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"We cannot become what we need to be by remaining what we are." - Max Dupree

 

 

Attached are the Sales and Listings Stats updated to the end of October 2015. Inventories continue to decline rapidly in the housing market. As of November 1st there were 10,308 active listings on the market in Greater Vancouver compared to 14,551 on November 1st 2014. This is close to the low in November 2005 which saw Total Active Listings at 9,784 at the beginning of November. Considering the increase in overall housing in the market, today’s figures would be an all-time low. Looking at Vancouver’s West Side, there were only 1,902 homes for sale in 2005 on November 1st compared to 1,744 at that date this year. And Vancouver’s East Side had 1,033 homes for sale on November 1st in 2005 while at that date this year there are only 741.

 

Last month’s sales were 36.2 per cent above the 10-year sales average for the month. “Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, Real Estate Board of Greater Vancouver president said. “This activity has created favourable market conditions for anyone considering selling their home today.”

 

Year over year price increases for Greater Vancouver in the residential market were 15.5%. Tsawwassen lead the way at 20.9% along with West Vancouver at 21.3%. The detached market largely influenced this increase with it being 20.1% for Greater Vancouver. Again Tsawwwassen lead the way at 26.2% and then Vancouver’s East Side at 23.3%. Strata properties saw year over year price gains closer to 10%. Close to all-time lows for inventory of homes on the market and the second highest volume of sales on record are leading to the price increases we are seeing. But markets are very regional and prone to differentiation in product type. But more than anything, the supply of homes needs to increase.

 

Sales and Listings Stats Houses Townhouses Condos Oct 2015

 

Sales and Listings Stats All Regional Oct 2015

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2015 was 3,714 – up from 3,423 (9%) in September 2015, up from 3,113 (19%) in October 2014, up from 2,698 (38%) in October 2013; Active Listings are at 10,513 compared to 14,992 at this time last year and 11,825 at the end of September; New Listings in October 2015 were down 14% compared to September 2015 and down 8% compared to October 2014; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 88% compared to 69% in September 2015 and 68% in October 2014.

 

Vancouver Westside Residential: Total Units Sold in October 2015 was 700– up from 609 (15%) in September 2015, up from 658 (6%) in October 2014, up from 579 (21%) in October 2013; Active Listings are at 1,787 compared to 2,619 at this time last year and 1,995 at the end of September; New Listings in October 2015 were down 21% compared to September 2015 and down 8% compared to October 2014; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 84% compared to 57% in September 2015 and 72% in October 2014.

 

Vancouver Eastside Residential: Total Units Sold in October 2015 was 357 – up from 350 (2%) in September 2015, up from 340 (5%) in October 2014, up from 288 (24%) in October 2013; Active Listings are at 753 compared to 1,153 at this time last year and 876 at the end of September; New Listings in October 2015 were down 15% compared to September 2015 and down 15% compared to October 2014; Month’s Supply of Total Residential Listings is down to 2 Months (Strong Seller’s Market) and a Sales to Listings Ratio of 89% compared to 74% in September 2015 and 72% in October 2014.

 

North Vancouver Residential: Total Units Sold in October 2015 was 289 – up from 255 (13%) in September 2015, up from 218 (34%) in October 2014, up from 221 (31%) in October 2013; Active Listings are at 494 compared to 868 at this time last year and 580 at the end of September; New Listings in October 2015 were down 27% compared to September 2015 and down 11% compared to October 2014; Month’s Supply of Total Residential Listings is steady at 2 Months (Strong Seller’s Market) and a Sales to Listings Ratio of 100% compared to 65% in September 2015 and 67% in October 2014.

 

West Vancouver Residential: Total Units Sold in October 2015 was 148 – up from 100 (48%) in September 2015, up from 99 (49%) in October 2014, up from 110 (35%) in October 2013; Active Listings are at 545 compared to 650 at this time last year and 621 at the end of September; New Listings in October 2015 were down 18% compared to September 2015 and up 6% compared to October 2014; Month’s Supply of Total Residential Listings is down to 4 Months (Balanced to Seller’s Market) and a Sales to Listings Ratio of 75% compared to 41% in September 2015 and 53% in October 2014.

 

Richmond Residential: Total Units Sold in October 2015 was 488 – up from 457 (7%) in September 2015, up from 407 (20%) in October 2014, up from 327 (49%) in October 2013; Active Listings are at 1,529 compared to 2,173 at this time last year and 1,698 at the end of September; New Listings in October 2015 were down 15% compared to September 2015 and down 5% compared to October 2014; Month’s Supply of Total Residential Listings is down to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 83% compared to 66% in September 2015 and 66% in October 2014.

 

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