Potential Immigration the wild card in Metro housing market

“We cannot solve our problems with the same thinking we used when we created them.” Albert Einstein

March housing sales skyrocketed more than 126% higher than in March 2020 – the month the COVID-19 pandemic began – to the highest monthly sales pace ever recorded in Greater Vancouver.

The composite benchmark home price leaped 9.9% in March from a year earlier and detached house prices surged nearly 18% higher to all-time high of $1.7 million.

The unprecedented action of 5,843 sales in the month – more than 174 sales every day – blew past housing forecasts and eclipsed the former all-time sales record set in March of 2016, long recognized as the peak year for housing sales in the region.

Dexter agents have been running on the frontline of the current pace, and we are detecting some buyer fatigue, which is understandable. This market can’t continue at this level forever and, as we’ve seen in previous years, March can be the high point of the year for housing sales.

There could be some truth in that theory, but this year and this market is consistently shattering all the traditions.

We believe there is one wild card yet to be played and it could shift the housing market into hyperdrive later this year. This is a potential rebound of international buyers and immigration, which were credited for sparking high home sales in the mid-1980s and in 2016-18 and could do so again in 2021.

In March of 2020 foreign buyers accounted for 24 residential property transactions in Metro Vancouver, despite the provincial 20% tax on homes. But, after COVID-19 travel restrictions hit, that dropped to single-digits per month. We believe pent-up demand and a war chest is building and it could be unleashed on the Vancouver-area housing market later this year.

For instance, according to recent report from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), $43.6 billion was transferred from troubled Hong Kong to Canada in 2020, and this, FINTRAC said, does not include transfers via cryptocurrencies, between financial institutions, or transfer under $10,000.

As well, Canada was posting the highest population growth in the developed world prior to COVID-19, according to Statistics Canada, with its 1.4% annual growth rate in 2019 more than twice as high as the U.S. and Great Britain, which tied for second place. The Canadian government has increased its annual immigration quota to 400,000 people per year. The inflow has been stalled by the pandemic but when that ends the rush into Canada will begin. Wild as the current Metro Vancouver market is right now, it may be the calm before the storm.

And with some calls to cool the market, and concern over low interest rates creating challenges when rates do eventually rise, we have to remember that Canada has one of the soundest lending practices in the world and with the current Stress Test in place, buyers are qualifying at rates much higher than we are seeing in the market place right now. So, while demand side measures are easy for governments to tinker with and implement, supply side realities need to be a focus or this rush of demand will once again be pushed into the future and create challenges yet again.

Greater Vancouver: There was a welcome uptick in new listings in March compared to a year earlier, but the new arrivals were not enough to match buyer demand. Listings for detached houses increased 122% from March 2020, but sales increased 124% Townhouse listings were up by 122%, but that was nearly matched by the 112% increase in sales. In the condominium market, 64% more apartments were added to the market compared to a year earlier, but March sales surged 128% higher.

Despite a record-high benchmark price of $1,700,200, detached houses led the March market, accounting for 34% all transactions, compared to a 46% share by the condominium sector. Townhouse buyers accounted for only 19% of the market, but this is partially due to a severe lack of inventory. As of March there was only a one-month supply of townhouses in all of Greater Vancouver. This resulted in multiple offers that drove benchmark townhouse prices in March up 10.4% from a year earlier and nearly 5% higher than in February 2021, to $872,000, a record high.

As we predicted last month, strata sales are ramping up, led by condominium apartments which continue to represent the most affordable housing option. With the benchmark condo price rising an average of 3% per month since last October, it reached $715,800 in March, also an unprecedented high.

Vancouver Westside: The price of a Vancouver Westside detached house in March was $3,286,200. That is up nearly 4% , or about $131,000, from the start of this year, but benchmark detached prices are still 5% below what they were in 2018, so there appears room for further appreciation. There were 148 detached sales in March, which was up from 87 in February and 108 in March 2020. Sales of townhouses in March were very strong, with the 108 sales more than double the 56 sold in the same month last year. The townhouse price reflects this, at a median of $1,550,000 in March, it was nearly $200,000 higher than a month earlier. Wow. The real action was in the condo market, however. With 628 transactions in March – by far the highest of any Metro Vancouver community – the median price spiked to $816,700, up 7.5% , or about $61,000, from January 1 2021.

As an aside, anyone interested in Point Grey real estate should plan to attend a series of public sessions on the development of the 90-acre Jericho Lands ( bound by West 4th Avenue, Highbury Street, West 8th Avenue, and West Point Grey Park) that will run from April 10-19 and outline plans for the biggest residential development in recent Westside history. Register through shapeyourcity.ca

Vancouver East Side: Vancouver’s East Side is seeing an acute shortage of housing, and the entrenched NIMBYism in key SkyTrain-served neighbourhoods will likely keep the supply in check. In March, for instance, there were 384 listings for East Side condos but there were 313 sales, or 82% of all the listings. There is now less than a one-month supply. A major developer has issued a proposal to build 520 condos in three towers on the old Safeway site across from the Commercial-Broadway SkyTrain station but it has already been met with protests. It will be years, before supply matches demand, which points to further increases in East Side condo prices, which were already 3% higher, year-over-year, in March to $619,000.

The townhouse supply is even tighter. Only 11 new townhouses are under construction in East Vancouver and, in the first three months of this year there were just 348 listings of resale townhouses and 68% of them sold. As a result, the median townhouse price reached $1,210,000 in March, the highest level in history. Median detached house prices on the East Side in March hit $1,780,000 as sales more than doubled from a year earlier, to 244 transactions, which, incidentally, is 40% higher than on the neighbouring Westside.

North Vancouver: About 63% of all new listings for detached houses in North Vancouver in March sold, a clear seller’s market, with the benchmark price tracking 19.4% higher from a year earlier to $1,853,000, and up 8.8% from the start of the year.

Townhouse sellers were often dealing with multiple offers in March, a reflection of low supply and high demand, which drove the benchmark price of the 87 sales to $1,075,000, up nearly 10% from a year ago. North Vancouver has a total of 2,863 under construction, but reports show that the inventory of complete and unsold condos was just 25 units available as of March 1. A big new project is underway just west of the Lonsdale Quay, but it will take at least a decade for those 700 new condos to complete. Meanwhile, condo sales were up 105% in March from a year earlier, to 203 transactions, but price increases are moderate, advancing 5.2%, year-over-year to a benchmark of $615,200.

West Vancouver: Detached houses are dominant in exclusive West Vancouver, where the benchmark price for a detached house in March was $3,043,400, up a startling 19.2% from March of last year, a cash increase of more than $540,000. Detached house sales increased 139% from March 2020, to 98, which was more than townhouse and condo sales combined.

Sixteen townhouses sold in March, while 32 condo apartments transacted at a benchmark of $1,143,300, up 11% from the same month last year. This is a sustained seller’s market with the supply of total residential listings is down to 3 month’s supply in March.

Richmond: There is now only a 2-month inventory of total residential units on the Richmond market after sales surged 128% in March from the same period last year, to 786 transactions.

Price increases have been dramatic. The median price of a detached house sold in March was $1,850,000, up nearly $100,000 from a month earlier and $250,000 higher than in March of last year. History has shown that Richmond attracts more buyers from abroad than nearly any other market in Metro Vancouver, so we expect detached prices will continue to accelerate when borders open up, because the 106% year-over-year March surge in new listings is not enough to meet demand. Condominiums, which dominated the Richmond market with 384 sales in March, have seen relative price stability with median prices advancing 6.7% year-over-year to $588,000. But, with a sales-to-new-listing ratio of 74% in March, condos are in a strong seller’s market with multiple offers being seen.

Burnaby East: One of the more affordable markets in Greater Vancouver is seeing intense buyer demand, with total sales up 159% in March compared to a year earlier, the highest increase in Burnaby. Even with a 58% increase in new listings in March, there were just 100 total homes for sale in the community, or about a 1-month supply as of month’s end. The sales-to-listing ratio is running at 69%, which means the supply is dwindling in a seller’s market and prices are rising. If you are a detached-house owner in Burnaby East and have considered listing, now may be a prime time to come to market. The benchmark price of a house was $1,380,700 million in March, up nearly 5% or about $65,000, from a month earlier.

Burnaby North: The final major-brand retailers are moving into the recently completed Brentwood shopping centre development, where thousands of new condominiums have already been built. The massive mixed-use project has spurred demand for all types of homes in the area, with total sales up 158% in March from a year earlier and 74% higher than in February. The large inventory of condominiums – 237 new listings in March – has kept price increases restrained. The benchmark condo price is now $637,600 – about $50,000 below the Lower Mainland average - but with 84% of listings selling in March and most of the new Brentwood condo towers complete, condo values are forecast to increase.

Burnaby South: If you have driven through Metrotown recently you have seen the incredible construction pace that now defines the future of Burnaby’s official downtown. The blast radius of the development is apparent in the sale prices of both detached houses – which have been rising by 7.4% month-over-month this year and reached $1,696,200 in March – and townhouses, where the benchmark price is up 6.6% from a year ago to $819,000. Burnaby South is also as one of the hottest condo sales markets in the Lower Mainland, yet condo price increases are relatively stable, still 6.1% below the 2018 peak at $682,700 as of the end of March. This may represent an opportunity for condo investors.

New Westminster: Condominium investors, I hate to say, will want to keep an eye on condo rentals in the Royal City. On March 30, the city won a BC Supreme Court ruling that cements B.C.’s first bylaw that allows retroactive rezoning of condos to rental units in six specific rental buildings. So far about 270 units are affected, but there is no guarantee the bylaw won’t be extended. This may explain a 54% increase in condo listings in the first three months of this year compared to the same period in 2020, including 209 new listing in March. We expect condo listings to increase, which should keep the current median price of $547,200 from increasing dramatically. Detached house prices in New Westminster, meanwhile, were up 14.4% in March from a year earlier to $1,230,000, with the sales-to-listing ratio at 51%, reflecting a modest seller’s market.

Coquitlam: There is a plan that owners of older stratas and detached houses in Coquitlam should be aware of as the vaccine rollout brings an end to the pandemic. This is the developer demand for property that can be developed into higher density residential, either aging strata projects on large lots or houses that can be drawn together into land assemblies. Demand waned during the pandemic but is now coming back to life, due primarily to an aggressive City of Coquitlam development strategy that covers 1,789 acres radiating from the Coquitlam Town Centre near Lougheed Highway and Pinetree Way. Any potential buyers should get up to speed on the master plan by visiting the city’s web site. (There is even a virtual-reality tour available.)

Total Coquitlam housing sales soared 129% in March compared to a year earlier, and detached houses led the price increase, up a startling 20% to $1,433,800. Townhouse prices advanced 11.2% to $757,000 and condo prices were up 6% year-over-year to $560,700.

Port Moody: Savvy owners of older townhouses in the Woodland Park area are likely watching closely as a new 23-acre planned development inches through Port Moody’s approval process.

A developer’s plan for construction of about 1,840 homes over the next decade received first reading March 24 after more than a year of discussion. Today, 19 buildings with 200 townhouses, all of built more than 40 years ago, are on the site. The land is in the 1000-1100 block of Cecile Drive near Clark Road. Owners in the surrounding area should be aware that developers could be scouting for strata windups and land assemblies, but should also be cognizant of Port Moody’s lengthy and fickle approval process. Meanwhile, total home sales in

Port Moody increased 148% in March compared to a year earlier. The median price of a detached house is now $1,193,000, up 22.5% from March 2020, while townhouse values increased 7% to $694,700, but still remain less expensive that condo apartments, which were selling for a benchmark of $697,800 in March. This reflects the many newer condos on the market, and the aging stock of existing townhouses.

Port Coquitlam: Port Coquitlam offers the lowest house prices in the Tri-City area, with a detached house benchmark price of $1,226,400 in March, up 17.2% from a year earlier. Townhouses were up by similar amount, to $753,600, while condo prices saw a more modest increase of 8% to $501,500, or about $60,000 less than in neighbouring Coquitlam. However, with a lack of new construction recently and total sales up 114% year-over-year, there is only a 1-month supply of all type of homes in Port Coquitlam and the sales-to-listing ratio is 65%, an indication of a seller’s market and potential price increases.

Pitt Meadows: The sales bloom faded slightly in Pitt Meadows in March, with total homes transactions of 53, down 5% from February and up a relatively modest 51% from March of 2020 – a reflection on the amount of total stock available with there being half a month to 1 month’s supply of homes available. Detached house prices increased markedly, however, leaping 27.4% year-over-year to a record high of $1,143,000. The sales-to-listings ratio dipped to 67% in March, down from 85% in February, as new listing increased 65% from February to 53 units. Pitt Meadows is catching a trend towards people relocating from the city to smaller, more affordable towns. In March, buyers could find townhouses for around $640,000 and condo apartments for less than $400,000. However, with an extreme seller’s market, the lower-priced units are seeing multiple offers this spring.

Maple Ridge: Even with a 157% surge in total March sales compared to March of last year and detached house prices increasing 20.7% year-over-year, Maple Ridge remains a relative bargain. Its benchmark detached house price was $1,043,900 in March, nearly $500,000 below the Lower Mainland benchmark and $700,000 less than in Greater Vancouver. Yet, multiple offers are common as the sales-to-listing ratio has been north of 80% since the start of the year. New townhouse projects are selling out fairly quickly and the resale townhouse price has spiked 18.6% from last year to $634,400. The typical condo apartment sells for $403,900, up 12.3%, year-over-year.

Ladner: The small town of Ladner in South Delta posted a 225% increase in total sales in March, to 101, compared to March of 2020, the biggest increase in the Lower Mainland. Its 23.2% increase in prices for detached houses was also one of the highest, with March ending with house prices at $1,205,800, which is about $500,000 less than Richmond, the next biggest city. There has been a lot of new strata units built in Ladner over the past year, and more to come. The supply has kept townhouse prices at a benchmark of $702,000, still 3.2% below the 2018 peak, and condo apartment values at $548,400 in March, up about 9% from a year ago but 1.4% below the price three years ago. A total sales-to-listing ratio at 74% in March, however, portends increasing prices across the board.

Tsawwassen: Tsawwassen has been largely a no-go community for developers for many years. The long-delayed Southland community for about 850 homes is slowly taking place, but no large housing projects have been built in a decade. In the 16 months to the first of March 2021 only nine homes were started, all of them rental apartments. This is reflected in the current reality, with multiple offers on the mere 166 active listings available and a sales-to-listing of 77% in March in an extreme seller’s market. The benchmark detached house price soared 21.3% year-over-year to $1,312,100 in March, and is now 112% higher than 10 years ago. Many people want to buy in Tsawwassen, which has driven townhouse prices up nearly 8% from March 2020 and condo prices up 10.8%, year-over-year, to $588,800. For investors, this sunny community is one of the hottest market for potential price appreciation in Greater Vancouver because virtually no new homes are being built.

February 2021: Watch for the rise of the strata market

February is traditionally a ho-hum period in residential real estate but this year, as with so much of the recent Metro Vancouver market, this February proved exceptional. Housing sales hit the highest monthly level since June 2017, with prices arcing nearly 9% higher than a year earlier to a composite benchmark of $1,084,000. The typical detached house now sells for more than $1.62 million –an average increase of $221,000 from February 2020 – with sales up 80% from a year ago.

Detached houses have been the headline news in Metro Vancouver for the past year, but we believe February marked the beginning of a major shift towards the townhouses and condominium sector.

February townhouses sales were up 82% year-over-year and condo apartment sales were 65% higher. Together, strata property sales accounted for nearly 65% of all February transactions, with condo apartments leading all sectors with a blistering pace of 62 sales every day. Condo developers reported “a sense of urgency” in new condo sales in February as 1,400 new condos started construction and 1,759 existing condos sold.

It may come down simply to supply. There is a lack of detached houses to meet demand, despite a 21% spike in new listings in February, and there has been a chronic shortage of townhouses, with just a 1.5-month supply now available. In Port Moody and Maple Ridge there were almost twice as many townhouse sales as active listings in February. And on Vancouver’s West Side the number of townhouse sales in February were the highest since June 2017.

Investors, we believe, are pivoting to condos, looking towards the easing of pandemic regulations that will bring vibrancy back to downtowns and foreign students back to Metro Vancouver campuses. Affordability is part of the equation. In the past year, condo prices have increased just 2.5%, while townhouse prices jumped 7.2% and detached houses soared 13.7%. In East Vancouver, as one example, the typical condo apartment sells for $599,000 while a neighbouring detached house sells for $1.58 million.

For an increasing number of buyers, condominiums are now the first, the smartest and only choice.

What to expect going forward...

We are now experiencing a perfect storm that is churning housing demand and prices to unprecedented heights. Mortgage interest rates are at the lowest level in our lifetime, even our parents lifetime. This combines with intense buyer demand and simply not enough listings, all in an environment where the home is now the centre for living and work for thousands of families. Multiple offers are now the majority of transactions. We don’t see that changing anytime soon.

Greater Vancouver: Total housing units sold in February were 3,852 were up 57% from the 2,454 in January 2021, 76% higher than February 2020, and a startling 155% increase compared to February 2019. Total active listings were at 8,851 at month end, compared to 9,894 at the same time last year and 8,831 at the end of January 2021; New listings in February were up 12% compared to January 2021, up 26% compared to February 2020 and up 30% compared to February 2019. Yet the sales-to-listings ratio, a key metric, February was 74%, signally a robust seller’s market, and perhaps strongest performance in history. In February of 2016, the former peak year for housing sales, the sales ratio was 56%.

February 2021 Highlights

• Least expensive detached house: Maple Ridge, $972,600

• Most expensive detached house: Westside, Vancouver, $3.3 million

• Least expensive condo apartment: Port Coquitlam, $481,300

• Least expensive townhouse: Maple Ridge, $594,300

• Highest annual home sales increase: Tsawwassen, up 138%

• Real Estate Board of Greater Vancouver.

Vancouver Westside: Home buyers in Canada’s most expensive community should keep a close eye on long-term mortgage rates now because the five-year Canadian government bond rate has doubled since February 5 after barely budging for a decade, rising 45 basis points (0.45% ) to 0.88% as of February 26. The five-year fixed mortgage is tied to the bond rate, unlike variable rate mortgages. The current bond rate has already surpassed the forecast for all of 2021. If you are looking at locking in a new mortgage, the sooner is better.

A total of 592 homes sold on the Westside in February from 1,194 active listings, for a sales-to-listing ratio of 63%, the highest level in at least five years. Sales of condos dominated , with 440 condos purchased, compared to 87 detached houses and 63 townhouses. The price gap between sectors is becoming a chasm. The typical Westside detached house sold for a benchmark of $3,232,500 in February, compared to $735,000 for a condo and just over $1.3 million for a townhouse. Detached house prices were up 8.5% from a year earlier – ,nearly $275,000 – while condo apartment prices were down 0.2% and townhouse prices rose just 2.4%.

Vancouver East Side: Investors take note: East Side condo apartment prices have not budged in two years and now, at a $599,000 benchmark, are $13,000 less than in 2018. Townhouse prices are 2% lower now than three years ago, at a current benchmark of $910,000. However, all East Side strata prices have been edging up since December. Both have increased though in the last 6 to 8 months.

The East Side story is a positive one of increased transit, high-tech job growth and condo prices that are lower than in Burnaby and far below the Westside. There was a is surge in East Side condo and townhouse sales in February and this market appears ripe for rapid price appreciation.

Total East Side housing sales in February, at 408, were up 59% from January and 67% higher than in February 2020 and 146% above the 166 sales in February 2019. Despite an increase in listings, the sales-to-new-listing ratio was 70%, compared to 51% a month earlier and 55% in February 2020. Townhouses were seeing multiple offers with the sales-to-new-listing ratio at a stunning 105% in February, meaning virtually every townhouse listed sold.

North Vancouver: Both the City and District of North Vancouver are regulating new homes to meet the highest energy regulations under the BC Step Code, effective July 1, 2021. Perhaps better for the environment, the changes can add $40,000 or more to the price of a new detached house, according to industry estimates. Something to consider if you are planning to build or buy a new house this year.

North Vancouver is running out of homes for sale faster than nearly any other Metro region. There is now only a one-month supply, based on current listing and sales. In February total listings were 469 units, while sales reached 318 units. The result is an extreme sellers’ market, with a sales-to- listing ratio of 74%.

West Vancouver: February housing sales in West Vancouver, at 102 transactions, more than doubled from a month earlier, rising 127% from January and up 57% from February of last year. Sales were also 162% above February 2019. As usual, detached houses led the market, accounting for 80% of all transactions, despite house prices rising 16.8% from a year earlier to a benchmark of $2,972,400. West Vancouver remains a seller’s market, though more modest than in other regions, with a sales-to-listing ratio in February of 63%, which was up from 23% in January and from a 40% ratio a year earlier.

Richmond: With a sales-to-listing ratio of 77% in February, Richmond has about a three-month supply of residential units and it is being whittled down fairly quickly.

Total Richmond housing sales in February reached 453 units, up from 277 a month earlier and from 253 in February 2020, and a 192% increase from the 155 homes sold in February 2019. The benchmark price of a detached house increased 9.6% year-over-year to $1,651,800, but buyers should note that this price has been rising an average of $24,700 per month for the past three months. Condo sales in February reached 197 units, with benchmark prices up 6.5% year-over-year to $683,200. In the same period, typical townhouse prices advanced nearly 9% to $849,900.

Burnaby East: There were a total of 141 housing sales in February, up 46% from January and 28% higher than in February 2020. Burnaby East has among the lowest-price detached house prices in the region, with its benchmark of $1,317,900 about $300,000 below the Greater Vancouver benchmark. Active listings were at 84 at month end compared to 91 at the same time last year and 67 at the end of January. There is two month’s supply and sales to listings ratio of 64% compared to 65% in January 2021, 84% in February 2020 and 47% in February 2019. The sellers’ market is strengthening.

Burnaby North: This market has become intense with multiple offers on detached houses. One listing recently attracted 43 bids and sold for $300,000 above the asking price. The stats reflect what is going on in the home of the Amazing Brentwood and the new condos that surround it. Total sales were up 93% from the same month last year, to 193 transactions this February. Detached house prices have been rising more than 1% per month since last September and reached $1,572,500 in February. New listings in February were up 9% compared to January 2021, up 37% compared to February 2020 and up 66% compared to February 2019., yet the total inventory of listings is down to a 2 month’s supply. A strong sellers’ market, with the sales-to-listing ratio at 73%, compared to a ratio of 52% in February 2020.

Burnaby South: Anchored by Metrotown, considered Burnaby’s downtown, Burnaby South accounted for 201 of the 525 Burnaby home sales in February, with sales increasing 40% from January and up 91% year-over-year. Benchmark detached house prices were 10.2% higher than in February 2020, to $1,629,300, but the typical condo price was virtually unchanged year-over-year, at $664,700. Townhouse prices have been slowly climbing 0.5% every month for the past six months and reached $806,200 in February. Sales are strong, representing 74% of available listings.

New Westminster: That pounding beat you hear in the Royal City is pile driving on the waterfront as the latest and tallest new condo towers begin to rise above the Westminster Quay, in this instance two towers of 43 and 53 storeys. New Westminster’s housing market is now defined by condominium apartments, which represented 111 of the total of 164 transactions in February. Condo prices were up 3% year-over-year to $532,900, while condo sales increased 69% compared to both one month and one year earlier. New Westminster remains relatively affordable for all types of homes. Despite detached house prices increasing 11.9% from a year ago, the city has the lowest price for a SkyTrain-served market in Greater Vancouver, at a benchmark of $1,177,800. The overall sales-to-listing ratio, at 74% in February, reflects the strong sellers’ market.

Coquitlam: Coquitlam was an early adapter of laneway homes and small-lot, detached-house development, and now the city is considering zoning changes in six southwest neighbourhoods where residents have voiced support for higher density. These pockets include Austin-Poirier, Blue Mountain-Quadling and Whitting-Apian, among others. The areas are fairly close to SkyTrain stations and most of the detached houses were built 40 years ago. The plan is still in the consultation phase, but it is something local owners, buyers and sellers should be aware of.

Coquitlam detached house sales in February totalled 105, up from 76 in January and 67 in February of 2020. The benchmark detached house price posted a year-over-year increase of 16% to $1,363,000. Coquitlam added 71 new listings to the townhouses inventory in February, but with 69 sales, the supply is dwindling and prices were up 7.8% year-over-year to $725,100. Total home sales in the month, at 322, were up 43% from January and 64% higher than in February of last year. The sales-to-listing ratio in Coquitlam was 79% in February, a very strong buyer’s market.

Port Moody: The waterfront, SkyTrain-linked city of Port Moody is in the midst of dramatic change – two new development plans alone call for about 5,000 new homes over the next two decades – but it remains a quiet community backdropped by the massive 2,700-acre Belcarra Regional Park on its north shore. The green space and oceanfront are among the reasons detached house prices have soared 17.5% over the past year to $1,655,900, fourth-highest in Metro Vancouver markets. Port Moody is also distinctive in that its February benchmark condo price, at $671,900, is higher than local townhouse prices, at $660,400, evidence of the modern condo apartments built since SkyTrain arrived. There is only a two-month supply of homes in Port Moody and the February sales-to-listing ratio was 81%, representing one of the strongest sellers’ markets in Metro Vancouver.

Port Coquitlam: Port Coquitlam is rather tucked away but it should not be overlooked for buyers looking for value and potential. The little city has the lowest condo apartment prices in Greater Vancouver, at a February benchmark of $481,300. The secret is apparently getting out, though, as condo sales this year were up about 30% year-over-year to 81 transactions, including 44 in February. Future condo development is coming, and about 20 detached house lots in a six-acre wedge of land on Westwood Street, where the city is planning its first high-density development zone, will be affected. The benchmark price of a detached house in Port Coquitlam is now $1,270,000, but prices have risen 19.1% year-over-year, the fastest increase in the Tri-City area and one of the largest in Metro Vancouver. This is a town for investors to watch.

Maple Ridge: The pandemic work-from-home trend has made Maple Ridge one of the most popular destinations for people seeking more living space and lower housing costs. The result is predictable: overall housing sales have increased 64% year over year and were up 51% in February from a month earlier to 292 units. The benchmark price of a detached house soared 18.2% to $972,600. Townhouse prices are up 13.4% to $594,300 and condo apartment prices have increased nearly 9%, to $387,500, from a year ago. All of these prices are the lowest in Greater Vancouver, but a low inventory may drive values higher. There is now a mere one-month supply of total listings on the Maple Ridge market and the overall sales-to-listing ratio in February was a startling 81%. This is an extreme seller’s market. The shortage won’t end soon. As of February 1, just 185 new townhomes and 189 detached houses were under construction in the Maple Ridge-Pitt Meadows area, and total housing starts in all of 2020 tallied just 213 units.

Pitt Meadows: Pitt Meadows total housing sales more than doubled in February from a month earlier, rising 118% to 48 transactions, and were up 78% from a year earlier, but active listings plunged to just 38, down from 86 a year earlier and 42 at the end of January 2021. The sales-to-listing ratio is 80%, one of the highest in the Metro region, as is the annual price increase of 20.7% for detached houses, to $1,066,700. Townhouse prices are increasing an average of 4% per month and reached $651,000 as of February. This small market is one of the hottest for housing sales in the region.

Ladner: The south Delta community of Ladner led Greater Vancouver’s mainland in price increase for detached houses, up 20.9% year-over-year to $1,159,000 in February. Detached house prices are now rocketing up by 7.7% per month, also the highest such increase in the region. Townhouse prices are up 6% from February of last year to $693,900 and condo apartment prices reached $537,600, up 5.5% from a year earlier in this very active market. With a 74% sales-to-listing ratio and few new homes being completed, total listings represent a mere two-month supply.

Tsawwassen: This sunny region of Delta has a blazing housing market, with intense demand taking up the 91% year-over-year increase in listings seen in February. Sales have more than doubled from a year ago, with 78 transactions in February, up 138% from a year earlier. Townhouse prices edged up 2.4%, year-over-year, to $640,500 but the real surge was in detached houses to $1,273,100, up 15.7% from a year earlier and 3.4% higher than in January 2021. The sales-to-new-listing ratio is 74% and, if the current sales pace continues, Tsawwassen will run out of listings in about eight weeks. So far this year, 359 new homes are under construction in Tsawwassen, including 73 townhomes, 251apartments (some of which are rentals) and just 39 new detached houses, but most of the new units are already pre-sold.

Very Honoured.

What a Year!

Thank you to all my Family, Friends, Clients and Colleagues, I could not have done it without YOU!

Repost from Dexter Realty

It's with immense pride we share those from our Dexter team who qualified for the Real Estate Board of Greater Vancouver Medallion Club this year.

⭐️ They are associates, partners, mentors, friends, but today we honour you as the incredible agents that lead our industry.

They exemplify professionalism and success and we're honoured to have them all represent Dexter Realty. Congratulations everyone and job well done!

“Character is much easier kept than recovered.” Thomas Paine 

This is no longer a comeback! This is a real estate market making its own way into 2021. This is well beyond pent up demand and more like a surge of moves being made for a variety of reasons. Those buying and selling have had more confidence in the real estate market than did the federal organization that insures mortgages in Canada – and true to form, the customer is always right! 

 There were 3,181 properties sold of all types in Greater Vancouver in November this year compared with 3,787 sold last month, 2,546 sales in November last year and 1,633 sold in November 2018. It was the fifth highest amount of sales for the month of November on record in Greater Vancouver, and the highest for the month since 2015 at 3,603. Total sales for 2020 have already exceeded the total number of sales in 2018 and 2019 with December still to come. Instances of multiple offers are still occurring at a rate we’ve not seen in the last few years in Metro Vancouver, with some reports showing that a quarter of transactions are selling at list price or above. While more so in detached homes and townhouses, there is still activity in the apartment market that has created competition. While downtown Vancouver has seen less activity in comparison, there are still quite a number of transactions occurring. Inventory of apartments for sale has increased from extreme seller’s market conditions in 2017, and yet the total is still much less than the number of listings on market in 2011 and 2012. As we move into 2021 and the potential for some relief from the pandemic comes, the push away from high rise apartments should relax. When immigration opens up again and service sector jobs return, demand for apartments will increase with it – both to purchase and rent.
 
Total sales in November were 25 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 29 per cent year over year (43 per cent in October), townhouses up 40 per cent year over year (45 per cent in October), apartments up 12 per cent year over year (13 per cent in October). Detached homes made up 34 per cent of all sales (35 per cent in October), while townhomes made up 21 per cent (up from 20 per cent in October) and apartments 44 (up from 41) per cent. Total active listings for apartments are up 37 per cent year over year (compared to 31 per cent at the end of October), and active listings for townhouse and detached homes are down 12 per cent and 20 per cent respectively year over year.
 
2020 Average Daily Listings and Sales in Greater Vancouver by Week:

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

• Last two weeks 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 – 274 new listings, 147 sales

• August - 299 new listings, 157 sales

• September – 313 new listings, 176 sales

• October – 272 new listings, 182 sales

• November 2 to 6 – 236 new listings, 151 sales

• November 9 to 13 – 253 new listings, 188 sales

• November 16 to 20 – 191 new listings, 155 sales

• November 23 to 27 – 166 new listings, 149 sales

The number of new listings coming to market continued to decline in November with total active listings declining as well. Even though the number of new listings in November were 21 per cent above the 10-year average for the month, the total number of active listings at the end of November dropped to 11,716 from 13,066 at the end of October. While slightly above last year’s number of active listings which were 11,517 at the end of November 2019, with buyer demand continuing at the level we’ve seen in the second half of 2020, there will be less than 10,000 total active listings at the end of the year. While December is typically a time to hold off listing a home for sale, this year is a much different year, opportunity exists for those in need of making a move. And with more and more consumer activity happening on line, there will be more eyes shifting to real estate websites after visits to Amazon and other online shopping sites.
 
With one month left in 2020, it’s become clear that despite a pandemic, the real estate market has been driven by real demand and created a shortage of resale homes to be available for buyers to choose from. The month’s supply of listings since June have been the lowest in over two years for detached and townhouse type properties. While the number of apartments has gone up in Vancouver’s West Side, there has been a clear shift towards buying further out in Greater Vancouver. Looking at areas such as Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and Lander, there 2 month’s supply of homes available. In Ladner, at the peak in June 2018 there were 131 houses available for sale, there are now 58; and for townhouses in Ladner, there were 46 available for sale in May 2019 and there are now 13.  In Port Coquitlam in August 2018 there were 159 houses available for sale, there are now 53 and for townhouses there were 102 available in April 2019 and there are now only 26 on the market.

“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said, “This is putting upward pressure on home prices, particularly in our detached and townhome markets. The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® in November, a decrease of 8.3 per cent compared to sales in October and a 54.7 per cent increase compared to November last year. This was the highest sales for the month of November in the Fraser Valley Board, a continued trend from September. There were 2,217 new listings in November, a 28.0 per cent decrease compared to October and an 18.1 per cent increase compared to November of last year. November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October’s inventory and a decrease of 13.2 per cent year-over-year. “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.” Chris Shields, President of the Fraser Valley Real Estate Board said. “For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”
 
Here’s a summary of the numbers:
 
Greater Vancouver: Total Units Sold in November were 3,131 – down from 3,787 (16%) in October 2020, up from 2,546 (23%) in November 2019, up from 1,633 (90%) in November 2018; Active Listings are at 11,716 compared to 11,517 at this time last year and 13,066 at the end of October; New Listings in November were down 27% compared to October 2020, up 35% compared to November 2019 and up 17% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 5.8%.
 
Vancouver Westside: Total Units Sold in November were 470 – down from 547 (14%) in October 2020, up from 406 (16%) in November 2019, up from 298 (57%) in November 2018; Active Listings are at 2,558 compared to 2,065 at this time last year and 2,820 at the end of October; New Listings in November were down 30% compared to October 2020, up 41% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is steady at 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 59% compared to 46% in October 2020, 72% in November 2019 and 43% in November 2018. Year-over-year, the House Price Index is up 2.6%.
 
Vancouver East Side: Total Units Sold in November were 364 – down from 392 (7%) in October 2020, up from 310 (17%) in November 2019, up from 181 (101%) in November 2018; Active Listings are at 1,232 compared to 1,006 at this time last year and 1,383 at the end of October; New Listings in November were down 31% compared to October 2020, up 41% compared to November 2019 and up 24% compared to November 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 conditions) and sales to listings ratio of 76% compared to 57% in October 2020, 91% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 6.1%.
 
North Vancouver: Total Units Sold in November were 264 – down from 334 (21%) in October 2020, up from 217 (22%) in November 2019, up from 139 (90%) in November 2018; Active Listings are at 693 compared to 656 at this time last year and 824 at the end of October; New Listings in November were down 25% compared to October 2020, up 47% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 9.3%.
 
West Vancouver: Total Units Sold in November were 90 – down from 104 (13%) in October 2020, up from 66 (36%) in November 2019, up from 30 (200%) in November 2018; Active Listings are at 558 compared to 608 at this time last year and 630 at the end of October; New Listings in November were down 44% compared to October 2020, down 3% compared to November 2019 and up 20% compared to November 2018. Month’s supply of total residential listings is steady at 6 month’s supply (mostly balanced conditions) and sales to listings ratio of 80% compared to 50% in October 2020, 56% in November 2019 and 21% in November 2018. Year-over-year, the House Price Index is up 8.1%.
 
Richmond: Total Units Sold in November were 335 – down from 384 (13%) in October 2020, up from 273 (22%) in November 2019, up from 178 (88%) in November 2018; Active Listings are at 1,637 compared to 1,795 at this time last year and 1,637 at the end of October; New Listings in November were down 16% compared to October 2020, up 36% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 64% compared to 62% in October 2020, 71% in November 2019 and 39% in November 2018. Year-over-year, the House Price Index is up 5.3%.
 
Burnaby East: Total Units Sold in November were 37 – down from 50 (26%) in October 2020, up from 33 (12%) in November 2019, up from 17 (118%) in November 2018; Active Listings are at 105 compared to 135 at this time last year and 124 at the end of October; New Listings in November were down 39% compared to October 2020, up 3% compared to November 2019 and up 12% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 97% compared to 81% in October 2020, 89% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 6.7%.
 
Burnaby North: Total Units Sold in November were 156 – down from 170 (8%) in October 2020, up from 137 (14%) in November 2019, up from 71 (120%) in November 2018; Active Listings are at 594 compared to 439 at this time last year and 627 at the end of October; New Listings in November were down 13% compared to October 2020, up 87% compared to November 2019 and up 44% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 63% compared to 60% in October 2020, 104% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 4.7%.
 
Burnaby South: Total Units Sold in November were 159 – down from 178 (11%) in October 2020, down from 167 (5%) in November 2019, up from 79 (101%) in November 2018; Active Listings are at 669 compared to 607 at this time last year and 744 at the end of October; New Listings in November were down 32% compared to October 2020, up 17% compared to November 2019 and up 10% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 78% compared to 59% in October 2020, 96% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 2.9%.
 
New Westminster: Total Units Sold in November were 137 – down from 168 (18%) in October 2020, up from 123 (11%) in November 2019, up from 87 (57%) in November 2018; Active Listings are at 462 compared to 335 at this time last year and 520 at the end of October; New Listings in November were down 38% compared to October 2020, up 73% compared to November 2019 and up 3% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 82% compared to 62% in October 2020, 127% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 5.1%.
 
Coquitlam: Total Units Sold in November were 260 – down from 356 (27%) in October 2020, up from 210 (24%) in November 2019, up from 135 (93%) in November 2018; Active Listings are at 782 compared to 753 at this time last year and 844 at the end of October; New Listings in November were down 18% compared to October 2020, up 72% compared to November 2019 and up 42% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 70% compared to 78% in October 2020, 97% in November 2019 and 51% in November 2018. Year-over-year, the House Price Index is up 7.6%.
 
Port Moody: Total Units Sold in November were 67 – down from 92 (27%) in October 2020, up from 43 (56%) in November 2019, up from 33 (103%) in November 2018; Active Listings are at 226 compared to 182 at this time last year and 254 at the end of October; New Listings in November were down 31% compared to October 2020, up 77% compared to November 2019 and up 22% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 79% compared to 75% in October 2020, 90% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 5.3%.
 
Port Coquitlam: Total Units Sold in November were 102 – down from 122 (16%) in October 2020, up from 90 (13%) in November 2019, up from 67 (52%) in November 2018; Active Listings are at 199 compared to 269 at this time last year and 250 at the end of October; New Listings in November were down 32% compared to October 2020, down 3% compared to November 2019 and down 2% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 86% compared to 69% in October 2020, 73% in November 2019 and 55% in November 2018. Year-over-year, the House Price Index is up 6.8%.
 
Ladner: Total Units Sold in November were 47 – down from 55 (15%) in October 2020, up from 42 (12%) in November 2019, up from 22 (114%) in November 2018; Active Listings are at 88 compared to 163 at this time last year and 120 at the end of October; New Listings in November were down 25% compared to October 2020, down 25% compared to November 2019 and down 14% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 124% compared to 108% in October 2020, 82% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 9.0%.
 
Tsawwassen: Total Units Sold in November were 55 – down from 76 (28%) in October 2020, up from 36 (53%) in November 2019, up from 17 (224%) in November 2018; Active Listings are at 248 compared to 250 at this time last year and 285 at the end of October; New Listings in November were down 9% compared to October 2020, up 75% compared to November 2019 and up 103% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 71% compared to 89% in October 2020, 82% in November 2019 and 45% in November 2018. Year-over-year, the House Price Index is up 8.9%.
 
Pitt Meadows: Total Units Sold in November were 46 – up from 39 (18%) in October 2020, up from 24 (92%) in November 2019, up from 23 (100%) in November 2018; Active Listings are at 64 compared to 82 at this time last year and 90 at the end of October; New Listings in November were down 24% compared to October 2020, up 100% compared to November 2019 and down 7% compared to November 2018. Month’s supply of total residential listings is down to 1 month’s supply (seller’s market conditions) and sales to listings ratio of 121% compared to 79% in October 2020, 126% in November 2019 and 56% in November 2018. Year-over-year, the House Price Index is up 7.3%.
 
Maple Ridge: Total Units Sold in November were 176 – down from 293 (40%) in October 2020, up from 169 (4%) in November 2019, up from 108 (63%) in November 2018; Active Listings are at 484 compared to 674 at this time last year and 527 at the end of October; New Listings in November were down 30% compared to October 2020, down 4% compared to November 2019 and up 1% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 86% compared to 101% in October 2020, 78% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 8.7%.

The sales and listings numbers are attached as of October 15, 2020. The real estate market continues to move along with October keeping pace with where September was at mid-month, albeit with a slight drop in the number of new listings coming on. Sales in the last half of September did gain momentum, will that be the case for October? In Greater Vancouver, there have been 1,741 sales as of October 15th while there were 1,755 sales last month as of September 15th. While we’ll likely see over 3,000s sale at month end for Greater Vancouver as was the case in September, the year-over-year increase won’t be as dramatic given October 2019 had the highest monthly sales for 2019 at 2,892. But that doesn’t take away from the fact this real estate market continues to move – no pun in intended.
 
Typically, October would have more sales than September – but of course in the year of COVID, there is no usual. We may not quite see the same level of sales to finish the month but buyers are still engaging and with the number of new listings less so far in October than we saw in September, competition continues to be strong – especially for detached homes. There have been 3,060 new listings in Greater Vancouver so far this month, which is less than the 3,385 new listings at mid-month in September. Total active listings are down slightly to 13,670 from the 13,790 at the end of September. We do have a provincial election on October 24th which may distract a few buyers and sellers over the next week but so far that really hasn’t been an issue. Housing policies haven’t been a significant part of the platforms in the election, status quo seems to be where we are headed. Supply is going to be an issue in the coming years as a result. There was a slight lag in sales leading up to Thanksgiving but activity picked up again after that.
 
While it was a September to remember, the real estate market could still be Mr. October after we finish the month.

Greater Vancouver Average Daily Listings and Sales

• April – 120 new listings, 56 sales

• May – 189 new listings, 75 sales

• June – 274 new listings, 115 sales

• July – 278 new listings, 145 sales

• August 3 to 7 – 337 new listings, 151 sales

• August 10 to 15 – 282 new listings, 140 sales

• August 17 to 21 – 298 new listings, 171 sales

• August 24 to 28 – 279 new listings, 164 sales

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

• September 8 to 11 – 379 new listings, 171 sales

• September 14 to 18 – 315 new listings, 184 sales

• September 21 to 25 – 295 new listings, 180 sales

• September 28 to Oct 2 – 302 new listings, 181 sales

• October 5 to 9 – 300 new listings, 169 sales

Here is a summary of the activity so far:

Greater Vancouver: 1,741 Units Sold so far as of October 15 compared to 1,755 as of September 15th, 2020, 1,132 Units Sold at October 14, 2019 and 898 at October 15, 2018. Total New Listings so far in October are 3,060 compared to 3,385 as at September 15, 2020, 1,802 at October 14, 2019 and 2,302 at October 15, 2018. Total Active Listings are at 13,670 (13,627 at the same time in October 2019 and 13,814 at mid-September 2020), Sales To Listings Ratio is at 57% compared to 52% at this time in September 2020, and 63% at this time in October 2019.
 
Vancouver West: 258 Units Sold so far as of October 15 compared to 252 as of September 15th, 2020, 186 Units Sold at October 14, 2019 and 164 at October 15, 2018. Total New Listings so far in October are 630 compared to 693 as at September 15, 2020, 363 at October 14, 2019 and 459 at October 15, 2018. Total Active Listings are at 2,878 (2,382 at the same time in October 2019 and 2,799 at mid-September 2020), Sales To Listings Ratio is at 41% compared to 36% at this time in September 2020, and 51% at this time in October 2019.
 
Vancouver East: 192 Units Sold so far as of October 15 compared to 197 as of September 15th, 2020, 120 Units Sold at October 14, 2019 and 107 at October 15, 2018. Total New Listings so far in October are 395 compared to 403 as at September 15, 2020, 180 at October 14, 2019 and 228 at October 15, 2018. Total Active Listings are at 1,422 (1,239 at the same time in October 2019 and 1,379 at mid-September 2020), Sales To Listings Ratio is at 49% compared to 49% at this time in September 2020, and 67% at this time in October 2019.
 
North Vancouver: 155 Units Sold so far as of October 15 compared to 164 as of September 15th, 2020, 96 Units Sold at October 14, 2019 and 68 at October 15, 2018. Total New Listings so far in October are 246 compared to 309 as at September 15, 2020, 130 at October 14, 2019 and 219 at October 15, 2018. Total Active Listings are at 899 (824 at the same time in October 2019 and 926 at mid-September 2020), Sales To Listings Ratio is at 63% compared to 53% at this time in September 2020, and 74% at this time in October 2019.
 
West Vancouver: 47 Units Sold so far as of October 15 compared to 52 as of September 15th, 2020, 32 Units Sold at October 14, 2019 and 24 at October 15, 2018. Total New Listings so far in October are 106 compared to 111 as at September 15, 2020, 67 at October 14, 2019 and 97 at October 15, 2018. Total Active Listings are at 647 (689 at the same time in October 2019 and 649 at mid-September 2020), Sales To Listings Ratio is at 44% compared to 47% at this time in September 2020, and 48% at this time in October 2019.
 
Richmond: 173 Units Sold so far as of October 15 compared to 198 as of September 15th, 2020, 136 Units Sold at October 14, 2019 and 111 at October 15, 2018. Total New Listings so far in October are 325 compared to 368 as at September 15, 2020, 232 at October 14, 2019 and 270 at October 15, 2018. Total Active Listings are at 1,737 (2,041 at the same time in October 2019 and 1,742 at mid-September 2020), Sales To Listings Ratio is at 53% compared to 54% at this time in September 2020, and 59% at this time in October 2019.
 
Burnaby East: 22 Units Sold so far as of October 15 compared to 23 as of September 15th, 2020, 11 Units Sold at October 14, 2019 and 11 at October 15, 2018. Total New Listings so far in October are 27 compared to 27 as at September 15, 2020, 21 at October 14, 2019 and 24 at October 15, 2018. Total Active Listings are at 141 (152 at the same time in October 2019 and 140 at mid-September 2020), Sales To Listings Ratio is at 67% compared to 85% at this time in September 2020, and 52% at this time in October 2019.
 
Burnaby North: 84 Units Sold so far as of October 15 compared to 91 as of September 15th, 2020, 60 Units Sold at October 14, 2019 and 39 at October 15, 2018. Total New Listings so far in October are 165 compared to 171 as at September 15, 2020, 86 at October 14, 2019 and 107 at October 15, 2018. Total Active Listings are at 651 (550 at the same time in October 2019 and 636 at mid-September 2020), Sales To Listings Ratio is at 51% compared to 53% at this time in September 2020, and 70% at this time in October 2019.
 
Burnaby South: 72 Units Sold so far as of October 15 compared to 79 as of September 15th, 2020, 62 Units Sold at October 14, 2019 and 35 at October 15, 2018. Total New Listings so far in October are 771 compared to 177 as at September 15, 2020, 93 at October 14, 2019 and 134 at October 15, 2018. Total Active Listings are at 771 (722 at the same time in October 2019 and 727 at mid-September 2020), Sales To Listings Ratio is at 46% compared to 45% at this time in September 2020, and 70% at this time in October 2019.
 
New Westminster: 72 Units Sold so far as of October 15 compared to 76 as of September 15th, 2020, 51 Units Sold at October 14, 2019 and 43 at October 15, 2018. Total New Listings so far in October are 147 compared to 148 as at September 15, 2020, 80 at October 14, 2019 and 114 at October 15, 2018. Total Active Listings are at 544 (473 at the same time in October 2019 and 522 at mid-September 2020), Sales To Listings Ratio is at 49% compared to 51% at this time in September 2020, and 64% at this time in October 2019.
 
Coquitlam: 160 Units Sold so far as of October 15 compared to 145 as of September 15th, 2020, 98 Units Sold at October 14, 2019 and 60 at October 15, 2018. Total New Listings so far in October are 234 compared to 285 as at September 15, 2020, 139 at October 14, 2019 and 170 at October 15, 2018. Total Active Listings are at 885 (944 at the same time in October 2019 and 919 at mid-September 2020), Sales To Listings Ratio is at 68% compared to 51% at this time in September 2020, and 71% at this time in October 2019.
 
Port Moody: 54 Units Sold so far as of October 15 compared to 40 as of September 15th, 2020, 32 Units Sold at October 14, 2019 and 17 at October 15, 2018. Total New Listings so far in October are 67 compared to 76 as at September 15, 2020, 35 at October 14, 2019 and 26 at October 15, 2018. Total Active Listings are at 260 (217 at the same time in October 2019 and 261 at mid-September 2020), Sales To Listings Ratio is at 81% compared to 53% at this time in September 2020, and 91% at this time in October 2019.
 
Port Coquitlam: 62 Units Sold so far as of October 15 compared to 52 as of September 15th, 2020, 49 Units Sold at October 14, 2019 and 39 at October 15, 2018. Total New Listings so far in October are 83 compared to 119 as at September 15, 2020, 49 at October 14, 2019 and 76 at October 15, 2018. Total Active Listings are at 249 (308 at the same time in October 2019 and 288 at mid-September 2020), Sales To Listings Ratio is at 75% compared to 44% at this time in September 2020, and 100% at this time in October 2019.
 
Ladner: 24 Units Sold so far as of October 15 compared to 22 as of September 15th, 2020, 10 Units Sold at October 14, 2019 and 7 at October 15, 2018. Total New Listings so far in October are 25 compared to 27 as at September 15, 2020, 23 at October 14, 2019 and 26 at October 15, 2018. Total Active Listings are at 134 (182 at the same time in October 2019 and 144 at mid-September 2020), Sales To Listings Ratio is at 96% compared to 81% at this time in September 2020, and 43% at this time in October 2019.
 
Tsawwassen: 37 Units Sold so far as of October 15 compared to 33 as of September 15th, 2020, 15 Units Sold at October 14, 2019 and 13 at October 15, 2018. Total New Listings so far in October are 59 compared to 55 as at September 15, 2020, 29 at October 14, 2019 and 25 at October 15, 2018. Total Active Listings are at 312 (289 at the same time in October 2019 and 319 at mid-September 2020), Sales To Listings Ratio is at 63% compared to 60% at this time in September 2020, and 52% at this time in October 2019.

The resale housing market is helping to lead us out of the Great Suppression – now who would have thought that would be the case when we dived into the dark days back in March. Certainly not CMHC - the Canadian Mortgage Housing Corporation after they tried to convince everyone there would be a decline in activity and prices. And I’m sure our provincial government is glad CMHC was wrong as they take in the benefits of the property transfer tax revenue these sales generated – not to mention the ancillary economic benefits that come from the sale of homes. This was a month for the record books – highest sales for the month of September on record. And yes, there were almost a record number of new listings that came on the market, but given the lack of properties that have been available, this was and is still needed to contain run away price growth.
 
There were 3,741 properties sold of all types in Greater Vancouver in September this year compared with 3,122 sold last month, 2,363 sales in September last year and 1,634 sold in September 2018. It was the highest amount of sales for the month of September on record in Greater Vancouver second to 3,632 in 2009. It is safe to say we are well beyond COVID-19 pent up demand; this is a housing market that is carrying itself and there are many factors to consider in looking at what the future holds for it.
 
Total sales in September were 55 per cent above the ten-year average for the month, compared to 21 per cent above the ten-year average in August. Looking at the different types of properties, detached home sales were up 77 per cent year over year (55 per cent in August), townhouses up 72 per cent year over year (51 per cent in August), apartments up 36 per cent year over year (19 per cent in August). Detached homes made up 36 per cent of all sales, while townhomes made up 20 per cent and apartments 44 per cent – consistent with August. Total active listings for apartments are up 20 per cent year over year, and active listings for townhouse and detached homes are down 9 per cent and 21 per cent respectively year over year.

There continues to be discussion about the apartment market in downtown Vancouver and the increase in active listings. While there has been an increase in the number of apartments for sale, we are coming off extreme lows in 2017 which lead to price increases during that time. There is still less than half the number of active listings than there were in 2010 through 2012. Working at home and the desire for space has led to some owners wanting to make a move outside the downtown core, but the number of transactions have increased since the spring. Buyers are still active and taking advantage of an increase in choice. Market cycles do happen, and a shift to detached homes is one of them, especially in light of price declines in recent years in the detached market.

2020 Average Daily Sales and Listings in Greater Vancouver by Week:

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

• Last two weeks 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 – 274 new listings, 147 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

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

• September 8 to 11 – 379 new listings, 171 sales

• September 14 to 18 – 315 new listings, 184 sales

• September 21 to 25 – 295 new listings, 180 sales

There was an increase in the number of new listings in September, which was 25 per cent higher than the ten-year average for this month. As a result, at the end of September there were 13,790 properties for sale, compared to 13,511 at the end of August but still less than the 14,242 available at the end of September 2019 – a 3 per cent reduction in the number of homes available year-over-year. The rate of increase in active listings slowed in September and will likely continue to do so moving through the fall. 
 
While we look to the reminder of 2020 and a fall full of anxiety on where COVID-19 will take us, there is still a lot to be positive about. Yes, government debt has grown as stimulus and support is being injected into our economy but that’s what governments are supposed to do in natural disasters. When the lockdown started, savings rates were at all-time highs as the ability to spend money was for the most part locked down. But even today after economies opened up, savings rates are higher. And with more savings and all-time low interest rates, people are looking to real estate as a vehicle to put their money into. Not as an investment vehicle but they are buying into the market or upgrading their living situation. And with interest rates likely to be low for the foreseeable future, this equation of savings and low mortgage rates are likely to continue driving the real estate market. But this isn’t just a Metro Vancouver phenomenon – U.K. mortgage approvals are at a thirteen-year high. Many other countries are experiencing the same surge in real estate activity that we are seeing. So perhaps this is not just a temporary normal, or COVID pent up demand, but a new normal. With the economic uncertainty we are experiencing, people are not buying speculatively, they are making moves with an abundance of caution and looking long-term, looking at space and shifting their needs. And these moves in Metro Vancouver are local. But globally, as we saw in 2015 and 2016, there is a shift of putting savings and wealth into real estate. And going forward, a home will be even more important. More so than it ever was before.
 

“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months,” Colette Gerber, REBGV Chair said, “This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic. While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down. This is creating upward pressure on home prices, which have been edging up since the spring.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,231 sales of all property types on its Multiple Listing Service® in September, an increase of 9.4 per cent compared to sales in August and a 66.1 per cent increase compared to September last year. This was the highest sales for the month of September in the Fraser Valley Board. There were 3,515 new listings in September, a 6.2 per cent decrease compared to August and a 26.9 per cent increase compared to September of last year. September finished with 7,377 active listings, a decrease of 0.4 per cent compared to August’s inventory and a decrease of 7.2 per cent year-over-year. “Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes,” Chris Shields, President of the Fraser Valley Real Estate Board said. “For many existing home-owners and first-time buyers, their buying power is great than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important assess. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”
 
Here’s a summary of the numbers:
 
Greater Vancouver: Total Units Sold in September was 3,741 – up from 3,122 (20%) in August 2020, up from 2,363 (58%) in September 2019, up from 1,634 (129%) in September 2018; Active Listings are at 13,790 compared to 14,242 (down 3%) at this time last year; New Listings in September were up 10% compared to August 2020, up 32% compared to September 2019 and up 22% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 57% compared to 52% in August 2020, 47% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 5.8%.
 
Vancouver Westside: Total Units Sold in September was 539 – up from 490 (10%) in August 2020, up from 404 (33%) in September 2019, up from 280 (93%) in September 2018; Active Listings are at 2,868 compared to 2,444 (up 17%) at this time last year; New Listings in September were up 12% compared to August 2020, up 36% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 5 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 40% compared to 41% in August 2020, 41% in September 2019 and 27% in September 2018. Year-over-year, the House Price Index is up 4.0%.
 
Vancouver East Side: Total Units Sold in September was 443 – up from 330 (34%) in August 2020, up from 293 (51%) in September 2019, up from 195 (127%) in September 2018; Active Listings are at 1,392 compared to 1,295 (up 7%) at this time last year; New Listings in September were up 13% compared to August 2020, up 43% compared to September 2019 and up 36% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 54% compared to 45% in August 2020, 51% in September 2019 and 32% in September 2018. Year-over-year, the House Price Index is up 7.5%.
 
North Vancouver: Total Units Sold in September was 328 – up from 250 (31%) in August 2020, up from 166 (98%) in September 2019, up from 120 (173%) in September 2018; Active Listings are at 918 compared to 895 (up 3%) at this time last year; New Listings in September were up 19% compared to August 2020, up 31% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 56% compared to 51% in August 2020, 37% in September 2019 and 22% in September 2018. Year-over-year, the House Price Index is up 9.5%.
 
West Vancouver: Total Units Sold in September was 98 – up from 67 (46%) in August 2020, up from 51 (92%) in September 2019, up from 34 (188%) in September 2018; Active Listings are at 654 compared to 721 (down 10%) at this time last year; New Listings in September were up 7% compared to August 2020, down 10% compared to September 2019 and down 14% compared to September 2018. Month’s Supply of Total Residential Listings is 7 Month’s Supply (mostly balanced market conditions) and a Sales to Listings Ratio of 47% compared to 35% in August 2020, 22% in September 2019 and 14% in September 2018. Year-over-year, the House Price Index is up 6.7%.
 
Richmond: Total Units Sold in September was 415 – up from 340 (22%) in August 2020, up from 283 (47%) in September 2019, up from 196 (117%) in September 2018; Active Listings are at 1,751 compared to 2,127 (down 18%) at this time last year; New Listings in September were up 4% compared to August 2020, up 25% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 59% compared to 51% in August 2020, 51% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 4.8%.
 
Burnaby East: Total Units Sold in September was 41 – up from 37 (11%) in August 2020, up from 22 (86%) in September 2019, up from 11 (273%) in September 2018; Active Listings are at 139 compared to 159 (down 13%) at this time last year; New Listings in September were down 14% compared to August 2020, down 1% compared to September 2019 and up 6% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 75% compared to 58% in August 2020, 39% in September 2019 and 21% in September 2018. Year-over-year, the House Price Index is up 7.2%.
 
Burnaby North: Total Units Sold in September was 192 – down from 197 (3%) in August 2020, up from 138 (39%) in September 2019, up from 83 (131%) in September 2018; Active Listings are at 644 compared to 591 (up 9%) at this time last year; New Listings in September were the same compared to August 2020, up 38% compared to September 2019 and up 42% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 55% compared to 57% in August 2020, 55% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 5.2%.
 
Burnaby South: Total Units Sold in September was 173 – up from 130 (33%) in August 2020, up from 119 (45%) in September 2019, up from 82 (110%) in September 2018; Active Listings are at 769 compared to 777 (down 1%) at this time last year; New Listings in September were up 15% compared to August 2020, up 55% compared to September 2019 and up 48% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 48% compared to 42% in August 2020, 51% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 2.8%.
 
New Westminster: Total Units Sold in September was 176 – up from 161 (9%) in August 2020, up from 110 (60%) in September 2019, up from 81 (117%) in September 2018; Active Listings are at 540 compared to 502 (up 8%) at this time last year; New Listings in September were up 11% compared to August 2020, up 47% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 56% compared to 56% in August 2020, 51% in September 2019 and 33% in September 2018. Year-over-year, the House Price Index is up 4.7%.
 
Coquitlam: Total Units Sold in September was 307 – up from 246 (25%) in August 2020, up from 213 (44%) in September 2019, up from 131 (134%) in September 2018; Active Listings are at 897 compared to 872 (up 3%) at this time last year; New Listings in September were up 24% compared to August 2020, up 33% compared to September 2019 and up 12% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 60% compared to 60% in August 2020, 56% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 6.2%.
 
Port Moody: Total Units Sold in September was 88 – up from 86 (2%) in August 2020, up from 49 (80%) in September 2019, up from 34 (159%) in September 2018; Active Listings are at 282 compared to 226 (up 25%) at this time last year; New Listings in September were up 41% compared to August 2020, up 75% compared to September 2019 and up 43% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 53% compared to 73% in August 2020, 52% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 2.4%.
 
Port Coquitlam: Total Units Sold in September was 114 – up from 103 (11%) in August 2020, up from 78 (46%) in September 2019, up from 73 (56%) in September 2018; Active Listings are at 266 compared to 340 (down 22%) at this time last year; New Listings in September were up 17% compared to August 2020, up 38% compared to September 2019 and up 21% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 58% compared to 61% in August 2020, 54% in September 2019 and 45% in September 2018. Year-over-year, the House Price Index is up 8.9%.
 
Ladner: Total Units Sold in September was 53 – up from 40 (33%) in August 2020, up from 28 (89%) in September 2019, up from 30 (76%) in September 2018; Active Listings are at 136 compared to 185 (up 26%) at this time last year; New Listings in September were up 19% compared to August 2020, up 2% compared to September 2019 and down 29% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 95% compared to 58% in August 2020, 51% in September 2019 and 38% in September 2018. Year-over-year, the House Price Index is up 7.1%.
 
Tsawwassen: Total Units Sold in September was 80 – up from 53 (51%) in August 2020, up from 26 (207%) in September 2019, up from 25 (220%) in September 2018; Active Listings are at 308 compared to 301 (up 2%) at this time last year; New Listings in September were up 5% compared to August 2020, up 47% compared to September 2019 and up 41% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 69% compared to 48% in August 2020, 33% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 9.6%.
 
Pitt Meadows: Total Units Sold in September was 44 – up from 42 (5%) in August 2020, up from 32 (37%) in September 2019, up from 17 (158%) in September 2018; Active Listings are at 100 compared to 111 (down 9%) at this time last year; New Listings in September were up 31% compared to August 2020, up 8% compared to September 2019 and up 28% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 68% compared to 85% in August 2020, 54% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 4.4%.
 
Maple Ridge: Total Units Sold in September was 267 – up from 216 (24%) in August 2020, up from 157 (70%) in September 2019, up from 89 (200%) in September 2018; Active Listings are at 610 compared to 822 (down 25%) at this time last year; New Listings in September were the same compared to August 2020, up 6% compared to September 2019 and up 10% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 88% compared to 81% in August 2020, 55% in September 2019 and 32% in September 2018. Year-over-year, the House Price Index is up 5.9%.

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

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

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

Greater Vancouver Average Daily Listings and Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June – 274 new listings, 115 sales

July – 278 new listings, 145 sales

August 3 to 7 – 337 new listings, 151 sales

August 10 to 15 – 282 new listings, 140 sales

August 17 to 21 – 298 new listings, 171 sales

August 24 to 28 – 279 new listings, 164 sales

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

September 8 to 11 – 379 new listings, 171 sales

Here is a summary of the activity so far:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“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%.

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