchanged at $546,600. The supply of total residential listings is up to 3 month’s supply as April’s sales-to-listings ratio dipped to 36% compared to 60% in March 2022.

Surrey: Price resistance has surfaced in Surrey.  April detached house sales plunged 56.6% year-over-year and nearly 40% from March 2022, to 261, and the average house price dropped 3.9% from March to $1,898,677. This is the first such decline in years. Townhouse sales were down 56% from a year ago, to 225, and the average price was down 3.1% from March of 2022. April condo apartment sales also declined, dropping 28% from a month earlier and 18% from a year earlier, though the average condo price was up 1.8% from March 2022 at $581,879.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty