A tiny change today brings a dramatically different tomorrow.” Richard Bach


There seemed to be more competition in the real estate market than in the National Hockey League this August – who ever thought that would be a comparison for this time of year. If we thought competing offers were a constant in July, after a tempered start in the first half of August, we experienced two weeks with the most amount of sales reported this year after that. Amid all the chatter of economic disruption and its potential negative effects on the housing market, real estate has taken on a life of its own and clearly wants nothing to do with slowing down. And guess what? – it’s local! All the while buyers vying for various types of properties in different areas are walking away from competing offers still looking for their home. Demand side measures haven’t eased the burden for buyers in Metro Vancouver and supply continues to be an issue.   


There were 3,122 properties sold of all types in Greater Vancouver in August this year compared with 3,202 sold in July, 2,256 sales in August last year and 1,961 sold in August 2018. It was actually the sixth highest amount of sales for the month of August on record in Greater Vancouver and the highest monthly sales for August since 2015. This is not just COVID pent up demand, it is a housing market that had been stalled in 2018 and 2019 coming to life. And coming to life with a significant surge as a result of homeowners looking to trade homes and many buyers simply wanting to engage after holding back.


Total sales in August were 21 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 55 per cent year over year, townhouses up 51 per cent year over year, apartments up 19 per cent year over year. Detached homes made up 35 per cent of all sales, while townhomes made up 20 per cent and apartments 43 per cent. While total active listings for apartments are up 16 per cent year over year, and active listings for townhouse and detached homes are down 8 per cent and 21 per cent respectively year over year, let’s not fall into the thinking that apartments are the unwanted product. The flight from apartments broadcast by some has just happened at a quicker pace, as it has always been a part of the buying cycle. While some buyers are looking for space due to working at home or wanting less shared common space, many would have made this move eventually regardless of COVID-19. Record low interest rates and over two years of down markets with price declines in the detached market have given buyers opportunities they have been itching for. After all, it’s the ultimate home owners dream, a plot of land where you live. We shouldn’t be so surprised to see this movement right now. But with more apartments available for sale comes opportunities for first time buyers and those looking for this type of property given they have been a scarce commodity over the last few years. 

 

Average Daily Sales and Listings in Greater Vancouver


First two weeks of March – 253 new listings, 138 sales
Last two week of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July 6 to 10 – 302 new listings, 138 sales
July 13 to 17 – 294 new listings, 146 sales
July 20 to 24 – 258 new listings, 151 sales
July 27 to 31 – 245 new listings, 154 sales
August 4 to 7 – 337 new listings, 151 sales
August 10 to 14 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales*
August 24 to 28 – 279 new listings, 164 sales *
*the two highest weekly sales figures in 2020 including pre-pandemic

 

Some highlights from August:

  • Vancouver West and Burnaby were the only areas in Greater Vancouver to see the number of sales in August higher than July

  • North Vancouver detached home sales which are traditionally low in August were higher than July and 61 per cent higher than August 2019 and 232 per cent higher than August 2018

  • In the Pitt Meadows market, there is only one-month supply of detached homes and townhomes currently

  • Bowen Island and Vancouver East detached homes have seen the biggest year-over-year increase in house prices at 11.8% and 10.1% respectively (House Price Index)

There was an increase in the number of new listings in August, which was 34 per cent higher than the ten-year average for the month of August. As a result, at the end of August there were 13,511 properties for sale, compared to 12,796 at the end of July but still less than the 14,191 available at the end of August 2019 – a 5 per cent reduction in the number of homes available year-over-year. Yes, there have been more properties listed in the last few months than we typically see at this time of year and the total number of active listings have increased, but competing offers continue – houses, townhouses and apartments. Imagine what it would be like for buyers without the number of new listings we’ve seen in the last few months. Even with more homes available for sale it is very much a seller’s market in most areas, some more extreme than others. Vancouver and surrounding cities with 4 to 5 months supply of homes available while further out there are only 3 months supply available. 


So now that we’ve caught up from the summer market, it’s time for the fall market. Interest rates will fuel the real estate while they remain low, but there’s no reason to think the continued availability of listings as they continue to come to market will also fuel real estate sales. There will be further movement by homeowners looking for their “more ideal” home, changes needed as a result of additions to families and unfortunately also the break down of families. And while there have been job losses, many who have been working have decreased their discretionary spending. Vacations and dinners out could turn into more equity to invest in the next home or first home. 


“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer. Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Colette Gerber, REBGV Chair said, “Like everything else in our lives these days, the uncertainty of COVID-19 presents makes it challenging to predict what will happen this fall.”


East of Vancouver, the Fraser Valley Real Estate Board processed 2,039 sales of all property types on its Multiple Listing Service® in August, a decrease of 2.9 per cent compared to sales in July but a 57.2 per cent increase compared to the 1,297 sales in August of last year. Last month’s sales were 39 per cent above the ten-year average for August and the highest August sales in a decade. There were 3,309 new listings in August, a 6.8 per cent decrease compared to July and a 40.4 per cent increase compared to August of last year. July’s new listings were 28.9 per cent above the ten-year average for the month and the highest in the last ten years. July finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year. “We are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well,” Chris Shields, President of the Fraser Valley Real Estate Board said. “In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing.”


Here is a summary of the activity so far:


Greater Vancouver: Total Units Sold in August was 3,122 – down from 3,202 (2%) in July 2020, up from 2,256 (38%) in August 2019, up from 1,961 (59%) in August 2018; Active Listings are at 13,511 compared to 14,191 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 55% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 52% compared to 52% in July 2020, 59% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 5.3%.
 
Vancouver Westside: Total Units Sold in August was 490 – up from 472 (4%) in July 2020, up from 423 (16%) in August 2019, up from 371 (32%) in August 2018; Active Listings are at 2,671 compared to 2,326 (up 15%) at this time last year; New Listings in August were down 1% compared to July 2020, up 88% compared to August 2019 and up 66% compared to August 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 39% in July 2020, 67% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 5.6%.
 
Vancouver East Side: Total Units Sold in August was 330 – down from 344 (2%) in July 2020, up from 235 (38%) in August 2019, up from 191 (59%) in August 2018; Active Listings are at 1,319 compared to 1,233 (down 5%) at this time last year; New Listings in August were up 6% compared to July 2020, up 104% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 50% in July 2020, 65% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 7.9%.
 
North Vancouver: Total Units Sold in August was 250 – down from 267 (6%) in July 2020, up from 184 (36%) in August 2019, up from 131 (91%) in August 2018; Active Listings are at 913 compared to 838 (up 9%) at this time last year; New Listings in August were down 1% compared to July 2020, up 86% compared to August 2019 and up 91% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 54% in July 2020, 70% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 7.0%.
 
West Vancouver: Total Units Sold in August was 67 – down from 68 (2%) in July 2020, up from 49 (38%) in August 2019, up from 46 (59%) in August 2018; Active Listings are at 667 compared to 690 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 43% compared to August 2019 and up 37% compared to August 2018. Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Mostly Buyer’s Market conditions) and a Sales to Listings Ratio of 35% compared to 35% in July 2020, 36% in August 2019 and 32% in August 2018. Year-over-year, the House Price Index is up 3.7%.
 
Richmond: Total Units Sold in August was 340 – down from 363 (6%) in July 2020, up from 250 (36%) in August 2019, up from 266 (28%) in August 2018; Active Listings are at 1,712 compared to 2,210 (down 23%) at this time last year; New Listings in August were up 7% compared to July 2020, up 30% compared to August 2019 and up 17% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 58% in July 2020, 48% in August 2019 and 47% in August 2018. Year-over-year, the House Price Index is up 5.1%.
 
Burnaby East: Total Units Sold in August was 37 – up from 32 (16%) in July 2020, up from 31 (19%) in August 2019, up from 21 (4%) in August 2018; Active Listings are at 143 compared to 149 (down 4%) at this time last year; New Listings in August were down 6% compared to July 2020, up 21% compared to August 2019 and up 68% compared to August 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 47% in July 2020, 58% in August 2019 and 55% in August 2018. Year-over-year, the House Price Index is up 7.2%.
 
Burnaby North: Total Units Sold in August was 197 – up from 141 (40%) in July 2020, up from 129 (53%) in August 2019, up from 82 (140%) in August 2018; Active Listings are at 615 compared to 591 (up 4%) at this time last year; New Listings in August were up 6% compared to July 2020, up 64% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 43% in July 2020, 61% in August 2019 and 44% in August 2018. Year-over-year, the House Price Index is up 3.5%.
 
Burnaby South: Total Units Sold in August was 130 – up from 114 (14%) in July 2020, up from 126 (3%) in August 2019, up from 94 (38%) in August 2018; Active Listings are at 702 compared to 792 (down 11%) at this time last year; New Listings in August were the same compared to July 2020, up 26% compared to August 2019 and up 54% compared to August 2018. Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 36% in July 2020, 51% in August 2019 and 46% in August 2018. Year-over-year, the House Price Index is up 2.6%.
 
New Westminster: Total Units Sold in August was 161 – down from 164 (2%) in July 2020, up from 97 (66%) in August 2019, up from 90 (79%) in August 2018; Active Listings are at 504 compared to 498 (up 1%) at this time last year; New Listings in August were up 3% compared to July 2020, up 72% compared to August 2019 and up 76% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 56% compared to 59% in July 2020, 58% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 4.9%.
 
Coquitlam: Total Units Sold in August was 246 – down from 287 (2%) in July 2020, up from 198 (38%) in August 2019, up from 183 (59%) in August 2018; Active Listings are at 872 compared to 1,059 (down 5%) at this time last year; New Listings in August were down 4% compared to July 2020, up 17% compared to August 2019 and up 12% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 60% compared to 67% in July 2020, 56% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 4.9%.
 
Port Moody: Total Units Sold in August was 86 – down from 96 (10%) in July 2020, up from 39 (121%) in August 2019, up from 29 (197%) in August 2018; Active Listings are at 251 compared to 226 (up 11%) at this time last year; New Listings in August were down 18% compared to July 2020, up 55% compared to August 2019 and up 111% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 73% compared to 67% in July 2020, 51% in August 2019 and 52% in August 2018. Year-over-year, the House Price Index is up 1.2%.
 
Port Coquitlam: Total Units Sold in August was 103 – down from 119 (13%) in July 2020, up from 79 (30%) in August 2019, up from 72 (43%) in August 2018; Active Listings are at 258 compared to 338 (down 24%) at this time last year; New Listings in August were down 1% compared to July 2020, up 46% compared to August 2019 and up 15% compared to August 2018. Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 61% compared to 70% in July 2020, 68% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 6.5%.
 
Ladner: Total Units Sold in August was 40 – down from 49 (18%) in July 2020, up from 33 (21%) in August 2019, down from 46 (13%) in August 2018; Active Listings are at 155 compared to 192 (down 19%) at this time last year; New Listings in August were down 4% compared to July 2020, up 3% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 68% in July 2020, 49% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 6.9%.
 
Tsawwassen: Total Units Sold in August was 53 – down from 62 (2%) in July 2020, up from 73 (38%) in August 2019, up from 45 (59%) in August 2018; Active Listings are at 319 compared to 294 (down 5%) at this time last year; New Listings in August were down 13% compared to July 2020, up 52% compared to August 2019 and up 147% compared to August 2018. Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 48% in July 2020, 41% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 5.1%.
 
Pitt Meadows: Total Units Sold in August was 42 – down from 48 (12%) in July 2020, up from 39 (38%) in August 2019, up from 23 (83%) in August 2018; Active Listings are at 90 compared to 118 (down 23%) at this time last year; New Listings in August were down 21% compared to July 2020, up 28% compared to August 2019 and up 4% compared to August 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 85% compared to 77% in July 2020, 102% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 3.1%.
 
Maple Ridge: Total Units Sold in August was 216 – down from 246 (12%) in July 2020, up from 133 (62%) in August 2019, up from 121 (79%) in August 2018; Active Listings are at 681 compared to 14,191 (down 18%) at this time last year; New Listings in August were down 17% compared to July 2020, up 43% compared to August 2019 and up 20% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 71% compared to 67% in July 2020, 63% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 4.7%.

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Is this the real life? or is this just fantasy? Caught in a landslide, no escape from reality? The lyrics fit well right now.  After seeing real estate sales in July be the highest in three years, the questions have been bouncing around as to whether this is a short-term result or a market intent on continuing to produce through the rest of 2020. With all that is happening in our world, it’s easy to contemplate the downside. We would be naïve to think that COVID-19 isn’t going to be a factor going forward – both in terms of the virus itself, or the economic conditions resulting from shutting down parts of society to deal with it. What we know is what is currently happening  though– interest rates are the lowest they have ever been, pent up demand from over two years, not to mention the shut down in March and April, and a strong desire to find a different home have propelled the real estate market to where we are now. All these factors should not be underestimated in how the market will perform going forward.


There were 3,202 properties sold of all types in Greater Vancouver in July this year compared with 2,497

sold in June, 2,584 sales in July last year and 2,108 sold in July 2018. It was actually the seventh highest amount of sales for the month of July on record and the highest monthly sales amount since June 2017. Total home sales in July were 14 per cent above the ten-year average for the month and July saw the continued increase in the number of sales, week by week since the pandemic took hold. Looking at the different types of homes, detached home sales were up 33 per cent year over year, townhouses up 28 per cent year over year, apartments up 12 per cent year over year. Buyers have shown more interest in real estate with space over the last few months, but that doesn’t necessarily mean condos aren’t getting interest. We are still seeing multiple offers with them, with even the higher end of the condo market starting to see sales occurring where they had been absent in the previous months.


2020 Average Daily Sales in Greater Vancouver by Week:


First two weeks of March – 253 new listings, 138 sales

Last two week of March – 167 New Listings, 98 Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June 1 to 5 – 271 new listings, 88 sales

June 8 to 12 – 272 new listings, 107 sales

June 15 to 19 – 274 new listings, 120 sales

June 22 to 26 – 241 new listings, 129 sales

June 29 to July 3 – 311 new listings, 133 sales

July 6 to 10 – 302 new listings, 138 sales

July 13 to 17 – 294 new listings, 146 sales

July 20 to 24 – 258 new listings, 151 sales

July 27 to 31 – 245 new listings, 154 sales



Some highlights from July:


  • East Vancouver, North Vancouver, New Westminster, Coquitlam, Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge are all down to 3 month’s supply of active listings – Townhouses in Port Coquitlam are down to one-month supply
  • Richmond showed greater strength in the townhouse and condo market compared to the detached market with detached still in balanced to buyer’s market conditions while townhouses and condos have moved into seller’s market conditions
  • The number of detached homes available has declined by 28 percent compared to July last year, while townhouses and condos have declined 17 per cent and 15 per cent respectively
  • Vancouver’s Westside and Burnaby South had less sales in July this year compared to July last year – down 3 per cent and 25 per cent respectively which wasn’t consistent with all other areas



We saw a slight increase in the number of new listings in July, which was 22 per cent higher than the ten-year average for the month of July. As a result, at the end of July there were 12,796 homes for sale, compared to 12,146 at the end of June but still less than the 15,037 available at the end of July 2019 – a 15 per cent reduction in the number of homes available year-over-year. There is still a limited amount of homes available for sale which is resulting in multiple offers still occurring in all segments of the market – including two properties in Vancouver listed over $8 million that sold over the list price. Metro Vancouver isn’t the only place that is experiencing this. Throughout Canada and the United States, the number of homes for sale is down year-over-year. Even with the higher number of active listings last year those inventories were still low considering the lack of sales activity in the market here in Metro Vancouver. While we don’t know how long the pent-up demand will play out, the number of homes for sale is not likely to increase enough. Unlike recent reports of significant increase in condos for sale in Toronto, we still have a lack of supply here with Vancouver’s Westside condos at 5 month’s supply and Vancouver’s East side at 3 month’s supply.


What’s next? Will August continue the trend of a real estate market on the rise. For Greater Vancouver, the pent-up demand is not just from COVID but from almost three years of the market reacting to new taxes and restrictions on buyers. At some point activity would have increased and we saw that trend emerging just prior to COVID. Key points to consider are that interest rates are going to remain low in the years to come, real estate will be seen as a better long term investment vehicle and home owners are going to continue to look at the space they are living in and consider alternative locations or types of homes for the next phase of their life. That has been a theme over the last few months, and with the continued presence of COVID, we’ve likely seen just the start of homeowners making “COVID” moves. And when mobility increases within Canada and from outside, British Columbia and especially Metro Vancouver is going to be seen as a destination once again and likely more so than ever before. How we’ve fared thus far in COVID times has not gone unnoticed – especially from our neighbours to the south.


“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said, “Low interest rates and limited overall supply are also increasing competition across our market.”


East of Vancouver, the Fraser Valley Real Estate Board processed 2,100 sales of all property types on its Multiple Listing Service® in July, an increase of 22.2 per cent compared to sales in June and a 44 per cent decrease compared to the 1,458 sales in July of last year. Last month’s sales were 22.5 per cent above the ten-year average for July and second only to July 2015. There were 3,549 new listings in July, a 2.7 per cent increase compared to June and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. July finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year. “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing the market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.” Chris Shields, President of the Fraser Valley Real Estate Board said. “We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on homes prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July was 3,202 – up from 2,497 (28%) in June 2020, up from 2,584 (24%) in July 2019, up from 2,108 (52%) in July 2018; Active Listings are at 12,796 compared to 15,037 (down 15%) at this time last year; New Listings in July were up 3% compared to June 2020, up 30% compared to July 2019 and up 25% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 52% compared to 42% in June 2020, 55% in July 2019 and 43% in July 2018.


Vancouver Westside Residential: Total Units Sold in July was 472 – up from 409 (15%) in June 2020, down from 489 (3%) in July 2019, up from 403 (17%) in July 2018; Active Listings are at 2,489 compared to 2,572 (down 3%) at this time last year; New Listings in July were up 4% compared to June 2020, up 35% compared to July 2019 and up 36% compared to July 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 39% compared to 35% in June 2020, 40% in July 2019 and 45% in July 2018.


Vancouver East Side Residential: Total Units Sold in July was 344 – up from 280 (23%) in June 2020, up from 277 (24%) in July 2019, up from 227 (52%) in July 2018; Active Listings are at 1,164 compared to 1,341 (down 15%) at this time last year; New Listings in July were up 6% compared to June 2020, up 46% compared to July 2019 and up 27% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 50% compared to 43% in June 2020, 59% in July 2019 and 42% in July 2018.


North Vancouver Residential: Total Units Sold in July was 267 – up from 239 (12%) in June 2020, up from 205 (30%) in July 2019, up from 153 (75%) in July 2018; Active Listings are at 857 compared to 949 (down 10%) at this time last year; New Listings in July were down 6% compared to June 2020, up 35% compared to July 2019 and up 19% compared to July 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 54% compared to 45% in June 2020, 56% in July 2019 and 48% in July 2018.


West Vancouver: Total Units Sold in July was 68 – up from 62 (10%) in June 2020, up from 59 (15%) in July 2019, up from 57 (19%) in July 2018; Active Listings are at 638 compared to 726 (down 12%) at this time last year; New Listings in July were down 11% compared to June 2020, up 29% compared to July 2019 and up 13% compared to July 2018. Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 35% compared to 28% in June 2020, 39% in July 2019 and 33% in July 2018.


Richmond Residential: Total Units Sold in July was 363 – up from 272 (33%) in June 2020, up from 270 (34%) in July 2019, up from 284 (28%) in July 2018; Active Listings are at 1,603 compared to 2,309 (down 31%) at this time last year; New Listings in July were down 1% compared to June 2020, up 2% compared to July 2019 and down 3% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 43% in June 2020, 49% in July 2019 and 44% in July 2018.


Burnaby East: Total Units Sold in July was 32 – up from 31 (3%) in June 2020, up from 14 (129%) in July 2019, up from 21 (52%) in July 2018; Active Listings are at 139 compared to 166 (down 16%) at this time last year; New Listings in July were up 17% compared to June 2020, up 51% compared to July 2019 and up 24% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 47% compared to 36% in June 2020, 31% in July 2019 and 38% in July 2018.


Burnaby North: Total Units Sold in July was 141 – up from 107 (32%) in June 2020, up from 132 (7%) in July 2019, up from 88 (60%) in July 2018; Active Listings are at 566 compared to 630 (down 10%) at this time last year; New Listings in July were up 18% compared to June 2020, up 40% compared to July 2019 and up 56% compared to July 2018. Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 43% compared to 39% in June 2020, 56% in July 2019 and 42% in July 2018.


Burnaby South: Total Units Sold in July was 114 – up from 93 (23%) in June 2020, up from 97 (14%) in July 2019, up from 76 (50%) in July 2018; Active Listings are at 641 compared to 807 (down 21%) at this time last year; New Listings in July were up 9% compared to June 2020, up 32% compared to July 2019 and up 20% compared to July 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some signs of Seller’s Market conditions) and a Sales to Listings Ratio of 36% compared to 32% in June 2020, 64% in July 2019 and 29% in July 2018.


New Westminster: Total Units Sold in July was 164 – up from 97 (69%) in June 2020, up from 122 (34%) in July 2019, up from 114 (44%) in July 2018; Active Listings are at 471 compared to 533 (down 12%) at this time last year; New Listings in July were up 7% compared to June 2020, up 40% compared to July 2019 and up 35% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions with some areas of Balanced Market Conditions) and a Sales to Listings Ratio of 59% compared to 37% in June 2020, 61% in July 2019 and 55% in July 2018.


Coquitlam: Total Units Sold in July was 287 – up from 216 (28%) in June 2020, up from 236 (24%) in July 2019, up from 150 (30%) in July 2018; Active Listings are at 846 compared to 1,120 (down 15%) at this time last year; New Listings in July were down 6% compared to June 2020, down 2% compared to July 2019 and down 8% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 48% in June 2020, 54% in July 2019 and 32% in July 2018.


Port Moody: Total Units Sold in July was 96 – up from 59 (28%) in June 2020, up from 56 (24%) in July 2019, up from 52 (30%) in July 2018; Active Listings are at 256 compared to 236 (down 15%) at this time last year; New Listings in July were down 3% compared to June 2020, up 92% compared to July 2019 and up 32% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 40% in June 2020, 75% in July 2019 and 48% in July 2018.


Port Coquitlam: Total Units Sold in July was 119 – up from 91 (28%) in June 2020, up from 86 (24%) in July 2019, up from 84 (30%) in July 2018; Active Listings are at 238 compared to 381 (down 15%) at this time last year; New Listings in July were up 1% compared to June 2020, up 12% compared to July 2019 and down 9% compared to July 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 70% compared to 54% in June 2020, 57% in July 2019 and 45% in July 2018.


Ladner: Total Units Sold in July was 49 – up from 38 (29%) in June 2020, up from 34 (44%) in July 2019, up from 29 (69%) in July 2018; Active Listings are at 148 compared to 190 (down 22%) at this time last year; New Listings in July were up 18% compared to June 2020, up 22% compared to July 2019 and up 64% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 68% compared to 62% in June 2020, 58% in July 2019 and 66% in July 2018.


Tsawwassen: Total Units Sold in July was 62 – up from 48 (29%) in June 2020, up from 46 (35%) in July 2019, up from 23 (170%) in July 2018; Active Listings are at 295 compared to 287 (up 3%) at this time last year; New Listings in July were up 10% compared to June 2020, up 80% compared to July 2019 and up 106% compared to July 2018. Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 41% in June 2020, 65% in July 2019 and 37% in July 2018.


Pitt Meadows: Total Units Sold in July was 48 – up from 28 (71%) in June 2020, up from 20 (140%) in July 2019, up from 25 (92%) in July 2018; Active Listings are at 99 compared to 139 (down 28%) at this time last year; New Listings in July were up 15% compared to June 2020, up 24% compared to July 2019 and up 19% compared to July 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 77% compared to 51% in June 2020, 40% in July 2019 and 48% in July 2018.


Maple Ridge: Total Units Sold in July was 246 – up from 189 (30%) in June 2020, up from 182 (35%) in July 2019, up from 130 (89%) in July 2018; Active Listings are at 671 compared to 870 (down 22%) at this time last year; New Listings in July were up 11% compared to June 2020, up 13% compared to July 2019 and up 34% compared to July 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 67% compared to 57% in June 2020, 56% in July 2019 and 47% in July 2018.



Kevin Skipworth
Managing Broker/Partner/Chief Economist

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We have moved into Phase 3 of the British Columbia COVID-19 Restart Plan which will allow for more businesses to open up, movement around the province and improvement in economic conditions. In looking at home sales in June, the real estate market had already moved into its next phase as June began with buyers and seller having become more engaged in real estate. With limited showing measures and the continued focus on virtual means as a way to be introduced to homes for sale, week by week in June home sales kept increasing. There appears to be a renewed fever in the market, with market conditions coming close to resembling those seen at the beginning of March, pre COVID. And as the incidence for COVID-19 continue to be the lowest in Canada and in North America, there will be a positive energy that carries through the region and into real estate. And as the lyrics go from a song released in 1990 – don’t call it a comeback, I’ve been here for years. We shouldn’t be surprised by the resiliency of Metro Vancouver’s real estate market.


There were 2,497 homes sold of all types in Greater Vancouver in June this year compared with 1,506 homes sold in May, 1,119 in April, 2,098 sales in June last year and 2,467 homes sold in June 2018. It was actually the fifth highest amount of sales for a month going back to May 2018. To me that’s improvement and a sign of a real estate market that wants to move – literally. Pent up demand continues to be a factor in the recovery of Metro Vancouver’s real estate market. And realistically, the market can’t be kept down. Two of the slowest years in activity that we’ve seen have put pressure on market activity to increase. In the first half of 2019 there were 10,992 homes sold and in the first half of 2020 there were 11,471 homes sold. That is fairly significant considering half of that period this year was in the midst of a global pandemic.


2020 Average Daily Sales in Greater Vancouver by Week in COVID times:


First two weeks of March – 253 new listings, 138 sales

Last two week of March – 167 New Listings, 98 Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June 1 to 5 – 271 new listings, 88 sales

June 8 to 12 – 272 new listings, 107 sales

June 15 to 19 – 274 new listings, 120 sales

June 22 to 26 – 241 new listings, 129 sales



Some highlights from June:


  • The move to houses is showing a sign of a trend in Metro Vancouver – North Vancouver house sales were the highest by month in that region in 2020 with 84, compared with 71 and 69 in February and March respectively
  • There are 3 months supply of houses and townhouses in North Vancouver – into a seller’s market with sales of condos in June up 100 per cent compared to May – don’t count out the condo market
  • There are 3 months supply of houses, and 2 months supply of townhouses and condos in Port Coquitlam – firmly into a seller’s market
  • There were 43 per cent more houses sold in West Vancouver in June compared to the same month last year with the average price up 23 per cent from last month
  • Sales and new listings in Richmond were at the same levels as June last year while other areas saw increases in both but condo sales in June were 113 per cent higher than May – again, those condos are still in demand



Once again there was an increase in the number of homes available in Greater Vancouver in June. At the end of June there were 12,145 homes for sale, compared to 10,771 at the end of May but still less than the 15,770 available at the end of June 2019 – a 23 per cent reduction in the number of homes available year-over-year. At the end of May there were 30 per cent less homes available compared to the previous year. More choice is available, but that’s also helping to create more home sales. Even with the increase in the number of homes available, it is significantly below the 15,342 average that we’ve seen for the month of June going back to 1995. It would be the expectation that after the halting of market activity starting mid-March there would be a sudden increase in homes coming on the market, but yet there is still a shortage or homes available. 


Predicting Metro Vancouver’s real estate market has long been a fascination of many. Dire predictions make the rounds, but it’s been clear the strength of the market has prevailed. Of course there are economic storm winds ahead, and unknowns as to which path COVID-19 will take but we live in a pretty amazing place and the course of what has happened over the last 4 months is being noticed by many around the world. Our region has and continues to be a safe place to be. Property will always be an investment vehicle, home ownership will always be sought after and with each day, British Columbia continues to shine in the eyes of the world. And while logic would suggest one type of property or area that allows for more separation or that is less densely populated will draw significant activity, every property type and location is unique and will likely perform in ways many wouldn’t have anticipated. Far be it from Metro Vancouver real estate to follow predictability – it always has a surprise up its sleeve.


“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said, “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”


East of Vancouver, the Fraser Valley Real Estate Board processed 1,718 sales of all property types on its Multiple Listing Service® in June, an increase of 113 per cent compared to sales in May and a 32 per cent decrease compared to the 1,306 sales in June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June. There were 3,456 new listings in June, a 57 per cent increase compared to May and a 23 per cent decrease compared to June of last year. May finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year-over-year. “It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold and the new CMHC rules that came into effect on July 1st making it harder to qualify for the mortgage insurance.” Chris Shields, President of the Fraser Valley Real Estate Board said. “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”


 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June was 2,497 – up from 1,506 (66%) in May 2020, up from 2,098 (19%) in June 2019, up from 2,467 (1%) in June 2018; Active Listings are at 12,146 compared to 15,770 (down 23%) at this time last year; New Listings in June were up 57% compared to May 2020, up 22% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 40% in May 2020, 43% in June 2019 and 45% in June 2018.


Vancouver Westside Residential: Total Units Sold in June was 409 – up from 264 (55%) in May 2020, up from 355 (15%) in June 2019, down from 458 (11%) in June 2018; Active Listings are at 2,229 compared to 2,779 (down 20%) at this time last year; New Listings in June were up 57% compared to May 2020, up 31% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 35% compared to 36% in May 2020, 40% in June 2019 and 47% in June 2018.


Vancouver East Side Residential: Total Units Sold in June was 280 – up from 167 (68%) in May 2020, up from 215 (30%) in June 2019, down from 282 (1%) in June 2018; Active Listings are at 1,071 compared to 1,435 (down 25%) at this time last year; New Listings in June were up 68% compared to May 2020, up 35% compared to June 2019 and up 5% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 43% compared to 43% in May 2020, 44% in June 2019 and 45% in June 2018.


North Vancouver Residential: Total Units Sold in June was 239 – up from 136 (76%) in May 2020, up from 202 (18%) in June 2019, up from 199 (20%) in June 2018; Active Listings are at 815 compared to 1,030 (down 21%) at this time last year; New Listings in June were up 58% compared to May 2020, up 28% compared to June 2019 and up 27% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 40% in May 2020, 49% in June 2019 and 48% in June 2018.


West Vancouver: Total Units Sold in June was 62 – up from 43 (44%) in May 2020, up from 43 (44%) in June 2019, up from 54 (15%) in June 2018; Active Listings are at 611 compared to 764 (down 20%) at this time last year; New Listings in June were up 55% compared to May 2020, up 23% compared to June 2019 and down 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 28% compared to 30% in May 2020, 24% in June 2019 and 23% in June 2018.


Richmond Residential: Total Units Sold in June was 272 – up from 152 (79%) in May 2020, up from 270 (1%) in June 2019, down from 308 (12%) in June 2018; Active Listings are at 1,599 compared to 2,369 (down 33%) at this time last year; New Listings in June were up 54% compared to May 2020, the same amount as June 2019 and down 10% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions with some multiple offers occurring) and a Sales to Listings Ratio of 43% compared to 37% in May 2020, 43% in June 2019 and 44% in June 2018.


Burnaby East: Total Units Sold in June was 21 – up from 18 (17%) in May 2020, up from 19 (11%) in June 2019, down from 26 (19%) in June 2018; Active Listings are at 131 compared to 161 (down 19%) at this time last year; New Listings in June were up 35% compared to May 2020, up 16% compared to June 2019 and up 16% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 36% compared to 42% in May 2020, 38% in June 2019 and 52% in June 2018.


Burnaby North: Total Units Sold in June was 107 – up from 79 (35%) in May 2020, up from 100 (7%) in June 2019, 107 in June 2018; Active Listings are at 490 compared to 670 (down 27%) at this time last year; New Listings in June were up 75% compared to May 2020, up 19% compared to June 2019 and up 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 39% compared to 50% in May 2020, 43% in June 2019 and 41% in June 2018.


Burnaby South: Total Units Sold in June was 93 – up from 64 (45%) in May 2020, down from 121 (23%) in June 2019, down from 121 (23%) in June 2018; Active Listings are at 562 compared to 872 (down 36%) at this time last year; New Listings in June were up 123% compared to May 2020, up 8% compared to June 2019 and up 17% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 32% compared to 50% in May 2020, 45% in June 2019 and 49% in June 2018.


New Westminster: Total Units Sold in June was 97 – up from 73 (33%) in May 2020, 97  in June 2019, down from 141 (31%) in June 2018; Active Listings are at 454 compared to 577 (down 21%) at this time last year; New Listings in June were up 67% compared to May 2020, up 29% compared to June 2019 and up 12% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 37% compared to 47% in May 2020, 48% in June 2019 and 61% in June 2018.


Coquitlam: Total Units Sold in June was 216 – up from 132 (64%) in May 2020, up from 177 (22%) in June 2019, up from 178 (21%) in June 2018; Active Listings are at 856 compared to 1,159 (down 26%) at this time last year; New Listings in June were up 24% compared to May 2020, up 17% compared to June 2019 and the same compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 36% in May 2020, 46% in June 2019 and 40% in June 2018.


Port Moody: Total Units Sold in June was 59 – up from 46 (28%) in May 2020, up from 42 (40%) in June 2019, up from 48 (23%) in June 2018; Active Listings are at 256 compared to 266 (down 4%) at this time last year; New Listings in June were up 53% compared to May 2020, up 68% compared to June 2019 and up 22% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 40% compared to 47% in May 2020, 48% in June 2019 and 40% in June 2018.


Port Coquitlam: Total Units Sold in June was 91 – up from 60 (52%) in May 2020, up from 77 (18%) in June 2019, down from 108 (16%) in June 2018; Active Listings are at 228 compared to 381 (down 40%) at this time last year; New Listings in June were up 85% compared to May 2020, down 4% compared to June 2019 and down 2% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 54% compared to 66% in May 2020, 44% in June 2019 and 50% in June 2018.


Ladner: Total Units Sold in June was 38 – up from 20 (90%) in May 2020, up from 29 (31%) in June 2019, the same as in June 2018; Active Listings are at 154 compared to 207 (down 26%) at this time last year; New Listings in June were up 27% compared to May 2020, down 13% compared to June 2019 and down 14% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 62% compared to 42% in May 2020, 47% in June 2019 and 54% in June 2018.


Tsawwassen: Total Units Sold in June was 48 – up from 35 (37%) in May 2020, up from 35 (37%) in June 2019, up from 42 (14%) in June 2018; Active Listings are at 270 compared to 310 (down 13%) at this time last year; New Listings in June were up 33% compared to May 2020, up 47% compared to June 2019 and up 66% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 40% in May 2020, 44% in June 2019 and 60% in June 2018.


Pitt Meadows: Total Units Sold in June was 28 – up from 23 (22%) in May 2020, up from 24 (16%) in June 2019, up from 24 (16%) in June 2018; Active Listings are at 107 compared to 130 (down 17%) at this time last year; New Listings in June were up 57% compared to May 2020, up 14% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 47% in May 2020, 51% in June 2019 and 40% in June 2018.


Maple Ridge: Total Units Sold in June was 189 – up from 111 (70%) in May 2020, up from 132 (43%) in June 2019, up from 136 (39%) in June 2018; Active Listings are at 671 compared to 868 (down 22%) at this time last year; New Listings in June were up 61% compared to May 2020, up 15% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 54% in May 2020, 46% in June 2019 and 48% in June 2018.



Kevin Skipworth
Managing Broker/Partner

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We are all in the arena right now, and it is going to take the work of us all to come through what we are fighting today. Understanding compassion and humility will never be as important as it is during the current times.


As we moved through May, we saw a real estate market begin to form from the depths of the slowdown in March and April and with it the actions of many came under the microscope. For better or for worse, humanity moves forward. Home sales and listing activity showed significant improvement in May, with the provincial government announcing a phased approach to re-opening the economy and business. There was a breath of air that came with that announcement and continued lower numbers of COVID-19 cases in British Columbia compared to other parts of Canada and globally.


There were 1,506 homes sold of all types in Greater Vancouver in May this year compared with 1,119 homes sold last month, 2,669 sales in May last year and 2,890 homes sold in May 2018. We have had two very slow years in real estate in Metro Vancouver, in fact 2018 and 2019 were 20 per cent and 26 per cent below the 10-year average respectively. To say there is pent up demand is an understatement. But May saw the number of homes sold almost double in the last half of the month compared to the first two weeks. The growth of sales in May’s second half was greater than the growth of new listings. So yes, the number of homes sold for May is still below last year’s amount and the lowest on record for the month of May, but that is to be expected considering where we are coming from. With the second lowest number of homes sold being in 1998 at 1,799, we are seeing improvement during a time of significant isolation and economic turbulence.


2020 Average Daily Sales in Greater Vancouver by Week in COVID times:


First two weeks of March – 253 new listings, 138 sales

March 23 to 27 – 172 New Listings, 131 Sales

March 30 to April 3 – 104 new listings, 62 sales

April 6 to April 9 – 137 new listings, 58 sales

April 14 to 17 – 131 new listings, 63 sales

April 20 to 24 – 117 new listings, 48 sales

April 27 to May 1 – 126 new listings, 48 sales

May 4 to 8 – 168 new listings, 58 sales

May 11 to 15 – 169 new listings, 69 sales

May 19 to 22 – 243 new listings, 93 sales

May 25 to 29 – 196 new listings, 90 sales



Some highlights from May:


  • Detached home sales outside of Vancouver performed better year-over-year compared to townhouse and apartments showing the need for space and separation were and will be important factors in home decisions moving forward
  • Absorption rates still continue to be better than what we saw in the first quarter of 2019
  • Compared to the last two weeks of April which showed the most significant lag in home sales and new listings, it was the opposite for May which saw the second half out perform the first and we are seeing more multiple offers occurring
  • Port Coquitlam detached houses saw the highest absorption rate with 30 homes sold and only 30 homes listed
  • According to a survey of landlords by the Urban Development Institute and LandlordBC, residential landlords reported the highest percentage of full rent payments at 86 per cent with overall rent payments at 90 per cent and only 3 per cent not collecting any rent



The number of homes available for sale in Greater Vancouver increased in May. At the end of May there were 10,771 homes for sale, compared to 10,115 at the end of April and 15,452 at the end of May 2019 – a 30 per cent reduction in the number of homes available year-over-year. Even with the increase in the number of homes actively for sale, it is still the 4th lowest amount for the month of May going back to 1995. Make no mistake, there is a shortage of homes for sale. The number of new listings in May for Greater Vancouver increased with there being 3,777 homes listed for sale compared to 2,399 in April but this was the first time there were fewer than 4,000 new listings in the month of May going back to 1991. This amount was well below the 10-year average for May which is 6,344. Current market conditions continue to be different in every way compared to other market downturns with home sales and listing activity decreasing tantamount to each other. The market is still operating but in a vacuum of much less activity due to the pandemic. There hasn’t been an indication of any kind of panic in the market. Yes, economic conditions continue to be something that will need to be considered going forward but with British Columbia having much less instances of mortgage deferrals and less insured mortgages as a percentage of overall in Canada, the real estate market can be seen to have less risk than other parts of Canada. With mortgage rates at all-time lows and government continuing to provide economic stimulus, there are certainly backstops in place to help keep the real estate market from going down a negative road that some are trying to predict. That tied with the numbers in the graphs below, Metro Vancouver and much of the province is in a better position going through the pandemic and as such, deciphering real estate markets should be done on a regional basis. And perhaps at the end of the day, let the market speak for itself.




Percentage of Mortgage Deferrals in Canada




Percentage of Insured Mortgages




“Home prices have been stable during the COVID-19 period,” Colette Gerber, REBGV Chair said, “While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge. Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020. Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”


East of Vancouver, the Fraser Valley Real Estate Board processed 805 sales of all property types on its Multiple Listing Service® in April, an increase of 17 per cent compared to sales in April and a 47 per cent decrease compared to the 1,517 sales in May of last year. There were 2,207 new listings in May, a 56 per cent increase compared to April and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year-over-year. “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve. It is important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.” Chris Shields, President of the Fraser Valley Real Estate Board.


 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May was 1,506 – up from 1,119 (35%) in April 2020, down from 2,669 (44%) in May 2019, down from 2,890 (48%) in May 2018; Active Listings are at 10,771 compared to 15,452 (down 30%) at this time last year; New Listings in May 2020 were up 40% compared to April 2020, down 37% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 44% in May 2019 and 44% in May 2018.


Vancouver Westside Residential: Total Units Sold in May was 264 – up from 195 (35%) in April 2020, down from 460 (43%) in May 2019, down from 504 (48%) in May 2018; Active Listings are at 1,931 compared to 2,778 (down 30%) at this time last year; New Listings in May 2020 were up 66% compared to April 2020, down 30% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 36% compared to 44% in May 2019 and 40% in May 2018.


Vancouver East Side Residential: Total Units Sold in May was 167 – up from 120 (39%) in April 2020, down from 328 (49%) in May 2019, down from 364 (54%) in May 2018; Active Listings are at 886 compared to 1,403 (down 37%) at this time last year; New Listings in May 2020 were up 57% compared to April 2020, down 37% compared to May 2019 and down 47% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 43% compared to 54% in May 2019 and 50% in May 2018.


North Vancouver Residential: Total Units Sold in May was 136 – up from 96 (42%) in April 2020, down from 257 (47%) in May 2019, down from 238 (43%) in May 2018; Active Listings are at 686 compared to 1,035 (down 34%) at this time last year; New Listings in May 2020 were up 52% compared to April 2020, down 35% compared to May 2019 and down 37% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 50% in May 2019 and 45% in May 2018.


West Vancouver: Total Units Sold in May was 43 – up from 29 (48%) in April 2020, down from 71 (39%) in May 2019, down from 63 (32%) in May 2018; Active Listings are at 535 compared to 740 (down 28%) at this time last year; New Listings in May 2020 were up 51% compared to April 2020, down 39% compared to May 2019 and down 52% compared to May 2018. Month’s Supply of Total Residential Listings is at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 30% in May 2019 and 21% in May 2018.


Richmond Residential: Total Units Sold in May was 152 – up from 137 (11%) in April 2020, down from 271 (44%) in May 2019, down from 356 (57%) in May 2018; Active Listings are at 1,549 compared to 2,329 (down 33%) at this time last year; New Listings in May 2020 were up 68% compared to April 2020, down 47% compared to May 2019 and down 52% compared to May 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced Market to Buyer’s Market Conditions) and a Sales to Listings Ratio of 37% compared to 35% in May 2019 and 41% in May 2018.


Burnaby East: Total Units Sold in May was 18 – up from 12 (50%) in April 2020, down from 25 (28%) in May 2019, down from 29 (38%) in May 2018; Active Listings are at 108 compared to 101 (up 7%) at this time last year; New Listings in May 2020 were up 34% compared to April 2020, down 14% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 42% compared to 50% in May 2019 and 39% in May 2018.


Burnaby North: Total Units Sold in May was 79 – up from 40 (98%) in April 2020, down from 123 (36%) in May 2019, down from 147 (46%) in May 2018; Active Listings are at 409 compared to 655 (down 38%) at this time last year; New Listings in May 2020 were up 15% compared to April 2020, down 44% compared to May 2019 and down 41% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 50% compared to 44% in May 2019 and 55% in May 2018.


Burnaby South: Total Units Sold in May was 64 – up from 55 (16%) in April 2020, down from 131 (51%) in May 2019, down from 127 (50%) in May 2018; Active Listings are at 450 compared to 841 (down 46%) at this time last year; New Listings in May 2020 were up 23% compared to April 2020, down 60% compared to May 2019 and down 59% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 50% compared to 40% in May 2019 and 40% in May 2018.


New Westminster: Total Units Sold in May was 73 – up from 61 (20%) in April 2020, down from 127 (43%) in May 2019, down from 132 (45%) in May 2018; Active Listings are at 356 compared to 562 (down 37%) at this time last year; New Listings in May 2020 were up 77% compared to April 2020, down 43% compared to May 2019 and down 40% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 47% in May 2019 and 51% in May 2018.


Coquitlam: Total Units Sold in May was 132 – up from 93 (42%) in April 2020, down from 205 (36%) in May 2019, down from 200 (34%) in May 2018; Active Listings are at 760 compared to 1,140 (down 33%) at this time last year; New Listings in May 2020 were up 94% compared to April 2020, down 30% compared to May 2019 and down 28% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 36% compared to 39% in May 2019 and 40% in May 2018.


Port Moody: Total Units Sold in May was 46 – up from 28 (64%) in April 2020, down from 62 (26%) in May 2019, down from 64 (28%) in May 2018; Active Listings are at 211 compared to 264 (down 20%) at this time last year; New Listings in May 2020 were up 73% compared to April 2020, down 24% compared to May 2019 and down 25% compared to May 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 49% in May 2019 and 50% in May 2018.


Port Coquitlam: Total Units Sold in May was 60 – up from 42 (43%) in April 2020, down from 132 (55%) in May 2019, down from 104 (42%) in May 2018; Active Listings are at 190 compared to 362 (down 48%) at this time last year; New Listings in May 2020 were up 17% compared to April 2020, down 51% compared to May 2019 and down 61% compared to May 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced to Seller’s Market Conditions as a result of a significant shortage of homes available for sales) and a Sales to Listings Ratio of 66% compared to 71% in May 2019 and 44% in May 2018.


Ladner: Total Units Sold in May was 20 – up from 17 (18%) in April 2020, down from 41 (51%) in May 2019, down from 36 (44%) in May 2018; Active Listings are at 160 compared to 163 (down 2%) at this time last year; New Listings in May 2020 were up 33% compared to April 2020, down 44% compared to May 2019 and down 42% compared to May 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 42% compared to 48% in May 2019 and 43% in May 2018.


Tsawwassen: Total Units Sold in May was 35 – up from 24 (46%) in April 2020, down from 38 (8%) in May 2019, down from 35 (0%) in May 2018; Active Listings are at 237 compared to 305 (down 22%) at this time last year; New Listings in May 2020 were up 102% compared to April 2020, down 7% compared to May 2019 and down 2% compared to May 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 40% compared to 40% in May 2019 and 39% in May 2018.


Pitt Meadows: Total Units Sold in May was 23 – up from 19 (21%) in April 2020, down from 40 (42%) in May 2019, down from 39 (41%) in May 2018; Active Listings are at 103 compared to 137 (down 24%) at this time last year; New Listings in May 2020 were up 55% compared to April 2020, down 20% compared to May 2019 and down 29% compared to May 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 47% compared to 66% in May 2019 and 57% in May 2018.


Maple Ridge: Total Units Sold in May was 111 – up from 82 (35%) in April 2020, down from 171 (35%) in May 2019, down from 188 (41%) in May 2018; Active Listings are at 633 compared to 832 (down 23%) at this time last year; New Listings in May 2020 were up 37% compared to April 2020, down 43% compared to May 2019 and down 44% compared to May 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market while still seeing multiple offers) and a Sales to Listings Ratio of 54% compared to 47% in May 2019 and 51% in May 2018.


Kevin Skipworth
Managing Broker/Partner



 
 
 
 
 
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"It's not whether you get knocked down, it's whether you get up. – Vince Lombardi

 


We will get back up! Considering the extent of lock down, the momentum of what March started certainly carried over into April. While sales were down and new listings were down, there was still participation in the market as Realtors found ways to present properties virtually and look at ways to ensure socially distanced showings could happen if necessary. Buyers were there and continue to be, with multiple offers occurring, even as of last week.


There were 1,119 homes sold of all types in Greater Vancouver in April this year compared with 2,562 homes sold last month, 1,850 sales in April last year and 2,631 homes sold in April 2018. Sales and listings were well below the ten-year average but actually higher than in November and December 2008 and January 2009, all three months below 1,000 homes sold. The last two weeks of April showed home sales average 48 per day compared with 138 per day during the first two weeks of March – a reduction of 75 per cent. New listings were down 51 per cent with there being an average of 122 per day compared to 253 per day at the beginning of March.


2020 Average Daily Sales by Week in Covid times:


First two weeks of March – 253 new listings, 138 sales

March 23 to 27 – 172 New Listings, 131 Sales

March 30 to April 3 – 104 new listings, 62 sales

April 6 to April 9 – 137 new listings, 58 sales

April 14 to 17 – 131 new listings, 63 sales

April 20 to 24 – 117 new listings, 48 sales

April 27 to May 1 – 126 new listings, 48 sales



With the reduction in the number of homes sold and the number of homes being listed, absorption of new listings was actually stronger this April then compared with April 2019, 47 per cent compared to 31 per cent. The 47 per cent this year was even better than April 2018 at 44 per cent. Buyers were more engaged with the limited number of new listings than we’ve seen in April for the last 2 years – with more incidents of multiple offers occurring. Had more homes come on to the market we would have likely seen more home sales as a result.


Some highlights from April:


  • Detached home sales in Vancouver West were slightly higher than January of this year, with a 58 per cent absorption rate and a slight increase in the average price for April compared to March
  • Detached home sales in most areas had high absorption rates compared to attached homes, perhaps a sign of a push towards separate space and less home owners willing to part with that and put their homes up for sale
  • The last two weeks of April showed the most significant lag in home sales and new listings, but similar to the end of March, home sales reported are from weeks previous and anecdotal reports indicated more activity amongst home buyers and sellers
  • While Month’s of Supply increased in April due to lower sales totals, pushing areas into Buyer’s Market Conditions on paper– this will be temporary and even with those conditions we are seeing sales that favor sellers.



The number of homes for sale in Greater Vancouver saw a slight decrease in April. At the end of April there were 10,115 homes for sale, compared to 10,315 at the end of March and 15,060 at the end of April 2019 – a 33 per cent reduction in the number of homes available year-over-year. As expected, the number of homes that came to market in April were half that of March with 2,399 homes listed for sale, compared with 4,521 in March. We will come out of this pandemic with an extremely under supplied housing market, for both resale homes and presale homes. And while there are already some anticipating a drop in home prices as a result, activity through the worst of the pandemic hasn’t indicated that so far. As local, national and global governments begin to open up economies, there will be more opportunities for increased activity in the housing market. Home owners will seek changes in where they live, having been through more time at home than ever before, and in conditions they have not experienced. Changes will be desired for some and required for others. And governments will be doing their part to push the economy forward – they have the tools to do so and will.


“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV president-elect said, “People are, however, adapting. They’re working with the Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic. We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle electronically.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 688 sales of all property types on its Multiple Listing Service® in April, a decrease of 52 per cent compared to sales in March and a 50 per cent decrease compared to the sales in April of last year. According to the Fraser Valley Board, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last need in April 1981. There were 1,416 new listings in April, a 47 per cent decrease compared to March and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year-over-year. “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic. Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable,” Chris Shields, President of the Fraser Valley Real Estate Board.


More important than the housing market right now is focusing on getting through this pandemic and working to stay healthy and supporting those around us. The real estate market will continue and be much more active as social distancing measures and relaxations of those measures are allowed. Be safe and be careful.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2020 was 1,119 – down from 2,562 (56%) in March 2020, down from 1,850 (40%) in April 2019, down from 2,631 (57%) in April 2018; Active Listings are at 10,115 compared to 15,060 (down 33%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 60% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 47% compared to 31% in April 2019 and 44% in April 2018.


Vancouver Westside Residential: Total Units Sold in April 2020 was 195 – down from 467 (58%) in March 2020, down from 342 (43%) in April 2019, down from 467 (48%) in April 2018; Active Listings are at 1,760 compared to 2,808 (down 37%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 62% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 40% in April 2018.


Vancouver East Side Residential: Total Units Sold in April 2020 was 120 – down from 297 (60%) in March 2020, down from 174 (31%) in April 2019, down from 298 (60%) in April 2018; Active Listings are at 836 compared to 1,403 (down 40%) at this time last year; New Listings in April 2020 were down 58% compared to April 2019 and down 66% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 49% compared to 36% in April 2019 and 42% in April 2018.


North Vancouver Residential: Total Units Sold in April 2020 was 96 – down from 204 (53%) in March 2020, down from 149 (36%) in April 2019, down from 221 (57%) in April 2018; Active Listings are at 633 compared to 1,049 (down 40%) at this time last year; New Listings in April 2020 were down 57% compared to April 2019 and down 54% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 43% compared to 29% in April 2019 and 46% in April 2018.


West Vancouver: Total Units Sold in April 2020 was 29 – down from 56 (48%) in March 2020, down from 48 (40%) in April 2019, down from 56 (48%) in April 2018; Active Listings are at 527 compared to 723 (down 27%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 64% compared to April 2018. Month’s Supply of Total Residential Listings is at 18 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 31% compared to 19% in April 2019 and 21% in April 2018.


Richmond Residential: Total Units Sold in April 2020 was 137 – down from 337 (59%) in March 2020, down from 172 (20%) in April 2019, down from 312 (59%) in April 2018; Active Listings are at 1,386 compared to 2,220 (down 38%) at this time last year; New Listings in April 2020 were down 65% compared to April 2019 and down 65% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 25% in April 2019 and 45% in April 2018.


Burnaby East: Total Units Sold in April 2020 was 12 – down from 27 (56%) in March 2020, down from 15 (20%) in April 2019, down from 35 (66%) in April 2018; Active Listings are at 101 compared to 153 (down 34%) at this time last year; New Listings in April 2020 were down 44% compared to April 2019 and down 52% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 38% compared to 26% in April 2019 and 53% in April 2018.


Burnaby North: Total Units Sold in April 2020 was 40 – down from 130 (69%) in March 2020, down from 81 (51%) in April 2019, down from 135 (70%) in April 2018; Active Listings are at 409 compared to 634 (down 35%) at this time last year; New Listings in April 2020 were down 51% compared to April 2019 and down 51% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 29% compared to 29% in April 2019 and 48% in April 2018.


Burnaby South: Total Units Sold in April 2020 was 55 – down from 143 (62%) in March 2020, down from 97 (43%) in April 2019, down from 108 (49%) in April 2018; Active Listings are at 463 compared to 819 (down 43%) at this time last year; New Listings in April 2020 were down 63% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 34% in April 2019 and 38% in April 2018.


New Westminster: Total Units Sold in April 2020 was 61 – down from 118 (48%) in March 2020, down from 108 (44%) in April 2019, down from 133 (54%) in April 2018; Active Listings are at 333 compared to 533 (down 38%) at this time last year; New Listings in April 2020 were down 69% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 69% compared to 38% in April 2019 and 56% in April 2018.


Coquitlam: Total Units Sold in April 2020 was 93 – down from 202 (54%) in March 2020, down from 153 (39%) in April 2019, down from 202 (54%) in April 2018; Active Listings are at 687 compared to 1,068 (down 36%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 59% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 49% compared to 33% in April 2019 and 44% in April 2018.


Port Moody: Total Units Sold in April 2020 was 28 – down from 54 (48%) in March 2020, down from 60 (53%) in April 2019, down from 54 (48%) in April 2018; Active Listings are at 204 compared to 252 (down 19%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 50% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 50% compared to 41% in April 2019 and 48% in April 2018.


Port Coquitlam: Total Units Sold in April 2020 was 42 – down from 96 (54%) in March 2020, down from 67 (37%) in April 2019, down from 103 (39%) in April 2018; Active Listings are at 197 compared to 395 (down 50%) at this time last year; New Listings in April 2020 were down 60% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 54% compared to 34% in April 2019 and 56% in April 2018.


Ladner: Total Units Sold in April 2020 was 17 – down from 32 (47%) in March 2020, down from 29 (41%) in April 2019, down from 32 (47%) in April 2018; Active Listings are at 173 compared to 190 (down 9%) at this time last year; New Listings in April 2020 were down 45% compared to April 2019 and down 37% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 47% compared to 45% in April 2019 and 56% in April 2018.


Tsawwassen: Total Units Sold in April 2020 was 24 – down from 39 (38%) in March 2020, up from 18 (33%) in April 2019, down from 38 (37%) in April 2018; Active Listings are at 209 compared to 296 (down 29%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 17% in April 2019 and 32% in April 2018.


Pitt Meadows: Total Units Sold in April 2020 was 19 – down from 35 (46%) in April 2020, down from 28 (45%) in April 2019, down from 25 (24%) in March 2018; Active Listings are at 97 compared to 136 (down 28%) at this time last year; New Listings in April 2020 (31) were down 56% compared to April 2019 and down 47% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Mostly a Balanced Market with some Seller’s Market Conditions) and a Sales to Listings Ratio of 61% compared to 38% in April 2019 and 43% in April 2018.


Maple Ridge: Total Units Sold in March 2020 was 82 – down from 170 (52%) in March 2020, down from 124 (33%) in April 2019, down from 205 (60%) in April 2018; Active Listings are at 649 compared to 792 (down 18%) at this time last year; New Listings in April 2020 were down 55% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Mostly Balanced Market Conditions) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 57% in April 2018.



Kevin Skipworth
Managing Broker/Partner/Chief Economist 

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Where to begin. This month’s numbers for Greater Vancouver real estate are a tale of what could have been, not so much what will be. The way sales on a given day are counted by the Real Estate Board of Greater Vancouver are by looking at the day when that sale is reported by a real estate company to the Board, regardless of when the date the contract is written. So, there is a time lag between when the contract is written and when it is reported. This will be important in looking at sales figures for March as a degree of that activity came from transactions that were initiated prior to mid-March.


There were 2,562 homes sold of all types in Greater Vancouver in March this year compared with 2,185 homes sold last month, 1,745 sales in March last year and 2,551 homes sold in March 2018. Sales in March were 19 per cent below the 10-year average for the month of March. The number of sales in March were 47 per cent higher compared to March 2019, continuing the trend for the ninth straight month where year-over-year sales were up. This trend is likely to stop in April as the effect of the COVID-19 Virus impacts the real estate market.


Some highlights from March:


  • North Vancouver was one of the few areas that saw a decline in the number of sales in March compared to February and the number of detached homes sold was below that of March 2019
  • Year over year, the increase in detached homes sold was the greatest at 61 per cent, townhouses followed at 51 per cent with apartments at 35 per cent
  • Year over year the decrease in the number of active listings for detached homes was the greatest at 28 per cent, followed by townhouses at 27 per cent and then apartments at 19 per cent


Beyond the Pandemic:


The COVID-19 crisis will continue over the next number of months, a timeframe which is impossible to determine at this time. The numbers show that Greater Vancouver was in the stages of a market gaining momentum. While the market was still reaching for average, it was still vastly improved from last year which was a very challenged real estate market. Pent up demand was coming to the market, and from the provincial numbers identifying a very small number of foreign buyers, these were local buyers. While the real estate market takes a pause for the short term, there are many reasons to think it will be very active when we see some relief from virus, and in some cases why we may see activity over the next few months.


  • Detached/townhouse will be more attractive and in greater demand after this as people want dwellings with social distancing – people will make personal and financial sacrifices for health
  • Those in sectors where the most job losses are occurring in higher numbers aren’t the typical buyers in the market
  • After isolation people will grow tired of their homes and want a change
  • Unfortunately, some marriages may not survive after this hence people will need to move
  • In 9 to 12 months there likely will be a mini-baby boom hence people will need to move
  • Having not spent disposable income as much, people are in saving modes and that will carry on beyond this and will add to what’s available for home purchasing (even with reduced incomes, many of the home buyers are still earning an income)
  • Interest rates will be low for the foreseeable future, lowest we’ve seen
  • With so many sectors in the economy suffering that are important to government revenue, and as they struggle to recover, the government will need investment and revenue from real estate
  • There will be a shortage of homes available coming out of this and continuing so prices will not be dropping to any great degree, and new construction will suffer which will perpetuate the shortage in the years to come
  • Stock markets will continue to be volatile, pushing money into real estate, especially at higher price points
  • Canada’s response to Covid-19 is showing it a favourable place to be – immigration and investment will likely flourish with the United States potentially being a source of those coming to Canada.




The number of homes for sale in Greater Vancouver saw a slight increase in March. At the end of March there were 10,338 homes for sale in Greater Vancouver, compared to 9,894 at the end of February and 13,408 at the end of March 2019. While it may be surprising that we had that many new listings during the current pandemic, April will be more telling of the effects. But we saw 2,511 new listings up to March 15 and then 2,010 after that. The number of new listings per day did start to decline in the days leading up to the end of the month, but we are still seeing listings coming on (233 in Greater Vancouver in the last two days of the month.) Current market conditions are still producing some multiple offers – in all product types. While it may seem like a high number of new listings for current conditions, it is still well below what we would see for March in Greater Vancouver. There were 4,421 new listings during March in Greater Vancouver, down 11 per cent from March last year. The number of new listings in March were 22 per cent below the 10-year average for the month.


The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew. “Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,441 sales of all property types on its Multiple Listing Service® in March, an increase of 7 per cent compared to sales in February and a 18 per cent increase compared to the sales in March of last year. According to the Fraser Valley Board, during the first 7 business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.   Active listings for the Fraser Valley finished 6 per cent higher month-over-month and decreased of 13 per cent when compared to March 2019. There were 2,666 new listings in March, a 4 per cent increase compared to February 2020 and a 7 per cent decrease compared to March 2019.


Above all else, right now is a time to focus on staying safe and healthy. There will be real estate activity while we are under these unprecedented times, some people’s financial wellbeing may depend upon it. Others just need a home to isolate in. What’s important is that we all act in a way to help bring back normalcy to our lives – as much as that can be. Be safe and be careful.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2020 was 2,562 – up from 2,185 (17%) in February 2020, up from 1,745 (47%) in March 2019, up from 2,551 (0%) in March 2018; Active Listings are at 10,315 compared to 13,408 (down 23%) at this time last year; New Listings in March 2020 were down 11% compared to March 2019 and down 1% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 57% compared to 35% in March 2019 and 51% in March 2018.


Vancouver Westside Residential: Total Units Sold in March 2020 was 467 – up from 367 (27%) in February 2020, up from 333 (40%) in March 2019, up from 441 (6%) in March 2018; Active Listings are at 1,814 compared to 2,511 (down 28%) at this time last year; New Listings in March 2020 were down 15% compared to March 2019 and down 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 34% in March 2019 and 49% in March 2018.


Vancouver East Side Residential: Total Units Sold in March 2020 was 297 – up from 243 (22%) in February 2020, up from 174 (71%) in March 2019, up from 284 (5%) in March 2018; Active Listings are at 834 compared to 1,239 (down 33%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 64% compared to 34% in March 2019 and 55% in March 2018.


North Vancouver Residential: Total Units Sold in March 2020 was 204 – down from 206 (1%) in February 2020, up from 165 (24%) in March 2019, down from 216 (6%) in March 2018; Active Listings are at 640 compared to 883 (down 28%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 2% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 42% in March 2019 and 60% in March 2018.


West Vancouver: Total Units Sold in March 2020 was 56 – down from 57 (2%) in February 2020, up from 34 (65%) in March 2019, up from 42 (36%) in March 2018; Active Listings are at 553 compared to 670 (down 20%) at this time last year; New Listings in March 2020 were the same compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 33% compared to 20% in March 2019 and 27% in March 2018.


Richmond Residential: Total Units Sold in March 2020 was 337 – up from 253 (33%) in February 2020, up from 178 (89%) in March 2019, up from 306 (10%) in March 2018; Active Listings are at 1,464 compared to 2,025 (down 28%) at this time last year; New Listings in March 2020 were up 23% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 64% compared to 26% in March 2019 and 50% in March 2018.


Burnaby East: Total Units Sold in March 2020 was 27 – down from 32 (16%) in February 2020, up from 17 (59%) in March 2019, up from 26 (4%) in March 2018; Active Listings are at 101 compared to 141 (down 28%) at this time last year; New Listings in March 2020 were up 6% compared to March 2019 and up 17% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 33% in March 2019 and 63% in March 2018.


Burnaby North: Total Units Sold in March 2020 was 130 – up from 100 (30%) in February 2020, up from 77 (69%) in March 2019, down from 131 (1%) in March 2018; Active Listings are at 392 compared to 536 (down 27%) at this time last year; New Listings in March 2020 were down 1% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 34% in March 2019 and 61% in March 2018.


Burnaby South: Total Units Sold in March 2020 was 143 – up from 105 (36%) in February 2020, up from 97 (47%) in March 2019, up from 103 (39%) in March 2018; Active Listings are at 482 compared to 771 (down 37%) at this time last year; New Listings in March 2020 were down 24% compared to March 2019 and up 12% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 65% compared to 33% in March 2019 and 53% in March 2018.


New Westminster: Total Units Sold in March 2020 was 118 – up from 90 (20%) in February 2020, up from 81 (46%) in March 2019, down from 149 (21%) in March 2018; Active Listings are at 350 compared to 472 (down 26%) at this time last year; New Listings in March 2020 were down 2% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 40% in March 2019 and 77% in March 2018.


Coquitlam: Total Units Sold in March 2020 was 202 – up from 196 (19%) in February 2020, up from 142 (42%) in March 2019, down from 204 (1%) in March 2018; Active Listings are at 696 compared to 933 (down 25%) at this time last year; New Listings in March 2020 were down 5% compared to March 2019 and up 20% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 35% in March 2019 and 63% in March 2018.


Port Moody: Total Units Sold in March 2020 was 54 – up from 36 (50%) in February 2020, up from 38 (42%) in March 2019, down from 57 (5%) in March 2018; Active Listings are at 199 compared to 210 (down 5%) at this time last year; New Listings in March 2020 were up 9% compared to March 2019 and up 33% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 40% in March 2019 and 73% in March 2018.


Port Coquitlam: Total Units Sold in March 2020 was 96 – up from 83 (16%) in February 2020, up from 59 (63%) in March 2019, down from 103 (7%) in March 2018; Active Listings are at 194 compared to 168 (up 15%) at this time last year; New Listings in March 2020 were up 15% compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 68% compared to 35% in March 2019 and 82% in March 2018.


Ladner: Total Units Sold in March 2020 was 32 – down from 36 (11%) in February 2020, up from 25 (28%) in March 2019, up from 24 33%) in March 2018; Active Listings are at 171 compared to 170 (up 1%) at this time last year; New Listings in March 2020 were down 13% compared to March 2019 and up 22% compared to March 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 48% compared to 32% in March 2019 and 44% in March 2018.


Tsawwassen: Total Units Sold in March 2020 was 39 – up from 32 (22%) in February 2020, up from 15 (160%) in March 2019, and the same at 39 in March 2018; Active Listings are at 218 compared to 236 (down 8%) at this time last year; New Listings in March 2020 down up 12% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 18% in March 2019 and 45% in March 2018.


Pitt Meadows: Total Units Sold in March 2020 was 35 – up from 27 (30%) in February 2020, up from 24 (45%) in March 2019, up from 34 (21%) in March 2018; Active Listings are at 102 compared to 119 (down 14%) at this time last year; New Listings in March 2020 were up 20% compared to March 2019 and up 94% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 53% compared to 43% in March 2019 and 100% in March 2018.


Maple Ridge: Total Units Sold in March 2020 was 170 – down from 177 (48%) in February 2020, up from 116 (46%) in March 2019, down from 180 (6%) in March 2018; Active Listings are at 659 compared to 675 (down 2%) at this time last year; New Listings in March 2020 were up 14% compared to March 2019 and up 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 57% compared to 44% in March 2019 and 63% in March 2018.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
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Average is the new up! Vancouver prices have gone up and will rise even more. What seemed like a very exuberant real estate market in Greater Vancouver in February produced an average volume of sales. With multiple offers a consistent theme, less so with detached homes, one would think it was a record month for total number of sales – especially with 42 offers on a house in Kitsilano. But funny, that supply and demand equation still rings true, when there isn’t enough supply to meet the demand, prices shift up and competition occurs.


British Columbia’s finance minister said that she is cautiously optimistic that real estate will become affordable for the average citizen over the next year, even though demand is expected to keep eclipsing supply. Think about that for a second. The number of buyers is increasing more than the number of sellers. What happens when there is scarcity of something? people compete for that item. Greater Vancouver’s real estate market is seeing the number of homes available dwindle to a level not seen in over two years in all property types and a spring market is emerging that has buyers wanting what there isn’t enough of – housing. And these are very much local buyers. This is most evident in the apartment and townhome segment of the market under $1,000,000. Since January 1st, in Downtown Vancouver there have been 89 MLS® sales reported – 43 of which sold at list price or above. There have been 18 townhouse sales on Vancouver’s Westside since January 1st and 9 of those sold at list or above. What happens when apartment buyers can’t find townhomes to buy? They don’t sell and there are less apartments in lower price ranges available. But what’s really telling in this market is that while the number of home sales are just below the 10-year average; prices are rising… incidents of 18 offers, 25 offers, 68 offers on listed properties are occurring. What part of that signal’s affordability?


There were 2,185 homes sold of all types in Greater Vancouver in February this year compared with 1,602 homes sold last month, 1,512 sales in February last year and 2,241 homes sold in February 2018. Sales in February were 17 per cent below the 10-year average for the month of February but only 7 per cent below the 10-year average if the 4,254 sales from February 2016 were excluded – an all-time record amount of sales for that month. The number of sales in February were 45 per cent higher compared to February 2019, continuing the trend for the eighth straight month where year-over-year sales were up. Yes, home sales are up but they are still reaching for the average. Imagine what could happen to prices once buyers engage even more, and the number of homes for sale continues to decline.


Some highlights from February:


  • The number of sales in Richmond in January were only up 11% compared to January of last year with townhouses once again leading the way, up 103% year over year – the number of new listings in Richmond for all property types were down year over year
  • The number of detached homes currently listed in Vancouver continues to decline – with 517 Westside houses available at the end of February – which is lower than the end of January and 27% fewer than February 2019; on the East Side there are 36% less houses available compared to February 2019 with sales of detached houses up 59% year over year
  • Average prices for townhouses and condos in the majority of areas in Greater Vancouver increased significantly in February as buyers competed much more for these types of properties (Average prices are a calculation based on the total dollar volume of sales and the number of homes sold)
  • Detached homes showed higher year over year gains in the number of homes sold compared to townhouses and apartments in most areas as buyers continue to take advantage of the closer gap between the price of detached homes and attached properties
  • There have been 47 sales of homes under $3,000,000 on Vancouver’s Westside since January 1st and 16 of them have sold at list price or above



The number of homes for sale in Greater Vancouver saw limited growth in February, with a similar number of new listings for the month of February over the last three years. At the end of February there were 9,894 homes for sale in Greater Vancouver, compared to 9,307 at the end of January and 12,207 at the end of February 2019. This limited number of homes for sale is producing more multiple offers than we’ve seen in the last few years and is pushing prices up in some areas and product types. There were 4,101 new listings during February in Greater Vancouver, up 3 per cent from February last year. The number of new listings in February were 17 per cent below the 10-year average for the month of February. And with reports that there are significantly less new developments that will be coming out over the next few years, the supply of homes available to purchase will cause prices to rise. Again, what part of that signal’s affordability?


“Home buyer demand again saw string year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “This was most pronounced in the condominium market.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® in February, a decrease of 39 per cent compared to sales in January and a 38 per cent increase compared to the sales in February of last year. Active listings for the Fraser Valley finished at 5,741, increasing 12 per cent month-over-month and a decrease of 10 per cent when compared to February 2019. There were 2,557 new listings in February, a 15 per cent increase compared to January 2020 and a 15 per cent increase compared to February 2019. “Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold. We are seeing more traffic at open houses, more multiple offers and a slight increase in year-over-year prices,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Another indicator and in February, the three main residential property types sold on average six days faster than last year.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2020 was 2,185 – up from 1,602 (36%) in January 2020, up from 1,512 (45%) in February 2019, down from 2,241 (2%) in February 2018; Active Listings are at 9,894 compared to 12,207 (down 19%) at this time last year; New Listings in February 2020 were up 3% compared to February 2019 and down 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 53% compared to 38% in February 2019 and 51% in February 2018.


Vancouver Westside Residential: Total Units Sold in February 2020 was 367 – up from 275 (33%) in January 2020, up from 254 (44%) in February 2019, down from 429 (14%) in February 2018; Active Listings are at 1,774 compared to 2,333 (down 24%) at this time last year; New Listings in February 2020 were down 20% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 29% in February 2019 and 48% in February 2018.


Vancouver East Side Residential: Total Units Sold in February 2020 was 243 – up from 161 (51%) in January 2020, up from 166 (46%) in February 2019, down from 244 (1%) in February 2018; Active Listings are at 837 compared to 1,119 (down 25%) at this time last year; New Listings in February 2020 were up 14% compared to February 2019 and down 7% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 43% in February 2019 and 51% in February 2018.


North Vancouver Residential: Total Units Sold in February 2020 was 206 – up from 100 (106%) in January 2020, up from 124 (66%) in February 2019, down up 166 (24%) in February 2018; Active Listings are at 612 compared to 814 (down 25%) at this time last year; New Listings in February 2020 were up 11% compared to February 2019 and down 25% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 37% in February 2019 and 52% in February 2018.


West Vancouver: Total Units Sold in February 2020 was 57 – up from 29 (97%) in January 2020, up from 39 (46%) in February 2019, up from 42 (36%) in February 2018; Active Listings are at 536 compared to 635 (down 16%) at this time last year; New Listings in February 2020 were down 15% compared to February 2019 and down 30% compared to February 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 23% in February 2019 and 20% in February 2018.


Richmond Residential: Total Units Sold in February 2020 was 253 – up from 227 (11%) in January 2020, up from 155 (63%) in February 2019, down from 262 (3%) in February 2018; Active Listings are at 1,470 compared to 1,842 (down 20%) at this time last year; New Listings in February 2020 were up 7% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 50% compared to 33% in February 2019 and 41% in February 2018.


Burnaby East: Total Units Sold in February 2020 was 32 – up from 18 (78%) in January 2020, up from 17 (88%) in February 2019, down from 34 (6%) in February 2018; Active Listings are at 91 compared to 121 (down 25%) at this time last year; New Listings in February 2020 were up 6% compared to February 2019 and down 43% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 84% compared to 47% in February 2019 and 51% in February 2018.


Burnaby North: Total Units Sold in February 2020 was 100 – up from 96 (4%) in January 2020, up from 84 (19%) in February 2019, up from 89 (12%) in February 2018; Active Listings are at 368 compared to 482 (down 24%) at this time last year; New Listings in February 2020 were up 21% compared to February 2019 and up 11% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 53% in February 2019 and 51% in February 2018.


Burnaby South: Total Units Sold in February 2020 was 105 – up from 90 (17%) in January 2020, up from 83 (27%) in February 2019, down from 135 (22%) in February 2018; Active Listings are at 466 compared to 678 (down 31%) at this time last year; New Listings in February 2020 were down 8% compared to February 2019 and up 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 40% in February 2019 and 75% in February 2018.


New Westminster: Total Units Sold in February 2020 was 90 – up from 50 (80%) in January 2020, up from 63 (43%) in February 2019, down from 103 (13%) in February 2018; Active Listings are at 311 compared to 430 (down 28%) at this time last year; New Listings in February 2020 were down 7% compared to February 2019 and down 1% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 67% in February 2018.


Coquitlam: Total Units Sold in February 2020 was 196 – up from 144 (36%) in January 2020, up from 134 (46%) in February 2019, up from 178 (10%) in February 2018; Active Listings are at 612 compared to 832 (down 26%) at this time last year; New Listings in February 2020 were up 13% compared to February 2019 and up 9% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 60% compared to 46% in February 2019 and 60% in February 2018.


Port Moody: Total Units Sold in February 2020 was 36 – down from 37 (3%) in January 2020, up from 30 (20%) in February 2019, down from 42 (14%) in February 2018; Active Listings are at 171 compared to 181 (down 6%) at this time last year; New Listings in February 2020 were up 30% compared to February 2019 and up 22% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 33% compared to 38% in February 2019 and 47% in February 2018.


Port Coquitlam: Total Units Sold in February 2020 was 83 – up from 60 (38%) in January 2020, up from 60 (38%) in February 2019, down from 84 (1%) in February 2018; Active Listings are at 195 compared to 302 (down 35%) at this time last year; New Listings in February 2020 were up 10% compared to February 2019 and down 2% compared to February 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 65% compared to 43% in February 2019 and 65% in February 2018.


Ladner: Total Units Sold in February 2020 was 36 – up from 35 (3%) in January 2020, up from 20 (80%) in February 2019, up from 19 (89%) in February 2018; Active Listings are at 156 compared to 149 (up 5%) at this time last year; New Listings in February 2020 were up 34% compared to February 2019 and down 49% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 54% compared to 40% in February 2019 and 42% in February 2018.


Tsawwassen: Total Units Sold in February 2020 was 32 – up from 21 (52%) in January 2020, up from 21 (52%) in February 2019, up from 29 (10%) in February 2018; Active Listings are at 207 compared to 195 (up 6%) at this time last year; New Listings in February 2020 were down 2% compared to February 2019 and down 19% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 43% in February 2018.


Pitt Meadows: Total Units Sold in February 2020 was 27 – up from 19 (42%) in January 2020, up from 15 (80%) in February 2019, down from 34 (21%) in February 2018; Active Listings are at 86 compared to 111 (down 22%) at this time last year; New Listings in February 2020 were up 24% compared to February 2019 and up 16% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 52% compared to 36% in February 2019 and 77% in February 2018.


Maple Ridge: Total Units Sold in February 2020 was 177 – up from 120 (48%) in January 2020, up from 100 (77%) in February 2019, up from 158 (12%) in February 2018; Active Listings are at 609 compared to 626 (down 2%) at this time last year; New Listings in February 2020 were up 43% compared to February 2019 and up 28% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 59% compared to 48% in February 2019 and 68% in February 2018.



Kevin Skipworth
Managing Broker/Partner


 
 
 
 
 
 
 
 
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Happy New Year! All the best for a successful 2020 ahead!


In the immortal words of John Lennon – “another year over, and a new one just begun… Let’s hope it’s a good one.” For the third straight year, real estate sales in Metro Vancouver suffered through a collection of government policies aimed at achieving affordability and stability in the market, but achieving neither – in fact, making it worse. Demand has been artificially held in check leading to the start of what is typical in a real estate market, a significant increase in people wanting to make a move into or within the real estate market. And with December sales up 87 per cent compared to the same month last year, it became clear that buyers are engaging.


Attached are the year-end 2019 Sales and Listings Stats in Greater Vancouver. There were 25,681 home sales in Greater Vancouver in 2019 up 3 per cent compared to 2018, the 4th lowest annual amount of sales since 2000. On the positive side, it was only the 3rd time in 25 years where the number of homes sold in the last 6 months of the year were more than the number of homes sold in the first 6 months, with there being 13 per cent more sales in the last half of 2019. The previous two times this occurred, it preceded a period of increased activity in the market over the following 3 to 4 years. The number of sales in December at 2,046 were 9 per cent above the 10-year average for the month of December. There were 53,272 new listings in 2019 in Greater Vancouver, the lowest annual amount since 2003 and 3 per cent lower than the total number of new listings in 2018. The number of new listings in December at 1,666 were 4 per cent below the 10-year average.


The wait and see mindset of sellers continued on for a second straight year, as shown by the lack of listings coming on market and the increase in sales in the latter half of the year. Of the total sales in Greater Vancouver, 48 per cent were apartments which was down from 51 per cent in 2018 (down from 50 per cent in 2017, up from 46 per cent in 2016 and 42 per cent in 2015), 18 per cent were townhouses up from 17 per cent in 2018, and 17 per cent in 2017 (up from 15 per cent in 2016 and up from 17 per cent in 2015) and 32 percent were houses which was the same as 2018 and 2017 (down from 36 per cent in 2016 and 41 per cent in 2015). This year did show an increase in activity in the detached housing market though, more so in the last half of the year. This was especially evident in Richmond, after seeing slower sales through the year, there was a significant increase in sales in December there with a 196 per cent increase in sales year over year for detached homes, with a 121 per cent increase in sales year over year for apartments. With the decrease in the share of apartments sold, and increase in townhouses, buyers are trading up in the market and looking to take advantage in the decrease in the spread between the cost of attached homes versus detached homes. Part of the decrease in sales of apartments could be due to the shrinking number of new listings. Month’s Supply of Inventory has dropped into seller’s market conditions for apartments in most areas of Metro Vancouver, with North Vancouver, Coquitlam, Burnaby, and Pitt Meadows having 2 Month’s Supply of inventory, while the majority of other areas are showing 3 Month’s Supply. Affordability is not going to improve with a lack of homes for sale in the lower end of the market.


In the Fraser Valley there were 15,487 sales in 2019, which was down 0.6 per cent from 15,586 sales in 2018 and the lowest total sales in the Fraser Valley since 2013. Of the total sales, 5,770 were detached homes, 3,888 were townhouses and 4,115 were apartments. Year over year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent. In December there were 1,247 total sales, the third best December since 2010. Active listings finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the moth, with a total of 948 new listings entering the market through the month. There was a total of 30,568 new listings in 2019, the second lowest amount in the last decade.


“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels. Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”


Where will the real estate market go in 2020 in Metro Vancouver? With recently released assessed values down across all classes, there will be an adjustment in sentiment as sellers come off the highs that once were and buyers look to be a part of a market that didn’t seem possible two years ago. But has this helped affordability? With the number of active listings down significantly at the end of the year, opportunity that was there has decreased significantly and where it matters most – at the lower end of the market. Those homes at the lower end of the price spectrum will see the most activity as the hangover from the mortgage stress test that came into place in January 2018 wears off. We’ve already seen multiple offers on apartments in Vancouver with 22 and 15 offers occurring on two specific listings, and many others with multiple buyers bidding. Market dynamics are moving towards seller’s market conditions for the very end of the market where affordability matters most. This begs the question, what exactly did the provincial government’s policies to ease affordability issues actually do? Real estate values at the higher end have suffered the greatest decrease in values, which didn’t ease affordability issues at all. It’s taken away potential equity from local owners.  Developers have basically been told to stop building – both at a provincial and municipal level. Populations are expected to grow by 30,000 people annually in Metro Vancouver and Amazon will be set to open its second biggest office space in Downtown Vancouver employing up to 10,000 workers in the next few years. Supply and demand will dictate prices more than anything going forward, especially at the lower end of the market. And with demand already breaking free from two years of being artificially held back and more and more buyers coming forward by the day, there just isn’t enough supply to keep up. That’s the issue that needs to be addressed.

  

Here is the breakdown of the numbers across the region:

 

Greater Vancouver: Total Units Sold in December 2019 was 2,046 – down from 2,546 (20%) in November 2019; up from 1,094 (87%) in December 2018 and down from 2,069 (1%) in December 2017. New Listings in December 2019 were up 15% compared to December 2018 and down 15% compared to December 2017. Total Active Listings were at 9,309 at month end, down from 10,907 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 123% in December 2019 compared to 75% in December 2018. Year over Year, Benchmark Price is down 3.1% (Detached homes down 4.0% and Apartments down 2.7%).


Vancouver Westside: Total Units Sold in December 2019 was 356 – down from 406 (12%) in November 2019; up from 190 (87%) in December 2018 and up from 315 (13%) in December 2017. New Listings in December 2019 were up 18% compared to December 2018 and down 6% compared to December 2017. Total Active Listings were at 1,687 at month end, down from 1,947 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 117% in December 2019 compared to 73% in December 2018. Year over Year, Benchmark Price is down 6.7% (Detached homes down 6.7% and Apartments down 3.0%).


Vancouver Eastside: Total Units Sold in December 2019 was 208 – down from 310 (33%) in November 2019; up from 113 (84%) in December 2018 and down from 239 (13%) in December 2017. New Listings in December 2019 were up 21% compared to December 2018 and down 23% compared to December 2017. Total Active Listings were at 800 at month end, down from 1,075 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 10 Months Supply at the end of 2018 and Sales to Listings Ratio was 129% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 1.7% (Detached homes down 3.1% and Apartments down 1.1%).


North Vancouver: Total Units Sold in December 2019 was 155 – down from 217 (29%) in November 2019; up from 99 (57%) in December 2018 and up from 138 (12%) in December 2017. New Listings in December 2019 were up 41% compared to December 2018 and down 59% compared to December 2017. Total Active Listings were at 466 at month end, down from 630 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Balanced to Seller’s Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 140% in December 2019 compared to 125% in December 2018. Year over Year, Benchmark Price is down 3.0% (Detached homes down 2.1% and Apartments down 3.0%).


West Vancouver: Total Units Sold in December 2019 was 46 – down from 66 (30%) in November 2019; up from 30 (53%) in December 2018 and up from 44 (5%) in December 2017. New Listings in December 2019 were down 58% compared to December 2018 and up 5% compared to December 2017. Total Active Listings were at 505 at month end, down from 579 at the end of December 2018, Month’s Supply of Total Residential Listings is at 11 Months (Buyer’s Market) compared to 19 Months Supply at the end of 2018 and Sales to Listings Ratio was 77% in December 2019 compared to 47% in December 2018. Year over Year, Benchmark Price is down 4.8% (Detached homes down 3.2% and Apartments down 10.2%).


Richmond: Total Units Sold in December 2019 was 281 – up from 271 (4%) in November 2019; up from 122 (122%) in December 2018 and down from 287 (13%) in December 2017. New Listings in December 2019 were up 27% compared to December 2018 and down 15% compared to December 2017. Total Active Listings were at 1,540 at month end, down from 1,597 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 13 Months Supply at the end of 2018 and Sales to Listings Ratio was 110% in December 2019 compared to 61% in December 2018. Year over Year, Benchmark Price is down 4.7% (Detached homes down 6.1% and Apartments down 2.9%).


Burnaby East: Total Units Sold in December 2019 was 24 – down from 33 (27%) in November 2019; up from 17 (41%) in December 2018 and down from 28 (14%) in December 2017. New Listings in December 2019 were up 5% compared to December 2018 and down 16% compared to December 2017. Total Active Listings were at 112 at month end, down from 115 at the end of December 2018, Month’s Supply of Total Residential Listings is at 5 Months (Balanced Market) compared to 7 Months Supply at the end of 2018 and Sales to Listings Ratio was 114% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 0.7% (Detached homes down 0.7% and Apartments down 7.2%).


Burnaby North Total Units Sold in December 2019 was 113 – down from 137 (18%) in November 2019; up from 50 (126%) in December 2018 and up from 99 (14%) in December 2017. New Listings in December 2019 were down 12% compared to December 2018 and down 30% compared to December 2017. Total Active Listings were at 322 at month end, down from 463 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 161% in December 2019 compared to 63% in December 2018. Year over Year, Benchmark Price is down 3.2% (Detached homes down 4.1% and Apartments down 3.3%).


Burnaby South: Total Units Sold in December 2019 was 132 – down from 167 (21%) in November 2019; up from 51 (159%) in December 2018 and up from 109 (21%) in December 2017. New Listings in December 2019 were down 23% compared to December 2018 and down 31% compared to December 2017. Total Active Listings were at 464 at month end, down from 627 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 12 Months Supply at the end of 2018 and Sales to Listings Ratio was 169% in December 2019 compared to 50% in December 2018. Year over Year, Benchmark Price is down 4.8% (Detached homes down 4.8% and Apartments down 4.9%).


New Westminster: Total Units Sold in December 2019 was 77 – down from 123 (37%) in November 2019; up from 58 (33%) in December 2018 and down from 117 (34%) in December 2017. New Listings in December 2019 were up 11% compared to December 2018 and down 46% compared to December 2017. Total Active Listings were at 260 at month end, down from 390 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 7 Months Supply at the end of 2018 and Sales to Listings Ratio was 129% in December 2019 compared to 85% in December 2018. Year over Year, Benchmark Price is down 5.9% (Detached homes down 4.1% and Apartments down 6.6%).


Coquitlam: Total Units Sold in December 2019 was 197 – down from 210 (6%) in November 2019; up from 89 (121%) in December 2018 and down from 162 (22%) in December 2017. New Listings in December 2019 were down 1% compared to December 2018 and down 29% compared to December 2017. Total Active Listings were at 568 at month end, down from 786 at the end of December 2018, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 167% in December 2019 compared to 75% in December 2018. Year over Year, Benchmark Price is down 2.4% (Detached homes down 4.1% and Apartments up 1.8%).


Port Moody: Total Units Sold in December 2019 was 37 – down from 43 (14%) in November 2019; up from 29 (28%) in December 2018 and down from 38 (3%) in December 2017. New Listings in December 2019 were up 75% compared to December 2018 and down 22% compared to December 2017. Total Active Listings were at 138 at month end, down from 169 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 132% in December 2019 compared to 181% in December 2018. Year over Year, Benchmark Price is down 3.0% (Detached homes down 5.8% and Apartments down 0.1%).


Port Coquitlam: Total Units Sold in December 2019 was 84 – down from 123 (32%) in November 2019; up from 51 (65%) in December 2018 and up from 71 (18%) in December 2017. New Listings in December 2019 were up 45% compared to December 2018 and down 11% compared to December 2017. Total Active Listings were at 186 at month end, down from 259 at the end of December 2018, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 5 Months Supply at the end of 2018 and Sales to Listings Ratio was 145% in December 2019 compared to 128% in December 2018. Year over Year, Benchmark Price is down 0.8% (Detached homes up 0.5% and Apartments down 1.0%).


Ladner: Total Units Sold in December 2019 was 20 – down from 51 (61%) in November 2019; down from 23 (13%) in December 2018 and down from 26 (23%) in December 2017. New Listings in December 2019 were up 114% compared to December 2018 and down 88% compared to December 2017. Total Active Listings were at 136 at month end, down from 143 at the end of December 2018, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 6 Months Supply at the end of 2018 and Sales to Listings Ratio was 67% in December 2019 compared to 164% in December 2018. Year over Year, Benchmark Price is down 5.9% (Detached homes down 3.0% and Apartments down 6.0%).


Tsawwassen: Total Units Sold in December 2019 was 26 – down from 36 (28%) in November 2019; up from 13 (100%) in December 2018 and up from 13 (100%) in December 2017. New Listings in December 2019 were up 46% compared to December 2018 and down 46% compared to December 2017. Total Active Listings were at 193 at month end, down from 171 at the end of December 2018, Month’s Supply of Total Residential Listings is at 7 Months (Balanced Market) compared to 13 Months Supply at the end of 2018 and Sales to Listings Ratio was 137% in December 2019 compared to 100% in December 2018. Year over Year, Benchmark Price is down 5.0% (Detached homes down 3.2% and Apartments down 6.8%).


Pitt Meadows: Total Units Sold in December 2019 was 27 – up from 24 (13%) in November 2019; up from 11 (145%) in December 2018 and down from 37 (27%) in December 2017. New Listings in December 2019 were down 23% compared to December 2018 and down 24% compared to December 2017. Total Active Listings were at 54 at month end, down from 98 at the end of December 2018, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 9 Months Supply at the end of 2018 and Sales to Listings Ratio was 207% in December 2019 compared to 64% in December 2018. Year over Year, Benchmark Price is down 4.2% (Detached homes down 3.3% and Apartments down 3.5%).


Maple Ridge: Total Units Sold in December 2019 was 130 – down from 169 (23%) in November 2019; up from 73 (78%) in December 2018 and down from 131 (2%) in December 2017. New Listings in December 2019 were up 47% compared to December 2018 and down 20% compared to December 2017. Total Active Listings were at 557 at month end, down from 573 at the end of December 2018, Month’s Supply of Total Residential Listings is at 4 Months (Balanced Market) compared to 8 Months Supply at the end of 2018 and Sales to Listings Ratio was 123% in December 2019 compared to 102% in December 2018. Year over Year, Benchmark Price is down 2.5% (Detached homes down 2.0% and Apartments down 3.7%).


Kevin Skipworth
Dexter Realty - Managing Broker/Partner/Cheif Economist


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The Vancouver Real Estate Market 2019-2020: Just the Facts!


December 2019


1)    Due to uncertainty caused by aggressive taxation of Real Estate in BC, tightening of financing (Stress test), and a naturally cooling market, 2018-2019 resulted in the slowest two years in the Vancouver Real Estate marketplace since 1999.

2)    When buyer’s confidence is shaken, they go to the sidelines and wait. As time goes by, this group grows into pent up buyer demand. At the same time, more buyers add to this demand due to population growth in the region.

3)    We have had 17 months (February 2018-June 2019) where sales were lower than the same month in the previous year; something rarely seen in the Vancouver Market.

4)    Residential sales since July 2019 (5 months in a row) have exceeded the same month in the previous year. This is always a signal of the market starting to recover.

5)    Other signals:  Supply- unusually low for a period following a slowdown.

                           Media reporting: Starting to report the market upswing.

                           Multiple offers: A significant increase due to buyers acting.

                           Open houses and new listings generating lots of interest.

6)    Pent up demand is a powerful force when coupled with time and a reduction in prices. People’s lives carry on regardless of Government policy. They get married, get older, have babies, want to help their children, move jobs, pass away, need a bigger/smaller home, etc., etc.

7)    The ten year average for residential sales for the Real Estate Board of Greater Vancouver is 33,000 homes per year. This average actually grows naturally over time due to population growth in the region. Two years of sales at approximately 25,000 units leaves at least 16,000 buyers now waiting to buy on top of the buyers that will buy regardless of the market, the media or Government actions!


The waiting is over and the Real Estate market recovery has begun. 2020 in Vancouver will be busy in Real Estate as the enormous pent up demand starts to take advantage of low interest rates, better prices (for now!) and all of the wonderful things Vancouver has to offer!


David Peerless

DEXTER REALTY

President/Owner/Managing Broker

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Is this an early present for the Greater Vancouver real estate market? With a continuing free fall in the number of active listings and the number of home sales continuing to be on the rise, perhaps the Grinch hasn’t actually stolen all the thunder from real estate in Greater Vancouver. Attached are the Sales and Listings Statistics updated to the end of November 2019. It has become quite clear over the last five months – buyers are entering the market more so than we’ve seen in the past two years, while many sellers are content to hold on to their homes and not list for sale. Perhaps taxation policies aren’t the answer to affordability in the housing market?


There were 2,546 homes sold of all types in Greater Vancouver in November this year compared with 2,892 homes sold last month, 1,633 sales in November last year and 2,831 homes sold in November 2017. November sales were 4 per cent above the 10-year average for the month of November. This was a 56 per cent increase in homes sold compared to November 2018, continuing the trend of strength in the real estate market. With the number of home sales trending as they are, 2019 is likely to finish with more sales in 2019 compared to 2018 – likely setting up for a busy spring market.


Some highlights from November:


  • Detached home and strata townhouse sales again showed a significant year over year gain this month, up 58 per cent while apartments were up 50 per cent year over year
  • New listings for apartments were down 17 per cent year over year, brining price stability and more multiple offers to this segment of the market
  • Sales to listings ratios were the strongest this November we’ve seen since November 2015 – some areas over 100%, meaning that more homes are sold than listed in a month (New Westminster had a sales to listings ratio of 127 per cent)
  • After a strong October, sales in Richmond came dropped more than any other area – mainly in the detached house market
  • Active listings for detached houses in East Vancouver and North Vancouver are nearly half the amounts that they were two years ago



There were 828 detached houses sold in November 2019 up from 518 (58 per cent) in November 2018 in Greater Vancouver, with a 5.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 451 sales in November 2019 compared to 282 in November 2018 (up 59 per cent) with a 4.4 per cent decrease in the benchmark price year over year; and for condos there were 1,222 sales in November 2019, an increase in sales from 810 in November 2018 (up 50 per cent) with a 3.8 per cent decrease in the benchmark price year over year. Definitely a November to remember this year.


The number of homes for sale in Greater Vancouver continued to decline in November with significantly less coming on the market than is typical for this time of year. At the end of November there were 11,517 homes for sale in Greater Vancouver, and at the end of October there were 13,022, reducing the month’s supply of homes in some markets down to 3 to 4 months – a seller’s market. Multiple offers were more common place in November, and in all segments of the market. Well priced properties were getting more attention, with a one-bedroom apartment listing in downtown Vancouver receiving 22 offers this month. There were 3,069 new listings during November in Greater Vancouver, down 14 per cent from November last year and down 27 per cent from November 2017. The number of new listings in November 2019 were 8 per cent below the 10-year average for the month of November. But then again, the argument continues from some that supply isn’t an issue. But here we are, sales are up, listings are down and pressure on prices begins. With home sales hovering slightly above the 10-year average, imagine what will happen to prices if the number of sales increases even more.


“We started to see more home buyer confidence in the summer and this trend continues today,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “It’ll be important to watch home listing levels over the new few months to see if supply can stay in line with home buyer demand.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® in November, an increase of 11.7 per cent compared to sales in October and a 36.7 per cent increase compared to the 1,028 sales in November of last year. Active listings for the Fraser Valley finished at 6,733, decreasing 9 per cent month-over-month and a decrease of 8.5 per cent when compared to November 2018. There were 1,877 new listings in November, a 9.6 per cent decrease compared to November 2018 and a 21.2 per cent decrease compared to October 2019. “Some listings are seeing a lot of activity depending on location and property type. Agents are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for this time of year.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Four our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2019 was 2,546 – down from 2,892 (12%) in October 2019, up from 1,633 (56%) in November 2018, down from 2,831 (10%) in November 2017; Active Listings are at 11,517 compared to 12,978 (down 11%) at this time last year; New Listings in November 2019 were down 14% compared to November 2018 and down 27% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 83% compared to 46% in November 2018 and 69% in October 2019.


Vancouver Westside Residential: Total Units Sold in November 2019 was 406 – down from 506 (20%) in October 2019, up from 298 (36%) in November 2018, down from 505 (20%) in November 2017; Active Listings are at 2,065 compared to 2,361 (down 13%) at this time last year; New Listings in November 2019 were down 19% compared to November 2018 and down 22% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 72% compared to 43% in November 2018 and 62% in October 2019.


Vancouver East Side Residential: Total Units Sold in November 2019 was 310 – down from 316 (2%) in October 2019, up from 181 (29%) in November 2018, down from 315 (2%) in November 2017; Active Listings are at 1,006 compared to 1,314 (down 23%) at this time last year; New Listings in November 2019 were down 11% compared to November 2018 and down 35% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 91% compared to 47% in November 2018 and 72% in October 2019.


North Vancouver Residential: Total Units Sold in November 2019 was 217 – down from 260 (17%) in October 2019, up from 139 (44%) in November 2018, down from 250 (13%) in November 2017; Active Listings are at 656 compared to 854 (down 23%) at this time last year; New Listings in November 2019 were down 22% compared to November 2018 and down 39% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 95% compared to 48% in November 2018 and 76% in October 2019.


West Vancouver: Total Units Sold in November 2019 was 66 – the same as October 2019, up from 30 (120%) in November 2018, down from 57 (5%) in November 2017; Active Listings are at 608 compared to 705 (down 14%) at this time last year; New Listings in November 2019 were down 18% compared to November 2018 and down 32% compared to November 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 56% compared to 21% in November 2018 and 42% in October 2019.


Richmond Residential: Total Units Sold in November 2019 was 273 – down from 345 (21%) in October 2019, up from 178 (53%) in November 2018, down from 350 (22%) in November 2017; Active Listings are at 1,795 compared to 1,809 (down 1%) at this time last year; New Listings in November 2019 were down 15% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market Conditions) and a Sales to Listings Ratio of 71% compared to 39% in November 2018 and 68% in October 2019.


Burnaby East: Total Units Sold in November 2019 was 33 – up from 26 (27%) in October 2019, up from 17 (94%) in November 2018, down from 30 (10%) in November 2017; Active Listings are at 135 compared to 142 (down 5%) at this time last year; New Listings in November 2019 were up 9% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 89% compared to 50% in November 2018 and 50% in October 2019.


Burnaby North: Total Units Sold in November 2019 was 137 – down from 166 (17%) in October 2019, up from 71 (93%) in November 2018, down from 144 (5%) in November 2017; Active Listings are at 439 compared to 547 (down 20%) at this time last year; New Listings in November 2019 were down 23% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 104% compared to 42% in November 2018 and 80% in October 2019.


Burnaby South: Total Units Sold in November 2019 was 167 – up from 157 (6%) in October 2019, up from 79 (99%) in November 2018, up from 148 (13%) in November 2017; Active Listings are at 607 compared to 688 (down 12%) at this time last year; New Listings in November 2019 were down 6% compared to November 2018 and down 28% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 96% compared to 42% in November 2018 and 68% in October 2019.


New Westminster: Total Units Sold in November 2019 was 123 – down from 136 (10%) in October 2019, up from 87 (41%) in November 2018, down from 167 (26%) in November 2017; Active Listings are at 335 compared to 491 (down 68%) at this time last year; New Listings in November 2019 were down 40% compared to November 2018 and down 47% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 127% compared to 53% in November 2018 and 85% in October 2019.


Coquitlam: Total Units Sold in November 2019 was 210 – down from 254 (17%) in October 2019, up from 135 (56%) in November 2018, down from 323 (35%) in November 2017; Active Listings are at 753 compared to 935 (down 19%) at this time last year; New Listings in November 2019 were down 17% compared to November 2018 and down 33% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 97% compared to 51% in November 2018 and 77% in October 2019.


Port Moody: Total Units Sold in November 2019 was 43– down from 66 (35%) in October 2019, up from 33 (30%) in November 2018, down from 73 (41%) in November 2017; Active Listings are at 182 compared to 219 (down 17%) at this time last year; New Listings in November 2019 were down 31% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 90% compared to 47% in November 2018 and 80% in October 2019.


Port Coquitlam: Total Units Sold in November 2019 was 90 – down from 107 (16%) in October 2019, up from 67 (34%) in November 2018, down from 94 (4%) in November 2017; Active Listings are at 269 compared to 335 (down 20%) at this time last year; New Listings in November 2019 were up 1% compared to November 2018 and down 2% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 73% compared to 55% in November 2018 and 84% in October 2019.


Ladner: Total Units Sold in November 2019 was 42 – up from 34 (24%) in October 2019, up from 23 (83%) in November 2018, up from 26 (62%) in November 2017; Active Listings are at 163 compared to 143 (up 14%) at this time last year; New Listings in November 2019 were up 264% compared to November 2018 and up 28% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 164% in November 2018 and 52% in October 2019.


Tsawwassen: Total Units Sold in November 2019 was 36 – up from 32 (13%) in October 2019, up from 17 (112%) in November 2018, up from 24 (50%) in November 2017; Active Listings are at 250 compared to 219 (up 14%) at this time last year; New Listings in November 2019 were up 16% compared to November 2018 and down 8% compared to November 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 45% in November 2018 and 40% in October 2019.


Pitt Meadows: Total Units Sold in November 2019 was 24 – down  from 31 (23%) in October 2019, up from 23 (4%) in November 2018, down from 32 (25%) in November 2017; Active Listings are at 82 compared to 112 (down 26%) at this time last year; New Listings in November 2019 were down 53% compared to November 2018 and down 63% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 126% compared to 56% in November 2018 and 64% in October 2019.


Maple Ridge: Total Units Sold in November 2019 was 169 – down from 180 (6%) in October 2019, up from 108 (56%) in November 2018, down from 184 (8%) November 2017; Active Listings are at 689 compared to 674 (up 2%) at this time last year; New Listings in November 2019 were up 5% compared to November 2018 and up 6% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 78% compared to 53% in November 2018 and 74% in October 2019.



Kevin Skipworth
Dexter Realty - Managing Broker/Partner/Chief Economist

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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.