Dexter Report - Greater Vancouver Market Report - Sept 15th 2020

The Sales and listings numbers are attached as of September 15, 2020. Just when we thought the summer was busy, September has gone up another level. At mid-month in September home sales have accelerated from the amounts reported in August. In Greater Vancouver, there have been 1,755 sales as of September 15th while there were 1,304 sales last month as of August 14th. A larger number of properties came to market in the first half of September – which is typical of the fall market. The increase in the number of new listings is helping drive sales in a market where buyers have been competing for properties to purchase, especially after two years of sellers being unwilling partners and holding back on listing their properties. What’s unusual is to see property sales so strong to start the month of September when the focus is typically on the start of school – and that’s never been more so than this year. While COVID-19 is still very much gripping our lives, buying and selling homes continues at a pace no one expected. And it’s not just pent-up demand from 6 weeks of a complete slow-down in March and April, this is a real estate market that continues on its own fundamentals. A real estate market almost entirely made up of local buyers. Imagine that.

Given the start to September we’ve seen, it is likely that the total number of property sales in Greater Vancouver for September will be the highest for that month since 2015 and significantly above the 10-year average. It is conceivable to see over 3,500 sales in Greater Vancouver in September, a number not achieved since the spring of 2017. And while the number of active listings has increased, there are still a significant number of multiple offers occurring on listings. It’s not unusual to hear of double digits in terms of the number of offers on a property. Detached and townhome sales continue to lead the way, but apartment sales are not slow nor are they the unwanted property by any stretch. Downtown Vancouver has seen an increase in the number of apartments available for sale, but that’s after years of being severely short in supply. And with new construction at a low point, this supply of apartments is not likely to be long lived. Outside of downtown, the number apartments available for sale continues to be low with competition amongst buyers continuing to occur for that type of property.

As you can see, the number of average daily sales and new listings in Greater Vancouver has been steadily increasing month by month. May started the recovery and it’s been full steam ahead since then.

 

Greater Vancouver Average Daily Listings and Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June – 274 new listings, 115 sales

July – 278 new listings, 145 sales

August 3 to 7 – 337 new listings, 151 sales

August 10 to 15 – 282 new listings, 140 sales

August 17 to 21 – 298 new listings, 171 sales

August 24 to 28 – 279 new listings, 164 sales

August 31 to September 4 – 275 new listings, 162 sales

September 8 to 11 – 379 new listings, 171 sales

 

Here is a summary of the activity so far:

 

Greater Vancouver – 1,755 Units Sold so far as of September 15 compared to 1,304 as of August 14th, 2020, 1,013 Units Sold at September 14, 2019 and 717 at that same time in September 2018. Total New Listings so far in September are 3,385 compared to 2,758 as at August 14, 2020, 2,557 at September 14, 2019 and 2,918 at that time in September 2018. Total Active Listings are at 13,814 (14,309 at the same time in September 2019 and 13,227 at mid-August 2020), Sales To Listings Ratio is at 52% compared to 47% at this time in August 2020, and 40% at this time in September 2019.

 

Vancouver West – 252 Units Sold so far as of September 15 compared to 207 as of August 14th, 2020, 181 Units Sold at September 14, 2019 and 117 at that same time in September 2018. Total New Listings so far in September are 693 compared to 548 as at August 14, 2020, 523 at September 14, 2019 and 544 at that time in September 2018. Total Active Listings are at 2,799 (2,391 at the same time in September 2019 and 2,570 at mid-August 2020), Sales To Listings Ratio is at 36% compared to 38% at this time in August 2020, and 35% at this time in September 2019.

 

Vancouver East – 197 Units Sold so far as of September 15 compared to 136 as of August 14th, 2020, 127 Units Sold at September 14, 2019 and 82 at that same time in September 2018. Total New Listings so far in September are 403 compared to 333 as at August 14, 2020, 300 at September 14, 2019 and 337 at that time in September 2018. Total Active Listings are at 1,379 (1,297 at the same time in September 2019 and 1,245 at mid-August 2020), Sales To Listings Ratio is at 49% compared to 41% at this time in August 2020, and 42% at this time in September 2019.

 

North Vancouver – 164 Units Sold so far as of September 15 compared to 106 as of August 14th, 2020, 61 Units Sold at September 14, 2019 and 61 at that same time in September 2018. Total New Listings so far in September are 309 compared to 213 as at August 14, 2020, 225 at September 14, 2019 and 286 at that time in September 2018. Total Active Listings are at 926 (889 at the same time in September 2019 and 874 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 50% at this time in August 2020, and 27% at this time in September 2019.

 

West Vancouver – 52 Units Sold so far as of September 15 compared to 33 as of August 14th, 2020, 19 Units Sold at September 14, 2019 and 11 at that same time in September 2018. Total New Listings so far in September are 111 compared to 83 as at August 14, 2020, 123 at September 14, 2019 and 148 at that time in September 2018. Total Active Listings are at 649 (702 at the same time in September 2019 and 637 at mid-August 2020), Sales To Listings Ratio is at 47% compared to 40% at this time in August 2020, and 15% at this time in September 2019.

 

Richmond – 198 Units Sold so far as of September 15 compared to 130 as of August 14th, 2020, 115 Units Sold at September 14, 2019 and 85 at that same time in September 2018. Total New Listings so far in September are 368 compared to 3137 as at August 14, 2020, 274 at September 14, 2019 and 358 at that time in September 2018. Total Active Listings are at 1,742 (2,187 at the same time in September 2019 and 1,682 at mid-August 2020), Sales To Listings Ratio is at 54% compared to 41% at this time in August 2020, and 42% at this time in September 2019.

 

Burnaby East – 23 Units Sold so far as of September 15 compared to 15 as of August 14th, 2020, 8 Units Sold at September 14, 2019 and 3 at that same time in September 2018. Total New Listings so far in September are 27 compared to 28 as at August 14, 2020, 27 at September 14, 2019 and 28 at that time in September 2018. Total Active Listings are at 140 (157 at the same time in September 2019 and 144 at mid-August 2020), Sales To Listings Ratio is at 85% compared to 54% at this time in August 2020, and 30% at this time in September 2019.

 

Burnaby North – 91 Units Sold so far as of September 15 compared to 90 as of August 14th, 2020, 61 Units Sold at September 14, 2019 and 33 at that same time in September 2018. Total New Listings so far in September are 171 compared to 165 as at August 14, 2020, 136 at September 14, 2019 and 137 at that time in September 2018. Total Active Listings are at 636 (595 at the same time in September 2019 and 593 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 55% at this time in August 2020, and 45% at this time in September 2019.

 

Burnaby South – 79 Units Sold so far as of September 15 compared to 55 as of August 14th, 2020, 46 Units Sold at September 14, 2019 and 45 at that same time in September 2018. Total New Listings so far in September are 177 compared to 144 as at August 14, 2020, 125 at September 14, 2019 and 121 at that time in September 2018. Total Active Listings are at 727 (803 at the same time in September 2019 and 685 at mid-August 2020), Sales To Listings Ratio is at 45% compared to 38% at this time in August 2020, and 37% at this time in September 2019.

 

New Westminster – 76 Units Sold so far as of September 15 compared to 72 as of August 14th, 2020, 57 Units Sold at September 14, 2019 and 35 at that same time in September 2018. Total New Listings so far in September are 148 compared to 141 as at August 14, 2020, 101 at September 14, 2019 and 122 at that time in September 2018. Total Active Listings are at 522 (494 at the same time in September 2019 and 495 at mid-August 2020), Sales To Listings Ratio is at 51% compared to 51% at this time in August 2020, and 56% at this time in September 2019.

 

Coquitlam – 145 Units Sold so far as of September 15 compared to 100 as of August 14th, 2020, 94 Units Sold at September 14, 2019 and 65 at that same time in September 2018. Total New Listings so far in September are 285 compared to 197 as at August 14, 2020, 209 at September 14, 2019 and 243 at that time in September 2018. Total Active Listings are at 919 (1,020 at the same time in September 2019 and 882 at mid-August 2020), Sales To Listings Ratio is at 51% compared to 51% at this time in August 2020, and 45% at this time in September 2019.

 

Port Moody – 40 Units Sold so far as of September 15 compared to 34 as of August 14th, 2020, 20 Units Sold at September 14, 2019 and 14 at that same time in September 2018. Total New Listings so far in September are 76 compared to 66 as at August 14, 2020, 60 at September 14, 2019 and 58 at that time in September 2018. Total Active Listings are at 261 (241 at the same time in September 2019 and 271 at mid-August 2020), Sales To Listings Ratio is at 53% compared to 52% at this time in August 2020, and 33% at this time in September 2019.

 

Port Coquitlam – 52 Units Sold so far as of September 15 compared to 37 as of August 14th, 2020, 33 Units Sold at September 14, 2019 and 36 at that same time in September 2018. Total New Listings so far in September are 119 compared to 74 as at August 14, 2020, 72 at September 14, 2019 and 87 at that time in September 2018. Total Active Listings are at 288 (342 at the same time in September 2019 and 252 at mid-August 2020), Sales To Listings Ratio is at 44% compared to 50% at this time in August 2020, and 46% at this time in September 2019.

 

Ladner – 22 Units Sold so far as of September 15 compared to 19 as of August 14th, 2020, 14 Units Sold at September 14, 2019 and 10 at that same time in September 2018. Total New Listings so far in September are 27 compared to 24 as at August 14, 2020, 28 at September 14, 2019 and 49 at that time in September 2018. Total Active Listings are at 144 (192 at the same time in September 2019 and 149 at mid-August 2020), Sales To Listings Ratio is at 81% compared to 79% at this time in August 2020, and 50% at this time in September 2019.

 

Tsawwassen – 33 Units Sold so far as of September 15 compared to 22 as of August 14th, 2020, 17 Units Sold at September 14, 2019 and 11 at that same time in September 2018. Total New Listings so far in September are 55 compared to 59 as at August 14, 2020, 41 at September 14, 2019 and 48 at that time in September 2018. Total Active Listings are at 319 (292 at the same time in September 2019 and 315 at mid-August 2020), Sales To Listings Ratio is at 60% compared to 37% at this time in August 2020, and 41% at this time in September 2019.