Current Market Conditions

Welcome to the DEXTER ASSOCIATES REALTY STATISTICAL UPDATE PAGE. We want to ensure that our REALTORS® and our clients are well informed on current market conditions.

In our Blog below you will find a weekly market update. Within the Blog, there are 2 links updated weekly that separate and break down listing and sales statistics for market areas in and around the City of Vancouver. One link combines all residential types of properties for a select group of market areas and another link breaks down those areas by houses, townhouses and apartments.

If you have any questions at all, do not hesitate to contact one of our Dexter Associates!

 

“Most of the shadows of life are caused by standing in our own sunshine.” – Ralph Waldo Emerson

 

Sales and listings stats are attached as of May 14, 2017. May sales are at a higher pace than that of April at mid-month. With one surprise, we are seeing the detached market improve in terms of the number of homes sold. Detached sales in the West and East side of Vancouver are up significantly compared to April and should finish at levels not seen since last spring. New listings in the market are up over the amounts in April and previous months, but not up enough to provide the supply that demand is seeking in today’s market. The B.C. Real Estate Association came out with data showing that housing supply in the province is at a 20-year low, and the association says that lack of supply is making the ongoing affordability problem worse. Here is a summary of the activity so far:

 

Sales and Listings Report All Residential May 14 2017

 

Sales and Listings Report House Townhouses Condos May 14, 2017

 

Greater Vancouver – 1,978 units sold so far in May 2017 compared to 1,674 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 2,808 compared to 2,308 units listed at the same time in April 2017. Total Active Listings are at 8,608 (8,393 at the same time last year). Sales To Listings Ratio is at 70% compared to 72% in April 2017.

 

Vancouver West - 356 units sold so far in May 2017 compared to 263 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 490 compared to 407 units listed at the same time in April 2017. Total Active Listings are at 1,371 (1,405 at the same time last year). Sales To Listings Ratio is at 73% compared to 71% in April 2017.

 

Vancouver East – 211 units sold so far in May 2017 compared to 162 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 281 compared to 268 units listed at the same time in April 2017. Total Active Listings are at 1,101 (678 at the same time last year). Sales To Listings Ratio is at 75% compared to 60% in April 2017.

 

North Vancouver – 147 units sold so far in May 2017 compared to 120 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 244 compared to 150 units listed at the same time in April 2017. Total Active Listings are at 484 (379 at the same time last year). Sales To Listings Ratio is at 60% compared to 71% in April 2017.

 

West Vancouver – 47 units sold so far in May 2017 compared to 42 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 113 compared to 99 units listed at the same time in April 2017. Total Active Listings are at 529 (454 at the same time last year). Sales To Listings Ratio is at 42% compared to 45% in April 2017.

 

Richmond – 251 units sold so far in May 2017 compared to 228 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 347 compared to 290 units listed at the same time in April 2017. Total Active Listings are at 1,100 (1,279 at the same time last year). Sales To Listings Ratio is at 72% compared to 78% in April 2017.

 

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“The bad news is time flies. The good news is you’re the pilot” – Michael Althsuler

Attached are the Sales and Listings Stats updated to the end of April 2017. Flat is the new up! We saw the market remain consistent in most areas over the last two months. With April homes sales pretty much matching those in March with 3,617 homes sold in April compared to 3,632 in March. In looking at homes sales over the last 10 years, the average for April is 3,467 and over the last 20 years it is 3,180. So after 8 months of a downward trend, the market has come back to being above the 10 and 20 year average. The lack of supply continues to be consistent as well, with new listings in April 2017 in Greater Vancouver down 20 per cent from April 2016. While Active Listings crept up ever so slightly to 8,428 in April from 8,211 in March, it is still well below what is typical at this time of year. The average new listings in April over the last 10 years has been 6,192 (this April being down 19 per cent) and over the last 20 years 5,766 (this April being down 13 per cent). So while sales are above average, new listings are significantly down.

 

Changes were afoot in the east with the Ontario provincial government instituting a Foreign Buyer Tax of 15 per cent for the Greater Toronto area - similar to what was put in place in Metro Vancouver in August 2016. The implementation and guidelines of the tax are far more reasonable than was put in place here in British Columbia – but many arguments can be made as to the need and actual effect of such a tax. We are now 9 months into this tax here and the effects have not proved to make homes “more affordable.” In fact controlling demand hasn’t happened in an effective way. And after a temporary destabilization of the real estate market, it has come back. Buyers want to buy, the majority of them local buyers, but inventory levels are keeping it far too competitive. And the right mix of homes are not available to match the demand. Something that needs to change.

 

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

 

In the Fraser Valley, there were 2,230 sales of all property types in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017. Of the 2,230 sales, 438 were townhouses and 567 were apartments. Gopal Sahota, President of the Fraser Valley Real Estate Board on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

 

Sales and Listings Stats All Regional April 2017 

 

Sales and Listings Stats Houses Townhouses Condos April 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2017 was 3,617 – down from 3,632 (0.5%) in March 2017, down from 4,898 (26%) in April 2016, down from 4,264 (15%) in April 2015; Active Listings are at 8,428 compared to 8,271 at this time last year; New Listings in April 2017 were down 20% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 78% in April 2016 and 74% in March 2017.

 

Vancouver Westside Residential: Total Units Sold in April 2017 was 613 – down from 616 (0.5%) in March 2017, down from 878 (30%) in April 2016, down from 811 (24%) in April 2015; Active Listings are at 1,369 compared to 1,343 at this time last year; New Listings in April 2017 were down 24% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 77% in April 2016 and 75% in March 2017.

 

Vancouver Eastside Residential: Total Units Sold in April 2017 was 355 – down from 384 (8%) in March 2017, down from 429 (13%) in April 2016, down from 467 (24%) in April 2015; Active Listings are at 1,093 compared to 630 at this time last year; New Listings in April 2017 were up 4% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 60% compared to 76% in April 2016 and 73% in March 2017.

 

North Vancouver Residential Total Units Sold in April 2017 was 255 – down from 261 (2%) in March 2017, down from 359 (29%) in April 2016, down from 336 (24%) in April 2015; Active Listings are at 436 compared to 345 at this time last year; New Listings in April 2017 were down 13% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 87% in April 2016 and 76% in March 2017.

 

West Vancouver Houses: Total Units Sold in April 2017 was 100 – up from 97 (3%) in March 2017, down from 142 (30%) in April 2016, down from 138 (28%) in April 2015; Active Listings are at 511 compared to 437 at this time last year; New Listings in April 2017 were down 17% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 45% compared to 54% in April 2016 and 46% in March 2017.

 

Richmond Residential: Total Units Sold in April 2017 was 510 – down from 537 (5%) in March 2017, down from 617 (17%) in April 2016, down from 587 (13%) in April 2015; Active Listings are at 1,086 compared to 1,225 at this time last year; New Listings in April 2017 were down 20% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 78% compared to 76% in April 2016 and 79% in March 2017.

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"Pull the string, and it will follow wherever you wish. Push it, and it will go nowhere at all." - Dwight Eisenhower

 

Sales and listings stats are attached as of April 16, 2017. The pace of April sales is close to matching that of March, unfortunately the same is not true of new listings. While the level of sales are not at the record pace of last year, they are typical for a spring market and continue to be dominated by apartment and townhouses. Inventory in those market segments are still well short of the demand without an increase in new listings to ease the competition buyers are experiencing. The pace should increase for both sales and listings as the second half of the month continues post Easter. Here is a summary of the activity so far:

 

Sales and Listings Stats All Regional April 16 2017

 

Sales and Listings Stats Houses Townhouses Condos April 16 2017

 

Greater Vancouver – 1,674 Units Sold so far in April 2017 and should finish with approximately 3,500 sales compared to 3,632 units sold in March 2017. Total New Listings so far in April 2017 are 2,308 and should finish with approximately 4,600 compared to 4,891 in March 2017. Total Active Listings are at 8,193 (8,236 at the same time last year). Sales To Listings Ratio is at 73% compared to 74% in March 2017.

 

Vancouver West - 263 Units Sold so far in April 2017 and should finish with approximately 580 sales compared to 616 units sold in March 2017. Total New Listings so far in April 2017 are 407 and should finish with approximately 800 compared to 824 in March 2017. Total Active Listings are at 1,359 (1,331 at the same time last year). Sales To Listings Ratio is at 65% compared to 75% in March 2017.

 

Vancouver East – 162 Units Sold so far in April 2017 and should finish with approximately 350 sales compared to 384 units sold in March 2017. Total New Listings so far in April 2017 are 268 and should finish with approximately 520 compared to 529 in March 2017. Total Active Listings are at 1,025 (643 at the same time last year). Sales To Listings Ratio is at 60% compared to 73% in March 2017.

 

North Vancouver – 120 Units Sold so far in April 2017 and should finish with approximately 250 sales compared to 261 units sold in March 2017. Total New Listings so far in April 2017 are 150 and should finish with approximately 300 compared to 342 in March 2017. Total Active Listings are at 400 (338 at the same time last year). Sales To Listings Ratio is at 80% compared to 746 in March 2017.

 

West Vancouver – 42 Units Sold so far in April 2017 and should finish with approximately 90 sales compared to 97 units sold in March 2017. Total New Listings so far in April 2017 are 99 and should finish with approximately 200 compared to 209 in March 2017. Total Active Listings are at 481 (432 at the same time last year). Sales To Listings Ratio is at 42% compared to 46% in March 2017.

 

Richmond – 228 Units Sold so far in April 2017 and should finish with approximately 500 sales compared to 537 units sold in March 2017. Total New Listings so far in April 2017 are 290 and should finish with approximately 590 compared to 683 in March 2017. Total Active Listings are at 1,103 (1,192 at the same time last year). Sales To Listings Ratio is at 79% compared to 79% in March 2017.

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“Some people walk in the rain, others just get wet” – Roger Miller

Attached are the Sales and Listings Stats updated to the end of March 2017. The real estate market in Metro Vancouver heated up in March, much more so than our weather!  The townhouse and condo market continues to be the life of the market, although the detached market is picking up steam. There were 3,632 homes sold in Greater Vancouver in March this year compared with 5,301 sales in a record March last year. Sales were up from 2,461 last month though. The big change from last year is the lack of new listings coming on market. This March there were 4,891 new listings compared to 6,447 in March of 2016 – down 26 per cent. Total Active Listings remain at the same level of last year which is keeping Month’s Supply of homes at 2 months in Greater Vancouver. Condos in Vancouver’s Westside is at 1 Month’s Supply, similarly with Condos in Richmond which actually had more sales in March than new listings. Total Active Listings for condos in Richmond are down to 266 from a high of over 1,000 two years ago.

 

The mix of sales continues to show that condos have taken over the market with 50 per cent of all sales in Greater Vancouver being condos while last year in March they were 42 per cent. Detached home sales were 40 per cent of all sales in March 2016 while account for only 32 per cent this year. East Vancouver and Richmond realized one of the bigger month over month gains with East Vancouver Detached House sales nearly doubling from their February level. Without any increase in listing levels, pressure will continue to push prices up in the attached market and keep them from moving any further downward on the detached side and likely showing some appreciation.

 

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers. Homes prices will likely continue to increase until we see more housing supply coming on to the market.”

 

In the Fraser Valley, propelled by significant activity in attached categories, March housing sales reached their second highest point in ten years, trailing only last year’s extraordinary market levels. The Fraser Valley saw 2,213 sales of all property types in March, a decrease of 26.4 per cent compared to March 2016 and up 58.5 per cent compared to February 2017. There were 3,072 new listings in March, a 41.5 per cent increase from February 2017 and a 24.3 per cent decrease compared to March 2016 at 4,057 new listings.

 

Sales and Listings Report All Residential for March 2017

 

Sales and Listings Report Houses Townhouses Condos March 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2017 was 3,632 – up from 2,461 (48%) in February 2017, down from 5,301 (31%) in March 2016, down from 4,132 (12%) in March 2015; Active Listings are at 8,211 compared to 8,118 at this time last year; New Listings in March 2017 were down 26% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 74% compared to 82% in March 2016 and 65% in February 2017.

 

Vancouver Westside Residential: Total Units Sold in March 2017 was 616 – up from 505 (22%) in February 2017, down from 1,001 (50%) in March 2016, down from 825 (39%) in March 2015; Active Listings are at 1,342 compared to 1,304 at this time last year; New Listings in March 2017 were down 24% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 75% compared to 92% in March 2016 and 73% in February 2017.

 

Vancouver Eastside Residential: Total Units Sold in March 2017 was 384 – up from 229 (68%) in February 2017, down from 476 (19%) in March 2016, down from 464 (17%) in March 2015; Active Listings are at 984 compared to 610 at this time last year; New Listings in March 2017 were down 8% compared to March 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 82% in March 2016 and 56% in February 2017.

 

North Vancouver Residential Total Units Sold in March 2017 was 261 – up from 216 (21%) in February 2017, down from 407 (47%) in March 2016, down from 399 (35%) in March 2015; Active Listings are at 413 compared to 407 at this time last year; New Listings in March 2017 were down 23% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (A Balanced to Seller’s Market with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 76% compared to 92% in March 2016 and 73% in February 2017.

 

West Vancouver Houses: Total Units Sold in March 2017 was 97 – up from 57 (70%) in February 2017, down from 179 (55%) in March 2016, down from 135 (29%) in March 2015; Active Listings are at 471 compared to 409 at this time last year; New Listings in March 2017 were down 15% compared to March 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Still a Buyer’s Market with Detached and Seller’s Market with Attached) and a Sales to Listings Ratio of 46% compared to 73% in March 2016 and 38% in February 2017.

 

Richmond Residential: Total Units Sold in March 2017 was 537 – up from 338 (59%) in February 2017, down from 663 (19%) in March 2016, down from 553 (3%) in March 2015; Active Listings are at 1,154 compared to 1,213 at this time last year; New Listings in March 2017 were down 31% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached Acting a Seller’s Market) and a Sales to Listings Ratio of 79% compared to 71% in March 2016 and 67% in February 2017.

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“Destiny is not a matter of chance; but a matter of choice.” – William Jennings

 

Sales and listings stats are attached as of March 19, 2017. March has shown the biggest increase in home sales so far since the spring of 2016. While there is still a lack of new listings coming on market, sales are on the rise. In Greater Vancouver we are likely to see close to 3,400 sales, which would be the highest monthly sales amount since June 2016. New Listings are on the rise as well, but well below the pace of last year. With only 4,800 new listings projected for March this year, it will be 25 per cent below March 2016. East Vancouver and Richmond are showing the biggest gains in home sales with an increase of over 75% compared to their levels in the fall of 2016. The strength of the market continues to be in the apartment and townhouse segment but there are signs of improvement in the detached market. Here is a summary of the activity so far:

 

Sales and Listings Stats All Residential March 19 2017

 

Sales and Listings Stats Houses Townhouse Condos March 19 2017

 

Greater Vancouver – 1,999 Units Sold so far in March 2017 and should finish with close to 3,400 sales compared to 2,461 units sold in February 2017. Total New Listings so far in March 2017 are 2,732 and should finish with 4,800 compared to 3,765 in February 2017. Total Active Listings are at 8,124 (8,226 at the same time last year). Sales To Listings Ratio is at 73% compared to 65% in February 2017.

 

Vancouver West - 317 Units Sold so far in March 2017 and should finish with close to 560 sales compared to 505 units sold in February 2017. Total New Listings so far in March 2017 are 454 and should finish with 830 compared to 692 in February 2017. Total Active Listings are at 1,349 (1,387 at the same time last year). Sales To Listings Ratio is at 70% compared to 73% in February 2017.

 

Vancouver East – 226 Units Sold so far in March 2017 and should finish with close to 400 sales compared to 229 units sold in February 2017. Total New Listings so far in March 2017 are 285 and should finish with 485 compared to 406 in February 2017. Total Active Listings are at 945 (603 at the same time last year). Sales To Listings Ratio is at 79% compared to 56% in February 2017.

 

North Vancouver – 147 Units Sold so far in March 2017 and should finish with close to 250 sales compared to 216 units sold in February 2017. Total New Listings so far in March 2017 are 172 and should finish with 290 compared to 296 in February 2017. Total Active Listings are at 385 (370 at the same time last year). Sales To Listings Ratio is at 85% compared to 73% in February 2017.

 

West Vancouver – 54 Units Sold so far in March 2017 and should finish with close to 90 sales compared to 57 units sold in February 2017. Total New Listings so far in March 2017 are 113 and should finish with 190 compared to 151 in February 2017. Total Active Listings are at 456 (407 at the same time last year). Sales To Listings Ratio is at 48% compared to 38% in February 2017.

 

Richmond – 299 Units Sold so far in March 2017 and should finish with close to 500 sales compared to 338 units sold in February 2017. Total New Listings so far in March 2017 are 401 and should finish with 670 compared to 505 in February 2017. Total Active Listings are at 1,169 (1,235 at the same time last year). Sales To Listings Ratio is at 75% compared to 67% in February 2017.

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"Go as far as you can see; when you get there you'll be able to see farther." - Thomas Carlyle

 

Attached are the Sales and Listings Stats updated to the end of February 2017. The real estate market in Metro Vancouver remained somewhat frozen but thawing from the months before. The attached and condo market has become what the detached market was last year, under supplied and with consistent multiple offer activity. There were 2,461 homes sold in Greater Vancouver in February this year compared with 4,254 sales in a record February last year. But it was also the highest amount of monthly sales since the summer of last year. In February 2016, Detached Homes sales made up 42% of all sales, while this February they were only 30% of all sales. While the percentage of attached homes remained consistent between the two years, condos made up 42% of sales in February 2016 and 52% of sales in February this year.

 

But what has stood out is the lack of new listings coming on market. There were 3,765 new listings in February in Greater Vancouver, down 42% from February last year and down from 11% from January this year. Sellers are content to hold on to their properties, while demand has increased, creating low overall inventory amounts and keeping prices in check.

 

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “Limited supply and snowy weather were two factors hampering this activity.” “While homes sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.

 

Sales and Listings Report Houses Townhouses Condos February 2017

 

Sales and Listings Report All Regional February 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2017 was 2,461 – up from 1,553 (58%) in January 2017, down from 4,254 (42%) in February 2016, down from 3,108 (21%) in February 2015; Active Listings are at 8,200 compared to 8,091 at this time last year; New Listings in February 2016 were down 42% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 65% compared to 71% in February 2016.

 

Vancouver Westside Residential: Total Units Sold in February 2017 was 505 – up from 271 (86%) in January 2017, down from 852 (41%) in February 2016, down from 631 (20%) in February 2015; Active Listings are at 1,376 compared to 1,432 at this time last year; New Listings in February 2016 were down 42% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 71% in February 2016.

 

Vancouver Eastside Residential: Total Units Sold in February 2017 was 229 – up from 139 (107%) in January 2017, down from 342 (33%) in February 2016, down from 325 (30%) in February 2015; Active Listings are at 966 compared to 601 at this time last year; New Listings in February 2016 were down 21% compared to February 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 66% in February 2016.

 

North Vancouver Residential Total Units Sold in February 2017 was 216 – up from  (58%) in January 2017, down from 346 (38%) in February 2016, down from 273 (21%) in February 2015; Active Listings are at 414 compared to 403 at this time last year; New Listings in February 2016 were down 39% compared to February 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 73% compared to 71% in February 2016.

 

West Vancouver Houses: Total Units Sold in February 2017 was 57 – up from 26 (119%) in January 2017, down from 169 (66%) in February 2016, down from 146 (61%) in February 2015; Active Listings are at 448 compared to 446 at this time last year; New Listings in February 2016 were down 46% compared to February 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 61% in February 2016.

 

Richmond Residential: Total Units Sold in February 2017 was 338 – up from 225 (50%) in January 2017, down from 533 (36%) in February 2016, down from 399 (15%) in February 2015; Active Listings are at 1,182 compared to 1,144 at this time last year; New Listings in February 2016 were down 37% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 67% compared to 70% in February 2016.

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"All you need is love. But a little chocolate now and then doesn't hurt” – Charles M. Schultz

 

Sales and listings stats are attached as of February 12, 2017. Winter is showing signs of thawing and so is the real estate market in Metro Vancouver. The pace of sales in February has increased from January with numbers so far 60% above last month’s sales per day. That with the first two weeks of February suffering through some very nasty weather so far! Vancouver West side and North Vancouver detached sales are already ahead of January and on pace to be the best month since July last year. Vancouver East side and West Vancouver detached while a little slower are also on pace to be the best since July of last year. New listings are down dramatically though. With only 1,383 new listings in Greater Vancouver, this is far below the 3,108 at mid-month last February. The weather certainly has impacted sellers coming to market. As a result, the total active listings in Greater Vancouver is 7,841 compared to 8,033 at this time last year. The condo and townhouse market is continuing to see the greatest amount of multiple offers, a trend that is carrying on from last fall. That market segment continues to be light on inventory with new product being absorbed a quicker pace. Here is a summary of the activity so far:

 

Sales and Listings Stats Houses Townhouses Condos Feb 12 2017

 

Sales and Listings Stats All Regional Feb 12 2017

 

Greater Vancouver – 948 Units Sold so far in February 2017 (not quite mid-month) compared to 1,649 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 1,383 compared to 3,108 at mid-month in February 2016. Total Active Listings are at 7,841 (8,033 at the same time last year). Sales To Listings Ratio is at 69% compared to 37% in January 2017.

 

Vancouver West - 222 Units Sold so far in February 2017 (not quite mid-month) compared to 344 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 267 compared to 615 at mid-month in February 2016. Total Active Listings are at 1,325 (1,458 at the same time last year). Sales To Listings Ratio is at 83% compared to 30% in January 2017.

 

Vancouver East – 92 Units Sold so far in February 2017 (not quite mid-month) compared to 139 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 147 compared to 240 at mid-month in February 2016. Total Active Listings are at 894 (580 at the same time last year). Sales To Listings Ratio is at 63% compared to 33% in January 2017.

 

North Vancouver – 84 Units Sold so far in February 2017 (not quite mid-month) compared to 125 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 113 compared to 201 at mid-month in February 2016. Total Active Listings are at 398 (368 at the same time last year). Sales To Listings Ratio is at 74% compared to 36% in January 2017.

 

West Vancouver – 24 Units Sold so far in February 2017 (not quite mid-month) compared to 66 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 51 compared to 148 at mid-month in February 2016. Total Active Listings are at 414 (444 at the same time last year). Sales To Listings Ratio is at 47% compared to 13% in January 2017.

 

Richmond – 116 Units Sold so far in February 2017 (not quite mid-month) compared to 205 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 184 compared to 383 at mid-month in February 2016. Total Active Listings are at 1,164 (1,174 at the same time last year). Sales To Listings Ratio is at 63% compared to 34% in January 2017.

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Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment." - Buddha

 

Attached are the Sales and Listings Stats updated to the end of January 2017. The real estate market in Metro Vancouver has certainly shifted in the last year. What was once the sizzling detached market has shifted to a more active condo market. Last year the percentage of Detached Listings were 38% and this year they are 52%. The percentage of Attached (Townhouses and Condos) last year were 52% and this year 40%. In terms of sales, last year the percentage of sales that were Detached were 41% and this year 28%, attached last year 16% and this year 16% and condos last year 43% and this year 53%. The condo market is where the activity is strongest, with more incidences of multiple offers and sales above list prices. The lack of product, strong demand and affordability are driving that market segment.

 

And now after a series of cooling measures, the provincial government has turned the tables with the First Time Buyer Home Owner Plan providing loans to buyers for their down payment and the recent announcement of an exemption from the Foreign Buyer Tax for anyone working in British Columbia on a work permit – with details still to come. Will these two programs impact the market? Likely they will have direct impact on the already active condo market and properties up to the $750,000 price maximum for the First Time Buyer Home Owner Plan.

 

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

 

Sales and Listings Stats for All Regional Jan 2017

 

Sales and Listings Stats for Houses Townhouses and Condos Jan 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in January 2017 was 1,553 – down from 2,574 (40%) from January 2016, down from 1,948 (20%) in January 2015; Active Listings are at 7,834 compared to 7,431 at this time last year; New Listings in January 2016 were down 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 57% in January 2016.

 

Vancouver Westside Residential: Total Units Sold in January 2017 was 271 – down from 473 (43%) from January 2016, down from 369 (27%) in January 2015; Active Listings are at 1,355 compared to 1,285 at this time last year; New Listings in January 2016 were down 9% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 48% in January 2016.

 

Vancouver Eastside Residential: Total Units Sold in January 2017 was 139 – down from 207 (33%) from January 2016, down from 212 (34%) in January 2015; Active Listings are at 874 compared to 524 at this time last year; New Listings in January 2016 are up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 53% in January 2016.

 

North Vancouver Residential Total Units Sold in January 2017 was 107 – down from 167 (36%) from January 2016, down from 149 (38%) in January 2015; Active Listings are at 398 compared to 318 at this time last year; New Listings in January 2016 were down 4% compared to January 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 36% compared to 54% in January 2016.

 

West Vancouver Houses: Total Units Sold in January 2017 was 26 – down from 108 (75%) from January 2016, down from 58 (55%) in January 2015; Active Listings are at 416 compared to 403 at this time last year; New Listings in January 2016 were down 14% compared to January 2016; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 13% compared to 46% in January 2016.

 

Richmond Residential: Total Units Sold in January 2017 was 225 – down from 396 (43%) from January 2016, down from 287 (22%) in January 2015; Active Listings are at 1,154 compared to 1,077 at this time last year; New Listings in January 2016 were up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 64% in January 2016.

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"Your attitude is either the lock on, or the key to the door of success." - Denis Waitley

 

Sales and listings stats are attached as of January 14, 2017. January has been a little cold to start – in all aspects of the market and weather. While sales have been slower to start, the number of new listings have been just as slow to come on the market. Resulting in less inventory available in overall than at this time last year. The colder weather and snow on the ground playing a part in some areas. But certainly the lack of product on the market is keeping some buyers waiting for the new listings to come!  We are of course only two weeks into the year so before too many conclusions are drawn and predictions are made, let’s see where the rest of the month goes! Here is a summary of the activity so far:

 

Sales and Listings Stats Jan 14 2016 All Regional

 

Sales and Listings Stats Jan 14 2016 Houses Townhouses Condos

 

Greater Vancouver – 492 Units Sold so far in January 2017 compared to 999 Units Sold so far at this time in January 2016. Total New Listings so far in January are 1,540 compared to 2,028 at this point in January 2016. Total Active Listings are at 6,778 compared to 6,871 at this time last year. Sales To Listings Ratio is at 32% compared to 57% in January 2016.

 

Vancouver West - 82 Units Sold so far in January 2017 compared to 192 Units Sold so far at this time in January 2016. Total New Listings so far in January are 314 compared to 406 at this point in January 2016. Total Active Listings are at 1,092 compared to 1,092 at this time last year. Sales To Listings Ratio is at 26% compared to 48% in January 2016.

 

Vancouver East – 39 Units Sold so far in January 2017 compared to 74 Units Sold so far at this time in January 2016. Total New Listings so far in January are 134 compared to 181 at this point in January 2016. Total Active Listings are at 760 compared to 472 at this time last year. Sales To Listings Ratio is at 29% compared to 53% in January 2016.

 

North Vancouver – 38 Units Sold so far in January 2017 compared to 56 Units Sold so far at this time in January 2016. Total New Listings so far in January are 103 compared to 137 at this point in January 2016. Total Active Listings are at 309 compared to 280 at this time last year. Sales To Listings Ratio is at 37% compared to 54% in January 2016.

 

West Vancouver – 9 Units Sold so far in January 2017 compared to 45 Units Sold so far at this time in January 2016. Total New Listings so far in January are 60 compared to 106 at this point in January 2016. Total Active Listings are at 338 compared to 366 at this time last year. Sales To Listings Ratio is at 15% compared to 46% in January 2016.

 

Richmond – 93 Units Sold so far in January 2017 compared to 146 Units Sold so far at this time in January 2016. Total New Listings so far in January are 258 compared to 267 at this point in January 2016. Total Active Listings are at 976 compared to 1,046 at this time last year. Sales To Listings Ratio is at 36% compared to 64% in January 2016.

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"The tragedy of life doesn't lie in not reaching your goal. The tragedy lies in having no goal to reach." - Benjamin Mays

 

Happy New Year! All the best for a successful 2017 ahead!

 

Attached are the end of December 2016 Sales and Listings Stats. And what a year it was! A record breaking first half of the year and then a shift in the complete opposite direction for the last half. In Greater Vancouver there were 26,439 properties sold in the first six months and 14,441 sales in the last six months of 2016. In the Fraser Valley the story was similar, with 14,732 properties sold in the first six months and 8,160 in the last six months. Interesting to see given effects of the Foreign Buyer Tax would have been less pronounced in the Fraser Valley and indicating that the market was already in a self-correcting stage to finish the year. What remained constant, was the lack of homes for sale in the market. And that culminated with an exclamation point in December with only 1,350 properties listed in Greater Vancouver in December – 35 percent below December of last year and 22 percent below the lowest amount of new listings in the month of December going back to 1991. With that, January 2017 started with 6,109 properties on the market compared to 6,173 at the beginning of 2016. So while demand declined through the last half of the year, an accumulation of inventory did not happen. The Home Price Index showed that prices across the region declined in the last 3 to 6 months of the year.

 

Some highlights in market areas during 2016:

 

  • The once saturated condo market in Richmond saw a dramatic decline in inventory with the number of apartments on the market declining to 281 at year end compared to a high of over 1,000 in 2015 and 2014.
  • The number of Active Listings for Detached Houses in East Vancouver went from 280 in January to 692 by November. Tsawwassen and Ladner saw similar percentage increases in Active Listings
  • The number of sales of West Vancouver Detached Houses dropped to 22 in September compared to a high of 146 in March
  • The number of sales of Detached Houses on Vancouver’s West Side dropped to 60 in September from a high of 230 in April

 

So while many like to speak in general terms about the Vancouver real estate market, it is very much a regional and product differentiated market. While the detached market saw a quick and significant decline in activity starting in May, the townhouse and apartment market remained more active (albeit less so than it was in the first half of the year). But active nonetheless with multiple offers and prices still showing growth. And it can be argued that the higher end of the market has seen a correction in pricing as 2016 came to a close. Prices gained in the first half of 2016 in some cases were not being achieved in the second half with Vancouver, West Vancouver and Richmond bearing the brunt of this. For Greater Vancouver in 2015, detached sales made up 41% of the market, townhouses 17% and apartments 42%; in 2016 detached sales made up 37%, townhouses 16% and apartments 47%. In fact, the number of apartments sold in 2016 was 7% higher than in 2015. Overall, sales in Greater Vancouver for 2016 were 40,880 down from a record high of 43,155 in 2015.

 

The Metro Vancouver real estate market on its own started to show a calming of demand midyear coupled with constraints by all levels of government this sped up the process. From concerns over speculation which resulted in deregulation of the Real Estate Council to language restricting assignment of contracts for resale properties in May, an introduction of a 15 percent Foreign Buyers Tax in August, Federal mortgage rule changes in October creating a stress test for buyers with less than 20 percent down payments all the way to the creation of an Empty Home Tax by the City of Vancouver. Throw in a 5% down payment loan announced by the British Columbia government in December and set to start in January 2017, one could argue we’ve seen it all. But that’s just from within our own borders, factors such as Trump, Brexit, a declining Canadian Dollar, continued movement of global capital and immigration were also at play. Some more of an immediate impact, others more of a distraction.

 

There will be as many predictions, forecasts, guesses and hopes for the real estate market in 2017 as there were explanations and excuses for the 2016 market. And after all that we saw lack of supply continue to be a significant factor at the end of the year that it was at the start.

 

Here is my prediction for 2017 Real Estate in Metro Vancouver: Buyers will buy and Sellers will sell. There will be a real estate market. Supply will be restricted, and that won’t change quickly. Given how 2016 finished with declining demand and no rise in supply, its likely supply will be restricted through 2017. And more than anything, supply and demand will direct pricing in the market.

 

Sales and Listings Stats Dec 2016 Houes Townhouses and Condos

 

 Sales and Listings Stats Dec 2016 All Regional

 

 

Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2016 was 1,743 – down from 2,255 in November 2016; down from 2,905 in December 2015 and 2,173 in December 2014. Total Active Listings are flat to last year but new listings were down 35% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 129% in December 2016 compared to 140% in December 2015. Benchmark Price is up 20.9% since January 2016 but down 2.7% over the last 3 months.

 

Vancouver Westside: Total Units Sold in December 2016 was 324 – down from 408 in November 2016; down from 512 in December 2015 and 415 in December 2014. Total Active Listings are flat to last year but new listings were down 36% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 140% in December 2016 compared to 141% in December 2015. Benchmark Price is up 14.3% since January 2016 but down 3.8% over the last 3 months.

 

Vancouver Eastside: Total Units Sold in December 2016 was 183 – down from 251 in November 2016; down from 264 in December 2015 and 266 in December 2014. Total Active Listings are up 87% to last year but new listings were down 19% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 117% in December 2016 compared to 138% in December 2015. Benchmark Price is up 18% since January 2016 but down 3.5% over the last 3 months.

 

North Vancouver: Total Units Sold in December 2016 was 138 – down from 173 in November 2016; down from 210 in December 2015 and 156 in December 2014. Total Active Listings are up 21% compared to last year but new listings were down 49% compared to December last year, Month’s Supply of Total Residential Listings is at 2 Months (Strong Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 197% in December 2016 compared to 154% in December 2015. Benchmark Price is up 17% since January 2016 but down 3.8% over the last 3 months.

 

West Vancouver: Total Units Sold in December 2016 was 44 – flat to November 2016 at 44; down from 86 in December 2015 and 66 in December 2014. Total Active Listings are flat to last year but new listings were down 30% compared to December last year, Month’s Supply of Total Residential Listings is at 8 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2015 and Sales to Listings Ratio was 80% in December 2016 compared to 110% in December 2015. Benchmark Price is up 13.2% since January 2016 but down 10.9% over the last 3 months.

 

Richmond: Total Units Sold in December 2016 was 235 – down from 262 in November 2016; down from 424 in December 2015 and 302 in December 2014. Total Active Listings are down 5% to last year and new listings were down 41% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 3 Months Supply at the end of 2015 and Sales to Listings Ratio was 104% in December 2016 compared to 110% in December 2015. Benchmark Price is up 19.2% since January 2016 but down 2.5% over the last 3 months.

 

Burnaby East: Total Units Sold in December 2016 was 20 – down from 30 in November 2016; down from 35 in December 2015 and 28 in December 2014. Total Active Listings are up 23% to last year but new listings were down 25% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 154% in December 2016 compared to 206% in December 2015. Benchmark Price is up 17.2% since January 2016 but down 2.4% over the last 3 months.

 

Burnaby North: Total Units Sold in December 2016 was 85 – down from 121 in November 2016; down from 149 in December 2015 and 122 in December 2014. Total Active Listings are flat to last year but new listings were down 43% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 149% in December 2016 compared to 149% in December 2015. Benchmark Price is up 22.5% since January 2016 but down 1.0% over the last 3 months.

 

Burnaby South: Total Units Sold in December 2016 was 73 – down from 98 in November 2016; down from 203 in December 2015 and 116 in December 2014. Total Active Listings are flat to last year but new listings were down 46% compared to December last year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced to Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 111% in December 2016 compared to 165% in December 2015. Benchmark Price is up 22.8% since January 2016 but down 0.8% over the last 3 months.

 

New Westminster: Total Units Sold in December 2016 was 84 – down from 97 in November 2016; down from 103 in December 2015 and up from 72 in December 2014. Total Active Listings are down 13% to last year but new listings were up slightly compared to December last year, Month’s Supply of Total Residential Listings is at 2 Months (Strong Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 135% in December 2016 compared to 178% in December 2015. Benchmark Price is up 21.2% since January 2016 but down 2.0% over the last 3 months.

 

Coquitlam: Total Units Sold in December 2016 was 128 – down from 174 in November 2016; down from 243 in December 2015 and 166 in December 2014. Total Active Listings are up 9% to last year but new listings were down 41% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 152% in December 2016 compared to 147% in December 2015. Benchmark Price is up 16% since January 2016 but down 4.4% over the last 3 months.

 

Port Moody: Total Units Sold in December 2016 was 41 – up from 38 in November 2016; down from 51 in December 2015 and 42 in December 2014. Total Active Listings are up 27% to last year but new listings were down 25% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 141% in December 2016 compared to 131% in December 2015. Benchmark Price is up 17.8% since January 2016 but down 1.6% over the last 3 months.

 

Port Coquitlam: Total Units Sold in December 2016 was 59 – down from 96 in November 2016; down from 98 in December 2015 and 68 in December 2014. Total Active Listings are up 20% to last year but new listings were down 40% year compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 140% in December 2016 compared to 140% in December 2015. Benchmark Price is up 18.3% since January 2016 but down 3.6% over the last 3 months.

 

Ladner: Total Units Sold in December 2016 was 21 – down from 27 in November 2016; down from 22 in December 2015 and 28 in December 2014. Total Active Listings are up 355% (135 from 35) to last year and new listings were the same compared to December last year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 111% in December 2016 compared to 116% in December 2015. Benchmark Price is up 13% since January 2016 but down 7.3% over the last 3 months.

 

Tsawwassen: Total Units Sold in December 2016 was 15 – down from 30 in November 2016; down from 50 in December 2015 and 27 in December 2014. Total Active Listings are up 280% (143 from 51) to last year but new listings were down 29% compared to December last year, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 1 Months Supply at the end of 2015 and Sales to Listings Ratio was 68% in December 2016 compared to 161% in December 2015. Benchmark Price is up 15.8% since January 2016 but down 6.6% over the last 3 months.

 

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"We are still masters of our fate. We are still captains of our souls." - Winston Churchill

 

This is the Sales and Listings Report updated to the end of November 2016. Sales for November were on par with October for the most part and in some areas higher – something not typical for this time of year as the selling season transitions into the holiday season. We typically see November down from October in terms of number of homes sold. Greater Vancouver home sales were 2,255 in November, flat to October which was 2,284 and down 37 per cent from the lofty highs of November 2015. Sales in East Vancouver were actually 25 per cent higher in November compared to the month previous though. And while the number of sales have held steady for November, the number of new listings coming on market in most areas are down for November compared to October as well down from November 2015. The result is a dropping Active Listing count – finishing in November at 9,051 listings compared to 9,826 at the end of October. The number of new listings coming on market was 10.5 per cent below the average for November going back to 1991. Sales for the month of November were 7 per cent below the 25 year average. The House Price Index is down 1 per cent month over month for Greater Vancouver and down 3 per cent over the past 3 months. West Vancouver is showing the biggest decline with the House Price Index down 10 per cent over the last 3 months.

 

With all the noise of the United States Presidential Election having somewhat passed, and time having moved on since changes introduced by government, there appears to be some normalcy returning to the market. Distraction can have its effects on markets and that has certainly been the case for Metro Vancouver and beyond. And perhaps the pull back in demand, that actually started before the Foreign Buyer Tax, mortgage rule changes and the new City of Vancouver Vacant Home Tax announcement, had more to do with the market reacting to its own conditions than those imposed by the government.

 

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months” said Dan Morrison, Real Estate Board of Greater Vancouver president. “Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-month declines.”

 

Sales and Listings Stats Houses Townhouses Condos For Nov 2016

 

Sales and Listings Stats All Regional For Nov 2016

 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2016 was 2,255 – down from 2,284 (1%) in October 2016, down from 3,603 (37%) in November 2015, down from 2,567 (12%) in November 2014; Active Listings are at 9,051 compared to 9,017 at this time last year; New Listings in November 2016 were down 9% compared to November 2015, down 21% from October 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 70% compared to 102% in November 2015 and 56% in October 2016. House Price Index is down 1% month over month, and down 3% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2016 was 408 – the same amount as in October 2016, down from 694 (41%) in November 2015, down from 493 (17%) in November 2014; Active Listings are at 1,469 compared to 1,466 at this time last year; New Listings in November 2016 were down 11% compared to November 2015, down 24% from October 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 71% compared to 107% in November 2015 and 54% in October 2016. House Price Index is down 0.5% month over month, and down 2% over the last 3 months.

 

Vancouver Eastside Residential Total Units Sold in November 2016 was 251 – up from 202 (24%) in October 2016, down from 333 (25%) in November 2015, down from 284 (12%) in November 2014; Active Listings are at 1,012 compared to 630 at this time last year; New Listings in November 2016 were up 25% compared to November 2015, down 17% from October 2016; Month’s Supply of Total Residential Listings dropped to 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 60% compared to 99% in November 2015 and 40% in October 2016. House Price Index is down 2.5% month over month, and down 2.5% over the last 3 months.

 

North Vancouver Residential:  Total Units Sold in November 2016 was 173 – up from 170 (1%) in October 2016, down from 274 (37%) in November 2015, down from 190 (9%) in November 2014; Active Listings are at 488 compared to 399 at this time last year; New Listings in November 2016 were down 17% compared to November 2015, down 30% from October 2016; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 78% compared to 102% in November 2015 and 54% in October 2016. House Price Index is down 1% month over month, and down 4% over the last 3 months.

 

West Vancouver Houses: Total Units Sold in November 2016 was 44 – up from 35 (25%) in October 2016, down from 108 (60%) in November 2015, down from 79 (44%) in November 2014; Active Listings are at 462 compared to 468 at this time last year; New Listings in November 2016 were down 20% compared to November 2015, down 22% from October 2016; Month’s Supply of Total Residential Listings is down to 11 Months (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 78% in November 2015 and 25% in October 2016. House Price Index is down 2% month over month, and down 10% over the last 3 months.

 

Richmond Residential: Total Units Sold in November 2016 was 262 – down from 290 (10%) in October 2016, down from 501 (47%) in November 2015, down from 330 (21%) in November 2014; Active Listings are at 1,280 compared to 1,348 at this time last year; New Listings in November 2016 were down 21% compared to November 2015, down 4% from October 2016; Month’s Supply of Total Residential Listings remained at 5 Months (Balanced Market to Buyer’s Market) and a Sales to Listings Ratio of 61% compared to 93% in November 2015 and 57% in October 2016. House Price Index is down 2% month over month, and down 3% over the last 3 months.

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Property Status Declaration: Starting January 2017 and due by February 2, 2018 Empty Homes Tax Payment: Due by April 16, 2018 for 2017 Tax Year Unpaid tax added to Property tax bill: December 31, 2018 Tax will be equal to 1% of the property's assessed value

 

Properties not subject to Empty Home Tax:

 

*         Being used as a principal residence by the owner or his/her family member

 

*         Rented for a total of 180 days of the year, in periods of at least 30 consecutive days

 

*         Meeting the criteria for one of the permissible exemptions listed below

 

 

Permissible Exemptions:

 

*         Your home is being used a minimum six months of the year for work purposes within the City of Vancouver, with your principal residence elsewhere

 

o   Must provide address of your principal residence, contact information for Vancouver employer, letter from Vancouver employer confirming full time employment status and required physical presence for purposes of work

 

*         You or your tenant is receiving long-term, in-patient, medical or supportive care

 

o   Contact information for care facility and letter from care facility confirming property owner is under-going care

 

*         The owner is deceased and a grant of probate or administration is pending

 

o   Provide copy of death certificate

 

*         The ownership of the property changed during the year

 

o   Provide a copy of the contract of purchase and sale

 

*         The property is undergoing major renovations, or is under construction or redevelopment and permits have been issued

 

o   Short description of redevelopment and permit number

 

*         The property was subject to strata rental restrictions as of November 16, 2016

 

o   Provide copy of strata bylaws and letter from strata council confirming rentals are at the maximum and the property in question is on the waiting list

 

o   Any strata bylaw enacted after November 16, 2016 will not allow for an exemption by the property owner

 

*         The property is under a court order prohibiting occupancy

 

o   Provide a copy of the court order

 

*         The property's use is limited to vehicle parking or the shape, size or other aspect of the property precludes the ability to construct a residential building

 

 

Penalties and Fines:

 

*         Failure to self-declare will result in the tax applied in the year following, with the amount added to the property tax bill

 

*         Late and unpaid Empty Home Taxes are subject to late payment penalty of 5%, daily interest on arrears and the tax sale process

 

*         False declarations will result in fines up to $10,000 per day in addition to payment of the tax

 

*         Properties may be audited and documentation and support of exemptions will be requested

 

For further information, please go to the City of Vancouver website:

 

http://vancouver.ca/home-property-development/empty-homes-tax.aspx

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"There is a crack in everything, that's how the light gets in." - Leonard Cohen

 

Sales and listings stats are attached as of November 24, 2016. Steady as she blows, pretty much the theme of the last 3 months and continuing this month. Sales in those 3 months have averaged 2,380 homes sold in Greater Vancouver. November is likely to finish at around 2,200 sales for the month. Total number of Active Listings continues to be on the decline, currently sitting at 9,344 units. Both East Vancouver and West Vancouver – two of the areas that have showed a greater decline in sales, are likely to achieve more sales in November than in October. Similarly with Detached Houses on the West Side of Vancouver. Sales will be down from last year but we are still seeing multiple offers with some properties.

 

Sales and Listings Report Houses Townhouses Condos Nov 23 2016

 

Sales and Listings Report All Regional Nov 23 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,625 Units Sold so far in November 2016. Total New Listings so far in September are 2,527. Total Active Listings are at 9,344 (down from 9,826 at the end of October 2016), Sales To Listings Ratio is at 64% compared to 56% at the end of October 2016.

 

Vancouver West - 295 Units Sold so far in November 2016. Total New Listings so far in September are 456. Total Active Listings are at 1,545 (down from 1,652 at the end of October 2016), Sales To Listings Ratio is at 65% compared to 54% at the end of October 2016.

 

Vancouver East – 183 Units Sold so far in November 2016. Total New Listings so far in September are 323. Total Active Listings are at 1,030 (down from 1,047 at the end of October 2016), Sales To Listings Ratio is at 57% compared to 40% at the end of October 2016.

 

North Vancouver – 120 Units Sold so far in November 2016. Total New Listings so far in September are 174. Total Active Listings are at 520 (down from 551 at the end of October 2016), Sales To Listings Ratio is at 69% compared to 54% at the end of October 2016.

 

West Vancouver – 32 Units Sold so far in November 2016. Total New Listings so far in September are 86. Total Active Listings are at 484 (down from 516 at the end of October 2016), Sales To Listings Ratio is at 37% compared to 25% at the end of October 2016.

Richmond – 179 Units Sold so far in November 2016. Total New Listings so far in September are 340. Total Active Listings are at 1,328 (down from 1,370 at the end of October 2016), Sales To Listings Ratio is at 53 compared to 57% at the end of October 2016.

 

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It takes courage to grow up and become who you really are. - E. E. Cummings

 

This is the Sales and Listings Report updated to the end of October 2016. Sales for October leveled out after falling five straight months. Greater Vancouver homes sales were 2,284 in October, down 0.5% from September and down 39% from October 2015. Sales for the month of October were 13% below the 25 year average while New Listings for October were 11 percent below the 25 year average. So while sales are down, new listings coming on market are down too – Sellers are not willing to sell at any cost. West Vancouver remains the most impacted market, with sales down 76% compared to October of last year. Vancouver’s East Side market has seen one of the most significant increases in home inventories with Active Listings up 39% compared to the say time last year. Arguably that market has been less impacted by foreign buyers and probably faced buyer fatigue sooner than other market areas. Prices are as well showing signs of coming off their highs. The detached market more so, and the higher end of the market as well. While House Price Index is now starting to show declines in prices, some market areas and segments may be down from their peaks in the range of 10 per cent. Not surprising considering the extreme peaks we saw over the last year.

 

 

Government measures continue to make headlines in the market with the latest being mortgage rule changes that the Canadian government introduced with the goal of safeguarding the health and stability of Canada’s housing market. They have done this six times since 2008. The measures include adjustments to income testing rules for borrowers requiring mortgage insurance, limits to the use of portfolio insurance by lenders, and increased oversight of the principal residence tax exemption rule. This will require every homeowner who sells in 2016 to report that sale when they file their 2016 Income Tax Return – whether it was a principal residence or not, although the exemption for principal residence still applies for Canadian Residents. While these changes do not affect all buyers, they do have an impact on the psychology of the market which can add to the effects of an already changing market. Which is what we are seeing.

 

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

 

Sales and Listings Report Houses Townhouses Condoos For October 2016

 

Sales and Listings Report All Regional for October 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2016 was 2,284 – down from 2,304 (0.5%) in September 2016, down from 3,714 (39%) in October 2015, down from 3,113 (27%) in October 2014; Active Listings are at 9,826 compared to 10,513 at this time last year; New Listings in October 2016 were down 4% compared to October 2015, down 18% from September 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 56% compared to 88% in October 2015 and 47% in September 2016. House Price Index down 0.8% month over month.

 

Vancouver Westside Residential: Total Units Sold in October 2016 was 408  – down from 426 (5%) in September 2016, down from 700 (41%) in October 2015, down from 658 (38%) in October 2014; Active Listings are at 1,652 compared to 1,787 at this time last year; New Listings in October 2016 were down 10% compared to October 2015, down 21% from September 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 54% compared to 84% in October 2015 and 45% in September 2016. House Price Index down 0.7% month over month.

 

Vancouver Eastside Residential Total Units Sold in October 2016 was 202  – up from 200 (0.5%) in September 2016, down from 357 (43%) in October 2015, down from 340 (60%) in October 2014; Active Listings are at 1,047 compared to 753 at this time last year; New Listings in October 2016 were up 25% compared to October 2015, down 10% from September 2016; Month’s Supply of Total Residential Listings remained at 5 Months (Balanced Market) and a Sales to Listings Ratio of 40% compared to 89% in October 2015 and 36% in September 2016. House Price Index up 0.5% month over month.

 

North Vancouver Residential:  Total Units Sold in October 2016 was 170  – down from 182 (7%) in September 2016, down from 289 (41%) in October 2015, down from 218 (22%) in October 2014; Active Listings are at 551 compared to 494 at this time last year; New Listings in October 2016 were down 9% compared to October 2015, down 31% from September 2016; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 54% compared to 100% in October 2015 and 41% in September 2016. House Price Index down 1.0% month over month.

 

West Vancouver Houses: Total Units Sold in October 2016 was 35  – down from 39 (10%) in September 2016, down from 148 (76%) in October 2015, down from 99 (65%) in October 2014; Active Listings are at 516 compared to 545 at this time last year; New Listings in October 2016 were down 23% compared to October 2015, down 33% from September 2016; Month’s Supply of Total Residential Listings is up to 15 Months (Extreme Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 75% in October 2015 and 19% in September 2016. House Price Index flat month over month.

 

Richmond Residential: Total Units Sold in October 2016 was 290  – up from 269 (8%) in September 2016, down from 488 (40%) in October 2015, down from 407 (38%) in October 2014; Active Listings are at 1,370 compared to 1,529 at this time last year; New Listings in October 2016 were down 13% compared to October 2015, down 8% from September 2016; Month’s Supply of Total Residential Listings remained at 5 Months (Balanced Market) and a Sales to Listings Ratio of 57% compared to 83% in October 2015 and 49% in September 2016. House Price Index down 4.1% month over month.

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"I think all of us are looking at the future with yesterday's eyes." - Dan Burrus

 

Sales and listings stats are attached as of October 15, 2016. The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers. The effects of this and other regulatory changes are weighing on a market that was already in adjustment.

 

The numbers for October are showing so far similar pattern for sales as September. There is no refuting that sales are down from the last two years and below the 10 year average. But inventories are not increasing to any great degree with less new listings coming on the market in October compared to September, a trend to continue through the remainder of the year. With less demand though, opportunities are presenting themselves to buyers that haven’t been in the market for some time. And by November we may be in a position to see Total Active Listings above the level from the year previous, a change from what has been the norm over the last few years.

 

Sales and Listings Stats Houses Townhouses Condos Oct 15 2016

 

Sales and Listings Stats All Residential Oct 15 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,015 Units Sold so far in October 2016 compared to 1,126 Units Sold by September 19, 2016. Total New Listings so far in September are 2,008 compared to 2,693 by September 19, 2016. Total Active Listings are at 10,037 (11,405 at the same time in October 2015), Sales To Listings Ratio is at 51% compared to 42% at this time in September 2016.

 

Vancouver West - 197 Units Sold so far in October 2016 compared to 219 Units Sold by September 19, 2016. Total New Listings so far in September are 364 compared to 517 by September 19, 2016. Total Active Listings are at 1,663 (1,942 at the same time in October 2015), Sales To Listings Ratio is at 54% compared to 42% at this time in September 2016.

 

Vancouver East – 82 Units Sold so far in October 2016 compared to 80 Units Sold by September 19, 2016. Total New Listings so far in September are 250 compared to 299 by September 19, 2016. Total Active Listings are at 1,046 (839 at the same time in October 2015), Sales To Listings Ratio is at 33% compared to 27% at this time in September 2016.

 

North Vancouver – 73 Units Sold so far in October 2016 compared to 89 Units Sold by September 19, 2016. Total New Listings so far in September are 156 compared to 274 by September 19, 2016. Total Active Listings are at 581 (548 at the same time in October 2015), Sales To Listings Ratio is at 47% compared to 32% at this time in September 2016.

 

West Vancouver – 11 Units Sold so far in October 2016 compared to 14 Units Sold by September 19, 2016. Total New Listings so far in September are 70 compared to 115 by September 19, 2016. Total Active Listings are at 522 (596 at the same time in October 2015), Sales To Listings Ratio is at 16% compared to 12% at this time in September 2016.

 

Richmond – 126 Units Sold so far in October 2016 compared to 129 Units Sold by September 19, 2016. Total New Listings so far in September are 240 compared to 299 by September 19, 2016. Total Active Listings are at 1,399 (1,623 at the same time in October 2015), Sales To Listings Ratio is at 53% compared to 43% at this time in September 2016.

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Wanting to be liked can get in the way of truth. - Delia Ephron

 

This is the Sales and Listings Report updated to the end of September 2016. Once again numbers are the story, with the total number of sales in the Greater Vancouver real estate market showing a decline for the 4th straight month. Not a sudden shift as one would be lead to believe. Greater Vancouver homes sales were 2,304 in September, down 10% from August and down 33% from September 2015. North Vancouver was one of the bright spots with home sales up 13% from August. The detached housing market continues to be slower than the attached housing market. The mix of detached homes sales in September is down to 29% of total sales compared to 38% in September 2015 and 42% at the peak of the market in February 2016. That is what has brought down the average sales price in Greater Vancouver as the average is simply a calculation based on the sales mix. And this decrease has been happening since April. And let us not forget, that the increase in the Property Transfer Tax from 2% to 3% on the fair market value above $2,000,000 had an effect on the market through the spring. To truly understand pricing in today’s market, looking at the most recent sales will be the best way to tell where the market it at.

 

With the passing of each day, there seems to be a new government measure to ease pressure on the real estate market followed by the media feeding into the frenzy of negative reporting. Yes real estate markets were normalizing even before the Foreign Buyer tax came into effect, but what the tax did do is accelerate that normalization. The Foreign Buyer numbers reported by the government for August were reflective of a significant number of foreign buyers moving their contract closing dates up to the end of July. And realistically, any closings that would make up this report for August, would be based on contracts written in July. The numbers through the fall will provide a better account.

 

British Columbia still enjoys being the strongest performing economy in Canada, with a diversified base of economic activity – film production, tourism, strong retail sales, etc. The homeownership rate continues to climb in Metro Vancouver, and population growth is consistent. New home permit applications are at record levels right now, but unoccupied new homes are at record low levels. By 2041, only 10% of housing stock in Vancouver will be single detached homes compared to 28% in 2011. Making that a product that will always be sought after and hard to get. Multifamily will continue to be the majority of sales, increasing more and more going forward.

 

Sales and Listings Stats Report Houses Townhouses Condos for End of September 2016

 

Sales and Listings Stats Report All Regional for End of September 2016

 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in September 2016 was 2,304 – down from 2,554 (10%) in August 2016, down from 3,423 (33%) in September 2015, down from 2,965 (22%) in September 2014; Active Listings are at 10,061 compared to 11,825 at this time last year; New Listings in September 2016 were down 1% compared to September 2015, up 12% from August 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market) and a Sales to Listings Ratio of 47% compared to 69% in September 2015 and 58% in August 2016.

 

Vancouver Westside Residential: Total Units Sold in September 2016 was 426 – down from 452 (6%) in August 2016, down from 609 (30%) in September 2015, down from 643 (34%) in September 2014; Active Listings are at 1,671 compared to 1,995 at this time last year; New Listings in September 2016 were down 10% compared to September 2015, up 21% from August 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 45% compared to 57% in September 2015 and 57% in August 2016.

 

Vancouver Eastside Residential Total Units Sold in September 2016 was 200 – down from 218 (8%) in August 2016, down from 350 (43%) in September 2015, down from 271 (26%) in September 2014; Active Listings are at 1,005 compared to 876 at this time last year; New Listings in September 2016 were up 17% compared to September 2015, up 20% from August 2016; Month’s Supply of Total Residential Listings is up to 5 Months (Balanced Market) and a Sales to Listings Ratio of 36% compared to 74% in September 2015 and 47% in August 2016.

 

North Vancouver Residential:  Total Units Sold in September 2016 was 182 – up from 161 (13%) in August 2016, down from 255 (29%) in September 2015, down from 197 (8%) in September 2014; Active Listings are at 567 compared to 580 at this time last year; New Listings in September 2016 were up 13% compared to September 2015, up 63% from August 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 41% compared to 65% in September 2015 and 59% in August 2016.

 

West Vancouver Houses: Total Units Sold in September 2016 was 39 – down from  (32%) in August 2016, down from 100 (61%) in September 2015, down from 110 (65%) in September 2014; Active Listings are at 518 compared to 621 at this time last year; New Listings in September 2016 were down 13% compared to September 2015, up 79% from August 2016; Month’s Supply of Total Residential Listings remained at 13 Months (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 41% in September 2015 and 49% in August 2016.

 

Richmond Residential: Total Units Sold in September 2016 was 269 – down from 324 (17%) in August 2016, down from 457 (41%) in September 2015, down from 386 (30%) in September 2014; Active Listings are at 1,425 compared to 1,698 at this time last year; New Listings in September 2016 were down 20% compared to September 2015, down 7% from August 2016; Month’s Supply of Total Residential Listings up to 5 Months (Balanced Market) and a Sales to Listings Ratio of 49% compared to 66% in September 2015 and 55% in August 2016.

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“I love this country. I love my idea of this country.” —  Ralph Waldo Emerson

 

Sales and listings stats are attached as of September 19, 2016. The real estate market has shown a state of change over the last 4 months. Overall in the Greater Vancouver market, September sales are down from August. Some areas and market segments around Greater Vancouver are showing differing levels of sales compared to August. But September typically slower to start as people come back from vacation and kids head back to school. Average prices in some areas are down while others are maintaining or slightly above August. West Vancouver has seen the largest decrease in average price, dropping to $785,928 so far for September compared to $2,139,647 in August. This doesn’t mean homes are selling for less, but that less homes are selling in the higher price ranges. In West Vancouver particularly, there hasn’t been a sale for a home over $2,000,000 – significantly bringing down the average price – a calculated value.

 

As much as everyone is looking to label the market, accurate labels come after the markets have happened. With stories of buyers making more inquiries into the Toronto or Seattle market, I would bet those inquiries were always there. Tell a buyer (Foreign) that there cost has immediately gone up 15 per cent, of course they will inquire where this tax doesn’t exist. Will they act on that inquiry and abandon the market they truly desire to be in? Probably not to the same degree as we are lead to believe. But it is too early to fully understand where the market is at. What is certain, is real estate markets don’t remain static.

 

Sales and Listings Report Houses Townhouses Condos Sept 18 2016

 

Sales and Listings Report All Residential Sept 18 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,126 Units Sold so far in September 2016 compared to 1,287 Units Sold at this time in August 2016. Total New Listings so far in September are 2,693 compared to 2,507 at this time in August 2016. Total Active Listings are at 9,716 (11,258 at the same time in September 2015), Sales To Listings Ratio is at 42% compared to 58% at this time in August 2016.

 

Vancouver West - 219 Units Sold so far in September 2016 compared to 230 Units Sold at this time in August 2016. Total New Listings so far in September are 517 compared to 457 at this time in August 2016. Total Active Listings are at 1,593 (2,017 at the same time in September 2015), Sales To Listings Ratio is at 42% compared to 57% at this time in August 2016.

 

Vancouver East – 80 Units Sold so far in September 2016 compared to 111 Units Sold at this time in August 2016. Total New Listings so far in September are 299 compared to 272 at this time in August 2016. Total Active Listings are at 959 (841 at the same time in September 2015), Sales To Listings Ratio is at 27% compared to 47% at this time in August 2016.

 

North Vancouver – 89 Units Sold so far in September 2016 compared to 84 Units Sold at this time in August 2016. Total New Listings so far in September are 274 compared to 156 at this time in August 2016. Total Active Listings are at 533 (650 at the same time in September 2015), Sales To Listings Ratio is at 32% compared to 59% at this time in August 2016.

 

West Vancouver – 14 Units Sold so far in September 2016 compared to 31 Units Sold at this time in August 2016. Total New Listings so far in September are 115 compared to 67 at this time in August 2016. Total Active Listings are at 493 (533 at the same time in September 2015), Sales To Listings Ratio is at 12% compared to 49% at this time in August 2016.

 

Richmond – 129 Units Sold so far in September 2016 compared to 161 Units Sold at this time in August 2016. Total New Listings so far in September are 299 compared to 344 at this time in August 2016. Total Active Listings are at 1,412 (1,689 at the same time in September 2015), Sales To Listings Ratio is at 43% compared to 55% at this time in August 2016.

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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.

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"Nothing is more damaging to you than to do something that you believe is wrong." - Abraham

 

This is the Sales and Listings Report updated to the end of July 2016. Perhaps the Premier should have been receiving these stats updates as the Greater Vancouver real estate market may have showed it was looking after itself with home sales decreasing by 27 per cent in July compared to June. July showed a trend through the month that buyers were taking a break and enjoying the summer month and catching their breath after a very busy spring. For some markets like North Vancouver, this is typical but it was a trend shared throughout the detached market in Metro Vancouver with some seeing a more significant decline. West Vancouver Detached sales were down 41% compared to June 2016 and down 45 per cent to July 2015 and were in fact the lowest monthly sales amount since January 2014. Total Month’s Supply of Listings is up to 10 Months there, with sales down and inventories up. Richmond detached sales were down 29 per cent in July compared to June 2016, and down 46 per cent to July 2015. The Sales to Listings Ratio dropped to 38 per cent, the lowest level since January 2014 and the Month’s Supply of Listings is now at 6 Months. Vancouver West and East Side Detached sales were similarly down and showing 6 and 5 Month’s Supply of Listings respectively.

 

What does this all mean? The detached market was already showing signs of softening over the last three months. And more so in the least affordable markets. Funny how markets work. The shift to strata properties had continued in that time with those markets continuing to see Seller Market conditions with 2 Month’s Supply of Listings even with overall sales in those markets lower in July. Quite likely the percentage of foreign buyers that close in the coming months will be lower, likely more to do with pure market forces and not the Foreign Buyer Tax (the last week of July excluded as buyers rush to complete prior to the tax coming in).

 

What does this provide? Opportunity. A chance for buyers to have a more normal market to work within. An opportunity for sellers to look at making a move with a better chance to find their next home under normal market conditions. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, Real Estate Board of Greater Vancouver president said. "Last month’s sales were 6.5 per cent above the 10-year sales average for the month.” So while the numbers show a decline, they were coming off some significant highs. Moving into normality isn’t such a bad thing. 

 

Sales and Listings Report Burnaby and East for July 2016

 

Sales and Listings Report July 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2016 was 3,301 – down from 4,502 (27%) in June 2016, down from 4,145 (18%) in July 2015, up from 3,111 (6%) in July 2014; Active Listings are at 9,038 compared to 12,559 at this time last year; New Listings in July 2016 were up 2% compared to July 2015, down 12% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 77% in July 2015 and 74% in June 2016.

 

Vancouver Westside Residential: Total Units Sold in July 2016 was 604 – down from 816 (26%) in June 2016, down from 806 (25%) in July 2015, up from 597 (1%) in July 2014; Active Listings are at 1,495 compared to 2,103 at this time last year; New Listings in July 2016 were down 4% compared to July 2015, down 10% from June 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 76% in July 2015 and 72% in June 2016.

 

Vancouver Eastside Residential Total Units Sold in July 2016 was 290 – down from 407 (29%) in June 2016, down from 391 (25%) in July 2015, down from 360 (19%) in July 2014; Active Listings are at 800 compared to 838 at this time last year; New Listings in July 2016 were down 10% compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 54% compared to 79% in July 2015 and 69% in June 2016.

 

North Vancouver Residential:  Total Units Sold in July 2016 was 240 – down from 346 (30%) in June 2016, down from 285 (15%) in July 2015, up from 225 (7%) in July 2014; Active Listings are at 399 compared to 592 at this time last year; New Listings in July 2016 were up 20% compared to July 2015, down 17% from June 2016; Month’s Supply of Total Residential Listings is up to 2 Months (Seller’s Market) and a Sales to Listings Ratio of 66% compared to 93% in July 2015 and 79% in June 2016.

 

West Vancouver Houses: Total Units Sold in July 2016 was 67 – down from 109 (39%) in June 2016, down from 110 (61%) in July 2015, down from 94 (29%) in July 2014; Active Listings are at 514 compared to 620 at this time last year; New Listings in July 2016 were flat compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 8 Months (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 54% in July 2015 and 50% in June 2016.

 

Richmond Residential: Total Units Sold in July 2016 was 433 – down from 637 (32%) in June 2016, down from 543 (20%) in July 2015, up from 409 (6%) in July 2014; Active Listings are at 1,398 compared to 1,836 at this time last year; New Listings in July 2016 were down 1% compared to July 2015, down 13% from June 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 71% in July 2015 and 73% in June 2016.

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"Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment." – Buddha

 

Sales and listings stats are attached as of July 18, 2016. Quicker than the government can say let’s act, the market is saying it has its own mind with activity this month showing signs of a summer break. So far in July we have seen sales in Greater Vancouver down 31% compared to the same time last July. Listings are down as well, with new listings in Greater Vancouver down 15%. Total Active listings have increased ever so slightly and with the Sales to Listings Ratio dropping in all areas, it may give buyers a chance they haven’t seen in some months. It also means sellers have to be careful with pricing as the demand has come off the highs earlier this year (and highs they were!) But while the numbers are lower, it is still a market that favours the sellers and certainly the activity in July is not indicative of anything more at this point then typical market dynamics.

 

Sales and Listings Report Houses Townhouse and Condos

 

Sales and Listings Report All Regional

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,599 Units Sold so far in July 2016 compared to 2,289 Units Sold at this time in July 2015. Total New Listings so far in July are 2,668 compared to 3,116 at this time in July 2015. Total Active Listings are at 8,784 (12,828 at the same time in July 2015), Sales To Listings Ratio is at 60% compared to 73% at this time in July 2015.

 

Vancouver West - 285 Units Sold so far in July 2016 compared to 439 Units Sold at this time in July 2015. Total New Listings so far in July are 516 compared to 629 at this time in July 2015. Total Active Listings are at 1,465 (2,176 at the same time in July 2015), Sales To Listings Ratio is at 55% compared to 77% at this time in July 2015.

 

Vancouver East – 141 Units Sold so far in July 2016 compared to 231 Units Sold at this time in July 2015. Total New Listings so far in July are 254 compared to 301 at this time in July 2015. Total Active Listings are at 775 (864 at the same time in July 2015), Sales To Listings Ratio is at 56% compared to 77% at this time in July 2015.

 

North Vancouver – 115 Units Sold so far in July 2016 compared to 173 Units Sold at this time in July 2015. Total New Listings so far in July are 191 compared to 197 at this time in July 2015. Total Active Listings are at 403 (628 at the same time in July 2015), Sales To Listings Ratio is at 60% compared to 88% at this time in July 2015.

 

West Vancouver – 28 Units Sold so far in July 2016 compared to 68 Units Sold at this time in July 2015. Total New Listings so far in July are 102 compared to 107 at this time in July 2015. Total Active Listings are at 499 (607 at the same time in July 2015), Sales To Listings Ratio is at 27% compared to 64% at this time in July 2015.

 

Richmond – 226 Units Sold so far in July 2016 compared to 307 Units Sold at this time in July 2015. Total New Listings so far in July are 362 compared to 425 at this time in July 2015. Total Active Listings are at 1,315 (1,856 at the same time in July 2015), Sales To Listings Ratio is at 62% compared to 72% at this time in July 2015.

 

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