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!

 
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"An aim in life is the only fortune worth finding." - Robert Louis Stevenson

 

This is the Sales and Listings Report updated to the end of June 2016. Greater Vancouver real estate is shifting into summer mode, with sales levels down from May. Sales were down 8% compared to May 2016 while new listings were down 6% to May 2016 and up 6% to June 2015. The first half of 2016 saw 26,439 properties sold, up 20% to the first half of 2015, up 56% to the first half of 2014 and up 91% to the first half of 2013. There were 35,811 new listings in Greater Vancouver in the first half of 2016 – not much more than 2015 with 34,412. There were actually more new listings in the first half of 2010 with 38,118, than in 2011 with 35,900 and in 2012 with 36,685. So to say supply isn’t an issue, isn’t correct.

 

The house price index is up 32.1% year over year, and up 20.5% in the first 6 months of this year. Maple Ridge leads the way at 24.5% from January to June. There has been a shift in activity from detached housing properties to strata properties in the market with a higher sales to listings ratios. Vancouver’s Westside Detached market saw its Sales to Listings Ratio go from 63% in May to 46% in June while condos saw their Sales to Listings Ratio increase go from 83% in May to 85% in June. But all segments of the market remain in an undersupplied state. North Vancouver remains at one month supply and Richmond townhouses and even condos are sitting with one month’s supply – a dramatic drop after having been at 9 month’s supply in the fall of 2014.

 

For every home sale in Greater Vancouver there is an opinion about where the market is going and what should be done to get there. There has been a market shift in recent months with supply on the increase but demand for the most part is still keeping pace. So while there will a constant debate on what needs to be done, markets will do what markets do – react to the conditions that exist within them. In 2013 Economists said that a 10-15% correction was going to happen and that interest rates would rise… Neither occurred with prices up over 25% last year alone. With recent events such as Brexit, political discussions on reacting to the market and rise in the Canadian dollar, the real estate market will see effects from all those. To what degree remains to be seen and of course all remain unknown as to how each will play out over the remainder of 2016.

 

“While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” Dan Morrison REBGV president said.

 

Sales and Listings Report for Houses Townhouses Condos June 2016

 

Sales and Listings Report for All Regional June 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June 2016 was 4,502 – down from 4,910 (8%) in May 2016, up from 4,145 (9%) in June 2015, up from 3,331 (35%) in June 2014; Active Listings are at 8,546 compared to 13,385 at this time last year; New Listings in June 2016 were up 6% compared to June 2015, down 6% from May 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 74% compared to 74% in June 2015 and 76% in May 2016. The House Price Index (HPI) is up 20.5% in the first 6 months of 2016.

 

Vancouver Westside Residential: Total Units Sold in June 2016 was 816 – down from 851 (4%) in May 2016, down from 884 (4%) in June 2015, up from 689 (18%) in June 2014; Active Listings are at 1,381 compared to 2,228 at this time last year; New Listings in June 2016 were the same compared to June 2015, up 2% from May 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 72% compared to 78% in June 2015 and 76% in May 2016. The House Price Index (HPI) is up 19.6% in the first 6 months of 2016.

 

Vancouver Eastside Residential Total Units Sold in June 2016 was 407 – down from 447 (9%) in May 2016, down from 467 (13%) in June 2015, up from 373 (9%) in June 2014; Active Listings are at 753 compared to 888 at this time last year; New Listings in June 2016 were up 3% compared to June 2015, down 11% from May 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 69% compared to 81% in June 2015 and 67% in May 2016. The House Price Index (HPI) is up 19.8% in the first 6 months of 2016.

 

North Vancouver Residential:  Total Units Sold in June 2016 was 346 – the same amount as May 2016, up from 339 (2%) in June 2015, up from 280 (24%) in June 2014; Active Listings are at 385 compared to 675 at this time last year; New Listings in June 2016 were up 12% compared to June 2015, down 12% from May 2016; Month’s Supply of Total Residential Listings remains at 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 79% compared to 86% in June 2015 and 69% in May 2016. The House Price Index (HPI) is up 20.5% in the first 6 months of 2016.

 

West Vancouver Houses: Total Units Sold in June 2016 was 109 – down from 150 (27%) in May 2016, down from 132 (17%) in June 2015, down from 126 (13%) in June 2014; Active Listings are at 488 compared to 629 at this time last year; New Listings in June 2016 were down 14% compared to June 2015, down 18% from May 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 50% compared to 51% in June 2015 and 56% in May 2016. The House Price Index (HPI) is up 23.2% in the first 6 months of 2016.

 

Richmond Residential: Total Units Sold in June 2016 was 637 – up from 634 (1%) in May 2016, up from 546 (17%) in June 2015, up from 422 (51%) in June 2014; Active Listings are at 1,299 compared to 1,909 at this time last year; New Listings in June 2016 were up 5% compared to June 2015, down 8% from May 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 73% compared to 65% in June 2015 and 67% in May 2016. The House Price Index (HPI) is up 21.8% in the first 6 months of 2016.

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