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!

 

"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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