Mid June 2022 - Dexter Market Report

“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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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.