November 2017 - Sales and Listing Report

 

This is the Sales and Listings Report updated to the end of November 2017. Sales for November were down from October in most areas, we typically see November down from October in terms of number of homes sold though. Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46). While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991.

 

With the new Federal mortgage rule changes slated to begin on January 1^st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategyhttp://vancouver.ca/people-programs/housing-vancouver-strategy.aspx  The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision.

 

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

 

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017.

 

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017.

 

North Vancouver Residential:  Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017.

 

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017.

 

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker