Back to Blog

If you want to go fast go alone, if you want to go far go together. - African Proverb

 

This is the Sales and Listings Report updated to the end of August 2016. The sky isn’t falling, the beginning of the end isn’t upon us, nor is this the end of the world as we know it… The market is showing signs of what markets do, they adjust. So while there were 2,554 units sold in August, the average going back to 1989 for the month of August is actually 2,569. And with the market in the middle of an adjustment, the provincial government wanted to throw a little fertilizer on it as well… And sometimes when too much fertilizer is put on it causes a shock. With such a swift and sudden move, the impact on foreign buyers can be debated every which way, but what this did do was cause some local buyers and sellers in the market to sit back and want to see what was going to happen, especially buyers wanting to know exactly how this would affect their potential purchase. And most importantly, let’s not forget it is August, a time when the market is typically slower, well within the average for August.

 

There will be much discussion around pricing going forward. While it is too early to identify any effects with the change in sales activity, we have seen average prices decline in the past few months. Keep in mind though that average prices are simply a calculation – the total dollar volume of all sales divided by the number of units sold. Given that the detached market has shown a more significant decline then the strata market, this will account for less sales at higher dollar values. This will decrease the average price. It doesn’t necessarily mean that buyers are paying less for a particular home though. The focus has been more on the less expensive strata market, thus bringing down the average price.

 

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

 

Sales and Listings Report for August 2016 Houses Townhouses Condos

 

Sales and Listings Report for August 2016 All Regional

 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in August 2016 was 2,554 – down from 3,301 (23%) in July 2016, down from 3,431 (25%) in August 2015, down from 2,820 (9%) in August 2014; Active Listings are at 9,198 compared to 11,942 at this time last year; New Listings in August 2016 were up 1% compared to August 2015, up 10% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 58% compared to 78% in August 2015 and 61% in July 2016.

 

Vancouver Westside Residential: Total Units Sold in August 2016 was 452 – down from 604 (25%) in July 2016, down from 751 (39%) in August 2015, down from 554 (18%) in August 2014; Active Listings are at 1,474 compared to 1,889 at this time last year; New Listings in August 2016 were down 6% compared to August 2015, down 28% from July 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 89% in August 2015 and 59% in July 2016.

 

Vancouver Eastside Residential Total Units Sold in August 2016 was 218 – down from 290 (25%) in July 2016, down from 303 (27%) in August 2015, down from 296 (26%) in August 2014; Active Listings are at 865 compared to 905 at this time last year; New Listings in August 2016 were down 8% compared to August 2015, down 14% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 47% compared to 60% in August 2015 and 54% in July 2016.

 

North Vancouver Residential:  Total Units Sold in August 2016 was 161 – down from 240 (33%) in July 2016, down from 219 (26%) in August 2015, down from 197 (19%) in August 2014; Active Listings are at 395 compared to 526 at this time last year; New Listings in August 2016 were up 8% compared to August 2015, down 25% from July 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 59% compared to 87% in August 2015 and 66% in July 2016.

 

West Vancouver Houses: Total Units Sold in August 2016 was 57 – down from 67 (15%) in July 2016, down from 110 (48%) in August 2015, down from 91 (37%) in August 2014; Active Listings are at 467 compared to 587 at this time last year; New Listings in August 2016 were down 27% compared to August 2015, down 42% from July 2016; Month’s Supply of Total Residential Listings is steady at 8 Months (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 64% in August 2015 and 33% in July 2016.

 

Richmond Residential: Total Units Sold in August 2016 was 324 – down from 433 (25%) in July 2016, down from 455 (39%) in August 2015, down from 365 11%) in August 2014; Active Listings are at 1,411 compared to 1,756 at this time last year; New Listings in August 2016 were down 12% compared to August 2015, down 22% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 55% compared to 68% in August 2015 and 57% in July 2016.

Comments

No comments

Post Your Comment:

*indicates required fields.
Your Name:*
Please note, your email will not be shown publicly
Your Email (will not be published):*
Comment:*
Please type the text as it appears above: