“If life were predictable it would cease to be life, and be without flavor.” Eleanor Roosevelt
 

Which Way Do We Go?


So, what’s changed since May? Certainly not the headlines and continued anticipation and anxiety about real estate? The US Feds have increased their interest rate by 75 points this week, not too much of a surprise. As well they have started the discussion of another 75 point hike in July. And the Bank of Canada raised their rate by 50 points at the start of June, but now the talk is about whether they will move to a 75 point increase as well. Interest rate increases this year were expected as we moved into 2022, so we shouldn’t be too surprised to see them increasing. The question for real estate will be what effect it will have on the market – both activity and prices. What is clear at this point, sales activity is decreasing – as expected. Prices, some moderation is happening. Although it surprising that the changes are not equal through the market. And when the Cullen Report on money laundering came out yesterday, it spoke to the lack of supply and interest rates as driving unaffordability issues in our real estate market. Even with interest rate increases, supply will still continue to be an issue. 


Here is some perspective on Metro Vancouver’s real estate market. If you are reacting to month-to-month swings? Don’t. Longer term, values hold and increase. There will always be troughs and peaks, that’s what markets do. The last three peaks lead to troughs as shown below.

In 2008 it was the financial crisis. In 2016 it was the provincial government introducing measures to cool the market, in the form of a foreign buyer’s tax of 15%, restrictions on assignments followed up by the City of Vancouver Empty Homes Tax. In 2018 the foreign buyer’s tax was increased to 20% and expanded to other locations in the province, the Speculation and Vacancy Tax was introduced, Property Transfer Tax and annual property taxes were increased for values above $3M. As well, federally the mortgage stress test was introduced. Attempts to deflate the housing market were in the sights of government. But you can’t keep prices down in an area that lacks supply and is extremely attractive to so many and by early 2020 real estate values were on the rise. This is what the real estate market does, and it will do it again and again.

What’s happening with housing inventory in Greater Vancouver? We continue to see active listings on the rise: albeit not as much as many would think. After an all-time low of 5,000 active listings to start the year in Greater Vancouver, moving to 9,770 at mid-May, we now have 10,780 active listings. This in comparison to last year, when there were 11,659 active listings in mid-June. While an increase overall so far this year, the rate of increase is slowing which could point to the effects of current market trends of not only buyers, but sellers considering a wait and see approach. Perceived instability can put a pause in consumers’ plans, and while everyone tries to predict where the market is going, some will adopt this wait and see approach. As was said last month, the rate of growth in active listings will likely have peaked in April, up 15% from the month before, to a 13% in May. Right now, active listings are up 10% month over month. A trend likely to continue or possibly drop off as sellers focus on the end of school and summer travel instead of selling their home. 

The sales to listings ratio of 42% is at a similar level of May, which was 43% at mid-month. With the level of sales activity being less, it is easy to say we are getting closer to balance in the market overall, but areas throughout Metro Vancouver are behaving differently. Burnaby North is still seeing multiple offers for detached homes above $2M, and some apartments are continuing to get multiple offers – sometimes not in the first week but in the second or third. Caution is certainly on the mind of many, but supply and the lack thereof continue to be a significant factor in the market. 

At mid-month in Greater Vancouver there have been 2,958 new listings, 8% below the mid-month pace in May which was 3,210 at that point. There continues to be fluctuation week by week, but the trend is a decrease. In fact, this is the lowest number of new listings at mid-June since 2019. There have been 1,252 home sales so far in June in Greater Vancouver at mid-month which will produce less home sales in June compared to May where we saw 1,381 sales at mid-month. In June 2021 at mid-month there were 2,028 sales. June will likely finish with 2,500 home sales, which would be about 25% below the 10-year average. Richmond is showing resilience with more sales at mid-month in June compared to May, while New West is hovering around the same as last month. North Vancouver is having a very sluggish start to the month in terms of sales levels, perhaps preparing for the typical summer lull. Much like 2018 and 2019 when uncertainty was on the minds of many, sales activity slowed but so did the number of listings that came on market. So again, we must keep in mind that sales activity and prices do not always move in the same way. 


Here’s a summary of the numbers:


Greater Vancouver 

1,252 units sold at mid-month in June 2022, compared to:
1,381 units sold at mid-month in May 2022, 
1,797 units sold at mid-month in April 2022, 
2,028 sold at mid-month in June 2021
1,064 sold at mid-month in June 2020 
1,052 sold at mid-month in May 2019

2,958 new listings so far in June compared to:
3,210 at mid-month in May 2022
3,202 at mid-month in April 2022
3,405 at mid-month in June 2021
3,043 at mid-month in June 2020
2,651 at mid-month in June 2019

Total active listings are at 10,780 compared to 11,659 at mid-month in June 2021, and 9,770 at mid-month in May 2022.

Sales to listings ratio is at 42% compared to 60% at mid-month in June 2021 and 43% at mid-month in May 2022.

Vancouver West 

211 units sold at mid-month in June 2022, compared to
271 units sold at mid-month in May 2022, 
334 units sold at mid-month in April 2022, 
341 sold at mid-month in June 2021
167 sold at mid-month in June 2020 
190 sold at mid-month in May 2019

599 new listings so far in June compared to:
619 at mid-month in May 2022
639 at mid-month in April 2022
732 at mid-month in June 2021
637 at mid-month in June 2020
498 at mid-month in June 2019

Total active listings are at 2,543 compared to 2,728 at mid-month in June 2021, and 2,386 at mid-month in May 2022.

Sales to listings ratio is at 35% compared to 47% at mid-month in June 2021 and 43% at mid-month in May 2022.

Vancouver East

146 units sold at mid-month in June 2022, compared to
149 units sold at mid-month in May 2022, 
186 units sold at mid-month in April 2022, 
227 sold at mid-month in June 2021
121 sold at mid-month in June 2020 
102 sold at mid-month in May 2019

332 new listings so far in June compared to:
346 at mid-month in May 2022
331 at mid-month in April 2022
406 at mid-month in June 2021
349 at mid-month in June 2020
254 at mid-month in June 2019

Total active listings are at 1,203 compared to 1,377 at mid-month in June 2021, and 1,128 at mid-month in May 2022.

Sales to listings ratio is at 44% compared to 56% at mid-month in June 2021 and 43% at mid-month in May 2022.

North Vancouver

89 units sold at mid-month in June 2022, compared to
127 units sold at mid-month in May 2022, 
150 units sold at mid-month in April 2022, 
173 sold at mid-month in June 2021
106 sold at mid-month in June 2020 
102 sold at mid-month in May 2019

259 new listings so far in June compared to:
241 at mid-month in May 2022
231 at mid-month in April 2022
273 at mid-month in June 2021
279 at mid-month in June 2020
233 at mid-month in June 2019

Total active listings are at 600 compared to 677 at mid-month in June 2021, and 519 at mid-month in May 2022.

Sales to listings ratio is at 34% compared to 63% at mid-month in June 2021 and 53% at mid-month in May 2022.

West Vancouver 

32 units sold at mid-month in June 2022, compared to
38 units sold at mid-month in May 2022, 
25 units sold at mid-month in April 2022, 
48 sold at mid-month in June 2021
28 sold at mid-month in June 2020 
22 sold at mid-month in May 2019

107 new listings so far in June compared to:
122 at mid-month in May 2022
104 at mid-month in April 2022
109 at mid-month in June 2021
117 at mid-month in June 2020
88 at mid-month in June 2019

Total active listings are at 583 compared to 616 at mid-month in June 2021, and 533 at mid-month in May 2022.

Sales to listings ratio is at 30% compared to 44% at mid-month in June 2021 and 31% at mid-month in May 2022.

Richmond

178 units sold at mid-month in June 2022, compared to
153 units sold at mid-month in May 2022, 
234 units sold at mid-month in April 2022, 
239 sold at mid-month in June 2021
101 sold at mid-month in June 2020 
144 sold at mid-month in May 2019

344 new listings so far in June compared to:
373 at mid-month in May 2022
433 at mid-month in April 2022
417 at mid-month in June 2021
324 at mid-month in June 2020
354 at mid-month in June 2019

Total active listings are at 1,401 compared to 1,650 at mid-month in June 2021, and 1,244 at mid-month in May 2022.

Sales to listings ratio is at 52% compared to 57% at mid-month in June 2021 and 41% at mid-month in May 2022.

Burnaby East 

15 units sold at mid-month in June 2022, compared to

16 units sold at mid-month in May 2022, 
19 units sold at mid-month in April 2022, 
19 sold at mid-month in June 2021
4 sold at mid-month in June 2020 
7 sold at mid-month in May 2019

24 new listings so far in June compared to:
29 at mid-month in May 2022
36 at mid-month in April 2022
35 at mid-month in June 2021
30 at mid-month in June 2020
25 at mid-month in June 2019

Total active listings are at 83 compared to 125 at mid-month in June 2021, and 74 at mid-month in May 2022.

Sales to listings ratio is at 63% compared to 54% at mid-month in June 2021 and 55% at mid-month in May 2022.

Burnaby North 

74 units sold at mid-month in June 2022, compared to
95 units sold at mid-month in May 2022, 
89 units sold at mid-month in April 2022, 
114 sold at mid-month in June 2021
42 sold at mid-month in June 2020 
43 sold at mid-month in May 2019

140 new listings so far in June compared to:
166 at mid-month in May 2022
180 at mid-month in April 2022
170 at mid-month in June 2021
132 at mid-month in June 2020
133 at mid-month in June 2019

Total active listings are at 477 compared to 535 at mid-month in June 2021, and 431 at mid-month in May 2022.

Sales to listings ratio is at 53% compared to 67% at mid-month in June 2021 and 57% at mid-month in May 2022.

Burnaby South 

73 units sold at mid-month in June 2022, compared to
79 units sold at mid-month in May 2022, 
104 units sold at mid-month in April 2022, 
115 sold at mid-month in June 2021
33 sold at mid-month in June 2020 
60 sold at mid-month in May 2019

145 new listings so far in June compared to:
141 at mid-month in May 2022
181 at mid-month in April 2022
206 at mid-month in June 2021
140 at mid-month in June 2020
148 at mid-month in June 2019

Total active listings are at 485 compared to 535 at mid-month in June 2021, and 487 at mid-month in May 2022.

Sales to listings ratio is at 50% compared to 56% at mid-month in June 2021 and 56% at mid-month in May 2022.

New Westminster 

55 units sold at mid-month in June 2022, compared to
56 units sold at mid-month in May 2022, 
74 units sold at mid-month in April 2022, 
73 sold at mid-month in June 2021
47 sold at mid-month in June 2020 
46 sold at mid-month in May 2019

113 new listings so far in June compared to:
135 at mid-month in May 2022
98 at mid-month in April 2022
141 at mid-month in June 2021
129 at mid-month in June 2020
100 at mid-month in June 2019

Total active listings are at 313 compared to 379 at mid-month in June 2021, and 296 at mid-month in May 2022.

Sales to listings ratio is at 49% compared to 56% at mid-month in June 2021 and 41% at mid-month in May 2022.

Coquitlam 

104 units sold at mid-month in June 2022, compared to
111 units sold at mid-month in May 2022, 
148 units sold at mid-month in April 2022, 
176 sold at mid-month in June 2021
110 sold at mid-month in June 2020 
82 sold at mid-month in May 2019

191 new listings so far in June compared to:
218 at mid-month in May 2022
263 at mid-month in April 2022
259 at mid-month in June 2021
218 at mid-month in June 2020
219 at mid-month in June 2019

Total active listings are at 638 compared to 759 at mid-month in June 2021, and 609 at mid-month in May 2022.

Sales to listings ratio is at 54% compared to 68% at mid-month in June 2021 and 51% at mid-month in May 2022.

Port Moody

27 units sold at mid-month in June 2022, compared to
25 units sold at mid-month in May 2022, 
35 units sold at mid-month in April 2022, 
55 sold at mid-month in June 2021
33 sold at mid-month in June 2020 
23 sold at mid-month in May 2019

71 new listings so far in June compared to:
61 at mid-month in May 2022
56 at mid-month in April 2022
82 at mid-month in June 2021
81 at mid-month in June 2020
42 at mid-month in June 2019

Total active listings are at 228 compared to 187 at mid-month in June 2021, and 162 at mid-month in May 2022.

Sales to listings ratio is at 38% compared to 67% at mid-month in June 2021 and 41% at mid-month in May 2022.

Port Coquitlam 

42 units sold at mid-month in June 2022, compared to
44 units sold at mid-month in May 2022, 
55 units sold at mid-month in April 2022, 
74 sold at mid-month in June 2021
39 sold at mid-month in June 2020 
37 sold at mid-month in May 2019

84 new listings so far in June compared to:
99 at mid-month in May 2022
101 at mid-month in April 2022
86 at mid-month in June 2021
82 at mid-month in June 2020
98 at mid-month in June 2019

Total active listings are at 238 compared to 244 at mid-month in June 2021, and 199 at mid-month in May 2022.

Sales to listings ratio is at 50% compared to 86% at mid-month in June 2021 and 44% at mid-month in May 2022.

Ladner 

17 units sold at mid-month in June 2022, compared to
14 units sold at mid-month in May 2022, 
17 units sold at mid-month in April 2022, 
30 sold at mid-month in June 2021
14 sold at mid-month in June 2020 
15 sold at mid-month in May 2019

29 new listings so far in June compared to:
24 at mid-month in May 2022
26 at mid-month in April 2022
34 at mid-month in June 2021
29 at mid-month in June 2020
34 at mid-month in June 2019

Total active listings are at 109 compared to 107 at mid-month in June 2021, and 91 at mid-month in May 2022.

Sales to listings ratio is at 59% compared to 88% at mid-month in June 2021 and 58% at mid-month in May 2022.

Tsawwassen

24 units sold at mid-month in June 2022, compared to
19 units sold at mid-month in May 2022, 
23 units sold at mid-month in April 2022, 
41 sold at mid-month in June 2021
21 sold at mid-month in June 2020 
20 sold at mid-month in May 2019

41 new listings so far in June compared to:
56 at mid-month in May 2022
41 at mid-month in April 2022
53 at mid-month in June 2021
51 at mid-month in June 2020
42 at mid-month in June 2019

Total active listings are at 166 compared to 182 at mid-month in June 2021, and 157 at mid-month in May 2022.

Sales to listings ratio is at 59% compared to 77% at mid-month in June 2021 and 34% at mid-month in May 2022.


Download Mid-June Sales and Listings Statistics Houses Townhouses Condos


Download Mid-June Sales and Listings Statistics All Regional

 

Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

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“Life is a succession of lessons which must be lived to be understood.” Ralph Waldo Emerson
 

Highlights of the May 2022 report

 

  • Is a buyer’s market looming in Metro Vancouver? 

  • Vancouver detached house sales down 42% year-over-year

  • Fraser Valley sales drop 54% from a year earlier

  • Stress test increased on June 1: could touch near 7%

  • There are more than 16,000 homes now listed for sale in Metro Vancouver (10,400 in Greater Vancouver) 

We are not statistically into a buyer’s market in Metro Vancouver but, for all the right reasons, this is when smart buyers are becoming active.


As of the end of May there were 10,389 homes listed for sale in Greater Vancouver, including more than 6,400 new listing, the most generous supply in months and the answer to the hopes of homebuyers and economists who had been screaming for more inventory. But it’s still not enough. In the Fraser Valley, May listings had more than tripled from December 2021, with 6,183 homes on the market, up 14.2% from a month earlier.

The new supply is welcomed and needed because in the 12 months ending December 31, 2021, B.C.’s total population grew by 100,566 mostly due to international migration. Immigrants accounted for an increase of 67,141 while net interprovincial migration added another 33,656 to B.C.’s population growth. This means that, on average, B.C. is welcoming more than 8,300 newcomers every month – and an estimated 90% of them settle in the Lower Mainland.

Aside from a welcoming climate and natural beauty, migrants are drawn to B.C. by one of the lowest unemployment rates in Canada and a projected 2022 economic growth of 4.3%, one of the highest in the country. 

Despite the influx of people, a combination of price fatigue and higher interest rates slowed housing sales across Greater Vancouver in May compared to the frenzied record-setting pace of 2021. With 2,947 transactions, May 2022 sales were 33% below May of 2021 and nearly 10% lower than in April 2022, which in turn had been 34% lower compared to a month earlier.

Fraser Valley sales in May had dropped 54% from a year earlier, to just 1,360 transactions.
This has helped to increase the supply of existing houses and thank goodness because new home starts across Metro Vancouver, which includes Surrey and Langley, were down 22% as of May 1 from a year earlier to only 6,924 units.
 
May benchmark composite home prices, meanwhile, were just 0.4% lower than a month earlier and up nearly 15% from May of 2021, at $1,261,100. The Fraser Valley saw the first month-over-month home price contraction since September 2019. This market calming was expected, even forecasted here two months ago, but it still has caused a degree of panic in some sectors of the housing market. Let’s take a deep breath here. This is not some global economic crisis, such as the 2008 financial meltdown, or the 2016 and 2018 downturns that were coldly engineered by government policy meant to stifle housing demand. 

What we are now seeing is a natural market reaction. The best solution to high prices is high prices, because they eventually stop consumers from buying a product believed to be overpriced. In this case, it is largely the perception of suburban home prices and a sharp increase in lending rates that has halted the most dramatic sales and price increases ever seen in Metro Vancouver. I believe that the current dip in the market is transitory and will perhaps be even shallower than the three corrections we have seen over the past two decades.

And, just as in those cases, those who bought in the dip rode the market to new price and sales highs.

In May of 2008, with Greater Vancouver sales down 34% year-over-year and headlines blaring recession warnings, the benchmark detached house price was $771,250 and a typical condo apartment sold for $389,600. In May 2018, with sales down 35% year-over-year after the introduction of 20% foreign-homebuyer tax, the speculation and vacancy tax, a super property tax on expensive homes and the federal mortgage stress test, the composite benchmark price for residential properties in Greater Vancouver was $1,094,000; the typical detached house sold for $1,608,000. 

This May, the composite benchmark price is $200,000 higher than in 2018 and typical detached house is worth $2,093,000, nearly $500,000 more than four years ago. We are not technically into a buyer’s market, since the sales-to-active listing ratio is 29.2% (it is 18.3% for detached houses) in Greater Vancouver and 22% in the Fraser Valley, but for those with their eyes wide open are seeing the best buyer conditions in at least three years. As Bob Dylan once cautioned, changing times means those who are first will later be last and that was apparent in Metro Vancouver’s May housing market. Frankly put, it is suburban markets which are seeing the biggest contraction in home sales and prices.

Maple Ridge, which was posting the highest sales and price increases a year ago, had the largest month-over-month composite price decline in Greater Vancouver in May, dropping 2% from April and it was the only market where prices are now lower than three months ago. May sales of detached houses in Maple Ridge decreased 48% from a year earlier and total sales are down nearly 15%.

Pitt Meadows’ total sales dropped 47% in May, year-over-year. Price exhaustion is kicking in, especially in Pitt Meadows and Maple Ridge with average prices up about 34% year-over year. These areas are likely to be more impacted by interest rate increases as buyers try to stretch their budget to get more. But you can only push so far.

And the push back for some buyers, such as young first-time buyers, became rougher on June 1 as the mortgage stress test was increased to 5.25%, or 2% above the five-year fixed mortgage rate, whichever is higher. As we write this, the typical five-year rate at big banks is 4.59%, which translates to a stress test qualifying rate of 6.59%.  This will sideline some homebuyers in the short term, at least.

For all buyers, however, the increased supply of resale listings, flatlining prices and a lack of new housing starts means that right now is the time to be seriously shopping the market and negotiating the best deal possible. Buyers are not yet in the driver’s seat, but the market is steering in that direction.


Here’s a summary of the numbers:


Greater Vancouver: Total housing sales in May were down 10% from April and 33% lower than in May of 2021, at 2947 transactions. The composite benchmark price for all homes was $1,261,1001. This represents a 14.7%c increase over May 2021 and a 0.3% decrease compared to April 2022. This marks the first month-to-month decline in composite home prices since the autumn of 2019. Active Listings were at 10,389 at month end compared to 11,483 at that time last year and 9,176 (up 13%) at the end of April; New Listings in May were up 4% compared to April 2022. The supply of total residential listings is up to 4 month’s (seller’s market conditions) and the sales to listings ratio is 45% compared to 52% in April 2022, and 60% in May 2021.

Vancouver Westside: There is now a healthy 7-month supply of detached houses and 4-month supply of all homes on the Westside, as sales declined. Total May transactions, at 582, were down 27% from year earlier and 5% lower than in April 2022. The composite benchmark home price was down 0.6% from April 2022 and the benchmark detached house price is 1.2% lower at $3,490,000. Condo apartment were the only sector with rising prices month-over-month, up a modest 0.6% to $884,900. Total new Listings in May were down 0.5% compared to April 2022 and down 14% compared to May 2021. The sales-to-listings ratio was 46% compared to 48% in April 2022 and 50% in May 2021 in what remains a weakening seller’s market.

Vancouver East Side: May total sales, at 318, were down 10% from April to the lowest level since January, which is reversal of a normal market. Overall home prices, at $1,249,000, were 0.3% lower, month-over-month, but remain nearly 13% higher than a year earlier. New listings in May were up 4% compared to April 2022 and down 18% compared to May 2021. The supply of total residential listings is up to 4 month’s supply (seller’s market conditions). The sales-to-listings ratio in May was 45% compared to 53% in April 2022 and 56% in May 2021.

North Vancouver: North Vancouver was the outlier performer in May as more properties sold compared to April, with apartment sales up 23% leaving it with just 1 month supply of condos. Total sales in May were 280, up 2% from April 2022, but down 22% compared to May 2021. The benchmark detached house price has been tracking down for 3 months and settled at $2,368,600 in May. Condo prices continue to increase, up a further 1.4% from a month earlier, to $841,600. Total active Listings were at 525 at month end compared to 677 at that time last year and up 6% at the end of April 2022. The sales-to-listings ratio is 58% unchanged from April 2022 and nearly equal to the 60% in May 2021 in what remains very much a seller’s market.

West Vancouver: The most exclusive detached housing market in B.C. is proving itself nearly immune from rising lending rates and higher prices that bedeviled lesser markets in May. Sales of houses were down just 9 units from April but the 46 sales this year were at a median of $3,322,500, $100,000 higher than in April and nearly $200,000 higher compared to May of last year. Total sales in May, at 69, were down 23% from a year earlier. Active listings were 568 at month’s end compared to 611 at that time last year and up 13% from April. New Listings in May were down 9% compared to May 2021. The supply of total listings is up to 8 month’s supply and the sales-to-listings ratio is 28% compared to 30% in April 2022 and 34% in May of last year. Despite the lofty prices, West Vancouver is now seen as a buyer’s market.

Richmond: We were seeing a few price reductions near the end of May as total sales dropped 20% from a month earlier and were down 32% year-over-year, to 341 transactions in the month. The benchmark price for a detached house was nearly 1% lower in May than a month earlier, at $2,178,300.  The benchmark price for a condo apartment, which dominated May sales, was up 0.9% from April 2022 at $739,000. Condo sales are tracking lower, however, and won’t be helped by the hike in the mortgage stress test rate on June 1. Total residential new listings were up up 6% compared to April 2022 but down 3% compared to May 2021. The sales to listings ratio also slipped, down to 42% in May as compared to 56% a month earlier.

Ladner: Ladner saw May housing sales drop 43% compared to a year earlier and 18% from a month earlier, to just 28 units as the sales-to-listing ratio fell to 42%, below even pre-pandemic 2019. Meanwhile, active listings increased 23% from a month earlier to 106 at the end of May. Benchmark home prices have flatlined for three months. The typical detached house sold in May for $1.545,000, down 0.1% from a month earlier. There is about a 4-month’s supply of homes on the market., 

Tsawwassen: Sunny Tsawwassen experienced a 44% sales decline in May from a year earlier, with sales also down 3% from April 2022, at 44 transactions. The composite home price was up a slim 0.7% from a month earlier, at $1,353,600. Active listings were at 165 at month end compared to 182 at that time last year and 130 (up 27%) at the end of April; New Listings in May were up 38% compared to April 2022. May’s sales to listings ratio of 39% compared to 56% in April 2022.

Burnaby East: May total housing sales were down 44% in May compared to May 2021 and, at just 30 transactions, were 25% lower than in April. The composite home price was 0.3% lower than a month earlier, led by 0.7% decline in detached house prices to a benchmark of $1,931,700, the lowest house price in Burnaby. The supply of total residential listings is up to a 3 month’s supply and the sales to listings ratio in May was 47% compared to 58% in April 2022 and 68% in May 2021. 

Burnaby North: Burnaby North was one of only two markets with more sales in May compared to April, driven by the townhouse and apartment market – a testament to the popularity of this part of Greater Vancouver. The benchmark townhouse price continued to ascend, rising 3.1% from April – the largest increase in Greater Vancouver. Typical condo prices rose 0.8%, month-to-month, to $750,800, the lower condo price in Burnaby. Detached house prices, though, dropped 0.4% from April.  This is a strong seller’s market with the sales-to-listing ratio running at 53%, with 175 sales in May and new listings down from both April 2022 and May 2021.


Burnaby South: The rapid appreciation in detached house prices halted in May as benchmark prices dropped almost 1% from a month earlier after rocketing 21.5% over the past year. Still, at a $2,318,000 benchmark, these are Burnaby’s most expensive houses. Total housing sales in May, at 163, were down 12% from April and nearly 30% lower than in May 2021. The supply of total residential listings is steady at 3 month’s supply and sales to listings ratio is a solid 54% in this seller’s market.

New Westminster: The Royal City is one of the suburban markets that was posting impressive sales numbers during the pandemic, but that changed in May. Total sales, at 117, were down 40% from May of 2021 and 13% lower than in April 2022. The overall sales-to-listing ratio dropped to 47% in May, still strong, but well below the 65% in April or the 72% in May of last year. The overall composite benchmark home price was down 0.5% from April to $862,400, the lowest level in Greater Vancouver. This remains a seller’s market, but buyers may soon take the wheel.

Coquitlam: Total housing sales in May were down 39% from a year earlier and 13% from a month earlier. Benchmark prices are down about 1%, month-over-month, across the board to a composite home price of $1,200,600. New Listings in May were down 5% compared to April 2022 and 19% lower than in May 2021. Coquitlam has been one of the stronger markets and buyers are advised to buy the dip. The sales-to-listing ratio is a steady 53% and Coquitlam has a strong upside in all housing sectors.

Port Moody: Port Moody has finally seen an increase in supply, with active listings at 209 as of the end of May, up 48% from a month earlier, with new listings 13% higher than in May 2021. This was partially due to sale slowdown. With 57 transactions, May sales were down 44% from a year earlier. The benchmark composite home price was nearly unchanged from April at $1,225,600, but the sales-to-listing ratio slumped to 34%, down from 55% in April 2022 and the lowest level in at least three years.

Port Coquitlam: Total housing sales in May, at 91, were down 22% from April 2022, and down 45% from May 2021. Active listings were 229 at month’s end compared to 270 at that time last year and up 31% from April 2022. The composite home price dropped month-to-month for the first time since the pre-pandemic, down 1.2% from April at $1,023,900, led by townhouse and detached house prices. The sales-to-listing ratio in May was 43%, down from 62% in April and 66% in May of last year. This market is slowing, and modest price reductions may continue.

Maple Ridge: Total housing sales reversed in May, dropping 38% from a year earlier and down 7% from April to 178 transactions. After posting a 25.3% price increase over the past 12 months, the benchmark composite home price in May dropped 2% in May from April, the biggest month-over-month decline in Greater Vancouver. Still, this remains a seller’s market, with just a 3-month supply of listings and a sales-to-listing ratio of 39%, up from 36% in April. 

Pitt Meadows: With a 28% increase in benchmark prices from a year ago, Pitt Meadows detached houses set the highest price increase this year, but prices slipped 1.2% from a month earlier in May to $1,454,800. Condo apartment price were down 0.5% from April to $649,500, while townhouse values were unchanged at $922,900. Active listings were at 84 at the end of May, compared to 63 at that time last year and 51 at the end of April. The sales-to-listings ratio of 30% compares to 77% in April 2022 and 84% in May 2021 in this cooling market.

Surrey: Housing sales in every sector were down dramatically in May, with detached-house transactions dropping 67.7% from May 2022 and down 25.7% from April. Townhouse sales were 49% lower, year-over-year, and sales of condo apartments dropped 42% from a year earlier and 18.9% from April. However, prices held fairly steady. The average detached house price, at $1,848,699, was down 2.7% from April 2022. Condo prices took the biggest hit, dropping 8,4% from April to $592,180, while the average townhouse price slipped 5.5% to $908,527.


Download May Sales and Listings Statistics Houses Townhouses Condos


Download May Sales and Listings Statistics All Regional

 

Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

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