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Why Wait to Make Your Move?

Tue, 05 May 2026 18:04:06 GMT

Highlights of Dexter’s April 2026 report

Bank of Canada keeps its rate in check
Detached homes showed more sales
Market conditions make for a great time to move
Balance in the market continues

Supply Expands, Stability Holds Across Metro Vancouver

April didn’t break the trend; it carried it forward. It acted like a spring market in its own way. While not the volume of sales we are used to in Metro Vancouver, it carried forward from March and previous months to make April the best month for sales since the fall.

After two months of accelerating momentum, the Metro Vancouver market moved into a more measured phase in April. Sales continued to rise, inventory expanded more meaningfully, and the overall market shifted slightly back toward buyer-leaning conditions in some areas. Detached homes showed a great improvement in sales, up 14% compared to April last year while town homes and condos were down. The increase in supply helped move more sales forward.

Total residential sales in Greater Vancouver reached 2,110 units in April, up 4% from March and 28% from February. The pace of growth has slowed compared to earlier in the year, but that’s expected as the market moves out of recovery mode and into a more stable operating range.

Greater Vancouver sales in April were 23% below the 10-year average after March was 32% below the 10-year average, February at 29% below the 10-year average and January at 31% below the 10-year average. April proved better not just in overall sales numbers but trending towards the average. These are signs of better buyer engagement, and an increase in listing choice.

The month-over-month gains were especially strong in Burnaby East (+25%), West Vancouver (+11%), Richmond (+17%), Vancouver East Side (+12%), New Westminster (+13%), and Port Coquitlam (+13%). Burnaby East in particular stands out with a robust 49% sales-to-listings ratio, the highest in the region.

Several communities posted meaningful year-over-year gains, a particularly encouraging sign given that 2025 was hoped to be a recovery year while continued uncertainty had other plans for 2025 and 2026. West Vancouver led with a striking 34% increase in units sold versus April 2025, followed by Ladner (+106%), Richmond (+15%), Vancouver East Side (+7%), Pitt Meadows (+11%), and Port Moody (+6%). These gains reflect genuine demand strength in these communities and bode well for the months ahead.

At the same time, inventory growth stepped up. Active listings climbed to 16,236, up 10% month-over-month and essentially flat year-over-year. Several submarkets have seen active listings decline compared to last year: Vancouver Westside is down 12%, Burnaby East down 14%, Burnaby North down 8%, and West Vancouver down 6%. These inventory reductions, combined with improving sales, point to tightening conditions that could support price stability in those areas.

New listings rose to 6,817, a 15% increase from March and a substantial 55% above April 2023 levels. Sellers are clearly engaging in the market in greater numbers again.

The number of new listings in April were 15% above the 10-year average after March was 5% above the 10-year average, February was 7% above the 10-year average, and January 19% above the 10-year. April typically shows growth in listing inventory after a month of spring breaks and Easter Holidays.

That increase in supply had a predictable effect on market balance. Months of supply edged up from 7 to 8 months, and the sales-to-listings ratio eased slightly to 31%. This places the region just into buyer’s market territory, but only marginally and certainly not universally for all home types and neighborhoods.

A Market Absorbing Growth

The key point: demand is keeping pace, but in April it didn’t outpace supply.

The increase in listings isn’t overwhelming the market, it’s being met with steady, consistent buyer activity. That’s why sales continue to rise even as inventory expands. What we’re seeing is not a pullback. It’s normalization. Buyers have more choice. Sellers face more competition. Transactions continue, but with greater balance and less urgency than in previous years. Although anecdotally, there has been an increase in multiple offers in some areas and product types as buyers are starting to focus more, taking advantage of the conditions that favour them.

City of Vancouver: Stable, Competitive, and Balanced

Vancouver Westside

The Westside held steady in April. Sales were essentially unchanged month-over-month, while inventory increased and months of supply ticked up to 8 months. Despite this, the market remains highly functional. The sales-to-listings ratio at 30% reflects consistent absorption, even as new listings rise. Notably, inventory remains below last year’s levels, reinforcing that supply is still being managed effectively.

This is a market adjusting, not weakening.

Vancouver East Side

The East Side continues to demonstrate resilience. Sales rose 12% from March and are now above last year’s levels. Months of supply stayed steady at 7 months, maintaining balanced conditions. While inventory increased, demand followed. This remains one of the most stable submarkets in the region, supported by strong end-user demand and relative affordability.

North Shore

North Vancouver recorded 178 sales, down from March but up 32% from February and maintaining balanced market conditions with 6 months of supply. West Vancouver delivered one of the most impressive year-over-year performances anywhere in the region — 51 sales, up 34% versus April 2025 and up 55% versus February. The sales-to-listings ratio of 21% has improved significantly from 14% in April 2025, and active listings have contracted 6% year-over-year.

Richmond

Richmond's spring rebound is one of the standout stories of April. With 245 sales, the city posted gains of 17% versus March and 15% versus April 2025. The month's supply of 8 (down from 9 months in March) reflects improving absorption, and the 35% sales-to-listings ratio is the highest in several months. The 71% surge in sales from February could be the start of a sustained upswing.

Burnaby

Burnaby's three sub-areas presented a largely positive picture. Burnaby East's 49% sales-to-listings ratio and 6-month supply (balanced market) underscore strong localized demand, with sales up 25% both month-over-month and year-over-year. Burnaby North's 135 sales and 38% sales-to-listings ratio represent steady performance, while Burnaby South, with 92 sales, continues to see healthy new listing activity that is expanding buyer choice.

New Westminster

New Westminster remains steady. Sales increased modestly, and months of supply held at 7 months. This market continues to operate within a narrow, stable range—an indicator of strong underlying fundamentals.

Trice Cities and Beyond

Coquitlam (183 sales), Port Moody (54 sales), and Port Coquitlam (60 sales) all maintained balanced market conditions. Port Moody's 6% year-over-year gain in sales is a positive note. Pitt Meadows remains one of the tightest markets in the region, with a 41% sales-to-listings ratio and just 5 months of supply, conditions that favour sellers. Maple Ridge's 15% surge in new listings versus March signals a healthy influx of inventory entering its spring market.

Delta Markets

Ladner was the standout performer year-over-year in this area, with sales more than doubling (+106%) versus April 2025. The 43% sales-to-listings ratio and 6 months of supply reflect balanced, active conditions. Tsawwassen's month's supply improved to 9 months from 10, with sales up 13% from March, a constructive trend. Both communities benefit from relative affordability compared to Vancouver proper.

Fraser Valley Shows Strength in the Valley

The Fraser Valley market showed more strength than Greater Vancouver with sales ahead of both March this year and April last year. And while supply remained at relatively similar levels for the activity, the increase in listings still saw the Fraser Valley sit with 9 months’ supply of listings. Sales were up 11% over March and 7% over April of last year. There were 1,118 sales in April compared to 1,007 in March and 1,043 in April 2025. Detached sales were up the most in April year-over-year with 25% more homes sold, compared to townhomes up 4% and apartments down 14% to last year. That kind of improvement in detached home sales shows confidence in the market that we haven’t seen in some time.

The Big Picture: Supply Leading, Demand Following

April introduces a subtle but important shift in the market dynamic: Supply is now leading the conversation.

After months of demand-driven recovery, the increase in listings is beginning to shape conditions more directly. But unlike past cycles, this shift is not creating instability. Instead, it’s reinforcing balance.

Sales are still rising
Inventory is expanding
Absorption remains steady
Market conditions are adjusting gradually—not abruptly

This is a sign of a market that wants to move forward.

With interest rates remaining stable, affordability pressures gradually easing, and continued pent-up demand across Metro Vancouver, the foundation for continued market activity through spring and summer remains constructive and opportunistic. Buyers benefit from the expanded inventory and balanced conditions in most communities, while sellers in tighter submarkets, particularly North Vancouver, Burnaby, Tri-Cites, and Pitt Meadows, remain in a more favourable position.

Overall, April 2026 reinforced the narrative of a real estate market returning to health: active, improving, and full of opportunity across Metro Vancouver's diverse communities.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,110, up from 2,032 (4%) in March, up from 1,648 (28%) in February, down from 2,163 (2%) in April 2025, down from 2,831 (25%) in April 2024, and down from 2,741 (23%) in April 2023; Active Listings were at 16,236 at month end compared to 16,207 at that time last year (basically flat) and 14,774 at the end of March (up 10%); the 6,817 New Listings in April were up 15% compared to March, up 41% compared to February, down 2% compared to April 2025, down 6% compared to April 2024 and up 55% compared to April 2023. Month’s supply of total residential listings is up to 8 months from 7 (buyer’s market conditions) and sales to listings ratio of 31% compared to 34% in March, 34% in February, 31% in April 2025, 39% in April 2024 and 62% in April 2023.

Vancouver Westside: Total Units Sold in April were 365, down from 367 (1%) in March, up from 298 (22%) in February, down from 427 (15%) in April 2025, down from 471 (23%) in April 2024, and down from 468 (22%) in April 2023; Active Listings were at 2,921 at month end compared to 3,306 at that time last year (down 12%) and 2,676 at the end of March (up 9%); the 1,234 New Listings in April were up 16% compared to March, up 42% compared to February, down 6% compared to April 2025, down 18% compared to April 2024 and up 47% compared to April 2023. Month’s supply of total residential listings is up to 8 months from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 34% in March, 34% in February, 33% in April 2025, 31% in April 2024 and 56% in April 2023.

Vancouver East Side: Total Units Sold in April were 258, up from 231 (12%) in March, up from 220 (17%) in February, up from 242 (7%) in April 2025, down from 349 (26%) in April 2024, and down from 267 (3%) in April 2023; Active Listings were at 1,719 at month end compared to 1,658 at that time last year (up 4%) and 1,530 at the end of March (up 12%); the 848 New Listings in April were up 25% compared to March, up 62% compared to February, up 16% compared to April 2025, down 1% compared to April 2024 and up 76% compared to April 2023. Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 30% compared to 34% in March, 42% in February, 33% in April 2025, 41% in April 2024 and 55% in April 2023.

North Vancouver: Total Units Sold in April were 178, down from 185 (4%) in March, up from 135 (32%) in February, down from 204 (13%) in April 2025, down from 248 (28%) in April 2024, and down from 218 (18%) in April 2023; Active Listings were at 1,089 at month end compared to 1,016 at that time last year (up 7%) and 939 at the end of March (up 16%); the 589 New Listings in April were up 18% compared to March, up 47% compared to February, down 7% compared to April 2025, down 2% compared to April 2024 and up 77% compared to April 2023. Month’s supply of total residential listings is up to 6 months from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 37% in March, 34% in February, 32% in April 2025, 41% in April 2024 and 66% in April 2023.

West Vancouver: Total Units Sold in April were 51, up from 46 (11%) in March, up from 33 (55%) in February, up from 38 (34%) in April 2025, down from 70 (27%) in April 2024, and down from 69 (26%) in April 2023; Active Listings were at 675 at month end compared to 718 at that time last year (down 6%) and 636 at the end of March (up 6%); the 248 New Listings in April were up 16% compared to March, up 56% compared to February, down 11% compared to April 2025, down 16% compared to April 2024 and up 35% compared to April 2023. Month’s supply of total residential listings is down to 13 months from 14 (buyer’s market conditions) and sales to listings ratio of 21% compared to 21% in March, 21% in February, 14% in April 2025, 24% in April 2024 and 38% in April 2023.

Richmond: Total Units Sold in April were 245, up from 209 (17%) in March, up from 143 (71%) in February, up from 213 (15%) in April 2025, down from 336 (27%) in April 2024, and down from 338 (28%) in April 2023; Active Listings were at 1,975 at month end compared to 1,908 at that time last year (up 4%) and 1,891 up at the end of March (up 4%); the 709 New Listings in April were up 4% compared to March, up 38% compared to February, down 4% compared to April 2025, down 8% compared to April 2024 and up 40% compared to April 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 35% compared to 31% in March, 28% in February, 29% in April 2025, 44% in April 2024 and 67% in April 2023.

Burnaby East: Total Units Sold in April were 30, up from 24 (25%) in March, up from 19 (58%) in February, up from 24 (25%) in April 2025, the same as April 2024, and down from 34 (12%) in April 2023; Active Listings were at 172 at month end compared to 201 at that time last year (down 14%) and 182 at the end of March (down 5%); the 61 New Listings in April were down 23% compared to March, down 12% compared to February, down 30% compared to April 2025, down 8% compared to April 2024 and up 45% compared to April 2023. Month’s supply of total residential listings is down to 6 months from 8 (balanced market conditions) and sales to listings ratio of 49% compared to 30% in March, 28% in February, 28% in April 2025, 45% in April 2024 and 81% in April 2023.

Burnaby North: Total Units Sold in April were 135, up from 118 (14%) in March, up from 97 (39%) in February, down from 140 (4%) in April 2025, down from 162 (17%) in April 2024, and down from 176 (23%) in April 2023; Active Listings were at 869 at month end compared to 940 at that time last year (down 8%) and 830 at the end of March (up 5%); the 360 New Listings in April were up 2% compared to March, up 27% compared to February, down 11% compared to April 2025, down 23% compared to April 2024 and up 36% compared to April 2023. Month’s supply of total residential listings is down to 6 months from 7 (balanced market conditions) and sales to listings ratio of 38% compared to 33% in March, 34% in February, 35% in April 2025, 35% in April 2024 and 67% in April 2023.

Burnaby South: Total Units Sold in April were 92, down from 95 (3%) in March, up from 85 (8%) in February, down from 97 (5%) in April 2025, down from 143 (36%) in April 2024, and down from 215 (57%) in April 2023; Active Listings were at 821 at month end compared to 754 at that time last year (up 9%) and 722 at the end of March (up 14%); the 340 New Listings in April were up 17% compared to March, up 16% compared to February, up 5% compared to April 2025, up 4% compared to April 2024 and up 27% compared to April 2023. Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 27% compared to 33% in March, 40% in February, 30% in April 2025, 44% in April 2024 and 81% in April 2023.

New Westminster: Total Units Sold in April were 86, up from 76 (13%) in March, up from 76 (13%) in February, down from 87 (1%) in April 2025, down from 105 (18%) in April 2024, and down from 113 (24%) in April 2023; Active Listings were at 635 at month end compared to 582 at that time last year (up 9%) and 567 at the end of March (up 12%); the 6,817 New Listings in April were up 31% compared to March, up 31% compared to February, up 7% compared to April 2025, up 20% compared to April 2024 and up 84% compared to April 2023. Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 29% compared to 33% in March, 33% in February, 31% in April 2025, 42% in April 2024 and 70% in April 2023.

Coquitlam: Total Units Sold in April were 183, down from 190 (4%) in March, up from 163 (12%) in February, down from 189 (3%) in April 2025, down from 238 (23%) in April 2024, and down from 210 (13%) in April 2023; Active Listings were at 1,331 at month end compared to 1,325 at that time last year (flat to last year) and 1,212 at the end of March (up 10%); the 602 New Listings in April were up 16% compared to March, up 44% compared to February, down 4% compared to April 2025, up 10% compared to April 2024 and up 78% compared to April 2023. Month’s supply of total residential listings is up to 7 months from 6 (balanced market conditions) and sales to listings ratio of 30% compared to 36% in March, 39% in February, 30% in April 2025, 43% in April 2024 and 62% in April 2023.

Port Moody: Total Units Sold in April were 54, down from 58 (7%) in March, up from 36 (50%) in February, down from 51 (6%) in April 2025, down from 73 (26%) in April 2024, and down from 91 (41%) in April 2023; Active Listings were at 371 at month end compared to 343 at that time last year (up 8%) and 343 at the end of March (up 8%); the 169 New Listings in April were down 2% compared to March, up 25% compared to February, down 8% compared to April 2025, up 5% compared to April 2024 and up 69% compared to April 2023. Month’s supply of total residential listings is up to 7 months from 6 (balanced market conditions) and sales to listings ratio of 32% compared to 34% in March, 27% in February, 28% in April 2025, 45% in April 2024 and 91% in April 2023.

Port Coquitlam: Total Units Sold in April were 60, up from 53 (13%) in March, up from 46 (30%) in February, down from 70 (14%) in April 2025, down from 102 (41%) in April 2024, and down from 76 (21%) in April 2023; Active Listings were at 421 at month end compared to 353 at that time last year (up 19%) and 354 at the end of March (up 19%); the 207 New Listings in April were up 15% compared to March, up 107% compared to February, up 5% compared to April 2025, up 9% compared to April 2024 and up 165% compared to April 2023. Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 29% compared to 29% in March, 46% in February, 36% in April 2025, 54% in April 2024 and 97% in April 2023.

Pitt Meadows: Total Units Sold in April were 30, down from 31 (3%) in March, up from 13 (131%) in February, up from 27 (11%) in April 2025, down from 32 (6%) in April 2024, and up from 27 (11%) in April 2023; Active Listings were at 153 at month end compared to 122 at that time last year (up 25%) and 142 at the end of March (up 8%); the 72 New Listings in April were down 6% compared to March, up 4% compared to February, up 16% compared to April 2025, up 26% compared to April 2024 and up 33% compared to April 2023. Month’s supply of total residential listings is steady at 5 months (balanced market conditions) and sales to listings ratio of 41% compared to 40% in March, 18% in February, 43% in April 2025, 56% in April 2024 and 50% in April 2023.

Maple Ridge: Total Units Sold in April were 117, down from 126 (7%) in March, up from 105 (11%) in February, down from 127 (8%) in April 2025, down from 191 (39%) in April 2024, and down from 161 (27%) in April 2023; Active Listings were at 937 at month end compared to 920 at that time last year (up 1%) and 814 at the end of March (up 15%); the 390 New Listings in April were up 27% compared to March, up 40% compared to February, up 2% compared to April 2025, down 11% compared to April 2024 and up 52% compared to April 2023. Month’s supply of total residential listings is up to 8 months from 6 (buyer’s market conditions) and sales to listings ratio of 30% compared to 41% in March, 37% in February, 33% in April 2025, 43% in April 2024 and 62% in April 2023.

Ladner: Total Units Sold in April were 33, down from 35 (6%) in March, up from 26 (27%) in February, up from 16 (106%) in April 2025, the same as April 2024, and down from 43 (23%) in April 2023; Active Listings were at 188 at month end compared to 178 at this time last year (up 6%) and 168 at the end of March (up 12%); the 77 New Listings in April were up 1% compared to March, up 28% compared to February, the same as April 2025, down 3% compared to April 2024 and up 33% compared to April 2023. Month’s supply of total residential listings is up to 6 months from 5 (balanced market conditions) and sales to listings ratio of 43% compared to 46% in March, 43% in February, 21% in April 2025, 42% in April 2024 and 74% in April 2023.

Tsawwassen: Total Units Sold in April were 34, up from 30 (13%) in March, up from 27 (26%) in February, down from 40 (15%) in April 2025, down from 51 (33%) in April 2024, and down from 54 (37%) in April 2023; Active Listings were at 317 at month end compared to 306 at that time last year (up 4%) and 297 at the end of March (up 7%); the 109 New Listings in April were up 24% compared to March, up 11% compared to February, down 13% compared to April 2025, up 2% compared to April 2024 and up 47% compared to April 2023. Month’s supply of total residential listings is down to 9 months from 10 (buyer’s market conditions) and sales to listings ratio of 31% compared to 34% in March, 28% in February, 32% in April 2025, 48% in April 2024 and 73% in April 2023.

Fraser Valley: Sales in April were up 11% at 1,118 compared to March at 1,007 and were up 7% from April 2025 at 1,043. New listings were up 6% at 3,549 from March at 3,341 and down 6% from April 2025 at 3,762. The average price of $975,305 was down 0.8% month-over-month and was up 1.4% year-over-year. Active listings at 9,816 were down 2% compared to last month at 10,046 and up 7% from April 2025 at 9,201. Month’s supply of total residential listings is steady at 9 months (buyer’s market conditions).

STATS IMAGES

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos for April 2026

Greater Vancouver Sales and Listings Statistics All Regional for April 2026

A Market Finding Its Footing

Thu, 02 Apr 2026 20:29:55 GMT

Highlights of Dexter’s March 2026 report

Significant gains in sales since January
Inventory rising, but improving absorption keeps market balanced
Balanced conditions expanding across most Metro Vancouver submarkets
Suburbs showing more confidence

March Market Overview: Momentum Returns, Balance Builds, and Opportunity Expands

As we moved into spring, the real estate market in March showed acceleration with discipline. Across Greater Vancouver, the story is no longer about volatility or extremes. It’s about structure. It’s about a market that is finding its footing after several years of disruption and is now transitioning into a more sustainable, opportunity-rich environment for both buyers and sellers. The data from March reinforces a trend that has been building since the start of the year, momentum is returning, and it’s doing so on a healthier, more balanced foundation.

Sales activity climbed meaningfully month-over-month, rising to 2,032 transactions, a 23% increase from February and an 84% surge from January. That kind of sequential growth matters. It signals re-engagement. It reflects buyers stepping back into the market with greater confidence and intent. While sales remain modestly below the elevated levels seen in recent years, down slightly compared to March 2025 and more notably relative to 2023 and 2024, the trajectory is what stands out. The market is not chasing peaks; it is rebuilding momentum in a more measured and sustainable way.

At the same time, inventory continues to expand, but not in a way that signals weakness. Active listings reached 14,774 at month-end, up 9% from February and slightly higher than this time last year. The number of new listings followed suit, increasing to 5,920 in March, up 23% from February. Sellers are stepping forward but not flooding the market. The increase in supply is not a negative but a necessary ingredient for a functioning market. More property listings mean more choice, more transactions, and ultimately more stability. But there is a noticeable increase in competition for those listings, buyers need to be ready.

The result is a market that is firmly in balanced territory. Months of supply tightened from 8 to 7, while the sales-to-listings ratio held steady at 34%. These are healthy numbers. They indicate that while buyers have options, demand is keeping pace. This is not a stalled market but rather it’s a working one.

The most important shift underway isn’t just numerical, it’s behavioral. Buyers are moving from the sidelines and less sellers are testing unrealistic price points. Instead, both sides are engaging with a clearer understanding of value. That alignment is what’s driving stability.

A Market Finding Its Rhythm

Across the region, we’re seeing fewer extremes and more consistency. Sales are rising steadily rather than spiking. Inventory is available without overwhelming demand. Balanced conditions are no longer isolated; they’re becoming the norm.

March is typically the month where the spring market either accelerates or stalls. This year, it’s clearly accelerating, but in a measured, sustainable way.

Greater Vancouver sales in March were 32% below the 10-year average after February was 29% below the 10-year average and January was 31% below the 10-year average. March struggled against the long-term averages but given the global uncertainty occurring, it’s not surprising. Given the trajectory from January though, this could be an indication that buyers are tired of waiting and with prices having moved off the highs from 4 years ago, opportunity continues to be the greatest we’ve seen in some time.

The number of new listings in March were 5% above the 10-year average after February was 7% above the 10-year average, and January 19% above the 10-year. The abundance of listings is slowing in Metro Vancouver which is even more reason for buyers to take advantage now instead of waiting.

City of Vancouver: Balanced and Active

Vancouver Westside

The Westside continues to show steady improvement. Sales rose 23% month-over-month to 367 transactions, while months of supply dropped to 7. Notably, inventory remains lower than last year despite a monthly increase, an indication that supply is being absorbed more efficiently. The sales-to-listings ratio held at 34%, reinforcing stable, balanced conditions.

This is a market that isn’t overheating, but it’s no longer hesitant either. Demand at higher price points is returning with discipline, not urgency.

Vancouver East Side

The East Side remains one of the most stable and reliable segments in the region. Sales increased modestly month-over-month, while maintaining a strong rebound from January levels.

Months of supply edged up slightly to 7 months, but this reflects increased inventory rather than weakening demand. The market remains firmly balanced, with consistent absorption across product types.

Affordability relative to the Westside continues to anchor demand here, particularly for ground-oriented housing.

North Shore: Quiet Strength

North Vancouver

North Vancouver is now one of the more competitive while balanced markets in the region. Sales rose 37% month-over-month, and months of supply tightened further to 5, approaching seller-leaning conditions. Inventory has increased, but demand is keeping pace. This is a clear example of healthy growth: more listings, more sales, and tightening supply all at once.

West Vancouver

West Vancouver continues its gradual recovery. Sales increased 39% month-over-month, and months of supply dropped significantly from 18 to 14 months. While still firmly in buyer’s market territory, the trend is improving. Luxury markets move later in the cycle, and what we’re seeing now is early-stage stabilization.

Richmond

Richmond posted a strong 46% increase in sales month-over-month, alongside rising new listings. Months of supply improved from 12 to 9 months, marking steady progress toward balance. This market continues to normalize after a period of elevated activity prior to interest rate hikes. Increased inventory is being met with gradually improving demand, which is exactly what a sustainable transition requires.

Burnaby

Burnaby continues to demonstrate consistency across all segments:

Burnaby East improved modestly, with declining supply and increasing activity.

Burnaby North saw sales increase and months of supply tighten to 7 months, firmly balanced.

Burnaby South held steady with 8 months, with stable absorption despite rising inventory.

The common thread is stability. This is a market benefiting from its central location, transit access, and steady end-user demand. Burnaby could be one of the best markets for opportunity in the region.

New Westminster and the Tri-Cities: Leading the Shift

New Westminster

New Westminster held steady in March, maintaining balanced conditions with 7 months of supply and a consistent 33% sales-to-listings ratio.

Flat sales month-over-month may seem unremarkable, but in a transitioning market, stability is a strength, not a weakness.

Coquitlam

Coquitlam continues to show strong underlying demand. Sales increased 17% from February but a whopping 113% from January, and months of supply tightened to 6 months.

This market is now firmly balanced and edging toward competitive conditions, supported by continued population growth and transit-driven development.

Port Moody

Port Moody saw one of the stronger month-over-month gains, with sales up 61% and months of supply dropping to 6 months.

Lifestyle-driven demand remains a key factor here, and improving absorption suggests buyers are stepping in with confidence.

Port Coquitlam

Port Coquitlam remains balanced, though absorption softened slightly compared to February. Still, months of supply remained at 7 months, well within stable territory.

Pitt Meadows

Pitt Meadows stands out this month. Sales surged 138% from February, and months of supply dropped sharply from 10 to 5 months. That is a significant shift in a short period of time and signals strong re-engagement from buyers.

Maple Ridge

Maple Ridge continues to build momentum. Sales rose 20% month over month, and months of supply dropped to 6. Affordability and space continue to drive demand, and the market is now firmly balanced.

Ladner

Ladner is now one of the tightest balanced markets in the region. Months of supply dropped to 5 months, while the sales-to-listings ratio climbed to 46%. This follows a dramatic recovery over the past two months and reflects how quickly smaller markets can shift once demand returns.

Tsawwassen

Tsawwassen remains more supply-heavy, holding at 10 months of inventory, but absorption improved. Sales increased month over month, and the sales-to-listings ratio rose to 34%. The trend is positive, even if the market is taking longer to rebalance.

Fraser Valley Tells a Similar Story as Greater Vancouver

Much like Greater Vancouver, the Fraser Valley market saw inventory tightening with months of supply continuing to decline after being at 12 months supply in January. March finished with 9 months of supply and was slightly under total active listings at the end of March last year. Sales patterns were like Greater Vancouver with a healthy 20% jump in sales from February while only down marginally from March of last year. There were 1,007 sales in March compared to 843 in February and 1,036 in March 2025. Townhomes continue to be the best performing segment of the market with the tightest supply while detached homes continue to be abundant, steadfast in a buyer’s market. But those numbers are coming down with the likes of North Surrey going from 15 months supply in February to 11 months in March, and South Surrey going from 17 months to 12.

Overall, months of supply in the Fraser Valley decreased from 10 months in February to 9 months in March which was the same as 9 months in March 2025. Improvement in the Fraser Valley is happening.

What Comes Next

The foundation is now in place for a steady spring market. Momentum has carried through January, accelerated in February, and held firm in March. That continuity matters. It suggests that activity is not driven by short-term factors, but by a broader normalization of market conditions and significant pent-up demand.

Key trends to watch:

Continued alignment between supply and demand
Gradual tightening in balanced markets
Increased activity in higher price segments as confidence builds
Stable pricing supported by consistent absorption
The market isn’t chasing growth, it’s building it.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March were 2,032, up from 1,648 (23%) in February, up from 1,107 (84%) in January, down from 2,091 (3%) in March 2025, down from 2,415 (16%) in March 2024, and down from 2,535 (20%) in March 2023; Active Listings were at 14,774 at month end compared to 14,546 at that time last year (up 2%) and 13,545 at the end of February (up 9%); the 5,920 New Listings in March were up 23% compared to February, up 13% compared to January, down 10% compared to March 2025, up 16% compared to March 2024 and up 34% compared to March 2023. Month’s supply of total residential listings is down to 7 months from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 34% in February, 21% in January, 32% in March 2025, 47% in March 2024 and 57% in March 2023.

Vancouver Westside: Total Units Sold in March were 367 up from 298 (23%) in February, up from 190 (93%) in January, down from 394 (7%) in March 2025, down from 424 (13%) in March 2024, and down from 449 (18%) in March 2023; Active Listings were at 2,676 at month end compared to 3,093 at that time last year (down 13%) and 2,470 at the end of February (up 8%); the 1,067 New Listings in March were up 23% compared to February, up 16% compared to January, down 19% compared to March 2025, up 10% compared to March 2024 and up 15% compared to March 2023. Month’s supply of total residential listings is down to 7 months from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 34% in February, 21% in January, 30% in March 2025, 44% in March 2024 and 49% in March 2023.

Vancouver East Side: Total Units Sold in March were 231, up from 220 (5%) in February, up from 127 (82%) in January, down from 247 (6%) in March 2025, down from 285 (19%) in March 2024, and down from 287 (20%) in March 2023; Active Listings were at 1,530 at month end compared to 1,494 at that time last year (up 2%) and 1,391 at the end of February (up 10%); the 677 New Listings in March were up 29% compared to February, up 4% compared to January, down 8% compared to March 2025, up 13% compared to March 2024 and up 47% compared to March 2023. Month’s supply of total residential listings is up to 7 months from 6 (balanced market conditions) and sales to listings ratio of 34% compared to 42% in February, 19% in January, 34% in March 2025, 48% in March 2024 and 62% in March 2023.

North Vancouver: Total Units Sold in March were 185, up from 135 (37%) in February, up from 92 (101%) in January, up from 171 (8%) in March 2025, down from 187 (1%) in March 2024, and down from 215 (14%) in March 2023; Active Listings were at 939 at month end compared to 844 at that time last year (up 11%) and 790 at the end of February (up 19%); the 501 New Listings in March were up 25% compared to February, up 23% compared to January, down 2% compared to March 2025, up 51% compared to March 2024 and up 36% compared to March 2023. Month’s supply of total residential listings is down to 5 months from 6 (balanced market conditions) and sales to listings ratio of 37% compared to 34% in February, 23% in January, 33% in March 2025, 56% in March 2024 and 58% in March 2023.

West Vancouver: Total Units Sold in March were 46, up from 33 (39%) in February, up from 29 (59%) in January, up from 40 (15%) in March 2025, down from 53 (13%) in March 2024, and down from 64 (28%) in March 2023; Active Listings were at 636 at month end compared to 626 at that time last year (up 2%) and 581 at the end of February (up 9%); the 214 New Listings in March were up 35% compared to February, the same as January, down 4% compared to March 2025, up 14% compared to March 2024 and up 31% compared to March 2023. Month’s supply of total residential listings is down to 14 months from 18 (buyer’s market conditions) and sales to listings ratio of 21% compared to 21% in February, 14% in January, 19% in March 2025, 28% in March 2024 and 39% in March 2023.

Richmond: Total Units Sold in March were 209, up from 143 (46%) in February, up from 129 (62%) in January, down from 220 (5%) in March 2025, down from 279 (25%) in March 2024, and down from 352 (41%) in March 2023; Active Listings were at 1,891 at month end compared to 1,728 at that time last year (up 9%) and 1,786 at the end of February (up 6%); the 681 New Listings in March were up 32% compared to February, up 14% compared to January, down 7% compared to March 2025, up 23% compared to March 2024 and up 42% compared to March 2023. Month’s supply of total residential listings is down to 9 months from 12 (buyer’s market conditions) and sales to listings ratio of 31% compared to 28% in February, 22% in January, 30% in March 2025, 50% in March 2024 and 74% in March 2023.

Burnaby East: Total Units Sold in March were 24, up from 19 (26%) in February, up from 9 (167%) in January, down from 27 (11%) in March 2025, down from 32 (25%) in March 2024, and up from 20 (20%) in March 2023; Active Listings were at 182 at month end compared to 174 at that time last year (up 5%) and 162 at the end of February (up 12%); the 79 New Listings in March were up 14% compared to February, up 22% compared to January, down 7% compared to March 2025, up 49% compared to March 2024 and up 68% compared to March 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 30% compared to 28% in February, 14% in January, 32% in March 2025, 60% in March 2024 and 43% in March 2023.

Burnaby North: Total Units Sold in March were 118, up from 97 (22%) in February, up from 80 (48%) in January, up from 107 (10%) in March 2025, up from 109 (8%) in March 2024, and down from 169 (30%) in March 2023; Active Listings were at 830 at month end compared to 878 at that time last year (down 5%) and 772 at the end of February (up 16%); the 353 New Listings in March were up 24% compared to February, up 3% compared to January, down 17% compared to March 2025, up 16% compared to March 2024 and up 48% compared to March 2023. Month’s supply of total residential listings is down to 7 months from 8 (balanced market conditions) and sales to listings ratio of 33% compared to 34% in February, 23% in January, 25% in March 2025, 36% in March 2024 and 71% in March 2023.

Burnaby South: Total Units Sold in March were 95, up from 85 (12%) in February, up from 67 (42%) in January, down from 94 (1%) in March 2025, down from 142 (33%) in March 2024, and down from 130 (27%) in March 2023; Active Listings were at 722 at month end compared to 671 at that time last year (up 8%) and 643 at the end of February (up 12%); the 291 New Listings in March were up 35% compared to February, up 14% compared to January, up 2% compared to March 2025, up 19% compared to March 2024 and up 22% compared to March 2023. Month’s supply of total residential listings is steady at 8 months (buyer’s market conditions) and sales to listings ratio of 33% compared to 40% in February, 26% in January, 33% in March 2025, 58% in March 2024 and 55% in March 2023.

New Westminster: Total Units Sold in March were 76, the same as February, up from 48 (58%) in January, down from 104 (27%) in March 2025, down from 108 (30%) in March 2024, and down from 96 (21%) in March 2023; Active Listings were at 567 at month end compared to 513 at that time last year (up 11%) and 515 at the end of February (up 10%); the 228 New Listings in March were the same as February, up 4% compared to January, down 15% compared to March 2025, up 8% compared to March 2024 and up 62% compared to March 2023. Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 33% compared to 33% in February, 22% in January, 39% in March 2025, 51% in March 2024 and 68% in March 2023.

Coquitlam: Total Units Sold in March were 190, up from 163 (17%) in February, up from 89 (113%) in January, down from 233 (18%) in March 2025, down from 235 (19%) in March 2024, and down from 196 (3%) in March 2023; Active Listings were at 1,212 at month end compared to 1,173 at that time last year (up 3%) and 1,116 at the end of February (up 9%); the 521 New Listings in March were up 25% compared to February, up 16% compared to January, down 12% compared to March 2025, up 23% compared to March 2024 and up 70% compared to March 2023. Month’s supply of total residential listings is down to 6 months from 7 (balanced market conditions) and sales to listings ratio of 36% compared to 39% in February, 20% in January, 39% in March 2025, 55% in March 2024 and 64% in March 2023.

Port Moody: Total Units Sold in March were 58, up from 36 (61%) in February, up from 25 (132%) in January, down from 51 (14%) in March 2025, down from 45 (29%) in March 2024, and down from 80 (27%) in March 2023; Active Listings were at 343 at month end compared to 279 at that time last year (up 23%) and 308 at the end of February (up 11%); the 172 New Listings in March were up 27% compared to February, up 19% compared to January, down 13% compared to March 2025, up 64% compared to March 2024 and up 51% compared to March 2023. Month’s supply of total residential listings is down to 6 months from 9 (balanced market conditions) and sales to listings ratio of 34% compared to 27% in February, 17% in January, 34% in March 2025, 43% in March 2024 and 70% in March 2023.

Port Coquitlam: Total Units Sold in March were 53, up from 46 (15%) in February, up from 28 (89%) in January, down from 62 (15%) in March 2025, down from 89 (40%) in March 2024, and down from 69 (23%) in March 2023; Active Listings were at 354 at month end compared to 313 at that time last year (up 13%) and 309 at the end of February (up 15%); the 180 New Listings in March were up 80% compared to February, up 7% compared to January, up 2% compared to March 2025, up 29% compared to March 2024 and up 42% compared to March 2023. Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 29% compared to 46% in February, 17% in January, 35% in March 2025, 64% in March 2024 and 54% in March 2023.

Pitt Meadows: Total Units Sold in March were 31, up from 13 (138%) in February, up from 9 (244%) in January, up from 27 (14%) in March 2025, up from 29 (7%) in March 2024, and up from 28 (11%) in March 2023; Active Listings were at 142 at month end compared to 105 at that time last year (up 35%) and 128 at the end of February (up 11%); the 77 New Listings in March were up 12% compared to February, up 45% compared to January, down 16% compared to March 2025, up 83% compared to March 2024 and up 79% compared to March 2023. Month’s supply of total residential listings is down to 5 months from 10 (balanced market conditions) and sales to listings ratio of 40% compared to 18% in February, 16% in January, 40% in March 2025, 69% in March 2024 and 65% in March 2023.

Maple Ridge: Total Units Sold in March were 126, up from 105 (20%) in February, up from 72 (75%) in January, up from 108 (16%) in March 2025, down from 187 (33%) in March 2024, and down from 149 (15%) in March 2023; Active Listings were at 814 at month end compared to 832 at that time last year (down 2%) and 769 at the end of February (up 6%); the 306 New Listings in March were up 10% compared to February, up 10% compared to January, down 13% compared to March 2025, down 17% compared to March 2024 and up 12% compared to March 2023. Month’s supply of total residential listings is down to 6 months from 7 (balanced market conditions) and sales to listings ratio of 41% compared to 37% in February, 25% in January, 30% in March 2025, 35% in March 2024 and 32% in March 2023.

Ladner: Total Units Sold in March were 35, up from 26 (35%) in February, up from 5 (600%) in January, up from 31 (13%) in March 2025, up from 30 (17%) in March 2024, and down from 38 (8%) in March 2023; Active Listings were at 168 at month end compared to 158 at that time last year (up 6%) and 154 at the end of February (up 9%); the 76 New Listings in March were up 27% compared to February, up 6% compared to January, up 12% compared to March 2025, up 43% compared to March 2024 and up 10% compared to March 2023. Month’s supply of total residential listings is down to 5 months from 6 (balanced market conditions) and sales to listings ratio of 46% compared to 43% in February, 7% in January, 46% in March 2025, 57% in March 2024 and 55% in March 2023.

Tsawwassen: Total Units Sold in March were 30, up from 27 (11%) in February, up from 19 (58%) in January, down from 36 (17%) in March 2025, down from 34 (12%) in March 2024, and down from 35 (14%) in March 2023; Active Listings were at 297 at month end compared to 270 at that time last year (up 10%) and 275 at the end of February (up 8%); the 88 New Listings in March were down 10% compared to February, the same as January, down 11% compared to March 2025, up 24% compared to March 2024 and up 7% compared to March 2023. Month’s supply of total residential listings is steady at 10 months (buyer’s market conditions) and sales to listings ratio of 34% compared to 28% in February, 22% in January, 36% in March 2025, 48% in March 2024 and 43% in March 2023.

Fraser Valley: Sales in March were up 20% at 1,007 compared to February at 843 and were down 3% from March 2025 at 1,036. New listings were up 20% at 3,341 from February at 2,796 and down 12% from March 2025 at 3,800. The average price of $962,167 was up 5% month-over-month and was down 6% year-over-year. Active listings at 9,201 were up 10% compared to last month at 8,344 and down 0.2% from March 2025 at 9,219. Month’s supply of total residential listings is down to 9 months supply from 10 in February (buyer’s market conditions).

STATS IMAGES

Greater Vancouver Sales and Listing Statistics Houses Townhoues Condos for March 2026

Greater Vancouver Sales and Listing Statistics All Regional for March 2026

Time to Spring Into the Market

Wed, 04 Mar 2026 17:54:07 GMT

Highlights of Dexter’s February 2026 report

February sales jump up from January
Absorption improving across multiple areas
Inventory continues to expand in a controlled and constructive way
Vancouver market showed a strong February rebound

February Market Overview: Momentum Building with Room to Improve

February delivered exactly what a transitional market needs: momentum. Slow but sure. After a tepid and more cautious start to the year, activity across Greater Vancouver accelerated in February, supported by improving buyer engagement, inventory growth, and a shift toward more balanced conditions in some of the submarkets.

While sales remain below the elevated levels seen during the post-pandemic surge years, the direction of the market is what matters most and February showed measurable improvement in nearly every key indicator. We just need more of that improvement going forward.

Total residential sales in Greater Vancouver reached 1,648 units, rising sharply by 49% from January and surpassing December levels as seasonal demand returned as expected. This type of early-year acceleration typically signals that underlying demand has been building quietly and is now beginning to re-engage as buyers adapt to current pricing and today’s interest rate environment. There is still significant pent-up demand though, which will continue to impact the market when those buyers start to engage at a greater level. With sales for the month of February at the lowest since 2019, there is plenty of that pent-up demand. As interest rate renewals impact homeowners, from the extreme lows of 2021 to current rates, there will be more motivation for some to make a move.

At the same time, inventory continues to expand in a controlled and constructive way. Active listings rose to 13,545 units, up 6% year-over-year and 7% month-over-month. This increase is not a sign of weakness; it represents improving choice and continued opportunities for buyers which is healthier for the market. The rapid supply shortages that defined previous cycles are giving way to a more sustainable balance between buyers and sellers.

New listings totaled 4,826 units in February, down from January partly due to the shorter month but perhaps also signaling a sign of seller exhaustion. This confirms a pattern that has been building since late 2025: sellers are not overwhelming the market.

Perhaps the most notable shift is the improvement in absorption. The sales-to-listings ratio climbed to 34%, up from 21% in January. Months of supply tightened from 11 months to 8 months, still technically within buyer-leaning conditions, but moving decisively toward balance. And in some areas balance was achieved. The townhome segment more so.

Markets rarely turn overnight. They stabilize first. February shows that stabilization phase is well underway.

A Market Transitioning Toward Balance

One of the defining characteristics of the current cycle is structure. Unlike the volatility seen between 2020 and 2022, the market is now progressing through a far more disciplined transition. Caution best describes this market right now. Demand is not surging indiscriminately; it is returning selectively.

Buyers are active where pricing aligns with value. Sellers that are motivated are adjusting expectations accordingly. This dynamic is creating steady absorption rather than speculative spikes, which is exactly what long-term market health requires.

Across most submarkets, months of supply declined materially compared to January. This indicates that while inventory remains elevated relative to past years, in some areas, demand is beginning to catch up.

Balanced conditions are expanding geographically, particularly across the Tri-Cities and some urban markets.

Greater Vancouver sales in February were 29% below the 10-year average after January was 31% below the 10-year average. While February’s numbers appeared to be low, overall, it is an improvement from January in looking longer term. Geopolitical and economic conditions continue to weigh on the market, with local politics not helping the matter either.

The number of new listings in February were 7% above the 10-year average, after January was 19% above the 10-year average and December was 11%. Buyers take note that opportunities of abundance could be changing as sellers pull away from a buyer’s market.

Vancouver Market Strength Returning

The city markets showed strong February rebounds, particularly across both sides of the city.

Vancouver Westside

Sales increased 57% month-over-month to 298 transactions, while the sales-to-listings ratio improved to 34%. Months of supply tightened from 12 months to 8 months, a meaningful improvement.

Inventory remains elevated, but demand is beginning to absorb it at a more sustainable pace with sales in February closer aligned to February of last year.

Vancouver East Side

The East Side delivered one of the strongest performances in the region. Sales jumped 73% from January and 8% above February last February. Months of supply fell dramatically from 10 months to 6 months, moving firmly into balanced territory. The sales-to-listings ratio rose to 42%, reflecting strong absorption in family-oriented price ranges. This market continues to benefit from better affordability compared to the Westside

North Shore: Tale of Two Markets

North Vancouver posted a 47% month-over-month increase in sales, while months of supply tightened to 6 months giving that area balanced market conditions. Inventory has increased year-over-year, but demand is clearly improving alongside it. The combination of lifestyle demand and limited long-term supply continues to support pricing stability.

West Vancouver remains a slower-moving luxury market, though even here improvement is visible. Sales increased month-over-month, and months of supply declined slightly to 18 months.

Luxury markets typically lag broader recoveries.

Beyond Vancouver

Richmond showed modest month-over-month sales growth but continues to be a strong buyer’s market. Inventory remains elevated at 12 months of supply.

The Burnaby markets collectively showed steady improvement.

Burnaby East saw sales more than double month-over-month, while months of supply dropped sharply from 16 months to 9 months. Burnaby North and South saw more moderate gains and sales-to-listings ratios up significantly from last month.

Burnaby continues to benefit from its central location and strong condo and townhome demand tied to transit-oriented development.

Sales in New Westminster surged 58% month-over-month while months of supply fell to 7 months. This market has quietly become one of the most balanced in the region, supported by strong first-time buyer demand and relative affordability.

Coquitlam posted one of the largest increases in activity, with sales rising 83% from January. Months of supply fell from 12 months to 7 months—another strong indicator of market stabilization.

Port Moody continued its sluggish start to the year, with newer product on the way.

Port Coquitlam stands out as one of the strongest-performing markets this month, with a 46% sales-to-listings ratio—solidly within balanced territory. Townhouse sales surged from 6 to 22 in February with more sales than new listings. Mayor Brad West said that provincial policies on density have restricted townhouse development – these numbers seem to support that. Buyers should cross over the bridge into Pitt Meadows with its 13 months supply of townhomes albeit still only 40 active listings.

Ladner experienced one of the most dramatic shifts in the region. Months of supply dropped from 29 months to just 6 months, a rapid normalization driven by a sharp increase in sales activity. The sales-to-listings ratio jumped to 43%, demonstrating how quickly smaller markets can rebalance once demand returns. While Tsawwassen also showed improving structure, with inventory stabilizing and sales rising month-over-month.

Fraser Valley Tells a Similar Story as Greater Vancouver

The Fraser Valley market acted much like Greater Vancouver in February with stronger month-over-month sales and weaker month-over-month new listings, but still down from last year in both categories. With 843 sales in February, this was up 36% from January and down 8% from February 2025. February sales in the Fraser Valley were the lowest for the month of February since 2000. Surrey continues to struggle in that market, with outer areas showing more improvement in sales activity, particularly in the townhouse segment.

With the increase in sales last month, months of supply in the Fraser Valley decreased from 12 months in January to 10 months in February and compared to 9 months in February 2025. This is a market that continues to struggle.

The Bigger Picture: Inventory Is a Feature, Not a Problem

One of the most important narratives shaping the 2026 market is the role of inventory.

For several years, the dominant market constraint was lack of supply. Today, that constraint has eased, but not in a way that weakens the market. Instead, it is creating opportunity. The drop in months of supply from 11 to 8 across the region confirms that demand is already adjusting to this new environment. February’s performance matters because it sets the tone for the spring market.

Historically, when February shows strong month-over-month gains, as seen with the 49% increase in sales, March and April often build on that momentum. Time for buyers to spring into action!

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,648, up from 1,107 (49%) in January, up from 1,537 (7%) in December, down from 1,846 (11%) in November, down from 1,827 (10%) in February 2025, down from 2,070 (20%) in February 2024, and down from 1,824 (10%) in February 2023; Active Listings were at 13,545 at month end compared to 12,744 at that time last year (up 6%) and 12,628 at the end of January (up 7%); the 4,826 New Listings in February were down 8% compared to January, up 153% compared to December, up 29% compared to November, down 7% compared to February 2025, up 4% compared to February 2024 and up 36% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 11 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 35% in February 2025, 45% in February 2024 and 51% in February 2023.

Vancouver Westside: Total Units Sold in February were 298, up from 190 (57%) in January, up from 287 (4%) in December, down from 363 (18%) in November, down from 307 (3%) in February 2025, down from 374 (20%) in February 2024, and down from 316 (6%) in February 2023; Active Listings were at 2,470 at month end compared to 2,780 at that time last year (up 11%) and 2,301 at the end of January (up 7%); the 870 New Listings in February were down 5% compared to January, up 174% compared to December, up 23% compared to November, down 19% compared to February 2025, down 7% compared to February 2024 and up 22% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 12 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 29% in February 2025, 40% in February 2024 and 44% in February 2023.

Vancouver East Side: Total Units Sold in February were 220, up from 127 (73%) in January, up from 158 (39%) in December, up from 210 (5%) in November, up from 204 (8%) in February 2025, down from 249 (12%) in February 2024, and up from 198 (11%) in February 2023; Active Listings were at 1,391 at month end compared to 1,313 at that time last year (up 6%) and 1,329 at the end of January (up 5%); the 524 New Listings in February were down 20% compared to January, up 139% compared to December, up 24% compared to November, down 8% compared to February 2025, down 4% compared to February 2024 and up 37% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 10 (balanced market conditions) and sales to listings ratio of 42% compared to 19% in January 2026, 36% in February 2025, 46% in February 2024 and 52% in February 2023.

North Vancouver: Total Units Sold in February were 135, up from 92 (47%) in January, up from 125 (8%) in December, down from 158 (15%) in November, down from 153 (12%) in February 2025, down from 163 (17%) in February 2024, and down from 150 (10%) in February 2023; Active Listings were at 790 at month end compared to 684 at that time last year (up 15%) and 696 at the end of January (up 14%); the 402 New Listings in February were down 1% compared to January, up 253% compared to December, up 39% compared to November, up 14% compared to February 2025, up 17% compared to February 2024 and up 58% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 43% in February 2025, 48% in February 2024 and 59% in February 2023.

West Vancouver: Total Units Sold in February were 33, up from 29 (14%) in January, up from 28 (18%) in December, down from 53 (38%) in November, down from 39 (15%) in February 2025, down from 56 (41%) in February 2024, and down from 43 (23%) in February 2023; Active Listings were at 581 at month end compared to 580 at that time last year and 557 at the end of January (up 4%); the 159 New Listings in February were down 25% compared to January, up 148% compared to December, up 37% compared to November, down 10% compared to February 2025, down 7% compared to February 2024 and up 3% compared to February 2023. Month’s supply of total residential listings is down to 18 months from 19 (buyer’s market conditions) and sales to listings ratio of 21% compared to 14% in January 2026, 22% in February 2025, 33% in February 2024 and 28% in February 2023.

Richmond: Total Units Sold in February were 143, up from 129 (11%) in January, down from 165 (13%) in December, down from 191 (25%) in November, down from 179 (20%) in February 2025, down from 231 (38%) in February 2024, and down from 227 (37%) in February 2023; Active Listings were at 1,786 at month end compared to 1,513 at that time last year (up 18%) and 1,684 at the end of January (up 6%); the 515 New Listings in February were down 14% compared to January, up 94% compared to December, up 18% compared to November, down 14% compared to February 2025, up 11% compared to February 2024 and up 12% compared to February 2023. Month’s supply of total residential listings is down to 12 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 30% in February 2025, 50% in February 2024 and 49% in February 2023.

Burnaby East: Total Units Sold in February were 19, up from 9 (111%) in January, up from 15 (27%) in December, up from 18 (6%) in November, down from 21 (10%) in February 2025, down from 25 (24%) in February 2024, and down from 21 (15%) in February 2023; Active Listings were at 162 at month end compared to 153 at that time last year (up 6%) and 141 at the end of January (up 7%); the 69 New Listings in February were up 6% compared to January, up 165% compared to December, up 109% compared to November, up 6% compared to February 2025, up 15% compared to February 2024 and up 245% compared to February 2023. Month’s supply of total residential listings is down to 9 months from 16 (buyer’s market conditions) and sales to listings ratio of 28% compared to 14% in January 2026, 32% in February 2025, 42% in February 2024 and 105% in February 2023.

Burnaby North: Total Units Sold in February were 97, up from 80 (21%) in January, down from 113 (14%) in December, down from 98 (1%) in November, down from 129 (25%) in February 2025, down from 121 (20%) in February 2024, and down from 134 (28%) in February 2023; Active Listings were at 772 at month end compared to 728 at that time last year (up 6%) and 715 at the end of January (up 8%); the 284 New Listings in February were down 17% compared to January, up 127% compared to December, up 19% compared to November, down 12% compared to February 2025, up 14% compared to February 2024 and up 39% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 40% in February 2025, 49% in February 2024 and 66% in February 2023.

Burnaby South: Total Units Sold in February were 85, up from 67 (27%) in January, the same as December, down from 89 (4%) in November, up from 75 (13%) in February 2025, down from 109 (22%) in February 2024, and down from 118 (28%) in February 2023; Active Listings were at 643 at month end compared to 597 at that time last year (up 8%) and 604 at the end of January (up 6%); the 215 New Listings in February were down 16% compared to January, up 111% compared to December, up 31% compared to November, down 13% compared to February 2025, up 3% compared to February 2024 and up 4% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 40% compared to 26% in January 2026, 30% in February 2025, 52% in February 2024 and 57% in February 2023.

New Westminster: Total Units Sold in February were 76, up from 48 (58%) in January, up from 67 (13%) in December, up from 65 (17%) in November, down from 88 (14%) in February 2025, down from 79 (4%) in February 2024, and up from 66 (15%) in February 2023; Active Listings were at 515 at month end compared to 448 at that time last year (up 15%) and 464 at the end of January (up 11%); the 227 New Listings in February were up 4% compared to January, up 203% compared to December, up 69% compared to November, down 10% compared to February 2025, up 19% compared to February 2024 and up 112% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 33% compared to 22% in January 2026, 43% in February 2025, 41% in February 2024 and 62% in February 2023.

Coquitlam: Total Units Sold in February were 163, up from 89 (83%) in January, up from 149 (9%) in December, up from 146 (12%) in November, down from 165 (1%) in February 2025, down from 189 (14%) in February 2024, and up from 158 (3%) in February 2023; Active Listings were at 1,116 at month end compared to 1,049 at that time last year (up 6%) and 1,063 at the end of January (up 5%); the 418 New Listings in February were down 7% compared to January, up 143% compared to December, up 15% compared to November, down 11% compared to February 2025, up 13% compared to February 2024 and up 76% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 12 (balanced market conditions) and sales to listings ratio of 39% compared to 20% in January 2026, 35% in February 2025, 51% in February 2024 and 67% in February 2023.

Port Moody: Total Units Sold in February were 36, up from 25 (44%) in January, down from 50 (28%) in December, down from 46 (28%) in November, down from 40 (10%) in February 2025, down from 46 (22%) in February 2024, and down from 47 (23%) in February 2023; Active Listings were at 308 at month end compared to 233 at that time last year (up 32%) and 291 at the end of January (up 6%); the 135 New Listings in February were down 7% compared to January, up 141% compared to December, up 24% compared to November, down 12% compared to February 2025, up 67% compared to February 2024 and up 48% compared to February 2023. Month’s supply of total residential listings is down to 9 months from 12 (buyer’s market conditions) and sales to listings ratio of 27% compared to 17% in January 2026, 33% in February 2025, 57% in February 2024 and 52% in February 2023.

Port Coquitlam: Total Units Sold in February were 46, up from 28 (64%) in January, up from 43 (7%) in December, down from 61 (25%) in November, down from 58 (21%) in February 2025, down from 64 (28%) in February 2024, and up from 40 (15%) in February 2023; Active Listings were at 309 at month end compared to 262 at that time last year (up 18%) and 304 at the end of January (up 2%); the 100 New Listings in February were down 40% compared to January, up 75% compared to December, up 9% compared to November, down 22% compared to February 2025, down 33% compared to February 2024 and up 15% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 11 (balanced market conditions) and sales to listings ratio of 46% compared to 17% in January 2026, 45% in February 2025, 43% in February 2024 and 46% in February 2023.

Pitt Meadows: Total Units Sold in February were 13, up from 9 (44%) in January, down from 16 (19%) in December, down from 28 (54%) in November, down from 21 (38%) in February 2025, down from 23 (43%) in February 2024, and down from 15 (13%) in February 2023; Active Listings were at 128 at month end compared to 84 at that time last year (up 52%) and 96 at the end of January (up 33%); the 69 New Listings in February were up 30% compared to January, up 475% compared to December, up 97% compared to November, up 56% compared to February 2025, up 53% compared to February 2024 and up 156% compared to February 2023. Month’s supply of total residential listings is down to 10 months from 11 (buyer’s market conditions) and sales to listings ratio of 18% compared to 16% in January 2026, 47% in February 2025, 51% in February 2024 and 55% in February 2023.

Maple Ridge: Total Units Sold in February were 105, up from 72 (46%) in January, up from 78 (35%) in December, up from 100 (5%) in November, down from 129 (19%) in February 2025, down from 145 (28%) in February 2024, and down from 129 (19%) in February 2023; Active Listings were at 769 at month end compared to 735 at that time last year (up 4%) and 733 at the end of January (up 5%); the 279 New Listings in February were the same as January, up 179% compared to December, up 39% compared to November, down 10% compared to February 2025, down 30% compared to February 2024 and up 34% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 37% compared to 25% in January 2026, 41% in February 2025, 36% in February 2024 and 62% in February 2023.

Ladner: Total Units Sold in February were 26, up from 5 (420%) in January, up from 7 (271%) in December, down from 27 (4%) in November, down from 29 (10%) in February 2025, up from 23 (13%) in February 2024, and down from 27 (4%) in February 2023; Active Listings were at 154 at month end compared to 146 at that time last year (up 5%) and 147 at the end of January (up 5%); the 60 New Listings in February were down 17% compared to January, up 400% compared to December, up 15% compared to November, down 9% compared to February 2025, up 62% compared to February 2024 and down 2% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 29 (balanced market conditions) and sales to listings ratio of 43% compared to 7% in January 2026, 44% in February 2025, 62% in February 2024 and 44% in February 2023.

Tsawwassen: Total Units Sold in February were 27, up from 19 (42%) in January, down from 29 (7%) in December, down from 30 (10%) in November, down from 28 (4%) in February 2025, down from 38 (29%) in February 2024, and up from 25 (8%) in February 2023; Active Listings were at 275 at month end compared to 245 at that time last year (up 12%) and 255 at the end of January (up 8%); the 98 New Listings in February were up 11% compared to January, up 326% compared to December, up 48% compared to November, the same as February 2025, up 31% compared to February 2024 and up 85% compared to February 2023. Month’s supply of total residential listings is down to 10 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 29% in February 2025, 51% in February 2024 and 47% in February 2023.

Fraser Valley: Sales in February were up 36% at 843 compared to January at 619 and were down 8% from February 2025 at 920. New listings were down 9% at 2,796 from January at 3,078 and down 10% from February 2025 at 3,121. The average price of $913,110 was down 3% month-over-month and was down 8% year-over-year. Active listings at 8,344 were up 8% compared to last month at 7,711 and up 3% from February 2025 at 8,070. Month’s supply of total residential listings is down to 10 months supply from 12 in January (buyer’s market conditions).

STATS IMAGES

Sales and Listings Statistics All Regional for February 2026

Sales and Listings Statistics Houses Townhouses Condos for February 2026

There’s a Feeling in the Market

Wed, 04 Feb 2026 18:28:53 GMT

Highlights of Dexter’s January 2026 report

Don’t let the numbers fool you, it’s only January
Bank of Canada on hold for now
One of the healthiest inventory environments in years
It’s a buyer’s time to shine

January Market Overview: A Reset Month That’s Building the Base for 2026

January rarely defines a real estate year. It resets it.

Across Greater Vancouver, January 2026 unfolded exactly as a reset month should: slower sales, a decisive return of newish listings, and a market that continues transitioning away from volatility toward structure, choice, and long-term stability. While headline sales numbers declined month-over-month and year-over-year albeit at a better pace than January 2023 and 2019, the underlying trends point to something more constructive: One of the healthiest inventory environments the region has seen in years, paired with better buyer engagement and early signs of normalization. Ask a REALTOR® if January is feeling different so far. Sometimes the numbers do not tell the whole story, the feeling on the ground from agents is that buyers are more engaged then we saw last year. With buyers citing better purchasing power and more opportunity as 2026 begins. We’ll see if the market saw its shadow or not on Ground Hog Day and perhaps an early start to the spring market is in store.

This is not a market losing momentum. It is a market rebuilding confidence.

Greater Vancouver: More Inventory, Better Balance, Clearer Direction

Total residential sales across Greater Vancouver reached 1,107 units in January, down from the fall months and on queue with the seasonal drop from December’s numbers. Sales transactions that start in the last half of December are reflected in January sales reported, so while many celebrated the Holidays and took time away from the market, it makes for weaker results in January. Nothing to be surprised at. But activity last month still outperformed January 2023 and January 2019 and thus reflected typical winter behavior rather than structural weakness. What’s more important is that activity in the market has increased at opens and with homes getting more buyers viewing them, and even some multiple offers sprinkling into the market.

More importantly, supply continues to be a story in the market. Not just resale homes, but newly built properties – mostly apartments, are providing buyers with meaningful opportunities in the market. At the end of 2025, there were 4,350 newly built and move-in ready strata units available in Metro Vancouver according to Zonda Urban. Burnaby/New Westminster lead the way with 1,388 followed by Richmond/South Delta with 653. Those opportunities will dwindle though as developers shy away from planning and building new projects due to the high costs in development, especially ever increasing municipal and regional fees and levies. Once these new homes are gone, expect there to be a shortage in the next 2 to 5 years with many developments halted and developers having pivoted to rental buildings.

Greater Vancouver sales in January were 31% below the 10-year average after sales in December were 18% below the 10-year average, and November with 21% below the 10-year average. January lagged with the hangover from the end of 2025 as a year of uncertainty kept so many buyers on the sidelines.

Active listings rose to 12,628, up 10% year-over-year, while new listings surged to 5,253, a dramatic post-holiday return of sellers. The question is how many of these listings were brought back from 2025, some with lower prices to reflect sellers listening to the market. This influx of inventory pushed months of supply to 11 months, firmly into buyer’s market territory and giving purchasers something they have lacked for years: a continuation of time, selection, and leverage.

The number of new listings in January were 19% above the 10-year average after December was 11% above the 10-year average and November 3% above. Again, how many of these listings are new to market or back on after a break for the holidays speaks volumes. With the total active listing count having only grown by less than 1% from December, this indicates that many of these new listings aren’t that new at all.

Yet despite this shift, the market remains orderly. The sales-to-listings ratio opened the year at 21%, a level that signals a significant buyer advantage. Buyers are present. Sellers need to be realistic. Transactions are happening—just with more deliberation.

This is the foundation of a sustainable market.

Vancouver Westside: Inventory Contracts Quietly To Tighten the Market

On the Vancouver Westside, January sales declined to 190 units, consistent with seasonal slowdowns and reflecting the discretionary nature of higher-end purchases. However, the more telling story lies on the supply side.

Active listings fell to 2,301, down 10% year-over-year (an anomaly in Metro Vancouver), and continued to trend lower month-over-month. This decline occurred even as 916 new listings entered the market, an indication that many listings came back on as opposed to new to market.

Months of supply rose to 12 months, maintaining buyers’ market conditions, but these metric masks the growing selectivity of demand. Buyers are active, but focused. Sellers who align pricing with today’s realities are being rewarded with successful outcomes. The Westside is not oversupplied, it is recalibrating. Buyers are finding purchasing power they didn’t know existed.

Vancouver East Side: Modestly Moving with Selection for Buyers

January sales reached 127 units, down seasonally but up 8% compared to January 2023, reinforcing the longer-term stability of demand in this submarket. Detached sales were up 9% year over year with buyers taking advantage of move-up opportunities. Active listings rose to 1,329, and new listings surged nearly 200% from December, reflecting sellers’ growing confidence in a more balanced environment.

Months of supply increased to 10 months, yet the East Side remains one of the region’s most liquid markets. Townhomes and duplexes remain fully stocked as developers shift to smaller projects.

North Shore: Inventory Rebuild Sets the Stage for Recovery

North Vancouver recorded 92 sales in January, lower than prior years but still 21% higher than January 2023, highlighting the longer-term upward trend in demand. The story here is inventory.

Active listings climbed to 696, up 17% year-over-year, while new listings rose sharply as sellers responded to improving conditions. Months of supply increased to 8 months, a notable shift from the tighter conditions of recent years. The North Shore remains highly desirable, and this period of balance is likely temporary as pent-up demand slowly reasserts itself.

Beyond Vancouver

Richmond’s January performance mirrored the broader region: slower sales at 129 units, paired with a meaningful increase in inventory. Active listings rose to 1,684, up 28% year-over-year, while new listings increased sharply from December.

Burnaby North and South outperformed the eastern part of that city with the south seeing more sales than January 2025 in detached and townhome segments. Opportunities are there for buyers in Burnaby where massive developments at Brentwood and Metrotown continue to provide significant supply of new condos including the upscale Highline at Metrotown.

The Tri-Cities experienced one of the most pronounced inventory expansions in January which includes the supply of newly built homes. Coquitlam recorded 89 sales, outperforming January 2023 by 22%, while active listings rose to 1,063. Port Moody and Port Coquitlam saw sharp seasonal slowdowns in sales, but also dramatic increases in listings, creating the most buyer-friendly conditions seen in years.

Months of supply now range from 11 to 12 months, giving buyers flexibility and encouraging longer-term planning.

Further afield, markets like Maple Ridge, Pitt Meadows, Ladner, and Tsawwassen experienced slower January sales. Ladner didn’t see a townhome or condo sale in January. Maple Ridge stood out with 72 sales, up from January 2023, and stable months of supply at 10 months which could be a sign of underlying consistency.

Fraser Valley Tells a Similar Story as Greater Vancouver

Much like Greater Vancouver, The Fraser Valley experienced a tepid start to 2026 with February showing a decline in sales and new listings year-over-year. With 619 sales in January, this was down 32% from December and down 24% from January 2025. Unlike Greater Vancouver, sales were slightly down from January 2023 and down 21% from January 2019. Affordability continues to take a toll on the Fraser Valley market with prices showing higher declines over the last year compared to Greater Vancouver, with Surrey and North Delta being the hardest hit. Inventory saw a greater increase month-over-month in the Fraser Valley, up 11% compared to Greater Vancouver at only 1%.

With the increase in listing inventory, months of supply in the Fraser Valley increased from 8 months in December to 12 months in January and compared to 9 months in January 2025.

Big Picture: This Is What Stability Looks Like

January’s data confirms a critical shift underway across Metro Vancouver. This is no longer a market defined by scarcity, panic, or forced urgency. It is defined by choice, balance, and discipline. Inventory is being restored without overwhelming demand. Buyers are returning without overextending. Sellers are adjusting expectations without capitulating.

Sales volumes may be lower, but market quality is improving with prices experiencing sharper declines in the last 6 months. Purchasing power is at its best for buyers compared to the last 5 years.

As interest rate expectations stabilize and confidence gradually rebuilds, these conditions position the region well for more activity, particularly in the second half of 2026. Markets move in cycles, and January made one thing clear: The groundwork for the next expansion phase is already being laid. There have been far too few sales in the past 4 years to expect this market to remain quiet.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,107, down from 1,537 (28%) in December, down from 1,846 (40%) in November, down from 2,255 (51%) in October, down from 1,552 (29%) in January 2025, down from 1,427 (22%) in January 2024, and up from 1,030 (7%) in January 2023; Active Listings were at 12,628 at month end compared to 11,494 at that time last year (up 10%) and 12,550 at the end of December (up 1%); the 5,253 New Listings in January were up 176% compared to December, up 40% compared to November, down 5% compared to October, down 7% compared to January 2025, up 35% compared to January 2024 and up 55% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 27% in January 2025, 37% in January 2024, and 30% in January 2023.

Vancouver Westside: Total Units Sold in January were 190, down from 287 (34%) in December, down from 363 (48%) in November, down from 403 (53%) in October, down from 255 (25%) in January 2025, down from 245 (22%) in January 2024, and down from 194 (2%) in January 2023; Active Listings were at 2,301 at month end compared to 2,548 at that time last year (down 10%) and 2,366 at the end of December (down 3%); the 916 New Listings in January were up 189% compared to December, up 30% compared to November, down 13% compared to October, down 22% compared to January 2025, up 8% compared to January 2024 and up 27% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 22% in January 2025, 29% in January 2024, and 27% in January 2023.

Vancouver East Side: Total Units Sold in January were 127, down from 158 (20%) in December, down from 210 (40%) in November, down from 269 (53%) in October, down from 158 (20%) in January 2025, down from 164 (23%) in January 2024, and up from 118 (8%) in January 2023; Active Listings were at 1,329 at month end compared to 1,198 at that time last year (up 11%) and 1,242 at the end of December (up 7%); the 654 New Listings in January were up 199% compared to December, up 54% compared to November, up 8% compared to October, up 0.5% compared to January 2025, up 30% compared to January 2024 and up 82% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 8 (buyer’s market conditions) and sales to listings ratio of 19% compared to 24% in January 2025, 33% in January 2024, and 33% in January 2023.

North Vancouver: Total Units Sold in January were 92, down from 125 (26%) in December, down from 158 (42%) in November, down from 188 (51%) in October, down from 148 (38%) in January 2025, down from 117 (21%) in January 2024, and up from 82 (21%) in January 2023; Active Listings were at 696 at month end compared to 596 at that time last year (up 17%) and 625 at the end of December (up 11%); the 407 New Listings in January were up 257% compared to December, up 41% compared to November, down 4% compared to October, down 5% compared to January 2025, up 50% compared to January 2024 and up 76% compared to January 2023.

Month’s supply of total residential listings is up to 8 months from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 34% in January 2025, 43% in January 2024, and 35% in January 2023.

West Vancouver: Total Units Sold in January were 29, up from 28 (4%) in December, down from 53 (45%) in November, down from 58 (50%) in October, down from 30 (3%) in January 2025, up from 23 (26%) in January 2024, and up from 28 (4%) in January 2023; Active Listings were at 557 at month end compared to 541 at that time last year (up 3%) and 573 at the end of December (down 3%); the 213 New Listings in January were up 233% compared to December, up 84% compared to November, down 4% compared to October, up 8% compared to January 2025, up 18% compared to January 2024 and up 68% compared to January 2023.

Month’s supply of total residential listings is down to 9 months from 20 (buyer’s market conditions) and sales to listings ratio of 14% compared to 15% in January 2025, 13% in January 2024, and 22% in January 2023.

Richmond: Total Units Sold in January were 129, down from 165 (22%) in December, down from 191 (32%) in November, down from 236 (45%) in October, down from 206 (37%) in January 2025, down from 161 (20%) in January 2024, and up from 120 (8%) in January 2023; Active Listings were at 1,684 at month end compared to 1,319 at that time last year (up 28%) and 1,781 at the end of December (down 5%); the 597 New Listings in January were up 125% compared to December, up 37% compared to November, down 1% compared to October, down 3% compared to January 2025, up 45% compared to January 2024 and up 47% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 11 (buyer’s market conditions) and sales to listings ratio of 22% compared to 34% in January 2025, 39% in January 2024, and 29% in January 2023.

Burnaby East: Total Units Sold in January were 9, down from 15 (40%) in December, down from 18 (50%) in November, down from 32 (72%) in October, down from 17 (47%) in January 2025, down from 17 (47%) in January 2024, and the same as January 2023; Active Listings were at 141 at month end compared to 135 at that time last year (up 4%) and 155 at the end of December (down 9%); the 65 New Listings in January were up 150% compared to December, up 97% compared to November, down 14% compared to October, down 24% compared to January 2025, up 30% compared to January 2024 and up 48% compared to January 2023.

Month’s supply of total residential listings is up to 16 months from 10 (buyer’s market conditions) and sales to listings ratio of 14% compared to 20% in January 2025, 34% in January 2024, and 20% in January 2023.

Burnaby North: Total Units Sold in January were 80, down from 113 (29%) in December, down from 98 (18%) in November, down from 147 (46%) in October, down from 104 (23%) in January 2025, down from 88 (9%) in January 2024, and up from 63 (27%) in January 2023; Active Listings were at 715 at month end compared to 649 at that time last year (up 10%) and 691 at the end of December (up 3%); the 344 New Listings in January were up 175% compared to December, up 44% compared to November, up 3% compared to October, down 2% compared to January 2025, up 86% compared to January 2024 and up 70% compared to January 2023.

Month’s supply of total residential listings is up to 9 months from 6 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in January 2025, 48% in January 2024, and 31% in January 2023.

Burnaby South: Total Units Sold in January were 67, down from 85 (21%) in December, down from 89 (25%) in November, down from 104 (36%) in October, up from 59 (14%) in January 2025, down from 102 (34%) in January 2024, and up from 54 (24%) in January 2023; Active Listings were at 604 at month end compared to 500 at that time last year (up 21%) and 639 at the end of December (down 5%); the 255 New Listings in January were up 150% compared to December, up 34% compared to November, down 9% compared to October, up 3% compared to January 2025, up 19% compared to January 2024 and up 57% compared to January 2023.

Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 26% compared to 24% in January 2025, 48% in January 2024, and 33% in January 2023.

New Westminster: Total Units Sold in January were 48, down from 67 (28%) in December, down from 65 (26%) in November, down from 98 (51%) in October, down from 61 (21%) in January 2025, down from 54 (11%) in January 2024, and up from 40 (20%) in January 2023; Active Listings were at 464 at month end compared to 404 at that time last year (up 15%) and 430 at the end of December (up 8%); the 219 New Listings in January were up 192% compared to December, up 63% compared to November, down 11% compared to October, down 4% compared to January 2025, up 63% compared to January 2024 and up 107% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 6 (buyer’s market conditions) and sales to listings ratio of 22% compared to 27% in January 2025, 40% in January 2024, and 38% in January 2023.

Coquitlam: Total Units Sold in January were 89, down from 149 (40%) in December, down from 146 (39%) in November, down from 185 (52%) in October, down from 155 (43%) in January 2025, down from 112 (21%) in January 2024, and up from 73 (22%) in January 2023; Active Listings were at 1,063 at month end compared to 917 at that time last year (up 16%) and 1,062 at the end of December; the 449 New Listings in January were up 161% compared to December, up 23% compared to November, down 15% compared to October, down 9% compared to January 2025, up 56% compared to January 2024 and up 71% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 7 (buyer’s market conditions) and sales to listings ratio of 20% compared to 32% in January 2025, 39% in January 2024, and 28% in January 2023.

Port Moody: Total Units Sold in January were 25, down from 50 (50%) in December, down from 46 (46%) in November, down from 65 (62%) in October, down from 32 (22%) in January 2025, down from 31 (19%) in January 2024, and up from 23 (9%) in January 2023; Active Listings were at 291 at month end compared to 184 at that time last year (up 58%) and 261 at the end of December (up 11%); the 145 New Listings in January were up 159% compared to December, up 33% compared to November, down 20% compared to October, up 32% compared to January 2025, up 159% compared to January 2024 and up 41% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 5 (buyer’s market conditions) and sales to listings ratio of 17% compared to 29% in January 2025, 55% in January 2024, and 22% in January 2023.

Port Coquitlam: Total Units Sold in January were 28, down from 43 (35%) in December, down from 61 (54%) in November, down from 69 (59%) in October, down from 65 (57%) in January 2025, down from 43 (35%) in January 2024, and down from 34 (18%) in January 2023; Active Listings were at 304 at month end compared to 236 at that time last year (up 29%) and 258 at the end of December (up 18%); the 168 New Listings in January were up 195% compared to December, up 83% compared to November, up 12% compared to October, up 13% compared to January 2025, up 130% compared to January 2024 and up 115% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 6 (buyer’s market conditions) and sales to listings ratio of 17% compared to 44% in January 2025, 59% in January 2024, and 44% in January 2023.

Pitt Meadows: Total Units Sold in January were 9, down from 16 (44%) in December, down from 28 (68%) in November, down from 29 (69%) in October, down from 13 (31%) in January 2025, down from 20 (55%) in January 2024, and down from 15 (40%) in January 2023; Active Listings were at 96 at month end compared to 75 at that time last year (up 28%) and 83 at the end of December (up 16%); the 53 New Listings in January were up 231% compared to December, up 51% compared to November, up 13% compared to October, up 26% compared to January 2025, up 39% compared to January 2024 and up 39% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 5 (buyer’s market conditions) and sales to listings ratio of 16% compared to 30% in January 2025, 52% in January 2024, and 39% in January 2023.

Maple Ridge: Total Units Sold in January were 72, down from 78 (8%) in December, down from 100 (28%) in November, down from 110 (35%) in October, down from 95 (24%) in January 2025, down from 106 (32%) in January 2024, and up from 65 (11%) in January 2023; Active Listings were at 733 at month end compared to 663 at that time last year (up 10%) and 746 at the end of December (down 2%); the 279 New Listings in January were up 179% compared to December, up 39% compared to November, down 5% compared to October, down 22% compared to January 2025, up 7% compared to January 2024 and up 29% compared to January 2023.

Month’s supply of total residential listings is steady at 10 months (buyer’s market conditions) and sales to listings ratio of 25% compared to 26% in January 2025, 40% in January 2024, and 30% in January 2023.

Ladner: Total Units Sold in January were 5, down from 7 (29%) in December, down from 27 (81%) in November, down from 30 (83%) in October, down from 17 (71%) in January 2025, down from 21 (76%) in January 2024, and down from 16 (69%) in January 2023; Active Listings were at 147 at month end compared to 134 at that time last year (up 10%) and 132 at the end of December (up 11%); the 72 New Listings in January were up 500% compared to December, up 38% compared to November, up 20% compared to October, down 8% compared to January 2025, up 57% compared to January 2024 and up 67% compared to January 2023.

Month’s supply of total residential listings is up to 29 months from 19 (buyer’s market conditions) and sales to listings ratio of 7% compared to 22% in January 2025, 46% in January 2024, and 37% in January 2023.

Tsawwassen: Total Units Sold in January were 19, down from 29 (34%) in December, down from 30 (37%) in November, down from 51 (63%) in October, down from 26 (27%) in January 2025, down from 24 (21%) in January 2024, and down from 20 (5%) in January 2023; Active Listings were at 255 at month end compared to 216 at that time last year (up 18%) and 245 at the end of December (up 4%); the 88 New Listings in January were up 283% compared to December, up 33% compared to November, down 4% compared to October, down 18% compared to January 2025, up 73% compared to January 2024 and up 54% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 8 (buyer’s market conditions) and sales to listings ratio of 22% compared to 24% in January 2025, 47% in January 2024, and 35% in January 2023.

Fraser Valley: Sales in January were down 33% at 619 compared to December at 919 and were down 24% from January 2024 at 818. New listings were up 128% at 3,078 from December at 1,350 and down 10% from January 2025 at 3,432. The average price of $942,330 was down 5% month-over-month and was down 9% year-over-year. Active listings at 7,711 were up 11% compared to last month at 6,965 and up 6% from January 2025 at 7,251. Month’s supply of total residential listings is up to 12 months supply from 8 (buyer’s market conditions).

Sales and Listings Stats Houses Townhouses Condos for January 2026

Sales and Listings Stats All Regional for January 2026

STATS IMAGES

The Early Buyer Gets the Home

Tue, 06 Jan 2026 22:46:21 GMT

Highlights of Dexter’s December 2025 report

Positive signs as 2025 came to a close
Don’t wait for the rates
Active listings down to 11,000 from the peak of 17,500
Low sales levels show increased pent-up demand

December Market Analysis: Stability, Selective Strength, and a Foundation for 2026

December is rarely a month that defines a market. It reflects sentiment more than momentum, discipline more than urgency. This year was no different. Across Metro Vancouver, December activity cooled as expected, but beneath the seasonal slowdown lies a market that is quietly stabilizing, selectively strengthening, and positioning itself for a more active year ahead.

Sales slowed month-over-month across most regions, but that headline masks a far more important story: inventory contracted sharply, new listings fell dramatically, and sales-to-listings ratios rebounded. Total Active listings declined 29% from the peak in June. Over the last three years, total listings peaked in the fall, except for this year. A sign of some seller resistance in taking part in this market. For buyers, the time is now to take advantage of the opportunity that still exists. These are not the signs of a weakening market, moreover they are the early mechanics for returning balance after years of uncertainty.

Greater Vancouver Overview: Seasonal Level of Transactions, Healthier Structure

Total residential sales across Greater Vancouver reached 1,537 units in December, down 17% from November and well below the October peak in the fall market. Total sales in Greater Vancouver finished with 23,800 for the year, the lowest since 21,950 in 2,000. At the turn of the century, there were a lot few homes and people to buy them. A telling number that means there are a lot of people who have held off making a move and are ready to do so.

The decline in December, however, aligns almost perfectly with historical December patterns and should not be interpreted as fading demand. In fact, sales were 14% higher than December 2023, confirming that buyer participation remains meaningfully stronger than it was two years ago even though it was down 13% from a year ago.

Greater Vancouver sales in December were 18% below the 10-year average, after November was 21% below the 10-year average. This wasn’t a slow December compared to what’s typical for the month, and perhaps with milder weather in January, the market will heat up sooner rather than later.

The more telling data is the timing of sales.

The more significant number to look at is the comparison from the spring and fall markets. Typically, total sales in the first six months far exceed the last six months. In 2025, Greater Vancouver sales were only 2% higher in the first six months, compared to 2024 with 10% in the first six months, 2023 with 24% in the first six months and 2022 with 82% in the first six months (although attributed to the sudden rise in interest rates at the end of the first half of the year). The only year like this was 2019 with has 25% fewer sales in the first six months. After 2 down years, a recovery began in late 2019 only to be interrupted by the pandemic. This could point to improving market conditions.

The supply side tells its own compelling story.

Active listings ended the month at 12,550, down a significant 17% from November, even though inventory remains 15% higher year-over-year. This contraction is important. It shows sellers stepping back and not just seasonally, not flooding the market, while buyers continued to transact at the same pace through the fall.

New listings tell the same story. Just 1,905 properties came to market in December which was down nearly 50% from November and more than 65% from early fall levels. While seasonal, this drop reinforces a broader theme. And opposite to the breakdown in sales over the year, 37% of new listings occurred in the first six months, compared to 22% in 2024 and 13% in 2023. Sellers held back as the year progressed, which contributed to the decline in active listings. Buyer choice decreased, which will slow the decline of prices.

The number of new listings in November were 11% above the 10-year average after November was 3% above, October at 16%, and September at 20%. November and December showed a decline in Seller activity in the market, which resulted in the steep decline of new listings. Savy buyers will take advantage before more buyer competition in the market and less choice.

By numbers the region remained at 8 months’ supply, with December typically seeing a rise in that number due to the seasonal nature of a slower market. Still on the border of a balanced to buyer’s market.

Vancouver Westside: Quiet Strength Beneath the Surface

Vancouver’s Westside followed the seasonal script, with 287 sales in December, down from November and October but still 22% higher than December 2023. Activity slowed, but it did not disappear—and that distinction matters.

Active listings fell 18% month-over-month to 2,366, leaving inventory essentially unchanged year-over-year. This is not excess supply building; it’s a market finding equilibrium.

The Westside remains selective, not stagnant. Buyers are cautious, but motivated. Sellers are patient, but realistic. That’s how stable markets behave.

Vancouver East: Stabilizing After a Reset

The East Side of Vancouver experienced a more pronounced slowdown in December sales, finishing the month at 158 transactions. While down from recent months, sales were still 7% higher than December 2023, confirming a floor under demand.

Inventory tightened meaningfully, with active listings dropping 18% from November. New listings also fell sharply yet remained well above year-ago levels, evidence of renewed seller confidence compared to last winter.

The Suburb Story

With just five months of inventory, North Vancouver sits squarely in balanced market territory. The sales-to-listings ratio surged to 110%, signaling competition on the right properties and renewed urgency among buyers. This is not a market waiting for clarity—it already has it.

Richmond posted 165 December sales, down from earlier months and well below year-ago levels. Inventory remains elevated, with 11 months of supply. This is a market transitioning from oversupply toward normalization. Momentum is slow—but direction matters more than speed.

Burnaby continues to behave as several distinct markets rather than one. Burnaby North posted a strong December, with sales up 15% month-over-month and inventory dropping significantly. Months of supply fell to 6, and the sales-to-listings ratio climbed to 90%. Burnaby South showed improving balance, with inventory declining and ratios rebounding into the low 80s. Burnaby East remains slower, but even there, inventory is contracting and year-over-year listing growth suggests confidence is returning. Overall, Burnaby’s trajectory is improving, led by transit-oriented and well-priced segments.

New Westminster is one of the most encouraging stories in December. Sales increased month-over-month and were 46% higher than December 2023. Inventory dropped sharply, months of supply declined to 6, and the sales-to-listings ratio rose to 89%.

The Tri-Cities: Clear Signs of Recovery. Across Coquitlam, Port Moody, and Port Coquitlam, December data points to strengthening fundamentals. Coquitlam saw sales rise year-over-year, inventory fall, and months of supply improve to 7. Port Moody stood out with sales doubling year-over-year and inventory contracting sharply, settling into balanced conditions. Coquitlam remains stable, with improving ratios and steady demand.

Maple Ridge and Pitt Meadows experienced slower December volumes, but inventory tightened and ratios improved. These areas often lag during seasonal slowdowns but respond quickly when confidence returns. Ladner remains challenged with elevated supply and saw extremely low levels of sales in December, while Tsawwassen showed meaningful improvement, with sales up strongly year-over-year and months of supply declining.

Fraser Valley Listings sees Massive Drop to Finish 2025

Much like Greater Vancouver, The Fraser Valley experienced one of the slowest years for sales in decades. With 943 sales in December, they were down 3% from November and down 8% from December 2024. Like Greater Vancouver, sales were up from December 2023 at 10% higher. The biggest surprise though came on the inventory side where the total number of active listings finished 25% lower in December compared to November, only 10% higher from the end of 2024. This tightening supply will help to stabilize the market in the Fraser Valley.

With the reduction of inventory, months of supply in the Fraser Valley dropped down to 8 months compared to 10 in November, closer to balance than we’ve seen through 2025. A positive sign to start the year, especially with Surrey showing the best improvement in December.

The Bigger Picture: December Did Its Job

December did exactly what December is supposed to do: slow the market down, clear excess, and reset expectations.

What matters is what didn’t happen: Inventory did not surge and demand did not disappear. Instead, the market quietly absorbed listings, and entered the new year with leaner supply and stronger ratios. That is not a fragile setup. It’s a constructive one.

As we move into 2026, the groundwork is being laid for a more active spring, one driven not by speculation or urgency, but by confidence, affordability adjustments, and a growing acceptance that the market has already done most of its correcting.

Markets don’t need fireworks to turn. Sometimes they just need December to be December.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in December were 1,537, down from 1,846 (17%) in November, down from 2,255 (32%) in October, down from 1,875 (18%) in September, down from 1,765 (13%) in December 2024, and up from 1,345 (14%) in December 2023; Active Listings were at 12,550 at month end compared to 10,948 at that time last year (up 15%) and 15,149 at the end of November (down 17%); the 1,905 New Listings in December were down 49% compared to November, down 65% compared to October, down 71% compared to September, up 10% compared to December 2024, and up 41% compared to December 2023. Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 49% in November, 102% in December 2024, and 99% in December 2023.

Vancouver Westside: Total Units Sold in December were 287, down from 363 (21%) in November, down from 403 (29%) in October, down from 316 (9%) in September, down from 307 (7%) in December 2024, and up from 235 (22%) in December 2023; Active Listings were at 2,366 at month end compared to 2,396 at that time last year (down 1%) and 2,396 at the end of November (down 18%); the 317 New Listings in December were down 55% compared to November, down 70% compared to October, down 74% compared to September, down 4% compared to December 2024, and up 28% compared to December 2023. Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 51% in November, 93% in December 2024, and 95% in December 2023.

Vancouver East Side: Total Units Sold in December were 158, down from 210 (25%) in November, down from 269 (41%) in October, down from 208 (24%) in September, down from 198 (20%) in December 2024, and up from 148 (7%) in December 2023; Active Listings were at 1,242 at month end compared to 1,151 at that time last year (up 8%) and 1,517 at the end of November (down 18%); the 219 New Listings in December were down 48% compared to November, down 64% compared to October, down 73% compared to September, up 18% compared to December 2024, and up 48% compared to December 2023. Month’s supply of total residential listings is up to 8 month’s from 7 (buyer’s market conditions) and sales to listings ratio of 72% compared to 50% in November, 107% in December 2024, and 100% in December 2023.

North Vancouver: Total Units Sold in December were 125, down from 158 (21%) in November, down from 188 (34%) in October, down from 159 (21%) in September, down from 138 (9%) in December 2024, and up from 106 (18%) in December 2023; Active Listings were at 625 at month end compared to 532 at that time last year (up 17%) and 863 at the end of November (down 28%); the 114 New Listings in December were down 61% compared to November, down 73% compared to October, down 81% compared to September, up 33% compared to December 2024, and up 14% compared to December 2023. Month’s supply of total residential listings is steady at 5 month’s (balanced market conditions) and sales to listings ratio of 110% compared to 55% in November, 131% in December 2024, and 106% in December 2023.

West Vancouver: Total Units Sold in December were 28, down from 53 (47%) in November, down from 58 (52%) in October, down from 52 (46%) in September, down from 39 (28%) in December 2024, and down from 41 (32%) in December 2023; Active Listings were at 573 at month end compared to 546 at that time last year (up 5%) and 681 at the end of November (down 16%); the 64 New Listings in December were down 45% compared to November, down 71% compared to October, down 77% compared to September, down 18% compared to December 2024, and up 19% compared to December 2023. Month’s supply of total residential listings is up to 20 month’s from 13 (buyer’s market conditions) and sales to listings ratio of 44% compared to 46% in November, 50% in December 2024, and 76% in December 2023.

Richmond: Total Units Sold in December were 165, down from 191 (14%) in November, down from 236 (30%) in October, down from 191 (14%) in September, down from 235 (30%) in December 2024, and down from 169 (2%) in December 2023; Active Listings were at 1,781 at month end compared to 1,351 at that time last year (up 32%) and 1,992 at the end of November (down 11%); the 265 New Listings in December were down 39% compared to November, down 56% compared to October, down 43% compared to September, up 36% compared to December 2024, and up 64% compared to December 2023. Month’s supply of total residential listings is up to 11 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 62% compared to 44% in November, 121% in December 2024, and 104% in December 2023.

Burnaby East: Total Units Sold in December were 15, down from 18 (17%) in November, down from 32 (53%) in October, down from 34 (56%) in September, down from 21 (39%) in December 2024, and down from 18 (17%) in December 2023; Active Listings were at 155 at month end compared to 116 at that time last year (up 34%) and 189 at the end of November (down 18%); the 26 New Listings in December were down 21% compared to November, down 66% compared to October, down 73% compared to September, up 8% compared to December 2024, and up 117% compared to December 2023. Month’s supply of total residential listings is down to 10 month’s from 11 (buyer’s market conditions) and sales to listings ratio of 58% compared to 55% in November, 88% in December 2024, and 150% in December 2023.

Burnaby North: Total Units Sold in December were 113, up from 98 (15%) in November, down from 147 (23%) in October, down from 137 (18%) in September, down from 130 (13%) in December 2024, and up from 91 (24%) in December 2023; Active Listings were at 691 at month end compared to 595 at that time last year (up 16%) and 845 at the end of November (down 18%); the 125 New Listings in December were down 48% compared to November, down 62% compared to October, down 67% compared to September, down 9% compared to December 2024, and up 60% compared to December 2023. Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 90% compared to 41% in November, 94% in December 2024, and 117% in December 2023.

Burnaby South: Total Units Sold in December were 85, down from 89 (4%) in November, down from 104 (18%) in October, down from 96 (11%) in September, down from 97 (12%) in December 2024, and up from 79 (8%) in December 2023; Active Listings were at 639 at month end compared to 493 at that time last year (up 30%) and 773 at the end of November (down 16%); the 102 New Listings in December were down 66% compared to November, down 64% compared to October, down 66% compared to September, up 21% compared to December 2024, and up 36% compared to December 2023. Month’s supply of total residential listings is down to 8 month’s from 9 (buyer’s market conditions) and sales to listings ratio of 83% compared to 47% in November, 115% in December 2024, and 105% in December 2023.

New Westminster: Total Units Sold in December were 67, up from 65 (3%) in November, down from 98 (32%) in October, down from 84 (20%) in September, down from 96 (30%) in December 2024, and up from 46 (46%) in December 2023; Active Listings were at 430 at month end compared to 360 at that time last year (up 19%) and 556 at the end of November (down 23%); the 75 New Listings in December were down 40% compared to November, down 69% compared to October, down 62% compared to September, up 12% compared to December 2024, and up 92% compared to December 2023. Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 89% compared to 49% in November, 143% in December 2024, and 118% in December 2023.

Coquitlam: Total Units Sold in December were 149, up from 146 (2%) in November, down from 185 (19%) in October, down from 167 (11%) in September, up from 128 (16%) in December 2024, and up from 119 (25%) in December 2023; Active Listings were at 1,062 at month end compared to 867 at that time last year (up 22%) and 1,269 at the end of November (down 16%); the 172 New Listings in December were down 53% compared to November, down 67% compared to October, down 70% compared to September, up 11% compared to December 2024, and up 100% compared to December 2023. Month’s supply of total residential listings is down to 7 month’s from 9 (balanced market conditions) and sales to listings ratio of 87% compared to 40% in November, 83% in December 2024, and 138% in December 2023.

Port Moody: Total Units Sold in December were 50, up from 46 (9%) in November, down from 65 (23%) in October, up from 46 (9%) in September, up from 29 (72%) in December 2024, and up from 25 (100%) in December 2023; Active Listings were at 261 at month end compared to 155 at that time last year (up 68%) and 352 at the end of November (down 26%); the 56 New Listings in December were down 49% compared to November, down 69% compared to October, down 71% compared to September, up 107% compared to December 2024, and up 75% compared to December 2023. Month’s supply of total residential listings is down to 5 month’s (balanced market conditions) and sales to listings ratio of 89% compared to 42% in November, 107% in December 2024, and 78% in December 2023.

Port Coquitlam: Total Units Sold in December were 43, down from 61 (30%) in November, down from 69 (38%) in October, down from 45 (4%) in September, down from 51 (16%) in December 2024, and up from 36 (19%) in December 2023; Active Listings were at 258 at month end compared to 237 at that time last year (up 9%) and 323 at the end of November (down 20%); the 57 New Listings in December were down 38% compared to November, down 62% compared to October, down 69% compared to September, up 14% compared to December 2024, and up 46% compared to December 2023. Month’s supply of total residential listings is up to 6 month’s (balanced market conditions) and sales to listings ratio of 75% compared to 66% in November, 102% in December 2024, and 92% in December 2023.

Pitt Meadows: Total Units Sold in December were 16, down from 28 (43%) in November, down from 29 (45%) in October, up from 15 (7%) in September, down from 28 (43%) in December 2024, and down from 19 (16%) in December 2023; Active Listings were at 83 at month end compared to 68 at that time last year (up 22%) and 109 at the end of November (down 24%); the 12 New Listings in December were down 65% compared to November, down 74% compared to October, down 77% compared to September, up 9% compared to December 2024, and down 14% compared to December 2023. Month’s supply of total residential listings is up to 5 month’s from 4 (balanced market conditions) and sales to listings ratio of 133% compared to 61% in November, 254% in December 2024, and 135% in December 2023.

Maple Ridge: Total Units Sold in December were 78, down from 100 (22%) in November, down from 110 (29%) in October, down from 97 (20%) in September, down from 112 (30%) in December 2024, and down from 100 (22%) in December 2023; Active Listings were at 746 at month end compared to 611 at that time last year (up 22%) and 881 at the end of November (down 15%); the 100 New Listings in December were down 50% compared to November, down 66% compared to October, down 70% compared to September, up 11% compared to December 2024, and down 2% compared to December 2023. Month’s supply of total residential listings is down to 7 month’s from 7 (balanced market conditions) and sales to listings ratio of 78% compared to 49% in November, 124% in December 2024, and 98% in December 2023.

Ladner: Total Units Sold in December were 7, down from 27 (74%) in November, down from 30 (77%) in October, down from 34 (79%) in September, down from 15 (20%) in December 2024, and down from 12 (50%) in December 2023; Active Listings were at 132 at month end compared to 117 at that time last year (up 13%) and 155 at the end of November (down 15%); the 12 New Listings in December were down 77% compared to November, down 80% compared to October, down 83% compared to September, down 20% compared to December 2024, and down 14% compared to December 2023. Month’s supply of total residential listings is up to 19 month’s from 6 (buyer’s market conditions) and sales to listings ratio of 58% compared to 52% in November, 93% in December 2024, and 86% in December 2023.

Tsawwassen: Total Units Sold in December were 29, down from 30 (3%) in November, down from 51 (43%) in October, down from 38 (24%) in September, up from 21 (38%) in December 2024, and up from 21 (38%) in December 2023; Active Listings were at 245 at month end compared to 181 at that time last year (up 35%) and 292 at the end of November (down 16%); the 23 New Listings in December were down 65% compared to November, down 75% compared to October, down 77% compared to September, down 8% compared to December 2024, and up 28% compared to December 2023. Month’s supply of total residential listings is down to 8 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 126% compared to 45% in November, 84% in December 2024, and 117% in December 2023.

Fraser Valley: Sales in December were down 3% at 919 compared to November at 943 and were down 8% from December 2024 at 994. New listings were down 39% at 1,350 from November at 2,210 and down 5% from December 2024 at 2,101. The average price of $993,519 was down 1% month-over-month and was down 5% year-over-year. Active listings at 6,965 were down 24% compared to last month at 9,201 and up 11% from December 2024 at 6,285. Month’s supply of total residential listings is down to 8 months supply from 10 (buyer’s market conditions).

STATS IMAGES

Greater Vancouver Sales and Listings Statistics Houses Townhouses and Condos for December 2025

Greater Vancouver Sales and Listings Statistics All Regional for December 2025

The Gift of Opportunity for Holiday Home Shoppers

Mon, 15 Dec 2025 19:03:54 GMT

Highlights of Dexter’s November 2025 report

Look how much you can spend with lower rates
Listings are shrinking and ratios improving, hinting at a stronger 2026.
Inventory is falling faster than sales, strengthening market balance.
Pent up demand continues to grow to unprecedented levels

If home buying is on your holiday shopping list, you’re in luck. Better than any Black Friday sales, Metro Vancouver real estate provides some of the best deals we’ve seen in the last few years. And like those Black Friday deals, these opportunities won’t last forever before inventory shrinks and more buyers come to the table. With interest rates having come down after 9 Bank of Canda rate cuts since the peak in 2024, both variable and fixed rate mortgages are finally at a point that buyers can’t use them as an excuse not to buy. It’s time. In fact, since that peak in 2024, for an average Vancouver household income of $180,000, their purchasing power has gone from $710,000 to $950,000. And home prices have also come down. Two reasons why buyers will be back into the market with greater energy in 2026.

Confidence Ready to Build as Listings Pull Back and Ratios Improve

November delivered a noticeable shift in the Greater Vancouver market, one driven less by headline sales numbers and more by the underlying signals that matter. Yes, sales eased month-over-month across most submarkets, and listings remain higher than last year, but November also brought a sizable pullback in new inventory, firmer sales-to-listings ratios, and early signs that buyers are getting ready for a more active 2026. Taken together, the market is quietly setting the stage for stronger conditions ahead.

This is a month where context is everything. Sales always fall in November, but the real story is how sharply new listings contracted and how much the market’s pace tightened as a result. The region’s sales-to-listings ratio climbed to 49%, a clear improvement from October’s 41%. Months’ supply edged up only slightly to eight months, keeping the market favouring buyers. Despite softer benchmark prices (down 0.3% from October and 3.9% year-over-year), confidence continues to build as inventory normalizes, and interest rate visibility improves.

All the while, pent up demand continues to build. Sales in Greater Vancouver for 2025 will be the lowest total number of transactions since 2000. With a million more people living in the region and over 200,000 more dwellings, logic would suggest that the number of real estate transactions would grow in a similar way. That lack of activity suggests how many buyers and sellers have held back in recent years, but they won’t forever. Changes happen due to needing more space, less space, people coming together or moving apart and sadly passing away. And yes, people do still move to Metro Vancouver.

Greater Vancouver: A Market Ready To Move

Greater Vancouver recorded 1,846 sales in November, an 18% drop from October and while below typical autumn levels, still 8% higher than November 2023. This improvement comes despite a slower autumn season and reflects a market where underlying demand remains intact.

With mortgage rates already down from their peak and buyer sentiment ready to improve, November looks more like a pause than a downturn.

The Supply Side Shrinking

The big move this month came on the supply side. New listings fell 32% from October and were 44% below September levels. Sellers clearly decided to step back, to either wait for improved pricing conditions or to avoid coming to market during the traditionally softest window of the year. With only 3,741 new listings, and active listings dropping 8% from October to 15,149, the market shed some of the excess inventory that accumulated during spring and summer.

Even with softer sales, the sharper decline in new supply pushed the sales-to-listings ratio up to 49%, a healthy improvement that signals tightening conditions underneath the headline numbers. Month’s supply rose slightly to eight months, which still places the region broadly in buyer’s market territory, but the trend is clear: the pace is stabilizing.

Greater Vancouver sales in November were 21% below the 10-year average, after October was 15% below the 10-year average. The momentum builds as sellers wait for the right opportunity signaling it is time to buy and move on from their current home.

The number of new listings in November were 3% above the 10-year average after October at 16% above the 10-year average, and September at 20% above the 10-year average. November was a sudden shift of sellers holding on listing after a year that will likely produce near record highs for total new listings. With the holiday season upon us, expect this trend of decreasing listing totals to continue as sellers wait to see how 2026 starts. Savy buyers will take advantage of opportunities through December though, as this month can produce motivated sellers to engage with those interested buyers.

By numbers the region shifted back into a buyer’s market, after one month of balanced. But let’s be clear, 2025 has been the year of the buyer’s market.

Vancouver Westside: Stable Conditions With a Healthier Ratio

Vancouver’s Westside saw 363 sales, down modestly from October’s 403 but up a solid 15% year-over-year. The seasonal slowdown was met with a significant reduction in new listings, down 33% month-over-month which helped ease active listings to 2,885 (a 7% monthly drop).

This pullback in supply had an immediate effect: the sales-to-listings ratio climbed to 51%, a sharp improvement from October’s 38%. Even with eight months of supply on the ground, November’s numbers point to a market that is far more balanced than the summer peak.

The luxury segment in Vancouver tends to lag broader market shifts, so a stabilizing ratio at this time of year is a positive sign heading into early 2026. Price softness may still be in play, but the fundamentals are firmer than they appear.

Vancouver East Side: Activity Softens but Demand Holds

East Vancouver saw sales fall to 210 units, a 22% drop from October, but almost identical to September and up 20% from November 2023. Active listings declined 9% month-over-month to 1,517, and new listings dropped 30% compared to October with half as many as September.

This tightening brought month’s supply up slightly to seven months, still balanced and pushed the sales-to-listings ratio to a healthy 50%, better than both October at 45%.

The Suburb Story

North Vancouver, West Vancouver, Richmond, and much of Burnaby showed a clear pattern in November: softer seasonal sales paired with a meaningful pullback in new listings, which helped strengthen sales-to-listings ratios across the board. North Vancouver and Burnaby East led with notably strong ratios of 55%, supported by shrinking inventory and steady buyer engagement. West Vancouver also posted an encouraging jump to a 46% ratio—an early sign that higher-end buyers are re-entering the market ahead of spring. Richmond, Burnaby South, Burnaby North, and New Westminster all benefited from fewer new sellers, which tightened conditions.

Across the Tri-Cities, Pitt Meadows, Maple Ridge, all showed similar stabilization. Port Coquitlam stood out with one of the strongest ratios in the region at 66%, backed by falling inventory and steady demand driven by relative affordability. Pitt Meadows remained firmly in seller’s territory with an exceptional 80% ratio, while Maple Ridge and Port Moody each saw improved balance as listings contracted. Even in slower markets like Tsawwassen and New Westminster, buyer activity proved more resilient than headline sales suggest, with ratios improving and inventory trending down. Overall, despite November’s seasonal cooling, most submarkets strengthened beneath the surface, setting the stage for a more confident start to the new year.

Fraser Valley Sees Listing Drop

The Fraser Valley saw 943 sales, down from October, but the more important story is the sharp drop in new listings (down 26%) and a sizable 9% reduction in active inventory over last month and 13% down from a year ago. With fewer homes coming to market, buyer competition increased, and the average price rose 2% month-over-month.

Despite being in a buyers’ market with 10 months of supply, the Fraser Valley Region, there could be some early signs of stabilization and price recovery after a more difficult reaction to higher rates and economic turmoil. Surrey continues to struggle with 17 months’ supply of detached homes and 20 months supply of condos. Opportunity awaits buyers there.

Outlook: A Quiet November with a Positive Undercurrent

November didn’t deliver big numbers, but it delivered something more important: tightening conditions across the board. Sales slowed down, but inventory came down even faster. Ratios improved. Buyers showed up where pricing was right. And early signs of confidence driven by improving interest rates and a steep drop in new listings are now visible across nearly every submarket.

As we move toward 2026, Greater Vancouver is poised for a more active environment than we saw in the second half of 2025. The fundamentals are better than they look, and the region is entering winter on far more stable footing than it did a year ago.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in November were 1,846 down from 2,255 (18%) in October, down from 1,875 (2%) in September, down from 1,959 (6%) in August, down from 2,181 (15%) in November 2024, and up from 1,702 (8%) in November 2023; Active Listings were at 15,149 at month end compared to 13,245 at that time last year (up 14%) and 16,393 at the end of October (down 8%); the 3,741 New Listings in November were down 32% compared to October, down 44% compared to September, down 13% compared to August, down 1% compared to November 2024, and up 9% compared to November 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 49% compared to 41% in October, 58% in November 2024, and 49% in November 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 3.9%.

Vancouver Westside: Total Units Sold in November were 363 down from 403 (10%) in October, up from 316 (15%) in September, down from 381 (5%) in August, down from 383 (5%) in November 2024, and up from 315 (15%) in November 2023; Active Listings were at 2,885 at month end compared to 2,856 at that time last year (up 1%) and 3,104 at the end of October (down 7%); the 705 New Listings in November were down 33% compared to October, down 45% compared to September, down 8% compared to August, down 1% compared to November 2024, and up 4% compared to November 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 51% compared to 38% in October, 54% in November 2024, and 47% in November 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.

Vancouver East Side: Total Units Sold in November were 210 down from 269 (22%) in October, up from 208 (1%) in September, down from 219 (4%) in August, down from 268 (22%) in November 2024, and up from 175 (20%) in November 2023; Active Listings were at 1,517 at month end compared to 1,407 at that time last year (up 8%) and 1,654 at the end of October (down 9%); the 424 New Listings in November were down 30% compared to October, down 47% compared to September, down 8% compared to August, down 11% compared to November 2024, and up 4% compared to November 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 50% compared to 45% in October, 56% in November 2024, and 43% in November 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.7%.

North Vancouver: Total Units Sold in November were 158 down from 188 (16%) in October, down from 159 (1%) in September, up from 139 (14%) in August, down from 173 (9%) in November 2024, and up from 157 (1%) in November 2023; Active Listings were at 863 at month end compared to 716 at that time last year (up 21%) and 1,000 at the end of October (down 14%); the 289 New Listings in November were down 32% compared to October, down 52% compared to September, down 5% compared to August, up 12% compared to November 2024, and up 8% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 55% compared to 44% in October, 67% in November 2024, and 59% in November 2023.

Month-over-month, the house price index is flat and in the last 12 months down 0.7%.

West Vancouver: Total Units Sold in November were 53 down from 58 (9%) in October, up from 52 (2%) in September, up from 43 (23%) in August, up from 45 (18%) in November 2024, and up from 48 (10%) in November 2023; Active Listings were at 681 at month end compared to 645 at that time last year (up 6%) and 761 at the end of October (down 11%); the 116 New Listings in November were down 48% compared to October, down 58% compared to September, down 17% compared to August, down 3% compared to November 2024, and down 18% compared to November 2023. Month’s supply of total residential listings is steady at 13 month’s supply (buyer’s market conditions) and sales to listings ratio of 46% compared to 26% in October, 38% in November 2024, and 34% in November 2023.

Month-over-month, the house price index is up 1.3% and in the last 12 months down 3.0%.

Richmond: Total Units Sold in November were 191 down from 236 (19%) in October, the same as September, down from 223 (14%) in August, down from 234 (18%) in November 2024, and up from 179 (7%) in November 2023; Active Listings were at 1,992 at month end compared to 1,584 at that time last year (up 26%) and 2,137 at the end of October (down 7%); the 436 New Listings in November were down 28% compared to October, down 39% compared to September, down 22% compared to August, down 7% compared to November 2024, and up 8% compared to November 2023. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 44% compared to 39% in October, 50% in November 2024, and 44% in November 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.6%.

Burnaby East: Total Units Sold in November were 18 down from 32 (44%) in October, down from 34 (47%) in September, down from 21 (14%) in August, down from 38 (53%) in November 2024, and up from 13 (38%) in November 2023; Active Listings were at 189 at month end compared to 144 at that time last year (up 32%) and 212 at the end of October (down 11%); the 33 New Listings in November were down 57% compared to October, down 66% compared to September, down 48% compared to August, down 41% compared to November 2024, and up 10% compared to November 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 55% compared to 42% in October, 68% in November 2024, and 43% in November 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 7.4%.

Burnaby North: Total Units Sold in November were 98 down from 147 (33%) in October, down from 137 (28%) in September, down from 115 (28%) in August, down from 145 (32%) in November 2024, and down from 119 (18%) in November 2023; Active Listings were at 845 at month end compared to 729 at that time last year (up 16%) and 880 at the end of October (down 4%); the 239 New Listings in November were down 28% compared to October, down 37% compared to September, down 7% compared to August, down 9% compared to November 2024, and up 28% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 41% compared to 44% in October, 55% in November 2024, and 64% in November 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 6.6%.

Burnaby South: Total Units Sold in November were 89 down from 104 (14%) in October, down from 96 (7%) in September, down from 103 (14%) in August, down from 134 (34%) in November 2024, and up from 83 (7%) in November 2023; Active Listings were at 773 at month end compared to 597 at that time last year (up 29%) and 814 at the end of October (down 5%); the 190 New Listings in November were down 32% compared to October, down 37% compared to September, down 8% compared to August, up 14% compared to November 2024, and up 14% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 47% compared to 37% in October, 80% in November 2024, and 50% in November 2023.

Month-over-month, the house price index is down 2.4% and in the last 12 months down 7.4%.

New Westminster: Total Units Sold in November were 65 down from 98 (34%) in October, down from 84 (23%) in September, down from 73 (11%) in August, down from 93 (30%) in November 2024, and the same as November 2023; Active Listings were at 556 at month end compared to 464 at that time last year (up 20%) and 596 at the end of October (down 7%); the 134 New Listings in November were down 45% compared to October, down 50% compared to September, down 29% compared to August, down 24% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 49% compared to 40% in October, 53% in November 2024, and 50% in November 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 4.7%.

Coquitlam: Total Units Sold in November were 146 down from 185 (21%) in October, down from 167 (13%) in September, down from 164 (11%) in August, down from 172 (15%) in November 2024, and down from 159 (8%) in November 2023; Active Listings were at 1,269 at month end compared to 1,027 at that time last year (up 24%) and 1,341 at the end of October (down 5%); the 364 New Listings in November were down 31% compared to October, down 36% compared to September, down 14% compared to August, up 16% compared to November 2024, and up 26% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 40% compared to 35% in October, 55% in November 2024, and 55% in November 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 3.1%.

Port Moody: Total Units Sold in November were 46 down from 65 (29%) in October, the same as September and August, down from 63 (27%) in November 2024, and up from 40 (15%) in November 2023; Active Listings were at 352 at month end compared to 212 at that time last year (up 66%) and 386 at the end of October (down 9%); the 109 New Listings in November were down 40% compared to October, down 43% compared to September, up 28% compared to August, up 36% compared to November 2024, and up 27% compared to November 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 42% compared to 36% in October, 79% in November 2024, and 47% in November 2023.

Month-over-month, the house price index is up 0.3% and in the last 12 months down 2.8%.

Port Coquitlam: Total Units Sold in November were 61 down from 69 (12%) in October, up from 45 (36%) in September, up from 46 (33%) in August, down from 76 (20%) in November 2024, and up from 55 (11%) in November 2023; Active Listings were at 323 at month end compared to 285 at that time last year (up 13%) and 374 at the end of October (down 14%); the 92 New Listings in November were down 39% compared to October, down 49% compared to September, down 24% compared to August, down 16% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 66% compared to 46% in October, 70% in November 2024, and 61% in November 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 3.0%.

Pitt Meadows: Total Units Sold in November were 28 down from 29 (3%) in October, up from 15 (87%) in September, up from 19 (47%) in August, down from 30 (7%) in November 2024, and up from 21 (33%) in November 2023; Active Listings were at 109 at month end compared to 105 at that time last year (up 4%) and 129 at the end of October (down 16%); the 35 New Listings in November were down 26% compared to October, down 33% compared to September, down 22% compared to August, down 16% compared to November 2024, and down 10% compared to November 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 80% compared to 61% in October, 71% in November 2024, and 53% in November 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 7.8%.

Maple Ridge: Total Units Sold in November were 100 down from 110 (9%) in October, up from 97 (3%) in September, down from 128 (22%) in August, down from 116 (14%) in November 2024, and down from 103 (3%) in November 2023; Active Listings were at 881 at month end compared to 765 at that time last year (up 15%) and 951 at the end of October (down 7%); the 201 New Listings in November were down 31% compared to October, down 39% compared to September, down 17% compared to August, down 8% compared to November 2024, and up 1% compared to November 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 49% compared to 37% in October, 52% in November 2024, and 51% in November 2023.

Month-over-month, the house price index is down 1.3% and in the last 12 months down 4.6%.

Ladner: Total Units Sold in November were 27 down from 30 (10%) in October, down from 34 (21%) in September, up from 26 (4%) in August, down from 33 (18%) in November 2024, and up from 21 (29%) in November 2023; Active Listings were at 155 at month end compared to 135 at that time last year (up 15%) and 156 at the end of October (down 1%); the 52 New Listings in November were down 13% compared to October, down 28% compared to September, up 2% compared to August, up 18% compared to November 2024, and up 100% compared to November 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 52% compared to 50% in October, 75% in November 2024, and 81% in November 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.

Tsawwassen: Total Units Sold in November were 30 down from 51 (41%) in October, down from 38 (21%) in September, down from 39 (23%) in August, up from 26 (15%) in November 2024, and up from 20 (50%) in November 2023; Active Listings were at 292 at month end compared to 204 at that time last year (up 43%) and 314 at the end of October (down 7%); the 66 New Listings in November were down 29% compared to October, down 35% compared to September, down 19% compared to August, up 50% compared to November 2024, and up 47% compared to November 2023. Month’s supply of total residential listings is up to 10 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 45% compared to 55% in October, 59% in November 2024, and 44% in November 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 7.9%.

Fraser Valley: Sales in November were down 16% at 943 compared to October at 1,123 and were down 17% from November 2024 at 1,136. New listings were down 26% at 2,210 from October at 2,967 and down 7% from November 2024 at 2,367. The average price of $1,003,693 was up 2% month-over-month and was down 2% year-over-year. Active listings were down 9% to 9,201 compared to last month at 10,121 and up 13% from November 2024 at 8,125. Month’s supply of total residential listings is up to 10 months supply from 9 (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.9%.

STATS IMAGES

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos for November 2025

Greater Vancouver Sales and Listings Statistics All Regional for November 2025

You Know You Want To Buy It

Wed, 05 Nov 2025 00:28:19 GMT

Highlights of Dexter’s October 2025 report

Sales up 20% month-over-month across Greater Vancouver
Sales-to-listings ratio shoots up to 41%
Pent Up Demand at All Time Highs
Affordability got that much better with lower rates

Imagine if all those buyers and sellers decided that now was the time to act. Interest rates are no longer a brake on the market, but more so a motivation to buy with sub 4% mortgage rates now available. Variable rate mortgages haven’t looked this good in over 3 years! Markets move in unison. At some point, buyers and sellers will too, and with every month that demand builds, it comes closer to unleashing into the market. There are historical dips in the market such as the financial crisis of 2008 or the suite of government interventions after 2016 that lead to periods of optimal purchasing power. Those who purchased during those times didn’t regret it. It’s happened before and will happen again. Think about how many people in the last 3 years who have waited to buy their first home, move up, move down, part ways and sadly pass away. Movements happen in real estate out of necessity, that can only be held back so long. Life is too short to time the market perfectly, if you find the home you know you want – buy it!

Momentum Carries Metro Vancouver Market Into the Fall

October brought a much-needed lift to Metro Vancouver’s housing market after the seasonally quiet September. Across Greater Vancouver, sales rose sharply from September, new listings moderated, and inventory tightened, pushing the market back toward balanced conditions in some areas. Make no mistake, buyers have tremendous opportunity in this market still.

Stronger Sales, Tighter Supply in Greater Vancouver

Total residential sales in October across the region reached 2,255 units, up 20% from September and 15% higher than August. That’s a healthy improvement heading into the winter months and a clear sign of underlying market demand. Year-over-year, sales were down 15% from October 2024 but they were only down 1% from July, which was the monthly high for 2025. Many buyers are taking advantage of recent interest rate drops and continued elevated listing inventory. In comparison to October 2023, sales are up a solid 17%, reinforcing that demand is there, with plenty of it still waiting in the wings.

Active listings ended the month at 16,393, down 4% from August and 13% higher than last year, marking the first time in several months that inventory began to contract meaningfully. With fewer new listings entering the system, 5,518 in October, down 17% from September, buyers are now seeing less new competition for desirable homes.

The sales-to-listings ratio climbed to 41%, up from 28% in September. That’s pushing some markets to balanced territory, and a clear shift from the slower late-summer pace. Months of inventory fell to 7 months, down from 9, suggesting a tightening dynamic where well-priced listings are attracting offers faster.

Greater Vancouver sales in October were 15% below the 10-year average, better than the previous months where September was 20% below the 10-year average, August was 19% below the 10-year average, but like July at 14% below the 10-year average. The market is showing signs of buyers making moves, and with this latest interest rate drop by the Bank of Canada, there is more motivation to get out and buy.

Greater Vancouver townhome sales in October were down 4% year-over-year after being down 5% compared to September last year, while condos sales dropped to 23% down year-over-year after being up 1% last month. With the stock of condos piling up, literally, buyers have the best opportunity in decades to purchase new product at prices below what it cost to build them. Expect condo sales to propel in the coming months as this supply is consumed. A great opportunity for first time buyers that can take advantage of GST rebates for new properties up to $1.5M. Detached sales dropped in October to 4% below October last year after being up 6% year-over-year in September. Townhome inventory shrunk in October with many areas shifting back to seller market conditions, showing just how much is missing in the “missing middle” segment of the market. This is a continued ask of the government to look at addressing this supply constrained type of home which prevents many buyers from moving up or moving down in the market.

Active Listings Shrink in October

Inventory dropped down as is seasonally typical for October. Active listings finished October at 16,393, up 13% from last year’s 14,477, and a drop of 4% from September’s 17,079. This was a more significant drop from September compared to last year when there was a smaller decline in active listings between September and October, and it was much different than 2023 when the number of active listings increased between September and October. The window of choice and opportunity for buyers shifted in October, and this could be a signal for buyers not to continue the waiting game. With the choice of listings, and good listings at that, declining, as buyers come forward more competition can become present in the market.

The region shifted out of a buyer’s market to a balanced market, technically, in October. The months of supply dropped down to 7 from 9 in September which is the lowest it has been since April of this year.

The number of new listings in October were 16% above the 10-year average, after September was 20% above the 10-year average. With the decline in new listings, sellers may be starting to resist in the market and shifting towards the wait and see game as well. Buyers should be careful that waiting could lead to less available properties, especially those properties with willing sellers.

Vancouver: Buyers Step Back In, But a Tale of Two Markets

Vancouver Westside did well in detached and townhome segments while the condo market struggled to keep up. The one saving grace for condos was a significant drop in new listings. Detached and townhouse segments are drawing renewed attention, with sellers pricing or negotiating in line with buyer expectations. The sales-to-listings ratio rose to 38% overall from 24%, edging closer balanced range, while inventory dropped to 3,100 listings.

Vancouver Eastside was reliable and active as it continued its path of showing strength, with 269 sales, up 29% from September and 16% above last year while achieving the highest number by month this year. Active listings eased to 1,654, and the sales-to-listings ratio jumped to 45%, signaling a potential trend to confident, balanced demand.

The Suburb Story

Areas east of Vancouver showed less growth in sales in October compared to Vancouver, perhaps a sign of a market shifting outwards as a lagging trend. September saw the opposite effect, but sales corrections typically start from Vancouver so this could be a sign of what’s to come in the suburbs. Port Moody was one of the better performing markets in the suburbs in October, which is surprising given the price points are typically on the higher side. Pitt Meadows saw double the total sales in October compared to the previous month and achieved one of the better months this year for that municipality.

Ladner & Tsawwassen: South Delta had some strong numbers in October. Ladner with 30 sales, a balanced 50% ratio, and consistent demand through the fall. Tsawwassen had 51 sales, up 34% from September and 42% above last year, with a 55% ratio, signaling one of the most active sales to listing ratios in the Lower Mainland. Buyers continue to chase lifestyle-driven value, and South Delta is delivering it.

Fraser Valley

The Fraser Valley kept the positive trend rolling, posting 1,123 sales, up 17% from September. Active listings fell 4% to 10,121, while new listings dropped 14% month-over-month, tightening conditions.

Average prices climbed 0.1% month-over-month remaining under $1 million, while months of inventory dropped to 9 from 11, showing meaningful progress toward balanced conditions but still technically a buyer’s market.

Detached homes in North Delta and Langley saw the most activity, with townhouse demand following closely behind. After months of hesitation, confidence is quietly returning across the Valley.

Looking Ahead

October showed what a healthy market could look like with stronger sales, and a balancing of conditions with inventory declining while demand picks up. The excess quality listings from earlier in the year are being absorbed, and both buyers and sellers are adjusting to the new rate and home price landscape.

While we’re unlikely to see fireworks through the winter, the fundamentals are encouraging with fewer new listings, steady demand, and pricing that will try to hold its ground with quality listings. As 2025 winds down, confidence is quietly creeping back with demand ready to enter the market after playing the waiting game for the past 3 years and beyond save for the Covid years. So if you are a buyer, why wait?

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in October were 2,255 up from 1,875 (20%) in September, up from 1,959 (15%) in August, down from 2,286 (1%) in July, down from 2,632 (14%) in October 2024, and up from 1,926 (17%) in October 2023; Active Listings were at 16,393 at month end compared to 14,477 at that time last year (up 13%) and 17,079 at the end of August (down 4%); the 5,518 New Listings in October were down 17% compared to September, up 28% compared to August, down 4% compared to July, down 1% compared to October 2024, and up 16% compared to October 2023. Month’s supply of total residential listings is down to 7 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 41% compared to 28% in September, 47% in October 2024, and 42% in October 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 3.4%.

Vancouver Westside: Total Units Sold in October were 403 up from 316 (28%) in September, up from 381 (6%) in August, up from 396 (2%) in July, down from 472 (15%) in October 2024, and up from 352 (14%) in October 2023; Active Listings were at 3,104 at month end compared to 3,106 at that time last year (own 0.1%) and 3,188 at the end of August (down 1%); the 1,056 New Listings in October were down 18% compared to September, up 38% compared to August, up 3% compared to July, down 7% compared to October 2024, and up 6% compared to October 2023. Month’s supply of total residential listings is down to 8 month’s supply from 10 (balanced market conditions) and sales to listings ratio of 38% compared to 24% in September, 41% in October 2024, and 35% in October 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.5%.

Vancouver East Side: Total Units Sold in October were 269 up from 208 (29%) in September, up from 219 (23%) in August, up from 242 (11%) in July, down from 282 (5%) in October 2024, and up from 231 (16%) in October 2023; Active Listings were at 1,654 at month end compared to 1,512 at that time last year (up 9%) and 1,740 at the end of August (down 5%); the 603 New Listings in October were down 25% compared to September, up 31% compared to August, down 0.5% compared to July, down 2% compared to October 2024, and up 6% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 45% compared to 26% in September, 46% in October 2024, and 41% in October 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.0%.

North Vancouver: Total Units Sold in October were 188 up from 159 (18%) in September, up from 139 (35%) in August, down from 190 (1%) in July, down from 224 (16%) in October 2024, and down from 194 (3%) in October 2023; Active Listings were at 1,000 at month end compared to 848 at that time last year (up 18%) and 1,072 at the end of August (down 7%); the 426 New Listings in October were down 30% compared to September, up 40% compared to August, down 8% compared to July, down 13% compared to October 2024, and up 14% compared to October 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 44% compared to 26% in September, 46% in October 2024, and 52% in October 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months up 0.8%.

West Vancouver: Total Units Sold in October were 58 up from 52 (12%) in September, up from 43 (35%) in August, down from 62 (6%) in July, down from 59 (2%) in October 2024, and up from 53 (9%) in October 2023; Active Listings were at 761 at month end compared to 707 at that time last year (up 8%) and 781 at the end of August (down 3%); the 222 New Listings in October were down 20% compared to September, up 59% compared to August, up 6% compared to July, up 4% compared to October 2024, and up 32% compared to October 2023. Month’s supply of total residential listings is down to 13 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 26% compared to 19% in September, 28% in October 2024, and 32% in October 2023.

Month-over-month, the house price index is down 0.3% but in the last 12 months down 5.6%.

Richmond: Total Units Sold in October were 236 up from 191 (24%) in September, up from 223 (6%) in August, down from 241 (2%) in July, down from 290 (19%) in October 2024, and up from 217 (9%) in October 2023; Active Listings were at 2,137 at month end compared to 1,657 at that time last year (up 29%) and 2,210 at the end of August (down 3%); the 606 New Listings in October were down 15% compared to September, up 9% compared to August, down 5% compared to July, up 3% compared to October 2024, and up 26% compared to October 2023. Month’s supply of total residential listings is down to 9 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 39% compared to 27% in September, 49% in October 2024, and 45% in October 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.9%.

Burnaby East: Total Units Sold in October were 32 down from 34 (6%) in September, up from 21 (52%) in August, up from 30 (7%) in July, up from 25 (28%) in October 2024, and up from 21 (52%) in October 2023; Active Listings were at 212 at month end compared to 158 at that time last year (up 34%) and 219 at the end of August (down 3%); the 76 New Listings in October were down 21% compared to September, up 19% compared to August, down 8% compared to July, up 10% compared to October 2024, and up 58% compared to October 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 42% compared to 35% in September, 36% in October 2024, and 44% in October 2023.

Month-over-month, the house price index is down 2.5% and in the last 12 months down 8.9%.

Burnaby North: Total Units Sold in October were 147 up from 137 (7%) in September, up from 115 (28%) in August, down from 164 (10%) in July, down from 168 (12%) in October 2024, and up from 137 (7%) in October 2023; Active Listings were at 880 at month end compared to 791 at that time last year (up 11%) and 908 at the end of August (down 3%); the 333 New Listings in October were down 12% compared to September, up 30% compared to August, down 10% compared to July, down 13% compared to October 2024, and up 14% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 44% compared to 36% in September, 57% in October 2024, and 47% in October 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 5.3%.

Burnaby South: Total Units Sold in October were 104 up from 96 (8%) in September, up from 103 (1%) in August, down from 142 (27%) in July, down from 166 (37%) in October 2024, and down from 120 (13%) in October 2023; Active Listings were at 814 at month end compared to 675 at that time last year (up 21%) and 841 at the end of August (down 3%); the 281 New Listings in October were down 8% compared to September, up 36% compared to August, down 5% compared to July, down 1% compared to October 2024, and up 24% compared to October 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 37% compared to 32% in September, 58% in October 2024, and 53% in October 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.0%.

New Westminster: Total Units Sold in October were 98 up from 84 (17%) in September, up from 73 (34%) in August, down from 99 (1%) in July, down from 120 (18%) in October 2024, and up from 81 (21%) in October 2023; Active Listings were at 596 at month end compared to 480 at that time last year (up 24%) and 626 at the end of August (down 5%); the 245 New Listings in October were down 8% compared to September, up 30% compared to August, up 4% compared to July, down 4% compared to October 2024, and up 60% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 40% compared to 31% in September, 47% in October 2024, and 53% in October 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.7%.

Coquitlam: Total Units Sold in October were 185 up from 167 (11%) in September, up from 164 (13%) in August, down from 205 (10%) in July, down from 246 (25%) in October 2024, and up from 167 (11%) in October 2023; Active Listings were at 1,341 at month end compared to 1,102 at that time last year (up 22%) and 1,322 at the end of August (up 1%); the 528 New Listings in October were down 7% compared to September, up 25% compared to August, up 5% compared to July, up 13% compared to October 2024, and up 30% compared to October 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 29% in September, 53% in October 2024, and 41% in October 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.0%.

Port Moody: Total Units Sold in October were 65 up from 46 (41%) in September, up from 46 (41%) in August, down from 66 (2%) in July, down from 66 (2%) in October 2024, and up from 51 (27%) in October 2023; Active Listings were at 386 at month end compared to 253 at that time last year (up 53%) and 390 at the end of August (down 1%); the 182 New Listings in October were down 5% compared to September, up 114% compared to August, up 14% compared to July, up 25% compared to October 2024, and up 114% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 36% compared to 24% in September, 45% in October 2024, and 60% in October 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 2.3%.

Port Coquitlam: Total Units Sold in October were 69 up from 45 (53%) in September, up from 46 (50%) in August, down from 85 (19%) in July, down from 77 (10%) in October 2024, and up from 54 (28%) in October 2023; Active Listings were at 374 at month end compared to 328 at that time last year (up 14%) and 394 at the end of August (down 5%); the 150 New Listings in October were down 18% compared to September, up 24% compared to August, up 1% compared to July, up 1% compared to October 2024, and up 32% compared to October 2023. Month’s supply of total residential listings is down to 5 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 46% compared to 25% in September, 52% in October 2024, and 47% in October 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 3.7%.

Pitt Meadows: Total Units Sold in October were 29 up from 15 (93%) in September, up from 19 (53%) in August, up from 25 (16%) in July, down from 32 (9%) in October 2024, and up from 21 (38%) in October 2023; Active Listings were at 129 at month end compared to 121 at that time last year (up 6%) and 151 at the end of August (down 15%); the 47 New Listings in October were down 10% compared to September, up 4% compared to August, down 24% compared to July, down 17% compared to October 2024, and the same compared to October 2023. Month’s supply of total residential listings is down to 4 month’s supply from 10 (seller’s market conditions) and sales to listings ratio of 61% compared to 28% in September, 56% in October 2024, and 44% in October 2023.

Month-over-month, the house price index is down 3.7% and in the last 12 months down 9.3%.

Maple Ridge: Total Units Sold in October were 110 up from 97 (13%) in September, down from 128 (14%) in August, down from 122 (10%) in July, down from 143 (23%) in October 2024, and the same as October 2023; Active Listings were at 951 at month end compared to 848 at that time last year (up 12%) and 985 at the end of August (down 3%); the 293 New Listings in October were down 11% compared to September, up 22% compared to August, down 17% compared to July, down 23% compared to October 2024, and down 11% compared to October 2023. Month’s supply of total residential listings is down to 9 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 37% compared to 29% in September, 45% in October 2024, and 33% in October 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 4.5%.

Ladner: Total Units Sold in October were 30 down from 34 (18%) in September, up from 26 (15%) in August, down from 36 (17%) in July, down from 31 (3%) in October 2024, and up from 24 (25%) in October 2023; Active Listings were at 156 at month end compared to 142 at that time last year (up 10%) and 168 at the end of August (down 7%); the 60 New Listings in October were down 17% compared to September, up 18% compared to August, down 17% compared to July, the same compared to October 2024, and up 36% compared to October 2023. Month’s supply of total residential listings is the same at 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 47% in September, 51% in October 2024, and 55% in October 2023.

Month-over-month, the house price index is down 2.3% and in the last 12 months down 5.6%.

Tsawwassen: Total Units Sold in October were 51 up from 38 (34%) in September, up from 39 (31%) in August, up from 30 (70%) in July, up from 36 (42%) in October 2024, and up from 27 (89%) in October 2023; Active Listings were at 314 at month end compared to 223 at that time last year (up 41%) and 329 at the end of August (down 5%); the 92 New Listings in October were down 10% compared to September, up 14% compared to August, down 19% compared to July, up 15% compared to October 2024, and up 23% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 55% compared to 37% in September, 45% in October 2024, and 36% in October 2023.

Month-over-month, the house price index is down 2.5% and in the last 12 months down 4.5%.

Fraser Valley: Sales in October were up 17% at 1,123 compared to September at 962 and were down 16% from October 2024 at 1,330. New listings were down 14% at 2,967 from September at 3,447 and down 7% from October 2024 at 3,194. The average price of $987,199 was up 0.1% month-over-month and was down 3% year-over-year. Active listings were down 4% to 10,121 compared to last month at 10,583 and up 15% from October 2024 at 8,799. Month’s supply of total residential listings is down to 9 months supply from 11 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.3%.

Stats Images

Greater Vancouver Sales and Listings Houses Townhouses Condos for October 2025.pdf

Greater Vancouver Sales and Listing Statistics All Regional for October

Fumbling Towards Average

Thu, 02 Oct 2025 22:34:11 GMT

Highlights of Dexter’s September 2025 report

Buyer’s advantage continues
Listings pile back on in September
At least we beat September 2024 sales
The cuts continue from the Bank of Canada

The heat of the summer market cooled in September – but that is to be expected. Don’t let the headlines fool you when you read that September sales in Metro Vancouver were less then August. That’s typical. September carries forwards the dog days of summer as the lack of activity in August translates to fewer sales reported in September. And as everyone focusses on getting back to routines to start September, real estate takes a back seat. But that could change as we move through the remainder of 2025 with the Bank of Canada stepping out of the shadows and putting a rate drop into the mix in September which lowered variable rate mortgages. Will there be more to finish the year? Likely, but when depends on the economic data released this month.

September closed the books on a transitional quarter in Metro Vancouver real estate, a month where the market showed resilience amid shifting conditions. While overall sales softened compared to the swifter pace of the spring and early summer, inventory expanded again, giving buyers continued choice. For sellers, the takeaway isn’t necessarily negative either—while pricing has edged lower, the depth of demand in certain submarkets and the surge of new listings suggest that activity is far from stalling out. Instead, we’re watching a marketplace realign itself after an extended stretch of volatility.

Greater Vancouver – The Big Picture

Across Greater Vancouver, September registered 1,875 sales, slipping 4% from August and off 18% compared to July. But context matters: sales were still higher than September 2024, and only marginally below September 2023. On the supply side, the changes were striking. Active listings reached 17,079, a 14% jump from last year and 5% above August. Even more telling, September brought in 6,631 new listings, a 54% leap month-over-month, and one of the strongest listing surges in years to enter the fall market. But were they all new?

This supply dynamic matters. Months of inventory now sit at nine, technically a buyer’s market, but one that comes with an important nuance: choice has returned, and that encourages engagement. Buyers who have been sitting on the sidelines now have room to negotiate, while sellers who adapt quickly to pricing and marketing strategies are still finding success. The sales-to-listings ratio, at 28%, shows the market activity lagged below August’s 45% ratio, but it remains healthier than many downturn periods of the past.

Greater Vancouver sales in September were 20% below the 10-year average, just off August at 19% below the 10-year average, but an improvement from June at 26% below the 10-year average and May at 30% below the 10-year average. The market is trying its best to get to average and expect October to get closer than we’ve seen this year.

Greater Vancouver townhome sales in September were surprisingly down 5% after being up 10% compared to August last year, while condos sales were up 1% after being down 5% from the previous year in August and in July and June at 16% down year-over-year. Detached sales continued its positive trajectory at 6% above last year to go with August at 12% year-over-year.

Back Above 17,000

Inventory ramped up again. Active listings finished September at 17,079, up 14% from last year’s 14,932, and a jump of 5% from August’s 16,242. While a seemingly significant increase, it was less than the month-over-month gain seen in September 2024 and 2023 likely due to a recycling of listings coming off and back on at lower price points. Meanwhile, new listings jumped again in September with 6,631 coming on the market in September, of course not all being new as previously identified. Price adjustments are commonplace in the market and show up many times as a new listing.

The region remains firmly in this buyer’s market. Months of supply climbed up to 9, the first time it’s been that high since the end of 2018 and start of 2019. Buyers certainly need to take note of that.

The number of new listings in September were 20% above the 10-year average after August was only 1% above the 10-year average.

Vancouver’s Westside produced 316 sales in September, down from August but nearly identical to last year’s levels. Active listings edged just above 3,100, essentially flat year-over-year, while new listings exploded up 68% from August. That kind of surge is a sign that sellers are re-engaging, confident enough in the long-term appeal of Vancouver’s premier submarket to list now or adjust already active listings to an improved price for buyers.

While the months of supply moved up to 10, clearly favouring buyers, the sales-to-listings ratio of 24% still shows that transactions are happening albeit at a slower pace.

Over on Vancouver’s Eastside, there were 208 sales in September, down just 5% from August and very close to September 2024 levels. Active listings reached 1,740, 14% higher than a year ago, and new listings jumped a remarkable 75% compared to August. This flood of inventory helped push months of supply to 8, technically a buyer’s market but closer to balance than many other areas.

Resilience in North Vancouver stood out in September as one of the few bright spots on the sales front. With 159 sales, transactions rose 14% from August and 10% from September 2024, even though they remained lower than peak summer volumes. Inventory climbed to 1,072 active listings, up sharply from last year, while new listings nearly doubled month-over-month.

Despite this, months of supply stayed at 7—a balanced market reading which also shows it being the only city other than Squamish with a positive year-over-year benchmark price reading.

Richmond continues to reset with 191 sales in September, down from August and well below last year, but inventory levels tell a bigger story. Active listings climbed to 2,210, up 27% from 2024, while new listings rose 28% from August. That pushed months of supply to 12, clearly tilting the market to buyers. For buyers, this creates leverage; for sellers, it emphasizes the need for accurate pricing. The market is not silent, but it is selective, rewarding homes that are well-positioned.

The Suburb Story

Burnaby and New Westminster both outperformed their fellow municipalities to the east with month-over-month growth in sales not seen elsewhere. The difference in markets is an important story for buyers that shows they really need to do their homework when comparing market trends. One city’s trend does not make a market elsewhere.

Delta – Positive Momentum

Delta markets, Ladner and Tsawwassen, delivered some of the strongest performances in September. Ladner’s sales rose 31% from August and an impressive 55% compared to 2024. Months of supply dropped to just 5, a balanced level, but prices were down 4.2% year-over-year.

Tsawwassen saw stable sales compared to August, higher listings, and a healthy 37% sales-to-listings ratio. Despite price declines of 5.1% year-over-year, the market is showing renewed momentum as buyers are drawn to the value relative to Richmond and Vancouver.

Fraser Valley

The Fraser Valley mirrored many of the Greater Vancouver trends but with its own resilience. Sales rose 3% month-over-month from 931 to 962 in September, even if they were slightly below last year’s September total 982 (down 2%). New listings climbed 23%, and active inventory rose 1% compared to August, keeping the market relatively balanced. Months of supply remained at 11, and while average prices softened 2% month-over-month and 4% year-over-year, the adjustments remain controlled.

The Takeaway – A Market of Opportunities

September’s real estate numbers confirm what many on the ground are already seeing: Metro Vancouver is not in retreat, it’s in recalibration. Sales volumes may have temporarily cooled from the heights of spring and early summer, but new listings have surged, creating a far more balanced environment. Prices are adjusting modestly, but the declines are far from catastrophic, particularly when compared to the rapid gains of past cycles.

For buyers, this is the most opportunity-rich market in years, with choice across virtually every submarket and negotiability returning to the table, be it resale or brand-new homes especially. For sellers, the message is about strategy: homes that are well-prepared, priced in line with today’s sales, and marketed effectively are still transacting.

We may not see this kind of opportunity for years. And with developers selling off existing stock with few new developments coming online, expect to see a shortage of new homes in the coming years.

The next few months will likely see this balance persist. Interest rate stability, buyer choice, and steady demand are all factors suggesting that while we are in a buyer’s market by definition, it is one characterized more by opportunity than by distress. In other words, Greater Vancouver real estate is moving into a more sustainable gear.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in September were 1,875 down from 1,959 (4%) in August, down from 2,286 (18%) in July, down from 2,181 (14%) in June, up from 1,852 (1%) in September 2024, and down from 1,926 (3%) in September 2023; Active Listings were at 17,079 at month end compared to 14,932 at that time last year (up 14%) and 16,242 at the end of August (up 5%); the 6,631 New Listings in September were up 54% compared to August, up 16% compared to July, up 3% compared to June, up 6% compared to September 2024, and up 19% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 28% compared to 45% in August, 30% in September 2024, and 35% in September 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.2%.

Vancouver Westside: Total Units Sold in September were 316 down from 381 (17%) in August, down from 396 (20%) in July, down from 417 (24%) in June, up from 312 (1%) in September 2024, and down from 338 (7%) in September 2023; Active Listings were at 3,188 at month end compared to 3,174 at that time last year (up 0.5%) and 3,105 at the end of August (up 3%); the 1,293 New Listings in September were up 68% compared to August, up 26% compared to July, up 7% compared to June, down 1% compared to September 2024, and up 12% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 24% compared to 50% in August, 24% in September 2024, and 29% in September 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.9%.

Vancouver East Side: Total Units Sold in September were 208 down from 219 (5%) in August, down from 242 (14%) in July, down from 267 (20%) in June, down from 211 (2%) in September 2024, and up from 192 (8%) in September 2023; Active Listings were at 1,740 at month end compared to 1,529 at that time last year (up 14%) and 1,599 at the end of August (up 9%); the 807 New Listings in September were up 75% compared to August, up 33% compared to July, up 8% compared to June, up 5% compared to September 2024, and up 29% compared to September 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 26% compared to 48% in August, 27% in September 2024, and 31% in September 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 2.5%.

North Vancouver: Total Units Sold in September were 159 up from 139 (14%) in August, down from 190 (16%) in July, down from 200 (20%) in June, up from 144 (10%) in September 2024, and down from 169 (6%) in September 2023; Active Listings were at 1,072 at month end compared to 856 at that time last year (up 25%) and 938 at the end of August (up 14%); the 605 New Listings in September were up 99% compared to August, up 30% compared to July, up 13% compared to June, up 11% compared to September 2024, and up 26% compared to September 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 26% compared to 46% in August, 27% in September 2024, and 35% in September 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months up 0.6%.

West Vancouver: Total Units Sold in September were 52 up from 53 (2%) in August, down from 62 (16%) in July, down from 53 (2%) in June, up from 45 (16%) in September 2024, and down from 53 (2%) in September 2023; Active Listings were at 781 at month end compared to 724 at that time last year (up 8%) and 717 at the end of August (up 9%); the 278 New Listings in September were up 99% compared to August, up 32% compared to July, up 22% compared to June, up 17% compared to September 2024, and up 10% compared to September 2023. Month’s supply of total residential listings is down to 15 month’s supply from 17 (buyer’s market conditions) and sales to listings ratio of 19% compared to 31% in August, 19% in September 2024, and 21% in September 2023.

Month-over-month, the house price index is down 2.1% but in the last 12 months down 6.7%.

Richmond: Total Units Sold in September were 191 down from 223 (14%) in August, down from 241 (21%) in July, down from 243 (21%) in June, down from 197 (3%) in September 2024, and down from 256 (25%) in September 2023; Active Listings were at 2,210 at month end compared to 1,736 at that time last year (up 27%) and 2,129 at the end of August (up 4%); the 711 New Listings in September were up 28% compared to August, up 11% compared to July, down 3% compared to June, up 13% compared to September 2024, and up 17% compared to September 2023. Month’s supply of total residential listings is up to 12 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 27% compared to 40% in August, 31% in September 2024, and 43% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.7%.

Burnaby East: Total Units Sold in September were 34 up from 21 (62%) in August, up from 30 (13%) in July, up from 22 (55%) in June, up from 29 (17%) in September 2024, and up from 18 (89%) in September 2023; Active Listings were at 219 at month end compared to 148 at that time last year (up 48%) and 229 at the end of August (down 4%); the 96 New Listings in September were up 50% compared to August, up 16% compared to July, up 20% compared to June, up 43% compared to September 2024, and up 96% compared to September 2023. Month’s supply of total residential listings is down to 6% month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 33% in August, 43% in September 2024, and 37% in September 2023.

Month-over-month, the house price index is down 3.3% and in the last 12 months down 6.6%.

Burnaby North: Total Units Sold in September were 137 up from 115 (19%) in August, down from 164 (16%) in July, up from 117 (17%) in June, up from 122 (12%) in September 2024, and up from 113 (21%) in September 2023; Active Listings were at 908 at month end compared to 839 at that time last year (up 8%) and 883 at the end of August (up 3%); the 380 New Listings in September were up 48% compared to August, up 3% compared to July, up 6% compared to June, up 12% compared to September 2024, and up 25% compared to September 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 36% compared to 45% in August, 36% in September 2024, and 37% in September 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.3%.

Burnaby South: Total Units Sold in September were 96 down from 103 (7%) in August, down from 142 (32%) in July, down from 110 (13%) in June, down from 114 (16%) in September 2024, and down from 126 (24%) in September 2023; Active Listings were at 841 at month end compared to 694 at that time last year (up 26%) and 811 at the end of August (up 4%); the 304 New Listings in September were up 47% compared to August, up 3% compared to July, down 2% compared to June, down 8% compared to September 2024, and up 9% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 32% compared to 50% in August, 34% in September 2024, and 45% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.7%.

New Westminster: Total Units Sold in September were 84 up from 73 (15%) in August, down from 99 (15%) in July, up from 71 (18%) in June, up from 73 (15%) in September 2024, and up from 72 (17%) in September 2023; Active Listings were at 626 at month end compared to 468 at that time last year (up 34%) and 607 at the end of August (up 3%); the 267 New Listings in September were up 42% compared to August, up 14% compared to July, down 1% compared to June, up 10% compared to September 2024, and up 54% compared to September 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 31% compared to 39% in August, 30% in September 2024, and 42% in September 2023.

Month-over-month, the house price index is down 1.4% and in the last 12 months down 5.8%.

Coquitlam: Total Units Sold in September were 167 up from 164 (2%) in August, down from 205 (19%) in July, down from 171 (2%) in June, up from 155 (8%) in September 2024, and down from 170 (2%) in September 2023; Active Listings were at 1,322 at month end compared to 1,146 at that time last year (up 15%) and 1,280 at the end of August (up 3%); the 568 New Listings in September were up 35% compared to August, up 13% compared to July, the same as June, up 11% compared to September 2024, and up 29% compared to September 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 39% in August, 30% in September 2024, and 38% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.2%.

Port Moody: Total Units Sold in September were 46 the same as August, down from 66 (30%) in July, down from 48 (4%) in June, down from 61 (25%) in September 2024, and up from 44 (5%) in September 2023; Active Listings were at 390 at month end compared to 251 at that time last year (up 55%) and 332 at the end of August (up 17%); the 191 New Listings in September were up 125% compared to August, up 19% compared to July, up 18% compared to June, up 34% compared to September 2024, and up 84% compared to September 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 24% compared to 54% in August, 43% in September 2024, and 42% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.9%.

Port Coquitlam: Total Units Sold in September were 45 down from 46 (2%) in August, down from 85 (47%) in July, down from 58 (22%) in June, down from 52 (13%) in September 2024, and down from 65 (31%) in September 2023; Active Listings were at 394 at month end compared to 358 at that time last year (up 10%) and 354 at the end of August (up 11%); the 182 New Listings in September were up 50% compared to August, up 23% compared to July, up 2% compared to June, up 6% compared to September 2024, and up 29% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 25% compared to 38% in August, 28% in September 2024, and 47% in September 2023.

Month-over-month, the house price index is down 0.9% and in the last 12 months down 2.8%.

Pitt Meadows: Total Units Sold in September were 15 down from 19 (20%) in August, down from 25 (40%) in July, down from 26 (42%) in June, down from 24 (4%) in September 2024, and down from 24 (37%) in September 2023; Active Listings were at 151 at month end compared to 125 at that time last year (up 20%) and 137 at the end of August (up 10%); the 52 New Listings in September were up 16% compared to August, down 16% compared to July, up 2% compared to June, down 25% compared to September 2024, and down 4% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 28% compared to 42% in August, 34% in September 2024, and 44% in September 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 2.5%.

Maple Ridge: Total Units Sold in September were 97 down from 128 (24%) in August, down from 122 (20%) in July, down from 122 (20%) in June, down from 114 (15%) in September 2024, and down from 108 (10%) in September 2023; Active Listings were at 985 at month end compared to 887 at that time last year (up 11%) and 962 at the end of August (up 2%); the 329 New Listings in September were up 37% compared to August, down 7% compared to July, down 11% compared to June, down 4% compared to September 2024, and down 9% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 29% compared to 53% in August, 33% in September 2024, and 30% in September 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 3.4%.

Ladner: Total Units Sold in September were 34 up from 26 (31%) in August, down from 36 (6%) in July, down from 35 (3%) in June, up from 22 (55%) in September 2024, and up from 26 (31%) in September 2023; Active Listings were at 168 at month end compared to 136 at that time last year (up 23%) and 174 at the end of August (down 3%); the 72 New Listings in September were up 41% compared to August, the same as July and June, down 1% compared to September 2024, and up 11% compared to September 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 47% compared to 51% in August, 30% in September 2024, and 40% in September 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.2%.

Tsawwassen: Total Units Sold in September were 38 down from 39 (3%) in August, up from 30 (27%) in July, down from 55 (31%) in June, up from 34 (11%) in September 2024, and down from 42 (10%) in September 2023; Active Listings were at 329 at month end compared to 215 at that time last year (up 53%) and 325 at the end of August (up 1%); the 102 New Listings in September were up 26% compared to August, down 10% compared to July, down 10% compared to June, up 28% compared to September 2024, and up 38% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 37% compared to 48% in August, 43% in September 2024, and 57% in September 2023.

Month-over-month, the house price index is up 0.7% and in the last 12 months down 5.1%.

Fraser Valley: Sales in September were up 3% at 962 compared to August at 931 and were down 2% from September 2024 at 982. New listings were up 23% at 3,447 from August at 2,793 and up 3% from September 2024 at 3,352. The average price of $986,674 was down 2% month-over-month and was down 4.0% year-over-year. Active listings were up 1% to 10,583 compared to last month at 10,445 and up 10% from September 2024 at 9,045. Month’s supply of total residential listings remained at 11 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.4%.

Stats Images

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos for September 2025

Greater Vancouver Sales and Listings Statistics All Regional September 2025

Let Autumn Sales Begin Now!

Thu, 04 Sep 2025 23:32:08 GMT

Highlights of Dexter’s August 2025 report

The ups and downs of 2025 continued
Sales and new listings dropped in August
Prices becoming more enticing for buyers
When will the Bank of Canada act?

July hinted at showing some momentum in the real estate market, and then August stalled. The dog days of summer indeed. But is this a typical seasonal reaction? Likely yes combined with more of the uncertainty that exists in our world right now. Across Greater Vancouver and the Fraser Valley, market activity pulled back, with sales declining month-over-month and price trends showing further softening. Yet behind the broad strokes, the picture is more complex: certain submarkets held steady, some even improved compared to last year, while others saw deep year-over-year declines that underscore just how cautious buyers have become.

Greater Vancouver – Broad Market Conditions

Total residential sales in Greater Vancouver hit 1,959 in August, down 14% from July’s 2,286 transactions. This marks a sharp monthly decline from the 2025 peak in July. Compared to August 2024 though, sales were slightly higher, up3%, but compared to August 2023, they were down 15%. Anyone want to try and predict the fall market?

Greater Vancouver sales in August were 19% below the 10-year average, off from July at 14% below the 10-year average, but still better than June at 26% below the 10-year average and May at 30% below the 10-year average. While a slower month than July, it is still an improvement, another indication that buyers were far more active in August than the numbers showed.

Greater Vancouver townhome sales in August were up 10% compared to August last year, while condos sales were down again at 5% below last year, but better than June at 16% down year-over-year. Detached sales had a better month at 12% above August 2024 sales levels.

Inventory continued to shift. Active listings sat at 16,242 when the month ended, up 18% from last year’s 13,812, but down 5% from July’s 17,168. Meanwhile, new listings plunged: just 4,306 were added in August, a 25% drop from July and a striking 36% fewer than May. Still, compared to last year, new listings were modestly higher, up 3% year-over-year and 7% higher than 2023.

On balance, the region remains firmly in this buyer’s market. Months of supply held at 8, well above the 4–6 range that typically signals balance. The sales-to-listings ratio improved to 45% from 40% in July, but that number is less encouraging than it appears as much of the “gain” came from fewer new listings rather than stronger buyer demand.

The number of new listings in August were only 1% above the 10-year average after July was 12% above the 10-year average, and June at 12%.

Did the end of August bring better news to ease anxiety for buyers and sellers? Canada did announce that they would remove retaliatory tariffs on U.S. imports as they continue to negotiate a trade agreement – although retaliatory tariffs still exist on steel, aluminum and automobiles. The Canadian government reiterated that the overall effective tariff rate on Canada is around 5%. Economic growth forecasts came in below expected levels, although the Bank of Canada seems to think it is in line with where they thought it would be. Inflation came in lower as well. All told, this could leave the door open to a rate cut by the Bank of Canada when they next get together this month. But after significant rate cuts since hitting the recent peak, that should not be what buyers need to wait for. It may just be that buyers have been looking for the signal to jump back into the market, and with prices having steadily come down over the last 3 years, it may just be that time.

Sometimes seen as the bell weather for the market, Vancouver West showed signs of strength in August when most other areas were quiet. While sales fell to 381 units, they were only down 4% from July and 9% from June. Well below the average in Greater Vancouver and significantly less than the decline in some of the other Metro municipalities. Compared to last year, activity was stronger than in 2024 with sales up 13%.

Active listings ended at 3,015, up 5% from last year, but down 8% from July. Again, it is much better than the region average. New supply tightened: just 768 homes came to market in August, down 25% from July and 40% from May. Despite fewer listings, conditions stayed tilted toward buyers with 8 months of supply in Vancouver’s Westside. The sales-to-listings ratio improved sharply to 50%, up from July’s 39%, showing that homes listed in August moved relatively well.

Over on Vancouver’s Eastside, sales were softer, landing at 219, down 10% from July and 18% from June. Compared to last year, the Eastside showed a mixed picture: up 13% from 2024, but down 12% from 2023. Inventory reached 1,599 listings, 14% higher than last year, while new listings were down sharply from spring but still up 21% year-over-year.

The summer slowdown hit North Vancouver harder than most. Sales dropped to 139, a steep 27% decline from July and 30% below June but only slightly down from August 2024 total sales of 145. The once inventory starved market has seen an increase of 39% year-over-year to 938 listings, though that was 9% fewer than July. New listings at 304 were sharply lower month-to-month but still higher than both 2024 (+13%) and 2023 (+19%). Months of supply rose to 7 from 5, shifting the balance in buyers’ favour.

The Late Summer Suburb Slowdown

Real estate in the suburbs slowed in August, especially Burnaby, after a robust July. Burnaby East: Sales were down 30% from July while inventory surged 64% year-over-year. With 11 months of supply, it’s a clear buyer’s market. Burnaby North: 115 sales marked a 30% drop from July. Listings climbed 7% from last year. With 8 months of supply, buyers are in control. Burnaby South: Sales landed at 103, down 27% from July. Inventory rose 28% year-over-year. With 8 months of supply, the buyer’s edge continues.

Things weren’t much better heading east as all areas out to the Valley saw sales drop 19 to 46% depending on the municipality. Maple Ridge and Tsawwassen were the bright spots with total sales up 5% and 30% respectively. Higher inventory in the suburbs has left many municipalities with 8 months of supply, giving buyers the continued opportunity of choice.

Fraser Valley

The Fraser Valley mirrored Greater Vancouver’s slowdown but at an even steeper pace. Sales dropped 22% from July and 13% from last year.

New listings fell 19% month-over-month, holding almost flat year-over-year. Total inventory ended at 10,445, down from July but still 21% higher than August 2024. Months of supply climbed to 11, cementing the buyer’s market.

Takeaways

Momentum slowed in August: was this just the usual summer being a distraction?
Inventory is up year-over-year but tightening month-to-month, mostly because fewer new listings are coming onto the market.
Buyers hold the advantage: With most submarkets showing 7–11 months of supply, buyers have negotiating power and are mostly dictating terms.
Prices continue to soften, with August marking another month of incremental declines almost everywhere.
Pockets of resilience exist: Maple Ridge, Ladner, and Tsawwassen saw relative strength, showing that demand is still present where affordability is better or lifestyle drivers are stronger.

Outlook

Heading into fall, the question is whether activity will pick up with the traditional September listing wave, or whether buyers will remain cautious in the face of stalled interest rate cuts and economic uncertainty. There is every reason for buyers to jump back into the market, and after 8 years of below average sales save for the brief COVID and low interest rate surge, there is tremendous pent-up demand. It’s only a matter of time before it enters the market.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in August were 1,959, down from 2,286 (14%) in July, down from 2,181 (10%) in June, down from 2,228 (12%) in May, up from 1,903 (3%) in August 2024, and down from 2,296 (15%) in August 2023; Active Listings were at 16,242 at month end compared to 13,812 at that time last year (up 18%) and 17,168 at the end of July (down 5%); the 4,306 New Listings in August were down 25% compared to July, down 33% compared to June, down 36% compared to May, up 3% compared to August 2024, and up 7% compared to August 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 45% compared to 40% in July, 45% in August 2024, and 57% in August 2023.

Month-over-month, the house price index is down 1.3% and in the last 12 months down 3.8%.

Vancouver Westside: Total Units Sold in August were 381, down from 396 (4%) in July, down from 417 (9%) in June, down from 412 (8%) in May, up from 337 (13%) in August 2024, and down from 433 (12%) in August 2023; Active Listings were at 3,015 at month end compared to 2,873 at that time last year (up 5%) and 3,279 at the end of July (down 8%); the 768 New Listings in August were down 25% compared to July, down 36% compared to June, down 40% compared to May, up 0.2% compared to August 2024, and down 7% compared to August 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 50% compared to 39% in July, 44% in August 2024, and 53% in August 2023.

Month-over-month, the house price index is down 1.6% and in the last 12 months down 3.7%.

Vancouver East Side: Total Units Sold in August were 219, down from 242 (10%) in July, down from 267 (18%) in June, down from 245 (11%) in May, up from 193 (13%) in August 2024, and down from 250 (12%) in August 2023; Active Listings were at 1,599 at month end compared to 1,407 at that time last year (up 14%) and 1,737 at the end of July (down 8%); the 461 New Listings in August were down 24% compared to July, down 38% compared to June, down 40% compared to May, up 1% compared to August 2024, and up 21% compared to August 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 48% compared to 40% in July, 42% in August 2024, and 66% in August 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.6%.

North Vancouver: Total Units Sold in August were 139, down from 190 (27%) in July, down from 200 (30%) in June, down from 203 (32%) in May, down from 145 (4%) in August 2024, and down from 160 (13%) in August 2023; Active Listings were at 938 at month end compared to 675 at that time last year (up 39%) and 1,029 at the end of July (down 9%); the 304 New Listings in August were down 35% compared to July, down 43% compared to June, down 46% compared to May, up 13% compared to August 2024, and up 19% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 46% compared to 41% in July, 54% in August 2024, and 63% in August 2023.

Month-over-month, the house price index is down 1.8% and in the last 12 months down 1.5%.

West Vancouver: Total Units Sold in August were 43, down from 62 (31%) in July, down from 53 (19%) in June, down from 68 (37%) in May, up from 57 (25%) in August 2024, and down from 57 (25%) in August 2023; Active Listings were at 717 at month end compared to 678 at that time last year (up 6%) and 747 at the end of July (down 4%); the 140 New Listings in August were down 33% compared to July, down 38% compared to June, down 39% compared to May, up 3% compared to August 2024, and down 5% compared to August 2023. Month’s supply of total residential listings is up to 17 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 31% compared to 30% in July, 42% in August 2024, and 39% in August 2023.

Month-over-month, the house price index is down 3.2% but in the last 12 months down 7.6%.

Richmond: Total Units Sold in August were 223, down from 241 (7%) in July, down from 243 (8%) in June, down from 231 (3%) in May, up from 191 (17%) in August 2024, and down from 319 (30%) in August 2023; Active Listings were at 2,129 at month end compared to 1,632 at that time last year (up 30%) and 2,143 at the end of July (down 1%); the 557 New Listings in August were down 13% compared to July, down 24% compared to June, down 24% compared to May, up 5% compared to August 2024, and up 12% compared to August 2023. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 40% compared to 38% in July, 35% in August 2024, and 64% in August 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 5.9%.

Burnaby East: Total Units Sold in August were 21, down from 30 (30%) in July, down from 22 (5%) in June, down from 32 (34%) in May, down from 25 (16%) in August 2024, and down from 31 (32%) in August 2023; Active Listings were at 229 at month end compared to 140 at that time last year (up 64%) and 236 at the end of July (down 3%); the 64 New Listings in August were down 23% compared to July, down 20% compared to June, down 36% compared to May, up 31% compared to August 2024, and up 68% compared to August 2023. Month’s supply of total residential listings is up to 11 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 33% compared to 36% in July, 51% in August 2024, and 82% in August 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.7%.

Burnaby North: Total Units Sold in August were 115, down from 164 (30%) in July, down from 117 (2%) in June, down from 140 (18%) in May, down from 145 (21%) in August 2024, and down from 139 (17%) in August 2023; Active Listings were at 883 at month end compared to 826 at that time last year (up 7%) and 946 at the end of July (down 7%); the 256 New Listings in August were down 30% compared to July, down 28% compared to June, down 29% compared to May, down 13% compared to August 2024, and down 1% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 45% compared to 45 in July, 49% in August 2024, and 54% in August 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 5.0%.

Burnaby South: Total Units Sold in August were 103, down from 142 (27%) in July, down from 110 (6%) in June, up from 90 (14%) in May, down from 112 (8%) in August 2024, and down from 133 (23%) in August 2023; Active Listings were at 811 at month end compared to 634 at that time last year (up 28%) and 835 at the end of July (down 3%); the 207 New Listings in August were down 30% compared to July, down 33% compared to June, down 35% compared to May, down 6% compared to August 2024, and down 3% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply form 6 (buyer’s market conditions) and sales to listings ratio of 50% compared to 48% in July, 51% in August 2024, and 62% in August 2023.

Month-over-month, the house price index is down 2.0% and in the last 12 months down 6.0%.

New Westminster: Total Units Sold in August were 73, down from 99 (27%) in July, up from 71 (3%) in June, down from 92 (21%) in May, down from 79 (8%) in August 2024, and down from 87 (16%) in August 2023; Active Listings were at 607 at month end compared to 406 at that time last year (up 50%) and 633 at the end of July (down 4%); the 188 New Listings in August were down 20% compared to July, down 30% compared to June, down 28% compared to May, up 33% compared to August 2024, and up 21% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply form 6 (buyer’s market conditions) and sales to listings ratio of 39% compared to 42% in July, 56% in August 2024, and 56% in August 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 3.9%.

Coquitlam: Total Units Sold in August were 164, down from 205 (20%) in July, down from 171 (4%) in June, down from 189 (13%) in May, down from 171 (4%) in August 2024, and down from 203 (19%) in August 2023; Active Listings were at 1,280 at month end compared to 1,052 at that time last year (up 22%) and 1,349 at the end of July (down 5%); the 421 New Listings in August were down 16% compared to July, down 26% compared to June, down 18% compared to May, down 0.3% compared to August 2024, and up 43% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 39% compared to 41% in July, 41% in August 2024, and 69% in August 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.7%.

Port Moody: Total Units Sold in August were 46, down from 66 (30%) in July, down from 48 (4%) in June, down from 61 (25%) in May, up from 39 (18%) in August 2024, and down from 58 (21%) in August 2023; Active Listings were at 332 at month end compared to 243 at that time last year (up 37%) and 376 at the end of July (down 12%); the 85 New Listings in August were down 47% compared to July, down 48% compared to June, down 55% compared to May, down 6% compared to August 2024, and up 10% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 54% compared to 41% in July, 43% in August 2024, and 75% in August 2023.

Month-over-month, the house price index is flat and in the last 12 months down 4.3%.

Port Coquitlam: Total Units Sold in August were 46, down from 85 (46%) in July, down from 58 (21%) in June, down from 55 (16%) in May, down from 56 (18%) in August 2024, and down from 69 (33%) in August 2023; Active Listings were at 354 at month end compared to 306 at that time last year (up 16%) and 357 at the end of July (down 1%); the 121 New Listings in August were down 18% compared to July, down 32% compared to June, down 35% compared to May, up 19% compared to August 2024, and up 5% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 38% compared to 57% in July, 55% in August 2024, and 60% in August 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 4.0%.

Pitt Meadows: Total Units Sold in August were 19, down from 25 (24%) in July, down from 26 (27%) in June, up from 18 (6%) in May, down from 21 (10%) in August 2024, and down from 23 (17%) in August 2023; Active Listings were at 137 at month end compared to 105 at that time last year (up 30%) and 139 at the end of July (down 1%); the 45 New Listings in August were down 27% compared to July, down 12% compared to June, down 41% compared to May, up 12% compared to August 2024, and up 18% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 42% compared to 40% in July, 52% in August 2024, and 60% in August 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.7%.

Maple Ridge: Total Units Sold in August were 128, up from 122 (5%) in July, up from 122 (5%) in June, down from 134 (4%) in May, up from 123 (4%) in August 2024, and up from 119 (8%) in August 2023; Active Listings were at 962 at month end compared to 855 at that time last year (up 12%) and 1,033 at the end of July (down 7%); the 241 New Listings in August were down 32% compared to July, down 35% compared to June, down 45% compared to May, down 12% compared to August 2024, and down 12% compared to August 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 53% compared to 34% in July, 44% in August 2024, and 34% in August 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.3%.

Ladner: Total Units Sold in August were 26, down from 36 (28%) in July, down from 35 (26%) in June, down from 33 (21%) in May, up from 25 (4%) in August 2024, and up from 24 (8%) in August 2023; Active Listings were at 174 at month end compared to 124 at that time last year (up 40%) and 172 at the end of July (down 1%); the 51 New Listings in August were down 29% compared to July, down 29% compared to June, down 37% compared to May, up 13% compared to August 2024, and up 55% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 51% compared to 50% in July, 56% in August 2024, and 73% in August 2023.

Month-over-month, the house price index is down 1.6% and in the last 12 months down 2.7%.

Tsawwassen: Total Units Sold in August were 39, up from 30 (30%) in July, down from 55 (29%) in June, down from 42 (7%) in May, up from 32 (22%) in August 2024, and up from 28 (39%) in August 2023; Active Listings were at 325 at month end compared to 199 at that time last year (up 63%) and 347 at the end of July (down 6%); the 81 New Listings in August were down 28% compared to July, down 28% compared to June, down 40% compared to May, up 35% compared to August 2024, and up 50% compared to August 2023. Month’s supply of total residential listings is down to 8 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 48% compared to 27% in July, 53% in August 2024, and 52% in August 2023.

Month-over-month, the house price index is down 1.3% and in the last 12 months down 8.4%.

Fraser Valley: Sales in August were down 21.8%, compared to July and were down 12.7% from August 2024. New listings were down 19.1% from July and up 0.5% from August 2024.The average price was up 1.3% month-over-month and was down 4.0% year-over-year. Active listings were down 1.9% to 10,445 from 10,650 last month and up 21.1% from August 2024 which was at 8,626. Month’s supply of total residential listings climbed to 11 months from 9 (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.4%.

STATS IMAGES

Greater Vancouver Sales and Listings Statistics All Regional

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos for August 2025

Turning a Corner?

Thu, 07 Aug 2025 17:50:11 GMT

Highlights of Dexter’s July 2025 report

Best month for sales in 2025
Inventory levels tighten in July
Prices continued to move down
Bank of Canada may be ready to act

If the first half of the year felt like a hesitant dance between buyers and sellers, July may have been the first sign that someone finally stepped onto the floor with some confidence. With monthly sales steadily increasing since April and a slight tightening in inventory, the Greater Vancouver housing market is giving early indications that it may be turning a corner — albeit slowly, cautiously, and in its own unpredictable way.

While the trade dispute with the United States reached an impasse on July 31st and a non-sensical 35% tariff came into place on August 1st (up from the previously threatened 25%), consumers may begin to tune out the noise. At least with the CUSMA North American Free Trade agreement in place, the actual impact of these tariffs is minimized for most goods. Buyers and sellers can only hold off for so long, and after minimal inflationary effects from tariffs, the same may be said of the Bank of Canada. After holding their rate for a third straight meeting, the next meeting could and should see a reduction in their key rate that controls variable rate mortgages.

Sales Up, but Still Below Previous Years

Across Greater Vancouver, 2,286 homes were sold in July — a 5% increase from June and the highest level of monthly sales in 2025. While this upward momentum is promising, sales still trail historical norms: down 2% from July 2024 and 7% below July 2023. The takeaway? Activity is improving but still behind historical norms — a sign that buyers remain price-sensitive and selective even as confidence builds.

Greater Vancouver sales in July were 14% below the 10-year average, a drop from June at 26% below the 10-year average and compared to May at 30% below the 10-year average, April at 31% below the 10-year average, March at 35% below the 10-year average, and February at 39% below the 10-year average. A significant improvement, another indication that buyers were far more active in July than we’ve seen. This is even more telling given July is the typical seasonal slowdown in the market due to summer holidays and sunny days – especially this year with fewer than 20mm of rain in Vancouver in July. Perhaps the excuses for not buying real estate are drying up as well.

Greater Vancouver townhome sales in July were up 5% compared to July last year, while condos sales were down 2% year-over-year after being down 16% year-over-year in June. Detached sales were consistent down 4% from July last year, like June at 5% down. All segments were vastly improved from May which saw sales down over 20% from the previous year.

Vancouver West continues to show caution. Sales dipped 5% month-over-month and are down 10% year-over-year. Inventory is down slightly from June but still sits 8% above July 2024. With 1,026 new listings in July — down 15% from June — there’s less product hitting the market, though that hasn’t translated into stronger sales. The East Side remains one of the more stable Vancouver markets. Sales fell 9% from June but are almost flat compared to spring. Inventory is up 18% year-over-year but fell slightly month-over-month.

North Vancouver has been quietly resilient. July’s 190 sales were only slightly below June, and up 3% year-over-year. Inventory dropped 7% month-over-month, while new listings declined for the third straight month — down 28% from April.

With only 5 months of inventory now (down from 6), North Vancouver edges closer to seller’s market conditions – if in numbers only.

Richmond remains one of the more inventory-heaving submarkets, with a 9-month supply but much like its topography, real estate activity remains flat. Sales were at the same level month-over-month, and year-over-year, new listings were the same year-over-year but down 13% compared to June.

Suburbs driving the market?

Burnaby East saw sales jump (up 36% from June), but slightly down year-over-year. Burnaby North saw a remarkable 40% increase in sales from June, despite a moderate rise in new listings. Burnaby South is trending stronger, with sales up 29% from June and listings beginning to tighten.

New Westminster posted one of the biggest sales surges in July, up 39% from June. Active listings are up nearly 50% year-over-year, helping give buyers more options and opportunities. The sales-to-listings ratio jumped to 42%, and months of inventory dropped to 6 - signaling improving balance.

The Tri-Cities are firming up. Coquitlam showed solid sales growth, up 20% from June and up 15% from July last year. Port Moody sales were up 38% in July over June and up 20% from July last year. Port Coquitlam had a standout month: sales jumped 47% from June and 55% from May, as well as being up 29% compared to July last year. Months of supply dropped to just 4 months - the only submarket in seller’s territory. Across the Tri-Cities, buyer interest is picking up, and the region could be among the first to shift out of a buyer’s market if trends hold.

Heading east, the Fraser Valley region sales in July were down 0.4% compared to June – the opposite of Greater Vancouver. Sales were down 3.3% compared to last year, while Greater Vancouver was down 2%. Surrey continues to be one of the more challenging markets in the Fraser Valley, especially detached homes with sales down 16% compared to June.

Inventory Holding Steady, New Listings Slowing

Inventory remains high, though slightly down month-over-month. Active listings dipped 2% from June to 17,168 but remain 20% higher than the same time last year. This was the first time since 2022 that the number of active listings declined from June through July. Meanwhile, new listings slowed notably, dropping 11% from June and 18% since April — a potential sign of seller fatigue or reluctance to list in the face of softening prices.

This dynamic is nudging the market towards balance. The sales-to-new listings ratio rose to 40% (up from 34% in June), and months of inventory held steady at 8 – just into buyer’s market territory. Despite that, the environment feels less one-sided than earlier this year, especially in submarkets showing rising sales and tighter supply.

The number of new listings in July were 12% above the 10-year average, compared to June at 12%, May at 9% after April was 19% above the 10-year average.

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos dropped to 6 months supply from 7. Perhaps a sign of the lower end of the market recovering and buyers feeling more confident with the lower price points. In the Fraser Valley, months of supply remained at 8, with detached increasing to 11 months supply from 10 months, townhomes remaining at 6 months and condos dropping to 7 months supply from 8.

In Greater Vancouver townhome inventory was up 26% year-over year compared to 29% up at the end of June, while condo inventory dropped to 17% above July 2024 after being up 24% in June year-over-year. Detached homes were up 20% year-over-year, compared to being up 25% at the end of June. Over in the Fraser Valley, detached home inventory is up 19% year-over-year compared to 27% at the end of June while townhome inventory is up 31% year-over-year after being up 40% at the end of June. Condo inventory is up 26% year-over-year after being up 39% at the end of June.

Prices Still Soft — But Could Stability Be Near?

In Greater Vancouver Prices, as measured by the MLS® Home Price Index, continued their downward drift, falling 0.7% month-over-month and down 2.7% compared to July 2024. In the Fraser Valley, prices were down 0.7% month-over-month and down 5.4% compared to July 2024. With an elevated inventory of homes available and below average sales levels, some sellers are taking less for their homes. Expect this trend to continue into the fall market. Should sales improve with continued falling inventory levels, that trend of price softening could be curtailed.

The question on everyone’s mind: Are we turning a corner?

It’s too early to declare a new market cycle, but signs of life are evident. Sales are rising steadily across most submarkets. Buyers, once hesitant, are returning with more conviction, particularly when prices have adjusted and inventory is manageable. At the same time, fewer new listings and declining inventory in some areas are subtly shifting the dynamic.

We’re not out of the woods, but we’re seeing trails forming. The shift won’t be sudden or uniform. Some areas, like Port Coquitlam, North Vancouver, and Burnaby South, are already tightening. Others, like West Vancouver and New Westminster, are showing resilience after long slumps. And then there are places like Tsawwassen and Richmond, where oversupply continues to weigh on the market.

Overall, Metro Vancouver remains a buyer’s market — for now. But the steady cadence of sales, the flattening of prices, and the pullback in listings suggest a slow rebalancing may be underway. Watch August closely.

The corner might just be in sight.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in July were 2,286, up from 2,181 (5%) in June, up from 2,228 (3%) in May, up from 2,163 (6%) in April, down from 2,333 (2%) in July 2024, and down from 2,455 (7%) in July 2023; Active Listings were at 17,168 at month end compared to 14,326 at that time last year (up 20%) and 17,561 at the end of June (down 2%); the 5,728 New Listings in July were down 11% compared to June, down 15% compared to May, down 18% compared to April, up 1% compared to July 2024, and up 20% compared to July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 40% compared to 34% in June, 41% in July 2024, and 52% in July 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.7%.

Vancouver Westside: Total Units Sold in July were 396, down from 417 (5%) in June, down from 412 (4%) in May, down from 427 (7%) in April, down from 416 (5%) in July 2024, and down from 438 (10%) in July 2023; Active Listings were at 3,279 at month end compared to 3,040 at that time last year (up 8%) and 3,391 at the end of June (down 3%); the 1,026 New Listings in July were down 15% compared to June, down 19% compared to May, down 22% compared to April, down 10% compared to July 2024, and the same as July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 39% compared to 35% in June, 37% in July 2024, and 43% in July 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.5%.

Vancouver East Side: Total Units Sold in July were 242, down from 267 (9%) in June, down from 245 (1%) in May, the same as April, down from 263 (8%) in July 2024, and down from 286 (15%) in July 2023; Active Listings were at 1,737 at month end compared to 1,468 at that time last year (up 18%) and 1,777 at the end of June (down 2%); the 605 New Listings in July were down 19% compared to June, down 21% compared to May, down 17% compared to April, up 2% compared to July 2024, and up 20% compared to July 2023. Month’s supply of total residential listings is the same at 7 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 36% in June, 44% in July 2024, and 57% in July 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 1.6%.

North Vancouver: Total Units Sold in July were 190, down from 200 (5%) in June, down from 203 (6%) in May, down from 204 (7%) in April, down from 201 (5%) in July 2024, and up from 185 (3%) in July 2023; Active Listings were at 1,029 at month end compared to 740 at that time last year (up 39%) and 1,104 at the end of June (down 7%); the 465 New Listings in July were down 13% compared to June, down 18% compared to May, down 26% compared to April, up 9% compared to July 2024, and up 50% compared to July 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 41% compared to 37% in June, 47% in July 2024, and 59% in July 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.0%.

West Vancouver: Total Units Sold in July were 62, up from 53 (17%) in June, down from 68 (9%) in May, up from 38 (63%) in April, up from 59 (5%) in July 2024, and up from 47 (32%) in July 2023; Active Listings were at 747 at month end compared to 733 at that time last year (up 2%) and 775 at the end of June (down 4%); the 210 New Listings in July were down 7% compared to June, down 8% compared to May, down 25% compared to April, down 2% compared to July 2024, and up 13% compared to July 2023. Month’s supply of total residential listings is down to 12 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 30% compared to 23% in June, 27% in July 2024, and 25% in July 2023.

Month-over-month, the house price index is up 0.2% but in the last 12 months down 3.8%.

Richmond: Total Units Sold in July were 241, down from 243 (1%) in June, up from 231 (4%) in May, up from 213 (13%) in April, down from 255 (5%) in July 2024, and down from 294 (18%) in July 2023; Active Listings were at 2,143 at month end compared to 1,563 at that time last year (up 37%) and 2,136 at the end of June (up 0.3%); the 638 New Listings in July were down 13% compared to June, down 13% compared to May, down 13% compared to April, up 0.3% compared to July 2024, and up 18% compared to July 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 38% compared to 33% in June, 40% in July 2024, and 54% in July 2023.

Month-over-month, the house price index is down 1.4% and in the last 12 months down 4.9%.

Burnaby East: Total Units Sold in July were 30, up from 22 (36%) in June, down from 32 (6%) in May, up from 24 (25%) in April, down from 33 (11%) in July 2024, and up from 25 (20%) in July 2023; Active Listings were at 236 at month end compared to 160 at that time last year (up 48%) and 242 at the end of June (down 2%); the 83 New Listings in July were up 4% compared to June, down 17% compared to May, down 5% compared to April, up 32% compared to July 2024, and up 113% compared to July 2023. Month’s supply of total residential listings is down to 8 month’s supply from 11 (buyer’s market conditions) and sales to listings ratio of 36% compared to 28% in June, 52% in July 2024, and 64% in July 2023.

Month-over-month, the house price index is up 1.9% and in the last 12 months down 4.5%.

Burnaby North: Total Units Sold in July were 164, up from 117 (40%) in June, up from 140 (17%) in May, up from 140 (17%) in April, up from 137 (20%) in July 2024, and up from 160 (3%) in July 2023; Active Listings were at 946 at month end compared to 837 at that time last year (up 13%) and 969 at the end of June (down 2%); the 368 New Listings in July were up 3% compared to June, up 2% compared to May, down 9% compared to April, down 7% compared to July 2024, and up 26% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 45% compared to 33% in June, 35% in July 2024, and 55% in July 2023.

Month-over-month, the house price index is down 0.9% and in the last 12 months down 4.5%.

Burnaby South: Total Units Sold in July were 142, up from 110 (29%) in June, up from 90 (58%) in May, up from 97 (46%) in April, up from 140 (1%) in July 2024, and up from 139 (2%) in July 2023; Active Listings were at 835 at month end compared to 682 at that time last year (up 22%) and 862 at the end of June (down 3%); the 368 New Listings in July were down 5% compared to June, down 7% compared to May, down 9% compared to April, up 6% compared to July 2024, and up 25% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 48% compared to 35% in June, 50% in July 2024, and 59% in July 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 4.2%.

New Westminster: Total Units Sold in July were 99, up from 71 (39%) in June, up from 92 (9%) in May, up from 87 (14%) in April, up from 98 (1%) in July 2024, and down from 119 (17%) in July 2023; Active Listings were at 633 at month end compared to 428 at that time last year (up 48%) and 644 at the end of June (down 2%); the 235 New Listings in July were down 13% compared to June, down 10% compared to May, down 16% compared to April, up 12% compared to July 2024, and up 27% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 42% compared to 26% in June, 47% in July 2024, and 64% in July 2023.

Month-over-month, the house price index is up 0.8% and in the last 12 months down 2.4%.

Coquitlam: Total Units Sold in July were 205, up from 171 (20%) in June, up from 189 (8%) in May, up from 189 (8%) in April, up from 178 (15%) in July 2024, and down from 223 (8%) in July 2023; Active Listings were at 1,349 at month end compared to 1,047 at that time last year (up 29%) and 1,372 at the end of June (down 2%); the 368 New Listings in July were down 11% compared to June, down 3% compared to May, down 20% compared to April, up 0.1% compared to July 2024, and up 23% compared to July 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 41% compared to 30% in June, 35% in July 2024, and 55% in July 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.6%.

Port Moody: Total Units Sold in July were 66, up from 48 (38%) in June, up from 61 (8%) in May, up from 51 (29%) in April, up from 58 (14%) in July 2024, and down from 85 (22%) in July 2023; Active Listings were at 376 at month end compared to 238 at that time last year (up 58%) and 394 at the end of June (down 5%); the 368 New Listings in July were down 1% compared to June, down 16% compared to May, down 13% compared to April, up 43% compared to July 2024, and up 44% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 41% compared to 30% in June, 52% in July 2024, and 77% in July 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 4.5%.

Port Coquitlam: Total Units Sold in July were 85, up from 58 (47%) in June, up from 55 (55%) in May, up from 70 (21%) in April, up from 66 (29%) in July 2024, and up from 73 (16%) in July 2023; Active Listings were at 357 at month end compared to 331 at that time last year (up 8%) and 391 at the end of June (down 9%); the 148 New Listings in July were down 17% compared to June, down 20% compared to May, down 25% compared to April, down 10% compared to July 2024, and up 21% compared to July 2023. Month’s supply of total residential listings is down to 4 month’s supply from 7 (seller’s market conditions) and sales to listings ratio of 57% compared to 32% in June, 40% in July 2024, and 60% in July 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 3.0%.

Pitt Meadows: Total Units Sold in July were 25, down from 26 (4%) in June, up from 18 (39%) in May, down from 27 (7%) in April, down from 27 (7%) in July 2024, and up from 24 (4%) in July 2023; Active Listings were at 139 at month end compared to 108 at that time last year (up 28%) and 142 at the end of June (down 2%); the 62 New Listings in July were up 22% compared to June, down 18% compared to May, the same as April, down 12% compared to July 2024, and up 35% compared to July 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 50% in June, 38% in July 2024, and 52% in July 2023.

Month-over-month, the house price index is down 1.7% and in the last 12 months down 3.3%.

Maple Ridge: Total Units Sold in July were 122, the same as June, down from 134 (9%) in May, down from 127 (4%) in April, down from 166 (27%) in July 2024, and down from 143 (15%) in July 2023; Active Listings were at 1,033 at month end compared to 879 at that time last year (up 17%) and 1,034 at the end of June (down 0.1%); the 353 New Listings in July were down 4% compared to June, down 19% compared to May, down 3% compared to April, up 3% compared to July 2024, and up 24% compared to July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 34% compared to 33% in June, 48% in July 2024, and 50% in July 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 3.2%.

Ladner: Total Units Sold in July were 36, up from 35 (3%) in June, up from 33 (9%) in May, up from 16 (125%) in April, up from 31 (16%) in July 2024, and up from 26 (38%) in July 2023; Active Listings were at 172 at month end compared to 138 at that time last year (up 25%) and 191 at the end of June (down 10%); the 72 New Listings in July were the same as June, down 11% compared to May, down 6% compared to April, up 36% compared to July 2024, and up 24% compared to July 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 49% in June, 58% in July 2024, and 45% in July 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 0.1%.

Tsawwassen: Total Units Sold in July were 30, down from 55 (44%) in June, down from 42 (29%) in May, down from 40 (25%) in April, down from 45 (33%) in July 2024, and down from 33 (9%) in July 2023; Active Listings were at 347 at month end compared to 206 at that time last year (up 68%) and 334 at the end of June (up 4%); the 113 New Listings in July were the same as June, down 17% compared to May, down 10% compared to April, up 59% compared to July 2024, and up 77% compared to July 2023. Month’s supply of total residential listings is up to 12 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 27% compared to 49% in June, 63% in July 2024, and 52% in July 2023.

Month-over-month, the house price index is down 2.6% and in the last 12 months down 6.7%.

Fraser Valley: Sales in July were down 0.4%, compared to June and were down 3.3% from July 2024. New listings were down 4.6% from June and up 1.2% from July 2024.The average price was down 5.0% month-over-month and was down 2.0% year-over-year. Active listings were down 1.8% to 10,650 from 10,842 last month and up 22.0% from July 2024 which was at 8,732. Month’s supply of total residential listings remained at 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.4%.

Stats Images

Greater Vancouver Sales and Listings Statistics Houses Townhouses and Condos for July 2025...

Greater Vancouver Sales and Listings Statistics All Regional for July 2025

Where Do We Go From Here?

Thu, 03 Jul 2025 23:18:38 GMT

Highlights of Dexter’s June 2025 report

Development Relief Could Boost Housing Starts
Buyer’s Market Remains in Place
Sales Stabilizing But at Below Average Pace
Fraser Valley Shows Improvement

Earlier this year, the challenges of developing new homes had a lot to do with fees paid to municipalities before shovels even hit the ground: “It’s not an affordability crisis, it’s a cost-of-delivery crisis” as said by one of Metro Vancouver’s developers.

Developers are struggling to build in this economy and with the state of current government regulations. And there are developers struggling to exist at all. For buyers, the adage “buy land because they aren’t making more of it” – could also be coined “buy condos, because they aren’t making more of them.” At least until it becomes more feasible.

New housing may have received a lifeline by the provincial government after announcing this week that they are loosening the rules for payment of development fees. The housing minister said that the biggest change will be the ability to pay 25% of development fees at permit approval and 75% at occupancy or within four years (whichever comes first) instead of paying all municipal development charges upfront.

The Greater Vancouver housing market continued to navigate through a period of elevated inventory and tempered buyer activity in June 2025. While sales held steady month-over-month, underlying trends suggest an increasingly selective buyer pool and a market firmly tilted in favour of buyers across most areas. Broadly speaking, June followed the familiar seasonal path of spring activity cooling into the summer, though the degree of softening and disparity across submarkets continues to reflect the cautious sentiment in the region.

Sales Activity: Flatlined but Stabilizing

In Greater Vancouver, a total of 2,181 residential properties were sold in June 2025. This figure is down 2% from May (2,228) but up 1% from April and up 4% from March. Compared to June 2024, sales are down 10%, and year-over-year, sales have dropped a more notable 27% compared to June 2023, when 2,988 properties were sold.

Total sales for the first 6 months of 2025 came in at 12,042. Not as low as 2019 that saw 10,992 homes sold in Greater Vancouver in the first 6 months of that year, but well below where sales volumes have typically been for the first half of the year. In looking at the last 8 years going back to the start of 2017, total sales in the region were 10% lower than the 8 years before 2017. All while 2021 being a record year for sales volumes. And with housing stock having increased year by year, it shows that fewer homeowners are selling, perhaps indicating a need to incentivize homeowners to sell rather than punishing them selling.

Greater Vancouver sales in June were 26% below the 10-year average compared to May at 30% below the 10-year average, April at 31% below the 10-year average, March at 35% below the 10-year average, and February at 39% below the 10-year average. An indication of an improving market.

New Westminster continues to be among the weaker performers. With 71 sales, down 23% from May and 40% year-over-year, the market now carries 9 months of supply. The sales-to-listings ratio has dropped to just 26%, and prices declined 1.0% in June, now 3.7% lower year-over-year. Tsawwassen on the other side had the strongest June in since 2022 for sales.

The trend in Greater Vancouver illustrates a pattern of short-term resilience but long-term cooling. The month-over-month decline was modest, suggesting that activity has found a near-term floor. However, the steep drop from last year highlights the impact of trade related and economic uncertainty, affordability constraints, and increasing supply on the purchasing behaviour of buyers.

Heading east, the Fraser Valley region saw sales in June up 2.2% compared to May and fared better than its neighbouring region compared to June last year. Sales were down 9.3% compared to last year, while Greater Vancouver was down 10%. New listings saw a larger month-over-month decline as well as year-over-year compared to Greater Vancouver. A welcome sight in the Fraser Valley that was impacted to a greater degree over the last 3 years of higher interest rates.

On July 30, the Bank of Canada will hold its next interest rate meeting and decide whether to hold or cut. Given inflation pressures due to tariffs, it may not be an easy decision for the Bank of Canada even with the economy and labour market being sub-optimal. There are cases to be made for both arguments to cut their key rate or hold until inflationary pressures ease. With a July 21st deadline by our Prime Minister to settle the trade dispute, it may take until the following meeting in September to convince the Bank of Canada to make another drop in its rate.

Inventory Build: A Market of Choices

One of the most defining characteristics of today’s market is the abundance of inventory. June closed with 17,561 active listings, up 24% year-over-year and 3% month-over-month. Buyers currently have more properties to choose from than at any point in recent years, a dynamic further reinforced by a not so modest 6,424 new listings in June. While new listings were down month-over-month by 5% and have declined since April, they still exceed 2024 and 2023 levels by 10% and 18% respectively.

This steady influx of listings without a corresponding rise in sales has held the month’s supply of inventory at 8 months, squarely placing the region in buyer’s market territory. The sales-to-new-listings ratio stood at 34%, up slightly from May’s 33%, but well below 42% in June 2024 and 55% in June 2023.

The number of new listings in June were 12% above the 10-year average compared to May at 9% above the 10-year average, and April 19% above the 10-year average. Sellers are still very active!

Not All Homes are the Same

No changes in all markets as the detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos stayed at 7 months supply: a balanced market for both. In the Fraser Valley, months of supply stayed at 9, with detached continuing to linger at 10 months supply, townhomes remaining at 6 months and condos stuck at 8 months.

A Market of Patience and Positioning

As we close out the first half of 2025, the Metro Vancouver real estate market is in a state of cautious equilibrium. Inventory continues to climb, sales levels are consistent, and pricing is under persistent downward pressure. Although some sellers have shown to be more ambitious in meeting buyer demands. Buyer conditions prevail in most communities, and sellers are increasingly being challenged to price realistically or risk prolonged time on market.For buyers, this is a window of opportunity. Choice abounds, competition is limited, and price trends are more negotiable than they’ve been in years. For sellers, preparation and pricing strategy are everything in this new environment. As we move into the second half of the year it remains to be seen whether interest rate cuts or macroeconomic shifts can turn the tide.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in June were 2,181, down from 2,228 (2%) in May, up from 2,163 (1%) in April, up from 2,091 (4%) in March, down from 2,418 (10%) in June 2024, and down from 2,988 (27%) in June 2023; Active Listings were at 17,561 at month end compared to 14,180 at that time last year (up 24%) and 17,094 at the end of May (up 3%); the 6,424 New Listings in June were down 5% compared to May, down 8% compared to April, down 2% compared to March, up 10% compared to June 2024, and up 18% compared to June 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 34% compared to 33% in May, 42% in June 2024, and 55% in June 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.8%.

Vancouver Westside: Total Units Sold in June were 417, up from 412 (1%) in May, down from 427 (2%) in April, up from 394 (6%) in March, down from 470 (11%) in June 2024, and down from 527 (21%) in June 2023; Active Listings were at 3,391 at month end compared to 3,069 at that time last year (up 10%) and 3,393 at the end of May (down .1%); the 1,204 New Listings in June were down 5% compared to May, down 8% compared to April, down 8% compared to March, up 2% compared to June 2024, and up 10% compared to June 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 35% compared to 32% in May, 40% in June 2024, and 48% in June 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 2.3%.

Vancouver East Side: Total Units Sold in June were 267, up from 245 (9%) in May, up from 242 (10%) in April, up from 247 (8%) in March, down from 270 (1%) in June 2024, and down from 325 (18%) in June 2023; Active Listings were at 1,777 at month end compared to 1,491 at that time last year (up 19%) and 1,729 at the end of May (up 3%); the 749 New Listings in June were down 2% compared to May, up 2% compared to April, up 2% compared to March, up 16% compared to June 2024, and up 21% compared to June 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 32% in May, 42% in June 2024, and 52% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%.

North Vancouver: Total Units Sold in June were 200, down from 203 (1%) in May, down from 204 (2%) in April, up from 171 (17%) in March, down from 221 (10%) in June 2024, and down from 247 (19%) in June 2023; Active Listings were at 1,104 at month end compared to 793 at that time last year (up 39%) and 1,071 at the end of May (up 3%); the 535 New Listings in June were down 5% compared to May, down 15% compared to April, up 4% compared to March, up 17% compared to June 2024, and up 35% compared to June 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 37% compared to 36% in May, 48% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%.

West Vancouver: Total Units Sold in June were 53, down from 68 (22%) in May, up from 38 (39%) in April, up from 40 (33%) in March, down from 75 (29%) in June 2024, and down from 56 (5%) in June 2023; Active Listings were at 775 at month end compared to 716 at that time last year (up 8%) and 743 at the end of May (up 4%); the 227 New Listings in June were down 1% compared to May, down 19% compared to April, up 10% compared to March, up 6% compared to June 2024, and up 5% compared to June 2023. Month’s supply of total residential listings is up to 15 month’s supply from 11 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in May, 35% in June 2024, and 26% in June 2023.

Month-over-month, the house price index is up 0.6% but in the last 12 months down 5.1%.

Richmond: Total Units Sold in June were 243, up from 231 (5%) in May, up from 213 (14%) in April, up from 220 (10%) in March, down from 263 (8%) in June 2024, and down from 362 (33%) in June 2023; Active Listings were at 2,136 at month end compared to 1,482at that time last year (up 44%) and 2,047 at the end of May (up 4%); the 730 New Listings in June were down 1% compared to May, down 1% compared to April, down 0.5% compared to March, up 29% compared to June 2024, and up 15% compared to June 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 33% compared to 31% in May, 46% in June 2024, and 57% in June 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.4%.

Burnaby East: Total Units Sold in June were 22, down from 32 (31%) in May, down from 24 (8%) in April, down from 27 (19%) in March, up from 17 (29%) in June 2024, and down from 47 (53%) in June 2023; Active Listings were at 242 at month end compared to 163 at that time last year (up 48%) and 227 at the end of May (up 7%); the 80 New Listings in June were down 20% compared to May, down 8% compared to April, down 6% compared to March, up 21% compared to June 2024, and up 25% compared to June 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 28% compared to 32% in May, 21% in June 2024, and 73% in June 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 7.2%.

Burnaby North: Total Units Sold in June were 117, down from 140 (16%) in May, down from 140 (16%) in April, up from 107 (9%) in March, down from 172 (32%) in June 2024, and down from 170 (31%) in June 2023; Active Listings were at 969 at month end compared to 761 at that time last year (up 27%) and 954 at the end of May (up 2%); the 357 New Listings in June were down 1% compared to May, down 5% compared to April, down 16% compared to March, down 5% compared to June 2024, and up 33% compared to June 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 39% in May, 46% in June 2024, and 63% in June 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.0%.

Burnaby South: Total Units Sold in June were 110, up from 90 (11%) in May, up from 97 (13%) in April, up from 94 (17%) in March, down from 135 (19%) in June 2024, and down from 174 (37%) in June 2023; Active Listings were at 862 at month end compared to 699 at that time last year (up 23%) and 831 at the end of May (up 5%); the 310 New Listings in June were down 2% compared to May, down 4% compared to April, up 9% compared to March, down 5% compared to June 2024, and up 8% compared to June 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 35% compared to 28% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.5%.

New Westminster: Total Units Sold in June were 71, down from 92 (23%) in May, down from 87 (18%) in April, down from 104 (32%) in March, down from 108 (34%) in June 2024, and down from 119 (40%) in June 2023; Active Listings were at 644 at month end compared to 433 at that time last year (up 49%) and 599 at the end of May (up 8%); the 271 New Listings in June were up 4% compared to May, down 3% compared to April, up 1% compared to March, up 26% compared to June 2024, and up 46% compared to June 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 26% compared to 35% in May, 50% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.7%.

Coquitlam: Total Units Sold in June were 171, down from 189 (10%) in May, down from 189 (10%) in April, down from 233 (27%) in March, down from 189 (10%) in June 2024, and down from 267 (36%) in June 2023; Active Listings were at 1,372 at month end compared to 961 at that time last year (up 43%) and 1,344 at the end of May (up 2%); the 568 New Listings in June were up 9% compared to May, down 10% compared to April, down 4% compared to March, up 25% compared to June 2024, and up 31% compared to June 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 36% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.4%.

Port Moody: Total Units Sold in June were 48, down from 61 (21%) in May, down from 51 (6%) in April, down from 51 (6%) in March, down from 56 (14%) in June 2024, and down from 97 (51%) in June 2023; Active Listings were at 394 at month end compared to 241 at that time last year (up 63%) and 372 at the end of May (up 6%); the 162 New Listings in June were down 15% compared to May, down 12% compared to April, up 7% compared to March, up 21% compared to June 2024, and up 7% compared to June 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 30% compared to 32% in May, 42% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 3.6%.

Port Coquitlam: Total Units Sold in June were 58, up from 55 (5%) in May, down from 70 (17%) in April, down from 62 (6%) in March, down from 62 (6%) in June 2024, and down from 91 (36%) in June 2023; Active Listings were at 391 at month end compared to 313 at that time last year (up 25%) and 384 at the end of May (up 2%); the 179 New Listings in June were down 4% compared to May, down 9% compared to April, up 2% compared to March, up 4% compared to June 2024, and up 27% compared to June 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 30% in May, 36% in June 2024, and 65% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.6%.

Pitt Meadows: Total Units Sold in June were 26, up from 18 (44%) in May, down from 27 (4%) in April, down from 27 (4%) in March, down from 28 (7%) in June 2024, and down from 36 (28%) in June 2023; Active Listings were at 142 at month end compared to 97 at that time last year (up 46%) and 147 at the end of May (down 3%); the 51 New Listings in June were down 33% compared to May, down 18% compared to April, down 18% compared to March, down 5% compared to June 2024, and up 13% compared to June 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 50% compared to 23% in May, 51% in June 2024, and 80% in June 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 1.6%.

Maple Ridge: Total Units Sold in June were 122, down from 134 (9%) in May, down from 127 (4%) in April, up from 108 (13%) in March, down from 130 (6%) in June 2024, and down from 199 (49%) in June 2023; Active Listings were at 1,034 at month end compared to 889 at that time last year (up 16%) and 1,009 at the end of May (up 2%); the 369 New Listings in June were down 15% compared to May, down 4% compared to April, up 4% compared to March, up 4% compared to June 2024, and up 4% compared to June 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 33% compared to 30% in May, 36% in June 2024, and 56% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 2.3%.

Ladner: Total Units Sold in June were 35, up from 33 (6%) in May, up from 16 (119%) in April, up from 31 (13%) in March, up from 27 (30%) in June 2024, and up from 34 (3%) in June 2023; Active Listings were at 191 at month end compared to 140 at that time last year (up 36%) and 192 at the end of May (up 1%); the 72 New Listings in June were down 11% compared to May, down 6% compared to April, up 6% compared to March, up 20% compared to June 2024, and up 31% compared to June 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 49% compared to 41% in May, 45% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 1.1%.

Tsawwassen: Total Units Sold in June were 55, up from 42 (31%) in May, up from 40 (38%) in April, up from 36 (53%) in March, up from 44 (25%) in June 2024, and up from 41 (34%) in June 2023; Active Listings were at 334 at month end compared to 224 at that time last year (up 49%) and 331 at the end of May (up 1%); the 113 New Listings in June were down 17% compared to May, down 10% compared to April, down 14% compared to March, up 35% compared to June 2024, and up 61% compared to June 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 49% compared to 31% in May, 52% in June 2024, and 59% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.1%.

Fraser Valley: Sales in June were up 1.0%, compared to May and were down 9.3% from June 2024. New listings were down 9.7% from May and up 5.9% from June 2024.The average price was up 7.1% month-over-month and is up 3.6% year-over-year. Active listings were up 2.0% to 10,842 from 10,626 last month and up 29.8% from June 2024 which was at 8,350. Month’s supply of total residential listings remained at 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.0%.

Stats Images

Greater Vancouver Sales and Listings Statistics Houses Townhouses and Condos for June 2025...

Greater Vancouver Sales and Listings Statistics All Regional for June 2025

Will The Spaghetti Stick?

Wed, 04 Jun 2025 17:52:13 GMT

Highlights of Dexter’s May 2025 report

Buyers are throwing more offers against listings
Active listing count continues to rise, but at a slower pace
Sales continue to increase month over month
Bank of Canada stays the course for now

Month by month, sales have increased in 2025, although not at the pace familiar to the Metro Vancouver housing market. Even with this slower pace, there appears to be signs of increased buyer activity. And it might just be that buyers are throwing spaghetti against the wall. Offers sent out to see if they will stick. Buyers know they have choice and are exercising it liberally. Some sellers are coming down to meet buyers and the spaghetti is sticking, where others aren’t and it’s falling away. Expect the trend of more offers sticking to continue through the next few months.

May was for the most part a month of reprieve from elections, Bank of Canada decisions and tariff talks – until the very end of the month. In comes June, with the Bank of Canada meeting on June 4th and potential fallout from an increase in tariffs for steel and aluminum. Of course, tariff threats can change direction quicker than emails can be opened. The Canadian government has its work cut out for it, but they talk a good game promising better housing affordability through record supply and tax cuts while transforming the Canadian economy, all told when their throne speech was read out by King Charles. If they can bring some stability to the rhetoric from down south, it may help to get buyers more excited about real estate. While the Bank of Canada paused rate cuts again this month due to sticky inflation and GDP numbers showing some life in the economy – albeit front loaded from early purchases at the start of 2025 to avoid said tariffs, these pauses can’t last forever. But let’s not focus on interest rates, they are at levels matching the 10-year average. Confidence is what needs to be driving the real estate market, and the lack there of it, is keeping sales down.

There were 2,228 properties sold in Greater Vancouver in May, after 2,163 properties sold in April, 2,091 properties sold in March, and 1,827 properties sold in February. Uncertainty continued to keep buyers on the sidelines through May, much like the previous months this year. Imagine how many people are in the wrong homes and wishing they weren’t. Much like a box of chocolates though, you don’t know what each neighbourhood is doing until you dig into them. Some slowed in May while others pushed ahead. Take West Vancouver which saw sales double in May from April and achieve the highest monthly sales since June of last year. While areas like Vancouver West, Port Coquitlam and Pitt Meadows saw less sales in May compared to April. In a market where price sensitivity is one of the most important, condo sales slowed in May compared to April, down 4%. It took a 25% off sale in Surrey to get buyers back to the table at that project.

Even though Greater Vancouver home sales in May have outpaced the previous months in 2025 so far, sales levels are still well below last year. Sales in May were down 18% compared to May last year after sales in April were down 24% compared to April last year. West Vancouver, Burnaby East, Port Moody, Tsawwassen Squamish showed sales increases over May of last year. Perhaps the bright side of where sales in May tallied is that the month of May typically lags April. While only a slight gain over April, an improvement it was.

Heading east, the Fraser Valley region saw sales in May down 22% compared to May last year after being down 29% in April this year compared to April 2024. Although, compared to Greater Vancouver, sales were up much more month-over-month in May, showing 15% growth compared to April. Much better than the 3% month-over-month gain in Greater Vancouver. The Fraser Valley is showing signs of buyer engagement.

Greater Vancouver sales in May were 30% below the 10-year average, compared to April at 31% below the 10-year average, March at 35% below the 10-year average, and February at 39% below the 10-year average. Outside of 2020, total home sales in May were the lowest going back to the last two years of the 1900’s. It’s hard to believe that May 1991 saw 3800 sales with much less people and far fewer homes available in Greater Vancouver. Pent up demand is a thing and it’s growing by the day.

Sellers slowed down slightly in May with 6,728 new listings hitting the MLS® last month. This compared with April where 6,952 new listings came on, March with 6,565 new listings and 5,163 new listings in February. And while the absorption rate rose to 33% in May, it was only just above April at 31%, and March at 32%. Only a third of new listings are selling in 2025, which has caused the number of for sale signs in Metro Vancouver to swell with many staying up longer without “sold” on them. It’s at the point where availability of for sale signs has become a challenge in some areas. Sellers aren’t slowing enough though, so we’re going to need more signs.

The number of new listings in May were 9% above the 10-year average after April was 19% above the 10-year average and compared with March at 15% above the 10-year average.

There were 17,094 active listings in Greater Vancouver at month end compared to 16,207 active listings at the end of April, and 14,546 at the end of March. Total active listings are up from 13,600 at the end of May last year, a 26% year-over-year increase. This number has been steadily falling though, with April at a 30% increase year-over-year, and March at 38% year-over-year. There are several listings that get recycled after being cancelled and then brought back on the market at a lower price as well. And as we get closer to the summer months, expect to see some sellers come off the market either for the summer or until the market is more in favour of sellers.

Months of supply increased to 8 in May from 7 months in April pushing the region into more of a buyer’s market. With active listings climbing and sales growth slow, it’s not surprising to see Greater Vancouver move into this buyer’s market. But what an opportunity for buyers. Expect to see more spaghetti thrown against the walls over the next few months as buyers take advantage of the greatest buying opportunity we’ve seen in many years.

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos increased to 7 months supply on the heels of a slower month – keeping those in a balanced market. In the Fraser Valley, months of supply dropped down to 8 months from 10 months, with detached dropping to 10 months supply from 11 months, townhomes remaining at 6 months and condos climbing to 8 months supply from 7.

Greater Vancouver townhome sales in May were down 10% compared to May last year, while condos sales were down 18% year-over-year. Detached sales struggled again compared to last year, down 22% from May last year. Townhome inventory was up 29% year-over year compared to 32% up at the end of April, while condo inventory dropped to 24% above May 2024 after being up 32% in April year-over-year. Detached homes were up 27% year-over-year, compared to being up 26% at the end of April. Over in the Fraser Valley, detached home inventory is up 24% year-over-year compared to 36% at the end of April while townhome inventory is up 40% year-over-year after being up 57% at the end of April and up 72% year-over-year at the end of March. Condo inventory is up 31% year-over-year after being up 45% at the end of April and 67% year-over-year at the end of March. Surrey and Delta continue to struggle with inflated inventory and slower sales, while areas east like Abbotsford and Aldergrove performed better year-over-year in May.

Despite ongoing economic uncertainties and a slower-than-usual pace for Metro Vancouver's housing market, 2025 has seen steady month-over-month sales growth, with May continuing that trend. Increased buyer activity, encouraged by greater choice and moderating prices, signals growing confidence. While total sales remain below historical and year-over-year averages, regions like West Vancouver and parts of the Fraser Valley posted strong gains, highlighting a patchwork of momentum across neighborhoods. Inventory levels are up, creating a clear buyer’s market, and with interest rates stabilizing and pent-up demand growing, many see this as one of the best buying opportunities in recent years.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May were 2,228 – up from 2,163 (3%) in April, up from 2,091 (7%) in March, up from 1,827 (22%) in February, down from 2,733 (18%) in May 2024, and down from 3,411 (35%) in May 2023; Active Listings were at 17,094 at month end compared to 13,600 at that time last year (up 26%) and 16,207 at the end of April (up 5%); the 6,728 New Listings in May were down 3% compared to April, up 2% compared to March, up 30% compared to February, up 4% compared to May 2024, and up 16% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 31% in April, 42% in May 2024, and 59% in May 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.9%.

Vancouver Westside: Total Units Sold in May were 412 – down from 427 (4%) in April, up from 394 (5%) in March, up from 307 (34%) in February, down from 501 (18%) in May 2024, and down from 624 (34%) in May 2023; Active Listings were at 3,393 at month end compared to 2,962 at that time last year (up 15%) and 3,306 at the end of April (up 3%); the 1,270 New Listings in May were down 3% compared to April, down 3% compared to March, up 19% compared to February, down 4% compared to May 2024, and up 8% compared to May 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 32% compared to 33% in April, 38% in May 2024, and 53% in May 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.7%.

Vancouver East Side: Total Units Sold in May were 245 – up from 242 (1%) in April, down from 247 (1%) in March, up from 204 (20%) in February, down from 329 (26%) in May 2024, and down from 360 (32%) in May 2023; Active Listings were at 1,729 at month end compared to 1,459 at that time last year (up 19%) and 1,658 at the end of April (up 4%); the 766 New Listings in May were up 5% compared to April, up 5% compared to March, up 35% compared to February, up 6% compared to May 2024, and up 18% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 33% in April, 45% in May 2024, and 56% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 0.9%.

North Vancouver: Total Units Sold in May were 203 – down from 204 (0.5%) in April, up from 171 (19%) in March, up from 153 (33%) in February, down from 245 (17%) in May 2024, and down from 288 (30%) in May 2023; Active Listings were at 1,071 at month end compared to 796 at that time last year (up 35%) and 1,016 at the end of April (up 5%); the 565 New Listings in May were down 11% compared to April, up 10% compared to March, up 61% compared to February, up 6% compared to May 2024, and up 29% compared to May 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 32% in April, 46% in May 2024, and 66% in May 2023.

Month-over-month, the house price index is up 1.6% and in the last 12 months down 1.9%.

West Vancouver: Total Units Sold in May were 68 – up from 38 (79%) in April, up from 40 (70%) in March, up from 39 (74%) in February, down from 67 (1%) in May 2024, and down from 80 (15%) in May 2023; Active Listings were at 743 at month end compared to 696 at that time last year (up 7%) and 718 at the end of April (up 3%); the 229 New Listings in May were down 18% compared to April, up 11% compared to March, up 29% compared to February, down 12% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is down to 11 month’s supply from 19 (buyer’s market conditions) and sales to listings ratio of 30% compared to 14% in April, 26% in May 2024, and 35% in May 2023.

Month-over-month, the house price index is down 2.6% but in the last 12 months down 6.0%.

Richmond: Total Units Sold in May were 231 – up from 213 (8%) in April, up from 220 (5%) in March, up from 179 (29%) in February, down from 299 (23%) in May 2024, and down from 396 (42%) in May 2023; Active Listings were at 2,047 at month end compared to 1,440 at that time last year (up 42%) and 1,908 at the end of April (up 7%); the 737 New Listings in May were the same as April, up 1% compared to March, up 23% compared to February, up 14% compared to May 2024, and up 14% compared to May 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 31% compared to 29% in April, 46% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.2%.

Burnaby East: Total Units Sold in May were 32 – up from 24 (33%) in April, up from 27 (19%) in March, up from 21 (52%) in February, down from 31 (3%) in May 2024, and down from 39 (18%) in May 2023; Active Listings were at 227 at month end compared to 117 at that time last year (up 94%) and 201 at the end of April (up 13%); the 100 New Listings in May were up 15% compared to April, up 18% compared to March, up 54% compared to February, up 64% compared to May 2024, and up 47% compared to May 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 28% in April, 51% in May 2024, and 57% in May 2023.

Month-over-month, the house price index is down 3.1% and in the last 12 months down 7.0%.

Burnaby North: Total Units Sold in May were 140 – the same as April, up from 107 (31%) in March, up from 129 (9%) in February, down from 166 (16%) in May 2024, and down from 195 (28%) in May 2023; Active Listings were at 954 at month end compared to 749 at that time last year (up 27%) and 940 at the end of April (up 1%); the 360 New Listings in May were down 11% compared to April, down 16% compared to March, up 12% compared to February, down 8% compared to May 2024, and up 17% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 35% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 1.8% and in the last 12 months down 3.8%.

Burnaby South: Total Units Sold in May were 90 – down from 97 (7%) in April, down from 94 (4%) in March, up from 75 (20%) in February, down from 127 (29%) in May 2024, and down from 233 (61%) in May 2023; Active Listings were at 821 at month end compared to 645 at that time last year (up 27%) and 754 at the end of April (up 9%); the 317 New Listings in May were down 2% compared to April, up 11% compared to March, up 28% compared to February, down 8% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 28% compared to 30% in April, 37% in May 2024, and 73% in May 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 4.4%.

New Westminster: Total Units Sold in May were 92 – up from 87 (6%) in April, down from 104 (12%) in March, up from 88 (5%) in February, down from 115 (20%) in May 2024, and down from 142 (35%) in May 2023; Active Listings were at 599 at month end compared to 428 at that time last year (up 40%) and 582 at the end of April (up 3%); the 261 New Listings in May were down 6% compared to April, down 3% compared to March, up 26% compared to February, up 21% compared to May 2024, and up 27% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 31% in April, 53% in May 2024, and 69% in May 2023.

Month-over-month, the house price index is down 1.6% and in the last 12 months down 4.5%.

Coquitlam: Total Units Sold in May were 189 – the same as April, down from 233 (19%) in March, up from 165 (15%) in February, down from 228 (17%) in May 2024, and down from 284 (33%) in May 2023; Active Listings were at 1,344 at month end compared to 914 at that time last year (up 1%) and 1,325 at the end of April (up 5%); the 520 New Listings in May were down 17% compared to April, down 12% compared to March, up 10 % compared to February, up 1% compared to May 2024, and up 12% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 30% in April, 44% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.6%.

Port Moody: Total Units Sold in May were 61 – up from 51 (20%) in April, up from 51 (20%) in March, up from 40 (53%) in February, up from 58 (5%) in May 2024, and down from 87 (30%) in May 2023; Active Listings were at 372 at month end compared to 219 at that time last year (up 70%) and 343 at the end of April (up %8); the 190 New Listings in May were up 3% compared to April, up 25% compared to March, up 57% compared to February, up 56% compared to May 2024, and up 42% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 32% compared to 28% in April, 48% in May 2024, and 65% in May 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 4.4%.

Port Coquitlam: Total Units Sold in May were 55 – down from 70 (21%) in April, down from 62 (11%) in March, up from 58 (5%) in February, down from 95 (42%) in May 2024, and down from 91 (40%) in May 2023; Active Listings were at 384 at month end compared to 278 at that time last year (up 38%) and 353 at the end of April (up 9%); the 186 New Listings in May were down 6% compared to April, up 6% compared to March, up 44% compared to February, up 7% compared to May 2024, and up 27% compared to May 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 36% in April, 55% in May 2024, and 62% in May 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 1.4%.

Pitt Meadows: Total Units Sold in May were 18 – down from 27 (33%) in April, down from 27 (33%) in March, down from 21 (14%) in February, down from 30 (40%) in May 2024, and down from 39 (54%) in May 2023; Active Listings were at 147 at month end compared to 94 at that time last year (up 56%) and 122 at the end of April (up 20%); the 76 New Listings in May were up 23% compared to April, up 15% compared to March, up 73% compared to February, up 5% compared to May 2024, and up 69% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 43% in April, 41% in May 2024, and 86% in May 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.1%.

Maple Ridge: Total Units Sold in May were 134 – up from 127 (6%) in April, up from 108 (24%) in March, up from 129 (4%) in February, down from 172 (22%) in May 2024, and down from 218 (39%) in May 2023; Active Listings were at 1,009 at month end compared to 850 at that time last year (up 18%) and 920 at the end of April (up 10%); the 435 New Listings in May were up 14% compared to April, up 23% compared to March, up 39% compared to February, up 8% compared to May 2024, and up 26% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 33% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.9%.

Ladner: Total Units Sold in May were 33 – up from 16 (106%) in April, up from 31 (6%) in March, up from 29 (14%) in February, the same as May 2024, and down from 54 (39%) in May 2023; Active Listings were at 192 at month end compared to 139 at that time last year (up 8%) and 178 at the end of April (up 5%); the 81 New Listings in May were up 5% compared to April, up 19% compared to March, up 23% compared to February, up 7% compared to May 2024, and up 62% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 11 (balanced market conditions) and sales to listings ratio of 41% compared to 21% in April, 43% in May 2024, and 108% in May 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 2.2%.

Tsawwassen: Total Units Sold in May were 42 – up from 40 (5%) in April, up from 36 (17%) in March, up from 28 (50%) in February, up from 40 (5%) in May 2024, and down from 62 (32%) in May 2023; Active Listings were at 331 at month end compared to 218 at that time last year (up 52%) and 306 at the end of April (up 8%); the 136 New Listings in May were up 9% compared to April, up 37% compared to March, up 39% compared to February, up 37% compared to May 2024, and up 49% compared to May 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 31% compared to 32% in April, 40% in May 2024, and 68% in May 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.9%.

Fraser Valley: Sales in May were up 13.4%, compared to April and were down 22.0% from May 2024. New listings were up 6.5% from April and up 6.6% from May 2024.The average price was down 0.5% month-over-month and is down 8.3% year-over-year. Active listings were up 5.8% to 10,626 from 10,046 last month and up 34.4% from May 2024 which was at 7,904. Month’s supply of total residential listings decreased from 10 to 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.3%.

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Greater Vancouver Sales and Listings Statistics Houses Townhouses and Condos for May 2025...

Greater Vancouver Sales and Listings Statistics All Regional for May 2025

What if You Had Choices?

Mon, 05 May 2025 20:21:28 GMT

Highlights of Dexter’s April 2025 report

Active listing count at the highest since 2014
Sales down 24% in April year-over-year
Sellers continue to be very active in the market
Buyer’s advantage continue

It’s 2022, 2021, 2016, 2015—or any time buyers were looking for a home—and whether they found the perfect home to purchase for the first time, to move up to, to downsize to, or to invest in, there were other buyers who felt the same way, and the multiple-offer dance began. What if you had choice? What if all buyers had choices so they didn’t have to compete? Welcome to 2025—buyers now have a much greater selection of homes to choose from. Sellers have that, too, when they want to buy after selling. Metro Vancouver’s real estate market currently has the most selection of homes available since 2014. Active listing counts are at their highest since then. But in 2015, buyers again started to ask, “What if I had more to choose from? Take advantage of this opportunity—it may change before we know it.

Elections and taxes, two things we can’t avoid. And two things that take up our attention and did so in April. Will the newly elected prime minister improve upon the record of the previous elected prime minister? With a minority government, he will be held more accountable without the NDP’s support to prop up his government. Promises to elimnate the GST on new construction for first time buyers will provide stimulus in some markets but may also encourage the construction of smaller units in larger markets. This doesn’t help the missing middle. More needs to be done on this. New homes don’t materialize from promises alone. And our prime minister will meet with the U.S. President on May 6th, in hopes of reaching tariff agreements. All the while many buyers have held off on moves they desperately want to make, and with more selection we could start to see those moves unfold.

There were 2,163 properties sold in Greater Vancouver in April after 2,091 properties sold in March, 1,827 properties sold in February, and 1,552 properties sold in January. This is not your traditional spring market. The news cycle took buyers’ focus more than the MLS® last month as distractions like the federal election and ongoing economic and political uncertainty kept buyers on the sidelines. But it’s not all bad. Properties that are well priced and attractive to buyers are selling, even the odd multiple offers sale spilled into the market in April. The backlog of buyers continues to grow, and at some point, they will jump into the market in greater numbers to take advantage of the much healthier stock of homes available. Even with the Bank of Canada holding its overnight rate at their meeting in April, interest rates are lower than historical norms.

Greater Vancouver home sales in April have outpaced the previous month in 2025 so far, but those monthly sales are still tracking below last year. Sales in April were down 24% compared to April last year after sales in March were down 13% compared to March 2024. Squamish was the lone bright spot with sales up 33% above last year in April, and up in all product segments. And while sales continue to lag behind an already underwhelming 2024, May could lead to a jump in sales with some positive news. It wouldn’t be the first time when May significantly outperformed April in volume of sales. In 2019, April sales in Greater Vancouver were 1,850 and jumped up to 2,669 in May that year. And with the increase in listing inventory this year, there will be plenty for buyers to choose from.

Heading east, the Fraser Valley region saw sales in April down 29% compared to April 2024 after being down 26% year-over-year in March and down 27% year-over-year in February. Like Greater Vancouver though, sales were up slightly in April from March, increasing almost 1% month-over-month.

Greater Vancouver sales in April were 31% below the 10-year average compared to March at 35% below the 10-year average, February at 39% below the 10-year average and January where sales were 29% below the 10-year average. This was the second lowest total sales for the month of April going back to 2000, with April 2019 being the lowest at 1,850 sales that year.

The theme of active sellers continued in April with 6,952 new listings coming on the MLS®. This compares to 6,565 new listings in March and 5,163 new listings in February. Although the absorption rate fell to 31% in April, down from 32% in March and 35% in February, this trend isn’t unusual as April tends to see more listings come out which will bring down the absorption rate. Coincidentally in April 2019, the absorption rate was the same at 31% after being 35% the month prior. May 2019 saw a jump to 45% so we could see more listings bought up by buyers this May compared to April. The number of listings that came on was on the higher side for April but was less than the 7,229 new listings that came out in April 2024. The higher number this year could also be due to properties that are taken off the market and put back on at a lower price as sellers adjusted to buyer hesitation.

The number of new listings in April were 19% above the 10-year average compared with March at 15% above the 10-year average, February which were 12% above the 10-year average, and January which saw the number of new listings 30% above the 10-year average.

There were 16,207 active listings in Greater Vancouver at month end, compared to 14,546 at the end of March. Total active listings are up from 12,491 at the end of April last year, a 30% increase year-over-year. After the year-over-year spread at the end of March being at 38%, that spread has diminished pointing again to some new listings being recycled. But the current active listing count is the highest it has been since July 2014 when there were 16,838 active listings on the market.

Months of supply remained at 7 months in Greater Vancouver despite the increase in new listings in April. Again, part of that could be due to the number of properties that may have been taken off the market and relisted at a lower price. There are likely some sellers coming off the market completely due to an inability to get a sale price they are comfortable with. Benchmark prices have come down 6% in the last 3 years so comparisons to sales prices prior to the interest rate increases have kept some sellers from pricing in today’s market.

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes climbed to 6 months and condos stayed at 6 months supply – putting both those in a balanced market. In the Fraser Valley, months of supply crept up to 10 months from 9, with detached climbing to 11 months supply, townhomes up to 6 months and condos still at 7 months supply.

Greater Vancouver townhome sales in April were down 23% compared to April last year, while condo sales were down 20% year-over-year. Detached sales struggled again compared to, down 28% from April last year. Townhome inventory overall was up 35% year-over year compared to 39% at the end of March, while condo inventory climbed to 32% above April 2024 after being up 42% in March year-over-year. Detached homes were up 26% year-over-year, compared to 33% at the end of March above the previous year. Over in the Fraser Valley, detached home inventory is up 36% year-over-year compared to 51% at the end of March while townhome inventory is up 57% year-over-year after being up 72% at the end of March and condo inventory is up 45% year-over-year after being up 67% at the end of March.

For the first time in over a decade, buyers have real choices, with active listings reaching their highest level since 2014. This abundance of inventory is empowering not only buyers but also sellers, who now have greater flexibility when planning their next move. Despite a quieter spring market influenced by political distractions and economic uncertainty, sales have been steadily increasing month over month, and interest rates remain below historic norms. As we head into May—a month that has historically seen a strong sales rebound—the stage is set for more confident movement in the market. With buyer demand quietly building and inventory levels providing ample opportunity, now is a rare moment to make a move without the pressure of bidding wars.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,163 – up from 2,091 (3%) in March, up from 1,827 (18%) in February, up from 1,552 (39%) in January, down from 2,831 (24%) in April 2024, and down from 2,741 (21%) in April 2023; Active Listings were at 16,207 at month end compared to 12,491 at that time last year (up 30%) and 14,546 at the end of March (up 11%); the 6,952 New Listings in April were up 6% compared to March, up 35% compared to February, down 4% compared to April 2024, and up 58% compared to April 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 32% in March, 39% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.8%.

Vancouver Westside: Total Units Sold in April were 427 – up from 394 (8%) in March, up from 307 (39%) in February, up from 255 (67%) in January, down from 471 (9%) in April 2024, and down from 468 (9%) in April 2023; Active Listings were at 3,306 at month end compared to 2,778 at that time last year (up 19%) and 3,093 at the end of March (up 7%); the 1,313 New Listings in April were down 0.2% compared to March, up 23% compared to February, down 12% compared to April 2024, and up 56% compared to April 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 33% compared to 30% in March, 31% in April 2024, and 56% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 0.8%.

Vancouver East Side: Total Units Sold in April were 242 – down from 247 (2%) in March, up from 204 (19%) in February, up from 158 (53%) in January, down from 349 (31%) in April 2024, and down from 267 (9%) in April 2023; Active Listings were at 1,658 at month end compared to 1,369 at that time last year (up 21%) and 1,494 at the end of March (up 11%); the 733 New Listings in April were the same as March, up 29% compared to February, down 15% compared to April 2024, and up 52% compared to April 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 33% compared to 34% in March, 41% in April 2024, and 55% in April 2023.

Month-over-month, the house price index is up 0.2% and in the last 12 months up 0.1%.

North Vancouver: Total Units Sold in April were 204 – up from 171 (19%) in March, up from 153 (33%) in February, up from 148 (38%) in January, down from 248 (18%) in April 2024, and down from 218 (6%) in April 2023; Active Listings were at 1,016 at month end compared to 711 at that time last year (up 43%) and 844 at the end of March (up 20%); the 632 New Listings in April were up 23% compared to March, up 80% compared to February, up 5% compared to April 2024, and up 90% compared to April 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 32% compared to 33% in March, 41% in April 2024, and 66% in April 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 2.1%.

West Vancouver: Total Units Sold in April were 38 – down from 40 (5%) in March, down from 39 (3%) in February, up from 30 (27%) in January, down from 70 (46%) in April 2024, and down from 69 (45%) in April 2023; Active Listings were at 718 at month end compared to 628 at that time last year (up 14%) and 626 at the end of March (up 15%); the 279 New Listings in April were up 35% compared to March, up 58% compared to February, down 5% compared to April 2024, and up 52% compared to April 2023. Month’s supply of total residential listings is up to 19 month’s supply from 16 (buyer’s market conditions) and sales to listings ratio of 14% compared to 19% in March, 24% in April 2024, and 38% in April 2023.

Month-over-month, the house price index is up 0.8% but in the last 12 months down 1.3%.

Richmond: Total Units Sold in April were 213 – down from 220 (3%) in March, up from 179 (19%) in February, up from 206 (3%) in January, down from 336 (37%) in April 2024, and down from 338 (37%) in April 2023; Active Listings were at 1,908 at month end compared to 1,339 at that time last year (up 42%) and 1,728 at the end of March (up 10%); the 737 New Listings in April were up 1% compared to March, up 23% compared to February, down 4% compared to April 2024, and up 46% compared to April 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 29% compared to 30% in March, 44% in April 2024, and 67% in April 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 3.7%.

Burnaby East: Total Units Sold in April were 24 – down from 27 (11%) in March, up from 21 (14%) in February, up from 17 (41%) in January, down from 30 (20%) in April 2024, and down from 34 (29%) in April 2023; Active Listings were at 201 at month end compared to 114 at that time last year (up 76%) and 174 at the end of March (up 16%); the 87 New Listings in April were up 2% compared to March, up 34% compared to February, up 32% compared to April 2024, and up 107% compared to April 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 28% compared to 32% in March, 45% in April 2024, and 81% in April 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 3.0%.

Burnaby North: Total Units Sold in April were 140 – up from 107 (31%) in March, up from 129 (9%) in February, up from 104 (35%) in January, down from 162 (14%) in April 2024, and down from 176 (16%) in April 2023; Active Listings were at 940 at month end compared to 700 at that time last year (up 34%) and 878 at the end of March (up 7%); the 403 New Listings in April were down 6% compared to March, up 25% compared to February, down 14% compared to April 2024, and up 53% compared to April 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 25% in March, 35% in April 2024, and 67% in April 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.1%.

Burnaby South: Total Units Sold in April were 97 – up from 94 (3%) in March, up from 75 (29%) in February, up from 59 (64%) in January, down from 143 (32%) in April 2024, and down from 215 (55%) in April 2023; Active Listings were at 754 at month end compared to 537 at that time last year (up 40%) and 671 at the end of March (up 12%); the 324 New Listings in April were up 14% compared to March, up 31% compared to February, down 1% compared to April 2024, and up 21% compared to April 2023. Month’s supply of total residential listings is up to 8 month’s supply 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 33% in March, 44% in April 2024, and 81% in April 2023.

Month-over-month, the house price index is flat and in the last 12 months down 2.4%.

New Westminster: Total Units Sold in April were 87 – down from 104 (16%) in March, down from 88 (1%) in February, up from 61 (43%) in January, down from 105 (17%) in April 2024, and down from 113 (23%) in April 2023; Active Listings were at 582 at month end compared to 408 at that time last year (up 43%) and 513 at the end of March (up 14%); the 279 New Listings in April were up 4% compared to March, up 35% compared to February, up 12% compared to April 2024, and up 72% compared to April 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 31% compared to 39% in March, 42% in April 2024, and 70% in April 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.7%.

Coquitlam: Total Units Sold in April were 189 – down from 233 (19%) in March, up from 165 (15%) in February, up from 155 (22%) in January, down from 238 (21%) in April 2024, and down from 210 (10%) in April 2023; Active Listings were at 1,325 at month end compared to 802 at that time last year (up 66%) and 1,173 at the end of March (up 13%); the 628 New Listings in April were up 6% compared to March, up 33% compared to February, up 15% compared to April 2024, and up 86% compared to April 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 39% in March, 43% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.0%.

Port Moody: Total Units Sold in April were 51 the same as March, up from 40 (28%) in February, up from 32 (59%) in January, down from 73 (30%) in April 2024, and down from 91 (44%) in April 2023; Active Listings were at 343 at month end compared to 203 at that time last year (up 69%) and 279 at the end of March (up 38%); the 184 New Listings in April were up 21% compared to March, up 52% compared to February, up 14% compared to April 2024, and up 84% compared to April 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 28% compared to 34% in March, 45% in April 2024, and 91% in April 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.1%.

Port Coquitlam: Total Units Sold in April were 70 – up from 62 (13%) in March, up from 58 (21%) in February, up from 65 (8%) in January, down from 102 (31%) in April 2024, and down from 76 (8%) in April 2023; Active Listings were at 353 at month end compared to 254 at that time last year (up 39%) and 313 at the end of March (up 13%); the 197 New Listings in April were up 12% compared to March, up 53% compared to February, up 4% compared to April 2024, and up 153% compared to April 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 35% in March, 54% in April 2024, and 97% in April 2023.

Month-over-month, the house price index is flat and in the last 12 months down 1.5%.

Pitt Meadows: Total Units Sold in April were 27 – the same as March, up from 21 (29%) in February, up from 13 (108%) in January, down from 32 (16%) in April 2024, and the same as April 2023; Active Listings were at 122 at month end compared to 71 at that time last year (up 71%) and 105 at the end of March (up 16%); the 62 New Listings in April were down 6% compared to March, up 41% compared to February, up 9% compared to April 2024, and up 15% compared to April 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 43% compared to 40% in March, 56% in April 2024, and 50% in April 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.3%.

Maple Ridge: Total Units Sold in April were 127 – up from 108 (18%) in March, down from 129 (2%) in February, up from 95 (34%) in January, down from 191 (34%) in April 2024, and down from 161 (21%) in April 2023; Active Listings were at 920 at month end compared to 817 at that time last year (up 13%) and 832 at the end of March (up 11%); the 382 New Listings in April were up 8% compared to March, up 22% compared to February, down 13% compared to April 2024, and up 49% compared to April 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 33% compared to 30% in March, 43% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 1.2%.

Ladner: Total Units Sold in April were 16 – down from 31 (48%) in March, down from 29 (45%) in February, down from 17 (6%) in January, down from 33 (52%) in April 2024, and down from 43 (63%) in April 2023; Active Listings were at 178 at month end compared to 121 at that time last year (up 47%) and 158 at the end of March (up 13%); the 77 New Listings in April were up 13% compared to March, up 17% compared to February, down 3% compared to April 2024, and up 33% compared to April 2023. Month’s supply of total residential listings is up to 11 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 21% compared to 46% in March, 42% in April 2024, and 74% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.1%.

Tsawwassen: Total Units Sold in April were 40 – up from 36 (11%) in March, up from 28 (43%) in February, up from 26 (54%) in January, down from 51 (22%) in April 2024, and down from 54 (26%) in April 2023; Active Listings were at 306 at month end compared to 204 at that time last year (up 50%) and 270 at the end of March (up 13%); the 125 New Listings in April were up 26% compared to March, up 28% compared to February, up 17% compared to April 2024, and up 69% compared to April 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 32% compared to 36% in March, 48% in April 2024, and 73% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.6%.

Fraser Valley: Sales in April were up 0.7%, compared to March and were down 29.1% from April 2024. New listings were down 1.0% from March and down 5.4% from April 2024.The average price was down 4.4% month-over-month and is down 5.5% year-over-year. Active listings were up 9.0% to 10,046 from 9,219 last month and up 37.4% from April 2024 which was at 7,313. Month’s supply of total residential listings increased to 10 from 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.5% and in the last 12 months down 3.2%.

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos

Greater Vancouver Sales and Listings Statistics All Regional

STATS IMAGES

From Land of Confusion to Let’s Get This Market Started

Thu, 03 Apr 2025 18:29:14 GMT

Highlights of Dexter’s March 2025 report

Sales in March up 14% month-over-month

Best market for buyers in years

New listings continue to be on the rise

Time to move on from tariffs

When Phil Collins came out with the hit song Land of Confusion in 1986 (highly recommend watching the video), who knew it was 39 years early! With politics on both sides of the border creating distraction and confusion for buyers and sellers, a solution might be to listen to more music and less news! Although as of April 2nd, the confusion may have come to an end as the U.S. tariff announcement came, and Canada seems to be in a better position than anticipated with the CUSMA free trade agreement mostly upheld and other tariffs levied around escaping Canadian imports. Yes, we still have tariffs in place but it may just be time to get this market started!

Moving to politics in our country, we can expect a whole host of promises to come this month as the Conservatives and Liberals try to sway voters their way. Housing will be a hot topic for both parties as they try to convince Canadians they have a better model for easing affordability and supply issues in Canadian markets. GST cuts have been promised on new homes, capital gains relief and boosting supply through higher construction targets. Expect some of this might stick when a new government is formed. Whichever party forms government, hopefully they realize that investment in Canada is going to be a key piece moving forward. If we want capital to come to Canada, we need to incentivize it, and the housing market is one avenue that needs to be considered.

There were 2,091 properties sold in Greater Vancouver in March, after 1,827 properties sold in February, 1,552 properties sold in January, 1,765 properties sold in December, and 2,181 properties sold in November. Spring break and tariff talk held back buyer activity in March, and while spring break typically keeps buyers preoccupied, it was mostly the uncertainty of tariffs that continued to affect buyers. Perhaps the noise will quiet down enough to bring more buyers back. They are certainly out there and just needing a reason to jump back into the market. The Bank of Canada is doing their part. The campaign promises in Canada could also help kick start buyers.

Greater Vancouver home sales while up over the last 3 months, were below the total sales for the last two years in March. This was not unexpected though and while lower, there is still an opportunity to see an improvement in April. Sales in March were down 13% compared to March 2024 with 2,415 homes sold and down from March 2023 which saw 2,535 sales. This is the second straight month that sales lagged the previous year after January was 9% higher compared to the 1,427 properties sold in January 2024 and a 51% increase from the 1,030 sales in January 2023. Without tariff talk, this would be a completely different real estate market and it could be going forward – but in a positive direction. Buyers enjoy the moment, because it won’t last. Heading east, the Fraser Valley region saw sales in March down 26% compared to March 2024 after being down 27% year-over-year in February.

Greater Vancouver sales in March were 35% below the 10-year average compared to February at 39% below the 10-year average and January where sales were 29% below the 10-year average. This was the second lowest total sales for the month of March going back to 1986, with March 2019 being the lowest at 1,743 sales that year. Given how much more is happening this March with the political uncertainty, it’s encouraging that sales for this March were higher than 2019.

Greater Vancouver sellers were much more active in March compared to buyers. There were 6,565 new listings in March compared with 5,163 new listings in February. And with sales levels still lagging this past month, the absorption rate of new listings dropped in March with 32% of new listings being purchased, compared to 35% in February and 47% in March 2024. That percentage favours buyers that are serious in this market as it allows the inventory of homes available to grow and thus provide much more opportunity for buyers to negotiate on the home they want. Other than the super heated market of 2021 and 2022, the number of new listings for the month of March haven’t been that high since 2010 and 2011. New listings in March this year were significantly higher compared to the 5,112 and 4,427 in March 2024 and 2023 respectively.

The number of new listings in March were 15% above the 10-year average, compared with February which were 12% above the 10-year average, and January which saw the number of new listings 30% above the 10-year average. With total listings well below the all-time highs, it is keeping the real estate market in a balanced to border line buyer’s market. Owning real estate is still a sound investment. And don’t listen to the news story that mortgage delinquencies are on the rise. In British Columbia, mortgages in arrears are only 0.19% of all mortgages. That’s 7 times lower than the United States. So that’s not driving listings counts. And with B.C. lower than the national rate of delinquency, we won’t be seeing any real uptick in distressed home sales.

There were 14,546 active listings in Greater Vancouver at month end, compared to 12,744 at the end of February. Total active listings are up from 10,552 at the end of March last year, a 38% increase year-over-year. This year-over-year increase was almost as high as what we saw between March 2018 and 2019 – the highest going back to over 30 years. Finally, buyers have choice and opportunity. With lower interest rates and less competition for now, this is the best buying opportunity we’ve seen in some time.

Months of supply remained at 7 months in Greater Vancouver due to the uptick in sales and despite higher inventory numbers. The detached market in Greater Vancouver bumped up to 10 from 9 months supply, while townhomes stayed at 5 months and condos also held, staying at 6 months. Townhomes will continue to be undersupplied in the market, especially in Greater Vancouver as land prices make it more challenging to develop. In the Fraser Valley, months of supply is at 9, while detached is at 10 months supply, townhomes are at 5 months and condos are at 7 months.

With the push for more purpose-built rental buildings over the last few years, there are fewer new strata ownership units being built which will keep supply constrained in the coming years. Even with the increase in listings and slower activity, what’s most affordable is still the hardest to get into. This could be the opportunity for the presale market to jump back into the picture, with the help of higher GST exemptions for buyers and the promise of lower development costs charges by the Federal Liberals.

Greater Vancouver townhome sales in March were down 4% compared to March last year, while condos sales were down 10% year-over-year. Detached sales struggled the most in March, down 24% from March last year. Townhome inventory overall was up 39% year-over year compared to 34% at the end of February, while condo inventory climbed to 42% above March 2024 after being up 37% in February year-over-year. Detached homes were up 33% year-year-year, compared to 27% at the end of February above the previous year. Over in the Fraser Valley, detached home inventory is up 51% year-over-year while townhome inventory is up 72% and condo inventory is up 67%. Buyers have even greater opportunities in the Fraser Valley. Expect to see sales increase in the coming months.

The Greater Vancouver real estate market is showing resilience despite recent political and economic uncertainties. With the U.S. tariff announcement bringing clarity and the CUSMA trade agreement mostly upheld, confidence could begin to return. While sales in March remained below last year’s levels, they have been gradually increasing over the past three months, and an influx of new listings is giving buyers more choices and negotiating power. Political parties in Canada are focusing on housing policies, which could further support the market. With stable mortgage delinquency rates, balanced conditions, and potential interest rate declines, this may be one of the best opportunities for buyers in recent years.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March were 2,091 – up from 1,827 (14%) in February, up from 1,552 (35%) in January, down from 2,415 (13%) in March 2024, and down from 2,535 (18%) in March 2023; Active Listings were at 14,546 at month end compared to 10,552 at that time last year (up 38%) and 12,744 at the end of February (up 14%); the 6,565 New Listings in March were up 27% compared to February 2025, up 28% compared to March 2024, and up 48% compared to March 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 35% in February, 47% in March 2024, and 57% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 1.0%.

Vancouver Westside: Total Units Sold in March were 394 – up from 307 (28%) in February, up from 255 (55%) in January, down from 424 (7%) in March 2024, and down from 449 (12%) in March 2023; Active Listings were at 3,098 at month end compared to 2,342 at that time last year (up 32%) and 2,780 at the end of February (up 11%); the 1,315 New Listings in March were up 23% compared to February 2025, up 35% compared to March 2024, and up 42% compared to March 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 30% compared to 29% in February, 44% in March 2024, and 49% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.0%.

Vancouver East Side: Total Units Sold in March were 247 – up from 204 (21%) in February, up from 158 (56%) in January, down from 285 (13%) in March 2024, and down from 287 (14%) in March 2023; Active Listings were at 1,494 at month end compared to 1,198 at that time last year (up 25%) and 1,313 at the end of February (up 14%); the 733 New Listings in March were up 29% compared to February 2025, up 23% compared to March 2024, and up 59% compared to March 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 36% in February, 48% in March 2024, and 62% in March 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 1.3%.

North Vancouver: Total Units Sold in March were 171 – up from 153 (12%) in February, up from 148 (16%) in January, down from 187 (9%) in March 2024, and down from 215 (20%) in March 2023; Active Listings were at 844 at month end compared to 523 at that time last year (up 61%) and 684 at the end of February (up 23%); the 512 New Listings in March were up 45% compared to February 2025, up 54% compared to March 2024, and up 39% compared to March 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 33% compared to 43% in February, 56% in March 2024, and 58% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.8%.

West Vancouver: Total Units Sold in March were 40 – up from 39 (3%) in February, up from 30 (33%) in January, down from 53 (25%) in March 2024, and down from 64 (37%) in March 2023; Active Listings were at 626 at month end compared to 560 at that time last year (up 12%) and 580 at the end of February (up 8%); the 206 New Listings in March were up 16% compared to February 2025, up 10% compared to March 2024, and up 26% compared to March 2023. Month’s supply of total residential listings is up to 16 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 19% compared to 22% in February, 28% in March 2024, and 39% in March 2023.

Month-over-month, the house price index is up 0.2% but in the last 6 months down 0.4%.

Richmond: Total Units Sold in March were 220 – up from 179 (23%) in February, up from 206 (7%) in January, down from 279 (21%) in March 2024, and down from 352 (37%) in March 2023; Active Listings were at 1,728 at month end compared to 1,166 at that time last year (up 48%) and 1,513 at the end of February (up 14%); the 733 New Listings in March were up 22% compared to February 2025, up 32% compared to March 2024, and up 53% compared to March 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 30% compared to 30% in February, 50% in March 2024, and 74% in March 2023.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.3%.

Burnaby East: Total Units Sold in March were 27 – up from 21 (29%) in February, up from 17 (59%) in January, down from 32 (16%) in March 2024, and up from 20 (35%) in March 2023; Active Listings were at 174 at month end compared to 101 at that time last year (up 72%) and 153 at the end of February (up 14%); the 85 New Listings in March were up 31% compared to February 2025, up 60% compared to March 2024, and up 81% compared to March 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 31% compared to 32% in February, 60% in March 2024, and 43% in March 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 0.2%.

Burnaby North: Total Units Sold in March were 107 – down from 129 (17%) in February, up from 104 (3%) in January, down from 109 (2%) in March 2024, and down from 169 (37%) in March 2023; Active Listings were at 878 at month end compared to 535 at that time last year (up 64%) and 728 at the end of February (up 21%); the 427 New Listings in March were up 33% compared to February 2025, up 40% compared to March 2024, and up 79% compared to March 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 25% compared to 40% in February, 36% in March 2024, and 71% in March 2023.

Month-over-month, the house price index is up 0.7% and in the last 6 months up 1.2%.

Burnaby South: Total Units Sold in March were 94 – up from 75 (25%) in February, up from 59 (59%) in January, down from 142 (29%) in March 2024, and down from 130 (28%) in March 2023; Active Listings were at 671 at month end compared to 446 at that time last year (up 50%) and 597 at the end of February (up 12%); the 285 New Listings in March were up 15% compared to February 2025, up 16% compared to March 2024, and up 20% compared to March 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 30% in February, 58% in March 2024, and 55% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 2.1%.

New Westminster: Total Units Sold in March were 104 – up from 88 (18%) in February, up from 61 (70%) in January, down from 108 (4%) in March 2024, and up from 96 (8%) in March 2023; Active Listings were at 513 at month end compared to 350 at that time last year (up 47%) and 448 at the end of February (up 15%); the 269 New Listings in March were up 30% compared to February 2025, up 27% compared to March 2024, and up 91% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 38% compared to 43% in February, 51% in March 2024, and 68% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 2.2%.

Coquitlam: Total Units Sold in March were 233 – up from 165 (41%) in February, up from 155 (50%) in January, down from 235 (1%) in March 2024, and up from 196 (19%) in March 2023; Active Listings were at 1,173 at month end compared to 663 at that time last year (up 77%) and 1,049 at the end of February (up 12%); the 593 New Listings in March were up 26% compared to February 2025, up 40% compared to March 2024, and up 94% compared to March 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 39% compared to 35% in February, 55% in March 2024, and 64% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 0.1%.

Port Moody: Total Units Sold in March were 51 – up from 40 (28%) in February, up from 32 (59%) in January, up from 45 (13%) in March 2024, and down from 80 (36%) in March 2023; Active Listings were at 279 at month end compared to 160 at that time last year (up 74%) and 233 at the end of February (up 20%); the 152 New Listings in March were up 26% compared to February 2025, up 45% compared to March 2024, and up 33% compared to March 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 33% compared to 33% in February, 43% in March 2024, and 70% in March 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 4.4%.

Port Coquitlam: Total Units Sold in March were 62 – up from 58 (7%) in February, down from 65 (5%) in January, down from 89 (30%) in March 2024, and down from 69 (10%) in March 2023; Active Listings were at 313 at month end compared to 213 at that time last year (up 47%) and 262 at the end of February (up 19%); the 176 New Listings in March were up 36% compared to February 2025, up 26% compared to March 2024, and up 39% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 45% in February, 64% in March 2024, and 54% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 1.6%.

Pitt Meadows: Total Units Sold in March were 27 – up from 21 (29%) in February, up from 13 (108%) in January, down from 29 (7%) in March 2024, and down from 28 (4%) in March 2023; Active Listings were at 105 at month end compared to 66 at that time last year (up 59%) and 84 at the end of February (up 25%); the 66 New Listings in March were up 50% compared to February 2025, up 57% compared to March 2024, and up 53% compared to March 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 40% compared to 47% in February, 69% in March 2024, and 65% in March 2023.

Month-over-month, the house price index is up 2.2% and in the last 6 months up 3.0%.

Maple Ridge: Total Units Sold in March were 108 – down from 129 (16%) in February, up from 95 (14%) in January, down from 187 (42%) in March 2024, and down from 149 (28%) in March 2023; Active Listings were at 832 at month end compared to 714 at that time last year (up 16%) and 735 at the end of February (up 13%); the 354 New Listings in March were up 13% compared to February 2025, down 4% compared to March 2024, and up 29% compared to March 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 30% compared to 41% in February, 50% in March 2024, and 60% in March 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months flat.

Ladner: Total Units Sold in March were 31 – up from 29 (7%) in February, up from 17 (82%) in January, up from 30 (3%) in March 2024, and down from 38 (19%) in March 2023; Active Listings were at 158 at month end compared to 90 at that time last year (up 76%) and 146 at the end of February (up 8%); the 68 New Listings in March were up 3% compared to February 2025, up 28% compared to March 2024, and down 1% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 44% in February, 57% in March 2024, and 55% in March 2023.

Month-over-month, the house price index is up flat and in the last 6 months down 1.3%.

Tsawwassen: Total Units Sold in March were 36 – up from 28 (29%) in February, up from 26 (38%) in January, up from 34 (6%) in March 2024, and up from 35 (3%) in March 2023; Active Listings were at 270 at month end compared to 172 at that time last year (up 57%) and 245 at the end of February (up 10%); the 99 New Listings in March were up 1% compared to February 2025, up 39% compared to March 2024, and up 21% compared to March 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 36% compared to 29% in February, 48% in March 2024, and 43% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 0.6%.

Fraser Valley: Sales in March were up 12.6%, compared to February and were down 25.7% from March 2024. New listings were up 21.8% from February and up 27.3% from March 2024.The average price was up 3.5% month-over-month and is down 2.1% year-over-year. Active listings were up 14.2% to 9,219 from 8,070 last month and up 48.8% from March 2024 which was at 6,197. Month’s supply of total residential listings increased to 9 from 8 months (buyer’s market conditions).

Month-over-month, the house price index is up 0.4% and in the last 6 months down 0.5%.

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Uncertainty Comes at a Cost

Tue, 04 Mar 2025 23:34:06 GMT

Highlights of Dexter’s February 2025 report

Sales in February down 11% year-over-year
New listings in February drop 9% from January
Active listings continue to accumulate at a slower rate
Tariff troubles begin

The year of political uncertainty continues. Tariff or not to tariff has been the question to start 2025 and continued through the month of February before culminating with a thud of tariffs on March 3. And while the hush that came across from buyers wasn’t all too unexpected, some sellers as well joined in the pause of activity in February. While sales in February were above the totals in January, new listing totals declined in February from January, not a common occurrence in the real estate market. It appears that the uncertainty around tariffs and interest rates affected the real estate market in February. This uncertainty may play out in the coming months, not to mention Canada’s own federal election coming this year. And the election promises are likely to impact what decisions people make with real estate. There is already talk of GST exemptions on new homes either up to $1M or $1.5M depending on which candidate wins, capital gains discussions and likely a push for supply from all sides. With 1.2 million mortgages up for renewal in 2025, some homeowners that have been afraid to make a move due to locked in low rates may now look to make that move they weren’t prepared to do as opposed to just renewing their mortgage.

Amidst all the political talk, the Bank of Canada will make their next interest rate decision on March 12th, with expectations somewhat mixed on whether another rate cut will happen. With tariffs now in place, the Bank of Canada may need to do another jumbo cut of at least 50 points. With inflation still below 2% and Canadian GDP sputtering along, the case is there for another rate cut by the Bank of Canada. And that’s even before considering the effects of tariffs. And when the economy suffers due to tariffs, expect the same to be considered when the Bank of Canada meets in April again.

There were 1,827 properties sold in Greater Vancouver in February after 1,552 properties sold in January, 1,765 properties sold in December, and 2,181 properties sold in November. The real estate market has undertones of a market wanting to move – literally. The increase in sales from January came amidst much political uncertainty and with fewer listings coming on the market in February compared to January. Cautiously moving forward, with buyers still having the advantage in today’s real estate market.

Greater Vancouver home sales lagged the previous year for the first time since September after a strong fourth quarter in 2024. No one should be surprised. Sales in February were down 11% compared to February 2024 with 2,070 homes sold and the same as February 2023 at 1,824 sales. This after January was 9% higher compared to the 1,427 properties sold in January 2024 and were a 51% increase from the 1,030 sales in January 2023. Heading east, the Fraser Valley region saw sales in February down 27% compared to February 2024 and at similar levels to February 2023.

Greater Vancouver sales in February were 39% below the 10-year average compared to January where sales were 29% below the 10-year average, December which was 12% below the 10-year average and November sales at 13% below the 10-year average. This was not a typical February, due mostly to uncertainty and partly due to weather with a 2-week cold snap which included snow (although nothing in comparison to the snow experienced in Eastern Canada.) Only fives times since the year 2000 have we seen less than 2,000 sales in Greater Vancouver for the month of February. Considering there were 4,051 sales in February 1989, this goes to show how few transactions are occurring given the increase in population and housing stocking over the last 35 years. People are holding on to the homes they buy, which exacerbates the lack of supply of available homes. And with a project in North Vancouver’s Lynn Canyon switching to all rental as opposed to a mix of rental and strata, there will be 205 fewer units available to purchase in that already supply starved market. At least Port Moody got the memo for more supply as they approved the first towers for its downtown core with over 1,000 units approved in 3 towers near the Moody Centre Sky Train station.

Sellers were less active in February, perhaps joining buyers on the side of uncertainty. There were 5,163 new listings in February, compared with 5,644 new listings that came on in January in Greater Vancouver. With sales levels still lagging through the first two months of the year, this might have kept some sellers taking a wait and see approach. But it was still well above the numbers of new listings compared to February last year which saw 4,651 come on and significantly more than the 3,559 new listings that came on the market in February 2023. The sales to listings ratio did rise in February, with 35% of new listings selling during the month, compared to 27% in January. But still below the 45% in February 2024 and 51% in February 2023. This points to more favourable conditions for buyers as well.

The number of new listings in February were 12% above the 10-year average, compared with January which saw the number of new listings 30% above the 10-year average and December was right at the 10-year average. There were properties listed in January that came off the market in late 2024 which added to the totals for that month and after seeing the slower start to the year and continued uncertainty, some sellers may have decided to wait and see if there are any impacts from the tariffs and resulting economic damage. March typically produces more new listings as the spring market kicks in. Even with the two-week school spring break, we’ll likely see more listings again this year compared to February but that could also depend on what the economic climate is like as we move through these tumultuous times. Predicting the future is subject to many variables so typical may not be part of the vocabulary for March this year.

There were 12,744 active listings in Greater Vancouver at month end, compared to 11,494 at the end of January. About 250 listings came off the market after the end of February, so March started with a lower total of active listings.

Months of supply remained at 7 months in Greater Vancouver due to less listings coming on in February. The detached market in Greater Vancouver dropped down to 9 from 11 months supply, compared to 8 months supply in December while townhomes stayed at 5 months after being at 4 months in December and condos also held, staying at 6 months after being at 5 months in December. The trend of townhome properties being the least available and most competitive continued. North Vancouver and Port Coquitlam remain in a seller’s market with only 4 months of supply with Burnaby North and Ladner dropping down to 4 months supply in the townhouse segment and Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge sitting with 2 months supply. Squamish saw a significant jump in sales in February and now sits with 2 months supply of townhouses while detached is at 3 months supply in Squamish.

Townhome sales in January for the region were up 10% compared to February last year, while condos sales were up 15% year-over-year. Detached sales lagged those product segments at 3% up from February last year. Townhome inventory overall was up 34% year-over year compared to 39% at the end of January, while condo inventory remained up 37% and detached homes were up 27% compared to 28% year-over-year at the end of January.

The Greater Vancouver real estate market in February 2025 reflected ongoing political and economic uncertainty, with tariffs taking effect on March 3 and interest rate decisions looming. While home sales increased from January, new listings declined, an unusual trend for the season. With a federal election and mortgage renewals on the horizon, market conditions remain unpredictable heading into spring. But after several years of below average activity, this is a market just waiting to move.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,827 – up from 1,552 (18%) in January, up from 1,765 (4%) in December, down from 2,181 (16%) in November, down from 2,070 (11%) in February 2024, and up from 1,824 (0.1%) in February 2023; Active Listings were at 12,744 at month end compared to 10,552 at that time last year (up 32%) and 11,494 at the end of January (up 11%); the 5,163 New Listings in February were down 9% compared to January 2025, up 11% compared to February 2024, and up 45% compared to February 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 27% in January, 45% in February 2024, and 51% in February 2023.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.4%.

Vancouver Westside: Total Units Sold in February were 307 – up from 255 (20%) in January, the same as December, down from 383 (34%) in November, down from 374 (18%) in February 2024, and down from 316 (3%) in February 2023; Active Listings were at 2,780 at month end compared to 2,148 at that time last year (up 29%) and 2,548 at the end of January (up 9%); the 1,068 New Listings in February were down 9% compared to January 2025, up 14% compared to February 2024, and up 49% compared to February 2023. Month’s supply of total residential listings is down to 9 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January, 40% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 1.2%.

Vancouver East Side: Total Units Sold in February were 204 – up from 158 (29%) in January, up from 198 (3%) in December, down from 268 (24%) in November, down from 249 (18%) in February 2024, and up from 198 (3%) in February 2023; Active Listings were at 1,313 at month end compared to 1,109 at that time last year (up 18%) and 1,198 at the end of January (up 10%); the 567 New Listings in February were down 13% compared to January 2025, up 4% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 24% in January, 46% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months down 0.5%.

North Vancouver: Total Units Sold in February were 153 – up from 148 (3%) in January, up from 138 (11%) in December, down from 173 (12%) in November, down from 163 (6%) in February 2024, and up from 150 (2%) in February 2023; Active Listings were at 684 at month end compared to 489 at that time last year (up 33%) and 596 at the end of January (up 15%); the 352 New Listings in February were down 15% compared to January 2025, up 3% compared to February 2024, and up 39% compared to February 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 34% in January, 48% in February 2024, and 59% in February 2023.

Month-over-month, the house price index is up 1.4% and in the last 6 months down 0.1%.

West Vancouver: Total Units Sold in February were 39 – up from 30 (30%) in January, the same in December, down from 45 (13%) in November, down from 56 (30%) in February 2024, and down from 43 (9%) in February 2023; Active Listings were at 580 at month end compared to 526 at that time last year (up 10%) and 541 at the end of January (up 7%); the 177 New Listings in February were down 10% compared to January 2025, up 4% compared to February 2024, and up 15% compared to February 2023. Month’s supply of total residential listings is down to 15 month’s supply from 18 (buyer’s market conditions) and sales to listings ratio of 22% compared to 15% in January, 33% in February 2024, and 28% in February 2023.

Month-over-month, the house price index is down 2.0% but in the last 6 months down 7.5%.

Richmond: Total Units Sold in February were 179 – down from 206 (13%) in January, down from 235 (24%) in December, down from 234 (24%) in November, down from 231 (23%) in February 2024, and down from 227 (21%) in February 2023; Active Listings were at 1,513 at month end compared to 1,088 at that time last year (up 39%) and 1,319 at the end of January (up 15%); the 599 New Listings in February were down 2% compared to January 2025, up 29% compared to February 2024, and up 30% compared to February 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 29% compared to 34% in January, 50% in February 2024, and 49% in February 2023.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 2.7%.

Burnaby East: Total Units Sold in February were 21 – up from 17 (24%) in January, the same as December, down from 38 (45%) in November, down from 25 (16%) in February 2024, and the same as February 2023; Active Listings were at 153 at month end compared to 94 at that time last year (up 63%) and 135 at the end of January (up 13%); the 65 New Listings in February were down 23% compared to January 2025, up 8% compared to February 2024, and up 225% compared to February 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 20% in January, 42% in February 2024, and 105% in February 2023.

Month-over-month, the house price index is up 0.9% and in the last 6 months down 1.4%.

Burnaby North: Total Units Sold in February were 129 – up from 104 (24%) in January, down from 130 (1%) in December, down from 145 (10%) in November, up from 121 (7%) in February 2024, and down from 134 (4%) in February 2023; Active Listings were at 728 at month end compared to 447 at that time last year (up 63%) and 649 at the end of January (up 12%); the 322 New Listings in February were down 8% compared to January 2025, up 29% compared to February 2024, and up 58% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 30% in January, 49% in February 2024, and 66% in February 2023.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 3.1%.

Burnaby South: Total Units Sold in February were 75 – up from 59 (27%) in January, down from 97 (23%) in December, down from 134 (40%) in November, down from 109 (31%) in February 2024, and down from 118 (36%) in February 2023; Active Listings were at 597 at month end compared to 425 at that time last year (up 40%) and 500 at the end of January (up 19%); the 248 New Listings in February were the same as January 2025, up 19% compared to February 2024, and up 20% compared to February 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 30% compared to 24% in January, 52% in February 2024, and 57% in February 2023.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 2.1%.

New Westminster: Total Units Sold in February were 88 – up from 61 (44%) in January, down from 96 (8%) in December, down from 93 (5%) in November, up from 79 (11%) in February 2024, and up from 66 (33%) in February 2023; Active Listings were at 448 at month end compared to 300 at that time last year (up 49%) and 404 at the end of January (up 11%); the 207 New Listings in February were down 10% compared to January 2025, up 8% compared to February 2024, and up 93% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 42% compared to 27% in January, 41% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%.

Coquitlam: Total Units Sold in February were 165 – up from 155 (6%) in January, up from 128 (29%) in December, down from 172 (4%) in November, down from 189 (13%) in February 2024, and up from 158 (2%) in February 2023; Active Listings were at 1,049 at month end compared to 599 at that time last year (up 75%) and 917 at the end of January (up 14%); the 472 New Listings in February were down 4% compared to January 2025, up 28% compared to February 2024, and up 99% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 32% in January, 51% in February 2024, and 67% in February 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.2%.

Port Moody: Total Units Sold in February were 40 – up from 32 (25%) in January, up from 29 (38%) in December, down from 63 (37%) in November, down from 46 (13%) in February 2024, and down from 47 (15%) in February 2023; Active Listings were at 233 at month end compared to 131 at that time last year (up 78%) and 184 at the end of January (up 26%); the 121 New Listings in February were up 10% compared to January 2025, up 49% compared to February 2024, and up 33% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 29% in January, 57% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is down 1.0% and in the last 6 months down 5.3%.

Port Coquitlam: Total Units Sold in February were 58 – down from 65 (11%) in January, up from 51 (14%) in December, down from 76 (24%) in November, down from 64 (9%) in February 2024, and up from 40 (45%) in February 2023; Active Listings were at 262 at month end compared to 198 at that time last year (up 32%) and 236 at the end of January (up 11%); the 129 New Listings in February were down 13% compared to January 2025, up 13% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 44% compared to 44% in January, 43% in February 2024, and 46% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%.

Pitt Meadows: Total Units Sold in February were 21 – up from 13 (62%) in January, down from 28 (25%) in December, down from 30 (30%) in November, down from 23 (8%) in February 2024, and up from 15 (40%) in February 2023; Active Listings were at 84 at month end compared to 64 at that time last year (up 31%) and 75 at the end of January (up 12%); the 44 New Listings in February were up 5% compared to January 2025, down 2% compared to February 2024, and up 63% compared to February 2023. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 47% compared to 30% in January, 51% in February 2024, and 55% in February 2023.

Month-over-month, the house price index is down 2.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in February were 129 – up from 95 (36%) in January, up from 112 (15%) in December, up from 116 (11%) in November, down from 145 (10%) in February 2024, and the same as February 2023; Active Listings were at 735 at month end compared to 678 at that time last year (up 8%) and 663 at the end of January (up 11%); the 313 New Listings in February were down 13% compared to January 2025, down 21% compared to February 2024, and up 50% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 41% compared to 26% in January, 36% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is down 1.8% and in the last 6 months down 3.1%.

Ladner: Total Units Sold in February were 29 – up from 17 (71%) in January, up from 14 (107%) in December, down from 33 (12%) in November, up from 23 (26%) in February 2024, and up from 27 (7%) in February 2023; Active Listings were at 146 at month end compared to 82 at that time last year (up 78%) and 134 at the end of January (up 9%); the 66 New Listings in February were down 15% compared to January 2025, up 78% compared to February 2024, and up 8% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 43% compared to 22% in January, 62% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 1.2%.

Tsawwassen: Total Units Sold in February were 28 – up from 26 (8%) in January, up from 21 (33%) in December, up from 26 (8%) in November, down from 38 (26%) in February 2024, and up from 25 (12%) in February 2023; Active Listings were at 245 at month end compared to 156 at that time last year (up 57%) and 216 at the end of January (up 13%); the 98 New Listings in February were down 8% compared to January 2025, up 31% compared to February 2024, and up 85% compared to February 2023. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 28% compared to 24% in January, 51% in February 2024, and 47% in February 2023.

Month-over-month, the house price index is up 1.3% and in the last 6 months down 2.7%.

Fraser Valley: Sales in February were up 10%, compared to January and were down 27% from February 2024. New listings were down 8% from January and up 12% from February 2024.The average price was down 1% month-over-month and is up 0.4% year-over-year. Active listings were up 8% to 6,966 from 6,214 last month and up 39% from February 2024 which was at 4,997. Month’s supply of total residential listings remains at 8 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%.

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Greater Vancouver Sales and Listings Statistics Houses Townhouses and Condos for February 2025

Greater Vancouver Sales and Listings Statistics All Regional for February 2025

A Boost in Sales to Start the Year.

Wed, 05 Feb 2025 17:52:24 GMT

Highlights of Dexter’s January 2025 report

Sales in January up 9% year-over-year
January had the highest number of new listings for the month of January since 2012
Bank of Canada has helped make buying more attractive
British Columbia would have the least exposure to U.S. tariffs compared to the rest of Canada

Welcome 2025! On the surface, the numbers in January pointed to a continuation of positive signs in real estate with a lift in activity like the last quarter of 2024. Sales were up, listings were up, sentiment is shifting to positive. If we thought 2024 was the year of distraction, 2025 stepped up and said: “hold my drink.” Let’s throw a trade war conversation into the start of this year and see where that goes. And at this point, where it is going is anyone’s guess, and there have been many. Perhaps calmer heads have prevailed. And not to mention a prime minister resigning and imminent federal election! With interest rates finally coming down - the latest drop came January 29th, it is setting up for a return to normal in the real estate market. Will that be affected with the back and forth talk of tariff wars? British Columbia does have the least exposure to U.S. tariffs compared to the rest of Canada which is a positive for our economy. When the Bank of Canada next meets on March 12th, they will have a big decision to make – just how much of a cut to their interest rate will they need to make depending on where the trade talk goes in one month.

There were 1,552 properties sold in Greater Vancouver in January, after 1,765 properties sold in December, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. The market buzz to start 2025 was certainly more positive than the last 2 years with multiple offers occurring, some listings moving within a week from coming on and higher traffic at open houses and showings. The pent-up demand seemed to be emerging as anticipated after a more than two-year hiatus due to higher interest rates.

Greater Vancouver home sales in January were 9% higher compared to the 1,427 properties sold in January 2024 and were a 51% increase from the 1,030 sales in January 2023. In fact, looking back at 2017 through to 2020, sales were 1,553, 1846, 1,120 and 1,602 respectively in those years for the month of January. The month of January is typically a slow month for real estate activity, so it’s not unusual to see the levels we saw this past month. With the political distractions abroad and at home, there continues to be a significant number of buyers and sellers ready for the right moment to jump into the market.

Greater Vancouver sales in January were 29% below the 10-year average, compared to December which was 12% below the 10-year average and November sales at 13% below the 10-year average. Although only 3 of those years experienced sales over 2,000 for the month of January. Taking out those years would put the average at 1,447 homes sold. We’ll see an acceleration in homes sales as we move through the spring, even with trade related distractions. With lower interest rates, and more rate reductions to come, buyers ready to move and sellers that were waiting on lower rates so they can make a move will all push activity.

On the listing side sellers were very active in January with 5,644 new listings in Greater Vancouver. This was well above the 1,737 new listings in December, 50% more than November and 2% higher than October. Year-over-year, there were 46% more new listings in January and 67% more than January 2023. A number of these new listings were likely properties that came off the market in late 2024 or ones where the listing was cancelled and relisted at a new price. In some cases, those new listing prices were higher as perhaps some sellers expected to see a better market in 2025.

The number of new listings in January were 30% above the 10-year average, after December was right at the 10-year average, November 5% above the 10-year average and October 20% above the 10-year average. Sellers were ready for January more so than we’ve seen in the last 10 years with this being the highest number of new listings for the month of January in Greater Vancouver since 2012 and the third highest total for the month going back to 1997. This can only serve to help buyers who are looking to take advantage of decreasing interest rates.

There were 11,494 active listings in Greater Vancouver at month end, compared to 10,948 at the end of December and 9,600 to start the month. After several listings expired at the end of December many came back on in January, together with others that were taken off the market in December. The month end active listing count was 33% higher than the total at the end of January 2024 which was a spike from being 24% year-over-year at the end of December. We’ll likely see the active listing count grow quickly through the spring market as sellers engage more than buyers in the near term. But should interest rates fall quickly, expect buyers to engage at a much quicker pace. The future is about to be written, and the plot could be much different than what was forecast at the end of 2024.

Months of supply increased to 7 months from 6 in Greater Vancouver due to a much higher number of listings coming on. The detached market in Greater Vancouver is up to 11 months supply, compared to 8 months supply in December while townhomes jumped to 5 months from 4 and condos went up to 6 months from 5. Townhomes continue to be the most competitive type of property to get into based on the lack of supply for those types of homes. North Vancouver and Port Coquitlam remain in a seller’s market with only 4 months of supply in both those cities, with there only being 1 month of supply of townhomes and 2 months supply of condos in Port Coquitlam.

Townhome sales in January for the region were up 12% compared to January last year, while condos sales were up 13% year-over-year. With detached sales the same as January last year, pricing was important as buyers sought lower price points to start the year. Townhome inventory overall was up 39% year-over year, while condo inventory was up 37% and detached homes were up 28%.

A new year, and new distractions. So far, this decade continues to provide a yearly dose of interference in real estate. Just when we thought 2025 was going to be a year of normalizing interest rates, politics jumped back into the mix and to give buyers and sellers something else to think about. So many want to move, and so many need to move. Will they be able to put the latest noise behind them? Some will, and perhaps further interest rate stimulus this will give buyers the push they need to engage in the market. And with a greater number of listings coming back on, the predictions of more sales in 2025 may just come to fruition.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,552 - down from 1,765 (12%) in December, down from 2,181 (29%) in November, down from 2,632 (41%) in October, up from 1,427 (9%) in January 2024, up from 1,030 (51%) in January 2023; Active Listings were at 11,494 at month end compared to 8,633 at that time last year (up 33%) and 10,948 at the end of December (up 5%); the 5,664 New Listings in January were up 226% compared to December 2024, up 50% compared to November, up 2% compared to October, up 46% compared to January 2024, up 67% compared to January 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 27% compared to 102% in December 2024, 37% in January 2024, and 30% in January 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 2.1%.

Vancouver Westside: Total Units Sold in January were 255 - down from 307 (17%) in December, down from 383 (35%) in November, down from 472 (46%) in October, up from 245 (4%) in January 2024, up from 194 (31%) in January 2023; Active Listings were at 2,548 at month end compared to 1,963 at that time last year (up 30%) and 2,396 at the end of December (up 6%); the 1,173 New Listings in January were up 254% compared to December 2024, up 65% compared to November, up 3% compared to October, up 38% compared to January 2024, up 63% compared to January 2023. Month’s supply of total residential listings is up to 10 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 22% compared to 93% in December 2024, 29% in January 2024, and 27% in January 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 2.3%.

Vancouver East Side: Total Units Sold in January were 158 - down from 198 (20%) in December, down from 268 (41%) in November, down from 282 (44%) in October, down from 164 (4%) in January 2024, up from 118 (34%) in January 2023; Active Listings were at 1,198 at month end compared to 990 at that time last year (up 21%) and 1,151 at the end of December (up 4%); the 651 New Listings in January were up 252% compared to December 2024, up 36% compared to November, up 6% compared to October, up 29% compared to January 2024, up 81% compared to January 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 24% compared to 107% in December 2024, 33% in January 2024, and 33% in January 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 0.7%.

North Vancouver: Total Units Sold in January were 148 - up from 138 (7%) in December, down from 173 (14%) in November, down from 224 (34%) in October, up from 117 (26%) in January 2024, up from 82 (80%) in January 2023; Active Listings were at 596 at month end compared to 414 at that time last year (up 44%) and 532 at the end of December (up 12%); the 429 New Listings in January were up 309% compared to December 2024, up 66% compared to November, down 13% compared to October, up 58% compared to January 2024, up 86% compared to January 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 34% compared to 131% in December 2024, 43% in January 2024, and 35% in January 2023.

Month-over-month, the house price index is up 2.0% and in the last 6 months down 2.7%.

West Vancouver: Total Units Sold in January were 30 - down from 39 (23%) in December, down from 45 (37%) in November, down from 59 (49%) in October, up from 23 (30%) in January 2024, up from 28 (7%) in January 2023; Active Listings were at 541 at month end compared to 483 at that time last year (up 12%) and 546 at the end of December (down 1%); the 197 New Listings in January were up 152% compared to December 2024, up 64% compared to November, down 8% compared to October, up 9% compared to January 2024, up 55% compared to January 2023. Month’s supply of total residential listings is up to 18 month’s supply from 14 (balanced market conditions) and sales to listings ratio of 15% compared to 50% in December 2024, 13% in January 2024, and 22% in January 2023.

Month-over-month, the house price index is down 3.3% but in the last 6 months down 4.9%.

Richmond: Total Units Sold in January were 206 - down from 235 (12%) in December, down from 234 (12%) in November, down from 290 (29%) in October, up from 161 (28%) in January 2024, up from 120 (72%) in January 2023; Active Listings were at 1,319 at month end compared to 1,014 at that time last year (up 19%) and 1,351 at the end of December (down 2%); the 613 New Listings in January were up 214% compared to December 2024, up 31% compared to November, up 4% compared to October, up 49% compared to January 2024, up 51% compared to January 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 121% in December 2024, 39% in January 2024, and 29% in January 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 1.8%.

Burnaby East: Total Units Sold in January were 17 - down from 21 (19%) in December, down from 38 (55%) in November, down from 25 (32%) in October, the same as January 2024, up from 9 (89%) in January 2023; Active Listings were at 135 at month end compared to 77 at that time last year (up 75%) and 116 at the end of December (up 16%); the 85 New Listings in January were up 254% compared to December 2024, up 52% compared to November, up 23% compared to October, up 70% compared to January 2024, up 93% compared to January 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 20% compared to 46% in December 2024, 34% in January 2024, and 20% in January 2023.

Month-over-month, the house price index is flat and in the last 6 months down 2.4%.

Burnaby North: Total Units Sold in January were 104 - down from 130 (20%) in December, down from 145 (28%) in November, down from 168 (38%) in October, up from 88 (18%) in January 2024, up from 63 (65%) in January 2023; Active Listings were at 649 at month end compared to 387 at that time last year (up 68%) and 595 at the end of December (up 9%); the 351 New Listings in January were up 154% compared to December 2024, up 34% compared to November, up 19% compared to October, up 90% compared to January 2024, up 74% compared to January 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 94% in December 2024, 48% in January 2024, and 31% in January 2023.

Month-over-month, the house price index is up 0.7% and in the last 6 months down 2.5%.

Burnaby South: Total Units Sold in January were 59 - down from 97 (39%) in December, down from 134 (56%) in November, down from 166 (64%) in October, down from 102 (42%) in January 2024, up from 54 (9%) in January 2023; Active Listings were at 500 at month end compared to 398 at that time last year (up 26%) and 493 at the end of December (up 1%); the 248 New Listings in January were up 195% compared to December 2024, up 49% compared to November, down 13% compared to October, up 16% compared to January 2024, up 53% compared to January 2023. Month’s supply of total residential listings is up to 8 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 24% compared to 115% in December 2024, 48% in January 2024, and 33% in January 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 1.8%.

New Westminster: Total Units Sold in January were 61 - down from 96 (36%) in December, down from 93 (34%) in November, down from 120 (49%) in October, up from 54 (13%) in January 2024, up from 40 (53%) in January 2023; Active Listings were at 404 at month end compared to 242 at that time last year (up 67%) and 360 at the end of December (up 12%); the 229 New Listings in January were up 242% compared to December 2024, down 10% compared to November, down 5% compared to October, up 71% compared to January 2024, up 116% compared to January 2023. Month’s supply of total residential listings is up to 7 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 27% compared to 143% in December 2024, 40% in January 2024, and 38% in January 2023.

Month-over-month, the house price index is flat and in the last 6 months down 0.1%.

Coquitlam: Total Units Sold in January were 155 - up from 128 (21%) in December, down from 172 (10%) in November, down from 246 (37%) in October, up from 112 (38%) in January 2024, up from 73 (112%) in January 2023; Active Listings were at 917 at month end compared to 521 at that time last year (up 76%) and 867 at the end of December (up 12%); the 491 New Listings in January were up 217% compared to December 2024, up 56% compared to November, up 5% compared to October, up 71% compared to January 2024, up 87% compared to January 2023. Month’s supply of total residential listings is down to 6 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 32% compared to 83% in December 2024, 39% in January 2024, and 28% in January 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 3.1%.

Port Moody: Total Units Sold in January were 32 - up from 29 (10%) in December, down from 63 (49%) in November, down from 66 (52%) in October, up from 31 (3%) in January 2024, up from 23 (39%) in January 2023; Active Listings were at 184 at month end compared to 122 at that time last year (up 51%) and 155 at the end of December (up 19%); the 110 New Listings in January were up 307% compared to December 2024, up 38% compared to November, down 25% compared to October, up 96% compared to January 2024, up 7% compared to January 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 29% compared to 107% in December 2024, 55% in January 2024, and 22% in January 2023.

Month-over-month, the house price index is down 1.7% and in the last 6 months down 4.5%.

Port Coquitlam: Total Units Sold in January were 65 - up from 51 (27%) in December, down from 76 (14%) in November, down from 77 (16%) in October, up from 43 (51%) in January 2024, up from 34 (91%) in January 2023; Active Listings were at 236 at month end compared to 155 at that time last year (up 52%) and 237 at the end of December (down 0.5%); the 149 New Listings in January were up 198% compared to December 2024, up 37% compared to November, up 1% compared to October, up 104% compared to January 2024, up 91% compared to January 2023. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 44% compared to 102% in December 2024, 59% in January 2024, and 44% in January 2023.

Month-over-month, the house price index is up 0.9% and in the last 6 months down 1.3%.

Pitt Meadows: Total Units Sold in January were 13 - down from 28 (54%) in December, down from 30 (57%) in November, down from 32 (59%) in October, down from 20 (35%) in January 2024, down from 15 (13%) in January 2023; Active Listings were at 75 at month end compared to 57 at that time last year (up 31%) and 68 at the end of December (up 10%); the 42 New Listings in January were up 282% compared to December 2024, up 0% compared to November, down 26% compared to October, up 10% compared to January 2024, up 11% compared to January 2023. Month’s supply of total residential listings is up to 6 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 30% compared to 254% in December 2024, 52% in January 2024, and 39% in January 2023.

Month-over-month, the house price index is down 1.9% and in the last 6 months down 2.3%.

Maple Ridge: Total Units Sold in January were 95 - down from 112 (15%) in December, down from 116 (18%) in November, down from 143 (34%) in October, down from 106 (10%) in January 2024, up from 65 (46%) in January 2023; Active Listings were at 663 at month end compared to 563 at that time last year (up 17%) and 611 at the end of December (up 9%); the 360 New Listings in January were up 300% compared to December 2024, up 64% compared to November, up 14% compared to October, up 38% compared to January 2024, up 67% compared to January 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 26% compared to 124% in December 2024, 40% in January 2024, and 30% in January 2023.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 1.9%.

Ladner: Total Units Sold in January were 17 - up from 14 (21%) in December, down from 33 (48%) in November, down from 31 (45%) in October, down from 21 (19%) in January 2024, up from 16 (6%) in January 2023; Active Listings were at 134 at month end compared to 83 at that time last year (up 61%) and 117 at the end of December (up 15%); the 78 New Listings in January were up 420% compared to December 2024, up 77% compared to November, up 28% compared to October, up 70% compared to January 2024, up 81% compared to January 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 22% compared to 93% in December 2024, 46% in January 2024, and 37% in January 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 0.1%.

Tsawwassen: Total Units Sold in January were 26 - up from 21 (24%) in December, the same as November, down from 36 (28%) in October, up from 24 (8%) in January 2024, up from 20 (30%) in January 2023; Active Listings were at 216 at month end compared to 139 at that time last year (up 55%) and 181 at the end of December (up 19%); the 107 New Listings in January were up 328% compared to December 2024, up 143% compared to November, up 38% compared to October, up 110% compared to January 2024, up 88% compared to January 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 24% compared to 84% in December 2024, 47% in January 2024, and 35% in January 2023.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 0.7%.

Fraser Valley: Sales in January were down 15%, compared to December and were down 13% from January 2024. New listings were up 177% from December and up 49% from January 2024.The average price was down 5% month-over-month and is up 0.1% year-over-year. Active listings were up 8% to 6,214 from 5,746 last month and up 37% from January 2024 which was at 4,527. Month’s supply of total residential listings is down to 8 months from 7 months (buyer’s market conditions).

Month-over-month, the house price index flat and in the last 6 months down 3.5%.

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Download Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos for January 2025

Download Greater Vancouver Sales and Listings Statistics All Regional for January 2025

A Sign of What Is to Come in 2025?

Mon, 06 Jan 2025 19:26:53 GMT

Highlights of Dexter’s December 2024 report

Sales in December up 31% year-over-year
Was December the last of the jumbo cuts by the Bank of Canada?
Quarter 4 sales in Greater Vancouver were up 30% to 2023
Townhomes continue to be too few and far between for buyers

It’s a new year, but one with the anticipation of continued interest rate reductions. The Bank of Canada meets again on January 29th following their rate cut of 50 points in December and with a month of political and economic headwinds to come, the 25-point drop that’s currently expected could see more swings than the Vancouver Canuck’s season so far. Unfortunately, the new year also brought a new round of legislation for British Columbia property owners to navigate. On January 1st, the provincial government’s flipping tax came into effect. Anyone who sells a property within one year of purchasing, starting January 1st for any sales, could be taxed 20% on any profits with that tax declining in the second year to zero. This is in addition to the federal tax that came into effect in 2023 which taxed any profits as income for properties sold within one year. This new provincial tax targets not just resales but presales and the assignment of them as well. Certain life event exemptions may apply. It remains to be seen whether the provincial government will double the Speculation and Vacancy Tax in 2025 on properties as promised during the election. Just a few things for buyers and sellers to navigate this year.

There were 1,765 properties sold in Greater Vancouver in December after, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. Fourth quarter sales in Greater Vancouver were 30% higher than the fourth quarter of 2023 and 36% higher than the fourth quarter of 2022. Some areas around Metro Vancouver experienced a greater number of sales in December than in November – Richmond and New Westminster, while Pitt Meadows, Maple Ridge and Aldergrove saw sales in December right near the totals for November. With the Bank of Canada rates coming down, buyer activity increased. The Bank of Canada’s final rate announcement for 2024 producing another jumbo rate cut of 50 points, pushed some buyers to jump back into the market last month. This buyer reengagement trend is likely to continue as January comes out of the holiday season mode. The question is how active will buyers be as we venture into a year with economic and political uncertainty still ahead. That was supposed to be a 2024 problem but with the U.S. Government change and a federal election in Canada (at some point), politics could play a role in real estate and the economy.

Sales in December were a 31% increase from the 1,345 properties sold last year and a 35% increase from the 1,303 sales in December 2022. As interest rates likely come down further, albeit at a slower pace in 2025, buyers won’t face the same spectre of obtaining mortgages at much higher rates then they experienced in the last two years. That led to more activity last fall compared to the last few years and as the spring market approaches, it will have an impact on how the real estate market plays out this year. There is more optimism and opportunity in the real estate market, especially with new mortgage rules that took effect in December allowing for presale buyers to amortize their mortgage over 30 years and increasing the threshold for insured mortgages to $1.5M. The provincial flipping tax, that started on January 1st, may keep some sellers on the sidelines as they wait out the 2-year period. And for those buyers looking to purchase a property and renovate, they may think twice. Not great for those other buyers who would prefer purchasing a renovated property.

Greater Vancouver sales in December were 12% below the 10-year average after November sales were 13% below the 10-year average and October sales were 5% below the 10-year average – all of which was far better than September and August where total sales were 26% below the 10-year average. For a December that is typically the slowest month of the year for real estate activity, there was a surprising amount this year. Just ask some REALTORS® that had offers come in on New Year’s Eve.

Overall, total sales for the year were 26,560 in Greater Vancouver. This was slightly ahead of 2023 when 26,249 homes sold but still less than the 29,227 sales in 2022. Although 2022 saw 65% of the year’s total sales in the first 6 months prior to the start of rate hikes that year. In 2023, 55% of total sales were in the first half of the year while 2024 was more balanced with 52% of total sales in the first half. This showed that momentum in the market was picking up as the second half of the year moved on.

In Greater Vancouver due to the holiday season, the number of new listings declined in December. There were 1,737 new listings in December, which were down 54% compared to November but up 35% compared to the 1,303 new listings in December of last year. Sellers and buyers were far more active than we’ve seen in the last 3 years for the month of December. And with 1,300 listings having expired at the end of December and others taking their properties off the market over the holidays, some will come back on in January and February as market conditions continue to improve. The total number of new listings in 2024 came in at 60,386 which was up significantly from the 50,883 in 2023 and the 55,028 in 2022. This was still fewer than 2021 when 63,711 new listings came out due to that year having one of the most active years on record for real estate sales.

The number of new listings in December were right at the 10-year average after November was 5% above the 10-year average, October 20% above the 10-year average and September at 16% above. So, while we did see more listing activity in 2024, we saw that wane as the year went on. As the inventory of homes crept up through the year, some sellers were not keen to adjust prices to meet the expectations of buyers and the reality of more competition. The wait until 2025 and lower rates may have entered the minds of some sellers as the fall market moved on. Buyers certainly hope to see more listings come on in 2025 to give more buying choice with these lower interest rates.

There were 10,948 active listings in Greater Vancouver at month end, compared to 13,245 at the end of November. After several listings expired at the end of December and others came off through the month of December, January started with just over 9,600 active listings. This was 23% above the total active listing count at the start of 2024. While above last year, that difference had grown to 46% year-over-year in May 2024. While buyers had more choice through 2024, that choice diminished as the year went on. Will we see it grow again in 2025? Perhaps not to the same level but more choice would lead to more transactions and keep price growth limited.

Months of supply overall stayed steady at 6 in Greater Vancouver. The detached market in Greater Vancouver was the same at 8 months supply compared to November while townhomes remained at 4 months just below the condo market at 5 months – bordering on a seller’s market while townhomes are firmly entrenched in a seller’s market. North Vancouver, Richmond, Burnaby, New Westminster, Port Moody, Port Coquitlam, Maple Ridge, Abbotsford and Cloverdale range from 2 to 3 months supply – Pitt Meadows with one month supply.

Townhome sales in December in the region were up 55% compared to December last year, showing what was on buyers’ shopping list for this holiday season. Detached homes saw a 31% increase in sales year-over-year while condos were up 23%. The condo inventory is up 30% year-over year, while townhomes are up 23% and detached homes are up 20%. There is more opportunity in the condo market for buyers, some areas more so than others. A good opportunity for first time buyers and investors and why it’s important to understand each market.

Signs are pointing to an improved real estate market in 2025. More transactions will occur, and prices will be impacted by the number of property listings. Who is more active in 2025 will direct where prices go – more buyers than sellers then we’ll see more pressure on prices. There is pent up demand in the market, and arguably pent up supply. But with many new home developments on hold or not viable in current market conditions, supply in the next 2 to 5 years will continue to be a challenge. Rental prices are declining, in part due to the supply of new rental buildings being built and economic conditions making it challenging for renters. It’s been a while since landlords have had to compete for tenants, and with a decrease in federal immigration targets, that could continue. The story of 2025 is yet to be written, but like the previous years in this decade, it is bound to be an interesting one again.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in December were 1,765 - down from 2,181 (19%) in November, down from 2,632 (33%) in October, up from 1,345 (31%) in December 2023, up from 1,303 (35%) in December 2022, down from 2,737 (36%) in December 2021, down from 3,157 (18%) in December 2020, and down from 2,046 (14%) in December 2019; Active Listings were at 10,948 at month end compared to 8,802 at that time last year (up 24%) and 13,245 at the end of November (down 17%); the 1,737 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 40% compared to December 2022, down 13% compared to December 2021, down 30% compared to December 2020, and up 4% compared to December 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 102% compared to 58% in November 2024, 99% in December 2023, and 105% in December 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 0.5%.

Vancouver Westside: Total Units Sold in December were 307 - down from 383 (20%) in November, down from 472 (35%) in October, up from 235 (31%) in December 2023, up from 244 (26%) in December 2022, down from 468 (34%) in December 2021, down from 486 (37%) in December 2020, and up from 190 (62%) in December 2019; Active Listings were at 2,396 at month end compared to 1,998 at that time last year (up 20%) and 2,856 at the end of November (down 16%); the 331 New Listings in December were down 53% compared to November 2024, up 34% compared to December 2023, up 36% compared to December 2022, down 17% compared to December 2021, down 22% compared to December 2020, and up 28% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 92% compared to 54% in November 2024, 95% in December 2023, and 100% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%.

Vancouver East Side: Total Units Sold in December were 198 - down from 268 (26%) in November, down from 282 (30%) in October, up from 148 (34%) in December 2023, up from 122 (62%) in December 2022, down from 295 (33%) in December 2021, down from 348 (43%) in December 2020, and down from 208 (5%) in December 2019; Active Listings were at 1,151 at month end compared to 977 at that time last year (up 18%) and 1,407 at the end of November (down 18%); the 185 New Listings in December were down 61% compared to November 2024, up 25% compared to December 2023, up 28% compared to December 2022, down 14% compared to December 2021, down 31% compared to December 2020, and up 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 107% compared to 56% in November 2024, 100% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up down 0.1% and in the last 6 months down 2.1%.

North Vancouver: Total Units Sold in December were 138 - down from 173 (20%) in November, down from 224 (38%) in October, up from 106 (30%) in December 2023, up from 107 (29%) in December 2022, down from 195 (29%) in December 2021, down from 250 (45%) in December 2020, and down from 155 (11%) in December 2019; Active Listings were at 532 at month end compared to 392 at that time last year (up 61%) and 716 at the end of November (down 12%); the 105 New Listings in December were down 59% compared to November 2024, up 5% compared to December 2023, up 30% compared to December 2022, down 12% compared to December 2021, down 36% compared to December 2020, and down 5% compared to December 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 131% compared to 67% in November 2024, 106% in December 2023, and 132% in December 2022.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.5%.

West Vancouver: Total Units Sold in December were 39 - down from 45 (13%) in November, down from 59 (34%) in October, down from 41 (5%) in December 2023, down from 40 (2%) in December 2022, down from 62 (37%) in December 2021, down from 82 (52%) in December 2020, and down from 46 (15%) in December 2019; Active Listings were at 546 at month end compared to 487 at that time last year (up 12%) and 645 at the end of November (down 15%); the 78 New Listings in December were down 35% compared to November 2024, up 44% compared to December 2023, up 66% compared to December 2022, up 56% compared to December 2021, up 16% compared to December 2020, and up 30% compared to December 2019. Month’s supply of total residential listings is steady at 14 month’s supply (buyer’s market conditions) and sales to listings ratio of 50% compared to 38% in November 2024, 76% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up 2.4% but in the last 6 months down 2.9%.

Richmond: Total Units Sold in December were 235 - up from 234 (0.5%) in November, down from 290 (19%) in October, up from 169 (39%) in December 2023, up from 171 (37%) in December 2022, down from 387 (39%) in December 2021, down from 343 (31%) in December 2020, and down from 281 (16%) in December 2019; Active Listings were at 1,351 at month end compared to 1,043 at that time last year (up 30%) and 1,584 at the end of November (down 15%); the 195 New Listings in December were down 58% compared to November 2024, up 20% compared to December 2023, up 13% compared to December 2022, down 29% compared to December 2021, down 36% compared to December 2020, and down 24% compared to December 2019. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 120% compared to 50% in November 2024, 104% in December 2023, and 99% in December 2022.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 2.6%.

Burnaby East: Total Units Sold in December were 21 - down from 38 (45%) in November, down from 25 (16%) in October, up from 18 (17%) in December 2023, up from 12 (75%) in December 2022, down from 32 (34%) in December 2021, down from 41 (49%) in December 2020, and up from 17 (24%) in December 2019; Active Listings were at 116 at month end compared to 75 at that time last year (up 55%) and 144 at the end of November (down 19%); the 24 New Listings in December were down 57% compared to November 2024, up 100% compared to December 2023, up 71% compared to December 2022, up 9% compared to December 2021, down 26% compared to December 2020, and up 20% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 87% compared to 68% in November 2024, 150% in December 2023, and 86% in December 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 3.1%.

Burnaby North: Total Units Sold in December were 130 - down from 145 (10%) in November, down from 168 (14%) in October, up from 91 (43%) in December 2023, up from 78 (67%) in December 2022, down from 157 (17%) in December 2021, down from 171 (24%) in December 2020, and up from 113 (15%) in December 2019; Active Listings were at 595 at month end compared to 417 at that time last year (up 43%) and 729 at the end of November (down 18%); the 138 New Listings in December were down 47% compared to November 2024, up 77% compared to December 2023, up 97% compared to December 2022, up 14% compared to December 2021, down 16% compared to December 2020, and up 97% compared to December 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 94% compared to 55% in November 2024, 117% in December 2023, and 111% in December 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 3.5%.

Burnaby South: Total Units Sold in December were 97 - down from 134 (28%) in November, down from 166 (42%) in October, up from 79 (23%) in December 2023, up from 94 (3%) in December 2022, down from 186 (48%) in December 2021, down from 148 (34%) in December 2020, and down from 132 (27%) in December 2019; Active Listings were at 493 at month end compared to 395 at that time last year (up 25%) and 597 at the end of November (down 17%); the 84 New Listings in December were down 46% compared to November 2024, up 12% compared to December 2023, up 42% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, and up 8% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 115% compared to 80% in November 2024, 105% in December 2023, and 159% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.2%.

New Westminster: Total Units Sold in December were 96 - up from 93 (3%) in November, down from 120 (20%) in October, up from 46 (109%) in December 2023, up from 53 (81%) in December 2022, down from 139 (31%) in December 2021, down from 151 (36%) in December 2020, and up from 77 (25%) in December 2019; Active Listings were at 360 at month end compared to 240 at that time last year (up 50%) and 464 at the end of November (down 22%); the 67 New Listings in December were down 62% compared to November 2024, up 72% compared to December 2023, up 131% compared to December 2022, down 21% compared to December 2021, down 28% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 143% compared to 53% in November 2024, 118% in December 2023, and 183% in December 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.5%.

Coquitlam: Total Units Sold in December were 128 - down from 172 (26%) in November, down from 246 (48%) in October, up from 119 (8%) in December 2023, up from 81 (58%) in December 2022, down from 216 (41%) in December 2021, down from 309 (59%) in December 2020, and down from 197 (35%) in December 2019; Active Listings were at 867 at month end compared to 527 at that time last year (up 65%) and 1,027 at the end of November (down 16%); the 155 New Listings in December were down 51% compared to November 2024, up 80% compared to December 2023, up 104% compared to December 2022, up 1% compared to December 2021, down 27% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 82% compared to 55% in November 2024, 138% in December 2023, and 107% in December 2022.

Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.5%.

Port Moody: Total Units Sold in December were 29 - down from 63 (54%) in November, down from 66 (56%) in October, up from 25 (16%) in December 2023, up from 41 (29%) in December 2022, down from 52 (44%) in December 2021, down from 78 (63%) in December 2020, and down from 37 (22%) in December 2019; Active Listings were at 155 at month end compared to 128 at that time last year (up 21%) and 212 at the end of November (down 27%); the 27 New Listings in December were down 66% compared to November 2024, down 16% compared to December 2023, down 36% compared to December 2022, down 31% compared to December 2021, down 47% compared to December 2020, and down 4% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 107% compared to 79% in November 2024, 78% in December 2023, and 98% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 3.1%.

Port Coquitlam: Total Units Sold in December were 51 - down from 76 (33%) in November, down from 77 (34%) in October, up from 36 (42%) in December 2023, up from 37 (38%) in December 2022, down from 107 (52%) in December 2021, down from 105 (51%) in December 2020, and down from 84 (39%) in December 2019; Active Listings were at 237 at month end compared to 154 at that time last year (up 54%) and 285 at the end of November (down 17%); the 50 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 14% compared to December 2022, down 24% compared to December 2021, down 51% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 102% compared to 70% in November 2024, 92% in December 2023, and 84% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.1%.

Pitt Meadows: Total Units Sold in December were 28 - down from 30 (7%) in November, down from 32 (12%) in October, up from 19 (47%) in December 2023, up from 23 (21%) in December 2022, down from 33 (15%) in December 2021, up from 26 (8%) in December 2020, and up from 27 (4%) in December 2019; Active Listings were at 68 at month end compared to 59 at that time last year (up 15%) and 105 at the end of November (down 35%); the 11 New Listings in December were down 74% compared to November 2024, down 21% compared to December 2023, down 8% compared to December 2022, down 61% compared to December 2021, down 45% compared to December 2020, and down 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 254% compared to 71% in November 2024, 135% in December 2023, and 191% in December 2022.

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%.

Maple Ridge: Total Units Sold in December were 112 - down from 116 (3%) in November, down from 143 (22%) in October, up from 100 (12%) in December 2023, up from 78 (44%) in December 2022, down from 159 (30%) in December 2021, down from 214 (48%) in December 2020, and down from 130 (14%) in December 2019; Active Listings were at 611 at month end compared to 579 at that time last year (up 5%) and 765 at the end of November (down 20%); the 90 New Listings in December were down 59% compared to November 2024, down 11% compared to December 2023, up 38% compared to December 2022, down 17% compared to December 2021, down 45% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 124% compared to 52% in November 2024, 98% in December 2023, and 120% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 1.8%.

Ladner: Total Units Sold in December were 14 - down from 33 (58%) in November, down from 31 (6%) in October, up from 12 (17%) in December 2023, up from 9 (56%) in December 2022, down from 21 (33%) in December 2021, down from 34 (59%) in December 2020, and down from 20 (30%) in December 2019; Active Listings were at 117 at month end compared to 86 at that time last year (up 36%) and 135 at the end of November (down 13%); the 15 New Listings in December were down 66% compared to November 2024, up 7% compared to December 2023, up 7% compared to December 2022, up 25% compared to December 2021, down 50% compared to December 2020, and down 50% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 93% compared to 75% in November 2024, 86% in December 2023, and 64% in December 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.7%.

Tsawwassen: Total Units Sold in December were 21 - down from 26 (19%) in November, down from 36 (42%) in October, the same as December 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, and down from 26 (19%) in December 2019; Active Listings were at 181 at month end compared to 152 at that time last year (up 19%) and 204 at the end of November (down 11%); the 25 New Listings in December were down 43% compared to November 2024, up 39% compared to December 2023, up 25% compared to December 2022, up 25% compared to December 2021, down 42% compared to December 2020, and up 32% compared to December 2019. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 84% compared to 59% in November 2024, 117% in December 2023, and 115% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.1%.

Fraser Valley: Sales in December were down 14.6%, compared to November and were up 20% from December 2023. New listings were down 48% from November and up 41.4% from December 2023.The average price was up 3% month-over-month and is up 10.3% year-over-year. Active listings were down 27.1% to 5,392 from 7,400 last month and up 20.5% from November 2023 which was at 4,476. Month’s supply of total residential listings is down to 6 months from 7 months (balanced market conditions).

Month-over-month, the house price index is down 0.5% and in the last 6 months down 3.7%.

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Getting to Average?

Tue, 03 Dec 2024 23:32:51 GMT

Highlights of Dexter’s November 2024 report

Time for the Bank of Canada to cut rates again
Seasonal slowdown in sales and listings
Sales in November outpaced November 2022 and 2023
Sellers not giving up on the idea of being able to make a move

As the year winds down, the mantra continues – keep on cutting your rate Bank of Canada! With a 50-point cut in the Bank of Canada’s key lending rate in the rearview mirror, it’s time to look ahead to repeating that at the next policy meeting on December 11th. With a stagnant economy as indicated by low inflation, poor jobs numbers and a lagging GDP, the only gift to give Canadians this month is lower borrowing costs. The federal government didn’t help that cause by introducing a “GST Holiday” for two months effective December 14th which included alcoholic drinks, prepared foods, toys – and video games and Christmas trees. That along with a promised $250 cheque to annual income earners below $150,000 may only muddy the water on where inflation could go. Lower interest rates would serve Canadians far better in the long run than a cheaper Christmas tree!

There were 2,181 properties sold in Greater Vancouver in November, after 2,632 properties sold in October, 1,852 sold in September, 1,903 sold in August. Total sales in November were higher than the months of November over the last two years when elevated interest rates kept buyers on the sidelines. October was the peak of the fall market and even with the decline in interest rates, the second half of 2024 will slightly lag the first half for the number of homes sold. Surprising in some ways given lower rates should bring more buyers to the table, but likely a sign that spring markets tend to attract more activity, and this will likely mean the trajectory of the spring market in 2025 will be at higher pace compared to 2024. With the Bank of Canada’s final rate announcement for 2024 on December 11, this could set the stage for a bump in sales as 2025 begins. And with changes in mortgage rules that will help first time buyers and those that require insured mortgages, there’s a reason to be optimistic about the real estate market next year. And even more optimism for buyers that have more listings to choose from compared to previous years.

Sales in November were a 28% increase from the 1,702 properties sold last year and a 34% increase from the 1,625 sales in November 2022. There is more optimism in the market compared to where we were the last two years. Activity in the last few weeks of November waned slightly, perhaps due to economic uncertainty following the U.S. Elections and hints that interest rates may not come down as fast due to potential policy changes from the U.S. While November almost always lags October in sales totals, there was a slight sense of buyer and seller hesitation as the month came to an end. It appears that both seller and buyer activity tailed off as the month ended. But this may be short lived once we get into 2025. We may also be seeing the effect of buyers waiting for mortgage rule changes to take effect in December allowing for presale buyers to amortize their mortgage over 30 years and increasing the threshold for insured mortgages to $1.5M.

Sales in November were 13% below the 10-year average, while in October sales were 5% below the 10-year average, although still a significant improvement over the months prior where September sales were 26% below the 10-year average, August 26% below the 10-year average, July at 18% below the 10-year average and June at 24% below the 10-year average. The change in November was partly a seasonal adjustment but more indicative of a tumultuous November of elections, rhetoric and interest rate guessing. Overall, total sales for the year will be close to the number we saw in 2023, mostly likely slightly above. Not an all time low for Greater Vancouver by any stretch, but a sign that after almost three years, people will be on the move in the next few years.

In Greater Vancouver the number of new listings declined in November, largely due to seasonality. While higher than the last two years for the month of November, the total new listings in November were below 2020 and 2021. Many sellers were not giving up on the idea of being able to make a move and while some came to the market with the intention to sell, some sellers are still positioning themselves at prices above where buyers are willing to pay. We’ll see a number of those listings come off as we finish the year. With 3,784 new listings in November, this was a 31% decline from the number of new listings in October and a 10% increase from the number of new listings that came out in November 2023. This after seeing October 2024 generate 17% more new listings than October 2023.

The number of new listings in November were only 5% above the 10-year average after October was 20% above the 10-year average and September was 16% above. Sellers tend to be more reluctant to come on the market as we move through the final months of the year, but this November seemed to show a greater reluctance compared to the previous 7 months. With 1 month left in the year, there will be close to 60,000 new listings in Greater Vancouver for the year though. This is well above the 50,883 new listings that came out in 2023. Will this trend continue in 2025? Buyers certainly hope for that as they take advantage of lower interest rates. There may be upward pressure on home prices if we don’t see a similar pace in new listings when we move into 2025.

New listing activity won’t be helped by government legislation like the Federal Flipping tax, which came into effect in January 2023, and the provincial Flipping Tax which will start on January 1st, 2025. Both will restrict some listings from coming to market as sellers choose to hold onto properties. And with Statistics Canada showing the effects for properties being sold within one year having a minimal impact on the market, such policies are likely to create more confusion in a real estate market that is already overregulated with policy. According to a Financial Times article from December 2, 2024 “It turns out just a little over three per cent of residential properties sold in B.C. in 2021 were owned for less than a year before being resold. Not only is the prevalence of “flipped” sales low, but the economic profits generated by such transactions were negligible, suggesting that flippers are not walking away with exorbitant ill-gotten wealth.” Makes you wonder why such policies are necessary and how this will impact buyers who would prefer to purchase a property that has been renovated so they don’t have to. Transactions needlessly taken out of the market.

There were 13,245 active listings in Greater Vancouver at month end, compared to 14,477 at the end of October. With active listings reaching 14,932 in September, the decline will continue for the remainder of the year with total active listings finishing around 10,500 at the end of 2024 and start 2025. Active listings are only up 21% year over year after being up 46% year-over-year at the end of May.

Months of supply overall stayed steady at 6 in Greater Vancouver. The detached market in Greater Vancouver is up to 8 months supply from 7 while townhomes stayed in the 4’s, inching closer to 3 (technically a seller’s market) and condos increased to 5 months supply from 4.5. The missing middle continues to be a challenge for buyers to get into due to limited product. And with housing starts on the decline, that will continue in the years to come. If you find the townhome you like, don’t wait to buy as prices for those types of homes will increase in the coming years. Last month townhomes and condos were sitting at 30% and 29% above last years’ active listing counts, this month they are at 22% and 24% respectively above last year’s active listings total. Meanwhile detached homes are at 19% above last year compared to October at 20% above the levels at that time in 2023.

Real estate sales in Metro Vancouver keep ebbing back and forth from average to below average. October showed a greater promise to get to an average market, with November falling back a little. With some push from a drop in the Bank of Canada rate this month, and less political distraction it’s entirely possible that the number of sales will push above the average in 2025 when pent up demand finally breaks free of the hesitation we’ve seen.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in November were 2,181 – down from 2,632 (17%) in October, up from 1,852 (18%) in September, up from 1,702 (28%) in November 2023, up from 1,625 (34%) in November 2022, down from 3,492 (38%) in November 2021, down from 3,131 (30%) in November 2020, and down from 2,546 (14%) in November 2019; Active Listings were at 13,245 at month end compared to 10,931 at that time last year (up 21%) and 14,477 at the end of October (down 9%); the 3,784 New Listings in November were down 31% compared to October 2024, up 10% compared to November 2023, up 20% compared to November 2022, down 6% compared to November 2021, down 9% compared to November 2020, and up 23% compared to November 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 57% compared to 47% in October 2024, 49% in November 2023, and 52% in November 2022.

Month-over-month, the house price index is flat and in the last 6 months down 3.3%.

Vancouver Westside: Total Units Sold in November were 383 – down from 472 (21%) in October, up from 312 (23%) in September, up from 315 (22%) in November 2023, up from 306 (25%) in November 2022, down from 647 (41%) in November 2021, down from 470 (19%) in November 2020, and down from 406 (6%) in November 2019; Active Listings were at 2856 at month end compared to 2,432 at that time last year (up 17%) and 3,106 at the end of October (down 8%); the 710 New Listings in November were down 38% compared to October 2024, up 5% compared to November 2023, down 6% compared to November 2022, down 18% compared to November 2021, down 11% compared to November 2020, and up 25% compared to November 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 53% compared to 41% in October 2024, 47% in November 2023, and 41% in November 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months down 2.3%.

Vancouver East Side: Total Units Sold in November were 268 – down from 282 (5%) in October, up from 211 (27%) in September, up from 175 (53%) in November 2023, up from 167 (60%) in November 2022, down from 385 (30%) in November 2021, down from 364 (26%) in November 2020, and down from 310 (14%) in November 2019; Active Listings were at 1,407 at month end compared to 1,238 at that time last year (up 14%) and 1,512 at the end of October (down 7%); the 478 New Listings in November were down 22% compared to October 2024, up 17% compared to November 2023, up 44% compared to November 2022, down 6% compared to November 2021, the same compared to November 2020, and up 41% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 56% compared to 46% in October 2024, 43% in November 2023, and 50% in November 2022.

Month-over-month, the house price index is up down 0.7% and in the last 6 months down 1.6%.

North Vancouver: Total Units Sold in November were 173 – down from 224 (23%) in October, up from 144 (20%) in September, up from 157 (10%) in November 2023, up from 149 (16%) in November 2022, down from 247 (30%) in November 2021, down from 264 (34%) in November 2020, and down from 217 (20%) in November 2019; Active Listings were at 716 at month end compared to 560 at that time last year (up 28%) and 848 at the end of October (down 16%); the 259 New Listings in November were down 47% compared to October 2024, down 3% compared to November 2023, down 0.5% compared to November 2022, down 32% compared to November 2021, down 23% compared to November 2020, and up 14% compared to November 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 66% compared to 46% in October 2024, 59% in November 2023, and 57% in November 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 5.6%.

West Vancouver: Total Units Sold in November were 45 – down from 59 (24%) in October, the same in September, down from 48 (6%) in November 2023, up from 28 (61%) in November 2022, down from 81 (44%) in November 2021, down from 90 (50%) in November 2020, and down from 66 (32%) in November 2019; Active Listings were at 645 at month end compared to 593 at that time last year (up 9%) and 707 at the end of October (down 9%); the 120 New Listings in November were down 44% compared to October 2024, down 15% compared to November 2023, up 6% compared to November 2022, up 3% compared to November 2021, up 6% compared to November 2020, and up 3% compared to November 2019. Month’s supply of total residential listings is up to 14 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 37% compared to 28% in October 2024, 34% in November 2023, and 25% in November 2022.

Month-over-month, the house price index is down 0.4% but in the last 6 months down 5.5%.

Richmond: Total Units Sold in November were 234 – down from 290 (19%) in October, up from 197 (19%) in September, up from 179 (31%) in November 2023, up from 210 (11%) in November 2022, down from 481 (51%) in November 2021, down from 335 (30%) in November 2020, and down from 273 (14%) in November 2019; Active Listings were at 1,584 at month end compared to 1,258 at that time last year (up 26%) and 1,657 at the end of October (down 4%); the 469 New Listings in November were down 20% compared to October 2024, up 16% compared to November 2023, up 57% compared to November 2022, down 8% compared to November 2021, down 10% compared to November 2020, and up 22% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 49% compared to 49% in October 2024, 44% in November 2023, and 70% in November 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 4.2%.

Burnaby East: Total Units Sold in November were 38 – up from 25 (52%) in October, up from 29 (31%) in September, up from 13 (192%) in November 2023, up from 14 (171%) in November 2022, up from 33 (15%) in November 2021, up from 37 (3%) in November 2020, and up from 33 (15%) in November 2019; Active Listings were at 144 at month end compared to 93 at that time last year (up 55%) and 158 at the end of October (down 9%); the 56 New Listings in November were down 19% compared to October 2024, up 87% compared to November 2023, up 51% compared to November 2022, up 44% compared to November 2021, down 47% compared to November 2020, and up 51% compared to November 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 67% compared to 36% in October 2024, 43% in November 2023, and 38% in November 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 4.6%.

Burnaby North: Total Units Sold in November were 145 – down from 168 (14%) in October, up from 122 (19%) in September, up from 119 (22%) in November 2023, up from 92 (58%) in November 2022, down from 185 (22%) in November 2021, up from 156 (7%) in November 2020, and up from 137 (6%) in November 2019; Active Listings were at 729 at month end compared to 549 at that time last year (up 33%) and 791 at the end of October (down 8%); the 262 New Listings in November were down 11% compared to October 2024, up 40% compared to November 2023, up 63% compared to November 2022, up 20% compared to November 2021, up 6% compared to November 2020, and up 98% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 55% compared to 57% in October 2024, 64% in November 2023, and 57% in November 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 3.0%.

Burnaby South: Total Units Sold in November were 134 – down from 166 (19%) in October, up from 114 (18%) in September, up from 83 (61%) in November 2023, up from 118 (14%) in November 2022, down from 225 (40%) in November 2021, down from 159 (18%) in November 2020, and down from 167 (20%) in November 2019; Active Listings were at 597 at month end compared to 487 at that time last year (up 23%) and 675 at the end of October (down 12%); the 167 New Listings in November were down 41% compared to October 2024, up 1% compared to November 2023, down 4% compared to November 2022, down 25% compared to November 2021, down 18% compared to November 2020, and down 4% compared to November 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 80% compared to 58% in October 2024, 50% in November 2023, and 68% in November 2022.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 3.3%.

New Westminster: Total Units Sold in November were 93 – down from 120 (22%) in October, up from 73 (27%) in September, up from 65 (43%) in November 2023, up from 65 (43%) in November 2022, down from 177 (47%) in November 2021, down from 137 (32%) in November 2020, and down from 123 (24%) in November 2019; Active Listings were at 464 at month end compared to 302 at that time last year (up 54%) and 480 at the end of October (down 3%); the 176 New Listings in November were down 31% compared to October 2024, up 34% compared to November 2023, up 38% compared to November 2022, down 2% compared to November 2021, up 5% compared to November 2020, and up 81% compared to November 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 52% compared to 47% in October 2024, 50% in November 2023, and 51% in November 2022.

Month-over-month, the house price index is down 0.9% and in the last 6 months down 3.5%.

Coquitlam: Total Units Sold in November were 172 – down from 246 (30%) in October, up from 155 (11%) in September, up from 159 (8%) in November 2023, up from 134 (28%) in November 2022, down from 289 (40%) in November 2021, down from 260 (34%) in November 2020, and down from 210 (18%) in November 2019; Active Listings were at 1,027 at month end compared to 721 at that time last year (up 42%) and 1,102 at the end of October (down 7%); the 314 New Listings in November were down 33% compared to October 2024, up 8% compared to November 2023, up 27% compared to November 2022, down 3% compared to November 2021, down 16% compared to November 2020, and up 45% compared to November 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 54% compared to 53% in October 2024, 55% in November 2023, and 54% in November 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 5.1%.

Port Moody: Total Units Sold in November were 63 – down from 66 (5%) in October, up from 61 (3%) in September, up from 40 (58%) in November 2023, up from 33 (91%) in November 2022, up from 61 (3%) in November 2021, down from 67 (6%) in November 2020, and up from 43 (47%) in November 2019; Active Listings were at 212 at month end compared to 166 at that time last year (up 28%) and 253 at the end of October (down 16%); the 80 New Listings in November were down 45% compared to October 2024, down 7% compared to November 2023, down 9% compared to November 2022, up 10% compared to November 2021, down 6% compared to November 2020, and up 67% compared to November 2019. Month’s supply of total residential listings is down to 3 month’s supply from 4 (seller’s market conditions) and sales to listings ratio of 78% compared to 45% in October 2024, 47% in November 2023, and 38% in November 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 3.6%.

Port Coquitlam: Total Units Sold in November were 76 – down from 77 (1%) in October, up from 52 (46%) in September, up from 55 (38%) in November 2023, up from 39 (95%) in November 2022, down from 127 (40%) in November 2021, down from 102 (25%) in November 2020, and down from 90 (16%) in November 2019; Active Listings were at 285 at month end compared to 183 at that time last year (up 56%) and 328 at the end of October (down 13%); the 109 New Listings in November were down 26% compared to October 2024, up 21% compared to November 2023, up 20% compared to November 2022, down 4% compared to November 2021, down 8% compared to November 2020, and down 11% compared to November 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 69% compared to 52% in October 2024, 61% in November 2023, and 43% in November 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months down 3.2%.

Pitt Meadows: Total Units Sold in November were 30 – down from 32 (6%) in October, up from 24 (25%) in September, up from 21 (42%) in November 2023, up from 22 (36%) in November 2022, down from 32 (6%) in November 2021, down from 46 (35%) in November 2020, and up from 24 (25%) in November 2019; Active Listings were at 105 at month end compared to 83 at that time last year (up 26%) and 121 at the end of October (down 13%); the 42 New Listings in November were down 26% compared to October 2024, up 7% compared to November 2023, up 50% compared to November 2022, down 5% compared to November 2021, up 11% compared to November 2020, and up 121% compared to November 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 71% compared to 56% in October 2024, 53% in November 2023, and 78% in November 2022

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.7%.

Maple Ridge: Total Units Sold in November were 116 – down from 143 (19%) in October, up from 114 (2%) in September, up from 103 (13%) in November 2023, up from 94 (23%) in November 2022, down from 198 (41%) in November 2021, down from 176 (34%) in November 2020, and down from 169 (31%) in November 2019; Active Listings were at 765 at month end compared to 718 at that time last year (up 6%) and 848 at the end of October (down 10%); the 219 New Listings in November were down 31% compared to October 2024, up 9% compared to November 2023, up 15% compared to November 2022, up 0.5% compared to November 2021, up 7% compared to November 2020, and up 2% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 52% compared to 45% in October 2024, 51% in November 2023, and 49% in November 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months down 2.5%.

Ladner: Total Units Sold in November were 33 – up from 31 (6%) in October, up from 22 (50%) in September, up from 21 (57%) in November 2023, up from 16 (106%) in November 2022, down from 41 (20%) in November 2021, down from 47 (30%) in November 2020, and down from 42 (21%) in November 2019; Active Listings were at 135 at month end compared to 104 at that time last year (up 30%) and 142 at the end of October (down 5%); the 44 New Listings in November were down 28% compared to October 2024, up 69% compared to November 2023, up 91% compared to November 2022, up 10% compared to November 2021, up 16% compared to November 2020, and down 14% compared to November 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 75% compared to 51% in October 2024, 81% in November 2023, and 70% in November 2022.

Month-over-month, the house price index is down 1.0% and in the last 6 months down 1.9%.

Tsawwassen: Total Units Sold in November were 26 – down from 36 (28%) in October, down from 34 (24%) in September, up from 20 (30%) in November 2023, down from 31 (16%) in November 2022, down from 52 (50%) in November 2021, down from 55 (53%) in November 2020, and down from 36 (28%) in November 2019; Active Listings were at 204 at month end compared to 180 at that time last year (up 13%) and 223 at the end of October (down 9%); the 44 New Listings in November were down 45% compared to October 2024, down 2% compared to November 2023, up 47% compared to November 2022, down 10% compared to November 2021, down 43% compared to November 2020, and the same compared to November 2019. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 59% compared to 45% in October 2024, 44% in November 2023, and 103% in November 2022.

Month-over-month, the house price index is up 2.5% and in the last 6 months down 4.5%.

Fraser Valley: Sales in November were down 14.6%, compared to October and were up 27.5% from November 2023. New listings were down 25.9% from October and up 16.6% from November 2023.The average price was up 0.7% month-over-month and is up 2.7% year-over-year. Active listings were down 7.7% to 8,125 from 8,799 last month and up 29.9% from November 2023 which was at 6,254. Month’s supply of total residential listings is the same at 7 months (balanced market conditions).

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers – a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

Month-over-month, the house price index is down 0.3% and in the last 6 months 3.7%.

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Are Buyers Back?

Tue, 05 Nov 2024 18:42:43 GMT

Highlights of Dexter’s October 2024 report

Sales transactions jump in October
New listings for the month of October second highest since 1991
50-point rate cut by the Bank of Canada – more to come!
Listing absorption rates spike

After a September of promises, seems the only one that was delivered was that of more sales in the real estate market. This on the heels of a jumbo interest rate cut by the Bank of Canada. Although jumbo is a subjective term. A 50-basis point reduction could probably be called minimal, with a 75-point cut more warranted given current economic conditions. With the Canadian economy flat, inflation well below target and jobs numbers less than ideal, it’s more like the Bank of Canada bunted instead of swinging their bat! And now with the provincial election in British Columbia seemingly settled, will it be four more years of an NDP government promising more housing on policy that that continues to bunt instead of swinging for the fence? Or will we be back to another election sooner rather than later? Perhaps October was a sign that some buyers are tired of waiting and decided to jump back into the market despite all this political noise.

We continue to see a distraction coming from the United States with their Presidential Election today and their Federal Bank’s rate decision in the days after. The U.S. has some catching up to do with Canada in terms of interest rate cuts and as a result we’ve seen the Canadian Dollar drop to lows last seen in 2020. With the U.S. Economy performing better than Canada, it’s unclear how much the U.S. will cut their rater in 2024. This could mean a lower Canadian Dollar as rates continue to come down in Canada with the Bank of Canada potentially dropping by another half percent in December and again in January. Economic headwinds may continue to be a distraction.

There were 2,632 properties sold in Greater Vancouver in October, after 1,852 sold in September, 1,903 sold in August, 2,333 properties sold in July, and 2,418 sold in June. This was the highest number of sales since May. Will October be the peak of the fall market? Based on seeing a greater percentage of sales occurring in the first half of October, November will likely see less activity. But that is typically the case. Given the half percent interest rate drop by the Bank of Canada in late October, anything is possible though. The only time in the last 30 years we’ve seen November outperform October has been in periods coming out of a slow market cycle. Anecdotally, there was a tone of greater buyer engagement after the October 23rd rate announcement, some properties that had been sitting were getting activity and even offers, and with another Bank of Canada meeting on December 11th, this trend of buyers engaging is likely to continue, especially with another “jumbo” rate drop in December likely.

Sales in October were a 32% increase from the 1,996 properties sold last year and a 37% increase from sales in October 2022. This after 5 successive months of year-over-year declines for sales totals in Greater Vancouver. This month-over-month increase in sales is the highest we have seen for the month of October going back 30 years and the highest increase for a month since early 2022 coming out of 2021. Something was different this October for buyers and that could be the signal that sales activity is swinging back after a period of below average sales. With new mortgage rules coming into effect in December that will allow buyers of presales to increase their amortization period to 30 years and an increase of the threshold for insured mortgages to $1.5M for first time buyers, this could add more demand into the new year. We’ve said it before and this could be true projecting into 2025, buy now or compete later.

Sales in October were 5% below the 10-year average, a significant improvement over the last few months where September was 26% below the 10-year average, August sales 26% below the 10-year average, July at 18% below the 10-year average and June at 24% below the 10-year average. This was not just a seasonal adjustment. October sales showed a recognizable improvement in market activity. While April and May sales in 2024 were slightly higher, October’s promise seems to be a better sign of the market to come.

In Greater Vancouver the number of new listings in October declined from September but were the highest for the month of October since 2020 and the second highest for the month of October going back to 1991. Sellers are still participating in the market although some of those listings may be properties taken off and relisted at a lower price as sellers adjust to market activity and buyer patience. With 5,577 new listings in October, this was a 10% decline from the number of new listings in September and a 17% increase from the number of new listings that came out in October 2023. Listings will help provide opportunities for buyers who will engage in the market through the remainder of 2024 and those savvy buyers will look to take advantage of any opportunities that exist.

The number of new listings in October were 20% above the 10-year average after September was 16% above, August 1.5% below, July 12% above, and June 2% above the 10-year average. With 2 months left in the year, the total new listings for the year are already ahead of 2023 and will finish with more than 60,000 in Greater Vancouver. This will likely be the second highest annual amount in the last 10 years on the heels of 63,711 in 2021. While on the high side, it is still not high as 1992 to 1996 where the number of new listings in those years averaged 63,452. But as a percentage of total housing stock, there are far few homeowners listing their properties for sale compared to 30 years ago. And with the 2-year ant-flipping tax of 20% being introduced by the B.C. NDP in January 2025 (retroactive to the previous two years), this will lead to less homes being listed. And if you are hoping to buy a home someone has renovated so you don’t have to, there will be less opportunity for that starting in January.

There were 14,477 active listings in Greater Vancouver at month end, compared to 14,932 at the end of September. After being up 46% year-over-year at the end of May, currently there are 25% more active listings year-over-year, a drop from being at 31% at the end of September. And with several listings expiring on October 31, the total number of active listings at the start of November dropped to 14,104. Even with the higher levels of new listings, Greater Vancouver still didn’t hit 15,000 total actives and hasn’t seen that number since 2019. Looking back, between 1995 and 2000 total active listings were above 15,000 for that period. This was like the stretch of 2010 through 2014 where most months saw over 15,000 active listings in Greater Vancouver. As the year finishes, total active listings will continue to decrease and may finish below 10,000.

Months of supply dropped in Greater Vancouver in all markets and segments. Overall, the detached market in Greater Vancouver is down to 7 months supply from 11 while townhomes dropped to 4 months from 6 (technically a seller’s market) condos dropped to 4.5 months from 7. Not surprising that as mortgage rates decline, activity in the multifamily segment increases. Increased sales in all areas and types of homes in October brought inventories down and with the higher sales created more competition amongst buyers for new listings as well as those active on the market. Townhomes and condos are sitting at 30% and 29% above last years’ active listing counts while detached homes are only 20% above the levels at this time in 2023.

October showed a significant improvement in sales activity, which is above what is seasonally typical. Driven by the townhome market, the missing middle continues to be the most difficult to get into for buyers. One month doesn’t make a trend but with continued interest rate reductions, it’s highly probable that activity in real estate will continue to improve. How much so is very much dependent on economic headwinds that are ahead, not to mention political distractions that will continue.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in October were 2,632 – up from 1,852 (42%) in September, up from 1,903 (38%) in August, up from 1,996 (32%) in October 2023, up from 1,923 (37%) in October 2022, down from 3,545 (26%) in October 2021, down from 3,787 (30%) in October 2020, and down from 2,892 (9%) in October 2019; Active Listings were at 14,477 at month end compared to 11,599 at that time last year (up 25%) and 14,932 at the end of September (down 3%); the 5,577 New Listings in October were down 10% compared to September 2024, up 17% compared to October 2023, up 36% compared to October 2022, up 35% compared to October 2021, down 2% compared to October 2020, and up 33% compared to October 2019. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 47% compared to 30% in September 2024, 42% in October 2023, and 47% in October 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months down 2.8%.

Vancouver Westside: Total Units Sold in October were 472 – up from 312 (51%) in September, up from 337 (40%) in August, up from 352 (34%) in October 2023, up from 342 (38%) in October 2022, down from 595 (21%) in October 2021, down from 547 (14%) in October 2020, and down from 506 (7%) in October 2019; Active Listings were at 3,106 at month end compared to 2,629 at that time last year (up 18%) and 3,174 at the end of September (down 2%); the 1,138 New Listings in October were down 13% compared to September 2024, up 14% compared to October 2023, up 32% compared to October 2022, up 17% compared to October 2021, down 3% compared to October 2020, and up 39% compared to October 2019. Month’s supply of total residential listings is down to 7 month’s supply from 10 (balanced market conditions) and sales to listings ratio of 41% compared to 24% in September 2024, 35% in October 2023, and 40% in October 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.5%.

Vancouver East Side: Total Units Sold in October were 282 – up from 211 (34%) in September, up from 193 (46%) in August, up from 231 (22%) in October 2023, up from 194 (45%) in October 2022, down from 394 (28%) in October 2021, down from 392 (28%) in October 2020, and down from 316 (11%) in October 2019; Active Listings were at 1,512 at month end compared to 1,265 at that time last year (up 20%) and 1,529 at the end of September (down 1%); the 613 New Listings in October were down 21% compared to September 2024, up 8% compared to October 2023, up 40% compared to October 2022, up 28% compared to October 2021, down 11% compared to October 2020, and up 6% compared to October 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 46% compared to 27% in September 2024, 41% in October 2023, and 44% in October 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.6%.

North Vancouver: Total Units Sold in October were 224 – up from 144 (55%) in September, up from 145 (54%) in August, up from 194 (15%) in October 2023, up from 195 (15%) in October 2022, down from 263 (15%) in October 2021, down from 334 (33%) in October 2020, and down from 260 (14%) in October 2019; Active Listings were at 848 at month end compared to 627 at that time last year (up 35%) and 856 at the end of September (down 1%); the 492 New Listings in October were down 9% compared to September 2024, up 32% compared to October 2023, up 42% compared to October 2022, up 66% compared to October 2021, up 9% compared to October 2020, and up 43% compared to October 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 46% compared to 27% in September 2024, 52% in October 2023, and 56% in October 2022.

Month-over-month, the house price index is down 1.0% and in the last 6 months down 4.8%.

West Vancouver: Total Units Sold in October were 59 – up from 45 (31%) in September, up from 57 (4%) in August, up from 53 (11%) in October 2023, up from 47 (25%) in October 2022, down from 90 (34%) in October 2021, down from 104 (43%) in October 2020, and down from 66 (11%) in October 2019; Active Listings were at 707 at month end compared to 609 at that time last year (up 16%) and 724 at the end of September (down 2%); the 213 New Listings in October were down 10% compared to September 2024, up 27% compared to October 2023, up 25% compared to October 2022, up 27% compared to October 2021, up 3% compared to October 2020, and down 7% compared to October 2019. Month’s supply of total residential listings is down to 12 month’s supply from 16 (buyer’s market conditions) and sales to listings ratio of 28% compared to 19% in September 2024, 32% in October 2023, and 27% in October 2022.

Month-over-month, the house price index is down 1.5% but in the last 6 months down 3.0%.

Richmond: Total Units Sold in October were 290 – up from 197 (47%) in September, up from 191 (52%) in August, up from 217 (34%) in October 2023, up from 243 (19%) in October 2022, down from 479 (39%) in October 2021, down from 384 (24%) in October 2020, and down from 345 (16%) in October 2019; Active Listings were at 1,657 at month end compared to 1,268 at that time last year (up 31%) and 1,736 at the end of September (down 5%); the 588 New Listings in October were down 7% compared to September 2024, up 22% compared to October 2023, up 29% compared to October 2022, up 9% compared to October 2021, down 6% compared to October 2020, and up 16% compared to October 2019. Month’s supply of total residential listings is down to 6 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 49% compared to 31% in September 2024, 45% in October 2023, and 53% in October 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 3.7%.

Burnaby East: Total Units Sold in October were 25 – down from 29 (14%) in September, the same as August, up from 21 (19%) in October 2023, up from 22 (14%) in October 2022, down from 44 (43%) in October 2021, down from 50 (50%) in October 2020, and down from 26 (4%) in October 2019; Active Listings were at 158 at month end compared to 105 at that time last year (up 50%) and 148 at the end of September (down 7%); the 69 New Listings in October were up 3% compared to September 2024, up 44% compared to October 2023, up 97% compared to October 2022, up 109% compared to October 2021, up 11% compared to October 2020, and up 33% compared to October 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 36% compared to 43% in September 2024, 44% in October 2023, and 63% in October 2022.

Month-over-month, the house price index is flat% and in the last 6 months down 2.2%.

Burnaby North: Total Units Sold in October were 168 – up from 122 (38%) in September, up from 145 (16%) in August, up from 137 (23%) in October 2023, up from 96 (75%) in October 2022, down from 191 (12%) in October 2021, down from 170 (1%) in October 2020, and up from 166 (1%) in October 2019; Active Listings were at 791 at month end compared to 598 at that time last year (up 39%) and 839 at the end of September (down 6%); the 294 New Listings in October were down 13% compared to September 2024, up 1% compared to October 2023, up 46% compared to October 2022, up 56% compared to October 2021, up 4% compared to October 2020, and up 42% compared to October 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 57% compared to 36% in September 2024, 47% in October 2023, and 48% in October 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 2.6%.

Burnaby South: Total Units Sold in October were 166 – up from 114 (46%) in September, up from 112 (48%) in August, up from 120 (38%) in October 2023, up from 122 (36%) in October 2022, down from 228 (27%) in October 2021, down from 178 (7%) in October 2020, and up from 157 (6%) in October 2019; Active Listings were at 675 at month end compared to 515 at that time last year (up 31%) and 694 at the end of September (down 3%); the 285 New Listings in October were down 14% compared to September 2024, up 26% compared to October 2023, up 17% compared to October 2022, up 24% compared to October 2021, down 6% compared to October 2020, and up 23% compared to October 2019. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 47% compared to 30% in September 2024, 42% in October 2023, and 47% in October 2022.

Month-over-month, the house price index is up 1.6% and in the last 6 months down 2.9%.

New Westminster: Total Units Sold in October were 120 – up from 73 (64%) in September, up from 79 (52%) in August, up from 81 (48%) in October 2023, up from 71 (69%) in October 2022, down from 166 (28%) in October 2021, down from 168 (29%) in October 2020, and down from 136 (12%) in October 2019; Active Listings were at 480 at month end compared to 305 at that time last year (up 57%) and 468 at the end of September (up 3%); the 255 New Listings in October were up 5% compared to September 2024, up 68% compared to October 2023, up 75% compared to October 2022, up 47% compared to October 2021, down 6% compared to October 2020, and up 59% compared to October 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 47% compared to 30% in September 2024, 53% in October 2023, and 49% in October 2022.

Month-over-month, the house price index is down 2.1% and in the last 6 months down 2.3%.

Coquitlam: Total Units Sold in October were 246 – up from 155 (59%) in September, up from 171 (44%) in August, up from 167 (47%) in October 2023, up from 196 (26%) in October 2022, down from 303 (19%) in October 2021, down from 356 (31%) in October 2020, and down from 254 (3%) in October 2019; Active Listings were at 1,102 at month end compared to 778 at that time last year (up 42%) and 1,146 at the end of September (down 4%); the 468 New Listings in October were down 9% compared to September 2024, up 15% compared to October 2023, up 38% compared to October 2022, up 70% compared to October 2021, up 3% compared to October 2020, and up 41% compared to October 2019. Month’s supply of total residential listings is down to 4 month’s supply from 7 (seller’s market conditions) and sales to listings ratio of 53% compared to 30% in September 2024, 41% in October 2023, and 58% in October 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months down 4.0%.

Port Moody: Total Units Sold in October were 68 – up from 61 (11%) in September, up from 39 (74%) in August, up from 51 (33%) in October 2023, up from 44 (55%) in October 2022, down from 76 (11%) in October 2021, down from 92 (26%) in October 2020, and the same as October 2019; Active Listings were at 253 at month end compared to 170 at that time last year (up 49%) and 251 at the end of September (up 1%); the 146 New Listings in October were up 2% compared to September 2024, up 72% compared to October 2023, up 80% compared to October 2022, up 106% compared to October 2021, up 19% compared to October 2020, and up 78% compared to October 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 43% in September 2024, 60% in October 2023, and 54% in October 2022.

Month-over-month, the house price index is down 3.1% and in the last 6 months down 2.2%.

Port Coquitlam: Total Units Sold in October were 77 – up from 52 (48%) in September, up from 56 (38%) in August, up from 54 (43%) in October 2023, up from 62 (24%) in October 2022, down from 120 (36%) in October 2021, down from 122 (37%) in October 2020, and down from 107 (28%) in October 2019; Active Listings were at 328 at month end compared to 201 at that time last year (up 63%) and 358 at the end of September (down 8%); the 148 New Listings in October were down 20% compared to September 2024, up 30% compared to October 2023, up 21% compared to October 2022, up 13% compared to October 2021, down 16% compared to October 2020, and up 16% compared to October 2019. Month’s supply of total residential listings is down to 4 month’s supply from 7 (seller’s market conditions) and sales to listings ratio of 52% compared to 28% in September 2024, 47% in October 2023, and 51% in October 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 2.2%.

Pitt Meadows: Total Units Sold in October were 32 – up from 24 (33%) in September, up from 21 (52%) in August, up from 21 (52%) in October 2023, up from 21 (52%) in October 2022, down from 34 (6%) in October 2021, down from 39 (18%) in October 2020, and up from 31 (3%) in October 2019; Active Listings were at 121 at month end compared to 91 at that time last year (up 32%) and 125 at the end of September (down 3%); the 57 New Listings in October were down 19% compared to September 2024, up 21% compared to October 2023, up 39% compared to October 2022, up 78% compared to October 2021, up 16% compared to October 2020, and up 19% compared to October 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 56% compared to 34% in September 2024, 44% in October 2023, and 51% in October 2022.

Month-over-month, the house price index is up 3.6% and in the last 6 months down 0.7%.

Maple Ridge: Total Units Sold in October were 143 – up from 114 (25%) in September, up from 123 (16%) in August, up from 110 (30%) in October 2023, up from 99 (44%) in October 2022, down from 187 (24%) in October 2021, down from 293 (51%) in October 2020, and down from 180 (21%) in October 2019; Active Listings were at 848 at month end compared to 774 at that time last year (up 9%) and 887 at the end of September (down 4%); the 316 New Listings in October were down 8% compared to September 2024, down 4% compared to October 2023, up 37% compared to October 2022, up 85% compared to October 2021, up 9% compared to October 2020, and up 31% compared to October 2019. Month’s supply of total residential listings is down to 8 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 45% compared to 33% in September 2024, 33% in October 2023, and 42% in October 2022.

Month-over-month, the house price index is flat and in the last 6 months down 1.7%.

Ladner: Total Units Sold in October were 31 – up from 22 (41%) in September, up from 25 (24%) in August, up from 24 (29%) in October 2023, up from 21 (48%) in October 2022, down from 38 (18%) in October 2021, down from 55 (44%) in October 2020, and up from 21 (48%) in October 2019; Active Listings were at 142 at month end compared to 119 at that time last year (up 19%) and 136 at the end of September (down 4%); the 61 New Listings in October were down 16% compared to September 2024, up 39% compared to October 2023, up 56% compared to October 2022, up 22% compared to October 2021, up 20% compared to October 2020, and down 8% compared to October 2019. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 51% compared to 30% in September 2024, 55% in October 2023, and 57% in October 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months down 1.0%.

Tsawwassen: Total Units Sold in October were 36 – up from 34(6%) in September, up from 32 (13%) in August, up from 27 (33%) in October 2023, up from 28 (29%) in October 2022, down from 64 (56%) in October 2021, down from 76 (53%) in October 2020, and up from 32 (13%) in October 2019; Active Listings were at 223 at month end compared to 188 at that time last year (up 19%) and 215 at the end of September (up 4%); the 80 New Listings in October were the same as September 2024, up 7% compared to October 2023, up 29% compared to October 2022, up 40% compared to October 2021, down 6% compared to October 2020, and down 1% compared to October 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 43% in September 2024, 36% in October 2023, and 45% in October 2022.

Month-over-month, the house price index is down 3.1% and in the last 6 months down 7.4%.

Fraser Valley: Sales in October were down 35.4%, compared to September and were up 37.1% from October 2023. New listings were down 4.7% from September and up 26.0% from October 2023.The average price was down 0.8% month-over-month and is up 2.3% year-over-year. Active listings were down 2.7% to 8,799 from 9,045 last month and up 33.7% from October 2023 which was at 6,580. Month’s supply of total residential listings is down to 7 month’s supply from 9 (balanced market conditions).

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

Month-over-month, the house price index is down 3.8% and in the last 6 months 3.5%.

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Promises, Promises.

Thu, 03 Oct 2024 21:27:10 GMT

Highlights of Dexter’s September 2024 report

Bank of Canada should cut its rate by 0.5% this month
5th straight month of declining sales in Metro Vancouver
Highest number of Vancouver condo listings since 2012
Buy now before everyone else does when the rates come down further

September 2024 brought on promises and more promises. The Bank of Canada dropped their interest rate for the third consecutive time and by the end of the month the U.S. went ahead with their first rate cut – jumping right in with a half point drop. We’re now expecting a half point drop by the Bank of Canada in October based on the latest economic data. And if that wasn’t enough, the province is heading to the polls later in October with promise after promise from the incumbent NDP government and challenging Conservatives. Is it any wonder that buyers are waiting to see what happens? That was the tone of buyers in September, all while sellers jumped back into the market with another rush of listings.

For the third consecutive meeting the Bank of Canada has reduced its key interest rate by a quarter point in September, bringing down mortgage costs for homeowners with variable rate mortgages and lines of credit. While not overly expected, there was some thought that a half point reduction was in order. But what this does now is leave the remaining two meetings open to further reductions in the Bank of Canada’s rate as the economy and inflation numbers clearly indicate that stimulus is needed. Expect both countries to use the remainder of the year to reduce their rates, with Canada going from the current 4.25% to 3.5% or lower by the time 2025 begins.

Many buyers may be thinking that significant Bank of Canada rate cuts will lead to equivalent reductions in fixed rates. But that’s not going to happen. Fixed rates are based on bond yields and current yields have factored in the anticipated drops in the Bank of Canada’s rate. That’s the reason why fixed rates have come down more than 1.5% from their highs already. With economic growth and inflation in Canada lagging, it’s become more likely that the Bank of Canada will cut quicker and deeper than anticipated, so expect variable rate mortgage costs to drop more than fixed rate mortgage costs. That means buyers looking for fixed rate mortgages aren’t going to gain by waiting. With the highest inventory of properties available in the last 6 years, opportunities exist for buyers more so than ever.

There were 1,852 properties sold in Greater Vancouver in September, after 1,903 sold in August, 2,333 properties sold in July, and 2,418 sold in June. With the highest number of active listings available since mid-2019, buyers are still in a holding pattern. Given the path to a sub 3 Bank of Canada rate by some time next year, variable rate mortgages are the flavour of buyers. Taking advantage of the increase in choice will allow those buyers brave enough to buy now and ride the rate down to beat out the competition that will come next spring.

Sales in September were a 4% decrease from the 1,903 properties sold last year, after a 17% decrease in August from the 2,296 properties sold in August 2023. September typically sees a tepid start to the fall market, so less sales in the month after August is not unusual. Will it take another rate cut to further entice more buyers into the market? While the federal government’s promise to extend amortizations for all buyers of presales to 30% and increase of the threshold for insured mortgages to $1.5M gives promise to buyers for easing the mortgage pain, this won’t come until December. Just what the market needs, another reason to wait and push more into the spring market. Buy now or compete later is the mantra of this fall market.

Sales in September were 26% below the 10-year average, like August with sales 26% below the 10-year average after July was 18% below the 10-year average and June was 24% below the 10-year average. The fall market has some work to do to eclipse the spring market in terms of activity but what’s clear is that the longer demand holds off, the busier it will be come the spring. With the inventory of listings continuing to rise, buyers have choice and opportunity like they haven’t seen since 2019.

In Greater Vancouver the number of new listings in September were the highest totals since May after dropping to a low in August. With 6,228 new listings in September, this was a 48% jump from what came on the market in August and an increase of 11% compared to September 2023. Sellers were certainly ready to get into the fall market, even if buyers were still reluctant.

The number of new listings in September were 16% above the 10-year average after August was 1.5% below the 10-year average, July 12% above the 10-year average, and June 2% above the 10-year average. With 3 months left in the year, the total new listings so far are almost at the total for 2023 and will likely be the second highest annual amount in the last 10 years. Even with this, prices had remained relatively flat but are trending lower in the last few months, albeit in the 1 to 3% range for declines. The increase in listings will help keep prices in check as demand enters back into the market at a greater rate over the next year.

There were 14,932 active listings in Greater Vancouver at month end, compared to 13,812 at the end of August, 14,325 at the end of July and 14,180 at the end of June. After being up 46% year-over-year at the end of May, currently there are 31% more active listings year-over-year, a drop from being at 37% at the end of August. While we did see a significant jump in active listings after the month of September, we’re still not at the highs we saw in 2019, although for the month of September we’d have to go back to 2014 to see an active listing count this high for the month of September. Count on total active listings climbing above 15,000 in Greater Vancouver as we move through October before declining through the rest of year.

Overall, the detached market in Greater Vancouver is up to 11 months supply from 10 while townhomes remained at 6 months supply and condos climbed to 7 months from 6. Condos have seen the biggest increase in listings with there being 39% active listings year-over-year, with detached at 24% above the same time last year. Detached sales activity has slowed more so though, putting many areas into strong buyer’s markets with over 10 months supply. Vancouver westside condos are at the highest number of active listings since 2012 and sitting with 10 months supply – likely a result of rental legislation and short-term rental rules making that type of property a less attractive investment. Move over to the east side though and sales are up compared to last month and last year with their only being 5 months supply. That’s what a $200,000 difference in average price will do.

As we move through October, election rhetoric and interest rate relief will be a distraction for many buyers. Affordability will continue to be the word thrown around by the two main parties in B.C. when referencing housing, but with so many regulations put in place by the current government, supply suffers at the hands of so many restrictions. Even with the promise to build more, we are still left with the question of how that’s going to happen.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in September were 1,852 – down from 1,903 (3%) in August, down from 2,333 (21%) in July, down from 2,418 (23%) in June, down from 1,93 (4%) in September 2023, up from 1,701 (9%) in September 2022, down from 3,200 (42%) in September 2021, down from 3,741 (50%) in September 2020, and down from 2,363 (22%) in September 2019; Active Listings were at 14,932 at month end compared to 11,382 at that time last year (up 31%) and 13,812 at the end of August (up 8%); the 6,228 New Listings in September were up 48% compared to August 2024, up 14% compared to September 2023, up 43% compared to September 2022, up 17% compared to September 2021, down 6% compared to September 2020, and up 24% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 45% in August 2024, 35% in September 2023, and 39% in September 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 1.6%.

Vancouver Westside: Total Units Sold in September were 312 – down from 337 (7%) in August, down from 416 (25%) in July, down from 470 (34%) in June, down from 338 (8%) in September 2023, up from 301 (4%) in September 2022, down from 567 (45%) in September 2021, down from 539 (42%) in September 2020, and down from 404 (23%) in September 2019; Active Listings were at 3,174 at month end compared to 2,558 at that time last year (up 24%) and 2,873 at the end of August (up 10%); the 1,302 New Listings in September were up 69% compared to August 2024, up 57% compared to September 2023, up 43% compared to September 2022, up 5% compared to September 2021, down 4% compared to September 2020, and up 31% compared to September 2019. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 24% compared to 44% in August 2024, 29% in September 2023, and 33% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months up 0.4%.

Vancouver East Side: Total Units Sold in September were 211 – up from 193 (9%) in August, down from 263 (20%) in July, down from 270 (22%) in June, up from 192 (10%) in September 2023, up from 178 (19%) in September 2022, down from 368 (43%) in September 2021, down from 443 (52%) in September 2020, and down from 293 (28%) in September 2019; Active Listings were at 1,529 at month end compared to 1,196 at that time last year (up 27%) and 1,407 at the end of August (up 8%); the 772 New Listings in September were up 67% compared to August 2024, up 22% compared to September 2023, up 71% compared to September 2022, up 22% compared to September 2021, down 7% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 28% compared to 42% in August 2024, 31% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%.

North Vancouver: Total Units Sold in September were 144 – down from 145 (1%) in August, down from 201 (28%) in July, down from 221 (35%) in June, down from 169 (15%) in September 2023, up from 128 (13%) in September 2022, down from 230 (37%) in September 2021, down from 328 (56%) in September 2020, and down from 166 (13%) in September 2019; Active Listings were at 856 at month end compared to 627 at that time last year (up 36%) and 675 at the end of August (up 27%); the 543 New Listings in September were up 102% compared to August 2024, up 13% compared to September 2023, up 35% compared to September 2022, up 29% compared to September 2021, down 8% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 27% compared to 54% in August 2024, 35% in September 2023, and 32% in September 2022.

Month-over-month, the house price index is down 2.5% and in the last 6 months down 3.1%.

West Vancouver: Total Units Sold in September were 45 – down from 57 (21%) in August, down from 59 (24%) in July, down from 75 (40%) in June, down from 53 (15%) in September 2023, up from 42 (7%) in September 2022, down from 71 (37%) in September 2021, down from 98 (54%) in September 2020, and down from 51 (12%) in September 2019; Active Listings were at 724 at month end compared to 626 at that time last year (up 31%) and 678 at the end of August (up 8%); the 237 New Listings in September were up 71% compared to August 2024, down 8% compared to September 2023, up 21% compared to September 2022, up 9% compared to September 2021, up 13% compared to September 2020, and up 1% compared to September 2019. Month’s supply of total residential listings is up to 16 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 19% compared to 42% in August 2024, 21% in September 2023, and 22% in September 2022.

Month-over-month, the house price index is down 3.0% but in the last 6 months down 2.8%.

Richmond: Total Units Sold in September were 197 – up from 191 (3%) in August, down from 255 (23%) in July, down from 263 (25%) in June, down from 256 (23%) in September 2023, down from 210 (6%) in September 2022, down from 432 (54%) in September 2021, down from 415 (53%) in September 2020, and down from 283 (30%) in September 2019; Active Listings were at 1,736 at month end compared to 1,268 at that time last year (up 37%) and 1,632 at the end of August (up 6%); the 629 New Listings in September were up 16% compared to August 2024, up 4% compared to September 2023, up 35% compared to September 2022, up 0.5% compared to September 2021, down 10% compared to September 2020, and up 12% compared to September 2019. Month’s supply of total residential listings is steady at 9 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 35% in August 2024, 43% in September 2023, and 45% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.5%.

Burnaby East: Total Units Sold in September were 29 – up from 25 (16%) in August, down from 33 (12%) in July, up from 17 (71%) in June, up from 18 (61%) in September 2023, up from 17 (18%) in September 2022, down from 38 (24%) in September 2021, down from 41 (29%) in September 2020, and up from 22 (32%) in September 2019; Active Listings were at 148 at month end compared to 96 at that time last year (up 54%) and 140 at the end of August (up 6%); the 67 New Listings in September were up 37% compared to August 2024, up 37% compared to September 2023, up 148% compared to September 2022, up 37% compared to September 2021, up 22% compared to September 2020, and up 20% compared to September 2019. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 43% compared to 51% in August 2024, 37% in September 2023, and 63% in September 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 2.4%.

Burnaby North: Total Units Sold in September were 122 – down from 145 (16%) in August, down from 137 (11%) in July, down from 172 (29%) in June, up from 113 (8%) in September 2023, up from 111 (10%) in September 2022, down from 189 (47%) in September 2021, down from 192 (36%) in September 2020, and down from 138 (6%) in September 2019; Active Listings were at 839 at month end compared to 561 at that time last year (up 49%) and 826 at the end of August (up 1%); the 339 New Listings in September were up 15% compared to August 2024, up 11% compared to September 2023, up 73% compared to September 2022, down 12% compared to September 2021, down 3% compared to September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 36% compared to 49% in August 2024, 37% in September 2023, and 57% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 2.1%.

Burnaby South: Total Units Sold in September were 114 – up from 112 (2%) in August, down from 140 (19%) in July, down from 135 (16%) in June, down from 126 (10%) in September 2023, up from 96 (19%) in September 2022, down from 183 (38%) in September 2021, down from 173 (34%) in September 2020, and down from 119 (4%) in September 2019; Active Listings were at 694 at month end compared to 518 at that time last year (up 34%) and 634 at the end of August (up 9%); the 332 New Listings in September were up 49% compared to August 2024, up 18% compared to September 2023, up 53% compared to September 2022, up 16% compared to September 2021, down 8% compared to September 2020, and up 42% compared to September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 51% in August 2024, 45% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 3.4% and in the last 6 months down 4.3%.

New Westminster: Total Units Sold in September were 73 – down from 79 (8%) in August, down from 98 (26%) in July, down from 108 (32%) in June, up from 72 (1%) in September 2023, up from 67 (9%) in September 2022, down from 131 (44%) in September 2021, down from 176 (59%) in September 2020, and down from 110 (34%) in September 2019; Active Listings were at 468 at month end compared to 298 at that time last year (up 57%) and 406 at the end of August (up 15%); the 242 New Listings in September were up 69% compared to August 2024, up 39% compared to September 2023, up 40% compared to September 2022, up 3% compared to September 2021, down 24% compared to September 2020, and up 11% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 42% in September 2023, and 39% in September 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 0.3%.

Coquitlam: Total Units Sold in September were 155 – down from 171 (9%) in August, down from 178 (13%) in July, down from 189 (18%) in June, down from 170 (9%) in September 2023, up from 142 (9%) in September 2022, down from 247 (37%) in September 2021, down from 307 (50%) in September 2020, and down from 213 (27%) in September 2019; Active Listings were at 1,146 at month end compared to 713 at that time last year (up 61%) and 1,052 at the end of August (up 9%); the 512 New Listings in September were up 22% compared to August 2024, up 15% compared to September 2023, up 58% compared to September 2022, up 43% compared to September 2021, the same as September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 30% compared to 41% in August 2024, 38% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.0%.

Port Moody: Total Units Sold in September were 61 – up from 39 (56%) in August, up from 58 (5%) in July, up from 56 (9%) in June, up from 44 (39%) in September 2023, up from 53 (15%) in September 2022, down from 69 (12%) in September 2021, down from 88 (31%) in September 2020, and up from 49 (24%) in September 2019; Active Listings were at 251 at month end compared to 185 at that time last year (up 36%) and 243 at the end of August (up 3%); the 143 New Listings in September were up 59% compared to August 2024, up 38% compared to September 2023, up 61% compared to September 2022, up 46% compared to September 2021, down 14% compared to September 2020, and up 51% compared to September 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 43% compared to 43% in August 2024, 42% in September 2023, and 60% in September 2022

Month-over-month, the house price index is down 0.7% and in the last 6 months up 2.4%.

Port Coquitlam: Total Units Sold in September were 52 – down from 56 (7%) in August, down from 66 (21%) in July, down from 62 (16%) in June, down from 65 (20%) in September 2023, up from 50 (4%) in September 2022, down from 97 (46%) in September 2021, down from 114 (54%) in September 2020, and down from 78 (33%) in September 2019; Active Listings were at 358 at month end compared to 191 at that time last year (up 87%) and 306 at the end of August (up 17%); the 186 New Listings in September were up 81% compared to August 2024, up 33% compared to September 2023, up 49% compared to September 2022, up 28% compared to September 2021, down 7% compared to September 2020, and up 28% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 28% compared to 55% in August 2024, 47% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 2.1% and in the last 6 months down 1.6%.

Pitt Meadows: Total Units Sold in September were 24 – up from 21 (14%) in August, down from 27 (11%) in July, down from 28 (14%) in June, the same as September 2023, up from 20 (20%) in September 2022, down from 41 (41%) in September 2021, down from 44 (45%) in September 2020, and down from 32 (25%) in September 2019; Active Listings were at 125 at month end compared to 94 at that time last year (up 32%) and 105 at the end of August (up 19%); the 70 New Listings in September were up 75% compared to August 2024, up 29% compared to September 2023, up 27% compared to September 2022, up 59% compared to September 2021, down 9% compared to September 2020, and up 19% compared to September 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 52% in August 2024, 44% in September 2023, and 36% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.1%.

Maple Ridge: Total Units Sold in September were 114 – down from 123 (7%) in August, down from 166 (31%) in July, down from 130 (12%) in June, up from 108 (6%) in September 2023, down from 115 (1%) in September 2022, down from 182 (37%) in September 2021, down from 267 (57%) in September 2020, and down from 157 (27%) in September 2019; Active Listings were at 887 at month end compared to 752 at that time last year (up 17%) and 855 at the end of August (up 4%); the 344 New Listings in September were up 24% compared to August 2024, down 4% compared to September 2023, up 22% compared to September 2022, up 50% compared to September 2021, up 14% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 44% in August 2024, 30% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months down 1.2%.

Ladner: Total Units Sold in September were 22 – down from 25 (12%) in August, down from 31 (29%) in July, down from 27 (19%) in June, down from 26 (15%) in September 2023, up from 20 (10%) in September 2022, down from 38 (42%) in September 2021, down from 53 (58%) in September 2020, and down from 28 (21%) in September 2019; Active Listings were at 136 at month end compared to 117 at that time last year (up 16%) and 124 at the end of August (up 10%); the 73 New Listings in September were up 62% compared to August 2024, up 12% compared to September 2023, up 83% compared to September 2022, up 62% compared to September 2021, up 30% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 40% in September 2023, and 50% in September 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.6%.

Tsawwassen: Total Units Sold in September were 34 – up from 32 (6%) in August, down from 45 (24%) in July, down from 44 (23%) in June, down from 42 (35%) in September 2023, up from 21 (62%) in September 2022, down from 57 (40%) in September 2021, down from 80 (57%) in September 2020, and up from 26 (31%) in September 2019; Active Listings were at 215 at month end compared to 174 at that time last year (up 23%) and 199 at the end of August (up 7%); the 80 New Listings in September were up 32% compared to August 2024, up 7% compared to September 2023, up 36% compared to September 2022, up 8% compared to September 2021, down 32% compared to September 2020, and the same as September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (buyer’s market conditions) and sales to listings ratio of 43% compared to 53% in August 2024, 57% in September 2023, and 36% in September 2022.

Month-over-month, the house price index is down 2.8% and in the last 6 months down 4.3%.

Fraser Valley: Sales in September were down 8.0%, compared to August and were down 10.7% from September 2023. New listings were up 20.7% from August and up 17.2% from September 2023.The average price was down 2.3% month-over-month and is up 2.4% year-over-year. Active listings were up 4.9% to 9,045 from 8,626 last month and up 38.5% from September 2023 which was at 6,532. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions).

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

Month-over-month, the house price index is down 1% and in the last 6 months 3%.

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Has the Listing Parade Slowed Down?

Thu, 05 Sep 2024 18:23:54 GMT

Highlights of Dexter’s August 2024 report

Detached home sales in August down 18% to July
Active listing counts declined except for Richmond, Coquitlam and Port Moody
Lowest number of monthly sales since January
Buyers ready for more interest rate cuts

August 2024 was the month of taking a break! With sales and listing activity down, it felt like most were enjoying the weather and holiday time before September rolled around. After a thrust of listings over the last 5 months, there was a significant decline for August that left fewer homes on the market as we move into the fall market.

For the third consecutive meeting the Bank of Canada has reduced its key interest rate by a quarter point, bringing down mortgage costs for homeowners with variable rate mortgages and lines of credit. While not overly expected, there was some thought that a half point reduction could have come. But what this does now is leave the remaining two meetings open to further reductions in the Bank of Canada’s rate as the economy and inflation numbers clearly are indicating that stimulus is needed. Even though the United States Feds seemed steadfast in keeping their rate unchanged for the remainder of 2024 earlier in the summer, they have now signalled that there will be a rate cut in September at their meeting on the 17th. Expect both countries to use the remainder of the year to reduce their rates, with Canada going from the current 4.5% to 3.75% or even 3.5% by the time 2025 begins.

Of course, fixed rate mortgages are affected by bond yields, and after hitting a high of 4.46% in 2023 the 5-year Canada bond rate then dropped down to 2.9% in July and is just over 3.0% now. This likely means fixed interested rates won’t see much change from the Bank of Canada interest rate cut in September as bond markets typically predict what’s going to happen and thus bond rates are priced accordingly. Meaning, everyone is expecting a rate cut. But as the fall moves forward expect fixed rates to see movement downward as the Bank of Canada is predicted to continue its downward trajectory. All this means, mortgage costs will come down, and buyers will have more incentive to go back into the market. And with 2025 coming, we’ll start to see 5-year mortgages come up for renewal that were locked in to record low rates. The disincentive to sell could be off the table for those with expiring “cheap rate” mortgages and create more transactional activity in the real estate market.

There were 1,903 properties sold in Greater Vancouver in August after 2,333 properties sold in July, 2,418 sold in June, 2,733 sold in May, and 2,831 sold in April. Buyers have signalled they want more interest rate relief with the total number of sales declining month over month for the fourth straight time. And they are about to get it. What will be the tipping point to move buyers back into the market at a greater pace? We’ll likely see that this fall. Sales in August were a 17% decrease from the 2,296 properties sold last year after a 5% decease in July from the 2,455 properties sold in July 2023, and a 19% decrease in June from the 2,988 properties sold in June 2023. Last summer buyers faced the shock of two sudden Bank of Canada interest rate increases which brought sales activity quickly down after a robust spring in 2023. To see sales levels at this level after two rate reductions points to a deep pool of buyers waiting. Economic uncertainty certainly weighs on the market with unemployment rates rising and overall spending being held in check. All signs point to a market that will see demand unleash, but it’s a question of when. Buyers are likely saying “Show me the rate reductions” before fully embracing this buyer’s market.

Sales in August were 26% below the 10-year average after July was 18% below the 10-year average and June was 24% below the 10-year average. This trend will be changing in the months ahead as buyers get behind interest rate reductions. Like 2019, the fall market will be more active than spring. We’ve seen an increase in listings albeit not as many as 2019, and how many listings come out in the fall will dictate where prices go over the next 6 months.

With the number of new listings dropping for the fourth straight month, the absorption rate increased to 45%, the highest percentage since March. Even with the lower number of sales, fewer listings were added to the overall active listing count. And with approximately 400 listings expiring at the end of August, that total dropped even more at the start of September. Greater Vancouver is pushed up to 7 months of inventory, closer to a buyer’s market, after being at 6 months and lower all year. All areas in Greater Vancouver have shifted into balanced to buyer’s markets after North Vancouver, New Westminster, Port Moody, Ladner and Pitt Meadows being the only areas in a seller’s market prior to August. This is mainly due to falling sales in those areas. Vancouver’s Westside and Richmond joined West Vancouver in buyer’s market territory due to their drop in total sales along with higher active listing counts. There may be areas and product types that act differently either with stronger activity or less activity. It’s not unusual to see multiple offers on Vancouver’s Westside detached while condo apartments downtown sit without any offers.

The number of new listings dropped again in August, the biggest month over month decline this year. After seeing 7,229 in April, 6,484 new listings in May, 5,851 new listings in June, 5,689 new listings in July, the total for August was 4,199.

While the number of new listings declined month-over-month, there were slightly more new listings in August this year compared to that month in 2023. In Augst 2023 there were 4,015 new listings, 5% more than August last year. August typically sees the real estate market less active, to it’s not completely surprising to see fewer new listings come on but after a higher number in July, it perhaps could be a trend of less seller activity through the remainder of 2024.

The number of new listings in August were 1.5% below the 10-year average, after seeing July at 12% above the 10-year average, June at 2% above the 10-year average, May at 7% above the 10-year average and April at 29% above the 10-year average. Even with the summer slowdown, August produced less listings than typical for this month.

There were 13,812 active listings in Greater Vancouver at month end, compared to 14,325 at the end of July and 14,180 at the end of June. After being up 46% year-over-year at the end of May, currently there are 37% more new listings year-over-year. After the end of August, September started with 13,444 with listings expiring at the end of August or sellers simply taking them off the market. In 2019, there was a similar pattern, with the active listing count going from 15,037 at the end of July to 14,191 at the end of August and continuing to decline for the remainder of the year to finish with 9,309. We’ve likely seen the number of active listings peak in 2024 and as we move through the remainder of the year, buyer choice will likely decline.

Overall the detached market in Greater Vancouver is up to 10 months supply from 8 while townhomes and condos both jumped up to 6 from 5 months supply making it a balanced to buyer’s market in the region. Detached homes are showing less buyer engagement while townhouses and condos are in some areas still in a seller’s market. With cost control on the minds of buyers, it’s not surprising to see lower priced properties being more attractive in the market.

The biggest movement in B.C. in August was the shift in the political landscape with the leader of the B.C. United party stepping his party away from the election race. It’s now a two-horse race. Housing is sure to be a significant part of the campaign for both parties, but will either party have a viable solution for increasing supply? For 8 years the NDP government has moved the needle very little even with significant regulatory and legislative changes to property rights and municipal zoning requirements. Investment in housing has been pushed away, without considering that small scale investors provide rental stock at a pace far greater than government can. And while the push has been to build more purpose-built rental buildings it has come at the cost of multi-family units for ownership. This will have long-term effects for buyers and future private rentals in the years to come. Supply and demand shouldn’t be ignored but unfortunately supply is being stifled for future buyers with current policies as well as current economic conditions.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in August were 1,903 – down from 2,333 (18%) in July, down from 2,418 (21%) in June, down from 2,296 (17%) in August 2023, up from 1,892 (1%) in August 2022, down from 3,166 (40%) in August 2021, down from 3,122 (39%) in August 2020, and down from 2,256 (16%) in August 2019; Active Listings were at 13,812 at month end compared to 10,082 at that time last year (up 37%) and 14,326 at the end of July (down 4%); New Listings in August were down 26% compared to July 2024, up 5% compared to August 2023, up 24% compared to August 2022, up 2% compared to August 2021, down 30% compared to August 2020, and up 9% compared to August 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 45% compared to 41% in July 2024, 57% in August 2023, and 56% in August 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 1.2%.

Vancouver Westside: Total Units Sold in August were 337 – down from 416 (19%) in July, down from 470 (28%) in June, down from 433 (22%) in August 2023, down from 380 (11%) in August 2022, down from 593 (38%) in August 2021, down from 490 (31%) in August 2020, and down from 423 (20%) in August 2019; Active Listings were at 2,873 at month end compared to 2,294 at that time last year (up 25%) and 3,040 at the end of July (down 5%); New Listings in August were down 33% compared to July 2024, down 7% compared to August 2023, up 5% compared to August 2022, down 16% compared to August 2021, down 36% compared to August 2020, and up 20% compared to August 2019. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 44% compared to 37% in July 2024, 53% in August 2023, and 52% in August 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months up 1.9%.

Vancouver East Side: Total Units Sold in August were 193 – down from 263 (27%) in July, down from 270 (29%) in June, down from 250 (23%) in August 2023, down from 196 (2%) in August 2022, down from 295 (35%) in August 2021, down from 330 (42%) in August 2020, and down from 235 (18%) in August 2019; Active Listings were at 1,407 at month end compared to 1,013 at that time last year (up 39%) and 1,468 at the end of July (down 4%); New Listings in August were down 23% compared to July 2024, up 20% compared to August 2023, up 38% compared to August 2022, up 7% compared to August 2021, down 38% compared to August 2020, and up 27% compared to August 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 42% compared to 44% in July 2024, 66% in August 2023, and 59% in August 2022.

Month-over-month, the house price index is up 0.3% and in the last 6 months up 1.9%.

North Vancouver: Total Units Sold in August were 145 – down from 201 (28%) in July, down from 221 (34%) in June, down from 160 (9%) in August 2023, up from 126 (15%) in August 2022, down from 212 (32%) in August 2021, down from 239 (39%) in August 2020, and down from 184 (21%) in August 2019; Active Listings were at 675 at month end compared to 498 at that time last year (up 36%) and 740 at the end of July (down 9%); New Listings in August were down 37% compared to July 2024, up 5% compared to August 2023, up 19% compared to August 2022, up 9% compared to August 2021, down 45% compared to August 2020, and up 2% compared to August 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 54% compared to 47% in July 2024, 63% in August 2023, and 56% in August 2022.

Month-over-month, the house price index is down 1.3% and in the last 6 months up 0.6%.

West Vancouver: Total Units Sold in August were 57 – down from 59 (3%) in July, down from 75 (24%) in June, the same as 57 in August 2023, up from 53 (8%) in August 2022, down from 67 (15%) in August 2021, down from 67 (15%) in August 2020, and up from 49 (16%) in August 2019; Active Listings were at 678 at month end compared to 582 at that time last year (up 16%) and 733 at the end of July (down 8%); New Listings in August were down 37% compared to July 2024, down 8% compared to August 2023, down 11% compared to August 2022, up 5% compared to August 2021, down 30% compared to August 2020, and the same as August 2019. Month’s supply of total residential listings is steady at 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 42% compared to 27% in July 2024, 39% in August 2023, and 35% in August 2022.

Month-over-month, the house price index is up 0.8% but in the last 6 months up 4.3%.

Richmond: Total Units Sold in August were 191 – down from 255 (25%) in July, down from 263 (27%) in June, down from 319 (40%) in August 2023, down from 226 (15%) in August 2022, down from 440 (57%) in August 2021, down from 340 (44%) in August 2020, and down from 250 (24%) in August 2019; Active Listings were at 1,632 at month end compared to 1,162 at that time last year (up 40%) and 1,563 at the end of July (up 4%); New Listings in August were down 15% compared to July 2024, up 9% compared to August 2023, up 44% compared to August 2022, up 1% compared to August 2021, down 19% compared to August 2020, and up 5% compared to August 2019. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 35% compared to 40% in July 2024, 64% in August 2023, and 60% in August 2022.

Month-over-month, the house price index is up 0.7% and in the last 6 months down 0.3%.

Burnaby East: Total Units Sold in August were 25 – down from 33 (24%) in July, up from 17 (47%) in June, down from 31 (19%) in August 2023, up from 20 (25%) in August 2022, down from 29 (14%) in August 2021, down from 37 (32%) in August 2020, and down from 31 (19%) in August 2019; Active Listings were at 140 at month end compared to 83 at that time last year (up 69%) and 160 at the end of July (down 12%); New Listings in August were down 23% compared to July 2024, up 29% compared to August 2023, up 81% compared to August 2022, down 4% compared to August 2021, down 23% compared to August 2020, and down 8% compared to August 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 51% compared to 52% in July 2024, 82% in August 2023, and 74% in August 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 0.1%.

Burnaby North: Total Units Sold in August were 145 – up from 137 (6%) in July, down from 172 (16%) in June, up from 139 (4%) in August 2023, up from 120 (21%) in August 2022, down from 181 (20%) in August 2021, down from 197 (26%) in August 2020, and up from 129 (12%) in August 2019; Active Listings were at 826 at month end compared to 495 at that time last year (up 67%) and 837 at the end of July (down 1%); New Listings in August were down 26% compared to July 2024, up 13% compared to August 2023, up 54% compared to August 2022, up 23% compared to August 2021, down 16% compared to August 2020, and up 38% compared to August 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 49% compared to 35% in July 2024, 54% in August 2023, and 63% in August 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months up 0.7%.

Burnaby South: Total Units Sold in August were 112 – down from 140 (20%) in July, down from 135 (17%) in June, down from 133 (16%) in August 2023, down from 123 (9%) in August 2022, down from 199 (44%) in August 2021, down from 130 (14%) in August 2020, and down from 126 (19%) in August 2019; Active Listings were at 634 at month end compared to 445 at that time last year (up 42%) and 682 at the end of July (down 7%); New Listings in August were down 21% compared to July 2024, up 4% compared to August 2023, up 31% compared to August 2022, down 21% compared to August 2021, down 29% compared to August 2020, and down 19% compared to August 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 51% compared to 50% in July 2024, 62% in August 2023, and 73% in August 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 0%.

New Westminster: Total Units Sold in August were 79 – down from 98 (19%) in July, down from 108 (27%) in June, down from 87 (9%) in August 2023, up from 77 (3%) in August 2022, down from 146 (46%) in August 2021, down from 161 (51%) in August 2020, and down from 97 (19%) in August 2019; Active Listings were at 406 at month end compared to 299 at that time last year (up 36%) and 428 at the end of July (down 5%); New Listings in August were down 32% compared to July 2024, down 8% compared to August 2023, up 19% compared to August 2022, down 14% compared to August 2021, down 50% compared to August 2020, and down 14% compared to August 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 56% compared to 47% in July 2024, 56% in August 2023, and 65% in August 2022.

Month-over-month, the house price index is up 1.3% and in the last 6 months up 0.4%.

Coquitlam: Total Units Sold in August were 171 – down from 178 (4%) in July, down from 189 (10%) in June, down from 203 (16%) in August 2023, up from 157 (9%) in August 2022, down from 284 (40%) in August 2021, down from 246 (30%) in August 2020, and down from 198 (14%) in August 2019; Active Listings were at 1,052 at month end compared to 599 at that time last year (up 76%) and 1,057 at the end of July (up 0.5%); New Listings in August were down 16% compared to July 2024, up 43% compared to August 2023, up 60% compared to August 2022, up 38% compared to August 2021, up 3% compared to August 2020, and up 20% compared to August 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 41% compared to 35% in July 2024, 69% in August 2023, and 59% in August 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months down 0.7%.

Port Moody: Total Units Sold in August were 39 – down from 58 (33%) in July, down from 56 (30%) in June, down from 58 (33%) in August 2023, up from 33 (18%) in August 2022, down from 57 (32%) in August 2021, down from 86 (55%) in August 2020, and the same amount in August 2019; Active Listings were at 243 at month end compared to 167 at that time last year (up 46%) and 238 at the end of July (up 2%); New Listings in August were down 20% compared to July 2024, up 17% compared to August 2023, up 17% compared to August 2022, up 15% compared to August 2021, down 24% compared to August 2020, and up 18% compared to August 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 43% compared to 52% in July 2024, 75% in August 2023, and 43% in August 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months up 3.6%.

Port Coquitlam: Total Units Sold in August were 56 – down from 66 (15%) in July, down from 62 (10%) in June, down from 69 (19%) in August 2023, up from 78 (28%) in August 2022, down from 97 (43%) in August 2021, down from 169 (67%) in August 2020, and down from 79 (29%) in August 2019; Active Listings were at 306 at month end compared to 169 at that time last year (up 81%) and 331 at the end of July (down 8%); New Listings in August were down 38% compared to July 2024, down 11% compared to August 2023, down 1% compared to August 2022, down 12% compared to August 2021, down 40% compared to August 2020, and down 12% compared to August 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 55% compared to 40% in July 2024, 60% in August 2023, and 76% in August 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 1.4%.

Pitt Meadows: Total Units Sold in August were 21 – down from 27 (23%) in July, down from 28 (25%) in June, down from 23 (9%) in August 2023, up from 17 (24%) in August 2022, down from 24 (12%) in August 2021, down from 42 (50%) in August 2020, and down from 39 (46%) in August 2019; Active Listings were at 105 at month end compared to 78 at that time last year (up 34%) and 108 at the end of July (down 3%); New Listings in August were down 44% compared to July 2024, up 5% compared to August 2023, down 7% compared to August 2022, up 8% compared to August 2021, down 18% compared to August 2020, and up 5% compared to August 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 52% compared to 38% in July 2024, 60% in August 2023, and 39% in August 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months up 0.1%.

Maple Ridge: Total Units Sold in August were 123 – down from 166 (26%) in July, down from 130 (5%) in June, up from 119 (3%) in August 2023, up from 113 (9%) in August 2022, down from 185 (34%) in August 2021, down from 216 (43%) in August 2020, and down from 133 (8%) in August 2019; Active Listings were at 855 at month end compared to 653 at that time last year (up 30%) and 879 at the end of July (down 3%); New Listings in August were down 19% compared to July 2024, up 1% compared to August 2023, up 18% compared to August 2022, up 26% compared to August 2021, down 9% compared to August 2020, and up 32% compared to August 2019. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 44% compared to 48% in July 2024, 43% in August 2023, and 48% in August 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months up 0.5%.

Ladner: Total Units Sold in August were 25 – down from 31 (19%) in July, down from 27 (11%) in June, up from 24 (4%) in August 2023, down from 27 (7%) in August 2022, down from 35 (29%) in August 2021, down from 40 (37%) in August 2020, and down from 33 (24%) in August 2019; Active Listings were at 124 at month end compared to 97 at that time last year (up 28%) and 138 at the end of July (down 10%); New Listings in August were down 15% compared to July 2024, up 36% compared to August 2023, up 36% compared to August 2022, up 29% compared to August 2021, down 35% compared to August 2020, and down 33% compared to August 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 56% compared to 58% in July 2024, 73% in August 2023, and 82% in August 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 3.8%.

Tsawwassen: Total Units Sold in August were 32 – down from 45 (29%) in July, down from 44 (27%) in June, up from 28 (14%) in August 2023, up from 25 (28%) in August 2022, down from 74 (57%) in August 2021, down from 53 (40%) in August 2020, and up from 30 (7%) in August 2019; Active Listings were at 199 at month end compared to 162 at that time last year (up 23%) and 206 at the end of July (down 3%); New Listings in August were down 15% compared to July 2024, up 11% compared to August 2023, down5% compared to August 2022, down 9% compared to August 2021, down 46% compared to August 2020, and down 18% compared to August 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 53% compared to 63% in July 2024, 52% in August 2023, and 40% in August 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months up 4.1%.

Fraser Valley: Sales in August were down 13.1%, compared to July and were down 16.2% from August 2023. New listings were down 18.6% from July and up 5.9% from August 2023.The average price was up 3.4% month-over-month and is up 7.9% year-over-year. Active listings were down 1.2% to 8,626 from 8,731 last month and up 37.1% from August 2023 which was at 6,291. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions).

“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in B.C,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales.”

Month-over-month, the house price index is down 0.6% and in the last 6 months 0.8%.

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Ok Bank of Canada: You Win!

Tue, 06 Aug 2024 18:07:00 GMT

Highlights of Dexter’s July 2024 report

High interest rates have slowed the economy and real estate sales
Active listing counts climbed again this month
Second highest number of new listings in July since 2008
Buyer opportunities abound in the market

For the past 10 years we’ve all been asking for more listings in the real estate market… well we are finally seeing it. We have more listings, now what are we going to do it them? And as they say, opposites attract. With fewer sales and a noticeable increase in listings, the opposite of last year in the first 6 months – we could see this opposite attract more buyers to the market in the last half of 2024, attracted to the opportunities that are out there.

Let’s talk economics. The Bank of Canada made their second consecutive interest rate drop in July, seeing their rate decline to 4.5%. And with economic data abound pointing to a sluggish economy here in Canada and the U.S., expect that trend to continue through the remainder of 2024. South of the border, their Federal Bank has been more patient, and it is beginning to appear that this patience has come at a cost. Data out of the U.S. is pointing to an economy slowing quickly, resulting in a pull back in the stock market and bond yields falling quickly in both Canada and the U.S. – think fixed rate mortgages. After hitting a high of 4.46% in 2023 the 5-year Canada bond rate is down to 2.9%. The U.S. Federal Bank announcement is in September and expect their first rate cut to happen with successive rate cuts to follow that. Will that make a difference to buyer sentiment? With the increase in listing inventory allowing for more opportunity, prices are showing signs of weakness which could create one of the best buying opportunities we’ve seen in many years in Metro Vancouver. The second half of 2024 should be one of those years where the number of sales in the back half are more than the first.

There were 2,333 properties sold in Greater Vancouver in July, after seeing 2,418 sold in June, 2,733 sold in May, 2,831 sold in April and 2,415 properties sold in March this year. There hasn’t been much variance in buyer activity in 2024, consistently patient would be the best way to describe it. This was a 5% decrease from the 2,455 properties sold last year in July after a 19% decrease in June from the 2,988 properties sold in June 2023. Comparing to last year isn’t exactly comparing apples to apples. Last spring there was a feeling that rate cuts were on the horizon and much like Lucy pulling out the football on Charlie Brown, the Bank of Canada cranked up rates in June and July. After that the market went quiet, buyers were noticeably absent. This spring, it felt more like buyer sentiment was “fool me once, shame on you, fool me twice, shame on me.” Buyers weren’t ready to fall for the story line of more interest rate cuts. But the neon sign is flashing that they are coming, and more likely faster than anticipated.

Sales in July were 18% below the 10-year average after June was 24% below the 10-year average and May being 20% below the 10-year average. Not much changed on that front, this is a market where demand is building and waiting for the signal to buy. Trends are like 2019 where an influx of listings in the spring lead to stronger sales in the last half of the year. And after experiencing mortgage shock of the stress test in 2018 which negatively impacted the borrowing power of buyers, the demand that built up through 2018 and into 2019 started to come back into the real estate market.

While the number of new listings dropped in July compared to August, the absorption rate remained relatively flat. Dropping slightly to 41% in July, after being at 42% the previous two months, the growth in active listings was slower. Likely due to several listings coming off the market as the patience of some sellers gave out. Greater Vancouver is still sitting at 6 months of inventory (on the border of balanced to buyer’s market). North Vancouver, New Westminster, Port Moody, Ladner and Pitt Meadows are the only cities at 4 months supply – technically a seller’s market. This is mainly due to falling total inventory counts in those areas while other cities saw total actives continue to increase in July. West Vancouver continues to be one of the only markets in Greater Vancouver showing to be a buyer’s market with its current sales activity and listing inventory. Make no mistake though, there are some areas and types of properties that are a buyer’s market.

Once again new listing totals declined in Greater Vancouver in July. After seeing 7,229 in April, 6,484 new listings in May, 5,851 new listings in June, the total for July was 5,689. It seems markets throughout North America experience this trend with more listings hitting the market, so Metro Vancouver was not alone. It helps to create a healthier balance in the market and while other locations are experiencing steeper price declines, Metro Vancouver is remaining relatively flat, with the House Price Index only down 0.8% month-over-month in Greater Vancouver. Whistler, Squamish and the Sunshine Coast are experiencing higher price declines, down 2%, 1.9% and 3.7% month-over-month respectively and down 7.7%, 3.3% and 2.8% respectively in the last year.

For the fourth straight month, the number of new listings declined month-over-month, but July still produced more than last year. In July 2023 there were 4,757 new listings, 16% fewer than July of this year. So far 2024 has proven to show that pent up supply is finally coming to the market. After the end of July, the total number of new listings for the year is 76% of the total that came out in 2023. Expect to see fewer new listings come to the market in the last half of the year though, as it typically the case and likely more sellers playing the wait and see game.

The number of new listings in July were 12% above the 10-year average after seeing June at 2% above the 10-year average, May at 7% above the 10-year average and April at 29% above the 10-year average. In fact, the month of July saw the second highest number of new listings for the month since 2008. While trending lower, sellers are still far more active in the real estate market than buyers.

There were 14,326 active listings in Greater Vancouver at month end, compared to 14,180 at the end of June and 13,600 at the end of May. The growth of active listings has slowed significantly after being up 46% year-over-year at the end of May, currently sitting 39% higher than this time last year. Some sellers are simply refusing to participate in the market and taking their homes off the market after failing to attract a buyer at a price they are prepared to sell for. Some sellers are content to be on the market, while others would prefer to be sold. While not quite at the highs of 2019 when there were close to 16,000 active listings in May that year, this increase in listings is positive for the real estate market and should help to keep prices relatively flat if further interest rate decreases pull buyers back into the market.

Looking at the different types of homes, detached active listings are up 30% year-over-year, while townhouses are up 49% and condos are up 47%. Since the end of March though, detached active listings are up 41%, while townhouses are up 38% and condos are up 32%. With new home starts down significantly and rental projects being the focus of many developers, we’ll continue to see supply constraints in the strata ownership market in the years to come. This could be the best time to get into that market.

The detached market overall in Greater Vancouver remains at 8 months supply while townhomes and condos stayed with 5 months supply keeping it in that mix of seller’s to balanced market conditions in Greater Vancouver. The tighter supply continues to be in North Vancouver where there are only 3 months supply of townhomes and condos, Richmond, Ladner, Tsawwassen, Pitt Meadows and Maple Ridge townhomes at 3 months supply and townhomes in Port Moody with only 2 months supply.

The autumn real estate market is setting up for one of interest rate declines and an economy in need of stimulation. The cracks are showing, have federal banks waited too long? It is beginning to appear that the 3 remaining Bank of Canada meetings could all lead to reductions in their interest rate with fixed rates following. Great news for buyers and many sellers who have been looking to sell this year.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in July were 2,333 – down from 2,418 (4%) in June, down from 2,733 (15%) in May, down from 2,455 (5%) in July 2023, up from 1,904 (23%) in July 2022, down from 3,375 (31%) in July 2021, down from 3,202 (27%) in July 2020, and down from 2,584 (10%) in July 2019; Active Listings were at 14,326 at month end compared to 10,301 at that time last year (up 39%) and 14,180 at the end of June (up 1%); New Listings in July were down 2% compared to June 2024, up 20% compared to July 2023, up 40% compared to July 2022, up 26% compared to July 2021, down 7% compared to July 2020, and up 20% compared to July 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 41% compared to 42% in June 2024, 52% in July 2023, and 47% in July 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months up 2.6%.

Vancouver Westside: Total Units Sold in July were 416 – down from 470 (11%) in June, down from 501 (17%) in May, down from 438 (5%) in July 2023, up from 368 (13%) in July 2022, down from 570 (27%) in July 2021, down from 472 (12%) in July 2020, and down from 489 (15%) in July 2019; Active Listings were at 3,040 at month end compared to 2,366 at that time last year (up 28%) and 3,069 at the end of June (down 1%); New Listings in July were down 3% compared to June 2024, up 11% compared to July 2023, up 37% compared to July 2022, up 25% compared to July 2021, 11% compared to July 2020, and up 28% compared to July 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 37% compared to 40% in June 2024, 43% in July 2023, and 44% in July 2022.

Month-over-month, the house price index is down 0.9% and in the last 6 months up 3.1%.

Vancouver East Side: Total Units Sold in July were 263 – down from 270 (3%) in June, down from 329 (20%) in May, down from 286 (8%) in July 2023, up from 198 (33%) in July 2022, down from 360 (27%) in July 2021, up from 344 (8%) in July 2020, and down from 277 (5%) in July 2019; Active Listings were at 1,468 at month end compared to 1,082 at that time last year (up 36%) and 1,491 at the end of June (up 2%); New Listings in July were down 8% compared to June 2024, up 18% compared to July 2023, up 36% compared to July 2022, up 22% compared to July 2021, down 14% compared to July 2020, and up 26% compared to July 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 44% compared to 42% in June 2024, 57% in July 2023, and 45% in July 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months up 2.8%.

North Vancouver: Total Units Sold in July were 201 – down from 221 (9%) in June, down from 245 (18%) in May, up from 185 (9%) in July 2023, up from 173 (16%) in July 2022, down from 252 (20%) in July 2021, down from 267 (25%) in July 2020, and down from 205 (2%) in July 2019; Active Listings were at 740 at month end compared to 530 at that time last year (up 40%) and 793 at the end of June (down 7%); New Listings in July were down 7% compared to June 2024, up 37% compared to July 2023, up 42% compared to July 2022, up 42% compared to July 2021, down 14% compared to July 2020, and up 16% compared to July 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 48% in June 2024, 59% in July 2023, and 57% in July 2022.

Month-over-month, the house price index is down 1.0% and in the last 6 months up 3.3%.

West Vancouver: Total Units Sold in July were 59 – down from 75 (21%) in June, down from 67 (12%) in May, up from 47 (26%) in July 2023, up from 47 (26%) in July 2022, down from 83 (29%) in July 2021, down from 68 (13%) in July 2020, and the same as July 2019; Active Listings were at 733 at month end compared to 603 at that time last year (up 22%) and 716 at the end of June (up 2%); New Listings in July were the same as June 2024, up 16% compared to July 2023, up 45% compared to July 2022, up 36% compared to July 2021, up 9% compared to July 2020, and up 41% compared to July 2019. Month’s supply of total residential listings is up to 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 27% compared to 35% in June 2024, 25% in July 2023, and 35% in July 2022.

Month-over-month, the house price index is down 1.2% but in the last 6 months up 3.3%.

Richmond: Total Units Sold in July were 255 – down from 263 (3%) in June, down from 299 (15%) in May, down from 294 (13%) in July 2023, up from 223 (14%) in July 2022, down from 429 (41%) in July 2021, down from 363 (30%) in July 2020, and down from 301 (15%) in July 2019; Active Listings were at 1,563 at month end compared to 1,185 at that time last year (up 32%) and 1,482 at the end of June (up 5%); New Listings in July were up 12% compared to June 2024, up 18% compared to July 2023, up 47% compared to July 2022, up 4% compared to July 2021, up 2% compared to July 2020, and up 3% compared to July 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 46% in June 2024, 54% in July 2023, and 52% in July 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months up 1.0%.

Burnaby East: Total Units Sold in July were 33 – up from 17 (94%) in June, up from 31 (6%) in May, up from 25 (32%) in July 2023, up from 22 (50%) in July 2022, down from 46 (28%) in July 2021, up from 32 (3%) in July 2020, and up from 14 (136%) in July 2019; Active Listings were at 160 at month end compared to 88 at that time last year (up 82%) and 163 at the end of June (down 2%); New Listings in July were down 22% compared to June 2024, up 62% compared to July 2023, up 91% compared to July 2022, up 11% compared to July 2021, down 7% compared to July 2020, and up 40% compared to July 2019. Month’s supply of total residential listings is down to 5 month’s supply from 10 (balanced market conditions) and sales to listings ratio of 52% compared to 21% in June 2024, 64% in July 2023, and 67% in July 2022.

Month-over-month, the house price index is down 0.9% and in the last 6 months up 4.1%.

Burnaby North: Total Units Sold in July were 137 – down from 172 (20%) in June, down from 166 (17%) in May, down from 160 (14%) in July 2023, up from 124 (10%) in July 2022, down from 197 (30%) in July 2021, down from 141 (3%) in July 2020, and up from 132 (4%) in July 2019; Active Listings were at 837 at month end compared to 481 at that time last year (up 74%) and 761 at the end of June (up 10%); New Listings in July were up 6% compared to June 2024, up 36% compared to July 2023, up 63% compared to July 2022, up 46% compared to July 2021, up 44% compared to July 2020, and up 69% compared to July 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 35% compared to 46% in June 2024, 55% in July 2023, and 51% in July 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months up 2.3%.

Burnaby South: Total Units Sold in July were 140 – up from 135 (4%) in June, up from 127 (10%) in May, up from 139 (1%) in July 2023, up from 126 (11%) in July 2022, down from 202 (31%) in July 2021, up from 114 (23%) in July 2020, and down from 152 (8%) in July 2019; Active Listings were at 682 at month end compared to 457 at that time last year (up 49%) and 699 at the end of June (down 2%); New Listings in July were down 14% compared to June 2024, up 17% compared to July 2023, up 36% compared to July 2022, up 3% compared to July 2021, down 11% compared to July 2020, and up 17% compared to July 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 42% in June 2024, 59% in July 2023, and 61% in July 2022.

Month-over-month, the house price index is down 0.5% and in the last 6 months up 1.5%.

New Westminster: Total Units Sold in July were 98 – down from 108 (9%) in June, down from 115 (15%) in May, down from 119 (18%) in July 2023, up from 82 (20%) in July 2022, down from 163 (40%) in July 2021, down from 164 (40%) in July 2020, and down from 122 (20%) in July 2019; Active Listings were at 428 at month end compared to 304 at that time last year (up 41%) and 433 at the end of June (down 1%); New Listings in July were down 3% compared to June 2024, up 13% compared to July 2023, up 41% compared to July 2022, up 4% compared to July 2021, down 25% compared to July 2020, and up 5% compared to July 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 50% in June 2024, 64% in July 2023, and 55% in July 2022.

Month-over-month, the house price index is down 0.5% and in the last 6 months up 1.5%.

Coquitlam: Total Units Sold in July were 178 – down from 179 (1%) in June, down from 228 (22%) in May, down from 223 (20%) in July 2023, up from 142 (25%) in July 2022, down from 292 (39%) in July 2021, down from 287 (38%) in July 2020, and down from 236 (25%) in July 2019; Active Listings were at 1,047 at month end compared to 636 at that time last year (up 65%) and 961 at the end of June (up 9%); New Listings in July were up 10% compared to June 2024, up 23% compared to July 2023, up 77% compared to July 2022, up 47% compared to July 2021, up 17% compared to July 2020, and up 15% compared to July 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 35% compared to 42% in June 2024, 55% in July 2023, and 50% in July 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months up 1.2%.

Port Moody: Total Units Sold in July were 58 – up from 56 (4%) in June, the same as May, down from 85 (32%) in July 2023, up from 45 (29%) in July 2022, down from 93 (38%) in July 2021, down from 96 (40%) in July 2020, and up from 56 (4%) in July 2019; Active Listings were at 238 at month end compared to 186 at that time last year (up 28%) and 241 at the end of June (down 1%); New Listings in July were down 16% compared to June 2024, up 1% compared to July 2023, up 35% compared to July 2022, up 35% compared to July 2021, down 2% compared to July 2020, and up 49% compared to July 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 42% in June 2024, 77% in July 2023, and 54% in July 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months up 4.5%.

Port Coquitlam: Total Units Sold in July were 66 – up from 62 (6%) in June, down from 95 (31%) in May, down from 73 (10%) in July 2023, down from 71 (7%) in July 2022, down from 103 (36%) in July 2021, down from 119 (45%) in July 2020, and down from 86 (23%) in July 2019; Active Listings were at 331 at month end compared to 172 at that time last year (up 92%) and 313 at the end of June (up 6%); New Listings in July were down 5% compared to June 2024, up 34% compared to July 2023, up 20% compared to July 2022, up 50% compared to July 2021, down 4% compared to July 2020, and up 8% compared to July 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 36% in June 2024, 60% in July 2023, and 52% in July 2022.

Month-over-month, the house price index is down 0% and in the last 6 months up 3.3%.

Pitt Meadows: Total Units Sold in July were 27 – down from 28 (4%) in June, down from 30 (10%) in May, up from 24 (13%) in July 2023, up from 22 (23%) in July 2022, down from 39 (31%) in July 2021, down from 48 (44%) in July 2020, and up from 20 (35%) in July 2019; Active Listings were at 108 at month end compared to 74 at that time last year (up 45%) and 97 at the end of June (up 11%); New Listings in July were up 31% compared to June 2024, up 54% compared to July 2023, up 48% compared to July 2022, up 97% compared to July 2021, up 15% compared to July 2020, and up 42% compared to July 2019. Month’s supply of total residential listings is steady up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 38% compared to 51% in June 2024, 52% in July 2023, and 45% in July 2022.

Month-over-month, the house price index is down 0% and in the last 6 months up 3.4%.

Maple Ridge: Total Units Sold in July were 166 – up from 130 (28%) in June, down from 172 (3%) in May, up from 143 (16%) in July 2023, up from 108 (54%) in July 2022, down from 188 (12%) in July 2021, down from 246 (33%) in July 2020, and down from 182 (10%) in July 2019; Active Listings were at 879 at month end compared to 622 at that time last year (up 41%) and 889 at the end of June (down 1%); New Listings in July were down 4% compared to June 2024, up 19% compared to July 2023, up 22% compared to July 2022, up 44% compared to July 2021, down 7% compared to July 2020, and up 6% compared to July 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 48% compared to 36% in June 2024, 50% in July 2023, and 38% in July 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months up 3.3%.

Ladner: Total Units Sold in July were 31 – up from 27 (15%) in June, down from 33 (6%) in May, up from 26 (19%) in July 2023, up from 13 (138%) in July 2022, down from 39 (21%) in July 2021, down from 49 (37%) in July 2020, and down from 34 (9%) in July 2019; Active Listings were at 138 at month end compared to 102 at that time last year (up 35%) and 140 at the end of June (down 1%); New Listings in July were down 12% compared to June 2024, down 9% compared to July 2023, up 29% compared to July 2022, up 66% compared to July 2021, down 26% compared to July 2020, and down 10% compared to July 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 58% compared to 45% in June 2024, 45% in July 2023, and 32% in July 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months up 2.5%.

Tsawwassen: Total Units Sold in July were 45 – up from 44 (2%) in June, up from 40 (13%) in May, up from 33 (36%) in July 2023, up from 28 (61%) in July 2022, down from 58 (22%) in July 2021, down from 62 (27%) in July 2020, and down from 46 (2%) in July 2019; Active Listings were at 206 at month end compared to 161 at that time last year (up 28%) and 224 at the end of June (down 8%); New Listings in July were down 15% compared to June 2024, up 11% compared to July 2023, up 27% compared to July 2022, up 9% compared to July 2021, down 45% compared to July 2020, and the same as July 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 63% compared to 52% in June 2024, 52% in July 2023, and 50% in July 2022.

Month-over-month, the house price index is up 1.2% and in the last 6 months up 3.2%.

Fraser Valley: Sales in July were down 6.6%, compared to June and were down 10.1% from July 2023. New listings were down 0.2% from June and up 19.5% from July 2023.The average price was up 0.4% month-over-month and is up 0.8% year-over-year. Active listings were up 4.6% to 8,731 from 8,350 last month and up 40.8% from July 2023 which was at 6,199. Month’s supply of total residential listings is up to 6 month’s supply (balanced to buyer’s market conditions).

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.”

Month-over-month, the house price index is down 0.5% and in the last 6 months up 0.1%.

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The Consistently Inconsistent Real Estate Market!

Thu, 04 Jul 2024 21:10:34 GMT

Highlights of Dexter’s June 2024 report

Will July bring the next Bank of Canada Interest rate cut?
Growth of listings slowed in June
Buyer activity waned in June
Is it really a balanced market?
Expect to see 15 to 20% less new listings in the fall

With a dash of uncertainty, a promise of more interest rate cuts yet to come and buyer hesitancy a main ingredient, June saw a real estate market with fewer sales and fewer new listings. Activity levels were less than ideal in June, and after a slower start to 2024 it’s not as if everyone needs a break. But that could lead to a more active fall market, like 2019 when the first half of the year produced less sales than the second half of the year, a consistent recovery leading up to the early part of 2020. And interest rates will be coming down, and even if it’s not as quick as we anticipated or as impactful in terms of affordability, it will still provide for a boost for some buyers who’ve been playing the waiting game.

There were 2,418 properties sold in Greater Vancouver in June, after seeing 2,733 sold in May, 2,831 sold in April and 2,415 properties sold in March this year. This was a 19% decrease from the 2,988 properties sold last year in June after a 20% decrease in May from the 3,411 properties sold in May 2023. For the second consecutive month, sales dropped month over month in the region. As new listings remained elevated in June, active listings continued to rise – albeit at a slower pace than the last two months prior to June. Hitting 3,000 sales in a month in Greater Vancouver remains elusive with that level being achieved only once in the last 26 months. The last time this happened was 2012/2013 and 2018/2019. Buyer demand continues to build up and that will eventually unleash into the market. We could see that happen at the beginning of this fall as interest rates continue to decline.

Sales in June were 24% below the 10-year average after being 20% below the 10-year average in May, 12% below the 10-year-average in April and 30% below the 10-year average in March. Consistently inconsistent is the theme of the current real estate market. Not just month by month but area by area. Some regions/product types are showing significant increases in listings while others are struggling to keep up with buyer demand. Sales in the first half of 2024 totaled 13,894 in Greater Vancouver, which was below the 14,529 in the first half of 2023 although higher than the 10,992 in the first half of 2019. If this market continues like 2019, we can expect to see a much busier fall. In fact, sales in July and August 2019 were higher than June that year. It’s not impossible to think that buyers are starting to take notice of the increase in listings and opportunities in the market.

With the increase in new listings and overall absorption remaining at 42%, the months of supply in Greater Vancouver moved up again, now at 6 months (on the border of balanced to buyer’s market). North Vancouver, Burnaby North, New Westminster and Port Moody are the only cities at 4 months supply now while Pitt Meadows remains at 3 months. These areas while technically in seller’s market conditions are showing signs of shifting closer to a balanced market. The number of detached sales in Port Moody dropped down to 6 in June, from 16 in May.

New listing totals declined in Greater Vancouver; much like the number of sales. After seeing 7,229 in April, and 6,484 new listings in May, the total for June dropped down to 5,821. Much like the cool spring weather, maybe some heat in the summer will warm up the market for buyers after sellers ignited the listing counts.

While the number of new listings in June were less than May, they were still higher than the total of 5,468 that came out in June 2023 and the 5,410 that came out in June 2022. Total new listings were slightly below the totals of June 2021 which saw 5,981 come on the market in a year with significantly more sales. Pent-up supply continues to feed the new listings surge we’ve seen, and much like the inconsistencies of the real estate market, where and what types of homes come on the market vary. And the increase in new listings has really come in the last 3 months. Year-over-year, active listings are up 41% in Greater Vancouver, with the increase in the last 3 months alone at 35%. What exactly is driving the increase in listings is difficult to pinpoint and is likely a collection of triggers. Be it capital gains changes, tenancy regulation changes, short term rental changes, or elevated interest rates, all are likely motivating owners to list their homes. Not to mention typical moves that have seemingly been on hold over the last two years.

The number of new listings in June were 2% above the 10-year average after May was 7% above the 10-year average and April was 29% above the 10-year average. Not a surprise to see the number of new listings decline in June as sellers prepare for the end of the school year and look to summer holidays and fun. But in comparison to what we’ve seen in the two months prior, June showed less sellers engaging. Could this be the peak of listing activity for 2024? With the spring market typically being the most active time to list, we aren’t likely to see the number of new listings at the same levels in the fall market. Expect to see new listing amounts 20% to 25% less in the fall.

There were 14,180 active listings in Greater Vancouver at month end, compared to 13,600 at the end of May and 12,491 at the end of April. Compared to this time last year, listings are up 41% from the 9,990 at the end of June 2023 – after being up 46% year-over-year at the end of May. This is the highest number of active listings since the fall of 2019, although not at the levels seen in 2012 when there were nearly 20,000 active listings on the market. Detached active listings are up 30% year-over-year, while townhouses are up 52% and condos are up 53%. Since the end of March though, detached active listings are up 39%, while townhouses are up 37% and condos are up 31%. Are detached homeowners feeling the pinch of higher interest rates? Perhaps not in West Vancouver where detached sales jumped to 43 from 34 in May.

The detached market overall in Greater Vancouver jumped up to 8 months supply from 6 - a buyer’s market. Townhomes and condos moved up to 5 months supply from 4 – shifting both to balanced market conditions in Greater Vancouver. There is a wide variance of supply in the market with some areas like North Vancouver sitting with 3 months supply in condos and townhomes and 4 months supply in detached homes, while Vancouver has 8 months supply of detached homes available.

Overall, the trend is a balanced market, how long that remains is what we’ll see through the rest of 2024. Interest rates and economic conditions will feed into the mindset of buyers and provide signals on when to purchase. Those that take advantage before everyone else could find themselves with the best buying opportunity this decade. While prices will fluctuate with supply and demand changes in the market, overall downward pressure on prices could be limited. And for those areas where listing inventory is still low, prices may be firm and be subject to buyer competition.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in June were 2,418 - down from 2,733 (12%) in May, down from 2,831 (15%) in April, up from 2,415 (0.1%) in March, down from 2,988 (19%) in June 2023, down from 2,466 (2%) in June 2022, down from 3,824 (37%) in June 2021, down from 2,497 (3%) in June 2020, and up from 2,098 (15%) in June 2019; Active Listings were at 14,180 at month end compared to 9,990 at that time last year (up 42%) and 13,600 at the end of May (up 4%); New Listings in June were down 10% compared to May 2024, up 6% compared to June 2023, up 8% compared to June 2022, down 3% compared to June 2021, down 2% compared to June 2020, and up 20% compared to June 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 42% compared to 42% in May 2024, 55% in June 2023, and 46% in June 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months up 3.5%.

Vancouver Westside: Total Units Sold in June were 470 - down from 501 (6%) in May, down from 471 (0.3%) in April, up from 424 (11%) in March, down from 527 (11%) in June 2023, up from 448 (5%) in June 2022, down from 616 (24%) in June 2021, up from 409 (15%) in June 2020, and up from 355 (32%) in June 2019; Active Listings were at 3,069 at month end compared to 2,249 at that time last year (up 36%) and 2,962 at the end of May (up 4%); New Listings in June were down 11% compared to May 2024, up 7% compared to June 2023, up 9% compared to June 2022, down 9% compared to June 2021, up 1% compared to June 2020, and up 32% compared to June 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 40% compared to 38% in May 2024, 48% in June 2023, and 42% in June 2022.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 4.7%.

Vancouver East Side: Total Units Sold in June were 270 - down from 329 (18%) in May, down from 349 (23%) in April, down from 285 (5%) in March, down from 325 (17%) in June 2023, up from 265 (2%) in June 2022, down from 451 (40%) in June 2021, down from 280 (4%) in June 2020, and up from 215 (26%) in June 2019; Active Listings were at 1,491 at month end compared to 1,082 at that time last year (up 38%) and 1,459 at the end of May (up 2%); New Listings in June were down 11% compared to May 2024, up 4% compared to June 2023, up 12% compared to June 2022, down 6% compared to June 2021, down 1% compared to June 2020, and up 33% compared to June 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (from a seller’s market to a balanced market conditions) and sales to listings ratio of 42% compared to 45% in May 2024, 52% in June 2023, and 46% in June 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 3.6%.

North Vancouver: Total Units Sold in June were 221 - down from 245 (10%) in May, down from 248 (11%) in April, up from 187 (18%) in March, down from 247 (11%) in June 2023, up from 199 (11%) in June 2022, down from 322 (31%) in June 2021, down from 239 (8%) in June 2020, and up from 202 (9%) in June 2019; Active Listings were at 793 at month end compared to 553 at that time last year (up 43%) and 796 at the end of May (up 0.4%); New Listings in June were down 14% compared to May 2024, up 15% compared to June 2023, up 2% compared to June 2022, down 1% compared to June 2021, down 14% compared to June 2020, and up 10% compared to June 2019. Month’s supply of total residential listings is up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 48% compared to 46% in May 2024, 62% in June 2023, and 43% in June 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months up 3.6%.

West Vancouver: Total Units Sold in June were 75 (the highest in over a year) - up from 67 (12%) in May, up from 70 (7%) in April, up from 53 (42%) in March, up from 56 (34%) in June 2023, down from 60 (25%) in June 2022, down from 89 (16%) in June 2021, up from 62 (21%) in June 2020, and up from 43 (74%) in June 2019; Active Listings were at 716 at month end compared to 578 at that time last year (up 42%) and 696 at the end of May (up 4%); New Listings in June were down 17% compared to May 2024, down 0.5% compared to June 2023, up 6% compared to June 2022, up 2% compared to June 2021, down 3% compared to June 2020, and up 19% compared to June 2019. Month’s supply of total residential listings is steady at 10 months (buyer’s market conditions) and sales to listings ratio of 35% compared to 26% in May 2024, 26% in June 2023, and 30% in June 2022.

Month-over-month, the house price index is down 0.3% but in the last 6 months up 4.8%.

Richmond: Total Units Sold in June were 263 - down from 299 (12%) in May, down from 336 (22%) in April, down from 279 (3%) in March, down from 362 (27%) in June 2023, down from 337 (22%) in June 2022, down from 472 (46%) in June 2021, down from 272 (3%) in June 2020, and down from 270 (3%) in June 2019; Active Listings were at 1,482 at month end compared to 1,143 at that time last year (up 3%) and 1,440 at the end of May (up 4%); New Listings in June were down 13% compared to May 2024, down 11% compared to June 2023, down 9% compared to June 2022, down 21% compared to June 2021, down 11% compared to June 2020, and down 10% compared to June 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 46% compared to 46% in May 2024, 57% in June 2023, and 54% in June 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months up 2.4%.

Burnaby East: Total Units Sold in June were 17 - down from 31 (45%) in May, down from 30 (43%) in April, up from 32 (47%) in March, down from 47 (64%) in June 2023, down from 25 (32%) in June 2022, down from 49 (65%) in June 2021, down from 21 (19%) in June 2020, and down from 19 (11%) in June 2019; Active Listings were at 163 at month end compared to 94 at that time last year (up 73%) and 117 at the end of May (up 39%); New Listings in June were up 33% compared to May 2024, up 27% compared to June 2023, up 103% compared to June 2022, up 47% compared to June 2021, up 40% compared to June 2020, and up 62% compared to June 2019. Month’s supply of total residential listings is up to 10 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 21% compared to 51% in May 2024, 73% in June 2023, and 63% in June 2022.

Month-over-month, the house price index is down 0.9% and in the last 6 months up 3.8%.

Burnaby North: Total Units Sold in June were 172 - up from 166 (4%) in May, up from 162 (6%) in April, up from 109 (58%) in March, up from 170 (1%) in June 2023, up from 138 (25%) in June 2022, down from 215 (20%) in June 2021, up from 107 (61%) in June 2020, and up from 100 (72%) in June 2019; Active Listings were at 761 at month end compared to 440 at that time last year (up 73%) and 749 at the end of May (up 2%); New Listings in June were down 4% compared to May 2024, up 40% compared to June 2023, up 42% compared to June 2022, up 22% compared to June 2021, up 36% compared to June 2020, and up 62% compared to June 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 46% compared to 42% in May 2024, 63% in June 2023, and 52% in June 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months up 2.6%.

Burnaby South: Total Units Sold in June were 135 - up from 127 (6%) in May, down from 143 (6%) in April, down from 142 (5%) in March, down from 174 (22%) in June 2023, down from 144 (6%) in June 2022, down from 217 (38%) in June 2021, up from 93 (45%) in June 2020, and up from 121 (12%) in June 2019; Active Listings were at at 699 end compared to 449 at that time last year (up 56%) and 645 at the end of May (up 8%); New Listings in June were down 6% compared to May 2024, up 14% compared to June 2023, up 16% compared to June 2022, down 8% compared to June 2021, up 13% compared to June 2020, and up 22% compared to June 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 42% compared to 37% in May 2024, 61% in June 2023, and 51% in June 2022.

Month-over-month, the house price index is down 0.9% and in the last 6 months up 2.2%.

New Westminster: Total Units Sold in June were 108 - down from 115 (6%) in May, up from 105 (3%) in April, the same as 108 in March, down from 119 (9%) in June 2023, down from 111 (3%) in June 2022, down from 154 (30%) in June 2021, up from 97 (11%) in June 2020, and up from 97 (11%) in June 2019; Active Listings were at 433 at month end compared to 294 at that time last year (up 47%) and 428 at the end of May (up 1%); New Listings in June were the same as May 2024, up 16% compared to June 2023, up 16% compared to June 2022, down 15% compared to June 2021, down 18% compared to June 2020, and up 6% compared to June 2019. Month’s supply of total residential listings is steady at 5 month’s supply (seller’s market conditions) and sales to listings ratio of 50% compared to 53% in May 2024, 64% in June 2023, and 60% in June 2022.

Month-over-month, the house price index is down 1.9% and in the last 6 months up 2.0%.

Coquitlam: Total Units Sold in June were 189 - down from 228 (17%) in May, down from 238 (21%) in April, down from 235 (20%) in March, down from 267 (29%) in June 2023, the same as June 2022, down from 329 (43%) in June 2021, down from 216 (12%) in June 2020, and up from 177 (7%) in June 2019; Active Listings were at 961 at month end compared to 590 at that time last year (up 63%) and 914 at the end of May (up 5%); New Listings in June were down 12% compared to May 2024, up 5% compared to June 2023, up 24% compared to June 2022, down 0.3% compared to June 2021, up 0.2% compared to June 2020, and up 17% compared to June 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 44% in May 2024, 61% in June 2023, and 51% in June 2022.

Month-over-month, the house price index is down 1.0% and in the last 6 months up 1.8%.

Port Moody: Total Units Sold in June were 56 - down from 58 (3%) in May, down from 73 (23%) in April, up from 45 (24%) in March, down from 97 (42%) in June 2023, down from 57 (2%) in June 2022, down from 95 (41%) in June 2021, down from 59 (5%) in June 2020, and up from 42 (33%) in June 2019; Active Listings were at 241 at month end compared to 194 at that time last year (up 24%) and 219 at the end of May (up 10%); New Listings in June were up 10% compared to May 2024, down 12% compared to June 2023, up 12% compared to June 2022, down 12% compared to June 2021, down 9% compared to June 2020, and up 52% compared to June 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 48% in May 2024, 64% in June 2023, and 48% in June 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months up 2.5%.

Port Coquitlam: Total Units Sold in June were 62 - down from 95 (35%) in May, down from 102 (39%) in April, down from 89 (30%) in March, down from 91 (32%) in June 2023, down from 94 (34%) in June 2022, down from 140 (56%) in June 2021, down from 91 (32%) in June 2020, and down from 77 (19%) in June 2019; Active Listings were at 313 at month end compared to 164 at that time last year (up 91%) and 278 at the end of May (up 13%); New Listings in June were down 1% compared to May 2024, up 22% compared to June 2023, up 12% compared to June 2022, up 4% compared to June 2021, up 2% compared to June 2020, and down 2% compared to June 2019. Month’s supply of total residential listings is up to 5 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 36% compared to 55% in May 2024, 65% in June 2023, and 61% in June 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months up 3.6%.

Pitt Meadows: Total Units Sold in June were 28 - down from 30 (7%) in May, down from 30 (7%) in April, down from 29 (3%) in March, down from 36 (22%) in June 2023, up from 23 (22%) in June 2022, down from 44 (36%) in June 2021, the same as June 2020, and up from 24 (17%) in June 2019; Active Listings were at 97 at month end compared to 67 at that time last year (up 44%) and 94 at the end of May (up 3%); New Listings in June were down 25% compared to May 2024, up 20% compared to June 2023, down 5% compared to June 2022, down 10% compared to June 2021, down 0% compared to June 2020, and up 15% compared to June 2019. Month’s supply of total residential listings remains at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 41% in May 2024, 80% in June 2023, and 40% in June 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months up 6.1%.

Maple Ridge: Total Units Sold in June were 130 - down from 172 (24%) in May, down from 191 (32%) in April, down from 187 (30%) in March, down from 199 (35%) in June 2023, down from 135 (4%) in June 2022, down from 244 (47%) in June 2021, down from 189 (31%) in June 2020, and down from 132 (2%) in June 2019; Active Listings were at 889 at month end compared to 606 at that time last year (up 46%) and 850 at the end of May (up 5%); New Listings in June were down 12% compared to May 2024, up 0% compared to June 2023, down 12% compared to June 2022, up 29% compared to June 2021, up 7% compared to June 2020, and up 24% compared to June 2019. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 36% compared to 42% in May 2024, 56% in June 2023, and 33% in June 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months up 3.6%.

Ladner: Total Units Sold in June were 27 - down from 33 (18%) in May, down from 33 (18%) in April, down from 30 (10%) in March, down from 34 (2%1) in June 2023, down from 29 (7%) in June 2022, down from 52 (48%) in June 2021, down from 38 (29%) in June 2020, and down from 33 (18%) in June 2019; Active Listings were at 140 at month end compared to 87 at that time last year (up 61%) and 139 at the end of May (up 1%); New Listings in June were down 21% compared to May 2024, up 9% compared to June 2023, up 9% compared to June 2022, down 13% compared to June 2021, down 2% compared to June 2020, and up 14% compared to June 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 45% compared to 43% in May 2024, 62% in June 2023, and 53% in June 2022.

Month-over-month, the house price index is down 1.6% and in the last 6 months up 3.2%.

Tsawwassen: Total Units Sold in June were 44 - up from 40 (10%) in May, down from 51 (14%) in April, up from 34 (29%) in March, up from 41 (7%) in June 2023, up from 40 (10%) in June 2022, down from 70 (37%) in June 2021, down from 48 (8%) in June 2020, and up from 35 (26%) in June 2019; Active Listings were at 224 at month end compared to 163 at that time last year (up 37%) and 218 at the end of May (up 3%); New Listings in June were down 15% compared to May 2024, up 20% compared to June 2023, up 6% compared to June 2022, down 16% compared to June 2021, down 28% compared to June 2020, and up 6% compared to June 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 52% compared to 40% in May 2024, 59% in June 2023, and 51% in June 2022.

Month-over-month, the house price index is down 2.8% and in the last 6 months up 2.1%.

Fraser Valley: Sales in June were up 13.2%, compared to May and were down 31.9% from June 2023. New listings were down 9.1% from May and down 0.2% from June 2023.The average price was down 5.2% month-over-month and is down 8.3% year-over-year. Active listings were up 5.6% to 8,305 from 7,904 last month and up 40.5% from June 2023 which was at 5,944. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions).

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

Month-over-month, the house price index is down 0.5% and in the last 6 months up 1.7%.

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And the Listings Kept on Coming!

Wed, 05 Jun 2024 17:34:33 GMT

Highlights of Dexter’s May 2024 report

The first Bank of Canada rate cut since 2020 – now what?
Active listings in Greater Vancouver are up 46% from last year
Buyers are being patient; sales dipped in May
Watch the Micro Markets closely
Prices are relatively flat and some are down in the last 6 months

The Canadian Economy has been speaking, and the Bank of Canada finally listened. This morning, they dropped their overnight right by a quarter point which will see rates for variable rate mortgages and lines of credit come down. While not substantial, it signals the start of downward movement with interest rates. A welcome relief to many and perhaps a signal that it’s time to buy. With the next announcement in July, many will be singing like Tim McGraw “I like it, I love it, I want some more of it.”

For the second month in a row, the story was listings. More and more listings came on the market in May, albeit off the pace of April. The result is active listing inventory is at levels not seen since later 2020 after the world opened post Covid shutdown. Buyers are more patient though, with sales overall in Greater Vancouver down from April and May of last year – although the Fraser Valley saw sales creep up from April. This only adds to the level of pent-up demand that will start to act with more favourable interest rate and economic conditions. It’s not a matter of will buyers engage, but a question of when.

While there was a break this month in new housing regulations, the market is still factoring in the numerous changes to various housing legislation introduced at the provincial and federal levels. Likely we are seeing properties listed due to capital gains changes, short term rental restrictions and investor frustration with the regulations of their rental properties they own. Owning a property in British Columbia has become a lot more difficult and more costly and as a result some sellers would rather sell than hold. This has the knock-on effect of removing some rental stock at the same time – not ideal for those struggling to find a rental.

There were 2,733 properties sold in Greater Vancouver in May after seeing 2,831 properties sold in April and 2,415 properties sold in March this year. This was a 20% decrease from the 3,411 properties sold last year in May. This marked the first month-over-month decline in sales this year. With increased listing counts, it should have brought on more sales, but buyers are continuing to show more patience and take advantage of the opportunity of choice.

Sales in May were 20% below the 10-year average after being 12% below the 10-year-average in April and 30% below the 10-year average in March. One step forward, one step backward seems to be the theme in the real estate market. But with the number of homes for sale increasing, this will lead to a better chance for increasing home sale when buyers engage. And that may just be this month. What seems to be happening though is that real estate activity is occurring in many different micro markets. Detached houses on Vancouver’s West Side can sell with 5 offers in the $3M range while apartment listings below $1 Million can sit.

Detached properties overall saw the lowest growth in new listings in May, while townhouses surprisingly showed the most growth in new listings. And apartment sales were down the most year-over-year, likely an indication of how much higher interest rates are impacting that end of the market. First time buyers while getting the benefit of more choice still must contend with higher rates and especially the stress test which adds another 2% onto the rate for qualification purposes. Expect to see that segment of the market move quickly with rate reductions. Looking at detached home sales, they were up 4% month-over-month while down 18% year-over-year (although Pitt Meadows and Maple Ridge saw more sales year-over-year), townhouse sales were down 20% month-over-month and down 13% year-over-year and condo sales were down 6% month-over-month and down 22% year-over-year.

As listings increased in the last two months, the months of supply didn’t increase much if at all in some areas. Greater Vancouver ticked up to 5 months supply (on the border of balanced to seller’s market), while some areas like North Vancouver (even with the number of active townhouse listings double the amount there were in May 2023), Port Coquitlam and Pitt Meadows are at 3 months supply, while New Westminster, Coquitlam, Port Moody and Ladner are at 4 months supply. All while listings totals ramped up.

While we didn’t hit 7,000 for the number of new listings in May, after reaching 7,229 in April in Greater Vancouver, there were still 6,484 new listings that came on. Just shy of the May 2022 at 6491 and off the May 2021 high for that month at 7,276. For a variety of reasons sellers were coming to the market over the last 2 months, after being patient over the last 2 years. As we’ve said, significant pent-up supply had been building as many moves were on hold due to higher interest rates, lack of buyer demand and an inability to find the next home. With more choice available for sellers, we are seeing the sell and buy transactions coming back into the market. That has been missing over the last few years. And with more supply, prices are holding and, in some areas, and property types seeing downward pressure.

The number of new listings in May were 7% above the 10-year average after April was 29% above the 10-year average and March was 9% below the 10-year average. May will typically see a significant number of sellers come to the market in advance of summer, so it isn’t surprising to see those numbers. We’ll see the number of new listings decrease as June winds down and the summer months come upon us.

There were 13,600 active listings in Greater Vancouver at month end, compared to the 12,491 actives at the end of April and 10,552 at the end of March. With sales to listings ratios around 40% over the last two months, it’s allowed active listing counts to grow quickly in the region. Compared to this time last year, listings are up 46% from the 9,293 at the end of May 2023. Detached active listings are up 37% year-over-year, while townhouses are up 53% and condos are up 56%. The detached market overall in Greater Vancouver remains at 6 months supply - a balanced market. Vancouver’s East Side is bucking this trend though, sitting with 4 month’s supply for all residential properties and producing some interesting multiple offer sales. Townhomes moved up to 4 months supply from 3 and condos stayed at 4 months supply - keeping both technically in seller’s market conditions in Greater Vancouver. Area by area market activity and the level of competition for listings will vary. Considering how much has come on the market; we still aren’t close to a true buyer’s market and it wont’ take much to see the shift back to a seller’s market.

The last two months have seen a shift in the real estate market to more active sellers and increased buyer hesitation. With so much talk about interest rates, it’s easy to see why buyers are playing the waiting game. With visions of lower rates, why buy now and let’s shop for the best deal has become theme in the buyer world. But tides can shift quickly, when interest rates creep down. Buyers may soon find that the competition they were trying to avoid may come back quicker than expected. Those not distracted or hampered by elevated interest rates could see the best buying opportunity in some time.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May were 2,733 – down from 2,831 (3%) in April, up from 2,415 (13%) in March, down from 3,411 (20%) in May 2023, down from 2,947 (7%) in May 2022, down from 4,346 (37%) in May 2021, up from 1,506 (81%) in May 2020, and up from 2,669 (2%) in May 2019; Active Listings were at 13,600 at month end compared to 9,293 at that time last year (up 46%) and 12,491 at the end of April (up 9%); New Listings in May were down 10% compared to April 2024, up 12% compared to May 2023, down 0.1% compared to May 2022, down 11% compared to May 2021, up 72% compared to May 2020, and up 8% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 39% in April 2024, 59% in May 2023, and 45% in May 2022.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.5%.

Vancouver Westside: Total Units Sold in May were 501 – up from 471 (6%) in April, up from 424 (18%) in March, down from 624 (20%) in May 2023, down from 582 (14%) in May 2022, down from 736 (32%) in May 2021, up from 264 (90%) in May 2020, and up from 460 (9%) in May 2019; Active Listings were at 2,962 at month end compared to 2,115 at that time last year (up 40%) and 2,778 at the end of April (up 7%); New Listings in May were down 11% compared to April 2024, up 12% compared to May 2023, up 4% compared to May 2022, down 11% compared to May 2021, up 79% compared to May 2020, and up 26% compared to May 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 38% compared to 31% in April 2024, 53% in May 2023, and 46% in May 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months up 2.0%.

Vancouver East Side: Total Units Sold in May were 329 – down from 349 (5%) in April, up from 285 (15%) in March, down from 360 (9%) in May 2023, up from 318 (3%) in May 2022, down from 474 (31%) in May 2021, up from 167 (97%) in May 2020, and up from 328 (0.3%) in May 2019; Active Listings were at 1,459 at month end compared to 1,006 at that time last year (up 45%) and 1,369 at the end of April (up 7%); New Listings in May were down 16% compared to April 2024, up 12% compared to May 2023, down 4% compared to May 2022, down 15% compared to May 2021, up 88% compared to May 2020, and up 19% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 41% in April 2024, 56% in May 2023, and 45% in May 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 1.9%.

North Vancouver: Total Units Sold in May were 245 – down from 248 (1%) in April, up from 187 (31%) in March, down from 288 (15%) in May 2023, down from 280 (12%) in May 2022, down from 358 (32%) in May 2021, up from 136 (80%) in May 2020, and down from 257 (5%) in May 2019; Active Listings were at 796 at month end compared to 514 at that time last year (up 55%) and 711 at the end of April (up 12%); New Listings in May were down 12% compared to April 2024, up 21% compared to May 2023, up 11% compared to May 2022, down 11% compared to May 2021, up 59% compared to May 2020, and up 4% compared to May 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 41% in April 2024, 66% in May 2023, and 58% in May 2022.

Month-over-month, the house price index is up 1.4% and in the last 6 months up 3.8%.

West Vancouver: Total Units Sold in May were 67 – down from 70 (4%) in April, up from 53 (21%) in March, down from 80 (16%) in May 2023, down from 69 (3%) in May 2022, down from 90 (26%) in May 2021, up from 43 (56%) in May 2020, and down from 71 (6%) in May 2019; Active Listings were at 696 at month end compared to 529 at that time last year (up 32%) and 628 at the end of April (up 11%); New Listings in May were down 12% compared to April 2024, up 12% compared to May 2023, up 6% compared to May 2022, down 3% compared to May 2021, up 81% compared to May 2020, and up 11% compared to May 2019. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 26% compared to 24% in April 2024, 35% in May 2023, and 28% in May 2022.

Month-over-month, the house price index is up 2.2% but in the last 6 months up 3.8%.

Richmond: Total Units Sold in May were 299 – down from 336 (11%) in April, up from 279 (7%) in March, down from 396 (24%) in May 2023, down from 341 (12%) in May 2022, down from 505 (41%) in May 2021, up from 152 (97%) in May 2020, and up from 271 (10%) in May 2019; Active Listings were at 1,440 at month end compared to 1,043 at that time last year (up 38%) and 1,339 at the end of April (up 8%); New Listings in May were down 15% compared to April 2024, up 0.5% compared to May 2023, down 20% compared to May 2022, down 22% compared to May 2021, up 58% compared to May 2020, and down 16% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 46% compared to 4% in April 2024, 61% in May 2023, and 42% in May 2022.

Month-over-month, the house price index is up 0.3% and in the last 6 months up 2.0%.

Burnaby East: Total Units Sold in May were 31 – up from 30 (3%) in April, down from 32 (3%) in March, down from 39 (21%) in May 2023, up from 30 (3%) in May 2022, down from 53 (42%) in May 2021, up from 18 (72%) in May 2020, and up from 25 (24%) in May 2019; Active Listings were at 117 at month end compared to 90 at that time last year (up 30%) and 114 at the end of April (up 3%); New Listings in May were down 8% compared to April 2024, down 10% compared to May 2023, down 5% compared to May 2022, down 22% compared to May 2021, up 42% compared to May 2020, and up 22% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 45% in April 2024, 57% in May 2023, and 47% in May 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months up 4.0%.

Burnaby North: Total Units Sold in May were 166 – up from 162 (2%) in April, up from 109 (52%) in March, down from 195 (13%) in May 2023, down from 175 (5%) in May 2022, down from 241 (31%) in May 2021, up from 79 (110%) in May 2020, and up from 123 (35%) in May 2019; Active Listings were at 749 at month end compared to 450 at that time last year (up 66%) and 700 at the end of April (up 7%); New Listings in May were down 16% compared to April 2024, up 27% compared to May 2023, up 18% compared to May 2022, up 1% compared to May 2021, up 148% compared to May 2020, and up 39% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 35% in April 2024, 63% in May 2023, and 53% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 1.7%.

Burnaby South: Total Units Sold in May were 127 – down from 143 (3%) in April, down from 142 (13%) in March, down from 233 (20%) in May 2023, down from 163 (7%) in May 2022, down from 231 (37%) in May 2021, up from 64 (81%) in May 2020, and down from 131 (2%) in May 2019; Active Listings were at 645 at month end compared to 404 at that time last year (up 60%) and 537 at the end of April (up 22%); New Listings in May were up 6% compared to April 2024, up 8% compared to May 2023, up 15% compared to May 2022, down 12% compared to May 2021, up 168% compared to May 2020, and up 7% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 37% compared to 44% in April 2024, 73% in May 2023, and 54% in May 2022.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.4%.

New Westminster: Total Units Sold in May were 115 – up from 105 (10%) in April, up from 108 (6%) in March, down from 142 (19%) in May 2023, down from 117 (2%) in May 2022, down from 194 (41%) in May 2021, up from 73 (58%) in May 2020, and down from 127 (9%) in May 2019; Active Listings were at 428 at month end compared to 258 at that time last year (up 66%) and 408 at the end of April (up 5%); New Listings in May were down 14% compared to April 2024, up 4% compared to May 2023, down 14% compared to May 2022, down 21% compared to May 2021, up 38% compared to May 2020, and down 21% compared to May 2019. Month’s supply of total residential listings is up steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 53% compared to 42% in April 2024, 69% in May 2023, and 47% in May 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 3.8%.

Coquitlam: Total Units Sold in May were 228 – down from 238 (4%) in April, down from 235 (3%) in March, down from 284 (20%) in May 2023, down from 244 (7%) in May 2022, down from 350 (35%) in May 2021, up from 132 (72%) in May 2020, and up from 205 (14%) in May 2019; Active Listings were at 914 at month end compared to 555 at that time last year (up 65%) and 802 at the end of April (up 14%); New Listings in May were down 6% compared to April 2024, up 11% compared to May 2023, up 11% compared to May 2022, down 10% compared to May 2021, up 41% compared to May 2020, and down 1% compared to May 2019. Month’s supply of total residential listings is up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 44% compared to 43% in April 2024, 61% in May 2023, and 53% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 2.1%.

Port Moody: Total Units Sold in May were 58 – down from 73 (21%) in April, up from 45 (29%) in March, down from 87 (33%) in May 2023, up from 57 (2%) in May 2022, down from 102 (43%) in May 2021, up from 46 (26%) in May 2020, and up from 62 (6%) in May 2019; Active Listings were at 219 at month end compared to 184 at that time last year (up 19%) and 203 at the end of April (up 8%); New Listings in May were down 24% compared to April 2024, down 9% compared to May 2023, down 28% compared to May 2022, down 21% compared to May 2021, up 26% compared to May 2020, and down 4% compared to May 2019. Month’s supply of total residential listings is up to 4 month’s supply from 3 (seller’s market conditions) and sales to listings ratio of 48% compared to 45% in April 2024, 65% in May 2023, and 34% in May 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months down 2.2%.

Port Coquitlam: Total Units Sold in May were 95 – down from 102 (7%) in April, up from 89 (10%) in March, up from 91 (4%) in May 2023, up from 91 (4%) in May 2022, down from 165 (42%) in May 2021, up from 60 (58%) in May 2020, and down from 132 (28%) in May 2019; Active Listings were at 278 at month end compared to 153 at that time last year (up 46%) and 254 at the end of April (up 9%); New Listings in May were down 8% compared to April 2024, up 18% compared to May 2023, down 18% compared to May 2022, down 30% compared to May 2021, up 91% compared to May 2020, and down 7% compared to May 2019. Month’s supply of total residential listings is up to 3 month’s supply from 2 (seller’s market conditions) and sales to listings ratio of 55% compared to 54% in April 2024, 62% in May 2023, and 43% in May 2022.

Month-over-month, the house price index is flat and in the last 6 months up 2.9%.

Pitt Meadows: Total Units Sold in May were 30 – down from 32 (6%) in April, up from 29 (3%) in March, down from 39 (23%) in May 2023, up from 24 (25%) in May 2022, down from 54 (44%) in May 2021, up from 23 (30%) in May 2020, and down from 40 (25%) in May 2019; Active Listings were at 94 at month end compared to 71 at that time last year (up 32%) and 71 at the end of April (up 32%); New Listings in May were up 26% compared to April 2024, up 60% compared to May 2023, down 9% compared to May 2022, up 13% compared to May 2021, up 50% compared to May 2020, and up 20% compared to May 2019. Month’s supply of total residential listings is up to 3 month’s supply from 2 (seller’s market conditions) and sales to listings ratio of 41% compared to 56% in April 2024, 86% in May 2023, and 30% in May 2022.

Month-over-month, the house price index is down 0.8% and in the last 6 months up 4.9%.

Maple Ridge: Total Units Sold in May were 172 – down from 191 (10%) in April, down from 187 (8%) in March, down from 218 (21%) in May 2023, down from 178 (3%) in May 2022, down from 286 (40%) in May 2021, up from 111 (55%) in May 2020, and up from 171 (1%) in May 2019; Active Listings were at 850 at month end compared to 539 at that time last year (up 57%) and 817 at the end of April (up 4%); New Listings in May were down 9% compared to April 2024, up 16% compared to May 2023, down 23% compared to May 2022, up 1% compared to May 2021, up 96% compared to May 2020, and up 10% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 42% compared to 43% in April 2024, 63% in May 2023, and 39% in May 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months up 3.3%.

Ladner: Total Units Sold in May were 33 – the as 33 in April, up from 30 (10%) in March, down from 54 (39%) in May 2023, up from 28 (18%) in May 2022, down from 49 (33%) in May 2021, up from 20 (65%) in May 2020, and down from 41 (20%) in May 2019; Active Listings were at 139 at month end compared to 85 at that time last year (up 64%) and 121 at the end of April (up 15%); New Listings in May were down 4% compared to April 2024, up 52% compared to May 2023, up 15% compared to May 2022, up 17% compared to May 2021, up 58% compared to May 2020, and down 12% compared to May 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 42% in April 2024, 108% in May 2023, and 42% in May 2022.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 3.4%.

Tsawwassen: Total Units Sold in May were 40 – down from 51 (22%) in April, up from 34 (18%) in March, down from 62 (35%) in May 2023, down from 44 (9%) in May 2022, down from 95 (58%) in May 2021, up from 35 (14%) in May 2020, and up from 38 (5%) in May 2019; Active Listings were at 218 at month end compared to 166 at that time last year (up 31%) and 204 at the end of April (up 7%); New Listings in May were down 7% compared to April 2024, up 9% compared to May 2023, down 12% compared to May 2022, down 23% compared to May 2021, up 14% compared to May 2020, and up 5% compared to May 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 40% compared to 48% in April 2024, 68% in May 2023, and 39% in May 2022.

Month-over-month, the house price index is down 0.6% and in the last 6 months up 2.9%.

Fraser Valley: Sales in May were up 3.1%, compared to April and were down 11.3% from April 2023. New listings were down 5.4% from April and up 6.4% from May 2023.The average price was up 2.5% month-over-month and is down 2.2% year-over-year. Active listings were up 8.1% to 7,904 from 7,313 last month and up 42.2% from May 2023 which was at 5,558. The Fraser Valley showed more sales activity in comparison to April this year and May last year, while seeing a slower growth in listings.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

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Will April Listings Bring May Sales?

Fri, 03 May 2024 19:44:37 GMT

Highlights of Dexter’s April 2024 report

Spike in new listings in April – 64% above last year.
Buyers slowly moving back into the market
Townhomes showed a surge in sales in April
Vancouver’s East/West divide in sales activity

With more listings, there must be more sales! Not often talked about but the term pent up supply is something that showed to be true with the surge of listings in April. New listings came on last month like we haven’t seen since the fast-paced market of 2021. With new listings in Greater Vancouver up 41% compared to March, buyers had far more to choose from in many areas. Even with the continued hesitation from the Bank of Canada with perhaps signs of that first interest rate cut coming further out, buyers have some decisions to make. Wait it out or take advantage of long sought after listings and jump on the almost 2% lower fixed rate mortgages that have been available in 2024. Almost like the Canucks waiting for the perfect shot, buyers hesitate for a rate cut that realistically doesn’t impact the mortgage product of almost all buyers since fixed rates are not tied directly to the Bank of Canada Rate. Perhaps the Bank of Canada’s first interest rate cut is a psychological move for buyers more than anything. Ask a mortgage broker, buyers are not taking up variable rate mortgages right now. That pent up demand can only wait so long.

On April 16 the federal government released their annual budget. With a host of promises on building more housing, renter protections and the biggest change proposed being the change in how capital gains are taxed. Going from 50% of the gains being taxed to two thirds being taxed on gains above $250,000 signals that wealth is the target of the Federal Liberal Government. There were ripples through the property market as some owners sought to sell properties prior to the June 25th potential change in capital gains treatment. Short term gain for long term pain. While an attempt to fund programs and perhaps housing, this will be a disincentive to sell property and limit an already tight housing market from seeing more resale homes available for buyers. Metro Vancouver and many parts of Canada do not have a speculation problem, they have a property holding problem. Homeowners focus on keeping the properties they purchase, and this tax change will only intensify that focus. And with new federal and provincial anti-flipping taxes, again, this creates more of a disincentive to sell. Wrong policies at the wrong time. For those with the ability to purchase, it will only add to the value of the property you buy. As much as government policy tries to change the market, supply and demand will ultimately determine what the values are.

And for renters, expect to see landlords selling at a greater pace and less buyers investing to provide private rental stock in the future. Today’s policies, both federally and provincially, do not bode well for the supply of homes going into the future. With less strata resale homes being built, more onerous regulations for landlords, and a signal that investment in the property market is not welcome by our governments, expect this to impact the supply of rental and resale homes.

There were 2,831 properties sold in Greater Vancouver in April after seeing 2,415 properties sold in Greater Vancouver in March and 2,070 properties sold in February this year. This was a 3% increase from the 2,741 properties sold last year in April after a year-over-year decline in March. This is the 4th straight month-over-month gain in the number of properties sold, showing more buyers being enticed to the market by greater selection and adjustments to the current fixed rate mortgages. And in looking at the sales during the month, the pace moved quicker after mid-month which should lead to May producing yet again a month-over-month gain in the number of homes sold. It’s likely we could see a repeat of the sales in last May at 3,400 – which would be the first month over 3,000 sales since then. With the added number of listings, there will be more sales. Just don’t tell the Bank of Canada after their reluctance to decrease its rate during the spring for fears of heating up the spring market.

With April sales up from last year, they were 12% below the 10-year-average after being 30% below the 10-year average in March and 23% below the 10-year-average in February. With demand increasing and even with an increase in the number of listings, multiple offers are still occurring. Some areas and product types continue to be in short supply leaving buyers with the spectre of competition. We are still not yet at balance overall in the market, but buyers have the greatest opportunity they have seen in long time – even with interest rates where they are. Detached homes and condos showed the same level of sales in April compared to last year while townhouse sales were up 16% year-over-year.

Even with the increased listings in April compared to the previous month, there are still only 4 months supply of homes overall in Greater Vancouver, which had fallen from 5 months in February and 6 months in January. Technically this is a seller’s market, but about as streaky a seller’s market as we’ve seen. It makes the Canucks look like a model of consistency. Vancouver’s West Side stayed at 6 months supply, even with a 54% increase in the number of new listings in April compared to March. Vancouver’s East Side stayed at 4 months, still a technical seller’s market, even with a 44% surge in listings compared to March and 78% more compared to April last year. It was the 22% increase in sales month-over-month that kept it at a seller’s market. Amazing how much of a divide there is within the city itself. North Vancouver continues at 3 months supply, surprising given the 82% increase in the number of new listings compared to March. Burnaby climbed to 4 months supply, on the heels of total sales lagging March and April last year, a similar story in New Westminster. Buyer’s take note in those areas! Port Moody showed a 62% month-over-month gain in sales while new listings were up 53% which pushed this market back to 3 month’s supply from 4. And the small markets of Port Coquitlam and Pitt Meadows remain at 2 months supply.

If it seemed like there were more for sale and open house signs out there, that’s because there were 7,229 new listings in Greater Vancouver that came out in April. This was way above last year’s total of 4,399 new listings, producing another consecutive month of year-over-year increase in new listings. And this was the highest number of new listings by month since the spring of 2021, which was a real estate market like no other we’ve seen. Is this rush of listings fuel for a significant increase in sales? It will certainly add to the number of transactions and likely keep prices relatively flat over the next few months.

The number of new listings in April were 29% above the 10-year average after March was at 9% below the 10-year average and February was right at the 10-year average. There was a feeling that many sellers were waiting for the spring market to come before listing, and that came to fruition in April. This is likely a result of pent-up supply and likely some sellers reacting to changes to government legislation for short term rental bans, tenancy changes, property flipping taxes and capital gains changes – oh my. What’s changed in real estate this year? More like what hasn’t.

There were 12,491 active listings in Greater Vancouver at month end, compared to the 10,552 actives at the end of March and 9,634 at the end of February. The count of active listings is up significantly year-over-year though, with there being nearly 3,700 more at the end of April, or 42% more than the end of April 2023. The detached market overall has moved up to 6 months supply from 5.5 in March, keeping it in a balanced market. Vancouver’s East Side is bucking this trend though, sitting with 4 month’s supply and producing some interesting multiple offer sales. Townhomes remain at 3 months supply and condos stayed at 4 months supply - keeping both in seller’s market conditions.

This is not yesterday’s real estate market. And while the numbers overall show seller’s market conditions, savvy buyers, and sellers with the help of their Dexter agent will find market activity will depend on the area and type of property. Look closely at the numbers to understand the market where you are. Absorption rates for detached were down to 33% from 44% while townhouses and condos were 44% and 42% from the previous month at 53% and 48% respectively. There simply are not enough townhomes being built in Metro Vancouver, and this will continue to be one of the most competitive segments of the market.

If April was the bell weather month for listings, will those April listings translate into May sales? Or will the continued hangover of the Bank of Canada pulling their interest rate carrot away from Buyers keep many on the sidelines until that signal comes to start buying. Ask yourself if you are a buyer though, do you want to wait for everyone else or take advantage of a market that’s finally given some choice.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,831 - up from 2,415 (17%) in March, up from 2,070 (37%) in February, up from 2,741 (3%) in April 2023, down from 3,281 (14%) in April 2022, down from 5,010 (44%) in April 2021, up from 1,119 (153%) in April 2020, up from 1,850 (53%) in April 2019; Active Listings were at 12,491 at month end compared to 8,790 at that time last year (up 42%) and 10,552 at the end of March (up 18%); New Listings in April were up 41% compared to March 2024, up 64% compared to April 2023, up 15% compared to April 2022, down 10% compared to April 2021, up 201% compared to April 2020, and up 23% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 39% compared to 47% in March 2024, 62% in April 2023, and 52% in April 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months up 0.8%.

Vancouver Westside: Total Units Sold in April were 471 - up from 424 (11%) in March, up from 374 (26%) in February, up from 468 (3%) in April 2023, down from 619 (24%) in April 2022, down from 764 (38%) in April 2021, up from 195 (142%) in April 2020, up from 342 (38%) in April 2019; Active Listings were at 2,778 at month end compared to 1,992 at that time last year (up 39%) and 2,342 at the end of March (up 19%); New Listings in April were up 54% compared to March 2024, up 78% compared to April 2023, up 17% compared to April 2022, down 3% compared to April 2021, up 235% compared to April 2020, and up 28% compared to April 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 44% in March 2024, 56% in April 2023, and 48% in April 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.4%.

Vancouver East Side: Total Units Sold in April were 349 - up from 285 (22%) in March, up from 249 (40%) in February, up from 267 (31%) in April 2023, down from 355 (2%) in April 2022, down from 557 (37%) in April 2021, up from 120 (191%) in April 2020, up from 215 (62%) in April 2019; Active Listings were at 1,369 at month end compared to 939 at that time last year (up 46%) and 1,198 at the end of March (up 14%); New Listings in April were up 44% compared to March 2024, up 78% compared to April 2023, up 28% compared to April 2022, down 17% compared to April 2021, up 248% compared to April 2020, and up 45% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 48% in March 2024, 55% in April 2023, and 53% in April 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 0.4%.

North Vancouver: Total Units Sold in April were 248 - up from 187 (33%) in March, up from 163 (52%) in February, up from 218 (14%) in April 2023, down from 275 (10%) in April 2022, down from 478 (48%) in April 2021, up from 96 (158%) in April 2020, up from 149 (66%) in April 2019; Active Listings were at 711 at month end compared to 495 at that time last year (up 44%) and 523 at the end of March (up 36%); New Listings in April were up 82% compared to March 2024, up 82% compared to April 2023, up 28% compared to April 2022, down 10% compared to April 2021, up 173% compared to April 2020, and up 18% compared to April 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 56% in March 2024, 66% in April 2023, and 58% in April 2022.

Townhouse new listings were double the amount of April 2023 yet remain with only 2 months supply, while condo inventory saw the biggest jump on the North Shore pushing that segment to 3 months supply. Month-over-month, the house price index is down 0.1% and in the last 6 months no change.

West Vancouver: Total Units Sold in April were 70 - up from 53 (32%) in March, up from 56 (25%) in February, up from 69 (1%) in April 2023, down from 72 (3%) in April 2022, down from 116 (40%) in April 2021, up from 29 (141%) in April 2020, up from 48 (46%) in April 2019; Active Listings were at 628 at month end compared to 491 at that time last year (up 28%) and 560 at the end of March (up 12%); New Listings in April were up 56% compared to March 2024, up 60% compared to April 2023, up 21% compared to April 2022, up 2% compared to April 2021, up 209% compared to April 2020, and up 19% compared to April 2019. Month’s supply of total residential listings is down to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 24% compared to 28% in March 2024, 38% in April 2023, and 30% in April 2022.

Month-over-month, the house price index is up a shocking 31% but in the last 6 months down 1.2%.

Richmond: Total Units Sold in April were 336 - up from 279 (20%) in March, up from 231 (45%) in February, down from 338 (1%) in April 2023, down from 426 (21%) in April 2022, down from 668 (56%) in April 2021, up from 137 (145%) in April 2020, up from 172 (109%) in April 2019; Active Listings were at 1,339 at month end compared to 1,062 at that time last year (up 26%) and 1,166 at the end of March (up 15%); New Listings in April were up 38% compared to March 2024, up 52% compared to April 2023, up 1% compared to April 2022, down 23% compared to April 2021, up 213% compared to April 2020, and up 10% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 44% compared to 50% in March 2024, 67% in April 2023, and 56% in April 2022.

Townhomes and condo listings saw the slowest growth in this municipality keeping them at 3 months supply while detached homes are up to 6 months. Month-over-month, the house price index is down 0.4% and in the last 6 months up 0.7%.

Burnaby East: Total Units Sold in April were 30 - down from 32 (6%) in March, up from 25 (20%) in February, down from 34 (12%) in April 2023, down from 40 (25%) in April 2022, down from 76 (61%) in April 2021, up from 12 (150%) in April 2020, up from 15 (100%) in April 2019; Active Listings were at 114 at month end compared to 76 at that time last year (up 50%) and 101 at the end of March (up 13%); New Listings in April were up 25% compared to March 2024, up 43% compared to April 2023, down 4% compared to April 2022, down 41% compared to April 2021, up 106% compared to April 2020, and up 16% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 60% in March 2024, 81% in April 2023, and 58% in April 2022.

Townhouse supply is the scarcest while keeping it at 2 months supply while detached homes are now at 6 months. Month-over-month, the house price index is up 0.6% and in the last 6 months up 1.7%.

Burnaby North: Total Units Sold in April were 162 - up from 109 (49%) in March, up from 121 (34%) in February, down from 176 (8%) in April 2023, down from 164 (1%) in April 2022, down from 316 (49%) in April 2021, up from 40 (305%) in April 2020, up from 81 (100%) in April 2019; Active Listings were at 700 at month end compared to 415 that time last year (up 69%) and 535 at the end of March (up 31%); New Listings in April were up 53% compared to March 2024, up 77% compared to April 2023, up 33% compared to April 2022, down 0.5% compared to April 2021, up 240% compared to April 2020, and up 65% compared to April 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 35% compared to 36% in March 2024, 67% in April 2023, and 47% in April 2022.

Condo sales are almost double that of March after the push of new listings in March, dropping inventory down to 4 months supply even with overall growth in active listings. Month-over-month, the house price index is up 0.1% and in the last 6 months down 0.5%.

Burnaby South: Total Units Sold in April were 143 - up from 142 (1%) in March, up from 109 (31%) in February, down from 215 (33%) in April 2023, down from 186 (23%) in April 2022, down from 268 (47%) in April 2021, up from 55 (160%) in April 2020, up from 97 (47%) in April 2019; Active Listings were at 537 at month end compared to 385 at that time last year (up 39%) and 446 at the end of March (up 20%); New Listings in April were up 33% compared to March 2024, up 22% compared to April 2023, down 4% compared to April 2022, down 28% compared to April 2021, up 210% compared to April 2020, and up 15% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 44% compared to 58% in March 2024, 81% in April 2023, and 55% in April 2022.

Sales overall down to last year, with condo sales less than March and April last year. An area of opportunity. Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.0%.

New Westminster: Total Units Sold in April were 105 - down from 108 (3%) in March, up from 79 (33%) in February, down from 113 (7%) in April 2023, down from 134 (22%) in April 2022, down from 199 (47%) in April 2021, up from 61 (72%) in April 2020, down from 108 (3%) in April 2019; Active Listings were at 408 at month end compared to 238 at that time last year (up 71%) and 350 at the end of March (up 17%); New Listings in April were up 17% compared to March 2024, up 54% compared to April 2023, up 21% compared to April 2022, down 17% compared to April 2021, up 183% compared to April 2020, and down 13% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 51% in March 2024, 70% in April 2023, and 65% in April 2022.

Detached sales down 50% to March and off last year’s total, pushing this segment into a buyer’s market. Month-over-month, the house price index is up 0.1% and in the last 6 months up 1.5%.

Coquitlam: Total Units Sold in April were 238 - up from 235 (1%) in March, up from 189 (26%) in February, up from 210 (13%) in April 2023, down from 279 (15%) in April 2022, down from 362 (34%) in April 2021, up from 93 (156%) in April 2020, up from 153 (56%) in April 2019; Active Listings were at 802 at month end compared to 405 at that time last year (up 62%) and 663 at the end of March (up 21%); New Listings in April were up 29% compared to March 2024, up 62% compared to April 2023, up 12% compared to April 2022, down 11% compared to April 2021, up 190% compared to April 2020, and up 18% compared to April 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 55% in March 2024, 62% in April 2023, and 57% in April 2022.

With townhouse listings slow to come to market in April, sales fell off. While up to 3 months supply, it is still a seller’s market. Month-over-month, the house price index is up 0.3% and in the last 6 months up 0.7%.

Port Moody: Total Units Sold in April were 73 - up from 45 (62%) in March, up from 46 (59%) in February, down from 91 (20%) in April 2023, up from 66 (11%) in April 2022, down from 126 (42%) in April 2021, up from 28 (161%) in April 2020, up from 60 (22%) in April 2019; Active Listings were at 203 at month end compared to 166 at that time last year (up 22%) and 160 at the end of March (up 27%); New Listings in April were up 53% compared to March 2024, up 61% compared to April 2023, down 35% compared to April 2022, down 9% compared to April 2021, up 188% compared to April 2020, and up 11% compared to April 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 45% compared to 43% in March 2024, 91% in April 2023, and 55% in April 2022.

Townhouse sales were the highest since 2021 with limited listings coming on pushed that segment to 1 month supply – time to push for more supply. With only 68 in preliminary planning and 2 projects rejected and withdrawn, there’s little relief coming in this family centric community. Month-over-month, the house price index is up 2.1% and in the last 6 months down 0.6%.

Port Coquitlam: Total Units Sold in April were 102 - up from 89 (15%) in March, up from 64 (59%) in February, up from 76 (34%) in April 2023, down from 117 (13%) in April 2022, down from 167 (39%) in April 2021, up from 42 (143%) in April 2020, up from 67 (52%) in April 2019; Active Listings were at 254 at month end compared to 137 at that time last year (up 85%) and 213 at the end of March (up 19%); New Listings in April were up 36% compared to March 2024, up 146% compared to April 2023, down 1% compared to April 2022, down 27% compared to April 2021, up 144% compared to April 2020, and down 3% compared to April 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 54% compared to 64% in March 2024, 97% in April 2023, and 61% in April 2022.

Detached sales surged, up 75% year-over-year with townhouse and condo sales not far behind. With only 20 townhomes planned in this community, supply will be scarce in the years to come – can you say missing middle? Month-over-month, the house price index is up 1.3% and in the last 6 months up 1.6%.

Pitt Meadows: Total Units Sold in April were 32 - up from 29 (10%) in March, up from 23 (39%) in February, up from 27 (19%) in April 2023, down from 45 (29%) in April 2022, down from 48 (33%) in April 2021, up from 19 (68%) in April 2020, up from 28 (14%) in April 2019; Active Listings were at 71 at month end compared to 84 at that time last year (down 15%) and 66 at the end of March (up 8%); New Listings in April were up 36% compared to March 2024, up 5% compared to April 2023, down 2% compared to April 2022, down 17% compared to April 2021, up 84% compared to April 2020, and down 21% compared to April 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 56% compared to 69% in March 2024, 50% in April 2023, and 77% in April 2022.

Month-over-month, the house price index is up 0.9% and in the last 6 months up 4.9%.

Maple Ridge: Total Units Sold in April were 191 - up from 187 (2%) in March, up from 145 (32%) in February, up from 161 (19%) in April 2023, down from 166 (15%) in April 2022, down from 342 (44%) in April 2021, up from 82 (133%) in April 2020, up from 124 (54%) in April 2019; Active Listings were at 817 at month end compared to 506 at that time last year (up 61%) and 714 at the end of March (up 14%); New Listings in April were up 19% compared to March 2024, up 71% compared to April 2023, down 4% compared to April 2022, down 1% compared to April 2021, up 193% compared to April 2020, and up 30% compared to April 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of % 43compared to 50% in March 2024, 62% in April 2023, and 36% in April 2022.

Month-over-month, the house price index is up 1.8% and in the last 6 months up 1.7%.

Ladner: Total Units Sold in April were 33 - up from 30 (10%) in March, up from 23 (43%) in February, down from 43 (23%) in April 2023, down from 34 (3%) in April 2022, down from 74 (59%) in April 2021, up from 17 (94%) in April 2020, up from 29 (14%) in April 2019; Active Listings were at 121 at month end compared to 100 at that time last year (up 21%) and 90 at the end of March (up 34%); New Listings in April were up 49% compared to March 2024, up 36% compared to April 2023, down 41% compared to April 2022, down 14% compared to April 2021, up 119% compared to April 2020, and up 22% compared to April 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 57% in March 2024, 74% in April 2023, and 61% in April 2022.

Month-over-month, the house price index is up 1.5% and in the last 6 months up 1.4%.

Tsawwassen: Total Units Sold in April were 51 - up from 34 (50%) in March, up from 38 (34%) in February, down from 54 (6%) in April 2023, up from 46 (11%) in April 2022, down from 82 (38%) in April 2021, up from 24 (113%) in April 2020, up from 18 (183%) in April 2019; Active Listings were at 204 at month end compared to 167 at that time last year (up 22%) and 172 at the end of March (up 19%); New Listings in April were up 51% compared to March 2024, up 45% compared to April 2023, up 30% compared to April 2022, down 14% compared to April 2021, up 149% compared to April 2020, and down 2% compared to April 2019. Month’s supply of total residential listings is down to to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 48% in March 2024, 73% in April 2023, and 56% in April 2022.

Townhouse inventory is showing little growth with most new product sold out and little on the way. Month-over-month, the house price index is up 1.5% and in the last 6 months up 3.2%.

Fraser Valley: Sales in April were up 5.4%, compared to March and were down 5.3% from April 2023. New listings were up 33.2% from March and up 60.5% from April 2023.The average price was down 1.0% month-over-month and is up 1.8% year-over-year. Active listings were up 18.0% to 7,313 from 6,197 last month and up 57.9% from April 2023 which was at 4,632. Like Greater Vancouver, listings surged in April for the Fraser Valley real estate market, a great opportunity for buyers.

“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Mar 2024

Thu, 04 Apr 2024 22:12:00 GMT

Highlights of Dexter’s March 2024 report

5% fewer homes sold in Greater Vancouver compared to March 2023
15% more homes were listed for sale compared to March 2023
Spring Break turned into a real estate break
Burnaby North sees a surge in new condo listings

Spring break took some of the life out of the real estate market this year, especially with Easter at the end. At the mid-point of the month, there were 3,000 new listings which was on target to bring on 6,000 for the first time since the spring of 2022. With only 5,112 at the end of March, it appears a break was indeed what many took. That 6,000 number could come in April though as this pent-up real estate market continues to simmer with many waiting to act. Buyers were also more absent in the last half as the month finished with 2,415 sales – down from the 2,535 sales in March 2023. At the mid-point of March, there were 1,300 sales, the last half decline was evident in the final numbers. Expect buyers and sellers to get back to the market with more urgency with April upon us.

The wait continues for the next Bank of Canada announcement on April 10th which will yield no changes to their rate which affects variable rate mortgages. It will be the tone of the announcement that will play into how the market reacts. With June or July being the first potential rate cut according to many economists, the tone from the Bank of Canada will continue to be the most important part of the announcements. Economic data on inflation and the health of the economy play into the Bank of Canada’s decision on changes to their rate. Signs had been pointing to a rate cut sooner rather than later but with the Canadian GDP showing stronger numbers in February, that may not rush a decision to lower rates. With revised inflation and economic forecasts coming at the April meeting, we’ll get a better sense of when rates will start to come down.

On April 16 the federal government will release their annual budget. What housing initiatives will come with that budget this year? The Liberal Government has already come out talking about launching a renter’s bill of rights. With housing continually on the minds of the government right now and without any recent government policies showing any ability to tame the market, it will be interesting to see if anything else comes from this budget. The provincial government announced its much talked about anti-flipping tax during their budget this year as governments continue their assault on demand. And this week, the NDP government in B.C. strengthened restrictions on landlord use of property evictions. With more than one million people coming to Canada in each of the last two years, supply is where the focus needs to be. With recent reports stating that 741,000 new homes are needed each year through 2030, and with just 223,000 housing starts in 2023, recent government policy only serves to decrease supply and limit investor involvement. And without that capital, fewer homes will be built for renters and owners.

There were 2,415 properties sold in Greater Vancouver in March after seeing 2,070 properties sold in February, and 1,427 properties sold in January this year. This was a 5% decrease from the 2,535 properties sold last year in March. After the first quarter of 2024, sales are up 9.7% compared to the first 3 months of 2023. With Easter at the end of spring break this year, the effects from the school break were felt to a greater degree. Both sales and new listings fell back after mid-month with buyers and sellers focussed on other things. Since the middle of February, the number of sales per day have been consistent rising from 116 in the latter half of February to 120 per day in March. Albeit not quite the increase you’d expect in a spring market.

With March sales down from last year, this translated into sales being 30% below the 10-year-average after they were 23% below the 10-year-average in February, and 22% below the 10-year average in January. With demand still showing signs of waiting for rate changes in buyers’ favour, activity levels are on the lower side. While multiple offers are occurring in the marketplace, it’s very much dependent on how many are listed around it, where the property is and how it is priced. Detached homes and townhomes are the most popular and shortest in supply, so it’s not surprising to see multiple offers occurring more so with those segments. April could see more buyers focus on the market with spring break and Easter out of the way, and a closer path to interest rates coming down – if the economy cooperates.

With the increased sales in March compared to the previous month, we saw a drop to 4 months supply of homes overall in Greater Vancouver, falling from 5 months in February and 6 months in January. Technically this makes it a seller’s market – although we’ve seen this act before. Low inventories create an illusion of a true seller’s markets, but not for all properties. This could change if we see significantly more listings come on the market in April with there being nearly 2,000 more active listings now compared to a year ago. Vancouver’s West Side stayed at 6 months supply and Vancouver’s East Side stayed at 4 months (a technical seller’s market) even with a surge in listings over the last year. The growth in new listings year-over-year was slower in Vancouver with sales near the same levels as March 2023 (although detached sales on Vancouver’s West Side were down 31% year-over-year and down 3% month-over-month). North Vancouver continues at 3 months supply with its perpetually low inventory, and Burnaby remains at 3 months, except in Burnaby North where 5 months supply is available because of over 100 new listings for brand new and recently completed condos at Lougheed Mall and around Brentwood. Port Moody finished with nearly half the sales of March 2023 and bumped up to 4 months supply while Port Coquitlam had more sales and fewer new listings leaving that municipality with 2 months supply.

Even though it felt like more homes were coming on the market, there were only 5,112 new listings in Greater Vancouver. This was above last year’s total of 4,427 new listings, producing another consecutive month of year-over-year increase in new listings. After the first quarter in 2024, total new listings are 20% more than the first quarter of 2023. That is helping to add to the active listing count.

The number of new listings in March were 9% below the 10-year average after February was right at the 10-year average, taking us back to the previous few months which saw the level of new listings below the average. Whether spring break or playing the waiting game, some sellers just as much as buyers are holding off.

There were 10,552 active listings in Greater Vancouver at month end, compared to the 9,634 active at the end of February and 8,633 active listings at the end of January. The count of active listings is up year-over-year though, with there being nearly 2,000 more at the end of March compared to 8,617 at the end of March 2023. The detached market overall has come down to 5.5 months of supply from 6 in February and 8 in January, keeping it in a balanced market. Townhomes have dropped down to 3 months supply from 4 and condos stayed at 4 months supply - keeping both in seller’s market conditions. Even with the elevated supply of detached properties, year-over-year House Price Index was up 7.4%, compared with 5.0% for townhouses and 5.7% for condos. Land continues to be the best investment.

Depending on price point and area though, some may be more in balanced market conditions. Absorption rates for detached were up to 44% from 39% for the month while townhouses and condos were 53% and 48% from the previous month at 48% and 47% respectively. All segments saw lower absorption rates compared to last year in March, because of the increase in new listings this month and hence the subsequent rise in total active listings.

April is shaping up to be a bell weather month. With listing inventory ready to take off – 1,235 new listings within the first two days of April already, and buyers circling while waiting for the right time to jump in the market, it could produce a healthier pace of sales that sees buyers and sellers win. With limited inventory over the last 10 years, prices haven’t faced the downward pressure that would be expected with the slower pace of the market. The real estate market in Metro Vancouver has a long way to go to get to balance, but every listing helps. And with each new listings, comes another opportunity for the many buyers that are waiting.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March were 2,415 - up from 2,070 (17%) in February, up from 1,427 (69%) in January, down from 2,535 (5%) in March 2023, down from 4,505 (46%) in March 2022, down from 5,843 (59%) in March 2021, down from 2,562 (6%) in March 2020, up from 1,745 (38%) in March 2019; Active Listings were at 10,552 at month end compared to 8,617 at that time last year and 9,634 at the end of February; New Listings in March were up 10% compared to February 2024, up 15% compared to March 2023, down 25% compared to March 2022, down 40% compared to March 2021, up 13% compared to March 2020, and up 1% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 45% in February 2024, 57% in March 2023, and 65% in March 2022. Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.6%.

Vancouver Westside: Total Units Sold in March were 424 - up from 374 (13%) in February, up from 245 (73%) in January, down from 449 (6%) in March 2023, down from 800 (47%) in March 2022, down from 883 (52%) in March 2021, down from 467 (9%) in March 2020, up from 333 (27%) in March 2019; Active Listings were at 2,342 at month end compared to 1,977 at that time last year and 2,148 at the end of February; New Listings in March were up 4% compared to February 2024, up 5% compared to March 2023, down 28% compared to March 2022, down 34% compared to March 2021, up 15% compared to March 2020, and down 2% compared to March 2019. Month’s supply of total residential listings is steady at 4 month’s supply (balanced market conditions) and sales to listings ratio of 44% compared to 40% in February 2024, 49% in March 2023, and 59% in March 2022.

Sales for townhouses are up 34% year-over-year, while condo sales are down 3%. Month-over-month, the house price index is down 0.1% and in the last 6 months down 0.9%.

Vancouver East Side: Total Units Sold in March were 285 - up from 249 (14%) in February, up from 164 (74%) in January, down from 287 (1%) in March 2023, down from 497 (43%) in March 2022, down from 661 (57%) in March 2021, down from 297 (4%) in March 2020, up from 174 (64%) in March 2019; Active Listings were at 1,198 at month end compared to 899 (up 33%) at that time last year and 1,109 at the end of February; New Listings in March were up 9% compared to February 2024, up 30% compared to March 2023, down 23% compared to March 2022, down 41% compared to March 2021, up 29% compared to March 2020, and up 17% compared to March 2019. Month’s supply of total residential listings is steady 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 46% in February 2024, 62% in March 2023, and 68% in March 2022. Month-over-month, the house price index is up 1.2% and in the last 6 months down 1.5%.

North Vancouver: Total Units Sold in March were 187 - up from 163 (15%) in February, up from 117 (60%) in January, down from 215 (13%) in March 2023, down from 345 (46%) in March 2022, down from 470 (60%) in March 2021, down from 204 (8%) in March 2020, up from 165 (13%) in March 2019; Active Listings were at 523 at month end compared to 479 at that time last year and 489 at the end of February; New Listings in March were down 3% compared to February 2024, down 10% compared to March 2023, down 32% compared to March 2022, down 53% compared to March 2021, down 7% compared to March 2020, and down 15% compared to March 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 56% compared to 48% in February 2024, 58% in March 2023, and 71% in March 2022.

Detached new listings were down 26% year-over-year, with townhomes and condos at 2 months supply. Month-over-month, the house price index is up 1.7% and in the last 6 months up 0.4%.

West Vancouver: Total Units Sold in March were 53 - down from 56 (5%) in February, up from 23 (130%) in January, down from 64 (17%) in March 2023, down from 87 (39%) in March 2022, down from 148 (64%) in March 2021, down from 56 (5%) in March 2020, up from 34 (56%) in March 2019; Active Listings were at 560 at month end compared to 463 at that time last year and 526 at the end of February; New Listings in March were up 10% compared to February 2024, up 15% compared to March 2023, up 2% compared to March 2022, down 36% compared to March 2021, up 12% compared to March 2020, and up 12% compared to March 2019. Month’s supply of total residential listings is up to 11 month’s supply (buyer’s market conditions) and sales to listings ratio of 28% compared to 33% in February 2024, 39% in March 2023, and 47% in March 2022.

Month-over-month, the house price index is up 2.3% and in the last 6 months down 3.9%.

Richmond: Total Units Sold in March were 279 - up from 231 (21%) in February, up from 161 (73%) in January, down from 352 (21%) in March 2023, down from 557 (50%) in March 2022, down from 768 (64%) in March 2021, down from 337 (17%) in March 2020, up from 178 (44%) in March 2019; Active Listings were at 1,166 at month end compared to 1,049 at that time last year and 1,088 at the end of February; New Listings in March were up 19% compared to February 2024, up 16% compared to March 2023, down 38% compared to March 2022, down 49% compared to March 2021, up 6% compared to March 2020, and down 18% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 50% compared to 50% in February 2024, 74% in March 2023, and 63% in March 2022.

Townhomes are down to 3 month’s supply with new listings for that segment down 14% year-over-year. Slow growth in active listings in this municipality. Month-over-month, the house price index is up 1.6% and in the last 6 months down 0.6%.

Burnaby East: Total Units Sold in March were 32 - up from 25 (28%) in February, up from 17 (88%) in January, up from 20 (60%) in March 2023, down from 56 (43%) in March 2022, down from 70 (54%) in March 2021, up from 27 (19%) in March 2020, up from 17 (88%) in March 2019; Active Listings were at 101 at month end compared to 85 at that time last year and 94 at the end of February; New Listings in March were down 12% compared to February 2024, up 13% compared to March 2023, down 21% compared to March 2022, down 48% compared to March 2021, up 10% compared to March 2020, and up 4% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 60% compared to 42% in February 2024, 43% in March 2023, and 84% in March 2022.

Condo sales double year-over-year with active listings totals down from February leaving 2 months supply. Month-over-month, the house price index is up 3.6% and in the last 6 months up 2.2%.

Burnaby North: Total Units Sold in March were 109 - down from 121 (10%) in February, up from 88 (23%) in January, down from 169 (36%) in March 2023, down from 257 (58%) in March 2022, down from 335 (67%) in March 2021, down from 130 (16%) in March 2020, up from 77 (42%) in March 2019; Active Listings were at 535 at month end compared to 388 at that time last year and 447 at the end of February; New Listings in March were up 22% compared to February 2024, up 28% compared to March 2023, down 14% compared to March 2022, down 32% compared to March 2021, up 37% compared to March 2020, and up 36% compared to March 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 49% in February 2024, 73% in March 2023, and 65% in March 2022.

Sales are down year-over-year and month-over-month, with condo active listings up 58% year-over-year. City of development! Month-over-month, the house price index is up 1.3% and in the last 6 months up 0.1%.

Burnaby South: Total Units Sold in March were 142 - up from 109 (30%) in February, up from 102 (39%) in January, up from 130 (9%) in March 2023, down from 213 (33%) in March 2022, down from 325 (56%) in March 2021, down from 143 (1%) in March 2020, up from 97 (46%) in March 2019; Active Listings were at 446 at month end compared to 408 at that time last year and 425 at the end of February; New Listings in March were up 17% compared to February 2024, up 3% compared to March 2023, down 32% compared to March 2022, down 47% compared to March 2021, up 11% compared to March 2020, and down 16% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 58% compared to 52% in February 2024, 55% in March 2023, and 59% in March 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.4%.

New Westminster: Total Units Sold in March were 108 - up from 79 (37%) in February, up from 54 (100%) in January, down from 204 (47%) in March 2023, down from 204 (47%) in March 2022, down from 245 (57%) in March 2021, down from 118 (8%) in March 2020, up from 81 (33%) in March 2019; Active Listings were at 350 at month end compared to 229 at that time last year and 300 at the end of February; New Listings in March were up 11% compared to February 2024, up 50% compared to March 2023, down 18% compared to March 2022, down 37% compared to March 2021, up 7% compared to March 2020, and up 4% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 41% in February 2024, 68% in March 2023, and 79% in March 2022.

Active listings up 52% year-over-year, with sales up over last month and March 2023. Month-over-month, the house price index is up 3.4% and in the last 6 months up 0.9%.

Coquitlam: Total Units Sold in March were 235 - up from 189 (24%) in February, up from 112 (110%) in January, up from 196 (20%) in March 2023, down from 400 (41%) in March 2022, down from 462 (49%) in March 2021, down from 202 (16%) in March 2020, up from 142 (65%) in March 2019; Active Listings were at 683 at month end compared to 473 at that time last year and 599 at the end of February; New Listings in March were up 15% compared to February 2024, up 39% compared to March 2023, down 30% compared to March 2022, down 32% compared to March 2021, up 9% compared to March 2020, and up 3% compared to March 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 55% compared to 51% in February 2024, 64% in March 2023, and 66% in March 2022.

Sales up year-over-year and month-over-month, with condo new listings up 47% to last year and townhomes new listings up 88%. Over half the condo actives are new or near new. Opportunities in this market. Month-over-month, the house price index is up 0.5% and in the last 6 months down 0.1%.

Port Moody: Total Units Sold in March were 45 - down from 46 (2%) in February, up from 31 (45%) in January, down from 80 (44%) in March 2023, down from 107 (58%) in March 2022, down from 134 (66%) in March 2021, down from 54 (17%) in March 2020, up from 38 (18%) in March 2019; Active Listings were at 160 at month end compared to 178 at that time last year and 131 at the end of February; New Listings in March were up 30% compared to February 2024, down 8% compared to March 2023, down 28% compared to March 2022, down 42% compared to March 2021, up 1% compared to March 2020, and up 11% compared to March 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 57% in February 2024, 70% in March 2023, and 71% in March 2022.

Condo sales down the most in this market compared to 2023. Month-over-month, the house price index is up 0.5% and in the last 6 months down 1.5%.

Port Coquitlam: Total Units Sold in March were 89 - up from 64 (39%) in February, up from 43 (107%) in January, up from 69 (29%) in March 2023, down from 141 (37%) in March 2022, down from 205 (57%) in March 2021, down from 96 (7%) in March 2020, up from 59 (51%) in March 2019; Active Listings were at 213 at month end compared to 160 at that time last year and 198 at the end of February; New Listings in March were down 6% compared to February 2024, up 10% compared to March 2023, down 33% compared to March 2022, down 56% compared to March 2021, down 1% compared to March 2020, and down 17% compared to March 2019. Month’s supply of total residential listings is down to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 64% compared to 43% in February 2024, 54% in March 2023, and 67% in March 2022.

Townhome and condo sales are up significantly from March 2023 with few condo actives listings available year-over-year. Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.6%.

Pitt Meadows: Total Units Sold in March were 29 - up from 23 (26%) in February, up from 20 (45%) in January, up from 28 (4%) in March 2023, down from 55 (47%) in March 2022, down from 53 (45%) in March 2021, down from 35 (17%) in March 2020, up from 24 (21%) in March 2019; Active Listings were at 66 at month end compared to 69 at that time last year and 64 at the end of February; New Listings in March were down 7% compared to February 2024, down 2% compared to March 2023, down 48% compared to March 2022, down 46% compared to March 2021, down 36% compared to March 2020, and down 24% compared to March 2019. Month’s supply of total residential listings is down to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 69% compared to 51% in February 2024, 65% in March 2023, and 67% in March 2022.

Month-over-month, the house price index is up 3.1% and in the last 6 months up 2.8%.

Maple Ridge: Total Units Sold in March were 187 - up from 145 (29%) in February, up from 106 (76%) in January, up from 149 (26%) in March 2023, down from 264 (29%) in March 2022, down from 437 (64%) in March 2021, up from 170 (10%) in March 2020, up from 116 (61%) in March 2019; Active Listings were at 714 at month end compared to 495 at that time last year and 678 at the end of February; New Listings in March were down 7% compared to February 2024, up 42% compared to March 2023, down 15% compared to March 2022, down 32% compared to March 2021, up 25% compared to March 2020, and up 46% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 50% compared to 36% in February 2024, 54% in March 2023, and 60% in March 2022.

Month-over-month, the house price index is up 1.6% and in the last 6 months down 1.6%.

Ladner: Total Units Sold in March were 30 - up from 23 (30%) in February, up from 21 (43%) in January, down from 38 (21%) in March 2023, down from 46 (35%) in March 2022, down from 104 (71%) in March 2021, down from 32 (6%) in March 2020, up from 25 (20%) in March 2019; Active Listings were at 90 at month end compared to 100 at that time last year and 82 at the end of February; New Listings in March were up 43% compared to February 2024, down 23% compared to March 2023, down 27% compared to March 2022, down 60% compared to March 2021, up 21% compared to March 2020, and down 31% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 57% compared to 62% in February 2024, 55% in March 2023, and 63% in March 2022.

Month-over-month, the house price index is up 3.4% and in the last 6 months down 1.7%.

Tsawwassen: Total Units Sold in March were 34 - down from 38 (11%) in February, up from 24 (42%) in January, down from 35 (3%) in March 2023, down from 78 (56%) in March 2022, down from 106 (68%) in March 2021, down from 39 (13%) in March 2020, up from 15 (127%) in March 2019; Active Listings were at 172 at month end compared to 169 at that time last year and 156 at the end of February; New Listings in March were down 5% compared to February 2024, down 13% compared to March 2023, down 25% compared to March 2022, down 49% compared to March 2021, down 5% compared to March 2020, and down 16% compared to March 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 48% compared to 51% in February 2024, 43% in March 2023, and 82% in March 2022.

Month-over-month, the house price index is up 3.3% and in the last 6 months down 0.7%.

Fraser Valley: Sales in March were up 13.0%, compared to February and were down 10.0% from March 2023. New listings were up 6.8% from February and up 16.7% from March 2023.The average price was up 4.5% month-over-month and is up 9.2% year-over-year. Active listings were up 11.4% to 6,197 from 5,561 last month and up 36.7% from March 2023 which was at 4,533. Active listings continue to be on the rise after being at a low of 1,735 in December 2021. Month-over-month, the house price index is up 1.3% and in the last 6 months down 2.0%.

“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Feb 2024

Fri, 15 Mar 2024 23:13:00 GMT

Highlights of Dexter’s February 2024 report

Buyers continue to show up! Number of sales in Greater Vancouver were up 45% from January
Sellers starting to show up, the number of new listings were up 20% from January
Bank of Canada continues the holding pattern on its rate – fixed rates declining
Sales in West Vancouver up 143% compared to January

At the mid-point of February, this month was as much a dark horse to hit 2,000 sales in Greater Vancouver as Billy Mack was to hit the #1 Christmas Song in Love Actually… and like this movie being 20 years old, the sales and new listings amounts feel like they are from 20 years ago. Lack of buyer and seller engagement continues to be one of the significant stories in the market. And as we’ve said before, Metro Vancouver real estate doesn’t have a speculation problem, it has a holding problem. Buyers are holding real estate and not turning into sellers which results in significantly less homes available for other buyers to purchase. But government policy continues to go after the demand side instead of encouraging supply from the existing home stock. Expecting new home construction to fill the void isn’t enough nor realistic.

With the Bank of Canada holding their rate at 5% at the latest meeting this morning, and with the U.S. holding at 5.5% so far this year, the wait continues as to when we might see the first rate cut. The sentiment is that it’s coming. Canadian and U.S. inflation is showing signs of easing, and with the Canadian economy showing signs of weakness, logic would say that rates should be coming down sooner rather than later. Employment numbers remain relatively flat though which isn’t helping in the obvious decision. Canada will likely wait for our neighbours to the south to make the first move, which may come in June when the U.S. has its more in-depth policy decision meeting.

There were 2,070 properties sold in Greater Vancouver in February after, 1,427 properties sold in January this year. This was a 13% increase from the 1,824 properties sold last year in February. Even with one more day in February this year, there were 103.5 sales per day compared to 96 sales per day last year. So, we can’t fully thank the extra day in the leap year for a better February. There is more buyer engagement. The latter half of the month certainly produced more sales, with the last week of the month showing 116 sales per day. A sign the real estate market is continuing to show more activity. This was also the first month where total sales were over 2,000 since August of last year as the fall suffered the fate of two summer interest rate increases by the Bank of Canada. Optimism is gaining in the market as buyers simply need to move on – literally.

With this increase in activity, sales in February were 23% below the 10-year average, after sales in January were 22% below the 10-year average with sales in December 37% below the 10-year average and November’s sales at 35% below the 10-year average. We’re still within a slower moving market, and with a few more listings coming on this month, buyers were given opportunity. And moving forward, they should take advantage of it. February isn’t traditionally a strong month for sales, so expect March to produce more sales, even with spring break in the middle of it.

With the increase sales, we saw a drop to 5 months supply of homes overall in Greater Vancouver, falling back from 6 months in January and 7 months supply in December. Vancouver’s West Side dropped down to 6 months supply from 8 in January and Vancouver’s East Side declined to 4 months (a technical seller’s market) from 6 months in January. Vancouver saw fewer new listings in February compared to other areas of the region, while sales were up 53% compared to January on the West Side and 52% on the East Side. West Vancouver produced twice as many sales in February, bringing months supply down to 9 from 21. Detached sales in each of these cities showing more growth than the other sectors, signalling the upper end of the market is coming back perhaps. The perpetually under supplied North Vancouver dropped down to 3 months supply with condos there at 2 months supply. Further east, Burnaby and beyond have 4 months supply of homes available, with the Tri-Cities down to 3 months supply. Maple Ridge is the anomaly with 5 months supply after significant increase in new listings – up 92% compared to February last year and to 54% compared to January. Active listing counts are up 47% compared to this time last year. Buyers, Maple Ridge is where the opportunities are!

Even with the extra day in the month, we only saw 4,651 new listings in Greater Vancouver. This was well above last year’s total of 3,559 new listings, so that’s a good sign that sellers are coming back, perhaps in response to an uptick in buyer activity. Multiple offers have been occurring in the market more than last fall, an encouraging sign for those sellers that were afraid to enter a quiet market. The challenge of giving up lower mortgage rates continues for many homeowners through, unwilling to enter a higher mortgage rate to make a move. As renewals begin over the next few months and years and as rates start to come down, we’ll see this pent-up supply start to release more into the market. For some sellers, it may be better to take advantage of a lack of listings now and come on the market and work with a mortgage professional to find the right rate for now in anticipation of lower rates in the next few years. Date the rate and marry the house as they say.

The number of new listings in January were right at the 10-year average, which is an improvement from January where they were 13% below the average and December with the number of new listings in that month being 25% below the 10-year average.

There were 9,634 active listings in Greater Vancouver at month end, after there being 8,633 active listings in Greater Vancouver at the end of January and 8,283 at the end of February 2023. The detached market overall has come down to 6 months supply from 8, putting it into balanced market territory. Townhomes remain at 4 months supply and condos dropped to 4 months supply from 5 – putting both into seller market conditions. Depending on price point and area though, some may be more in balanced market conditions. Absorption rates for detached were 39% for the month while townhouses and condos were at 48% and 47% respectively. All segments saw lower absorption rates compared to last year in February, because of more new listings this year. As a result, we are seeing a gain in the active listing counts. This could bring more buyers to the market, again, a good sign for sellers.

Will March be the lion or the lamb in the real estate market. With a sizable increase in both sales and new listings in February compared to the previous month, will March continue down that path. After the provincial budget was announced, buyers and sellers will continue to navigate an incredible amount of policy changes by government, with an anti-flipping tax of 20% to start in 2025 introduced by the BC NDP.

The likely effect of this in the years to come will be a reduced number of listings as sellers hold on to properties more than they already are. Perhaps we’ll see a push to sell before 2024 ends though. Increased thresholds for the Property Transfer Tax exemptions starting April 1st will help those buyers purchasing up to $835,000 for resale and up to $1.1 million for newly constructed homes. The first-time homebuyer incentive has been discontinued at the federal level, much to the dismay of Dawson Creek which was the only region of B.C. where the program worked. Goodbye to bad legislation. Unfortunately, that was not the same for the Foreign Buyer Ban as the Federal Liberals announced a further two-year extension on that program which will now run until the end of 2026. All of which do not help but hinder supply of homes, which is the biggest challenge in the housing market, ironically identified by the government too. Too bad policy doesn’t align with reality.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 2,070 - up from 1,427 (45%) in January, up from 1,345 (54%) in December up from 1,824 (13%) in February 2023, down from 3,451 (40%) in February 2022, down from 3,852 (47%) in February 2021, down from 2,185 (5%) in February 2020, up from 1,512 (40%) in February 2019; Active Listings were at 9,634 at month end compared to 8,283 at that time last year and 8,633 at the end of January; New Listings in February were up 20% compared to January 2024, up 9% compared to February 2023, down 10% compared to February 2022, down 10% compared to February 2021, up 13% compared to February 2020, and up 17% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 37% in January 2024, 51% in February 2023, 62% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 1.9% and in the last 6 months down 2.1%. Prices appear to be on the upswing after several months of seeing them decline through the fall.

Vancouver Westside: Total Units Sold in February were 374 - up from 245 (53%) in January, up from 235 (59%) in December up from 316 (18%) in February 2023, down from 665 (44%) in February 2022, down from 592 (37%) in February 2021, up from 367 (2%) in February 2020, up from 254 (47%) in February 2019; Active Listings were at 2,148 at month end compared to 1,923 at that time last year and 1,963 at the end of January; New Listings in February were up 10% compared to January 2024, up 31% compared to February 2023, down 15% compared to February 2022, down 1% compared to February 2021, up 32% compared to February 2020, and up 5% compared to February 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 29% in January 2024, 44% in February 2023, 61% in February 2022, and 29% in February 2019. Month-over-month, the house price index is up 4.0% and in the last 6 months down 0.7%.

Vancouver East Side: Total Units Sold in February were 249 - up from 164 (52%) in January, up from 148 (68%) in December up from 198 (26%) in February 2023, down from 359 (31%) in February 2022, down from 408 (39%) in February 2021, up from 243 (2%) in February 2020, up from 166 (50%) in February 2019; Active Listings were at 1,109 at month end compared to 900 at that time last year and 990 at the end of January; New Listings in February were up 9% compared to January 2024, up 43% compared to February 2023, down 16% compared to February 2022, down 6% compared to February 2021, up 23% compared to February 2020, and up 41% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 33% in January 2024, 52% in February 2023, 55% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 0.8% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in February were 163 - up from 117 (39%) in January, up from 106 (52%) in December up from 1,824 (9%) in February 2023, down from 261 (38%) in February 2022, down from 318 (49%) in February 2021, down from 206 (21%) in February 2020, up from 124 (31%) in February 2019; Active Listings were at 489 at month end compared to 436 at that time last year and 414 at the end of January; New Listings in February were up 27% compared to January 2024, up 35% compared to February 2023, down 16% compared to February 2022, down 20% compared to February 2021, down 8% compared to February 2020, and up 2% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 43% in January 2024, 59% in February 2023, 64% in February 2022, and 37% in February 2019. Month-over-month, the house price index is up 1.5% and in the last 6 months down 1.8%.

West Vancouver: Total Units Sold in February were 56 - up from 23 (143%) in January, up from 41 (37%) in December up from 43 (30%) in February 2023, down from 80 (30%) in February 2022, down from 102 (45%) in February 2021, down from 57 (2%) in February 2020, up from 39 (44%) in February 2019; Active Listings were at 526 at month end compared to 443 at that time last year and 483 at the end of January; New Listings in February were down 5% compared to January 2024, up 11% compared to February 2023, down 21% compared to February 2022, up 6% compared to February 2021, up 19% compared to February 2020, and up 1% compared to February 2019. Month’s supply of total residential listings is down to 9 month’s supply from 21 in January (still buyer’s market conditions) and sales to listings ratio of 33% compared to 13% in January 2024, 28% in February 2023, 37% in February 2022, and 23% in February 2019. Month-over-month, the house price index is down 3.7% and in the last 6 months down 6.3%.

Richmond: Total Units Sold in February were 231 - up from 161 (43%) in January, up from 169 (37%) in December up from 227 (2%) in February 2023, down from 340 (30%) in February 2022, down from 453 (49%) in February 2021, down from 253 (9%) in February 2020, up from 155 (49%) in February 2019; Active Listings were at 1,088 at month end compared to 1,036 at that time last year and 1,014 at the end of January; New Listings in February were up 13% compared to January 2024, up 1% compared to February 2023, down 34% compared to February 2022, down 30% compared to February 2021, down 8% compared to February 2020, and down 2% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 39% in January 2024, 49% in February 2023, 56% in February 2022, and 33% in February 2019. Month-over-month, the house price index is up 2.9% and in the last 6 months down 1.2%.

Burnaby East: Total Units Sold in February were 25 - up from 17 (47%) in January, up from 18 (39%) in December up from 21 (19%) in February 2023, down from 34 (24%) in February 2022, down from 41 (37%) in February 2021, down from 32 (22%) in February 2020, up from 17 (47%) in February 2019; Active Listings were at 94 at month end compared to 71 at that time last year and 77 at the end of January; New Listings in February were up 20% compared to January 2024, up 200% compared to February 2023, down 7% compared to February 2022, down 6% compared to February 2021, up 58% compared to February 2020, and up 67% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 34% in January 2024, 105% in February 2023, 52% in February 2022, and 47% in February 2019. Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.6%.

Burnaby North: Total Units Sold in February were 121 - up from 88 (38%) in January, up from 91 (33%) in December down from 134 (2%) in February 2023, down from 226 (46%) in February 2022, down from 193 (37%) in February 2021, up from 100 (21%) in February 2020, up from 84 (44%) in February 2019; Active Listings were at 447 at month end compared to 380 at that time last year and 387 at the end of January; New Listings in February were up 35% compared to January 2024, up 22% compared to February 2023, down 20% compared to February 2022, down 6% compared to February 2021, up 29% compared to February 2020, and up 56% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 49% compared to 48% in January 2024, 66% in February 2023, 72% in February 2022, and 53% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 1.7%.

Burnaby South: Total Units Sold in February were 109 - up from 102 (7%) in January, up from 79 (38%) in December down from 118 (8%) in February 2023, down from 200 (45%) in February 2022, down from 201 (46%) in February 2021, up from 105 (4%) in February 2020, up from 83 (31%) in February 2019; Active Listings were at 425 at month end compared to 377 at that time last year and 398 at the end of January; New Listings in February were down 2% compared to January 2024, up 1% compared to February 2023, down 27% compared to February 2022, down 23% compared to February 2021, up 9% compared to February 2020, and up 0.5% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 48% in January 2024, 57% in February 2023, 70% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 2.1%.

New Westminster: Total Units Sold in February were 79 - up from 54 (46%) in January, up from 46 (72%) in December up from 66 (20%) in February 2023, down from 159 (50%) in February 2022, down from 164 (52%) in February 2021, down from 90 (12%) in February 2020, up from 63 (25%) in February 2019; Active Listings were at 300 at month end compared to 222 at that time last year and 242 at the end of January; New Listings in February were up 43% compared to January 2024, up 79% compared to February 2023, down 15% compared to February 2022, down 12% compared to February 2021, up 25% compared to February 2020, and up 16% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 40% in January 2024, 62% in February 2023, 70% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.1%.

Coquitlam: Total Units Sold in February were 189 - up from 112 (69%) in January, up from 119 (59%) in December up from 158 (20%) in February 2023, down from 264 (28%) in February 2022, down from 322 (41%) in February 2021, down from 196 (4%) in February 2020, up from 134 (41%) in February 2019; Active Listings were at 599 at month end compared to 466 at that time last year and 521 at the end of January; New Listings in February were up 29% compared to January 2024, up 56% compared to February 2023, down 17% compared to February 2022, down 9% compared to February 2021, up 13% compared to February 2020, and up 28% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 39% in January 2024, 67% in February 2023, 59% in February 2022, and 46% in February 2019. Month-over-month, the house price index is up 2.4% and in the last 6 months down 1.8%.

Port Moody: Total Units Sold in February were 46 - up from 31 (48%) in January, up from 25 (84%) in December down from 47 (2%) in February 2023, down from 87 (47%) in February 2022, down from 92 (50%) in February 2021, up from 36 (28%) in February 2020, up from 30 (53%) in February 2019; Active Listings were at 131 at month end compared to 200 at that time last year and 122 at the end of January; New Listings in February were up 47% compared to January 2024, down 11% compared to February 2023, down 32% compared to February 2022, down 38% compared to February 2021, down 26% compared to February 2020, and up 1% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 57% compared to 55% in January 2024, 52% in February 2023, 73% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.0% and in the last 6 months down 2.2%.

Port Coquitlam: Total Units Sold in February were 64 - up from 43 (49%) in January, up from 36 (78%) in December up from 40 (60%) in February 2023, down from 108 (40%) in February 2022, down from 122 (48%) in February 2021, down from 83 (23%) in February 2020, up from 60 (7%) in February 2019; Active Listings were at 198 at month end compared to 140 at that time last year and 155 at the end of January; New Listings in February were up 104% compared to January 2024, up 71% compared to February 2023, down 3% compared to February 2022, down 13% compared to February 2021, up 17% compared to February 2020, and up 6% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 59% in January 2024, 46% in February 2023, 71% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 3.2% and in the last 6 months down 1.2%.

Pitt Meadows: Total Units Sold in February were 23 - up from 20 (15%) in January, up from 15 (53%) in February 2023, down from 35 (34%) in February 2022, down from 48 (50%) in February 2021, down from 27 (15%) in February 2020, up from 15 (53%) in February 2019; Active Listings were at 64 at month end compared to 62 at that time last year and 57 at the end of January; New Listings in February were up 18% compared to January 2024, up 66% compared to February 2023, down 10% compared to February 2022, down 20% compared to February 2021, down 12% compared to February 2020, and up 10% compared to February 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 52% in January 2024, 55% in February 2023, 70% in February 2022, and 36% in February 2019. Month-over-month, the house price index is up 2.8% and in the last 6 months down 0.5%.

Maple Ridge: Total Units Sold in February were 145 - up from 106 (37%) in January, up from 129 (12%) in February 2023, down from 224 (35%) in February 2022, down from 292 (50%) in February 2021, down from 177 (18%) in February 2020, up from 100 (45%) in February 2019; Active Listings were at 678 at month end compared to 462 at that time last year and 563 at the end of January; New Listings in February were up 54% compared to January 2024, up 92% compared to February 2023, up 11% compared to February 2022, up 16% compared to February 2021, up 35% compared to February 2020, and up 94% compared to February 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 40% in January 2024, 62% in February 2023, 62% in February 2022, and 48% in February 2019. Month-over-month, the house price index is up 1.1% and in the last 6 months down 3.6%.

Ladner: Total Units Sold in February were 23 - up from 21 (10%) in January, up from 12 (92%) in December down from 27 (15%) in February 2023, down from 26 (12%) in February 2022, down from 61 (63%) in February 2021, down from 36 (36%) in February 2020, up from 20 (15%) in February 2019; Active Listings were at 82 at month end compared to 98 at that time last year and 83 at the end of January; New Listings in February were up 20% compared to January 2024, down 39% compared to February 2023, down 35% compared to February 2022, down 55% compared to February 2021, up 45% compared to February 2020, and up 26% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 62% compared to 46% in January 2024, 44% in February 2023, 46% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 0.4% and in the last 6 months down 5.0%.

Tsawwassen: Total Units Sold in February were 38 - up from 24 (58%) in January, up from 21 (81%) in December up from 25 (52%) in February 2023, down from 73 (48%) in February 2022, down from 76 (50%) in February 2021, up from 32 (19%) in February 2020, up from 21 (81%) in February 2019; Active Listings were at 156 at month end compared to 146 at that time last year and 139 at the end of January; New Listings in February were up 47% compared to January 2024, up 42% compared to February 2023, down 26% compared to February 2022, down 27% compared to February 2021, up 39% compared to February 2020, and up 36% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 47% in January 2024, 47% in February 2023, 72% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 1.4%.

Fraser Valley: Sales in February were up 32% from January and up 38% from February 2023. New listings were up 18% from January and up 44% from February 2023. While the average price was down 0.1% month-over-month, it is up 8% year-over-year. Active listings were up 14% to 5,561 from 4,877 last month but up 26% from February 2023. After seeing steep declines, active listing counts in the region are climbing. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is up 0.9% and in the last 6 months down 4.2%.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Jan 2024

Mon, 05 Feb 2024 19:28:32 GMT

Highlights of Dexter’s January 2024 report

Buyers are back! Sales in Greater Vancouver were up 39% from January 2023
Vancouver detached listings at the lowest level since December 2015
The number of new listings were only up 15% from January 2023
When will the Bank of Canada cut its rate?
The total number of sales in West Vancouver were the lowest by month since 2008

A new year, a new real estate market. Sort of. As 2024 took hold, buyers appeared to embrace homebuying more so than they did when 2023 began. Sales were up 39% in Greater Vancouver and 52% in the Fraser Valley year-over-year. Anticipation of future rate cuts were on the minds of many as they awaited the Bank of Canada’s first interest rate announcement in late January. While a rate cut wasn’t anticipated, the messaging of future rate cuts was on the minds of many. And while some predicted the next Bank of Canada meetings in March and April could be the first rate cut since the spate of increases starting in 2022, sticky inflation and a Canadian economy sidestepping a recession could keep the current Bank rate in check until June or July. Buyers don’t seem to want to wait though as market activity so far is indicating the pent-up demand can only hold off for so long.

There were 1,427 properties sold in Greater Vancouver in January this year. This was a 39% increase from the 1,030 properties sold last year in January. And this was the first month-over-month increase in sales since May of last year. You can only keep a good market down for so long. Even with the deep freeze and snow event last month, buyers made their way out to go through the limited supply of listings, many surprised at how many were no longer available. As the temperature in January rose to finish the month, the real estate market seemed to see its temperature rise as well. Will February produce the first month with more than 2,000 sales since August? Likely yes, but that will require a few more sellers to join jump into the market as well. With this increase in activity, sales in January were 22% below the 10-year average after sales in December were 37% below the 10-year average and November’s sales were at 35% below the 10-year average. The trends and numbers certainly show an increase in buyer activity. Stats don’t lie.

With current sales, we continue to be in a balanced market with 6 months supply of homes overall in Greater Vancouver, falling back from 7 months supply in December. Vancouver’s West Side was higher in the region at 8 months supply and West Vancouver with its lowest monthly sales since December 2008 clocked in at 21 months supply of homes available. A severe buyer’s market. While its neighbour next door, North Vancouver, maintained its 4 months supply, doing its best seller’s market imitation. Burnaby North and South, New Westminster, Port Coquitlam, and Ladner all finished January with 4 months supply of listings. Ladner didn’t see any condo sales in January, but then again there are only 8 active listings and there were no new listings in December, proving you can’t buy what isn’t available. Pitt Meadows has the lowest supply in the region with only 3 months worth of listings available for buyers shopping in that city.

With the precipitous drop in total listings we saw through the last two months of 2023, January saw 3,875 new listings. This was the third lowest number of new listings for the month of January since the year 2000. This after there were only 1,355 new listings in December after 3,440 new listings in November, but it was slightly higher than the number of new listings in January last year at 3,384.

The number of new listings in January were 13% below the 10-year average, which is an improvement from December with the number of new listings in that month being 25% below the 10-year average. But still below the averages in the 3 months preceding December: 3% below the 10-year average in November, 5% above the 10-year average in October and 6% above the 10-year average in September.

There were 8,633 active listings in Greater Vancouver at the end of January after seeing 8,802 active listings at the end of December. It’s rare to see the total number of active listings end with less in January then in December, but after several listings expired at the end of December, January started with 7,828 active listings. And with fewer new listings in January than is typical, that hole is hard to dig out of. Perhaps it’s a signal to sellers that the opportunity to list their home on the market is better than we’ve seen over the last year. Buyers are shopping and hoping that more sellers will list. The detached market overall remains in buyer’s market territory with 8 months supply of inventory, down from 9 months in December. Townhomes slipped down to 4 months supply and condos continue to sit just above 5 months supply of listings. The missing middle known as townhomes had a 42% absorption rate in January with sales up 82% compared to January last year. This was higher than detached at 33% absorption and sales 28% higher than January 2023 and condos at 37% absorption and sales 30% higher than January 2023. Perhaps the provincial government’s small-scale, multi-unit housing plan should have focused more on building more townhomes and row homes than 3 to 6 unit buildings scattered throughout the region.

As we start February, Ground Hogs in Canada indicated that we would see an early spring. Will we also see and early real estate market? The thought was it would depend on interest rates starting their decline, but with a little more uncertainty when that might happen, buyers seem to be wanting to get on finding their first or next home. January was an indication that buyers are back, but the question remains – where are the sellers? A slower decline in interest rates may produce a more balanced market, as long we see more listings come on the market. The sudden rise in interest rates is keeping supply out of the real estate market, not just resale, but the much-needed new product that will fuel buyers in the years to come.

Bank of Canada governor Tiff Macklem recently said that high interest rates aren’t to blame for the housing crisis and that it can’t solve the housing crisis with interest rates. That seems to fly in the face of that fact that elevated interest rates are keeping new development at bay as higher interest rates add to the cost of housing and risk for developers. The extension of the Foreign Buyer ban announced on February 4, which will be until 2027 may also limit supply and not provide more. The host of government regulations have not helped to build more supply in the real estate market and is doing the opposite.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,427 - up from 1,345 (6%) in December, down from 1,702 (16%) in November 2023, up from 1,030 (39%) in January 2023, down from 2,329 (39%) in January 2022, down from 2,454 (42%) in January 2021, down from 1,602 (11%) in January 2020, up from 1,102 (29%) in January 2019; Active Listings were at 8,633 at month end compared to 7,862 at that time last year and 8,802 at the end of December; New Listings in January were up 186% compared to December 2023, up 13% compared to November 2023, up 15% compared to January 2023, down 9% compared to January 2022, down 16% compared to January 2021, down 3% compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 37% compared to 99% in December 2023, 30% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 4.6%.

Vancouver Westside: Total Units Sold in January were 245 - up from 235 (4%) in December, down from 315 (23%) in November 2023, up from 194 (26%) in January 2023, down from 445 (45%) in January 2022, down from 393 (38%) in January 2021, down from 275 (11%) in January 2020, up from 187 (31%) in January 2019; Active Listings were at 1,963 at month end compared to 1,827 at that time last year and 1,998 at the end of December (detached listings at 453 were the lowest amount since December 2015); New Listings in January were up 244% compared to December 2023, up 26% compared to November 2023, up 18% compared to January 2023, down 16% compared to January 2022, down 5% compared to January 2021, up 15% compared to January 2020, down 13% compared to January 2019. Month’s supply of total residential listings is down to 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 29% compared to 95% in December 2023, 27% in January 2023 and 44% in January 2022. Month-over-month, the house price index is down 0.9% and in the last 6 months down 4.8%.

Vancouver East Side: Total Units Sold in January were 164 - up from 148 (11%) in December, down from 175 (6%) in November 2023, up from 118 (39%) in January 2023, down from 257 (36%) in January 2022, down from 257 (36%) in January 2021, up from 161 (2%) in January 2020, up from 105 (56%) in January 2019; Active Listings were at 990 at month end compared to 867 at that time last year and 977 at the end of December; New Listings in January were up 240% compared to December 2023, up 23% compared to November 2023, up 40% compared to January 2023, up 5% compared to January 2022, down 2% compared to January 2021, up 40% compared to January 2020, up 10% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 100% in December 2023, 33% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in January were 117 - up from 106 (10%) in December, down from 157 (25%) in November 2023, up from 82 (43%) in January 2023, down from 143 (19%) in January 2022, down from 179 (35%) in January 2021, up from 100 (17%) in January 2020, up from 91 (29%) in January 2019; Active Listings were at 414 at month end compared to 416 at that time last year and 392 at the end of December; New Listings in January were up 171% compared to December 2023, up 1% compared to November 2023, up 17% compared to January 2023, up 3% compared to January 2022, down 20% compared to January 2021, down 27% compared to January 2020, down 38% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 106% in December 2023, 35% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.3%.

West Vancouver: West Vancouver saw the house price index increase 2.5% last month, but that will likely drop over the next month as sales stall in one of the highest priced neighbourhoods in the region.

Total Units Sold in January were 23 - down from 41 (44%) in December, down from 48 (52%) in November 2023, down from 28 (18%) in January 2023, down from 45 (49%) in January 2022, down from 45 (49%) in January 2021, down from 29 (21%) in January 2020, down from 26 (12%) in January 2019; Active Listings were at 483 at month end compared to 408 at that time last year and 487 at the end of December; New Listings in January were up 233% compared to December 2023, up 7% compared to November 2023, up 42% compared to January 2023, up 28% compared to January 2022, down 7% compared to January 2021, the same amount compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is up to 21 month’s supply (buyer’s market conditions) and sales to listings ratio of 13% compared to 76% in December 2023, 22% in January 2023 and 32% in January 2022.

Richmond: Total Units Sold in January were 161 – down from 169 (5%) in December, down from 179 (10%) in November 2023, up from 120 (34%) in January 2023, down from 340 (53%) in January 2022, down from 277 (42%) in January 2021, down from 227 (29%) in January 2020, up from 121 (33%) in January 2019; Active Listings were at 1,014 at month end compared to 942 at that time last year and 1,043 at the end of December; New Listings in January were up 154% compared to December 2023, up 2% compared to November 2023, up 1% compared to January 2023, down 26% compared to January 2022, down 31% compared to January 2021, down 22% compared to January 2020, down 46% compared to January 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 104% in December 2023, 29% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.0%.

Burnaby East: Total Units Sold in January were 17 - down from 18 (6%) in December, up from 13 (31%) in November 2023, up from 9 (89%) in January 2023, down from 25 (32%) in January 2022, down from 28 (39%) in January 2021, down from 18 (6%) in January 2020, up from 11 (45%) in January 2019; Active Listings were at 77 at month end compared to 87 at that time last year and 75 at the end of December; New Listings in January were up 316% compared to December 2023, up 67% compared to November 2023, up 14% compared to January 2023, up 43% compared to January 2022, up 16% compared to January 2021, up 11% compared to January 2020, down 9% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 150% in December 2023, 20% in January 2023 and 71% in January 2022. One of the few areas to see sales decline in January compared to December. Month-over-month, the house price index is up 0.3% and in the last 6 months down 3.5%.

Burnaby North: Total Units Sold in January were 88 - down from 91 (3%) in December, down from 119 (26%) in November 2023, up from 63 (40%) in January 2023, down from 142 (39%) in January 2022, down from 144 (39%) in January 2021, down from 96 (8%) in January 2020, up from 65 (3%5) in January 2019; Active Listings were at 387 at month end compared to 389 at that time last year and 417 at the end of December; New Listings in January were up 137% compared to December 2023, down 1% compared to November 2023, down 8% compared to January 2023, down 23% compared to January 2022, down 24% compared to January 2021, down 12% compared to January 2020, down 15% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 117% in December 2023, 31% in January 2023 and 60% in January 2022. Month-over-month, the house price index is down 0.8% and in the last 6 months down 3.5%.

Burnaby South: Total Units Sold in January were 102 - up from 79 (29%) in December, up from 83 (23%) in November 2023, up from 54 (89%) in January 2023, down from 150 (32%) in January 2022, down from 144 (29%) in January 2021, up from 90 (13%) in January 2020, up from 55 (85%) in January 2019; Active Listings were at 398 at month end compared to 352 at that time last year and 395 at the end of December; New Listings in January were up 185% compared to December 2023, up 29% compared to November 2023, up 32% compared to January 2023, down 12% compared to January 2022, down 18% compared to January 2021, up 2% compared to January 2020, down 24% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 105% in December 2023, 33% in January 2023 and 62% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.4%.

New Westminster: Total Units Sold in January were 54 - up from 46 (17%) in December, down from 65 (17%) in November 2023, up from 40 (35%) in January 2023, down from 102 (47%) in January 2022, down from 101 (47%) in January 2021, up from 50 (8%) in January 2020, down from 75 (28%) in January 2019; Active Listings were at 242 at month end compared to 220 at that time last year and 240 at the end of December; New Listings in January were up 244% compared to December 2023, up 2% compared to November 2023, up 26% compared to January 2023, down 10% compared to January 2022, down 37% compared to January 2021, down 6% compared to January 2020, down 32% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 40% compared to 118% in December 2023, 38% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.7%.

Coquitlam: Total Units Sold in January were 112 - down from 119 (6%) in December, down from 159 (30%) in November 2023, up from 73 (47%) in January 2023, down from 174 (36%) in January 2022, down from 225 (50%) in January 2021, down from 144 (22%) in January 2020, up from 87 (29%) in January 2019; Active Listings were at 521 at month end compared to 481 at that time last year and 527 at the end of December; New Listings in January were up 234% compared to December 2023, down 1% compared to November 2023, up 9% compared to January 2023, up 9% compared to January 2022, down 16% compared to January 2021, down 7% compared to January 2020, down 23% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 138% in December 2023, 28% in January 2023 and 66% in January 2022. Month-over-month, the house price index is down 0.7% and in the last 6 months down 4.2%.

Port Moody: Total Units Sold in January were 31 - up from 25 (24%) in December, down from 40 (22%) in November 2023, up from 23 (35%) in January 2023, down from 57 (46%) in January 2022, down from 46 (33%) in January 2021, down from 37 (16%) in January 2020, the same as January 2019; Active Listings were at 122 at month end compared to 188 at that time last year and 128 at the end of December; New Listings in January were up 75% compared to December 2023, up 35% compared to November 2023, down 46% compared to January 2023, down 30% compared to January 2022, down 26% compared to January 2021, down 14% compared to January 2020, down 33% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 55% compared to 78% in December 2023, 22% in January 2023 and 71% in January 2022. Month-over-month, the house price index is down 2.3% and in the last 6 months down 2.5%.

Port Coquitlam: Total Units Sold in January were 43 - up from 36 (19%) in December, down from 55 (22%) in November 2023, up from 34 (26%) in January 2023, down from 77 (24%) in January 2022, down from 88 (51%) in January 2021, down from 60 (28%) in January 2020, up from 38 (13%) in January 2019; Active Listings were at 155 at month end compared to 123 at that time last year and 154 at the end of December; New Listings in January were up 87% compared to December 2023, down 19% compared to November 2023, down 6% compared to January 2023, down 30% compared to January 2022, down 54% compared to January 2021, down 43% compared to January 2020, down 49% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 92% in December 2023, 44% in January 2023 and 73% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.7%.

Pitt Meadows: Total Units Sold in January were 20 - up from 19 (5%) in December, down from 21 (5%) in November 2023, up from 15 (33%) in January 2023, down from 30 (33%) in January 2022, down from 22 (9%) in January 2021, up from 19 (5%) in January 2020, up from 10 (29%) in January 2019; Active Listings were at 57 at month end compared to 61 at that time last year and 59 at the end of December; New Listings in January were up 171% compared to December 2023, down 3% compared to November 2023, the same as January 2023, down 7% compared to January 2022, up 23% compared to January 2021, down 25% compared to January 2020, down 3% compared to January 2019. Month’s supply of total residential listings is the same at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 135% in December 2023, 39% in January 2023 and 73% in January 2022. Month-over-month, the house price index is up 1.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in January were 106 - up from 100 (6%) in December, up from 103 (3%) in November 2023, up from 65 (63%) in January 2023, down from 124 (15%) in January 2022, down from 194 (45%) in January 2021, down from 120 (12%) in January 2020, up from 82 (30%) in January 2019; Active Listings were at 563 at month end compared to 451 at that time last year and 579 at the end of December; New Listings in January were up 155% compared to December 2023, up 30% compared to November 2023, up 20% compared to January 2023, up 9% compared to January 2022, up 4% compared to January 2021, up 18% compared to January 2020, up 4% compared to January 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 98% in December 2023, 30% in January 2023 and 51% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.6%.

Ladner: Total Units Sold in January were 21 - up from 12 (75%) in December, the same as November 2023, up from 16 (31%) in January 2023, down from 22 (5%) in January 2022, up from 20 (5%) in January 2021, down from 35 (40%) in January 2020, up from 16 (31%) in January 2019; Active Listings were at 83 at month end compared to 81 at that time last year and 86 at the end of December; New Listings in January were up 229% compared to December 2023, up 77% compared to November 2023, up 7% compared to January 2023, down 28% compared to January 2022, down 12% compared to January 2021, down 37% compared to January 2020, down 26% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 86% in December 2023, 37% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.6%.

Tsawwassen: Total Units Sold in January were 24 - up from 21 (14%) in December, down from 27 (11%) in November 2023, up from 20 (20%) in January 2023, down from 42 (43%) in January 2022, down from 54 (56%) in January 2021, up from 21 (14%) in January 2020, up from 14 (71%) in January 2019; Active Listings were at 139 at month end compared to 137 at that time last year and 152 at the end of December; New Listings in January were up 183% compared to December 2023, up 13% compared to November 2023, down 11% compared to January 2023, down 35% compared to January 2022, down 43% compared to January 2021, down 27% compared to January 2020, down 30% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 47% compared to 117% in December 2023, 35% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.6%.

Fraser Valley: Sales in December were up 16% from December but up 52% from January 2023. New listings were up 163% from December and up 30% from January 2023. While the average price was up 4.4% month-over-month, it is up 13% year-over-year. Active listings were down 4% to 4,132 from 4,302 last month but up 6.5% from January 2023. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is down 0.4% and in the last 6 months down 5.9%.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Download Sales and Listings Statistics All Regional

Download Sales and Listings Statistics Houses Townhouses Condos

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

First Time Buyers Programs: Q&A with Stephen Jackman from ThinkMortgages

Tue, 16 Jan 2024 19:25:00 GMT

We reached out to one of our mortgage brokers with ThinkMortgages to open up a Q&A regarding several new tips for First Time Home Buyers Programs.

Stephen Jackman helped shed light on the various options available to those wishing to make the step towards purchasing. Take a look at Stephen’s thoughts on what we can expect from these programs.

What are the details regarding the First-Time Home Buyer’s incentive?

Eligible applicants who are applying for a high-ratio mortgage with a total down payment of less than 20% of the purchase price can receive a matching 5% down payment from the government to combine with their existing funds. eg. You save 5% down payment and the government will match it, therefore you have a 10% down payment. The offer goes up to 10% for a brand new never occupied property AKA a presale.

This is an interest-free, payment-free loan from the Government that is due to be repaid upon sale of the home or once 25 years elapse. In other words, this is a shared equity program without monthly penalties, fees or payments.

Key Details: The program has established larger lending limits for purchases within the Vancouver and Victoria census districts.

Household income cannot exceed $150,000 before taxes ($120,000 outside the Vancouver and Victoria census districts)

Total borrowing including the incentive cannot exceed 4.5 times the household income. (cannot exceed 4 times the household income outside the Vancouver and Victoria census districts)

The total borrowing in Vancouver and Victoria census districts cannot exceed $675,000 ($480,000 outside these districts). Total borrowing includes the primary mortgage and the 5% shared equity loan from the Government.

Therefore the max purchase price in the Vancouver and Victoria census districts is $710,000 and $505,000 is the max price outside Vancouver and Victoria.

What are the benefits of using the First Time Home Buyer’s Program?

The benefits of the FTHBI are savings! Lower total mortgage size = lower monthly costs and a lower mortgage balance upon completion of your term. Using the maximum purchase example in Vancouver and Victoria the average applicant would save approximately $150 per month on payments. $1800 difference in the first year. Over a 5-year mortgage term, this would be equal to $9000 in savings. $45,000 difference in payments over the 25-year lifespan of the mortgage loan.

What is the First Home’s Savings Account?

A new savings account was created by the federal government to help prospective homeowners towards their down payment goals. You can make tax-deductible deposits of up to $8,000 per year for a total of $40,000 over 5 years and withdraw this money tax-free as part of a down payment for a home in Canada. This account functions exactly like a TFSA in that you can invest the monies inside the account into GICs, bonds and mutual funds. The FHSA can be opened at any major bank in Canada and can be customized and operated within your existing online banking system login.

What is the Home Buyer’s Plan?

The home buyers plan allows prospective first-time home buyers to withdraw up to $35,000 from their RRSP to put towards the down payment on their first home purchase. You are given 15 years to repay the withdrawn money back into your RRSP during regular contribution time using an equal payment instalment plan. The program is accessed by directly contacting the institution which holds your RRSP. You can manage your own Home Buyers Plan and view the balance and payment plan using the MY CRA tax website.

Are there any other prerequisites needed to qualify for the FHSA or the HBP?

You must be a resident of Canada and qualify as a “first-time home buyer” which by definition in Canada is having never owned a home before or lived in a home owned by your spouse or common-law partner.

Please note there is a rare reset of this eligibility if you have owned a home in the past BUT have not owned or lived in a home owned by your spouse for the past 48 consecutive months. Eg. you owned a home, sold it and rented for 4 years- or lived in another country for 4 years, technically you are a first-time home buyer again according to the Canadian Federal Government.

Sales and Listing Report for Dec 2023

Thu, 04 Jan 2024 22:07:34 GMT

Highlights of Dexter’s December 2023 Report

Prices in Greater Vancouver were up 5% in 2023
Vancouver West Side detached prices showed an increase of 11.4% in 2023
Total number of New Listings were the lowest since 2001
Let the interest rate decreases begin
The Buying signal is now

It would seem interest rates and inflation have made for a bit of a roller coaster ride in real estate with numbers showing we’re likely at the bottom of this rough ride we’ve been on over the last 2 years. And while people will line up for Disney’s roller coaster, buyers and sellers chose to avoid the ride this year and the numbers certainly showed that. With near record lows for the number of new listings and sales volume declines for the second year in a row, the line up is forming for all those buyers and sellers that want to jump on a smoother ride in real estate. While we may have achieved balance in the real estate market by the end of 2023, will that continue in 2024? Once the Bank of Canada starts to decrease its rate, that will bring more buyers off the sidelines and create competition. Fixed rates have already started to decline. So, for those buyers ready to buy now, this is your buying signal.

January rings in the new year and with that comes every property owner’s assessed value from B.C. Assessment. Perhaps talked about more than new year resolutions as everyone looks to see how their properties scored compared to others. It’s important to remember though that these assessments may not accurately reflect market value and these valuations were done up to July 1, 2023. In the Lower Mainland, the total assessed value of properties was up 3% compared to 2023. With Vancouver seeing a typical property up 4%, one of the highest in the region, along with Burnaby and Coquitlam while most other suburbs were at 2% and municipalities in the Fraser Valley showing a decrease of 2 to 3%. Hope had the highest decline at 13%. BC Assessment Assessor Bryan Murao said, "Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years."

At least we beat January, as the 1,345 properties sold in December were higher than the 1,030 sales at the start of 2023 in January. That can be seen as a positive after a year where the real estate market limped along. This after there were 1,702 properties of all types sold in Greater Vancouver in November and 1,996 sales in October. But at least there were more sales this December compared to last year where 1,303 properties sold in the last month of 2022. But still sales in December were 37% below the 10-year average after November’s sales were at 35% below the 10-year average.

Overall, there were 26,249 sales in 2023 which was down from the 29,227 in 2022, and much less than the 44,944 sales in the fast-paced 2021. Total sales for the year were 23 per cent below the 10-year average. The last two down years were 2018 and 2019 with 25,051 and 25,679 sales respectively in those years. Like 2022 with the first six months having the majority of sales, 2023 was no different due to interest rate hikes having their way. In the last half of 2023 there were 11,720 sales compared to 10,348 in the last half of 2022. While it’s early to call it, there is a sense of momentum change. What’s needed to help that shift in the market is more listings. There will be real estate transactions in 2024, just how many will be a function of the number of listings that come on. Sellers, buyers are waiting for you!

With current sales, we are in a balanced market with 7 months supply of homes overall in Greater Vancouver, ticking up from 6 months supply in November. With such a low volume of sales, it’s not surprising to see this. Vancouver’s West Side and West Vancouver are showing numbers above 7 months which indicates a buyer’s market. While North Vancouver, Burnaby Coquitlam, Port Coquitlam, and Pitt Meadows continue to see the shortage of listings resulting in seller’s market conditions with less than 5 months supply.

There were only 1,355 new listings in December after 3,440 new listings in November, 4,752 new listings in October, and 5,557 new listings in September, and slightly higher than the number of new listings in December last year at 1,240. For the year, there were 50,883 new listings in Greater Vancouver, which was below the 55,028 in 2022, and 63,711 in 2021. It was also lower than the two previous down years of 2018 and 2019 where there were 55,057 and 53,267 new listings respectively.

The number of new listings in December dropped to 25% below the 10-year average after being close to or above the average in the last 3 months: 3% below the 10-year average in November, 5% above the average in October and 6% above the average in September. For the year, new listings were 11% below the 10-year average. With these few listings it’s not surprising to see prices climb 5% year-over-year in Greater Vancouver even amid sales that were 23% below the 10-year average. A resilient market indeed.

There were 8,802 active listings in Greater Vancouver at the end of December after November finished with 10,931, compared with 11,599 active listings at the end of October and 11,382 active listings at the end of September. After several listings expired at the end of December, January started with 7,828 active listings. Last year at the end of December there were 7,791 active listings and January 2023 started with 6,853. While we do have more listings to work with currently, there are less than the 10,907 at the end of 2018 and far below the 13,902 active listing at the end of 2012. The detached market overall remains in buyer’s market territory with 9 months supply of inventory but during the month of December the absorption rate was at 91%. Townhomes and condos continue to sit just above 5 months supply of listings on the border of a seller’s market with 106% of new townhome listings selling in December and 104% of condo new listings selling that month.

We do not have a speculation problem; we have a holding problem. More and more real estate is held instead of sold. After 25 years, the number of listings should be higher, the number of transactions should be higher. With our population growing and demographics shifting to produce more buyers, discouraging homeowners from selling will do more harm than good. The proposed anti-flipping tax tabled by the B.C. NDP along with other demand side policies will produce less listings for buyers and put more pressure on prices to increase. Government needs to entice sellers to come to the market and until policy shifts in that direction, we’ll continue to have a holding problem and with limited supply.

Here’s a summary of the numbers:

Greater Vancouver: Month-over-month, the house price index is down 2.9% in the last quarter but up 5.0% year-over-year.

Total Units Sold in December were 1,345 down from 1,702 (21%) in November 2023, down from 1,996 (33%) in October 2023, up from 1,303 (3%) in December 2022, down from 2,737 (51%) in December 2021, down from 3,157 (57%) in December 2020, down from 2,046 (34%) in December 2019, up from 1,094 (23%) in December 2018; Active Listings were at 8,802 at month end compared to 7,791 at that time last year and 10,931 at the end of November; New Listings in December were down 21% compared to November 2023, down 71% compared to October 2023, up 9% compared to December 2022, down 32% compared to December 2021, down 46% compared to December 2020, down 19% compared to December 2019 and up 7% compared to December 2018. Month’s supply of total residential listings is up to 7 month’s supply (balanced to buyer’s market conditions – detached homes up to 9 months supply, a buyer’s market) and sales to listings ratio of 99% compared to 49% in November 2023, 105% in December 2022 and 138% in December 2021.

Vancouver Westside: The detached home price index was down 2.5% in the last quarter, but up 11.4% over last year – the highest in the region. A sign at how much equity and less reliant on mortgages Vancouver is. Overall, the benchmark home price index in Vancouver’s West Side was up 5.4% while on the East Side it was up 7.4%. West Side condos saw their benchmark price up 1.9% year-over-year – opportunity for some buyers in that market.

Total Units Sold in December were 235 down from 315 (25%) in November 2023, down from 352 (33%) in October 2023, down from 244 (4%) in December 2022, down from 468 (50%) in December 2021, down from 486 (52%) in December 2020, down from 356 (34%) in December 2019, up from 190 (24%) in December 2018; Active Listings were at 1,998 at month end compared to 1,869 at that time last year and 2,432 at the end of November; New Listings in December were down 63% compared to November 2023, down 75% compared to October 2023, up 2% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, down 19% compared to December 2019 and down 5% compared to December 2018. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 95% compared to 47% in November 2023, 100% in December 2022 and 118% in December 2021.

Vancouver East Side: The benchmark price index was down 3% in the last quarter but up 7.4% over last year – with detached homes posting a 10.3% year-over-year increase which was second highest in the region.

Total Units Sold in December were 148 down from 175 (15%) in November 2023, down from 231 (36%) in October 2023, up from 122 (21%) in December 2022, down from 295 (50%) in December 2021, down from 348 (53%) in December 2020, down from 208 (29%) in December 2019, up from 113 (31%) in December 2018; Active Listings were at 977 at month end compared to 880 at that time last year and 1,238 at the end of November; New Listings in December were down 64% compared to November 2023, down 74% compared to October 2023, up 3% compared to December 2022, down 31% compared to December 2021, down 45% compared to December 2020, down 8% compared to December 2019 and up 11% compared to December 2018. Month’s supply of total residential listings is steady at 7 month’s supply (buyer’s market conditions) and sales to listings ratio of 100% compared to 43% in November 2023, 85% in December 2022 and 137% in December 2021.

North Vancouver: Again, one of the few seller’s markets for inventory in Metro Vancouver. The benchmark price index was down 1.7% in the last quarter and up 5.2% year-over-year.

Total Units Sold in December were 106 down from 157 (32%) in November 2023, down from 194 (45%) in October 2023, down from 107 (1%) in December 2022, down from 195 (46%) in December 2021, down from 250 (58%) in December 2020, down from 155 (32%) in December 2019, up from 99 (1%) in December 2018; Active Listings were at 392 at month end compared to 385 at that time last year and 560 at the end of November; New Listings in December were down 62% compared to November 2023, down 73% compared to October 2023, up 24% compared to December 2022, down 17% compared to December 2021, down 39% compared to December 2020, down 10% compared to December 2019 and up 27% compared to December 2018. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 106% compared to 59% in November 2023, 132% in December 2022 and 163% in December 2021.

West Vancouver: West Vancouver saw the house price index drop 4.9% last quarter and posted a 0.9% decline year-over-year. One of the only areas in Greater Vancouver other than the Sunshine Coast and Bowen Island to decline in 2023.

Total Units Sold in December were 41 down from 48 (15%) in November 2023, down from 53 (23%) in October 2023, up from 40 (3%) in December 2022, down from 62 (34%) in December 2021, down from 82 (50%) in December 2020, down from 46 (11%) in December 2019, up from 30 (37%) in December 2018; Active Listings were at 487 at month end compared to 448 at that time last year and 593 at the end of November; New Listings in December were down 62% compared to November 2023, down 68% compared to October 2023, up 15% compared to December 2022, up 8% compared to December 2021, down 19% compared to December 2020, down 10% compared to December 2019 and down 16% compared to December 2018. Month’s supply of total residential listings is steady at 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 76% compared to 34% in November 2023, 85% in December 2022 and 124% in December 2021

Richmond: The benchmark price index declined 2.6% in the last quarter and was up 6% in 2023 with condos leading the way at 8.9%.

Total Units Sold in December were 169 down from 179 (6%) in November 2023, down from 217 (22%) in October 2023, down from 171 (1%) in December 2022, down from 387 (56%) in December 2021, down from 343 (51%) in December 2020, down from 281 (40%) in December 2019, up from 122 (39%) in December 2018; Active Listings were at 1,043 at month end compared to 919 at that time last year and 1,258 at the end of November; New Listings in December were down 60% compared to November 2023, down 66% compared to October 2023, down 6% compared to December 2022, up 41% compared to December 2021, down 46% compared to December 2020, down 36% compared to December 2019 and down 19% compared to December 2018. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 104% compared to 44% in November 2023, 99% in December 2022 and 140% in December 2021.

Burnaby East: The benchmark price index declined 1.9% in the last quarter and was up 6% in 2023 with detached homes leading the way at 9.5%.

Total Units Sold in December were 18 up from 13 (39%) in November 2023, down from 21 (14%) in October 2023, up from 12 (50%) in December 2022, down from 32 (44%) in December 2021, down from 41 (56%) in December 2020, down from 24 (25%) in December 2019, up from 17 (6%) in December 2018; Active Listings were at 75 at month end compared to 76 at that time last year and 93 at the end of November; New Listings in December were down 60% compared to November 2023, down 75% compared to October 2023, down 14% compared to December 2022, down 45% compared to December 2021, down 37% compared to December 2020, down 43% compared to December 2019 and down 40% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 150% compared to 43% in November 2023, 86% in December 2022 and 145% in December 2021.

Burnaby North: The benchmark price index declined 2% in the last quarter and was up 3.3% in 2023 with detached homes leading the way at 9%.

Total Units Sold in December were 91 down from 119 (23%) in November 2023, down from 137 (34%) in October 2023, up from 78 (17%) in December 2022, down from 157 (42%) in December 2021, down from 171 (47%) in December 2020, down from 113 (19%) in December 2019, up from 50 (82%) in December 2018; Active Listings were at 417 at month end compared to 353 at that time last year and 549 at the end of November; New Listings in December were down 58% compared to November 2023, down 73% compared to October 2023, up 11% compared to December 2022, down 35% compared to December 2021, down 53% compared to December 2020, up 11% compared to December 2019 and down 2% compared to December 2018. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 117% compared to 64% in November 2023, 111% in December 2022 and 130% in December 2021.

Burnaby South: The benchmark price index declined 2.7% in the last quarter and was up 4% in 2023 with townhomes leading the way at 9.6%.

Total Units Sold in December were 79 down from 83 (5%) in November 2023, down from 120 (34%) in October 2023, down from 94 (16%) in December 2022, down from 186 (57%) in December 2021, down from 148 (57%) in December 2020, down from 132 (40%) in December 2019, up from 51 (55%) in December 2018; Active Listings were at 395 at month end compared to 344 at that time last year and 487 at the end of November; New Listings in December were down 55% compared to November 2023, down 67% compared to October 2023, up 27% compared to December 2022, down 44% compared to December 2021, down 48% compared to December 2020, down 4% compared to December 2019 and down 26% compared to December 2018. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 105% compared to 50% in November 2023, 159% in December 2022 and 138% in December 2021.

New Westminster: With an average price of $800,300, New Westminster continues to scream opportunity but with a slow listing month, that may not last long. The benchmark price index declined 3% in the last quarter and was up 5.3% in 2023 with both detached homes and condos leading the way at 6.6%.

Total Units Sold in December were 46 down from 65 (29%) in November 2023, down from 81 (43%) in October 2023, down from 53 (7%) in December 2022, down from139 (67%) in December 2021, down from 151 (69%) in December 2020, down from 77 (40%) in December 2019, down from 58 (21%) in December 2018; Active Listings were at 240 at month end compared to 219 at that time last year and 302 at the end of November; New Listings in December were down 70% compared to November 2023, down 74% compared to October 2023, up 35% compared to December 2022, down 54% compared to December 2021, down 58% compared to December 2020, down 23% compared to December 2019 and down 15% compared to December 2018. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 118% compared to 50% in November 2023, 183% in December 2022 and 164% in December 2021.

Coquitlam: The benchmark price index declined 2.3% in the last quarter and was up 3.4% in 2023 with detached homes leading the way at 6.4%.

Total Units Sold in December were 119 down from 159 (25%) in November 2023, down from 167 (29%) in October 2023, up from 81 (47%) in December 2022, down from 216 (45%) in December 2021, down from 309 (61%) in December 2020, down from 197 (40%) in December 2019, up from 89 (34%) in December 2018; Active Listings were at 527 at month end compared to 452 at that time last year and 721 at the end of November; New Listings in December were down 70% compared to November 2023, down 79% compared to October 2023, up 13% compared to December 2022, down 44% compared to December 2021, down 59% compared to December 2020, down 37% compared to December 2019 and down 37% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 138% compared to 55% in November 2023, 107% in December 2022 and 140% in December 2021.

Port Moody: The benchmark price index declined 0.6% in the last quarter and was up 3.8% in 2023 with townhomes leading the way at 8.3%.

Total Units Sold in December were 25 down from 40 (37%) in November 2023, down from 51 (51%) in October 2023, down from 41 (39%) in December 2022, down from 52 (52%) in December 2021, down from 78 (68%) in December 2020, down from 37 (32%) in December 2019, up from 29 (14%) in December 2018; Active Listings were at 128 at month end compared to 155 at that time last year and 166 at the end of November; New Listings in December were down 63% compared to November 2023, down 62% compared to October 2023, down 24% compared to December 2022, down 18% compared to December 2021, down 37% compared to December 2020, up 14% compared to December 2019 and up 100% compared to December 2018. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 78% compared to 47% in November 2023, 98% in December 2022 and 133% in December 2021.

Port Coquitlam: The benchmark price index declined 2.5% in the last quarter and was up 5.4% in 2023 with detached homes leading the way at 7.9%.

Another one of the few municipalities with seller’s market conditions. Total Units Sold in December were 36 down from 55 (34%) in November 2023, down from 54 (33%) in October 2023, down from 37 (3%) in December 2022, down from 107 (66%) in December 2021, down from 105 (66%) in December 2020, down from 84 (57%) in December 2019, down from 51 (29%) in December 2018; Active Listings were at 154 at month end compared to 140 at that time last year and 183 at the end of November; New Listings in December were down 57% compared to November 2023, down 66% compared to October 2023, down 11% compared to December 2022, down 41% compared to December 2021, down 62% compared to December 2020, down 32% compared to December 2019 and down 2% compared to December 2018. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 92% compared to 61% in November 2023, 84% in December 2022 and 162% in December 2021.

Pitt Meadows: The benchmark price index declined 4.5% in the last quarter and was up 4.4% in 2023 with condos leading the way at 7.1%.

Total Units Sold in December were 19 down from 21 (9%) in November 2023, down from 21 (9%) in October 2023, down from 23 (17%) in December 2022, down from 33 (42%) in December 2021, down from 26 (27%) in December 2020, down from 27 (30%) in December 2019, up from 11 (27%) in December 2018; Active Listings were at 59 at month end compared to 54 at that time last year and 83 at the end of November; New Listings in December were down 56% compared to November 2023, down 70% compared to October 2023, up 16% compared to December 2022, down 50% compared to December 2021, down 30% compared to December 2020, up 8% compared to December 2019 and down 18% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 135% compared to 53% in November 2023, 191% in December 2022 and 117% in December 2021.

Maple Ridge: The benchmark price index declined 3.8% in the last quarter and was up 5.5% in 2023 with detached homes leading the way at 6.7%.

Total Units Sold in December were 100 down from 103 (3%) in November 2023, down from 110 (9%) in October 2023, up from 78 (28%) in December 2022, down from 159 (37%) in December 2021, down from 214 (53%) in December 2020, down from 130 (23%) in December 2019, up from 73 (37%) in December 2018; Active Listings were at 579 at month end compared to 442 at that time last year and 718 at the end of November; New Listings in December were down 49% compared to November 2023, down 69% compared to October 2023, up 56% compared to December 2022, down 6% compared to December 2021, down 38% compared to December 2020, down 3% compared to December 2019 and up 44% compared to December 2018. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 98% compared to 51% in November 2023, 120% in December 2022 and 145% in December 2021.

Ladner: The benchmark price index declined 4.8% in the last quarter and was up 5.9% in 2023 with townhomes leading the way at 9.4%.

Total Units Sold in December were 12 down from 21 (43%) in November 2023, down from 24 (50%) in October 2023, up from 9 (33%) in December 2022, down from 21 (43%) in December 2021, down from 34 (65%) in December 2020, down from 20 (40%) in December 2019, down from 23 (48%) in December 2018; Active Listings were at 86 at month end compared to 72 at that time last year and 104 at the end of November; New Listings in December were down 46% compared to November 2023, down 68% compared to October 2023, the same compared to December 2022, up 17% compared to December 2021, down 53% compared to December 2020, down 53% compared to December 2019 and the same compared to December 2018. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 86% compared to 81% in November 2023, 64% in December 2022 and 175% in December 2021.

Tsawwassen: The benchmark price index declined 3.4% in the last quarter and was up 6.4% in 2023 with detached homes leading the way at 8.8%.

Total Units Sold in December were 21 up from 20 (5%) in November 2023, down from 27 (22%) in October 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, down from 26 (19%) in December 2019, up from 13 (38%) in December 2018; Active Listings were at 152 at month end compared to 130 at that time last year and 180 at the end of November; New Listings in December were down 60% compared to November 2023, down 76% compared to October 2023, down 10% compared to December 2022, down 10% compared to December 2021, down 58% compared to December 2020, down 5% compared to December 2019 and up 39% compared to December 2018. Month’s supply of total residential listings is down to 7 month’s supply (balanced market conditions) and sales to listings ratio of 117% compared to 44% in November 2023, 115% in December 2022 and 215% in December 2021.

Fraser Valley: Sales in December were down 7% from November but up 19% from December 2022. New listings were down 56% from November but up 16% from December 2022. While the average price was down 2.5% month-over-month, it is up 4% from December 2022. Active listings were down 30% to 3,992 from 5,726 last month but up 4% from December 2022. “Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

What is coming to the Housing Market in 2024?

Thu, 14 Dec 2023 19:42:00 GMT

The B.C. Provincial Government passed legislation this fall that will have the following impact on housing in 2024 throughout the province. Their goal is to provide more housing, provide new homes faster and keep prices from rising at the rates they have over the last decades. We have a housing affordability crisis in British Columbia, and more so in Metro Vancouver and other metropolitan regions of the province. This is an ambitious plan and requires all stakeholders to align.

If you need help navigating these changes or have questions on how this affects you, talk to one of our Dexter Realty agents.

Short Term Rental Accommodation Restrictions:

On October 26, 2023, the B.C. government passed the Short-Term Rental Accommodations Act. This gives local governments stronger tools to enforce short-term rental bylaws, return short-term rental units to the long-term rental housing market and establish a new Provincial role in regulating short-term rentals. B.C. has made regulations which will restrict short-term rentals to principal residences and either a secondary suite or an accessory dwelling unit (ADU) in many B.C. communities, starting May 1, 2024.

The principal resident requirement applies across B.C. in municipalities with a population of 10,000 and over, as well as smaller neighbouring communities.
The maximum municipal ticketing fine that a local government may set has increased from $1,000 to $3,000 per infraction, per day
The Act will not apply to reserve lands, Nisga’a Lands or the Treaty Lands of a Treaty First Nation, hotels/motels, and a vehicle such as an RV

https://www2.gov.bc.ca/gov/content/housing-tenancy/short-term-rentals/short-term-rental-legislation

Expansion of the Speculation and Vacancy Tax to the following areas:

The Speculation and Vacancy Tax was introduced in 2018 in British Columbia and is an annual tax based on how owners use residential properties in areas in B.C. affected most by the current housing shortage crisis. For any homes which attract the tax that are not exempt, the tax based on assessed value is 2% for foreign owners and satellite families and 0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family. There are exemptions which an owner can apply for, which can be found on the provincial government website regarding the Speculation and Vacancy Tax. Each owner on the title must complete their own declaration regardless of whether the property is exempt or not if the property is in the affected area, and these declarations must be done by March 31. Any tax owing would be due on the first business day of the following July.

The following areas were added to the Speculation and Vacancy Tax for 2024. You can use this interactive map to see if your property would be in an area that would require a declaration as a taxable area. https://map-spec-tax-areas.apps.gov.bc.ca/

Vernon, Coldstream;
Penticton, Summerland;
Lake Country, Peachland;
Courtenay, Comox, Cumberland;
Parksville, Qualicum Beach;
Salmon Arm; and
Kamloops.

For more information on the Speculation and Vacancy Tax please go to this link: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

Homes For People Action Plan

The B.C. government has introduced new housing legislation to deliver more small-scale, multi-unit housing for people, including townhomes, triplexes, and laneway homes, and to fix outdated zoning rules to help build more homes faster. Also, they will require municipalities to update bylaws to allow for secondary suites. Through Bill 44 and Bill 46, their goal is to provide homes for the “missing middle” and improve the speed at which they come to the market. Municipalities will have until June 30, 2024, to update their zoning bylaws to meet the legislative requirements. They will also be required to update their housing needs report to understand current housing needs over the next 20 years.

Permit secondary suites in single-family dwellings or additional dwelling units
A pilot program will provide a forgivable loan of up to $40,000 to people to convert a portion of their home into a secondary suite to rent out at below-market rates.
Permit three to four units on lots currently zoned for single-family or duplex use, depending on lot size.
Permit six units permitted on larger lots currently zoned for single-family or duplex use and close to transit stops with frequent service.
Eliminating the need for public hearings for OCP-compliant projects
Structure for Development Cost Charges

This link provides information on these legislative changes and a provincial policy manual on how this will apply to communities.

https://www2.gov.bc.ca/gov/content/housing-tenancy/local-governments-and-housing/housing-initiatives#transit-oriented-development-areas

Transit Orientated Development

This legislation is an approach to land use planning that locates high-density, mixed-use development within walking distance from frequent transit services. The goal is to provide more housing where it is best suited and to create complete, livable, and sustainable communities by building these homes near transit and services.

The new legislation will require some municipalities to designate Transit-Oriented Development Areas (TOD Areas) near transit hubs. These TOD Areas are defined as areas within 800 metres of a rapid transit station (e.g., SkyTrain station) and 400 metres of a bus exchange and West Coast Express that the Province has listed in regulations.
Ensure minimum levels of density, size, and dimension established by the Province in regulations are allowed in TOD Areas. These will vary by municipality and may vary within the TOD Area. Local governments can approve densities that exceed the provincial regulations at their discretion.
Remove restrictive parking minimums for off-street residential and allow parking volumes to be set by the market need and demand.
There have been 52 areas designated to take immediate effect, and by June 30, 2024, local governments must list the transit stations designated for Transit Orientated Development.

This link provides information on Transit Orientated Development along with the areas designated for this and the policy manual for this legislation.

https://www2.gov.bc.ca/gov/content/housing-tenancy/local-governments-and-housing/housing-initiatives#transit-oriented-development-areas

It is important to understand that while this legislation has been passed, there are still decisions that municipalities need to make and implement for the legislation to be fully understood and put into practice. The framework has been created, now the structure inside it will come in the months ahead.

Please reach out if we can assist further with information or how these changes may impact your real estate decisions. Our Dexter agents are ready to help!

Sales and Listing Report for Nov 2023

Wed, 06 Dec 2023 18:24:02 GMT

Highlights of Dexter’s November 2023 Report

New Westminster’s average price is the lowest in the region
Interest rates are coming down… soon.
2023 will have the lowest annual number of new listings since 2002
West Vancouver House Price Index down 3.7% month-over-month
BC NDP quickly pass a number of bills to boost supply and curb speculation

The numbers don’t paint a pretty picture. Month-over-month decline in sales, below the 10-year average, and low absorption rates mean fewer new listings are being bought. But there is an optimistic tone to the real estate market and one that will likely see the tilt towards more activity come after the Bank of Canada rate announcement on December 6th. The end of the rate increases has come and the tone to quicker and sooner rate decreases is upon us. The announcement by Canada’s Central Bank is more about tone than actual change in rates and judging by the commentary in markets and by economists, it's time to start the move downward.

December is always one of the slowest months for sales. The holiday season and the hangover after always impacts buyers and sellers. It’s more about decorating homes for the occasions than staging them for buyers. We’ve passed the high point in total listings, and the march to the end of the year will see less and less to choose from. But we’re still 13.4 percent higher than last year at this time. Whether January produces enough new listings to continue the price declines we’ve already seen in the last few months remains to be seen. But as we’ve said, buyers, your time is now.

November felt more like the 12 Housing Announcements for Christmas with provincial and federal governments putting forward policy after policy on how to create affordability and build more homes. From programs to help buyers save, to density in neighbourhoods and around transit to eliminating short-term rentals in many regions across British Columbia. Nary a stone was left unturned when it came to putting policy forward in November. Will it work? That’s the big question. Will it produce 130,000 homes over the next 10 years in British Columbia and reduce prices by 14% as claimed by the BC NDP? Without modelling, it’s just a wish and one that the NDP has made for Christmas with the numerous bills passed in the legislature at the end of November.

Below 2,000 we continue to go as there were 1,702 properties of all types sold in Greater Vancouver in November after seeing 1,996 sales in October. A similar trend to last year through the fall, although this year’s numbers have been higher. There were 1,625 sales in Greater Vancouver in November 2022 – so it is not all bad in the market especially when we look at 2018 when there were 1,633 sales in November. Total sales for 2023 in Greater Vancouver will likely finish just over 26,000 – down from the 29,227 in 2022. Although this would still be higher than the total sales for the years of 2018 and 2019 at 25,051 and 25,679 respectively. But alas, sales in November were 35% below the 10-year average, compared to 31% below the 10-year average in October.

There is optimism in the real estate market. Perhaps the lack of rate increases by the Bank of Canada through the fall gave some buyers and sellers reason to break free of the stalemate. There’s a noticeable uptick in activity for some listings and it’s resulting in sales for some longer-standing listings.

With current sales, we are in a balanced market with 6 months supply of homes overall in Greater Vancouver while some areas are experiencing less inventory and positioned more in a seller’s market based on total inventory. North Vancouver and Port Moody are sitting with 3 3-month supply, while Burnaby North and South, New Westminster and Port Coquitlam were left with 4 4-month supply. Coquitlam has seen quick growth in inventory in the last 2 months, going from 599 active listings in August to 778 at the end of October. This growth is mainly in the condo and townhouse sectors but still sits with 4 4-month supply.

There were 3,440 new listings in November after 4,752 new listings in October, compared with 5,557 new listings in September, and slightly higher than the number of new listings in November last year at 3,141. By the end of 2023 though, there will likely be 51,500 total new listings for the year which would be the lowest annual new listing count going back to 2002.

The number of new listings in November had declined to 3% above the 10-year average, compared with October with the count being 5% above the 10-year average and September with 6% above the 10-year average. We are seeing more new listings in comparison to sales levels which is helping keep active listing counts higher than the last two years, meaning more opportunity for buyers and with a slower pace of sales, the opportunity to negotiate and have time for due diligence.

There were 10,931 active listings at month end in Greater Vancouver compared with 11,599 active listings at the end of November and 11,382 active listings at the end of September. With absorption rates much lower than is typical for November, listings are staying on the market longer and the traditional decline in active listings we are seeing in the later part of the year has been much slower. While all areas saw a decline in active listings overall, in some areas there was an increase in condo inventory month-over-month. The detached market overall remains in buyer’s market territory with 8 months supply of inventory but during the month of November the absorption rate was the highest at 52% compared to townhomes and condos, in part to lesser growth in new listings. Townhomes and condos sit just above 5 months supply of listings, bordering on a balanced market after being in seller’s market territory for some time.

Here’s a summary of the numbers:

Greater Vancouver: Month-over-month, the house price index is down 1% and only up 4.9% year-over-year. Total Units Sold in November were 1,702, down from 1,996 (15%) in October 2023, down from 1,926 (12%) in September 2023, up from 1,625 (5%) in November 2022, down from 3,492 (51%) in November 2021, down from 3,131 (46%) in November 2020, down from 2,546 (33%) in November 2019; Active Listings were at 10,931 at month end compared to 9,633 at that time last year and 11,599 at the end of October; New Listings in November were down 28% compared to October 2023, down 38% compared to September 2023, up 10% compared to November 2022, down 15% compared to November 2021, down 17% compared to November 2020 and up 12% compared to November 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions – detached homes at 8 months supply, a buyer’s market) and sales to listings ratio of 49% compared to 42% in October 2023, 52% in November 2022 and 87% in November 2021.

Vancouver Westside: The detached home price index was up 0.9% last month, and up 9.8% over last year – the highest in the region. Total Units Sold in November were 315, down from 352 (10%) in October 2023, down from 338 (7%) in September 2023, up from 306 (%3) in November 2022, down from 647 (51%) in November 2021, down from 470 (33%) in November 2020, down from 406 (22%) in November 2019. Detached and townhouses sales were up year-over-year while condo sales were flat compared to last year. Active Listings were at 2,432 at month end compared to 2,300 at that time last year and 2,629 at the end of October – detached active listings down year-over-year – an anomaly in the market. New Listings in November were down 32% compared to October 2023, down 41% compared to September 2023, down 10% compared to November 2022, down 22% compared to November 2021, down 16% compared to November 2020 and up 19% compared to November 2019. Month’s supply of total residential listings is up to 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 47% compared to 35% in October 2023, 41% in November 2022 and 75% in November 2021.

Vancouver East Side: The house price index was up 8.9% over last year – a trend for Vancouver overall that will continue as the supply of detached homes declines due to densification. Total Units Sold in November were 175, down from 231 (24%) in October 2023, down from 192 (9%) in September 2023, up from 167 (5%) in November 2022, down from 385 (54%) in November 2021, down from 364 (52%) in November 2020, down from 310 (43%) in November 2019; Active Listings were at 1,238 at month end compared to 1,045 at that time last year and 1,265 at the end of October (townhouse active listing counts were up compared to October); New Listings in November were down 28% compared to October 2023, down 35% compared to September 2023, up 23% compared to November 2022 (townhouses were up 46%), down 19% compared to November 2021, down 14% compared to November 2020 and up 20% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 43% compared to 41% in October 2023, 50% in November 2022 and 76% in November 2021.

North Vancouver: One of the few seller’s markets for inventory in Metro Vancouver. Total Units Sold in November were 157, down from 194 (19%) in October 2023, down from 169 (7%) in September 2023, up from 149 (5%) in November 2022, down from 247 (36%) in November 2021, down from 264 (40%) in November 2020, down from 217 (28%) in November 2019; Active Listings were at 560 at month end compared to 529 at that time last year and 621 at the end of October; New Listings in November were down 28% compared to October 2023, down 44% compared to September 2023, up 3% compared to November 2022, down 7% compared to November 2021, down 20% compared to November 2020 and up 17% compared to November 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 52% in October 2023, 57% in November 2022 and 87% in November 2021.

West Vancouver: West Vancouver saw the house price index drop by 3.7% last month, strangely driven by a 3.8% decline in the condo house price index. Detached sales in November were 33 compared to 16 in November 2022, with the overall average price jumping to the highest figure since May 2022. Total Units Sold in November were 48, down from 53 (9%) in October 2023, down from 53 (9%) in September 2023, up from 28 (71%) in November 2022, down from 81 (41%) in November 2021, down from 90 (47%) in November 2020, down from 66 (27%) in November 2019; Active Listings were at 593 at month end compared to 561 at that time last year and 609 at the end of October; New Listings in November were down 16% compared to October 2023, down 44% compared to September 2023, up 25% compared to November 2022, up 22% compared to November 2021, down 25% compared to November 2020 and up 21% compared to November 2019. Month’s supply of total residential listings is up to 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 34% compared to 32% in October 2023, 25% in November 2022 and 70% in November 2021.

Richmond: Strength in the detached market saw the house price index rise 0.3% last month. Total Units Sold in November were 179, down from 217 (17%) in October 2023, down from 256 (30%) in September 2023, down from 210 (15%) in November 2022 (detached sales were up year-over-year), down from 481 (63%) in November 2021, down from 335 (47%) in November 2020, down from 273 (34%) in November 2019; Active Listings were at 1,258 at month end compared to 1,108 at that time last year and 1,268 at the end of October (condo active listings were up month-over-month); New Listings in November were down 16% compared to October 2023, down 32% compared to September 2023, up 36% compared to November 2022, down 21% compared to November 2021, down 23% compared to November 2020 and up 5% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 44% compared to 45% in October 2023, 70% in November 2022 and 94% in November 2021.

Burnaby East: Total Units Sold in November were 13, down from 21 (38%) in October 2023, down from 18 (28%) in September 2023, down from 14 (7%) in November 2022, down from 33 (61%) in November 2021, down from 37 (65%) in November 2020, down from 33 (61%) in November 2019; Active Listings were at 93 at month end compared to 88 at that time last year and 105 at the end of October (condo active listing count up month-over-month and year-over-year); New Listings in November were down 37% compared to October 2023, down 39% compared to September 2023, down 19% compared to November 2022, down 23% compared to November 2021, down 21% compared to November 2020 and down 19% compared to November 2019. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 43% (detached at 86%) compared to 44% in October 2023, 38% in November 2022 and 85% in November 2021. The house price index was down 2.2% last month only up 4.6% since last year.

Burnaby North: Total Units Sold in November were 119, down from 137 (13%) in October 2023, up from 113 (5%) in September 2023, up from 92 (29%) in November 2022, down from 185 (36%) in November 2021, down from 156 (24%) in November 2020, down from 137 (13%) in November 2019; Active Listings were at 549 at month end compared to 416 at that time last year and 598 at the end of October; New Listings in November were down 36% compared to October 2023, down 39% compared to September 2023, up 16% compared to November 2022, down 15% compared to November 2021, down 24% compared to November 2020 and up 42% compared to November 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 64% (90% for townhomes) compared to 47% in October 2023, 57% in November 2022 and 84% in November 2021. The house price index was down 1.8% year-over-year.

Burnaby South: Total Units Sold in November were 83, down from 120 (31%) in October 2023, down from 126 (34%) in September 2023, down from 118 (30%) in November 2022, down from 225 (63%) in November 2021, down from 159 (48%) in November 2020, down from 167 (50%) in November 2019; Active Listings were at 487 at month end compared to 425 at that time last year and 515 at the end of October; New Listings in November were down 27% compared to October 2023, down 40% compared to September 2023, down 5% compared to November 2022, down 26% compared to November 2021, down 19% compared to November 2020 and down 5% compared to November 2019. Month’s supply of total residential listings is up to 6 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 53% in October 2023, 68% in November 2022 and 100% in November 2021. The house price index was down 1.4% year-over-year.

New Westminster: With an average price of $775,593, New Westminster continues to offer the best value in the region. And the house price index at $828,200 is only $7,400 above the Sunshine Coast. Total Units Sold in November were 65, down from 81 (20%) in October 2023, down from 72 (10%) in September 2023, the same as 65 in November 2022, down from 177 (63%) in November 2021, down from 137 (53%) in November 2020, down from 123 (47%) in November 2019; Active Listings were at 302 at month end compared to 292 at that time last year and 305 at the end of October; New Listings in November were down 14% compared to October 2023, down 24% compared to September 2023, up 2% compared to November 2022, down 27% compared to November 2021, down 22% compared to November 2020 and up 35% compared to November 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 53% in October 2023, 51% in November 2022 and 99% in November 2021.

Coquitlam: The house price index is only up 2.7% year-over-year, more inventory is helping keep prices in check. Total Units Sold in November were 159, down from 167 (5%) in October 2023, down from 170 (%) 6in September 2023, up from 134 (19%) in November 2022, down from 289 (45%) in November 2021, down from 260 (39%) in November 2020, down from 210 (24%) in November 2019; Active Listings were at 721 at month end compared to 582 at that time last year and 778 at the end of October; New Listings in November were down 29% compared to October 2023, down 35% compared to September 2023, up 17% compared to November 2022, down 10% compared to November 2021, down 23% compared to November 2020 and up 34% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (detached in a buyer’s market and townhomes and condos a seller’s market) and sales to listings ratio of 55% compared to 41% in October 2023, 54% in November 2022 and 89% in November 2021.

Port Moody: This is an inventory starved market, hopefully proposed development along St.Johns Steet will help. Even with low inventory, the house price index is down 1.2% from last month. Total Units Sold in November were 40, down from 51 (12%) in October 2023, down from 44 (9%) in September 2023, up from 33 (21%) in November 2022 – condo sales were up 72% year-over-year, down from 61 (34%) in November 2021, down from 67 (40%) in November 2020, down from 43 (7%) in November 2019; Active Listings were at 166 at month end compared to 194 at that time last year and 170 at the end of October; New Listings in November were up 1% compared to October 2023, down 17% compared to September 2023, up 2% compared to November 2022, up 18% compared to November 2021, up 1% compared to November 2020 and up 79% compared to November 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 60% in October 2023, 38% in November 2022 and 84% in November 2021.

Port Coquitlam: Another one of the few municipalities with seller’s market conditions. Total Units Sold in November were 55, up from 54 (2%) in October 2023, down from 65 (15%) in September 2023, up from 39 (13%) in November 2022 – townhouse sales were up 142% year-over-year, down from 127 (57%) in November 2021, down from 102 (56%) in November 2020, down from 90 (39%) in November 2019; Active Listings were at 183 at month end compared to 183 at that time last year and 201 at the end of October; New Listings in November were down 21% compared to October 2023, down 35% compared to September 2023, down 1% compared to November 2022, down 21% compared to November 2021, down 24% compared to November 2020 and down 27% compared to November 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 61% (113% for townhouses) compared to 47% in October 2023, 43% in November 2022 and 111% in November 2021. The house price index is down 0.7% from last month but up 6.2% from last year.

Pitt Meadows: Total Units Sold in November were 21, the same as 21 in October 2023, down from 24 (12%) in September 2023, down from 22 (4%) in November 2022, down from 32 (34%) in November 2021, down from 46 (54%) in November 2020, down from 24 (12%) in November 2019; Active Listings were at 83 at month end compared to 82 at that time last year and 91 at the end of October; New Listings in November were down 17% compared to October 2023, down 28% compared to September 2023, up 39% compared to November 2022, down 11% compared to November 2021, up 3% compared to November 2020 and up 105% compared to November 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 53% compared to 44% in October 2023, 78% in November 2022 and 72% in November 2021. The house price index was down 0.8% last month but up 5.7% since last year.

Maple Ridge: Total Units Sold in November were 103, down from 110 (6%) in October 2023, down from 108 (5%) in September 2023, up from 94 (10%) in November 2022, down from 198 (48%) in November 2021, down from 176 (41%) in November 2020, down from 169 (39%) in November 2019; Active Listings were at 718 at month end compared to 543 at that time last year and 774 at the end of October; New Listings in November were down 39% compared to October 2023, down 44% compared to September 2023, up 4% compared to November 2022, down 8% compared to November 2021, down 2% compared to November 2020 and down 6% compared to November 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 51% compared to 33% in October 2023, 49% in November 2022 and 90% in November 2021. The house price index was down 1.7% last month but up 4.3% since last year.

Ladner: Total Units Sold in November were 21, down from 24 (12%) in October 2023, down from 26 (19%) in September 2023, up from 16 (31%) in November 2022, down from 41 (49%) in November 2021, down from 47 (55%) in November 2020, down from 42 (50%) in November 2019; Active Listings were at 104 at month end compared to 83 at that time last year and 119 at the end of October; New Listings in November were down 41% compared to October 2023, down 60% compared to September 2023, up 13% compared to November 2022, down 35% compared to November 2021, down 32% compared to November 2020 and down 49% compared to November 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 81% (100% for townhomes and condos) compared to 55% in October 2023, 70% in November 2022 and 103% in November 2021. The house price index was down 2.0% last month, but up 6.4% since last year.

Tsawwassen: Total Units Sold in November were 20, down from 27 (26%) in October 2023, down from 42 (52%) in September 2023, down from 31 (35%) in November 2022, down from 52 (61%) in November 2021, down from 55 (64%) in November 2020, down from 36 (44%) in November 2019; Active Listings were at 180 at month end compared to 150 at that time last year and 188 at the end of October; New Listings in November were down 40% compared to October 2023, down 39% compared to September 2023, up 50% compared to November 2022, down 8% compared to November 2021, down 42% compared to November 2020 and up 2% compared to November 2019. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 44% compared to 36% in October 2023, 103% in November 2022 and 106% in November 2021. Tsawwassen showed a 0.9% increase in the house price index last month, up 6.3% since last year.

Fraser Valley: Sales in November were down 8.1% from October but up 6.2% from November 2022. New listings were down 19.9% from October but up 19.2% from November 2022. While the average price was unchanged month-over-month, it is up 10.4% from November 2022. Active listings were down 5% from last month but up 17% from November 2022. “As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Oct 2023

Mon, 06 Nov 2023 18:39:14 GMT

Highlights of Dexter’s October 2023 Report

Economists now predict interest rates will fall by 2.5%
Median home prices are down this year in virtually every Metro market
Priciest detached markets lead the sales curve in Metro Vancouver
Province mandates 2-4 housing units on every detached house lot
Buyer’s market conditions now dominate suburban housing markets

Sometimes you just wonder about the short memories of Metro Vancouver home buyers and sellers. How many times have people been moaning about a tick-up in mortgage rates, about a perceived lack of homes, about too many investors and the lack of affordability. About world events hurtling us to a recession.

Plenty, so it sounds as familiar today as it did in say 2000, or in the misty past of four weeks ago when headlines and pundits were all about a housing shortage, soaring interest rates and rising home prices.

Yet, if one looks at the Metro Vancouver market this October of 2023, it is the most welcoming environment in years for both buyers and sellers. But many appear blinded by the brilliance of what is in plain sight. Is it time for a reality check?

Housing shortage? The Canadian Press headline this week is “Housing supply outpacing demand in Vancouver market.” This is because there are now 11,599 homes for sale in Greater Vancouver, up 12.6% from a year ago and above the 10-year average. The Fraser Valley has another 6,580 active listings, 17% higher than in October 2022. That is a total of more than 18,000 residential properties for sale, yet total October sales in the entire region were less than 3,000. Message: there is a terrific selection of homes for sale right across the Lower Mainland.

Soaring interest rates? The Bank of Canada did not increase interest rates at the October setting and now there is growing belief that rates will be coming down, perhaps as early in Q2 2024. Economists, including those at Desjardins. “We’re not going back to zero. But I could see rates falling to about 2.5% in terms of the Bank of Canada’s policy rate,” Desjardins told Bloomberg News. Among the reasons is that many people who took out mortgages during the 2020-21 boom will renewing next year and the Bank of Canada is feeling the pressure.

Rising home prices? The median price of a detached house over the first 10 months of this year is down in nearly every market except Vancouver, West Vancouver and Surrey. The median – when half the prices are above and half below the line – provides a clear trendline. For clarity the Real Estate Board of Greater Vancouver uses median prices to show year-over-year and month-over-month trends in its internal sales and listing reports. This shows that, since October 2022, detached house prices are down $126,500 in both Burnaby and South Delta; down $168,000 in Port Moody, $50,000 lower in Richmond and down $100,000 in North Vancouver.

For buyers this is great time to be shopping for a home, with lower prices, a huge selection and stable and soon to be falling mortgage rates. Buyers are very price sensitive and there is a feeling of being able to negotiate and having the upper hand on sellers. While some areas may appear to be in a seller’s market, buyers don’t believe it and are trying to get the deals they have long been hoping for. This will continue into 2024 until the first interest rate declines start. Buyers, your time is now.

Sellers, especially those in top-tier markets of Vancouver and West Vancouver, or with prime listings anywhere, are attracting traffic and there have been some multiple offers. In many markets, including North Vancouver, Burnaby South, Port Moody, New Westminster and Ladner, the sales-to-new-listing ratio is higher than 50% and competing bids are not unheard of in the current market.

There is also a wild card in the housing mix now. The B.C. Housing Ministry has confirmed that every detached housing lot in the province (except Vancouver, which has a similar density plan) will now be allowed to add three to four new housing units. But it is up to the discretion of the host municipality whether these new units are rentals or strata units, or a combination of both. (Most members of the Union of B.C. Municipalities appear to be leaning towards rentals.) Investors should ascertain what type of housing will be allowed under the local upzoning, but the new rules will certainly increase the demand for single-detached properties and land assemblies right across the province.

One thing is likely certain: five, 10 or even one year from now, many will be looking back to the autumn of 2023 and saying, ”I should have bought then.”

Regional Reports for Metro Vancouver October 2023

Greater Vancouver: Total residential sales just missed the 2,000 mark, reaching 1,996 in October, which was up 4% from a month earlier and also up 4% from October of 2022. We are seeing a balanced market with total listings of 11,599, up from 10,305 a year ago. The sales-to-new-listing ratio is running at 42%, down from 47% in October 2022 but reflective of a solid market. By property type, the sales ratio to total active listings is 12.9 per cent for detached houses, 20.9 per cent for attached, and 21.5 per cent for apartments. The benchmark price for all residential properties is currently $1,196,500, a 4.4% increase over October 2022 and a 0.6% decrease compared to September 2023. The benchmark price for a detached home is $2,001,400.This is a 5.8% increase from October 2022 and a 0.8% decrease compared to September 2023. The benchmark price of an apartment home is $770,200, up 6.4% from October 2022. The townhouse benchmark price is $1,100,500, up 6% from last October. All strata prices were up 0.2% compared to September 2023.

Vancouver Westside: It is the higher end of the housing ladder that is holding firm on the Westside. Despite a median price of $3.36 million more detached houses – 71 – sold in October than in a month or a year earlier and were the second highest of any Greater Vancouver market. The sales-to-listing ratio for detached houses, at 45% was the highest for any sector on the Westside. At the same time, when the most expensive new condo tower – Curv - began pre-selling in the West End, 100 condos sold despite starting prices at more than $2,000 per square foot. Even with total condo sales down from September, October condo transactions averaged 8 per day at a median price of $844,800. Two-bedroom condos are the tougher sale in this current market. This is flagged as a buyer’s market due to a higher supply, but with a 35% sales ratio despite an increase in active listings to 2,629 properties.

Vancouver East Side: Townhouse and duplex sales almost doubled in October compared to September, with the benchmark townhouse price up 10% year-over-year to $1,118,500. Detached house sales, at 78, were the highest in Greater Vancouver with a median price of $2,045,000. Total units sold in October were 231 up 20% from both September 2023 and October 2022. The supply of total residential listings is down to 5-month’s supply and the sales-to -listings ratio of 41% compares to 31% in September 2023 and 44% in October 2022. This is technically a balanced market, but it feels like a seller’s advantage at times.

North Vancouver: With total transactions of 194, October marked the highest monthly sales since June 2023 and slightly higher (up 0.5%) from October 2022. Condos led the sales pace, with 98 transactions at median of $826,500, while 59 detached house sold at a median of $2,050,000 – a price $50,000 lower than a year ago. Active listings were at 621 at month end compared to 614 at that time last year and 627 at the end of September, but new listings in October were down 22% compared to September. This is a seller’s market with total residential listings down to a 3 month’s supply and sales to listings ratio of 52% compared to 35% in September 2023.

West Vancouver: Evan at a median price of $3,650,000, detached house sales led the West Vancouver market, with 27 sales, tied with the same month a year earlier, though condos posted the strongest uptake, with 60% of the new listings selling at a median of $1,320,000, by far the highest price of any B.C. market. Total active listings were 609 at month end compared to 589 at that time last year and 626 at the end of September , though new listings in October were down 33% compared to September 2023. This is a buyer’s market, despite the premium prices, with an 11-month supply of listings and a sales ratio of 32%, highest for an October in two years.

Richmond: This is a buyer’s market due to the healthy six-month supply of 1,268 active listings, but sellers are still attracting buyers, as total monthly transactions are steady at 217, the benchmark price 5.6% higher than in October 2022 and the sales-to-listing ratio is running at 45%, up from 43% in September 2023. A glitch is in the condo market, especially in new projects, where an October sales downturn is related both to higher lending rates and new provincial legislation banning many short-term rentals. Still, benchmark condo prices remain 10% higher than a year ago, at $736,400. Benchmark detached house prices, at $2,155,600, have not budged in six months.

Burnaby East: This is the only balanced market in Burnaby, with 21 total sales in October and active listings at 105 at month end, resulting in a 5-month supply of listings and new listings selling at ratio of 45%. Benchmark prices are also balanced, with the composite up 1% from September 2023 at $1,192,600, the highest in Burnaby.

Burnaby North: A seller’s market in October saw total sales jump 21% from a month earlier to 137 transactions as new listings dropped 4% and the sales-to-listing ratio firmed at 47%, nearly equal to October 2023. With a total 4-month supply of active listings and benchmark prices up across all sectors, sellers are excited. Higher demand is expected for detached houses as the provincial zoning for two to four new housing units on detached lots rolls out. The Burnaby mayor fears speculation will drive house prices – already up 7.2% from a year ago in North Burnaby to $2,070,000 – even higher.

Burnaby South: With the highest benchmark detached house prices in Burnaby, at $2,199,700 in October, and total sales at 120, nearly even with a year ago, this is a seller’s market. There were just 515 active listings at months end and new listings were down 19% from September. With a just a 4-month supply and the sales ratio at healthy 53%, this is could be the hottest Burnaby market this autumn.

New Westminster: Detached house buyers are apparently discovering that New Westminster prices, now benchmarked at $1,550,700, are about $200K to $500K lower than in neighbouring Burnaby or Coquitlam and just 3.2% higher than a year ago. The higher detached sales in October– at 16 nearly double that in October 2022 – could also reflect investors looking to assemble lots because the Royal City is keen on the new provincial higher-density regulations. Note that the townhouse benchmark price is $963,700, so adding 2 strata units to a detached lot should prove profitable. All in all, this is a seller’s market with a tight 4-month supply of total listings and a sales-to-listing ratio at 53%.

Coquitlam: Total sales in October were down 2%, to 170 transactions, from September 2023 and new listings dipped 8% month-over-month in an active but balanced Coquitlam market. Prices are firm, with detached benchmarks virtually unchanged in three months at $1,796,500. It is ditto for townhouses, at $1,062,000; and condo apartments, where the $723,300 benchmark was up just 1% from six months ago. Total residential listings are up to 5 month’s supply and the sales-to-listings ratio of 41% compares to 38% in September 2023 and 58% in October 2022.

Port Moody: With the highest home benchmark price in the TriCities, at $1,139,900 in October, this is a seller’s market with a strong overall sales-to-listing ratio of 60% and just a 3-month supply of listings. Total sales in October, at 51, were up 16% from September 2023 and 16% higher than a year earlier. Supply of new homes will begin to increase in 2024 as two large single-family and multi-family projects start to take shape.

Port Coquitlam: While total transactions dipped down 17% from September to 54 sales in October, this small city remains a seller’s market, with a total sales-to-listing ratio of 47% . With a benchmark price of $954,500 and condo apartments at $631,000, these are the lowest in the TriCities, which keeps Port Coquitlam popular with buyers, who now have more than 200 active listings to choose from.

Pitt Meadows: With a benchmark home price of $925,800, Pitt Meadows has been an affordable market that has attracted a lot of development in the past three years. However, this will be a challenge soon as the city plans to boost community amenity contributions (CACs) for new housing, as most larger centres already have. The proposed increases, to be decided Nov. 7, 2023, are: single-family houses, from $4,500 to $5,200; Townhouses up $600 to $4,600; and condo apartments up $500 to $3,500 per unit. The CACs are on top of development cost charges from the city and Metro Vancouver. This is a seller’s market, with just 91 active listings and a sales ratio of 44% in both October and September. There were only 6 condo listings and 20 townhouses listings as of the end of October.

Maple Ridge: Total sales in October were 110 up from 108 in September 2023 and up from 99 in October 2022. This is now a buyer’s market with a steady 7-month supply of total listings, 747, at month’s end and a sales ratio of 33%. The detached house price index has tracked down 2.1% over the past three months to $1,280,100 and townhouse benchmarks are unchanged since August at $771,300, with condo prices dipping to $531,600, the lowest in Greater Vancouver.

Ladner: Talk about a balanced market: Ladner’s 24 total sales in October were the same as in October 2022 and the sales-to-listing ratio was 50%. Active listings were at 119 at month end compared to 117 at the end of September. The composite benchmark home price is $1,116,200, nearly unchanged (down 1.8%) from three months ago. We have long wondered how Ladner has missed the boat on developing its downtown waterfront, which could be a terrific residential and retail opportunity.

Tsawwassen: Western Investor, a popular real estate publication, has named South Delta, primarily Tsawwassen, as one of the top 5 towns for real estate investing in 2024, citing the go-ahead for the giant Roberts Bank port and the new Massey Tunnel project. However, October sales, at just 27, were down 36% from a month earlier and 4% lower than a year ago, so the hype may be premature. This is a buyer’s market right now, with a 7-month supply of listings (188), a sale-to-listing ratio of 36% and the benchmark home price unchanged from a year ago at $1,128,900. It could be the time to get in early.

Surrey: The average detached house price in Surrey increased 9.5% year-over-year to $1,690,000 in October and shot up 9.8% to just over $2 million in South Surrey-White Rock, and total detached sales increased 12.4% from October 2022 to 145 transactions. Detached sales in the city are outperforming the strata sector, as the lower-priced products are more sensitive to interest rates. “What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates,” said Narinder Bains, chair of the Fraser Valley Real Estate Board. “We anticipate the trend will continue until we start to see some downward movement in the [Bank of Canada] rate.”

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Sep 2023

Fri, 06 Oct 2023 21:46:00 GMT

The waiting game in the Metro Vancouver housing market continues but more sellers are joining in and some are becoming impatient. One month a trend does not make. But we certainly saw more listings come on the market in Metro Vancouver in September – more so in the first half. As September moved on through the second half of September, fewer listings came on than in the first half and perhaps this was a cloud burst of new listings and not a constant shower. Much like the rain in September that came in fits and starts, while we have more inventory, it’s still far short of what’s needed.

The wild card is the direction of interest rates and, to an extent, that of the provincial economy. In any case, the pot on the table is getting larger as September saw 5,564 new listings pushed into play, the highest number since May 2023 and nearly 30% higher than in September 2022. Meanwhile, 1,926 properties were sold this September, almost as low as September of 2022, with just 1,701 transactions last year. Today, with 11,382 active listings in Greater Vancouver and another 6,532 in the Fraser Valley – and the sales-to-listing ratio falling – we believe some sellers will tire of waiting. The question is just how many.

We can expect some asking prices to come down, especially in the detached-house sector. Arguably this has already happened.

Let’s look at the environment through a potential detached house seller’s lens. The unpopular Bank of Canada shouldn’t raise interest rates again at its October sitting. I doubt even the Governor of the BOC knows for sure what to do. Let’s hope they don’t fall for the increase in jobs reported today in Canada and base a rate increase on that number. The B.C. Finance Minister just released an economic outlook that forecasts provincial GDP growth shrinking to 0.4 percent next year. Consumer confidence is fragile. If the rate does increase, even by a modest 0.25 percent as it did in August, it would further drag down detached house sales that are already lagging. In September, the sales-to-active listing ratio for detached houses in Greater Vancouver fell to 12.6%, signalling a buyer’s market. The benchmark detached house price fell 0.1% from a month earlier and it hasn’t budged in three months.

Those eager to sell a detached house may decide to drop their asking price now because the demand for homes benchmarked at more than $2 million will shrink even further. On the bellwether Westside of Vancouver, for example, the average sale price of a detached house was $403,000 lower in September than in January 2023. This doesn’t mean prices fell by that much, but that the composition of sales was such that more homes for less money sold than in January. With the cost of borrowing, lower price points are more attractive.

Some owners have taken measures to hang onto their houses: 33.3% of Canadian mortgage holders now have amortization periods that exceed 30 years, some surpassing 40 years. A handful can’t hang on.

Buyers, therefore, should continue to search through the expanded listings of detached houses and prepare to be aggressive when making offers. There could be some true bargains out there as owners and investors grapple with higher mortgage rates and flatline prices. Right now, in most detached markets, buyers have the advantage.

For wily investors with deep pockets, the new blanket zoning of Vancouver residential lots for up to six housing units, including strata corporations, could also represent an opportunity. Warning: the city expects to allow only about 150 such applications annually.

However, those hoping that a surge in new home supply, as being pushed by both the province and the federal government, will lead to lower home costs could be disappointed.

In October Metro Vancouver, which represents 21 municipalities, plans to increase development cost charges (DCCs) on new residential construction to pay for water and sewage upgrades. The increases would occur every January over the next three years beginning in 2025. For the City of Vancouver and parts of Burnaby, DCCs on a single-detached home would increase 240 percent from $10,027 to $34,133. Townhomes will also see a significant increase – up 256 percent to $30,861 by 2027. New condo apartment fees will increase 235 percent, to $20,906, during the same period. Depending on the sub-region location, the proposed combined total DCCs rate increases to $24,106 per single-family lot, $22,182 per townhouse unit, and $14,657 per apartment unit. These charges would only apply to market housing, the kind most people want.

Summary of the regional numbers for September 2023

Greater Vancouver: The composite residential benchmark price hit $1,203,300 in September, which was a 0.4% decrease compared to the $1,208,400 in August, which was a decrease from the $1,210,700 benchmark in July. By property type, the benchmark price is now $2,017,100 for single-detached homes, $1,098,400 for townhouses, and $768,500 for condominiums, with all three representing decreases between 0.1% and 0.5% from August. All sectors are seeing sales increases of between 5.3% and 5.8% when compared to September 2022. Total units sold in September were 1,926, down from 2,296 (16%) in August, down 21% from July 2023 and down 35% in June 2023, but up from 13% compared to September 2022, but 18% lower than in pre-pandemic September 2019. Active Listings were at 11,382 at month-end compared to 10,424 at that time last year and 10,082 at the end of August. New Listings in September were up 38% compared to August 2023. The inventory of total residential listings is up to 6 month’s supply (balanced market conditions) and a sales-to-new-listings ratio of 35% compared to 57% in August 2023 and 39% in September 2022. The sales-to-active listings, though is 13%.

Vancouver Westside: This is considered the premier housing market in B.C., if not in Canada, but September held some surprises. With 1,155 new listings, the sales ratio is 29%, the lowest level since January 2023, and the number of active listings, at 3,225 at month’s end, was the highest since July of 2021. With just 338 sales in September, the sales ratio to active listings was just 13%, which is in a buyer’s market. The benchmark detached house price in September was $3,553,600, up 1% from a month earlier and 8% higher than a year ago. Townhouses are benchmarked at $1,457,900, down 2.7% from August 2023, while condos are benchmarked at $1,331,600, nearly unchanged for the past two months. This is a buyer’s market in all sectors with a 7-month supply and low absorption. The Westside is prime for purchase with the largest selection in almost two years.

Vancouver East Side: Detached house benchmark prices are up 10% from six months ago but have flatlined recently, up just 1% since the second quarter and down 0.8% from August to $1,898,100. More detached houses sold (68) on the East Side in September than in any other market except Richmond (74). With Vancouver’s recent density changes for single-family lots, we expect East Side detached sales to increase. Total home sales in September were 192, down 23% from August and lower than in June and July 2023. Active Listings were at 1,157 at month-end compared to 1,088 at that time last year and 1,013 at the end of August. The supply of total residential listings is up to 6 months and sales to listings ratio of 31% compared to 66% in August 2023 and 40% in September 2022. This is a balanced market leaning towards a buyer’s advantage.

North Vancouver: There is some evidence that condo apartment sales are waning but certainly not in North Vancouver, where they represent half of all sales in September. The 84 condo sales followed 85 transactions in August, compared with 57 in September 2022. The benchmark condo price has paused, however, at $811,900, over the past three months. This may reflect a surge in condo listings, with 213 added in September, nearly double that of a month before. The result is the sales-to-listing ratio fell to 39%, down from 74% a month earlier, and opening a buyer opportunity. North Vancouver's total residential property sales in September were 169 up from 160 in August, and up 33% compared to September 2022. Total new listings were up 86% compared to August 2023 and 111% higher than in September 202. Aside from condos, this is considered a seller’s market, with a tight supply continuing in the townhouse and detached house sector.

West Vancouver: The provincial government is pushing West Vancouver to bring more than 1,400 new housing units to the market and wants 60% of them to be rentals, half at below-market rents. Patience will be needed. Only 2,885 homes have been built in the exclusive community over the past 10 years and half of these were detached houses that now sell at a median price of $3 million. Condo apartments benchmarked at $1,331,600 in September and the 3 townhouses that sold this month were priced at more than $1.4 million each. Some reprieve for those seeking affordable housing is that West Vancouver is now a buyer’s market with a 12-month supply of total listings (626) and a sales-to-listing ratio at a low 21% in September.

Richmond: More detached houses sold – 74 – in Richmond than in any other Greater Vancouver market in September, perhaps partially due to price increases pausing over the past three months at a benchmark of $2,179,100. There was also a greater selection as 179 new listings were added, up from 150 a month earlier. The sales-to-new-listing ratio for detached houses is 41% and it averages 43% for strata units. Though total residential sales in September were the lowest in three months, at 256, Richmond is considered a balanced market with a 5-month supply, and the benchmark price has held steady since the second quarter at $1,184,700.

Burnaby East: Total sales reached just 18 transactions in September, the lowest level since May and most benchmark prices have followed suit with detached houses down nearly 6% over the past three months to $1,861600 and condo prices down 0.5% to $796,200. Townhouse benchmarks, though, are up 7% in the same period to $913,900, reflecting the low inventory. Total residential listings are up to 5 month’s supply and sales to listings ratio of 37% compared to 82% in August 2023 and 63% in September 2022 in this balanced market.

Burnaby North: The home of the Amazing Brentwood and related high-rise towers has a strong condo sector, but prices have stabilized recently, with the condo benchmark September price at $746,000, virtually unchanged (- 1%) from three months ago. Detached houses are trading at $2,048,900, down 0.1% from August 2023. Total sales in September were 113, down compared to August and 34% below June of this year. Active listings were 561 at month-end compared to 431 at that time last year and 495 at the end of August, due to an 8% rise in new listings month-over-month in September. This is a balanced, market with a 5-month supply of listings and sales-to-listing ratio of 37%.

Burnaby South: The most expensive Burnaby sub-market, the benchmark detached house price in September dipped 2.3% from August to $2,197,100 in September, reflecting an overall 5% sales decline, month-over-month. The benchmark was down 1% from August but remains 6% higher than a year ago. With total sales of 126 in September and active listings reaching 518 after a 31% surge in new listings in September from August, this is seller’s market. There is just 4-months’ worth of inventory and the sales-to-listing ratio is a strong 45%.

New Westminster: Total sales have been tracking down since June and settled at 72 in September, still up from 67 transactions in September 2022. Townhouse benchmark prices increased 1.3% from August, to $971,900, with condo apartment prices up 0.4% to $661,900. Detached-house benchmarks dropped 3.1% from August to $1,538,000 but remain up 3.4% from a year ago.

A total of 72 properties sold in September and active listings slipped down slightly to 298 at month end, despite an 11% increase in new listings compared to a month earlier. This remains a seller’s marker with just a 4-month supply of inventory and a sales-to-listing ratio at a healthy 42%.

Coquitlam: Coquitlam is becoming one of the better markets in Metro, with September new listings up 49% from August 2023 and sales up 19% from a year earlier, with 170 transactions in September.

The sales-to-listing ratio is running at 38%, but this is considered a seller’s market due to a tight 4-month supply of listings, which totalled 697 at month’s end. The benchmark price has held steady for three months at $1,112,900 and the detached-house benchmark is also stable, up 2.3% from a year ago at $1,789,300 as of September.

Port Moody: Port Moody finally has new strata projects underway, welcome because the total inventory of listings in September was 185, down from 187 a year ago, while sales totalled 43 units. New listings increased 30% from August, however, and the sales-to-listing ratio is 43% in this seller’s market. Even with just a 4-month supply of inventory, the benchmark composite home price in September was down about 1% from three months earlier, at $1,125,600, but still the highest in the Tri-Cities market.

Port Coquitlam: With a composite benchmark of $958,600, Port Coquitlam is one of the more affordable sub-markets in Metro and prices have been slowly declining over the past three months, as in most areas. Detached house benchmarks were down 2.1% from August at $1,408,000. Total residential sales in September were down 4% from a month earlier at 65 transactions in this seller’s market.

There is a mere 3-month supply of listings – a total of 191 – and the sales-to-listing ratio of 47% is among the strongest in the region.

Pitt Meadows: With just two dozen sales in September, typical for Pitt Meadows, this is still considered a seller’s market because of the lack of listings – just 86 – and a sales success ratio of 45%.

The composite benchmark price is $958,600, down 0.2% over the past three months, but still 4.4% higher than in September 2022.

Maple Ridge: With 108 total sales in September, transactions have been tracking down for a year, dropping 10% from August, 24% compared to July and down 5% from September 2022. Prices have held firm, however, with the composite benchmark still 4% higher than a year ago at $999,600 and the detached house benchmark 5% higher on the year at $1,297,200. This is a balanced market leaning towards a buyer’s advantage, with a sales ratio of 31% and a 6-month supply of total listings.

Ladner: Total units sold in September were 26, up from 24 in August, the same as July 2023, and up from 20 in September 2022. A quiet market, with the composite benchmark price at $1,178,700, unchanged from August and up 7.8% from a year earlier. The action was in a 91% surge in new listings from August, bringing the total inventory to 117, but still only a 5-month supply in this mostly seller’s market, where the sales-to-listing ratio is running at 40%.

Tsawwassen: Plans are afoot to transform the aging Tsawwassen Town Centre Mall into a mixed-use development with hundreds of new strata homes. South Delta in general is on the cusp of growth with the approval of the Roberts Bank superport and work starting next year on the Massey Tunnel replacement. This could by why housing sales in September, at 42, were up 50% from August and 100% higher than in September of 2022, the biggest year-over-year increase in Metro Vancouver.

The benchmark detached house price jumped 3% from August to $1,594,500 and strata prices also edged up. New listings in September were up 37% compared to August 2023 and the sales-to-listings ratio hit 57% compared to 52% in August in this strong seller’s market.

Surrey: Detached house sales in Surrey in September were up 36% from a year earlier, but have been declining recently, dropping 3% from August 2023 to 170 transactions, while the benchmark price dipped 0.2% month-over-month to $1,671,900. Townhouse sales also reached 170 in September, but the benchmark price, at $883,500, was up 0.2% from August and 6% higher than a year earlier, based on 139 sales in September, down 27% from a month earlier, the benchmark condo price is $539,500, down 1% from August but 4% higher than year earlier. This reflects what is happening across the Fraser Valley. “With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, chair of the Fraser Valley Real Estate Board.

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Aug 2023

Tue, 05 Sep 2023 21:12:00 GMT

Highlights of Aug Dexter Report

Bank of Canada holds prime rate at 5% but keeps door open to further hikes
Median price of a West Side detached house up $1 million in past year
Total new listings have been falling, month-over-month, since May
East Vancouver is leading all markets in detached house sales
South Delta detached houses are moving to a buyer’s market

It is a sad commentary on the Greater Vancouver housing market when buy and sell decisions hinge more on minuscule interest rate moves than on the pragmatic needs of consumers. But that is what is happening. Two more consecutive Bank of Canada rate hikes in June and July – at 0.25% each – were enough to drive August housing sales down to the lowest level in six months and stall a rally in new listings, which fell 16% from a month earlier.

The Bank of Canada held the prime rate at 5% at its September 6 setting, but any confidence was dashed as the Bank warned that it would not hesitate to jack rates higher if the economy – and the housing market – began to heat up again.

The best advice for buyers is simply to take today’s higher lending rates into the equation and do the best to negate them. It is clear the Bank of Canada is failing, failing to admit it overshot on rate increases over the past year and trying to maintain the illusion it knows what it is doing.

Those considering purchasing a home between now and the next Bank of Canada scheduled rate hike announcement on October 25th should secure a pre-approved 120-day mortgage and talk to a mortgage professional about the best rate and term.

However, buyers and sellers should not be blinded by interest rate fluctuations. It is likely, considering the economic damage already done, and political pressure, that Bank of Canada rates will not increase again this year. Instead, buyers should concentrate on property values and sellers on matching their price to the market.

Buyers cannot ignore the investment dynamics this year. In the past six months, as both sales and listings fell, prices have continued to increase. The August 2023 benchmark price, at $1,208,400, is $65,000 higher than in March of this year. The benchmark detached house price was up $156,000 to $2,018,500 in the same period and the typical condo apartment price increased by nearly $40,000 while townhouse benchmark prices have risen 5% since March to $1,103,900. But August benchmark prices across Greater Vancouver were down 0.2% from July 2023 and strata prices have barely budged in three months.

A key reason for a lack of new listings is universally higher prices that have frozen sellers in place and lower rates they currently have on mortgages. A look at the 20 Greater Vancouver markets shows that the August benchmark price varies very little from Bowen Island ($1.41 million) to the Westside of Vancouver ($1.34 million) or from East Burnaby ($1.19 million) to Ladner ($1.17 million). The potential of pocketing a healthy dividend when moving within the region is diminished, persuading many potential sellers to stay put.

It currently feels like a market waiting for an excuse to buy mixed with a reluctance to sell.

Growing pent up buyer demand may be the best way to explain the status of the market. But without any increase in listings, it makes it difficult for that pent up demand to release. And there’s little to suggest we’ll see any increase in supply.

Banks are working with homeowners to keep mortgages funded – one option is allowing 30-year amortizations - and many with lower rate mortgages are unwilling to dive into the high interest rate pool and make a move. Expect that when the mortgage climate changes to more favourable buyer conditions, sales levels will increase in a significant way. The number of new listings in August was 6% below the 10-year average and has been falling, month-over-month, since May. This has kept it a seller’s market with only a 4-month supply of listings available – even with the low sales levels. This is going to keep the overall inventory of listings at two thirds the level they should be to get to balance or to favour buyers.

The bottom line is that September, often a bellwether month for sales, could ring in a traditional market rally, especially with no further increase in lending rates. This is the time for buyers and sellers to take advantage of the upturn.

If you are considering a sale, it is better to list now before fall competition increases. For those looking to buy, the current price stability offers a short-time opportunity.

Regional market data for August 2023

Greater Vancouver: There were a total of 2,296 sales in August, down 6% from July and 23% fewer than in June 2023, but up 21% from August of 2022. Active listings were 10,082 at the end of August, compared to 10,099 at that time last year and 10,301 at the end of July. New listings in August were down 16% compared to July 2023, but up 19% compared to August 2022. Despite a rally over the past six months, overall prices have stabilized. The composite home price in August, at $1,208,400, was up just 2.5% from August 2022, though 27.6% higher than in August of 2020. With a tight supply and a sales-to-listing ratio of 57% in August, Greater Vancouver remains in a seller’s market.

Fraser Valley: The Fraser Valley Real Estate Board recorded 1,273 sales in August 2023, a decrease of 6.9% compared to July. Sales were up 25.2% compared to August 2022. New listings dropped to 2,622 in August, down 8.2% from July, but 28.2% above August 2022. Active listings have been rising since last December and grew again in August by 1.5%, from July, to 6,291, just 7% off the 10-year average. The overall benchmark home price in August was $978,066 and all sector prices were nearly unchanged (down 0.6%) from July 2023 but up slightly from August 2022. The biggest year-over-year price move was condo apartments, up 2.5% from August 2022, to $553,500.

Vancouver Westside: There was a price shocker in this trendsetting market in August. Only 141 detached houses were listed for sale and 69 of them sold for a median price of $4,070,000, almost exactly $1 million more when compared to August 2022. We believe this is an unprecedented one-year median price increase anywhere at any time in Canada. To say detached demand is high is an understatement. Strata action was more muted, with townhouse and condo apartment sales and median prices nearly level with July 2023. Condo medians, at $820,875, were nearly the same as in August 2022.

Total August sales were 433, down 1% from July 2023, and up 18% from August 2022. New listings in August were down 20% compared to July 2023, but up 13% compared to August 2022. The inventory of total residential listings is steady at 5-month supply, creating a balanced market with an August sales-to-listings ratio of 53%.

Vancouver East Side: More detached houses sold on the East Side in August than in any other market in Greater Vancouver. The 80 detached transactions were also much higher than in August 22, when 57 houses sold. Prices are the key. At a benchmark of $1,913,500, East Vancouver detached prices are $1.6 million less than on the neighbouring Westside and about $100,000 below the Greater Vancouver benchmark. Some of the sales impetus could be from investors trying to assemble East Vancouver detached lots in anticipation of the higher-density zoning expected this fall, which would allow up to six housing units on detached lots. Total August sales reached 250, down from 286 (13%) in July 2023, but up from 196 in August 2022. Active listings were at 1,013 at month end, though new listings in August were down 25% compared to July 2023. This is a seller’s market with a tight supply and a sales-to-listing ratio at 66%, the highest since August 2021.

North Vancouver: The strata market is strong in North Vancouver, with a sales-to-new listing ratio of 74% and sales up sharply from both a month and a year earlier, even as sales of detached houses fell. There were 85 condo apartment sales in August, at a benchmark price of $817,400, up 0.4% from July 2023. There were 38 townhouse sales, at a benchmark of $1,312,100, but this price was down nearly 3% from a month earlier. Detached house prices, benchmarked at $2,268,000, have not budged in three months, but remain 2.4% higher than a year ago. The supply of total residential listings is steady at a tight 3-month supply, confirming this as a seller’s market.

West Vancouver: August sales were up month-over-month driven by the detached segment – not hearing that very often these days, especially in West Vancouver. It was the highest detached absorption rate since April for the community. Total sales were 57 in August and detached transactions accounted for 34 sales, at a benchmark price of $3,273,900, a price up 10% from six months ago, but still 2.4% below August 2022.

New listings in August were down 20% compared to July 2023 and down 3% compared to August 2022. This is a buyer’s market, with a 10-month supply of listings and a 39% sales-to-listing ratio.

Richmond: Richmond prices have flatlined over the past three months, though they remain about 4% higher than a year ago, with the benchmark price at $1,187,900.

Listings are down, as are new home starts. As of August 1, only 273 new condos had started, for example, down from 378 at the same time last year, and total listings were down to 1,162 at month’s end, about 200 units lower than a month earlier. We estimate there is only a 4-month supply in this seller’s market, with a sales-to-listing ratio at 64%, up from 54% a month earlier.

Burnaby East: This is a seller’s market but with few sellers and even fewer buyers, with just 31 sales in August from a total inventory of 83 homes for sale. There is only a 3-month supply on the market and the sales ratio is running at 82%, the highest in at least two years. The benchmark home price in August was $1,195,100, down 0.7% from a month earlier, but up nearly 7% from August 2022.

Burnaby North: Total sales in August reached 139, down 13% from July 2023 but up 16% from August of last year. We may see an increase in sales of detached houses right across Burnaby this year as the City prepares to allow laneway homes on detached lots. The laneway houses can be up to 1,500 square feet but they are also restricted to long-term rentals. The benchmark price of a Burnaby North detached house is $2,047,100, up 10% from six months ago but unchanged from July 2023. New listings in August were down 11% compared to July 2023, but up 36% compared to August 2022. Total residential listings reflect a 4-month supply, and the sales-to-listings ratio is 54% in this seller’s market,

Burnaby South: While total sales are up from last year, they have been tracking down for three months, with the 133 transactions in August down 24% since June and 4% below July 2023. Prices dipped 0.3% from July to a composite benchmark of $1,138,100. New listings in August were down 10% compared to July 2023, but up 26% compared to August 2022. Residential listings are steady at 3 month’s supply, but the detached market is flirting with a buyer’s market. The overall sales-to-listings ratio is 62% compared to 59% in July 2023, and 73% in August 2022.

New Westminster: The Royal City was recently named the most livable city in the Lower Mainland and Number 3 in B.C., but after a surge in July sales, it posted one of the biggest declines in month-over-month sales in August. Total August sales, at 87, were down 27% from July 2023 but up from 77 transactions a year earlier. New listings dropped 16% from July, but total active listings are steady at 299 units. This includes a welcome increase in townhouse listings, which are now at a 5-month supply. Prices are holding firm, with townhomes benchmarked at $959,600, up 3% from a year ago; condo apartments also up 3% at $659,200; and detached houses at $1,587,300, unchanged from July 2023 but 9% higher than a year earlier. New West remains a seller’s market with a sales-to-listing ratio of 56%.

Coquitlam: With the imminent start of the massive Fraser Mills development and other condo projects, Coquitlam will be seeing higher starts by next year, but new supply so far in 2023 has plunged. Only 795 new homes have started, compared to 1,923 in the first seven months of 2022. Meanwhile, new listings in August were down 28% compared to a month earlier and total active listings, at 599, are down from 636 in July 2023. All sector prices are unchanged from July 2023, with the benchmark price up a mere 1.2% from a year earlier. With just a 3-month supply of listings and a sales ratio of 69%, this is a seller’s market despite the flatline prices.

Port Moody: Another strata/rental project in Port Moody has stalled at the design approval stage in a city that has had challenges getting new projects to market. The latest is a proposed six-storey, 60-unit project on St. John’s with 30 strata condos. New listings in August were down 31% from both July 2023 and August 2022 and there are only 167 active listings, lowest in a year. Still, with recent approvals, 306 new apartments have started so far in 2023, compared to just 5 a year ago, so there is progress on supply. Total sales in August were down 31% from July with 58 transactions. Condo benchmark prices are steady at $729,600 and detached houses at $2,076,500, are down 2.8% from August 2022, one of the few year-over-year declines in detached values. This is a balanced market with a total sales-to-listing ratio at 75%, compared to 43% a year ago and a healthy 6-month supply of detached listings.

Port Coquitlam: A total of 60 properties sold in August, down 5% from July and off 11% from August 2002. New listings are tracking down and total active listings at the end of August were 169, compared to 172 a month earlier. With a sales-to-listing ratio of 60%, this is a healthy seller’s market and worth a look at by buyers. The benchmark home price was unchanged from July at $971,400, the lowest price in the Tri-Cities.

Pitt Meadows: Aside from Squamish and the Sunshine Coast, Pitt Meadows posted the biggest month-over-month detached house price drop in August, with the benchmark price down 2.8% from July 2023, to $1,317,800. Total units sold in August were 23, down 4% from July 2023 but up 35% from August 2022 so the detached price slide is a bit of a puzzle. The supply of total residential listings is steady at 3 month’s supply, while the sales-to-listings ratio of 60% confirms this as a seller’s market.

Maple Ridge: Total sales in August were 119, down 17% from July 2023, but up from 113 transactions in August 2022, New listings in August were down 4% compared to July 2023 and up 17% compared to August 2022. The total supply of residential listings is up to 5-month supply (balanced market conditions), with a sales-to-listings ratio of 43% compared to 50% in July 2023. The benchmark price, at $1,005,700 has held steady (up 1.5%) since August of last year.

Ladner: While detached house listings are now at 6-month supply and in a balanced market condition, the strata sector is a different story with a shortage of both townhouses and condo apartments. Total new listings August were down 43% compared to July 2023. Despite the shortfall, prices are stable: the townhouse benchmark in August was $988,000, unchanged from July, while the condo benchmark was up 2%, month-over-month, to $731,900. Detached prices were unchanged from July, at $1,446,000, up 2% from a year ago. This is a seller’s market with a sales-to-listing ratio of 73% and a tight inventory.

Tsawwassen: Detached houses are now in a buyer’s market with a 9-month supply and August benchmark prices are down 3% from a year ago to $1,547,800. Opportunity awaits detached buyers here. Townhomes are maintaining sales levels while there were more condo sales than new listings in August. There were just 28 sales in all during August, down 15% from July 2023. Active Listings were at 162 at month end compared to 179 at that time last year and 161 at the end of July. With a 6 month supply of total residential listings and sales success ratio of 52%, this is a balanced market.

Surrey: B.C.’s second-biggest city posted mixed results in August, with detached sales and prices flatlining from a month earlier and sales of strata units falling from July 2023. Detached sales reached 175, unchanged from a month earlier, while the benchmark price was down 0.5% month-over-month to $1,675,900. Townhouse sales fell 13%, month-to-month, to 189 transactions and the benchmark price was down 1.3% to $881,600. Condo apartment sales were down 7.6% from July at 207 units and the benchmark price was off 1% to $548,200.

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for July 2023

Fri, 04 Aug 2023 21:43:52 GMT

Highlights of July Dexter Report

Home prices are virtually unchanged in the past year.
Total sales in Greater Vancouver are up nearly 30% from July 2022
Wily buyers take advantage of a summer sales slump
There are now 16,400 properties for sale across Metro Vancouver
Vancouver density plan invites higher taxes for owners

On July 25 the City of Vancouver recommended a massive rezoning of single-family neighbourhoods to create more of what is known as the “missing middle” housing. The province wants to make such ideological-driven rezoning mandatory in every city in British Columbia with legislation promised to come this fall.

The Vancouver concept would allow four to six homes to be built on most RS-zoned lots, or 60 percent of the city’s buildable land, according to the ‘senior green building planner’ for Vancouver. It also restricts the size of any new detached house. The policy, though, has forgotten the major player in the plan: detached house owners, many of whom want no part of it.

The City of Victoria passed a similar rezoning plan in January of this year. Seven months later not a single application has come forward from a detached house owner willing to turn their private land into a multi-unit rental complex.

Many detached house owners are not willing to risk their financial future and peace of mind by jumping on board a plan that they fear, rightly, will transform their quiet communities and expose them to the federal capital gains tax that could grab up to 50% of their real estate equity for investment properties.

Consider this. The average price of a Vancouver Westside detached house in July was nearly $4.3 million. If sold as a paid-for private residence, the capital gains tax would be zero. But, if the owner divided the house into four rentals and lived in one unit and then sold the property for the same price, the owner would be responsible for capital gains tax as the owner of the income-producing property.

As well, under Vancouver’s missing middle plan, the detached house owner could only produce a “below-market rental unit” or a secure rental unit (which means forever); or pay a “set-rate bonus payment” for the increased density as a market rental. There is no definition of what the bonus payment would be, but currently, in the Cambie area, it averages $135 per square foot for the extra space in a new development.

The house owner would also be subject to the GST on any new construction; would be required to build any new homes under Vancouver’s expensive and confusing “passive house” energy regulations; and would be subject to higher property taxes and utility costs yet would only be allowed to increase rents by 2% per year under provincial regulations. Private detached house owners are somehow, miraculously, expected to deliver what seasoned developers, city planners and other bureaucrats cannot: low-cost rentals in Vancouver.

The City of Vancouver will present its missing middle plan to public hearings in September. Expect a lot of discussion.

Prices are not skyrocketing.

There is a lot of media noise being tossed around about “skyrocketing” Greater Vancouver home prices. While true the Benchmark Price is up about 10% from January to July 2023, to $1,210,700, prices are just 0.5% higher compared to a year ago and in a dozen Greater Vancouver communities – including Burnaby North, Coquitlam, Tsawwassen and West Vancouver – composite prices are lower now than in July 2022. On the bellwether Westside of Vancouver, the July benchmark detached house price, at $3,458,000, was up just 1% from a year ago.

The benchmark condo price this July is $771,600, up 2.7% from last year, but condo prices in East Vancouver, Burnaby North and Burnaby East, arguably the most active condo markets in Greater Vancouver, are up less than 1% from July of last year, which should help convince more buyers to take advantage of the summer slowdown to get into the Greater Vancouver market now.

After peaking in May, sales have declined month by month since buyers have now faced two straight increases in the Bank of Canada rate. Greater Vancouver's total sales in July, at 2,455, were down from 2,988 in June to the lowest level since March. In the Fraser Valley, July sales fell nearly 30% from June 2023 and benchmark prices are up an average of 1% from a year ago. But even with the decline in sales transactions, buyers still want to buy, and many sellers are not desperate to sell.

As the summer continues, there will be more opportunities than we’ve seen over the last four months for buyers. With many people away or taking a break from the market, it’s the prime time to be a buyer. Inventories have increased, giving more options, especially in some areas.

The increase in the Bank of Canada rate and fixed rates bumping up over the last month or so have pulled some buyers from the market. Those with 60 to 90-day rate holds are trying to buy before those rate holds expire while others are content to wait out the increases in borrowing costs. With travel and the many local events returning occupying many people’s time, real estate is losing some of the attention it normally would get. Of course, the lack of resale inventory continues to challenge the market and while we wouldn’t expect to see it increase during the summer months, the number of new listings dropped while absorption rates remained close to the levels we’ve seen this year, and in some areas increased. July saw 4,757 new listings after June produced 5,466 new listings after there were 5,776 new listings in May. Year over year, new listings were higher with 4,067 new listings produced last July which is helping would-be buyers in the market.

Don’t expect the higher interest rates to result in more listings. Sales of residential land to developers have fallen 80% in the past year, largely due to rising financing costs, which will stunt delivery of new strata homes into next year, at least. As well, the Financial Consumer Agency of Canada and the Federal Government have issued guidelines for Canadian banks to help homeowners facing significant increases in mortgage costs. Measures such as waiving penalties to break mortgages and increasing amortization periods to lower payments are on the table.

Banks do not want to own homes, so don’t expect increased rates to lead to a major rise in mortgage foreclosures or distressed sales.

Instead, serious buyers should be ignoring summer temptations and shopping through the 10,301 active listings now on the market. Buyers can take advantage of a shallow slump and good selection to secure a property now.

Regional numbers for July 2023

Greater Vancouver: Total transactions reached 2,455 in July 2023, a 28.9% increase from the 1,904 sales recorded in July 2022. This was 15.6% below the 10-year seasonal average and the lowest level in five months. Total inventory at month end, 10,a301 properties, has moved to a 4-month supply, with detached up to 6 months and into balanced market territory. Townhouses and condos are still at a 3-month supply, though price is key for buyers right now. Looking at year-over-year, sales-to-listings ratios are up while condos remained the same. Overall, the 52% absorption in July is showing strength considering the increase in fixed and variable-rate mortgages. The Benchmark Price for all residential properties is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.

Fraser Valley: July new listings, at 2,855, were down 16.6% compared to June 2023 but 19.7% higher than July 2022 levels, and virtually on par with the 10-year average. Active listings climbed by 4.3% over June, bringing the total inventory for sale to 6,199 properties. Sales totalled 1,368 in July, a decrease of 29.3% from June 2023, but still 37.8% above July 2022. Benchmark detached and townhouse prices were down about 2% from a year ago, with detached at $1,543,300, townhouses at $850,300 , while condo apartment prices increased 0.8% year-to-year at $555,500.

Vancouver Westside: Total sales in July, at 438, were down 17% from a month earlier and 19% higher than July 2022. Despite a 10% surge in benchmark detached house prices since January, prices are up just 1% from a year ago at $3,458,000. Competition is fierce for anything under $3 million. In Kitsilano earlier this week there were only 8 detached homes listed below $3 million, and just 4 in Point Grey, with multiple offers being seen. Active listings were 2,366 at month end compared to 2,453 at that time last year and 2,249 at the end of June. New listings in July were down 7% compared to June 2023. Condo apartments dominated July sales with 325 transactions, and benchmarked at $866,300, up 4% from a year ago. The supply of total residential listings is up to 5-month supply and sales to listings ratio is 43% in this balanced market.

Vancouver East Side: The East Side story in July included a 12% dip in sales from a month earlier and a 21% decline from May 2023, with 286 transactions. Detached house prices flatlined from June 2023, at $1,897,200, but are up 3.7% from a year ago. Condo prices are just 0.5% higher than in July 2022, at $717,700. Active Listings were at 1,082 at month end compared to 1,191 at that time last year and 1,082 at the end of June. New listings in July were down 18% compared to June 2023. This is a seller’s market with just a 4-month supply and sales-to-listing ratio of 57%.

North Vancouver: North Van remains a strong seller’s market, especially in the condo sector, which has only a 2-month supply of inventory and a 68% sales-to-listing ratio. The benchmark condo price is $814,400, which has not moved much (up 2%) in a year, despite the robust sales. A total of 185 properties sold in July and sales have tracking down since May. Active listings were at 530 at month end compared to 573 at that time last year and 553 at the end of June; New Listings in July were down 21% compared to June 2023.

West Vancouver: Total sales were 47 in July as the summer siesta affected even the most prestigious market in Metro. This is a buyer’s market with more than 600 active listings and sales ratio in the mid-20% range and a 13-month supply of properties for sale. The Benchmark Price is a north of $2.6 million and the typical detached house sold in July for $3,241,000, down 4.2% from a year earlier.

Richmond: Richmond should be benefitting from Canada’s immigration surge but there is a disconnect in Ottawa: there is a foreign homebuyer ban for two year and no one in charge apparently realized that 500,000 newcomers may need a place to live. There is little relief in sight: when the federal cabinet was shuffled the former immigration minister became the new housing minister. Richmond, the most multi-ethnic enclave in B.C., has seen housing sales drop 26% over the past two months to 294 in July and new listings were down 15% from a month earlier. This remains a seller’s market, though, with just a 3-month supply, a sales ratio of 53% and the Benchmark Price up 2.6% year-over-year to $1,118,300.

Burnaby East: Sales in July, at 47, were lower than even three years ago and new listings dropped sharply 39% from June 2023. Still, with a sales-to-listing ratio of 64% from a limited supply, this qualifies as a seller’s market. Condos are the market maker here, as in most of Burnaby, but the benchmark condo price is frozen, rising just 0.7% over the last 12 months to $803,700 in July.

Burnaby North: Total sales in July were 160, down from 170 in June 2023, but, up from 29% compared to July 2022. Active Listings were at 481 at month-end compared to 475 at that time last year and 440 at the end of June. A seller’s market with a 3-month supply and a sales ratio of 55%, detached houses are the only sector posting year-over-year price gains, with detached prices up 2.4% to just over $2 million. Townhouse prices, by comparison, are down 2.7% year-over-year and condo benchmarks have flatlined at $747,000. The sales ratio is 55% but this more a reflection of supply than demand.

Burnaby South: Total sales wilted 40% over the past two months and July was far from hot with transactions at 139, lower even than in July of 2019 but up 10% from July 2022. The Benchmark Price inched up 1.1% from June 2023 to $1,135,000. There is a tight supply of 457 properties for sale and the sales ratio is running at 59%, the lowest July pace in three years.

New Westminster: The secret is out as buyers have found that the Royal City is one of the best-priced markets in Metro Vancouver. Detached sales, at 119, are up from June 2023 and up 127% year-over-year with a 97% absorption rate. The condo market saw a growth in new listing in July compared to June but, like townhomes, remain in a seller’s market with 2-month supply. The Benchmark Price in New Westminster is $846,400, up 2% from a year ago.

Coquitlam: Sales in July, at 223, were down 16% from a month earlier and 21% from May, but up 57% year-over-year in this seller’s market. The big mover is townhouses, with sales up 157% year-over-year and active listings down from June. The townhouse benchmark is $1,061,900, down nearly 2% from a year ago and it dropped a further 1% in July compared to a month earlier. Detached house prices are holding firm at $1,795,400, as is the overall sales-to-listing ratio of 55%,

Port Moody: Two big residential developments have apparently been approved, including the three-tower Westport Village on the former Andres Wine site, which has been in 18 years in planning. It will supply hundreds of new housing units, eventually, to a market with just a 2-month supply of listings. With total sales of 85 in July, down from one and two months earlier, and a sales ratio of 77%, this is a strong seller’s market. The Benchmark Price is down 6.5% from a year ago at $1,121,500.

Port Coquitlam: Buyers scrambling for more affordability can’t find enough supply in the lowest-priced TriCities market where the Benchmark Price in July was $975,800. Condos are down to a one-month supply. The lack of inventory, just 172 total active listings, has stunted sales, which dropped to 73 in July, the lowest level for that month in at least four years, despite a sales-to-listing-ration of 60%.

Pitt Meadows: The sales-to-listing ratio was 52% in this seller’s market where buyers are chasing too-few listings. With new listings falling, there were only 74 properties on the market at the end of July after 24 sales in the month. Despite a price rally this year, the benchmark detached house price is just 2.4% higher than a year earlier, at $1,355,900. Townhouse prices are down 1.8%, year-over-year, to $836,6000.

Maple Ridge: Total sales have been tracking down since May, but reached 143 transactions in July, up 32% from July 2022. At $739,600, Maple Ridge has the lowest priced townhouses in Metro Vancouver. The benchmark detached house is down 2.4% from a year ago, at $1,307,400. With 622 active listings and a sales success ratio of 50%, this is a seller’s market with stable pricing.

Ladner: There were 22 fresh townhome listings in July compared to just 7 in June 2023, as the benchmark price increased 4.1% from a year earlier to $987,500.
Detached sales suffered from higher lending rates, though as sales dropped to 14 from 23 transactions in June 2023 even as the benchmark price jumped 16% so far this year to $1,50,2000. Prices are still slightly below a year earlier. There are 102 total active listings and a sales ratio of 45% in this seller’s market.

Tsawwassen: Buyers aren’t the problem in Tsawwassen, with an overall sales ratio of 58% and condominium absorption up to 69% from 63% in June. The problem is supply with new listings dropping 9% from June 2023, and just 161 active listings available. The Benchmark Price is down about 2% across the board compared to a year earlier, to $1,222,000, with detached houses at $1,550,600, despite price increase since February. This is considered a balanced market.

Surrey: Detached house sales fell 34% in July from a year earlier but were up 30% from June in a perplexing rally considering recent interest rate hikes. Detached prices, however, have barely moved, up 1.1% from July 2022 to $1,683,300. Townhouse and condo sales are down double-digits from a year ago, at, respectively, $893,000 and $555,000 in July. The Fraser Valley Real Estate chairman summed up the Valley market well: “Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains “We’re seeing less traffic as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

Download June Sales and Listings Statistics All Regional
Download June Sales and Listings Statistics Houses Townhouses Condos
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for June 2023

Fri, 07 Jul 2023 20:55:15 GMT

Highlights of the Dexter Mid-Year 2023 Report

Overall housing sales were 194% higher in June compared to January
Composite home benchmark price is up 8% from the start of the year
Record high prices are being seen in suburban markets
Investors pile in as condo prices are nearing record highs
Vancouver’s benchmark home price is now higher than New York City
Fraser Valley housing sales are up 51.1% from June 2022

The first six months of 2023 proved a thrill ride for Metro Vancouver home buyers and sellers, who switched reins at least three times and still managed to post a surprising pace of real estate transactions, with June sales up 194% from January 2023.

As sales and prices increased, 5,466 new listings joined the action. There were 9,990 properties for sale as June ended, the highest increase month-over-month since earlier in 2022. It was still not enough to satisfy June demand as nearly 3,000 homes were sold. We are still seeing multiple offers at a pace indicative of a true seller’s market. Despite back-to-back months of higher listings, the low inventory keeps buyers competing in most markets, even detached houses in some areas.

In June, the Bank of Canada threw up another interest rate hike to slow the market, but buyers rode right over it. June’s 2,988 total home sales surpassed June 2022 and both sales and prices blew past projections.

“The market continues to outperform expectations across all segments,” said Andrew Lis, REBGV’s director of economics and data analytics.

As they say, what a ride.

Condominium buyers, some of them investors, snapped up 1,573 apartments in June to lead the property trifecta: that was more sales than all the detached and townhome sales combined in the month. As Lis noted, “The benchmark price of a condo apartment is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s 10-year seasonal average.”

Data from the Canadian Housing Statistics Program (CHSP) shows that 45.6% of Vancouver condos are owned by investors who hold at least three condo apartments. In some Fraser Valley markets, it is even higher.

The surprise, though, is not that so many people own multiple condos, but that more don’t. You don’t need to be a statistician to figure out why buyers are drawn to condominiums. In Greater Vancouver, the benchmark price of a condo apartment increased by $47,000 during the first six months of this year, to $767,000. In Abbotsford, which led the province with multiple owners accounting for nearly 70% of the condo investment market, the average apartment price in June was $16,000 higher than in January 2023.

With the highest rental rates in the country – a one-bedroom condo rents in Metro Vancouver for an average of $2,700 a month and can easily top $3,000 – investors with enough equity can achieve positive cash flow as they watch the condo appreciate. Thanks to new provincial regulations, virtually all condos are now rental allowable units since the province outlawed strata rental restrictions, except for a strata still being able to have an age restriction of 55-plus. Even in those, an older tenant can still be welcomed.

Condominiums of course remain the most affordable option as first-time buyers deal with higher mortgage rates and a mortgage stress test rate of 5.25%. The detached-house benchmark is now $1,991,300 and is rising by nearly 2% per month. Scarce townhouses sold in June at a benchmark of $1,098,000, up 9% compared to the first of the year.

The Bank of Canada’s nine interest rate hikes were meant to stall housing sales, and they certainly did. In June 2023, the latest rate hike helped drive detached house sales down 19% from a month earlier, but the median price had already increased about $180,000 compared to January.

To add fuel to the inflationary fire, retail spending in B.C. is now running at a near-record high of $8.9 billion a month.

This all points to another Bank of Canada rate hike on July 12. While inflation hit a low in the recent report in June, today’s jobs number for Canada gives the Bank of Canada fuel to increase their rate. They really shouldn’t, but quite possibly will. Further adding costs to Canadians at a time when it can least be afforded. Can this market withstand a 5% or 5.50% prime rate and a mortgage rate above 7%? We are about to find out as this fast-paced real estate year heads into the second half.

Regional market numbers:

Greater Vancouver: There was only a three-month supply of total listings on the market in June and a benchmark price of $1,203,000, which was up 8.5% from the start of the year. (As a reality check, the comparable benchmark price in New York City is US$829,000, or $1.12 million Canadian.) Townhomes continue to be the least available home in the market, and that will continue to be that theme for years to come. In the first quarter of this year, only 112 new townhouses started construction. It is not a priority of city planners and there is no creativity to densify with townhouses, be it a strata or the rare freehold row homes. With the price of land so high in Vancouver, the cost of construction at record levels and municipal development fees increasing, developers are forced to build to the maximum density allowed to reach any relative level of affordability. Active listings flirted with 10,000 during the month but finished at 9,990. June’s overall sales-to-listing ratio was 55%, down from 59% in May but still showed strength considering the bump up in fixed and variable rates.

Fraser Valley: June housing sales rocketed past all projections, soaring 51.1% from June 2022 to 1,953 transactions, which was also up 13% from May 2023. But new listings were down 3% from May and off 2.8% from a year earlier." Prices continue to trend upward, with lack of supply and high demand for housing,” noted Narinder Bains, chair of the Fraser Valley Real Estate Board. While prices were down marginally from June 2022, they continue to increase this year. The June detached house benchmark was $1,526,600, up 2.3% from May; townhouse prices increased the same amount to $845,400; and the condo apartment benchmark was up 1.8% month-over-month at $552,200.

Vancouver Westside: Just 75 detached houses sold in June, down from 109 in May but up from 71 in June 2022, while the benchmark price was $3,418,700, 9.9% higher than in January and 2.4% above May 2023, but down 3.2% from June 2022. Townhomes and condos are still in seller’s market conditions. There were only 130 new listings for townhomes in May and 62 of them sold, for a 48% sales success ratio at a benchmark price of $1,497,000, a record price that is 2.7% higher than in June 2022 and nearly $180,000 higher than in January 2023. Condos dominated sales, with 390 transactions, a sales-to-listing ratio of 50% and a benchmark price of $856,000, also a record high, and up nearly 7% from the start of the year.

Vancouver East: The June benchmark price of a detached house in Vancouver East, at $1,879,700 was 31% higher than pre-pandemic 2019 and 9.6% higher than in January 2023. That is an increase of more than $180,000 in six months. The detached sales ratio is running at 43%, signaling a moderate seller’s market. Townhomes are deep into a seller’s market, with a sales-to-listing ratio of 61% and a benchmark price up nearly 8% from six months earlier, at $1,108,900. Good news for buyers is that townhome prices have remained nearly unchanged from three months ago. The June benchmark condo price, however, set a record in June of $856,000, up 1.2% from a year ago and 7% higher than in January 2023. In the first half, 696 condos were sold in Vancouver East, compared to 1,058 in the same period last year. Currently, the sales-to-listing ratio is 58% in this seller’s arena.

North Vancouver: With just a 2-month supply of total listings, and a sales-to-listing ratio of 68%, this is a strong seller’s market. New listings were down in all property types compared to May while the benchmark home price is the second highest in the region, at $1,409,100, a price up 8.6% from six months ago, though still 2% below June 2022.

West Vancouver: If they can handle the prices, buyers are in control of West Vancouver’s detached-house sector, where the median price in June was $3,418,000, up more than $500,000 from a month earlier, though sales dipped to 28 transactions, down from 41 in May 2023. There is a 15-month supply of houses, with sales at the lowest level in five months. Townhome listings are disappearing: 5 new listings in June and 6 sales. The June benchmark condo price was $1,339,700, a record high, even with a relatively low sales ratio of 37%.

Richmond: With a lack of listings and a sales ratio of 57% across the board, Richmond is a seller’s market that is testing a new record high for prices. The benchmark price in June was $1,185,500, nearly matched with June of 2022 and 9% higher than in January 2023. In June, 95 detached houses sold at a benchmark of $2,182,000, up 10% from six months ago. Condo sales reached 192 units, even a month earlier, but the benchmark price was down 1% ,month-to-month at $739,800.

Burnaby East: A severe shortage of listings combined with a 73% sales-to-listing ratio is driving all prices higher. June detached house sales doubled from May 2023 even as benchmark prices hit a record high of $1,912,200 – and that was still the lowest detached price in Burnaby for the month. Mark this a seller’s market on steroids with the composite home price up 9% from the first of the year, and the strata market averaging an 83% sales success ratio with just a 2-month supply of listings.

Burnaby North: Despite the Amazing Brentwood, Gilmore and Lougheed building booms over the past few years, there is still a shortage of strata homes for sale. Townhomes, for instance, are seeing a 93% sales-to-listing ratio and June benchmark townhouse price was $903,500, up 6.7% from January 2023. Condo apartments sold at a benchmark of $753,800, the highest price on record. Still strata prices are far below detached houses, which reached $2,039,400 in June, up 2.9% from a month earlier.

Burnaby South: This is also a seller’s market, with just a 3-month supply of listings based on current sales level. The overall sales-to-listing ratio is a robust 61%, led by condos, where 70% of new listings sold in June at a benchmark price of $812,100. A crack in the seller’s advantage is the detached house sector, with a more modest 39% sales success ratio, but the detached benchmark is $2,213,200, up 9.5% so far this year.

New Westminster: Multiple bids are now common in New Westminster, with both detached and townhomes selling for more than the list price. Not a surprise with just a 2-month supply of total listings and a total of only 40 new non-rental housing starts so far this year in the entire municipality. The benchmark townhome price in June was $945,100, up 7.2% from January 2023, while condos are selling at a record benchmark of $653,400. Detached houses were also at a record high in June of $1,570,600, up 11.6% (yes, more than $158,000) from benchmark at the start of 2023.

Coquitlam: One must wonder if supply is the answer to affordability when one looks at Coquitlam, which has been characterized by construction cranes for years. There was only a 2-month supply of strata homes on the June market and prices skyrocketed. The condo benchmark is now at an all-time high of $737,500 and is rising by 1.3% per month this year, with a sales ratio of 70%. The overall sales-to-listing ratio is 61%, which is eating into the tight supply. Detached-house benchmarks hit a record high of $1,787,000 in June and there is just a 3-month supply of houses listed.

Port Moody: 100% of the condos listed for sale sold in June, to give an idea of the tight supply in a market blessed with SkyTrain service but cursed with a low housing starts for years. Big new strata projects are in play but still two years away from completion. June total sales were higher than in June 2021, which was the former market peak. Townhomes are selling at just over $1 million, and the benchmark condo apartment price is $728,000, 7.2% higher than in January. June saw 21 detached houses sell at a benchmark of $2,035,000, up 1.4% from May 2023 but 7% below June 2022.

Port Coquitlam: There is a 2-month supply overall with a 65% absorption rate, but only a 1-month supply of townhomes and condos with sales ratios of 78% and 73%, respectively. The June benchmark home price, at $967,900 is up 9.2% from the first of the year, and down just 1.3% from June 2022. This is a tight seller’s market.

Pitt Meadows: This market was very popular during the COVID period and has come back into fashion this year. In June, the detached sales-to-listing ratio was 100% and the benchmark price for a detached house has soared 13.8% so far this year – the highest increase in Metro Vancouver – to $1,319,000. There were only 12 active townhouse listings and 14 condo active listings at month end.

Maple Ridge: With the composite home price rising 9.4% since January to reach $997,900, the overall market has just a 3-month supply with strata listings down to only a 2-month inventory. New listings are taking up a sales ratio of 56% in this seller’s market.

Ladner: Ladner saw the first price drop in the townhome benchmark price when it dipped a mere 0.2% from May to June’s $971,700, a price up 13.5% from January to mark the highest six-month townhouse price rise in the Metro region. There were just 11 active townhome listings at the end of June, and just 7 total condo listings. Meanwhile, the detached house benchmark was $1,422,900, up 10% from January and 14.2% higher than at the end of the first quarter. This is a seller’s market with price momentum and a sales-to-listing ratio of 62%.

Tsawwassen: This is a more balanced market in the detached-house sector, with about a 5-month supply of listings. The benchmark detached price in June was $1,596,700, up 10.8% since January at sales-to-listing ratio of 62%. Townhouse benchmarks are at $999,600, up 10.3% compared to January, and the condo benchmark in June was $690,700, 7% higher than when this year started. Strata listings are at a 3-month supply, based on current sales.

Download June Sales and Listings Statistics All Regional
Download June Sales and Listings Statistics Houses Townhouses Condos
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Summary of Government Regulations & Dates

Wed, 07 Jun 2023 21:12:00 GMT

Government Regulations & Dates City of Vancouver Empty Homes Tax:

The City of Vancouver Empty Homes Tax is 3% for any homes deemed empty in 2023.
Declaration Due Date is February 2.
All homeowners must complete a declaration and confirm exemptions, if applicable.
Clauses required in CPS to protect the buyer.
More information: City of Vancouver Empty Homes Tax

B.C. Speculation and Vacancy Tax:

The BC Speculation and Vacancy Tax is 0.5% for Canadian Citizens or Permanent Residents and 2% for foreign owners and satellite families.
Declaration Due Date is March 31.
All owners on title must complete a declaration, even if they are spouses.
Areas covered include the Capital Regional District (Victoria and surrounding areas), Metro Vancouver Regional District (including Lions Bay and Squamish), Langley, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, and Lantzville (use the link to confirm areas).
No clauses needed in CPS to protect the buyer.
More information: B.C. Speculation and Vacancy Tax

Canadian Underused Housing Tax:

Starting in 2023 for the 2022 tax year, there is an annual 1% tax on the taxable value of a vacant or underused residential property that is directly or indirectly owned by a non-resident non-Canadian.
CRA filing is required by April 30th.
Excluded Owners (Canadian Citizens and permanent residents of Canada) do not have to file, but some exceptions may trigger a requirement to file.
This tax applies to all of Canada.
No clauses needed in CPS to protect the buyer.
More information: Canadian Underused Housing Tax

B.C. 3-Day Home Buyer Rescission Period:

Effective January 3, 2023.
Affects residential properties other than leasehold, auction, court order, presale.
Provides a buyer with a 3-day rescission period starting the day after acceptance, excluding Saturdays, Sundays, and holidays.
If a buyer rescinds, they are required to pay the seller a 0.25% penalty, which can be paid from any deposits held in the brokerage trust account or pursued by the seller if no deposits were given.
The rescission period cannot be waived.
The Contract of Purchase and Sale must contain the exact rescission amount based on the purchase price, the contact for sending rescission notice, the final acceptance date, and the last date rescission can happen.
Rescission can be done using the required form by registered mail, fax, or email with a read receipt.
More information: B.C. 3-Day Home Buyer Rescission Period

B.C. Foreign Buyer Tax:

The tax is 20% for foreign nationals, foreign corporations, or taxable trustees.
Applies to the Capital Regional District (Victoria, Saanich, and surrounding areas, Gulf Islands), Fraser Valley Regional District (through to Hope), Metro Vancouver (to Lions Bay), Central Okanagan, and District of Nanaimo.
Contact the provincial government for clarification at 1-888-841-0090 or attenq@gov.bc.ca

Canada 2-Year Foreign Buyer Ban:

Starting January 1, 2023, non-Canadian citizens and non-permanent residents are prohibited from purchasing residential property in Canada for two years, whether directly or indirectly (meaning buyers not on the contract but acting as a beneficial owner are also prohibited).
Agreements signed before January 1, 2023, are not subject to the prohibition.
The ban applies to properties in either a "census agglomeration" or a "census metropolitan area," with certain exemptions such as Whistler. You can refer to the following link for more information: link
The prohibition applies to residential properties and buildings with up to three dwelling units (multi-family rental buildings). Vacant land is exempt as of March 27, 2023.
The ban applies to individuals and corporations with a non-Canadian ownership interest of 3% or more.
Some exemptions may apply, and it is advisable to consult the legislation and seek legal advice to determine if they are applicable.
Violation of the Act can result in a $10,000 penalty for all parties involved, including the buyer, seller, lawyer/notary, real estate agent and brokerages, lenders, etc. Additionally, a court order may be issued to sell the property, with any profit going to the government.
A property may be exempt from the Foreign Buyer Ban but could still be subject to the Foreign Buyer Tax.
Buyers should sign the Certificate and Consent of Purchaser form to confirm their eligibility to purchase.
The Canada Mortgage and Housing Corporation (CMHC) provides comprehensive information on the ban, including a feature to look up an address and determine if it is exempt. You can find more information at the following link: link

Anti-Flipping Rule:

The anti-flipping rule is applicable nationwide and is based on Canada Revenue Agency (CRA) filing requirements.
Any individual who sells a property within a period of less than 12 months would be considered to be flipping the property and subject to full taxation on their profits as business income.
Some exemptions exist, and it is advisable to seek advice from an accountant to understand the specific details and implications.
Assignments are currently exempt – that could change.

Sales and Listing Report for May 2023

Mon, 05 Jun 2023 23:51:31 GMT

Highlights

May average home price $200,000 higher than in January
May home sales-to-listing ratio a sizzling 59%
Total sales are the highest this year and higher than in May 2022
Surrey detached new listings were up 53% from April 2023
Overall higher listings may point to a price plateau this summer

After five months that defied most predictions and pundits, the Metro Vancouver housing market has righted itself - as we’ve been saying the last few months, while quickly shifting to a seller’s market. But the potential is there to be more balanced between buyers and sellers as we sail into the summer.

May exposed a slight tilt in that balance in favour of buyers, with sellers about to face a more competitive environment with the increase in new listings that happened in May. And depending on what happens with the Bank of Canada’s interest rate announcement on Wednesday, that could change some buyers’ ability to compete.

Back in January and before – when the headlines were full of predictions of a recession and a continued housing downturn - we urged homebuyers to jump into the market to take advantage of the dip. Since then, the average home price in Greater Vancouver has shot up by $200,000 and the sales-to-listing ratio has risen from 29% to 61% in April before settling to 59% in May, close to the hottest markets in 2021 and early 2022.

We based our forecast not only on the strength of the regional economy but on decades of experience as real estate professionals at Dexter Realty. We have seen deep downturns and heady highs before, so we understand the patterns and how quickly it can change.

While May 2023 marked the fifth straight month-over-month increase in sale and price, it also sent the first signals of a chance for a market shift.

While we are still in a seller’s market in most areas and property types, if the increase in new listings continues, this will favour buyers. And perhaps some buyers are waiting for the June 7 Bank of Canada announcement, which could affect mortgage rates.

The evidence is in the number of sales and listings in May, and when they occurred. It is all about momentum.

In May 2023 a total of 3,411 residential properties sold in Greater Vancouver, not only the highest sales of this year but the first month in 2023 that sales were higher than the same time a year earlier and the first time this trend occurred in the last few years.

The average (not benchmark) home price in May reached $1,315,617, the highest level since April 2022 and up nearly 3 per cent from May of 2022.

This would all point to a seller’s market, except that, unlike previous months this year, May sales were slightly lower in the second half of the month compared to the previous two-week period to start May. At the same time, new listings increased, rising from 2,909 at mid-month to 5,776 at month’s end, compared to 4,399 in April 2023. May tends to be the most active month of the spring market, so we could see that shift come June.

In the Fraser Valley, new listings in May, at 3,533, were 42% higher than in April (with detached listings up a startling 61%) while sales increased just 10% month-over-month to 1,711.

So, as May ended, we were seeing parallel momentums: many more listings and perhaps the peak of sales.

While the last few months have been characterized by multiple offers and increasing prices, we will now see more competition among sellers. It will take many more listings to ease the competition amongst buyers but May was a start.

With the increase in listings comes some great opportunities for buyers. Work with an experienced REALTOR® who can sniff out the right property that’s gone under the radar. This isn’t 2021 when prices went wild. There is now a sense of control, and, for some properties, buyers are not willing to compete or take on the price that sellers are asking.

Buyers must practice patience now, which is difficult after months of low inventory. We are going to see listings increase, the sales-to-listing ratio settling down and more competitive pricing offered by sellers. In short, hopefully we’ll see some balance come into the market for the first time in in three years.

Of course, all real estate markets are unique, and not all will follow the same trajectory immediately.

There were 9,293 active listings at month end, above the 8,790 at the end of April. Yet some areas had fewer active listings in May than a month earlier, so it’s important to look locally when doing direct comparisons.

Vancouver East saw a slight uptick in the sales-to-listings ratio while North Vancouver maintained its high rate at 66%. Both locations were called out by the provincial government for not doing enough to supply housing in its recently released list of the municipalities that aren’t building enough homes. Port Moody, on the heels of less sales in May compared to April, saw its absorption rate fall from 91% to 65%.

Ladner led the way in May with a 108% sales-to-listings ratio as there were more sales than new listings there. Not surprising, Delta was also cited by the province for not supplying enough homes.

Overall Greater Vancouver remains with 3-months’ supply of listings – and with the current number of sales we’d need to double the number of active listings to get into a truly balanced market, but listings are finally increasing.

Best advice to buyers: Work with your trusted REALTOR®, get pre-approved for financing, narrow your search and be ready when your agent finds that ideal property. Do your homework and keep within your budget.

Best advice to sellers: Prices have risen 1.5% per month this year, but do not expect that to be automatic. A property priced right will attract a slew of potential buyers (it is not uncommon to see 40 people through a weekend open house) but if it is priced above the market or not showhouse ready, buyers now have the option to move on to the next new listings.

A summary of the regional markets

Greater Vancouver: A total of 3,411 residential properties sold in May, up 24% from a month earlier and, for the first time this year, higher than in the same month in 2022, when 2,947 transactions were counted. The surge in prices surprised us all, even the Real Estate Board of Greater Vancouver (REBGV). “Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up by about 2% at year-end. Instead, home prices are already up about 6% or more across all home types.”

As of May 23, the composite benchmark price was $1,118,000, up 1.3% from a month earlier; the detached house price was up 1.8% to $ $1,953,600. While townhouse prices remained virtually the same as in April, at just over $1 million, condo apartment prices were up 1.1% month to month to $760,800.

Active Listings were at 9,293 at month end compared to 8,790 at the end of April; new listings in May were up 31% compared to April 2023. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 62% in April 2022 and 45% in May 2022.

Fraser Valley: Total Valley sales reached 1,711 in May 2023, up 25% from May 2022 and 10% higher than in April 2023. With new listings up 42% from April, there were total active listings of 5,588 at the end of May, 20% higher than a month before. The benchmark composite home price in May was $961,702, up 6.7% from April 2023 and 3% higher than in May 2022.

Vancouver Westside: Metro’s bellwether housing market saw 624 sales in May, up 33% from a month earlier and 7% higher than in May 2022. The May 2023 benchmark detached house price has increased 5.7% (or $193,000) in the past six months and took another 0.5% step up from April to $3,338,800. Townhouses sold for $1,457,500, down 3% from April, and condo apartments sold in May 2023 at a benchmark of $849,800, up 4.8% over the last three months. Active listings were 2,115 at month end compared to 2,460 at that time last year and 1,992 at the end of April, but new listings in May were up 40% compared to April 2023. With a 3-month supply of total residential listings, the sales-to- listings ratio is a healthy 53% compared to 56% in April 2023 and 46% in May 2022.

Vancouver East Side: Vancouver is one of the cities named as needing to increase new home starts and it is easy to understand, since East Vancouver, like the Westside, also has just a 3-month supply and a sales-to-listing ratio above 50%. The problem is new homes are more expensive, largely because of government fees and taxes, which have increased sharply. A recent study showed a typical new $840,000 condo apartment in Vancouver includes $327,565 in government costs. An Eastside resale condo had a benchmark price of $707,000 in May, up 1.9% from a month earlier, while townhouses were at $1,109,100, the same as in April, and detached houses sold in May for at a benchmark of $1,822,700, up 2.5% from a month before. Total May sales were 360, up 35% from a month earlier and 13% higher than in May 2022. Active Listings were at 1,006 at month end compared to 1,173 at that time last year and 939 at the end of April. This is a full-on seller’s market.

North Vancouver: Total housing sales in May were 288, up 32% from a month earlier and 3% above May 2022. The composite benchmark home price is $1,397,500, up 5.5% from six months ago and 1.8% higher than in April 2023. While new listings increased 32% from April, total active listings were 514 at the end of May, representing just a 2-months’ supply of housing, with townhouses down to a 1-month inventory. The sales-to-listing ratio has held steady at 66% for two months. The benchmark price for a detached house is now just 4% below May 2022, and, at $2,269.400, the highest level this year.

West Vancouver: The benchmark price of a detached house in West Vancouver in May was nearly unchanged from six months ago, at $3,111,600. Total housing sales, mostly detached houses, were 80 in May, up 16% from April 2023 and 16% higher than in May 2022. With 529 total active listings, there is a 7-month supply in a balanced market where the sales-to-listing ratio is 35%.

Richmond: Two large strata projects in Richmond totaling 1,200 units have been cancelled, the latest the 400-condo Minora Square on May 26, where pre-sale buyer deposits are being refunded. Perhaps a resale condo is a safer bet, since Richmond has also raised new condo development cost charges to around $25 per square foot. In May, a total of 396 homes sold in Richmond, leaving a total inventory of 1,043 properties (a drop from 1,602 at the end of April), or about a 3-month supply, with a 61% sales-to-listing ratio. Prices are rising sharply. The benchmark detached house price is up 7.7% since December 2022, at $2,189,600; and the benchmark condo price in the same period is up 9.6% to $747,00. Townhouse prices are 0.2% higher than a year ago, at $1,119,900.

Burnaby East: Burnaby East saw 39 home sales in May, up from both April 2023 and May 2022 and it now has 90 active listings. With a sales ratio of 57%, the benchmark home price is up 4% since the start of the year, at $1,159,600. This is a seller’s market with just a 2-month supply of homes on the market.

Burnaby North: Burnaby has the most new housing in the works across the region, with a total of 10,630 new strata units envisioned in four massive projects from Brentwood to the Edmonds area, according to an open house May 30 at Burnaby City Hall. All four sites require rezoning. However, Burnaby also wants to increase development fees to help cover the cost of an extended array of infrastructure, including firehalls, RCMP police stations, homeless shelters and “composting and organic processing facilities,” which will add to new strata prices. The new homes are needed. Burnaby North has just a 2-month supply of active listings and they are selling at a pace of 63% per month. The benchmark condo price is now $805,800 and townhouses sell for $902,200, both up about 6% from the first of this year.

Burnaby South: Total units sold in May were 233, up 8% from a month earlier and 43% higher than in May 2022. The benchmark composite home price is up 5.5% since January 1, at $1,112,300; and detached house prices are up 8% in the same period to $2,177,100, the highest in Burnaby. New listings in May were up 20% compared to April 2023 but down 7% compared to May 2022. The supply of total residential listings, at 404, is steady at a 2 month’s supply (seller’s market conditions) with a sales-to-listings ratio of 73%.

New Westminster: The benchmark price for a detached house in the Royal City was $1,525,800 in May, up 5% from the start of 2023, but the overall composite price remains among the lowest in Metro, at $827,600. A total of 142 residential properties sold in May, 26% higher than a month earlier and up 27% from May 2022. Active Listings were at 258 at month end compared to 313 at that time last year and 238 at the end of April. This is about a 2-month supply as the sales-to-new-listing ratio has been running at 70% in both May and April.

Coquitlam: Total May sales reached 284, up 35% from April 2023 and 16% higher compared to May 2022. Active Listings were at 555 at month end compared to 642 at that time last year and 495 at the end of April; new listings in May were up 38% compared to April 2023, perhaps because sellers see what is happening. The benchmark home price has increased 4.7% so far this year to $1,114,900 and the sales-to-listing ratio has been over 60% for four months. This is a strong seller’s market.

Port Moody: This Tri-City community has a history of slow development, and it is on the list of cities where the province wants to see more housing starts. Port Moody now charges $33,453 per detached or duplex lot in development fees and tacks from $11 to $14 per square onto new strata units, so that will add to new home prices. Right now there is just a 2-month supply with only 184 active listings. Benchmark home prices are still 9% below May 2022, at $1,112,300. The sales to listing ratio, though, was 65% in May and 91% in April, so supply could disappear quickly.

Port Coquitlam: Total units sold in May were 91, up from 76 in April 2023 and the very same at in May 2022, but the composite benchmark home price is down 6.9% year-over-year, at $951,800. Detached houses were benchmarked in May at $1,392,100, up 8.5% from January 1, but still 8% lower than a year ago. While new listings in May were up 89% from April 2023, there are only 153 active listings, enough to last about two months, with a sales-to-listing ratio running at 62%.

Pitt Meadows: Just 30 homes sold in May, but that was 44% better than April 2023 and higher than the 28 sales in May 2022. Detached home prices, while lower than last year, have soared 10% from the start of this year to a 2023 high of $1,274,800 in May. Active Listings were at 71 at month end compared to 84 at that time last year and at the end of April; New Listings in May were down 17% compared to April 2023 and the hot sales-to-listings ratio of 86% shows the current supply may not last long.

Maple Ridge: With 218 sales in May, total transactions were up 35% from a month earlier and 23% higher than in May 2022. The benchmark detached house price has increased 7.6% over the past three months to $1,261,700, with townhouse prices up to $768,100 after a 2.4% increase from a month earlier. The post-COVID slump in Maple Ridge appears over, with a sales-to-listing ratio in May of 63% and 62% in April in what has become a seller’s market with 539 active listings available.

Ladner: Delta is another of the Metro region cities called out by the province for not building enough new homes. Ladner, for example, only has 85 active listings (down from 100 at the end of April) and the May sales-to-new-listing ratio was 108% and new listings were down 14% from April 2023, while sales increased 26% to 54 transactions. The benchmark home price in Ladner is up 7.2% since the start of the year, at $1,144,200. There were more strata sales than new listings in May, which saw townhouse benchmark prices rise 10.4% so far this year to $973,800. Condo benchmark prices are at $704,800 in May, up less than 2% since January, however.

Tsawwassen: Total units sold in May were 62 up 15% compared to April 2023, up 44% higher than in May 2022. Active listings were steady at 166 at month end compared to 165 at that time last year and 167 at the end of April; New Listings in May were up 23% compared to April 2023. Total residential listings are at a 3 month’s supply (seller’s market conditions) and the sales to listings ratio of 68% compares to 73% in April 2023. The benchmark home price in May was $1,221,900, up 5.6% from the first of this year but nearly 9% below the price in May 2022. Townhouse sales are particularly slow and the benchmark price of a townhouse, at $1,005,700 in May, has barely budged in two months.

Surrey: B.C.’s second-biggest city saw 855 total sales in May, almost evenly divided among detached, townhouse and condo properties, but there the similarity ends. Detached sales, at 284, were up 44% from a year earlier and 11.4% from April 2023. The average detached price was $1,784,000 in May, up 8% from a month earlier. There were 246 townhouse sales, up 8% from a year earlier and 14% higher than a month earlier, while the average townhouse price was up just 0.3% from April 2023 to $878,396. Condo apartment sales, at 225, were up 1.8% year to year, and 1% month to month, while the average price was up 3.3% from last year and 6.6% from April 2023, at $560,180.

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for April 2023

Fri, 05 May 2023 19:17:50 GMT

Highlights of the April Market Report

We are now in a seller’s market across Greater Vancouver
Multiple offers are being seen as buyers roar back
Buyers must brace for higher new home prices in ‘24
Greater Vancouver sales are up 166% since the start of the year
Fraser Valley detached house prices are up $60,000 since January

As much of Canada suffers under a belief that the housing market has tanked, Metro Vancouver homebuyers are quietly and efficiently setting month-over-month sale increases this year and are already being rewarded by rising prices.

Consider this a wake-up call.

Total April housing sales across Greater Vancouver hit 2,741 transactions, up from 2,535 in March and a 166% increase from January 2023 and the highest monthly level since May 2022. Benchmark home prices so far this year are up 5%. Based on the current benchmark, that is an increase of nearly $60,000, and prices are still rising by 2.4% a month.

In the Fraser Valley, April sales totalled 1,554 homes, even with a month earlier and up 148% from January of this year. The benchmark detached house price is up $100,000 compared to January and the typical condo sold in April at $503,700, up $30,000 from the start of the year.

This was not foreseen by most; and in April, Canada Mortgage and Housing Corp., the federal housing agency, told us that the Metro Vancouver average home price could fall as much as 24 percent this year and it didn’t see a sales recovery until 2024-25.

On the street, the reality is much different. With the Bank of Canada halting rate increases, buyers are more confident and are back in a big way. The April competition for new listings was astounding: over 20 offers for a detached house in Ladner; 10 to 20 offers for condos throughout the region, including downtown Vancouver among the many anecdotal reports from the field. With a consistent shortage, any townhouse listing attracted multiple buyers, and the sales-to-listing ratio hit a jaw-dropping 185% in April for Port Moody townhouses.

The real estate market has turned quickly and is fast approaching 3,000 sales a month. If this happens in May, as we suspect, it would be the first time since April last year that Greater Vancouver has achieved that number.

Another signal of the turnaround is new housing starts, which have roared back and may help to alleviate the continued lack of new resale listings. In the first quarter of 2023, 7,318 new homes started in Metro Vancouver, up 69% from the same period last year. The current residential construction pace, if maintained, would result in more than 29,000 starts this year in Metro Vancouver, the highest level in three years. But this will take time to have any effect on the market and will require many more starts.

A big test of the new condo market is now being conducted on the Burnaby-Coquitlam border this month where a brand-new condo tower complex is finished and offered for sale. Normally, new condos are sold as pre-sales, but these 262 apartments at the City of Lougheed are move-in ready. This is a bold and rare test of the condo market and should give a strong indication of current demand. We would not be surprised by a quick sell-out.

However, we are less certain that buyers will be flocking to purchase new homes in 2024 because of startling government-imposed cost increases. Costs keep getting added to the equation and for some developments, it may not be feasible to move from the planning to the building stage.

Here are some of the recent increases homebuilders are now dealing with:

On April 19, the Metro Vancouver Regional District board of directors approved a motion to make real estate developers pay 99% of the cost for water and sewage upgrades across the district. Currently, developers pay 83% for sewage upgrades and 50% for water infrastructure, so this is a big increase, especially since three large water-treatment projects are currently underway, totalling well over $10 billion.
Led by a 47% increase in Richmond and a 33% hike in Coquitlam, suburban municipalities across the region are raising development cost charges on new residential construction going into next year.
On May 1, the B.C. Step Code building code for new residential construction was legislated across the province. This ‘green’ building code, the most rigid in Canada, will outlaw natural gas in new buildings and add thousand, even tens of thousands of dollars, to the cost of new homes, especially detached houses, and high-rise concrete condos.
Changes to B.C.’s contaminated land regulations, just coming in, will add an extra $80,000 to $100,000 in testing alone, and delays to a new strata project before construction even starts
Residential land prices – and the cost per buildable foot – are soaring right across the Lower Mainland. Recently, residential sites in North Burnaby and Surrey Central sold for more than $25 million per acre; a 1.3-acre land assembly in Coquitlam sold in March for $24.5 million; and Vancouver is seeing residential development land trading at $90 million per acre or more.

Best advice: buy an existing home this year, and the sooner the better. Existing homes can’t be replaced for nearly the same price, and resale values are increasing month-over-month.

A look at the regional numbers:

Greater Vancouver: Total housing sales in April were 2,741, up 8% from a month earlier and 166% higher than in January of this year and off just 16% from April 2022. By next month, the script will shift as sales begin to be higher compared to a year ago. For true market comparison, April sales this year were 48% higher than in April 2019 before the pandemic hit and everything went crazy. However, listings are the laggard, down 1% this April from a month earlier; and total active listings, at 8,734, represent just a 3-month supply at the current sales pace. The inventory shortfall is leading to multiple offers and rising prices, with April’s benchmark price up 2.4% from a month earlier; detached house prices and condo prices are 3% higher at $1,915,800 and $752,300, respectively. With 500 sales in April, and a high sales-to-listing ratio, townhouse prices were up 2.1% from March to $1,078,400. Greater Vancouver is now a sellers' market in all property types, with an overall sales-to-listing ratio of 62%.

Fraser Valley: The Fraser Valley Real Estate Board posted 1,554 sales in April, virtually unchanged compared to March 2023 and up 5.1% from April 2022. Listings were down 31% from April 2022 however, to 2,478. There are now 4,632 active listings, down 2.2% from March 2023 and 14% below April of last year. Prices are rising as buyers bid on fewer listings. Detached-house prices, at $1,442,900, were up nearly 4% from March 2023; townhomes increased 1.7% month-over-month to $808,000; and the benchmark condo price was up 1.6% in the same period to $530,200. Strata prices are down from 9% to 13% from a year ago, with detached prices off 17% from April 2022.

Vancouver Westside: The Westside saw condos in a seller’s market in April, while townhouses jumped up to 7 month’s supply and the detached-house sector is still in balance. But new listings were 9% lower overall in April compared to March, so buyers are purchasing what they can. In all, 468 sales were recorded in April, nearly 50% higher than in February and up 4% from March 2023. Prices are rising fast: the benchmark detached house price is now $3,313,200, up 9.7% (about $310,000) since January and up 3% from March. Townhouse prices shot up 6.5%, month-over-month to $1,481,900 and typical apartments sold for $848,000 in April, an increase of 2.5% from March. The supply of total residential listings is steady at a tight 4-months in this seller’s market. April’s sales-to-listings ratio of 56% compared to 49% in March 2023 and 48% in April 2022.

Vancouver East Side: Compared to a year ago, East Side sales and listings were down sharply from a year ago, but sales were also lower than in March 2023, with 267 transactions in April compared to 287 a month earlier. There were 939 active listings as of April 30, up from 899 at the end of March. The total inventory represents a 4-months’ supply as the sales-to-listing ratio is a strong 55% in this seller’s market. The median price of the 75 houses sold in April was $1.95 million, up nearly $150,000 from a month earlier. Condos led the sales parade, with 113 sales at a median of $657,000, up marginally from March, while median townhouse prices increased to $1,405,000, up about $50,000 from April of last year. Over the past three months, the overall benchmark price is 5.4% higher, at $1,312,400.

North Vancouver: April sales continued a trajectory that has seen transactions rise 46% over the past two months to reach 218. Benchmark home prices have followed the lead, rising 7% since January to $1,369,900 in April, with detached house prices up nearly 8% in the same period to $2,192,200. Despite new listings falling 10% from March, total active listings at the end of April were 495, nearly identical to a year earlier. We estimate there is a mere 2-month supply of total listings, with the sales-to-listing ratio running at 66%, up from 58% from both a month and a year earlier. This is a seller’s market that is gaining momentum.

West Vancouver: Metro’s second-most expensive housing market is not known for a high number of sales and April was no exception, with 60 transactions, down 6% from a month earlier, though 43% higher than in February. New listings, though, were 94% higher than a year ago, so the market is stirring. We are calling this a balanced market, but shifting to a buyer’s advantage for those who can afford it. The benchmark price of a detached house, which dominated the market with 43 sales in April, is $3,111,600, up 3% from March, but still 8% lower than a year ago. The overall sales-to-listing ratio is 38% and has held steady in that range for two months.

Richmond: The ban on foreign homebuyers that came into effect on January 1 apparently had zero effect in Richmond, despite some concerns. Sales are following similar patterns to other markets, with 338 transactions in April up 51% from February and well above January. Prices are also firming in Richmond: the benchmark price is $1,179,200, down just 1.7% from a year ago and rising an average of 2% per month since the start of the year. Active listings were at 1,062 at month-end compared to 1,197 at that time last year and 1,049 at the end of March. This is a seller’s market, with the sales-to-listing ratio in April at 67%, which compares to some of the best months of early 2022, and there is just 3-months’ supply of inventory. Housing starts are rising, however, with 507 new homes breaking ground in March, up from just 62 in March 2022 – nearly all the new starts are multi-family units, including 37 new townhouses. So many more townhouses are needed.
 
Burnaby East: Total sales in April were just 34, but that was up 70% from a month earlier and just 6 units lower than in April of last year. The benchmark price rose 0.4% from March, to $1,114,900, while the detached house price increased 1.3% to $1,749,700, still the lowest in Burnaby. Active listings were 76 at month-end compared to 67 at that time last year and 85 at the end of March. The inventory of total residential listings is down to 2-month supply. This is a seller’s market on steroids, with a sales-to-listings ratio of 81% compared to 43% in March 2023 and 58% in April 2022.

Burnaby North: This is one of the hot markets where total sales in April, at 176, were higher than in April 2022, in this case, up 7 percent year over year and 4% higher than in March 2023, and 31% above February of this year. Condos led this market, and the benchmark condo price has increased 5.5% over the past three months to $734,600. Confidence in the future strata market was underlined in April when a major condo developer paid $94 million for a 4.2-acre development site near the Brentwood and Gilmour SkyTrain station. There was a total of 415 residential properties for sale at the end of April, slightly higher than a year earlier and up from 388 in March. The benchmark home price is up 5% since January, at $1,002,900.

With a sales success ratio of 67%, compared to 71% in March 2023 and 47% in April 2022, this is a strong seller’s market.

Burnaby South: Sales here were also up from a year ago, rising 16% to 215 this April, which was also 65% higher than in March 2023. At $1,100,200, the benchmark price in April was up 2.3% from a month earlier. The benchmark detached house price has surged nearly 8% higher since January, to $2,145,800. In an unabashed sellers’ market, the sales-to-listing ratio is a sizzling 81% and the total inventory, at 385, represents just a 2-month supply.

New Westminster: Total April sales were 113, up from 96 (18%) in March 2023 but down from 134 (16%) in April 2022. We see the Royal City as a good buy this year. The benchmark detached house price in April was $1,433,100, up just 0.2% from a month earlier and down 4.3% from a year earlier. But this house price is about $300,000 less than Coquitlam or East Burnaby. New West condo prices, at $652,100, are also among the lowest in the suburbs. We have a feeling New Westminster has price growth potential. Total active listings are 238, down from last April but up 15% from March 2023. With a sales-to-listing ratio of 70%, this is a seller’s market, but buyers may find the prices tempting.
 
Coquitlam: Many will be watching a rare event when two new condo towers, finished, launch more than 200 units into the market in May. The towers are technically in Burnaby but right on the Coquitlam border at Lougheed Town Centre. In April, 99 Coquitlam condo apartments sold at a median price of $685,000 and there were just 149 new listings, generating a healthy 67% sales-to-listing ratio. Total active listings of all properties were at 495 at the end of April, compared to 572 at that time last year and 473 at the end of March.

This is a seller’s market that appears to be accelerating.

Port Moody: The entire Tri-Cities region has seen only 74 housing starts so far this year, so we must look to resale listings for future supply, and that means a tight inventory due to high demand in Port Moody. Port Moody might be the hottest market in Greater Vancouver, with a 91% absorption rate overall, sitting with 2-month supply. Townhouses saw a jaw-dropping 185% absorption rate, meaning almost two sales for every new listing. Condo sales were up 73% year-over-year in Port Moody as condo prices dipped to a median of $685,000, down from a median of $712,500 a year earlier. Total sales in April were 91, up 14% in March and 94% higher than in February in this active seller’s market.

Port Coquitlam: With 76 sales in April, transactions were up 10% from a month earlier, but new listings dropped 39% month-over-month while the composite home price inched up 1.2% to $927,100, the lowest in the Tri-Cities. Detached house prices are now 13.3% below April of last year but are rising by around 2.2% per month. With only a 2-month supply of listings and a sales-to-listing ratio at 97%, compared to 54% a month earlier, this is a clear seller’s market.

Ladner: There is only 1 month's supply of townhouses and condos, with only 7 condo new listings in April compared to 19 in March in Ladner. The overall sales-to-listing ratio is 74%.
Townhouse benchmark prices dipped 0.7% in April from a month earlier, but remain 7% higher than in January, at $991,700. Condos are selling at $698,000, but prices were down 2% in April from March 2023. With just a 2-month supply of listings and a sales ratio of 74%, we expect prices to increase in this seller’s market.

Tsawwassen: Sunny Tsawwassen has an example of what is known as an intergenerational community, the Southlands development, which took years to win approval but could be a template for future suburban projects. Its mix of housing is designed to attract seniors and young families with an agricultural theme and a lively retail village that includes a beachfront. It is among the reasons Tsawwassen is seeing higher sales now than a year ago and where total home sales have more than doubled since February. The townhouse’s benchmark prices are $901,600, lower than in neighbouring Ladner. Detached-house prices in April were up 7.2% from a month earlier, at $1,473,200, but remain 14% lower than a year ago. Condo apartments, at $724,900, are nearly unchanged from last year. A total of 54 properties were sold and there are only 167 on the market. With a sales-to-listing ratio of 73%, the highest for an April in years, this is a sellers’ market with very low inventory.

Pitt Meadows: Total sales have been declining for more than a year and April was no exception with just 27 transactions, down 4% from a month earlier and 40% lower than in April 2022. Detached house prices remain 17% lower than a year ago but have rallied so far this year, up 7% to an April benchmark of $1,220,900. New listings in April were up 26% compared to March 2023, bringing the overall supply to about 3 months. With a sales-to-listings ratio of 50%, compared to 65% in March 2023, this is a weak seller’s market that could be balanced.

Maple Ridge: Young families looking for a townhouse are often drawn to Maple Ridge, where there is a fairly good selection and benchmark prices are down 15% from April 2022, to $747,200. This is about $200,000 below the Lower Mainland benchmark. Townhouse prices are inching up, though, increasing about 6% so far this year. Total property sales in April reached 161 in April, 8% higher than in March and just 3% below April 2022. This seller’s market is firming, with new listings in April down 7% from a month earlier, a sales-to-new-listing ratio of 62% and just 506 homes on the market.

Surrey: The Fraser Valley’s largest market saw just 255 detached sales, 216 townhouse transactions and 227 condo sales in April, with detached and condo sales up 4% from March and townhouse sales down 3%. Detached house prices were up 3.8% month over month, but down 16% from a year earlier, at $1,579,100. The lowest strata benchmark prices are in North Surrey, with townhouses at $749,700 and condo apartments at $497,800.

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Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Mid-April 2023

Mon, 17 Apr 2023 20:28:05 GMT

April is showing improvements from March as we see sales and listings on a slow but steady increase, although dramatic changes in market activity aren’t likely month over month as we settle into a balanced market that has dressed up as a seller’s market. With active listing counts flirting with decreases in some areas and product types and slight increases in others, and as buyer activity increases, competition over those too few listings have increased thus shifting the advantage back into sellers’ hands in some cases.

At the mid-point of April, there have been 1,227 sales in Greater Vancouver, more than the 1,184 that sold at the mid-point of March, and much more than the 878 that had sold at the mid-point of February. Even looking at 2019 as we have, there were only 856 sales at the mid-point of April in that year. The comparison to that year and any year for that matter seems to be less meaningful. This is a market onto its own. With Easter having taken some steam out of the market, buyers are more active this month than last and with the last half of the month not impacted by spring break as March was, we can expect sales to accelerate through the remainder of April. We’re already seeing this as the daily sales reported by the Greater Vancouver’s Board are higher in the first two weeks of April compared to March. And with the Bank of Canada holding their rate last week, buyers have some certainty in interest rates for the foreseeable future.

At mid-month in Greater Vancouver there have been 2,182 new listings so far, just slightly above the 2,154 new listings at the mid-point of March and not much more than the 1,846 new listings at the mid-point in February. This is of course still far below the 3,202 new listings at the midpoint of April 2022 or 4,078 new listings at the mid-point of April 2021. And looking at the comparison to 2019, it’s even much lower than the 2,819 new listings at the mid-point of April in that year. Listing inventory continues to be a challenge for buyers to find in our market.

Some interesting side notes so far this month. Vancouver’s West Side thus far has seen less new listings at mid-month compared to March, while the East Side has seen greater new listings and less sales, creating more growth in active listings. North Vancouver perhaps waiting to get through spring break and Easter has seen less sales and new listings thus far compared to the mid-point of March. In Richmond while sales are slower in April compared to March so far, it is almost double the number of mid-April 2019. Townhouses are the strongest part of that market with active listing counts dropping. Burnaby East has seen almost as many sales so far as all of March, and Burnaby South has also seen a significant jump, showing three times the number of sales as April 2019 at mid-month. Port Moody has seen more sales than new listings so far in April, with a 110% absorption rate. Those new developments can’t happen quick enough there, especially townhouses where there have only been 3 new listings so far to go with 17 sales which has dropped active listings down to 13 there. Moving further east, inventory in Maple Ridge is dropping, especially for townhouses where active listings are down 40% year-over-year. Maybe this missing middle theme has some truth to it.

The low number of active listings continues to be as consistent and the cold, wet weather in Metro Vancouver. With an absorption rate of 56%, which is just higher than we saw in March at 55% mid-month, more new listings are selling than the previous month. And it’s right at where absorption was last April when we saw 56% of listings purchased that month mid-way through. With 8,778 active listings in Greater Vancouver, it’s just above the 8,515 that were available at this time last year when the market was beginning its turn from super heated to super conservative. And while its higher than the 8,395 at mid-month in March, it was believed we would start to see quicker growth in active listings as the spring market moved into full bloom. Here’s hoping spring truly comes to Metro Vancouver in the real estate market as well as with our weather.

Here’s a summary of the numbers:

Greater Vancouver

1,227 units sold so far in April 2023 compared to

1,184 units sold at mid-month in March 2023
878 units sold at mid-month in February 2023
1,797 units sold at mid-month in April 2022
2,402 units sold at mid-month in April 2021
564 units sold at mid-month in April 2020
856 units sold at mid-month in April 2019

2,182 new listings so far in April compared to

2,154 new listings at mid-month in March 2023
1,846 new listings at mid-month in February 2023
3,202 new listings at mid-month in April 2022
4,078 new listings at mid-month in April 2021
1,105 new listings at mid-month in April 2020
2,819 new listings at mid-month in April 2019

Total active listings are at 8,778 compared to 8,515 at mid-month in April 2022, and 8,395 at mid-month in March 2023.
Sales to listings ratio is at 56% compared to 56% at mid-month in April 2022 and 55% at mid-month in March 2023.

Vancouver West

215 units sold so far in April 2023 compared to

211 units sold at mid-month in March 2023
143 units sold at mid-month in February 2023
334 units sold at mid-month in April 2022
402 units sold at mid-month in April 2021
96 units sold at mid-month in April 2020
154 units sold at mid-month in April 2019

420 new listings so far in April compared to

467 new listings at mid-month in March 2023
354 new listings at mid-month in February 2023
639 new listings at mid-month in April 2022
767 new listings at mid-month in April 2021
196 new listings at mid-month in April 2020
568 new listings at mid-month in April 2019

Total active listings are at 1,988 compared to 2,155 at mid-month in April 2022, and 1,949 at mid-month in March 2023.
Sales to listings ratio is at 51% compared to 52% at mid-month in April 2022 and 45% at mid-month in March 2023.

Vancouver East

111 units sold so far in April 2023 compared to

127 units sold at mid-month in March 2023
95 units sold at mid-month in February 2023
186 units sold at mid-month in April 2022
263 units sold at mid-month in April 2021
58 units sold at mid-month in April 2020
94 units sold at mid-month in April 2019

251 new listings so far in April compared to

223 new listings at mid-month in March 2023
189 new listings at mid-month in February 2023
331 new listings at mid-month in April 2022
537 new listings at mid-month in April 2021
124 new listings at mid-month in April 2020
301 new listings at mid-month in April 2019

Total active listings are at 940 compared to 1,174 at mid-month in April 2022, and 903 at mid-month in March 2023.
Sales to listings ratio is at 44% compared to 56% at mid-month in April 2022 and 57% at mid-month in March 2023.

North Vancouver

90 units sold so far in April 2023 compared to

108 units sold at mid-month in March 2023
68 units sold at mid-month in February 2023
150 units sold at mid-month in April 2022
232 units sold at mid-month in April 2021
50 units sold at mid-month in April 2020
71 units sold at mid-month in April 2019

153 new listings so far in April compared to

180 new listings at mid-month in March 2023
123 new listings at mid-month in February 2023
231 new listings at mid-month in April 2022
338 new listings at mid-month in April 2021
89 new listings at mid-month in April 2020
273 new listings at mid-month in April 2019

Total active listings are at 496 compared to 455 at mid-month in April 2022, and 455 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 60% at mid-month in March 2023.

West Vancouver

34 units sold so far in April 2023 compared to

29 units sold at mid-month in March 2023
22 units sold at mid-month in February 2023
25 units sold at mid-month in April 2022
54 units sold at mid-month in April 2021
13 units sold at mid-month in April 2020
27 units sold at mid-month in April 2019

94 new listings so far in April compared to

77 new listings at mid-month in March 2023
84 new listings at mid-month in February 2023
104 new listings at mid-month in April 2022
147 new listings at mid-month in April 2021
43 new listings at mid-month in April 2020
119 new listings at mid-month in April 2019

Total active listings are at 475 compared to 457 at mid-month in April 2022, and 447 at mid-month in March 2023.
Sales to listings ratio is at 36% compared to 24% at mid-month in April 2022 and 38% at mid-month in March 2023.

Richmond

153 units sold so far in April 2023 compared to

163 units sold at mid-month in March 2023
102 units sold at mid-month in February 2023
234 units sold at mid-month in April 2022
318 units sold at mid-month in April 2021
78 units sold at mid-month in April 2020
80 units sold at mid-month in April 2019

261 new listings so far in April compared to

264 new listings at mid-month in March 2023
255 new listings at mid-month in February 2023
433 new listings at mid-month in April 2022
513 new listings at mid-month in April 2021
109 new listings at mid-month in April 2020
367 new listings at mid-month in April 2019

Total active listings are at 1,080 compared to 1,149 at mid-month in April 2022, and 1,057 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 54% at mid-month in April 2022 and 62% at mid-month in March 2023.

Burnaby East

19 units sold so far in April 2023 compared to

10 units sold at mid-month in March 2023
7 units sold at mid-month in February 2023
19 units sold at mid-month in April 2022
26 units sold at mid-month in April 2021
7 units sold at mid-month in April 2020
10 units sold at mid-month in April 2019

18 new listings so far in April compared to

22 new listings at mid-month in March 2023
12 new listings at mid-month in February 2023
39 new listings at mid-month in April 2022
53 new listings at mid-month in April 2021
16 new listings at mid-month in April 2020
25 new listings at mid-month in April 2019

Total active listings are at 77 compared to 70 at mid-month in April 2022, and 77 at mid-month in March 2023.
Sales to listings ratio is at 106% compared to 49% at mid-month in April 2022 and 45% at mid-month in March 2023.

Burnaby North

77 units sold so far in April 2023 compared to

80 units sold at mid-month in March 2023
65 units sold at mid-month in February 2023
89 units sold at mid-month in April 2022
146 units sold at mid-month in April 2021
18 units sold at mid-month in April 2020
37 units sold at mid-month in April 2019

129 new listings so far in April compared to

110 new listings at mid-month in March 2023
112 new listings at mid-month in February 2023
180 new listings at mid-month in April 2022
255 new listings at mid-month in April 2021
56 new listings at mid-month in April 2020
139 new listings at mid-month in April 2019

Total active listings are at 412 compared to 359 at mid-month in April 2022, and 380 at mid-month in March 2023.
Sales to listings ratio is at 60% compared to 49% at mid-month in April 2022 and 73% at mid-month in March 2023.

Burnaby South

101 units sold so far in April 2023 compared to

60 units sold at mid-month in March 2023
58 units sold at mid-month in February 2023
104 units sold at mid-month in April 2022
126 units sold at mid-month in April 2021
29 units sold at mid-month in April 2020
33 units sold at mid-month in April 2019

125 new listings so far in April compared to
101 new listings at mid-month in March 2023
113 new listings at mid-month in February 2023
181 new listings at mid-month in April 2022
221 new listings at mid-month in April 2021
48 new listings at mid-month in April 2020
141 new listings at mid-month in April 2019

Total active listings are at 390 compared to 425 at mid-month in April 2022, and 387 at mid-month in March 2023.
Sales to listings ratio is at 81% compared to 57% at mid-month in April 2022 and 59% at mid-month in March 2023.

New Westminster

54 units sold so far in April 2023 compared to

43 units sold at mid-month in March 2023
30 units sold at mid-month in February 2023
74 units sold at mid-month in April 2022
102 units sold at mid-month in April 2021
37 units sold at mid-month in April 2020
56 units sold at mid-month in April 2019

80 new listings so far in April compared to
77 new listings at mid-month in March 2023
62 new listings at mid-month in February 2023
98 new listings at mid-month in April 2022
153 new listings at mid-month in April 2021
45 new listings at mid-month in April 2020
131 new listings at mid-month in April 2019

Total active listings are at 235 compared to 223 at mid-month in April 2022, and 238 at mid-month in March 2023.
Sales to listings ratio is at 68% compared to 76% at mid-month in April 2022 and 56% at mid-month in March 2023.

Coquitlam

90 units sold so far in April 2023 compared to

97 units sold at mid-month in March 2023
78 units sold at mid-month in February 2023
148 units sold at mid-month in April 2022
159 units sold at mid-month in April 2021
46 units sold at mid-month in April 2020
77 units sold at mid-month in April 2019

180 new listings so far in April compared to

152 new listings at mid-month in March 2023
129 new listings at mid-month in February 2023
263 new listings at mid-month in April 2022
307 new listings at mid-month in April 2021
93 new listings at mid-month in April 2020
213 new listings at mid-month in April 2019

Total active listings are at 506 compared to 547 at mid-month in April 2022, and 469 at mid-month in March 2023.
Sales to listings ratio is at 50% compared to 56% at mid-month in April 2022 and 64% at mid-month in March 2023.

Port Moody

54 units sold so far in April 2023 compared to

37 units sold at mid-month in March 2023
19 units sold at mid-month in February 2023
35 units sold at mid-month in April 2022
71 units sold at mid-month in April 2021
10 units sold at mid-month in April 2020
25 units sold at mid-month in April 2019

49 new listings so far in April compared to
50 new listings at mid-month in March 2023
49 new listings at mid-month in February 2023
56 new listings at mid-month in April 2022
87 new listings at mid-month in April 2021
28 new listings at mid-month in April 2020
79 new listings at mid-month in April 2019

Total active listings are at 163 compared to 129 at mid-month in April 2022, and 177 at mid-month in March 2023.
Sales to listings ratio is at 110% compared to 63% at mid-month in April 2022 and 74% at mid-month in March 2023.

Port Coquitlam

35 units sold so far in April 2023 compared to

28 units sold at mid-month in March 2023
20 units sold at mid-month in February 2023
55 units sold at mid-month in April 2022
83 units sold at mid-month in April 2021
22 units sold at mid-month in April 2020
31 units sold at mid-month in April 2019

52 new listings so far in April compared to

57 new listings at mid-month in March 2023
45 new listings at mid-month in February 2023
101 new listings at mid-month in April 2022
232 new listings at mid-month in April 2021
37 new listings at mid-month in April 2020
80 new listings at mid-month in April 2019

Total active listings are at 159 compared to 168 at mid-month in April 2022, and 150 at mid-month in March 2023.
Sales to listings ratio is at 67% compared to 54% at mid-month in April 2022 and 49% at mid-month in March 2023.

Ladner

16 units sold so far in April 2023 compared to

23 units sold at mid-month in March 2023
16 units sold at mid-month in February 2023
17 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
6 units sold at mid-month in April 2020
15 units sold at mid-month in April 2019

27 new listings so far in April compared to

20 new listings at mid-month in March 2023
35 new listings at mid-month in February 2023
26 new listings at mid-month in April 2022
46 new listings at mid-month in April 2021
17 new listings at mid-month in April 2020
33 new listings at mid-month in April 2019

Total active listings are at 102 compared to 83 at mid-month in April 2022, and 86 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 115% at mid-month in March 2023.

Tsawwassen

17 units sold so far in April 2023 compared to

13 units sold at mid-month in March 2023
15 units sold at mid-month in February 2023
23 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
14 units sold at mid-month in April 2020
9 units sold at mid-month in April 2019

38 new listings so far in April compared to

38 new listings at mid-month in March 2023
23 new listings at mid-month in February 2023
41 new listings at mid-month in April 2022
62 new listings at mid-month in April 2021
20 new listings at mid-month in April 2020
50 new listings at mid-month in April 2019

Total active listings are at 177 compared to 118 at mid-month in April 2022, and 157 at mid-month in March 2023.
Sales to listings ratio is at 45% compared to 56% at mid-month in April 2022 and 34% at mid-month in March 2023.

Download April Sales and Listings Statistics Houses Townhouses Condos
Download April Sales and Listings Statistics All Regional

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for March 2023

Thu, 06 Apr 2023 22:39:56 GMT

Highlights of Dexter Realty’s March 2023 Report:

Benchmark prices are 22% higher than three years ago
Greater Vancouver sales are up 146% from January 2023
Greater Vancouver Benchmark detached-house price rise $60,000+ this year
First-time homebuyer incentive starts April 1
Five-year fixed mortgages are now the lowest-rate option
Fraser Valley home sales soared 72% in a month

March came in like a tiger and went out like a lion with housing sales doubling over the last two weeks of the month and a total of 2,535 sales up 38% from a month earlier and a startling 146% rebound from the 1,030 transactions in January 2023.

The composite benchmark home price increased by 3% from the end of January.
With the number of listings we have, it is a spring seller’s market with momentum.
In the Fraser Valley, sales in March were 72 percent higher than in February and, at 1,550, total transactions were above the 1,000-unit level for the first time since August of 2022. More surprising is the retreat of active listings, with detached and townhome listings down 20 to 30% year-over-year, even as much as 50% down in some pockets. This has shifted a lot of those markets to 2 to 3 months supply.

Some were surprised at the performance, including most media who are comparing the current market with last year, which is meaningless. The first quarter of 2022 was still in a once-in-a-century pandemic and the Bank of Canada had just started eight straight mortgage rate increases that spooked buyers and sellers alike.

Within the next few months, sales will begin to surpass the same month in 2022 and the headlines and perception of the current sales and price momentum will change.
The Bank of Canada's next interest rate announcement is scheduled for April 12. It’s widely anticipated that the Bank will hold the key overnight rate at 4.5%. Also, after the April break is when lenders tend to come out with their spring mortgage promotions, which should help with the downward pressure on rates.

Fixed-rate mortgage rates are already falling. As of March 30, the lowest rates in Canada were for five-year fixed-rate mortgages at 4.29% for insured mortgages and 4.59% for uninsured home loans, according to a survey by rate.com.

Also, April 1 is the official launch of the new federal Tax-Free-Savings Account for home buyers. It allows a young couple to save up to $80,000 for the down payment on their first home on a tax-free basis. Not a huge incentive but enough to encourage some tenants into ownership.

The market has changed this spring and you can see and feel it on the street. Buyers who have come back into the Greater Vancouver market already know the score. They are seeing multiple offers on desired properties and benchmark prices that have been rising an average of $15,000 a month so far this year.

Everything is up except listings and even they will not likely stay this low for long as more sellers recognize prices are firming and buyers are back.

March saw 4,317 new listings for residential properties, which was nearly 1,000 more than in either February or January. This was a 35.5% decrease compared to the 6,690 homes listed in March 2022, however, and was 22.3% below the 10-year seasonal average. The overall sales-to-new-listing in March was 57%, which compares to the sales-success ratios during the hot market of 2021.

The total number of homes listed for sale at the end of March in Greater Vancouver was 8,617, an 8% increase compared to March of last year. Don’t be surprised to see a sudden spike in sellers this spring, since March had the lowest number of new listings for that month since 1995.

For those who are considering a sale, now is the time to list your property before the rush of new listings begins and competition for buyers increases.

It is resale listings that will deliver the most homes: Metro Vancouver's total non-rental housing starts so far this year are just 700 units higher than in 2022.

Don’t count on the B.C. government's latest ‘Homes for People’ plan to suddenly increase the supply or lead to lower housing prices. The plan, introduced in early April, includes automatic rezoning of every single-family lot in the province to allow up to four housing units. But this has yet to be put into legislation, so at this point, it is just a promise. We’ll have to wait until the fall to see what this may look like and the timing of it being in effect.

The City of Coquitlam has had a similar plan in place for years, allowing fourplexes, smaller lots and laneway houses in most single-detached neighbourhoods in the city since 2011.

Since then, however, the composite benchmark price of a Coquitlam detached house has increased 143%, compared to an average of 80% in the rest of Greater Vancouver; Coquitlam’s rental vacancy rate is among the lowest, at 0.7%, and the city’s rental rates are the same or higher than anywhere else in the region. Also, Coquitlam is currently sitting with just a 2 months supply of housing, mostly strata units. Clearly, the Metro region has a long way to go in adding supply if progressive Coquitlam can’t even keep up.

The B.C. plan to mandate four-plex density zoning on detached lots will increase the price of a house for rental investors or developers but it won’t deliver more homes people can buy. In the 30-page Homes for People report, strata is never even mentioned. This means house owners who opt into the plan must also become landlords, which many owners have no interest in.

The Homes for People plan is really a ‘houses for rental investors, speculators and tenants.’ This is not a bad thing, but it falls far short of the altruistic hyperbole that always surrounds such government announcements.

Bottom line: We are now at the start of the first normal market in three years. We don’t have ultra-low ‘quantitative easing’ interest rates; the sales-to-listing ratio is becoming balanced; and prices and sales are steadily increasing. All we now need is back-to-normal listings, which, hopefully, we can move toward this spring.

March 2023 report on regional markets:

Greater Vancouver: This is now a near-classic seller’s market. Greater Vancouver is down to a mere 3-month supply of townhouses and apartments available for sale, while detached houses are at a 4-month supply. Something to note: the benchmark composite home price is now 22% higher than it was three years ago when the global pandemic began. Detached sales improved significantly in March, in some areas leading in comparison to last month. While strata units were in seller’s market conditions last month, detached has also shifted to a seller’s advantage, based on current inventory levels. The benchmark price for all residential properties is currently $1,143,900. This represents a 1.8% increase compared to February 2023. The March benchmark detached house price is $1,861,800, up 2.7% – or about $50,000 – from a month earlier. “On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” noted Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver.

Fraser Valley: Total housing sales in March posted a 72.6% increase from a month earlier and the 1,550 transactions marked the first-time monthly sales topped 1,000 since August 2022. New listings, at 2,559, were 32% higher than in February, but still 44% below last year, while active listings were up 2.8% over last month. However, listings remain among the lowest March level in a decade. The Fraser Valley Real Estate calls it a week seller’s market, with the overall sales ratio at 31% and townhouse sales-to-listing ratio at 62%. Benchmark prices for detached houses increased 1.9% month-to-month, to $1,390,600. Townhouses were up 2.3% from February, at $794,400; and condo apartments reached $521.800 also, up 2.3% from a month before.

Vancouver Westside: Multiple offers are back in the most-watched market as sales of detached houses in March were the highest since March 2022 and benchmark prices shot up 3.7% from February 2023, to $3,218,500. With 94 sales from 177 listings, the sales ratio was 57% in this seller’s market. Total March residential sales were 449, up 42% from February 2023, and 131% higher than in January 2023. Active listings were at 1,977 at month-end compared to 2,065 at that time last year and 1,923 at the end of February; new listings in March were up 29% compared to February 2023. The supply of total residential assets for sale is down to 4 months and the overall sales-to-listings ratio is 49% compared to 44% in February 2023 as the Westside readies for an active spring.

Vancouver East Side: March sales were 143% higher than in January 2023 and 45% above February 2023, at 287 transactions. With total supply down to 899 properties and new listings up 20% from February, we are calling this a seller’s market. The sales-to-new-listing ratio in March was 62%, compared to 68% a year ago. The benchmark detached house price was up 2.1% from February 2023 and the benchmark price rose 1.7%, month-over-month to $1,135,500. Condo sales led the market in March, with 111 transactions at a median price of
$665,000.

North Vancouver: New listings didn’t last long in March, with a 72% sales-to-listing ratio and total sales of 215 properties, led by 111 condo apartment sales at a benchmark of $782,800, a price up 2.5% from a month earlier. Townhouses are benchmarked at $1,304,000 with detached houses at $2,141,300, both marginally higher than in February. Total new listings rose 45% from a month earlier, but with sales up 44% month-over-month, a 58% sales-to-listing ratio and prices rising across the board, this remains a strong seller’s market.

West Vancouver: Since the first of this year, 135 homes have sold in West Vancouver and 64 of them sold in March when sales were up 129% from January. But new listings were up just 6% from February and the total inventory of 463 properties represents about a 7-month supply. This buyer’s market is seeking balance with a sales ratio of 39% and the benchmark home price at $1,274,300, up 2.2% from February 2023 but 8% lower than in March 2022. Looking for a deal? West Vancouver’s detached house prices are down 9% from a year ago, at $3,019,500.

Richmond: Richmond posted the largest month-over-month house price increase in the region, with March detached house prices up 6.6% from February to $2,108,100. Total sales were also much higher, rocketing up 55% from a month earlier. Detached sales were up 50% at 95 transactions. Richmond is a seller’s market on steroids, with a sales-to-new-listing ratio of 74%, compared to 49% in February and 63% in March of last year, and total inventory is down to three months.

Burnaby East: Modest increases in home sales, up 5% from February to just 20 transactions in March, compared to a 135% increase in listings would normally signal a buyer’s market. But with just a two-month supply of total active listings and a 43% sales-to-listing ratio, we are calling this to the seller’s advantage. The benchmark home price in March was $1,156,600, up 2.2% from a month earlier but down more than 10% from the same month last year.

Burnaby North: Detached house prices edged up 2% from February to $1,878,200 in March, the highest increase in Burnaby but still 10% below March 2022. Townhouse and condo prices were virtually unchanged from February 2023. This is a seller’s market with a sales-to-new-listing ratio of 71% and just a two-month supply on the market. There are 388 active listings on the market, with new listings up 17% from February 2023. Total sales in March tallied 169 transactions, the highest level so far this year.

Burnaby South: Total sales have been rising month-over-month in the first quarter and reached 130 in March, at a benchmark home price of $1,075,100. This remains a seller’s market, though sales are still down 40% from a year ago and prices are 8.5% lower. Active listings were 408 at month-end compared to 395 at that time last year and 377 at the end of February. Total listings are steady at 3 month’s supply and the sales-to-listings ratio of 55% compares to 57% in February 2023 and 59% in March 2022.

New Westminster: There is a wide price spread for condo apartments in New Westminster, where the condo benchmark price is $648,000. Dig down and you will find the median condo price varies from a low of $455,000 in the West End of the Royal City to $522,000 in the uptown and peaked at $885,000 in Queensborough, based on March sales stats. That is why it is a good idea to have a knowledgeable real estate agent to guide you if you are a new buyer in historic New West. The overall market is active, with total sales of 96 in March, which was 140% higher than in January 2023 and up 46% from February. This is a seller’s market still, with a sales-to-listing ratio of 68% and just 229 properties on the market.

Coquitlam: As noted above, Coquitlam was a pioneer in up-zoning detached homes to create more housing units per lot, which the city started in 2011, and the BC government now wants to mandate across the province. The rather unsettling result is that, 12 years later, Coquitlam has only a 2-month supply of homes with just 428 on the market as of the end of March. And sales are increasing, with March transactions rising 24% from a month earlier and up 169% since January, to 196.
The benchmark price is up 2% from the start of the first quarter, at $1,065,800. This is a seller’s market, with a 64% sales-to-listing ratio, which is higher than in March 2022, and prices rising for all property types.

Port Moody: The first master-planned residential community approved and moving forward since 2004 is now pre-selling in Port Moody. The 23-acre, $1.1 billion Portwood development, by Edgar Development, includes 2,000 strata homes and about 470 rentals in the Woodland Park area. The new homes are badly needed as other new projects remain stalled and there is barely a 2-month supply of resales on the market. With total sales of 80 in March, up 70% from a month earlier, the benchmark price is up 2.4% so far this year to $1,105,200 and detached houses are selling at a benchmark of $2,107,400, up 2.4% from a month earlier. The sales-to-listing ratio is high at 70%, nearly the same as a year ago. (Incidentally, the cost for the developer to deliver Portwood included $2.85 million in public art; $30 million for a new road; 328 low-rent housing units for BC Housing, and donating 70% of the land for green space.

Port Coquitlam: Like Coquitlam, Port Coquitlam also has a plan of “gentle density” to add more housing units on detached lots. However, only 66 new homes have started in the entire Tri-Cities market so far this year. Port Coquitlam has seen housing sales double so far this year, to 69 in March and the benchmark home price is up 3.1% since January at $915,700, which is still down nearly 12% from a year ago. The sales-to-new-listing ratio in March was a balanced 54% as this seller’s market readies for the spring buying season with a total of 160 properties on the market.

Pitt Meadows: Total March sales were up 87% compared to both January and February, to 28 transactions, as the residential benchmark price edged up 2.5% from February to $846,500. This price remains 20% below March 2022. With a total of 69 active listings and a sales ratio of 65%, this is a seller’s market, but March saw a 59% increase in new listings from February, so buyer selection is improving.

Maple Ridge: Maple Ridge benchmark prices also remain nearly 20% below a year ago, with detached houses selling for $1,179,500 in March, up a modest 1.1% from the first of this year. There was a total of 149 homes sold in March, 129% higher than in January and up 16% from February. With 495 active listings on the market and 54% of new listings selling in March, this is a steady seller’s market. Buyers may want to look at townhouses, now selling for $731,700, the lowest price in the Greater Vancouver mainland market, and down 19% from March 2022.

Ladner: Ladner continues to struggle for townhouse and condo listings, with townhouses only having 1 month supply and a 92% absorption rate and condos seeing the most sales since October 2021. In March, total sales of all property types were up 138% from January and the sales-to-listing ratio hit 55%. But this is not a balanced seller’s market, with townhouse prices up a market-leading 8.6% since the first of the year, to $998,500; and condo prices up 6.5% in the same period to $714,300. The supply of total residential listings is down to a 3-month inventory at the current sales pace.

Tsawwassen: Sunny Tsawwassen turned on the heat in March, with housing sales up 40% from a month earlier to 35 units. The strata market is sizzling, with townhouse benchmark prices rising 11.5% since January 1, to just over $1 million; and condo prices up 6.6% in the same period to $740,600 – a price slightly above March 2022 and 37% higher than even three years ago. This is pegged as a balanced market with a sales-to-listing ratio of 43%, but sellers are fully in control of the tight townhouse and condo sector.

Surrey: The city posted an 84.8% increase in detached-house sales in March compared to a month earlier, with the composite benchmark price unchanged at $1,503,200, though still down 19.5% from March 2022. Townhouse sales were up 59% from February and condo sales rose 48%, month-over-month, to 217 transactions at an average price of $536,054. With active listings, sales and prices rising this year in every market from North Surrey to South Surrey-White Rock, B.C.'s second-biggest city is shaping up as a very active spring market, with buyers holding a slight edge.

Download March Sales and Listings Statistics Houses Townhouses Condos
Download March Sales and Listings Statistics All Regional
Download Stat Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for February 2023

Tue, 07 Mar 2023 18:38:54 GMT

Highlights of Dexter Realty’s February 2023 Report

Prices increased month-over-month for the first time since May 2022
Housing sales are up 77% from January; new listings are up just 5%.
Multiple offers are being seen on Westside detached houses.
Top townhouse market: New Westminster.
Undersupplied North Vancouver is now a seller’s market.

The last three years have been an anomaly for housing markets around the world and Greater Vancouver is no exception. That is why it is virtually useless to compare our current, back-to-reality environment with what was happening a year or two years ago during a once-in-a-century event.

In 2021, we were in the grip of a global pandemic and a home-buying frenzy with mortgage rates at record lows. In February 2022, housing sales and prices hit a white-hot peak just before the federal government hosed it down with the first of eight straight interest rate increases through the Bank of Canada.

Today, in February 2023, the panic buying is history, mortgage rates have stabilized, and buyers are back into the first normal housing market in four years. Driven by buyer demand and low supply, February marked the first month-to-month home price increase in nine months.

Greater Vancouver housing sales, at 1,824 transactions in February, were up 77% from January 2023 and 21% higher than in February 2019, before the whole pandemic-influenced housing boom-and-bust began. February sales were also higher than in November and December 2022, and, we believe, signal the start of a strong spring selling season.

Buyers are already competing with other buyers for far fewer listings. The number of new listings in February was the lowest for that month going back to pre-1991, much the same as it was in January. Compared to January 2023, listings were only up 5%.

But, since sales have been slower over the past 10 months, a total of 8,283 homes were on the market at the of February, above the 7,862 active listings at the end of January and a few hundred more than in December 2022.

With buyers flowing back into the market, immigration hitting record levels and interest rates settling down, this appears a prime time to encourage housing starts. However, governments at all levels appear to be doing their best to stunt new home construction.

The federal government has banned foreign buyers for two years, including those investing in residential land, if the developer has less than 97% Canadian ownership. For example, a 3,000-unit Burnaby residential development, now under construction, would not be allowed today because the developer is based out of London, England. The recent collapse of major condo developers in Metro Vancouver could be traced to the ban’s impact on companies with as little as a 3% foreign ownership. This has put thousands of new homes at risk.
The B.C. government is spending $500 million to stop or stall the private redevelopment of 50 and 60-year-old rental buildings into modern, higher-density housing projects.
Metro municipalities are jacking up development cost charges, even as housing starts fall. Among the examples is Richmond, where housing starts so far in 2023 total just 73 units, down 80% from the 381 starts at the same time a year ago. Richmond is raising DCC rates on single-family lots by $20,000 to $61,138, and raising the DCC rate for condo apartments and townhouses by 43% to more than $34 per square foot. This means that a modest new townhouse of 1,200 square feet will now cost about $41,000 just in city development fees.

All governments preach about addressing the supply of ‘missing middle’ housing for families, which translates as townhouses. Yet only 3 townhouse units have started so far this year in the City of Vancouver, compared to just 21 units a year ago at this time – and a mere 90 townhouse units were started in all of 2022 across Metro Vancouver.

For residential investors, the consistent housing shortage is a blessing, which is why Metro Vancouver has become a “buy and hold” housing environment. Owners know that the law of supply and demand ensures that home prices will keep increasing. So they wait it out. In markets where sales levels are declining, an increase in new listings would add to the active listing count and provide downward pressure on prices.

That’s not the Metro Vancouver market, where sales are turning back up.

Any increase in new listings will be absorbed by buyers. With the level of competition we are now seeing in the market, buyers are craving listings and competing for different product types in different areas. Active listing counts are up about 500 since the end of December. Absorption rates today are twice what they were in a similar market in 2019, and are only held in check by the lack of homes on the market.

The bottom line: Greater Vancouver listings are scarce at a time when they should be double what they are.

Prior to 2015, having 15,000 to 20,000 active listings in Greater Vancouver was the norm. Since then, we’ve barely scratched above 15,000 and right now we are at half that level. Restrictive zoning and slow-moving development approvals continue to barricade supply. And without that supply, a seller’s markets will continue, at whatever level of demand we have in the market.

A look at the Regional housing numbers:

Greater Vancouver: Total housing sales were up 77% compared to January 2023, while new listings were up 5%. The result was the composite benchmark home price posted the first month-over-month increase since May of 2022, rising 1.1% to $1,123,400. Detached house prices rose 0.7%, to $1,813,000; condo apartment prices rose 1.6% to $732,200; and townhouse benchmark prices were up 1.8%, compared to a month earlier, to $1,038,500. Active Listings were at 8,283 at month-end compared to 7,062 at that time last year and 7,862 at the end of January. Greater Vancouver’s detached housing market is now seen as a balanced market, with both condo apartments and townhouses in a seller’s market. The total sales-to-new-listing ratio in February was 51%, compared to 30% in January 2023 and 62% in February 2022.

Fraser Valley: The Fraser Valley Real Estate Board processed 898 sales in February, an increase of 43.5% over January 2023, but still only half as many as were recorded a year ago. February new listings were up by 5.7% over January 2023 to 1,938 but 48.25% lower than in February 2023. Active listings were up 7% from a month earlier. The composite benchmark home price in February was $946,700 up 0.5% from January 2023 and the first month-over-month increase since April 2022. Further, the benchmark price is 36% higher than in pre-pandemic February 2020.

Vancouver Westside: February total sales, at 316, were up 63% from January 2023 and would have been even higher if more listings were available. One Westside house had 16 offers on it at the end of February, an indication of the demand. New listings were down 1% from January, but active listings as of month end were at 1,923, representing about a six-month supply. The sales-to-new-listing ratio is running at 44%, up from 27% a month earlier. There is a severe shortage of townhouses, with nearly half the 91 new listings selling in February at a median price of more than $1.48 million. No new townhouses have started construction this year on the Westside. The February benchmark price for a detached house on the Westside jumped 2.7% from a month earlier, to $3,103,100.

Vancouver East Side: Total housing sales in February, at 198, were up 68% from January 2023, but new listings were up by only 6%, while the sales-to-new-listing ratio reached a balanced 52%, up from 33% in January, and close to 55% ratio in the hot market a year ago. This is a market to watch. Benchmark prices were up in all sectors from a month earlier, led by a 2.9% surge in townhouse prices to $1,052,500. The supply of total residential listings is down to five months supply, with condos in seller’s market conditions. Benchmark condo prices were up 1% from January, to $683,600, based on 101 sales, double the number a month earlier.

North Vancouver: This perpetually under supplied market is a seller’s market with only a three-months supply of listings, even with growth in active listings of townhouses and condos. A total of 150 sales were seen in February, up 83% from a month earlier, but active listings were just 20 homes higher, at 436 units. With the sales-to-listing ratio at 59%, townhouse prices shot up 4.1% from January 2023, to $1,286200, and detached and condo benchmark prices were up nearly 2% from a month earlier.

West Vancouver: Sales increased 54%, month over month to 43 transactions, but because of a 21% spike in new listings, there is now a 10-month supply of homes, in this buyer’s market for detached houses. It remains a seller’s market for townhomes, because the supply is so low, perhaps one reason West Vancouver’s population is declining. West Van posted a modest decline in most prices compared to January, except for condo apartments, which were up 2.7% to a region-leading $1,228,900.

Richmond: Despite the angst in Richmond’s strata market – where an 800-unit development has gone into receivership and starts have plunged 80% from a year ago, total sales in February were up 89% from January. The benchmark composite home prices rose 2% from a month earlier with condos selling for $735,800; townhouses at $1,083,100; and detached houses at just over $2 million. With an overall sales-to-listing ratio of nearly 50%, the detached-house market is in balanced conditions, with a seller’s market building steam in the strata sector.

Burnaby East: Total sales in February were 21, up 133% from a month earlier and the sales-to-listing ratio hit a stunning 105%, compared to a low of 20% in January 2023 and 52% in February of last year. This is a seller’s market on steroids with the composite benchmark price up 2.2% month-over-month to $1,102,900, the highest in Burnaby.

Burnaby North: With total sales up 113% from January 2023, to 134, and total active listings down 10%, this is also a seller’s market with a mere three-month supply of listings and a sales ratio of 66%. The saving grace is the high number of new condos coming to the market in the Brentwood-Gilmore area. The composite home price was up from January, led by a 2.4% surge in townhouse prices to $892,100.

Burnaby South: Many Burnaby buyers were southbound in February, driving total sales up 119% from a month earlier, to 118 transactions. Active listings were 377 at month end compared to 352 at the end of January, which translates to a three-month supply at the current sales pace. The composite benchmark price was up nearly 1% from January at $966,500. The sales-to-listing ratio is a healthy 57% with the strata sector in seller’s market conditions.

New Westminster: For buyers looking for scarce townhouses, the Royal City has a good selection. Only 3 townhouses sold in February and there is nine-month supply on the market. Benchmark townhouse prices, however, increased 4.4% from January 2023, to $932,200, the same price as in February 2023. Total housing sales in February were 65% higher than a month earlier, at 66, at new listings inched up by 1%. The overall sales-to-listing ratio is 62%, up from 38% in January 2023 with a buyer’s market for townhouse and condos and a balanced market for detached houses, where prices are up 2.4% or about $34,000 – from a month earlier at $1,418,100.

Coquitlam: It seems hard to understand with the amount of new multi-family construction over the past two years, but Coquitlam is seeing a shortage of strata homes. Coquitlam had one of the biggest turnarounds in February with sales up 116% compared to January. Townhouse sales went from 4 in January to 40 in February. With that, there is just a two-months of inventory for townhouses and condos. The composite benchmark price is up 0.7% from a month earlier, but townhouse prices rose 2.5% from January to $999,900. With an overall sales-to-listing ratio of 67%, this is a seller’s market for strata units and balanced in the detached sector.

Port Moody: Even with total listings of 200 at the end of February, and a significant increase in townhouse and condo listings, strata units are in a seller’s market, along with detached houses. There were more sales than new listings compared to January, with a 104% sales increase from the month previous, to 47 transactions while only 91 new listings in February compared to 103 in January. More than half (52%) of the new listings sold in February, while the composite benchmark price increased 1% to $1,093,100, the highest in the Tri-Cities.

Port Coquitlam: There is only a one-month supply of townhouses with twice as many sales as new listings in February. Total housing sales reached 40, up a modest 18% from January 2023. The total supply of residential listings is down to four months, meaning a balanced market conditions for detached houses, with townhouses and condos in seller’s market conditions. The overall sales-to-listing ratio is a healthy 46% and the composite benchmark price has held steady (up 0.7%) for three months at $900,900.

Pitt Meadows: Sales didn’t budge month-over-month, with 15 transactions in February, while new listings fell 29% compared to January 2023. The total inventory remains at a four-month supply in this balanced market, with a sales-to-listing ratio of 55%. The composite benchmark home price fell 0.6% from January to $825,900.

Maple Ridge: Total housing sales in February were up 98% from January 2023 to 129 transactions, but new listings were down 4% from a month earlier. With a sales-to-listing ratio of 62%, the same as in February of last year and up from 30% in January 2023, this is a sellers’ market with just four months of inventory. Still, Maple Ridge plans to increase development cost charges this year to $41,000 for a new detached house, up from $22,465, and raise per-square-foot fees for new condo and townhouse units by 80%. The composite benchmark home price in February was up about 1% from January, at $918,300, but townhouse prices rose 3.5%, month over month, to $723,600.

Ladner: The townhouses market saw significant increases in sales and listings accounting for as many sales in February as detached and condos combined. Still, the total market was fairly brisk, with 27 transactions, up 69% from a month earlier and higher even than in February of last year. Townhouse prices spiked up 6.7% from January 2023 tied as the highest increase in Metro Vancouver – to $988,600. New listings were up 42% from a month earlier and there were 98 active listings as February ended. With a sales-to-listing ratio of 44%, this is a balanced market slanting towards a seller’s advantage for townhouses and condos.

Tsawwassen: Detached house listings were down 41% compared to January, while condos remain with a three-month supply. Detached houses and townhouses are in a balanced market. Total sales were rather tepid, at 25 transactions compared with 20 in January 2023 and 73 in February 2022. Perhaps buyers are tired of the back-and-forth Massey Tunnel replacement plan that doesn’t seem to ever get off (or under) the ground. This was noticeably absent from the recent provincial budget announcement and its three-year infrastructure plans. Despite a sales ratio of 47%, the composite benchmark price was down 3.7%, month-over-month, to $1,112,800, led by a sharp 7% drop in detached house prices.

Surrey: Benchmark home prices in Surrey were higher than in January, the first month-over-month increase since April of 2022. Detached house prices were up 0.7% to $1,503,200; townhouse prices rose 1% to $ $ 803,100 and condo apartment benchmark prices were up 1.4% to $522,700. The outlier is South Surrey-White Rock’s detached market, where prices slipped down 1.4% from January to $1,776,300, still the highest price in the Fraser Valley. With total Surrey sales up 61% from January 2023, at 132 transactions, and new listings up less than 15%, Surrey is considered a balanced market.

Download February Sales and Listings Statistics Houses Townhouses Condos

Download February Sales and Listings Statistics All Regional

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Mid-February 2023

Thu, 16 Feb 2023 20:00:23 GMT

When the calendar turned to February, many would have liked to see the Groundhog determine the next 6 months of real estate instead of the next 6 weeks of weather here in Metro Vancouver. But we don’t need a groundhog to see the market is turning, but what it’s turning into isn’t exactly clear – other than more active and more competition among buyers.

Sales are picking up, showings and open houses are busier, but there is less exuberant activity when it comes to new listings. The tap to the spring market is on, but the question remains; how many listings will flow out of it?

At the mid-point of February, there have been 878 sales in Greater Vancouver, far higher than the 334 that had sold at the mid-point of January, and about 100 more sales than the mid-point of November and December last year. The numbers show a definite shift in activity, and more so the shift is felt in the chatter amongst REALTORS® who are commenting on the number of offers being received on new and existing listings. Showing activity is up considerably and buyers are out looking, even in the face of the latest increase by the Bank of Canada at the end of January. Of course, this is well below the 1,889 sales at the mid-point in February 2022, and 1,753 at the mid-point of February 2021. If we went back to mid-February 2019 though, it’s an increase on the 782 at that point – that being the most comparable market to what we are seeing in the last 8 months.

At mid-month in Greater Vancouver there have been 1,846 new listings, which is above the 1,379 new listings at the mid-point of January but significantly below the 3,010 new listings at the midpoint of February 2022 and below the 2,240 new listings at the mid-point of February 2019. The slow climb of active listings continues with that number up to 8,072 after finishing 2022 with 7,791.

We would typically see a higher rate of increase moving through February, but many sellers are playing the wait and see game along with other sellers that don’t feel they have something to buy if they sell their current home. Our market continues to be one of a lack of homes and that’s not going to change any time soon.

A 24% sales-to-listings ratio in January has turned to 48% in February – meaning 1 out of every 2 homes listed is selling so far this month. This of course doesn’t consider those listings that expire or are taken off the market by sellers. With the absorption rate increasing, it’s putting more pressure on those listings coming to the market. And as a comparison to 2019, the absorption rate at the mid-month of February that year was 24% - a much slower pace of sales. This is reaffirming that in our current market, if there were more listings there would be a lot more sales.

What were some February notable markets? Burnaby North and South have seen more sales so far in February than all of January, along with Coquitlam while Ladner has already hit January’s peak. Burnaby East is suffering with a lack of listings with there only being 12 so far compared to 44 in all of January. Vancouver’s East Side condo market continues to be ultra competitive with as many sales so far as January while less than half the number of new listings – producing a 69% absorption rate. In Richmond, detached and townhomes have seen more sales so far compared to last month, while condos there are lagging. In most areas, detached homes are showing the strongest absorption rates – this after condos had been ruling the market. This isn’t the case in New Westminster where buyers are still showing a stronger propensity to buy in the condo market. And Coquitlam, while showing more strength in all segments of its market, still has buyers seeking condos. Perhaps a “if you build it, they will come” scenario there. And given recent reports stating that the actual demand for rental apartments is undercounted, it is literally a case of governments not building enough for the demand they don’t even realize exists.

One of the more extreme areas is Port Coquitlam where the absorption rate for houses is 17% so far and townhouses 300% - only 3 new listings with 9 sales so far. And just through the tunnel, Ladner continues to have a limited supply of townhomes and condos with a 60 and 70% absorption rate. And in Tsawwassen, after seeing 41 new detached listings, there have only been 7 so far in February. And after there being no townhouse sales in January in Tsawwassen, there have been 3 so far with only 4 new listings.

The market continues to scream for listings, and if you are considering selling, now is the time. The dull days of fall have turned into a faster pace as we move through winter and into spring. And while it’s not quite spring yet, there is certainly a spring in the real estate market in Metro Vancouver.

With the shorter month, total sales may not hit 2,000 for the first time since June 2022, but expect that to change in March as more listings come on and buyers competing look to find their home.

Here’s a summary of the numbers:

Greater Vancouver

878 units sold so far in February 2023 compared to

334 units sold at mid-month in January 2023
793 units sold at mid-month in December 2022
795 units sold at mid-month in November 2022
1,889 units sold at mid-month in February 2022
1,753 units sold at mid-month in February 2021
1,039 units sold at mid-month in February 2020
782 units sold at mid-month in February 2019

1,846 new listings so far in February compared to

1,379 new listings at mid-month in January 2023
984 new listings at mid-month in December 2022
3,010 new listings at mid-month in February 2022
1,639 new listings at mid-month in February 2021
1,935 new listings at mid-month in February 2020
2,240 new listings at mid-month in February 2019

Total active listings are at 8,072 compared to 6,477 at mid-month in February 2022, and 7,294 at mid-month in January 2023.

Sales to listings ratio is at 48% compared to 63% at mid-month in February 2022 and 24% at mid-month in January 2023.

Vancouver West

143 units sold so far in February 2023 compared to

62 units sold at mid-month in January 2023
157 units sold at mid-month in December 2022
135 units sold at mid-month in November 2022
355 units sold at mid-month in February 2022
280 units sold at mid-month in February 2021
154 units sold at mid-month in February 2020
167 units sold at mid-month in February 2019

354 new listings so far in February compared to

303 new listings at mid-month in January 2023
194 new listings at mid-month in December 2022
593 new listings at mid-month in February 2022
497 new listings at mid-month in February 2021
330 new listings at mid-month in February 2020
514 new listings at mid-month in February 2019

Total active listings are at 1,857 compared to 1,847 at mid-month in February 2022, and 1,723 at mid-month in January 2023.

Sales to listings ratio is at 40% compared to 60% at mid-month in February 2022 and 20% at mid-month in January 2023.

Vancouver East

95 units sold so far in February 2023 compared to

41 units sold at mid-month in January 2023
75 units sold at mid-month in December 2022
71 units sold at mid-month in November 2022
205 units sold at mid-month in February 2022
197 units sold at mid-month in February 2021
111 units sold at mid-month in February 2020
87 units sold at mid-month in February 2019

189 new listings so far in February compared to
144 new listings at mid-month in January 2023
109 new listings at mid-month in December 2022
348 new listings at mid-month in February 2022
276 new listings at mid-month in February 2021
185 new listings at mid-month in February 2020
216 new listings at mid-month in February 2019

Total active listings are at 877 compared to 812 at mid-month in February 2022, and 793 at mid-month in January 2023.

Sales to listings ratio is at 50% compared to 59% at mid-month in February 2022 and 28% at mid-month in January 2023.

North Vancouver

68 units sold so far in February 2023 compared to

20 units sold at mid-month in January 2023
69 units sold at mid-month in December 2022
79 units sold at mid-month in November 2022
125 units sold at mid-month in February 2022
133 units sold at mid-month in February 2021
55 units sold at mid-month in February 2020
92 units sold at mid-month in February 2019

123 new listings so far in February compared to
93 new listings at mid-month in January 2023
62 new listings at mid-month in December 2022
218 new listings at mid-month in February 2022
203 new listings at mid-month in February 2021
183 new listings at mid-month in February 2020
194 new listings at mid-month in February 2019

Total active listings are at 425 compared to 348 at mid-month in February 2022, and 377 at mid-month in January 2023.

Sales to listings ratio is at 55% compared to 57% at mid-month in February 2022 and 22% at mid-month in January 2023.

West Vancouver

22 units sold so far in February 2023 compared to

8 units sold at mid-month in January 2023
28 units sold at mid-month in December 2022
14 units sold at mid-month in November 2022
44 units sold at mid-month in February 2022
47 units sold at mid-month in February 2021
20 units sold at mid-month in February 2020
25 units sold at mid-month in February 2019

84 new listings so far in February compared to

46 new listings at mid-month in January 2023
30 new listings at mid-month in December 2022
137 new listings at mid-month in February 2022
83 new listings at mid-month in February 2021
77 new listings at mid-month in February 2020
107 new listings at mid-month in February 2019

Total active listings are at 424 compared to 348 at mid-month in February 2022, and 395 at mid-month in January 2023.

Sales to listings ratio is at 26% compared to 32% at mid-month in February 2022 and 17% at mid-month in January 2023.

Richmond

102 units sold so far in February 2023 compared to

47 units sold at mid-month in January 2023
104 units sold at mid-month in December 2022
128 units sold at mid-month in November 2022
218 units sold at mid-month in February 2022
200 units sold at mid-month in February 2021
127 units sold at mid-month in February 2020
116 units sold at mid-month in February 2019

255 new listings so far in February compared to

196 new listings at mid-month in January 2023
145 new listings at mid-month in December 2022
400 new listings at mid-month in February 2022
292 new listings at mid-month in February 2021
236 new listings at mid-month in February 2020
273 new listings at mid-month in February 2019

Total active listings are at 1,011 compared to 851 at mid-month in February 2022, and 879 at mid-month in January 2023.

Sales to listings ratio is at 40% compared to 55% at mid-month in February 2022 and 24% at mid-month in January 2023.

Burnaby East

7 units sold so far in February 2023 compared to

3 units sold at mid-month in January 2023
7 units sold at mid-month in December 2022
4 units sold at mid-month in November 2022
15 units sold at mid-month in February 2022
19 units sold at mid-month in February 2021
10 units sold at mid-month in February 2020
7 units sold at mid-month in February 2019

12 new listings so far in February compared to

11 new listings at mid-month in January 2023
13 new listings at mid-month in December 2022
27 new listings at mid-month in February 2022
30 new listings at mid-month in February 2021
18 new listings at mid-month in February 2020
19 new listings at mid-month in February 2019

Total active listings are at 81 compared to 42 at mid-month in February 2022, and 69 at mid-month in January 2023.

Sales to listings ratio is at 58% compared to 56% at mid-month in February 2022 and 27% at mid-month in January 2023.

Burnaby North

65 units sold so far in February 2023 compared to

21 units sold at mid-month in January 2023
46 units sold at mid-month in December 2022
51 units sold at mid-month in November 2022
128 units sold at mid-month in February 2022
93 units sold at mid-month in February 2021
58 units sold at mid-month in February 2020
46 units sold at mid-month in February 2019

112 new listings so far in February compared to

70 new listings at mid-month in January 2023
58 new listings at mid-month in December 2022
170 new listings at mid-month in February 2022
132 new listings at mid-month in February 2021
90 new listings at mid-month in February 2020
78 new listings at mid-month in February 2019

Total active listings are at 395 compared to 253 at mid-month in February 2022, and 343 at mid-month in January 2023.

Sales to listings ratio is at 58% compared to 84% at mid-month in February 2022 and 30% at mid-month in January 2023.

Burnaby South

58 units sold so far in February 2023 compared to

15 units sold at mid-month in January 2023
57 units sold at mid-month in December 2022
55 units sold at mid-month in November 2022
117 units sold at mid-month in February 2022
94 units sold at mid-month in February 2021
52 units sold at mid-month in February 2020
47 units sold at mid-month in February 2019

113 new listings so far in February compared to

66 new listings at mid-month in January 2023
45 new listings at mid-month in December 2022
140 new listings at mid-month in February 2022
128 new listings at mid-month in February 2021
91 new listings at mid-month in February 2020
118 new listings at mid-month in February 2019

Total active listings are at 368 compared to 279 at mid-month in February 2022, and 324 at mid-month in January 2023.

Sales to listings ratio is at 51% compared to 84% at mid-month in February 2022 and 23% at mid-month in January 2023.

New Westminster

30 units sold so far in February 2023 compared to

15 units sold at mid-month in January 2023
31 units sold at mid-month in December 2022
26 units sold at mid-month in November 2022
94 units sold at mid-month in February 2022
76 units sold at mid-month in February 2021
40 units sold at mid-month in February 2020
34 units sold at mid-month in February 2019

62 new listings so far in February compared to

37 new listings at mid-month in January 2023
22 new listings at mid-month in December 2022
124 new listings at mid-month in February 2022
115 new listings at mid-month in February 2021
68 new listings at mid-month in February 2020
85 new listings at mid-month in February 2019

Total active listings are at 227 compared to 163 at mid-month in February 2022, and 203 at mid-month in January 2023.

Sales to listings ratio is at 48% compared to 76% at mid-month in February 2022 and 41% at mid-month in January 2023.

Coquitlam

78 units sold so far in February 2023 compared to

22 units sold at mid-month in January 2023
45 units sold at mid-month in December 2022
68 units sold at mid-month in November 2022
138 units sold at mid-month in February 2022
145 units sold at mid-month in February 2021
92 units sold at mid-month in February 2020
75 units sold at mid-month in February 2019

129 new listings so far in February compared to

107 new listings at mid-month in January 2023
64 new listings at mid-month in December 2022
230 new listings at mid-month in February 2022
204 new listings at mid-month in February 2021
165 new listings at mid-month in February 2020
154 new listings at mid-month in February 2019

Total active listings are at 485 compared to 359 at mid-month in February 2022, and 203 at mid-month in January 2023.

Sales to listings ratio is at 60% compared to 60% at mid-month in February 2022 and 21% at mid-month in January 2023.

Port Moody

19 units sold so far in February 2023 compared to

2 units sold at mid-month in January 2023
28 units sold at mid-month in December 2022
16 units sold at mid-month in November 2022
41 units sold at mid-month in February 2022
36 units sold at mid-month in February 2021
18 units sold at mid-month in February 2020
17 units sold at mid-month in February 2019

49 new listings so far in February compared to

43 new listings at mid-month in January 2023
32 new listings at mid-month in December 2022
77 new listings at mid-month in February 2022
54 new listings at mid-month in February 2021
50 new listings at mid-month in February 2020
43 new listings at mid-month in February 2019

Total active listings are at 203 compared to 107 at mid-month in February 2022, and 165 at mid-month in January 2023.

Sales to listings ratio is at 39% compared to 53% at mid-month in February 2022 and 5% at mid-month in January 2023.

Port Coquitlam

20 units sold so far in February 2023 compared to

16 units sold at mid-month in January 2023
17 units sold at mid-month in December 2022
24 units sold at mid-month in November 2022
55 units sold at mid-month in February 2022
60 units sold at mid-month in February 2021
46 units sold at mid-month in February 2020
25 units sold at mid-month in February 2019

45 new listings so far in February compared to

29 new listings at mid-month in January 2023
34 new listings at mid-month in December 2022
79 new listings at mid-month in February 2022
86 new listings at mid-month in February 2021
55 new listings at mid-month in February 2020
73 new listings at mid-month in February 2019

Total active listings are at 132 compared to 88 at mid-month in February 2022, and 123 at mid-month in January 2023.

Sales to listings ratio is at 44% compared to 70% at mid-month in February 2022 and 55% at mid-month in January 2023.

Ladner

16 units sold so far in February 2023 compared to

5 units sold at mid-month in January 2023
5 units sold at mid-month in December 2022
7 units sold at mid-month in November 2022
13 units sold at mid-month in February 2022
27 units sold at mid-month in February 2021
20 units sold at mid-month in February 2020
13 units sold at mid-month in February 2019

35 new listings so far in February compared to

18 new listings at mid-month in January 2023
14 new listings at mid-month in December 2022
30 new listings at mid-month in February 2022
42 new listings at mid-month in February 2021
33 new listings at mid-month in February 2020
29 new listings at mid-month in February 2019

Total active listings are at 91 compared to 49 at mid-month in February 2022, and 72 at mid-month in January 2023.

Sales to listings ratio is at 46% compared to 43% at mid-month in February 2022 and 28% at mid-month in January 2023.

Tsawwassen

15 units sold so far in February 2023 compared to

7 units sold at mid-month in January 2023
19 units sold at mid-month in December 2022
14 units sold at mid-month in November 2022
50 units sold at mid-month in February 2022
30 units sold at mid-month in February 2021
18 units sold at mid-month in February 2020
11 units sold at mid-month in February 2019

23 new listings so far in February compared to

21 new listings at mid-month in January 2023
16 new listings at mid-month in December 2022
56 new listings at mid-month in February 2022
33 new listings at mid-month in February 2021
52 new listings at mid-month in February 2020
26 new listings at mid-month in February 2019

Total active listings are at 135 compared to 87 at mid-month in February 2022, and 120 at mid-month in January 2023.

Sales to listings ratio is at 65% compared to 89% at mid-month in February 2022 and 33% at mid-month in January 2023.

Download February Sales and Listings Statistics Houses Townhouses Condos

Download February Sales and Listings Statistics All Regional

Sales and Listing Report for January 2023

Tue, 07 Feb 2023 18:22:06 GMT

“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” Michelangelo

2023: the year to get in position for the recovery

January 2023 signalled early that it would end with what the Real Estate Board of Greater Vancouver says is “among the lowest sales month in recent history.”

As of mid-month, total transactions had reached just 334 properties, well below the 795 in mid-December 2022 or the 778 in mid-January 2022. The slow sales reflected not only higher mortgage rates but a barrage of anti-demand government policies that started the New Year.

Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, effective January 1, we now have a provincial three-day Home Buyer Rescission Period (or ‘cooling-off’ period), a two-year ban on foreign buyers across Canada, a national Underused Homes Tax – essentially a Canada wide empty-homes tax for foreign-owned properties – and a national anti-flipping tax which would see any profits for sales within a year of purchase taxed as business income. And of course, Canada’s prime lending rate has doubled from a year earlier, due to eight straight Bank of Canada increases.

It is a wonder all this didn’t kill home buying all together.
Yet a close look at Metro Vancouver shows flashes of high-performing regional markets in January and evidence that, despite misplaced and heavy-handed government policies, many people remain eager to purchase.

January ended with 1,030 properties sold of all types across Greater Vancouver, meaning sales more than doubled in the past two weeks of the month compared to the first half. As well, new listings increased from 1,379 in the first two weeks of January to end with 3,384, but this was still the lowest number of new listings for January going back to before 1991 – more than thirty years ago.
This speaks to the one thing keeping prices from declining more than they have. Sellers are not desperate. There is a lot of equity in owning a home and that keeps buyers from going into the market and from sellers rushing to get out. Since the start of the pandemic three years ago, the composite home price in Greater Vancouver has increased by 26%, or about $286,000. The typical detached house is now worth $411,000 more than in January 2020, at a January 2023 benchmark of $1,801,300.
If there is one prediction that could be made about this market, it’s that listings will not be coming in abundance.

Despite all the government rhetoric about creating more housing, policies are failing to address the underlying lack of supply. In 2022, for instance, total non-rental housing starts in Metro Vancouver fell 18% from a year earlier to just 16,116 units. And, despite a year-over-year increase in rental construction, Metro Vancouver rents are now the highest in history and the most expensive in Canada.

In some markets, the low inventory sparked bidding wars in January and turned key suburban municipalities into seller’s markets as tenants aimed to move into ownership and owners tried to improve their housing.

Here are some markets bucking the downward sales trend:

A Richmond condo listing attracted 11 offers in January as the local condo market moved from a balanced to a seller’s advantage.
In North Vancouver, townhomes and condos are in a seller’s market with January townhouse sales at similar levels to January 2022.
The strata sector was in seller’s market conditions in North Burnaby, New Westminster and even Coquitlam, despite a multi-family building boom in all three cities.
In 12 of the 22 Greater Vancouver markets, townhouse prices increased from December 2022 to January 2023 and were up an average of 0.8% across the entire region to $1,020,400, while benchmark condo apartment prices rose 1% month-over-month to $720,700.

These are not the signs of a distressed housing market – there are instead signals that buyers, confident that interest rate hikes have ended for now, are willing to come back into the market. If there were more listings, there would be more sales. It is as simple as that.

And listings of resale housing are starting to increase. The total number of homes currently listed for sale in Greater Vancouver is 7,478, a 32.1% increase compared to January 2022 and 1.3% higher compared to December 2022.

All predictions are that 2024 will see improved housing sales and ascending prices. This is the year for buyers to position themselves for that recovery in a still vibrant housing environment with upside potential. In fact, we believe 2023 will be a much stronger market than most pundits are predicting.

Despite headwinds through 2023, there is far too much demand to keep this real estate market from doing anything but grow.

Summary of Greater Vancouver markets in January 2023

Greater Vancouver: With total housing sales down 56% this January compared to January 2022, the January 2023 composite home price was 6.6% lower year-over-year and a mere 0.3% lower than in December 2022, to $1,111,400. Total active Listings were 7,862 at month-end compared to 5,987 at that time last year and 7,791 at the end of December, while new listings in January 2023 were up an expected 173% compared to December 2022. For all property types, the sales-to-listings ratio for January 2023 was 30%. By property type, the ratio is 28% for detached homes, 28% for townhomes, and 33% for apartments. With 571 transactions in the month, condos accounted for more than half of all sales in January, with townhouse sales at 156 and detached house transactions at 295. With an 8-month supply of inventory, this is overall a buyer’s market that is gaining strength.

Fraser Valley: With 626 transactions in January 2023, housing sales were off 12.6% compared to December 2022 and down by 52.2% compared to January 2022 to the lowest level in 10 years. The Fraser Valley Real Estate Board reports that “pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.” New listings saw an increase of 128.3% over December 2022 to 1,833 but remain at the lowest level for January since 1984. Active listings rose 5% to 4,118 compared to December 2022 and were up 76.6% compared to January 2022. At $942,200, the composite benchmark home price edged down 1.4% from December and was off 15% compared to January 2022.

Vancouver Westside: Total sales in January were 194, down 56% from the same month a year earlier and 20% below December 2022. New listings were up 196% compared to December but 29% lower than a year ago. There are less detached homes for sale than at this time last year, but this may change. In January, the City of Vancouver introduced Adding Missing Middle Housing and Simplifying Regulations in Low-Density Neighbourhoods, which would see the opportunity to develop multi-unit housing in single-detached RS zones throughout the city. The proposed changes allow up to four units on a typical 33-foot city lot, and 6 units on a 55-foot lot, subject to two rounds of public engagement. A final report and public hearing to be brought before Council in the fall of 2023. Meanwhile, investors and developers will be angling to purchase detached houses to take advantage of the upzoning. The benchmark price of the 25 detached houses sold in January on the Westside was $3,020,600, down 11.6% from a year earlier. The supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales-to-listings ratio is 27% compared to 100% in December 2022 and 44% in January 2022.

Vancouver East Side: Upzoning of detached house lots may eventually have an even greater impact on the East Side, due to the addition of two SkyTrain extensions and lower prices. The typical detached house sold in January for $1,664,900, or about half that of the Westside, and down 9.3% from a year earlier. Total sales of all properties were 118 in January, down 54% from a year ago. Condos sales, with 56, led local transactions and the benchmark condo price held steady from December 2022, at $676,800. Total active listings were 867 at month-end compared to 739 at that time last year and 880 at the end of December 2022. The supply of total residential listings is steady at a 7-month’s supply (balanced to buyer’s market conditions) and the sales-to-listings ratio of 33% compared with 85% in December 2022 and 54% in January 2022.

North Vancouver: A deep sleep in sales was seen in January with only 82 transactions, down 45% from a year earlier. Only 18 detached sales were seen, with the benchmark price of $2,033,000 down just 2.3% from a month earlier and 9.5% below January 2022. Meanwhile, 48 condos sold at a benchmark of $749,000, down less than 1% from December 2022. Both townhomes and condos are in seller’s market conditions with townhouse sales at similar levels to January 2022. Total active listings were at 416 at month-end compared to 291 at that time last year and 385 at the end of December 2022. Total residential listings are up to 5 month’s supply (balanced market conditions) and the sales-to-listings ratio of 35% compared to 132% in December 2022 and 55% in January 2022.

West Vancouver: Benchmarked at $3,074,400 in January, West Vancouver detached house prices are holding remarkably steady, down just 0.6% from a month earlier and less than 6% below January 2022, based on 16 sales. Total properties sold in January were 28, down 30% from December 2022 and down 38% from January 2022. The total residential listings are up to 15-month supply and the sales-to-listings ratio of 22% compared to 85% in December 2022 and 32% in January 2022. This is a full-on buyer’s market for those who can afford it.

Richmond: For the first time in two years, the average (not benchmark) home price in Richmond dipped below the $1 million mark in January, falling to $977,143, which was down from more than $1.2 million a year earlier. While total sales in January, at 120, were off 65% from a year earlier, there was action in the strata market. In one case a condo apartment attracted nearly a dozen offers. There were 81 condo sales in the month at a benchmark price of $720,700, a price up 4.6% from a month earlier and 3% higher than in January 2022. Richmond benchmark townhouse prices, at $1,065,600, are 2% higher than a year ago and edged up 1.5% from December 2022. Total active listings were 942 at month-end compared to 752 at that time last year and 919 at the end of December. Richmond is a buyer’s market with an 8-month supply and a sales-to-listing ratio at a weak 29%.

Burnaby East: Only 9 homes sold in January, perhaps the lowest ever recorded and below even the sluggish January 2019 which posted 11 transactions. Listings are increasing, posting a 214% spike up from December, which may keep prices in check. In January, the composite home price was $1,079,300, down 5.3% from a year earlier. There are 10 months of housing inventory in this buyer’s market, where the sales success ratio is a low 20%.

Burnaby North: Total sales were down 56% from a year earlier with 63 transactions in January at a composite benchmark of $954,200, a price down 4.7% year-over-year and off 1.1% from December 2022. (Benchmark prices slipped below $1 million last August and have been slowly descending since). Despite a lot of new condos being built over the past three years, condo prices are holding firm, benchmarked at $696,600 in January, a price 0.2% higher than in January 2022. This is considered an overall balanced market, with about a six-month supply of total listings and a sales-to-listings ratio of 31%

Burnaby South: Just 54 sales were seen in January, down from 94 a month earlier and 64% below the pace in January 2022. The composite benchmark price of $1,052,800, however, was up marginally from December 2022 and down less than 1% from a year ago. Active listings were at 352 at month-end compared to 283 at that time last year and 344 at the end of December. This is a buyer’s market, despite the sticky prices, with an inventory of a 7-months’ supply and a sales-to-listing ratio of 33%, far below the 152% seen in December 2022.

New Westminster: New West flirted with a seller’s market in December 2022 but was more balanced in January as sales dipped to 40 transactions, down 25% from a month earlier and 61% below January 2022. There has been increased action in the detached housing market, particularly in the Sapperton and the Massey-Victoria Heights areas, where quick sales were seen, some above asking, at the end of January. While the benchmark detached house price is $1,384,000, New Westminster has one of the lowest composite home prices in a SkyTrain-served community, at $782,300. Both benchmark townhouse prices ($892,300 ) and condo apartments ($622,500) are higher now than a month and a year ago, which is rare in Metro Vancouver. This is considered a balanced market, with a 6-month supply of listings and a sales-to-listings ratio of 38%.

Coquitlam: Coquitlam posted 73 residential property sales in January, down 10% from December 2022 and 58% less than in January 2022, and this is considered a buyer’s market with 484 active listings – about a 7-month supply – and sales-to-listing ratio of a low 28%, compared to 107% in December 2022. Condo demand and prices are firm: 48 apartments sold in January at a benchmark price of $656,300, a price nearly unchanged (down 0.9%) from a year earlier. Just 4 townhouses sold in January, but the benchmark price of $975,000 was down just 0.3% from December 2022.

Port Moody: Total sales in January were 23 – down from 41 (44%) in December 2022 and down from 57 (60%) in January 2022. Active listings were 188 at month end, compared to 93 at that time last year and 155 at the end of December 2022. New listings in January were up 145% compared to December 2022 and up 29% compared to January 2022. This is a buyer’s market, with the composite home price virtually unchanged from a year ago, at $1,083,700.

Port Coquitlam: Buyers withdrew from Port Coquitlam in January, and we suspect relatively high prices may be to blame in the only Tricities market with no SkyTrain. The benchmark detached house has shot up 38% since January 2020 and, even with an 11% decline in the last year, is still at $1,279,200. Just 13 detached houses sold in January, down from 29 in the same month last year. However, this is technically a seller’s market because there is only a 4-month supply of listings and the overall sales-to-listing ratio is running at 44%, with detached houses at 66%.

Pitt Meadows: Total sales in January slumped 50% from a year earlier to just 15 transactions as the composite home price in the small community fell 15% in the same period to $830,600.
Still, this is also seen as seller’s market because a lack of listings translates to just a 4-month supply. The current sales-to-listings ratio of 39% compares to 191% in December 2022 and 73% in January 2022, so sellers have a fragile advantage at best.

Maple Ridge: Maple Ridge, where the composite home price of $910,000 is still 38% higher than in pre-pandemic January 2020, also saw total sales slide in January, dropped 47% from a year earlier and 17% from a month ago, to 65 transactions. The benchmark price of a detached house, the dominant sales sector, is $1,166,000, down 16.2% from a year ago and declining by an average of about 1.5% per month since last fall. New Listings in January were up 232% compared to December 2022 and the total inventory of listings is up to 7 month’s supply (balanced to buyer’s market conditions), with a sales-to-listings ratio of 30% compared to 120% in December 2022 and 51% in January 2022.

Ladner: With 16 sales in January, up from 9 in December, Ladner saw its total supply of homes for sale drop from an 8 to a 5-month inventory in January, despite new listings jumping 209% month-over-month. Detached house prices are down 16% from January 2022, to $1,267,700, but are declining 2.5% per month. This is a balanced market tilting towards a buyer’s advantage with lower prices and a rather tepid sales-to-listing ratio of 37%, about half that of December 2022.

Tsawwassen: Tsawwassen posted zero townhouse sales in January, but only having 3 new listings will lead to that. Based on December sales, therefore, the benchmark townhouse price remains 4.4% lower from a year ago, at $937,100. Detached house prices are down 11% year-over-year to $1,434,600 but remain 30% higher than in pre-pandemic January 2020.
Total housing sales were 20 in January, down 52% from a year earlier, but new listings were up 185% from December 2022. This is a balanced market with a healthy supply of listings and a sales ratio of 35%, down sharply from 115% a month earlier.

Surrey:Surrey housing sales slumped across the board in January, with detached house transactions down 67.8% year-over-year, townhouse sales down nearly 50% and condo apartment sales falling 60% compared to January 2022. Benchmark prices followed suit, with detached house prices dropping 22% to $1,552,110; townhouse prices down 16% from a year ago to $807,200 and condo prices dipping 7.5% year-over-year to $526,938. With active listings rising and sales and prices falling, Surrey is a serious buyer’s market right now. Opportunity exists in that market.

Download December Sales and Listings Statistics Houses Townhouses Condos
Download December Sales and Listings Statistics All Regional
Download Stat Images

Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for Mid-January 2023

Sun, 22 Jan 2023 19:27:00 GMT

It’s not how it looks.

As the calendar turned to 2023, real estate in British Columbia became a lot more complicated. Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, we were given the gift of a provincial 3 Day Home Buyer Rescission Period, a two-year ban on foreign buyers across Canada and a national Underused Homes Tax – essentially a Canada wide empty homes tax for foreign owned properties. If your new years resolution was more government regulation, you got it! While all these policies really just attack the demand side of the home buying equation, we started the year yet again with an extremely low level of active listings, and so far that’s not changing. While sales are slow to start the year, we are only two weeks in and rescission or not, buyers are out shopping. Will they find more homes stocked on the shelves as we move through the first part of 2023, that remains an important question.

At the mid-point of January, there have been 334 sales in Greater Vancouver. This is well below the 795 at the mid-point in December and of course below the 788 at the mid-point of January last year, which was a completely different market. If we compare to January 2019, which was coming out of one of the slowest years on record, it was more closely matched with there being 396 sales in January 2019. It’s still early, and the number of sales in January in the second half tend to be more than 3 times what they are in the first two weeks. And if there is a more significant increase in the number of new listings, the number of sales will be that much higher. January 2019 finished with 1,120 sales after a similar start to this month, so it is quite likely we’ll see similar numbers if not more depending on whether sellers come to the market this month. And judging by the comments of REALTORS® over the last week, open houses have been much busier than the fall and there have been multiple offers occurring on what limited number of homes there are on the market. After sitting through the last few months of the year, some listings are seeing offers come in. Perhaps a sign that buyers are adjusting to the new levels of interest rates and that the pent-up demand is starting to get more active. And most certainly a sign that sellers may want to jump on an early spring market.

At mid-month in Greater Vancouver there have been only 1,379 new listings, which is above the 984 new listings at the mid-point of December but significantly below the 1,639 new listings at the midpoint of January 2022 and much more below the number of new listings of 1,940 at the mid-point of January 2019 – you know, that other slow market period. After seeing active listings drop below 7,000 in Greater Vancouver, there are now 7,294 listings, up, but ever so slightly. A 24% sales-to-listings ratio has helped, but with the few numbers of new listings, it’s not adding much to the well of active listings so far.

While it is too early to recognize trends in any market, North Vancouver, West Vancouver, and Port Moody appear to be the slowest out of the gate for sales. As of the middle of the month, Port Moody only had two sales – and they were condos and North Vancouver had only seen one townhouse sale. Certainly, in the case of Port Moody, the available number of new listings is a contributing factor in the low number of sales. New Westminster is following along the same path for new listings as December, very few and as a result that’s hold back sales. Coquitlam is bucking the trend with a higher pace of new listings so far in January, with the condo segment being the larger extend of new listings. And with, Coquitlam City Council starting its first meeting of 2023 by sending the Polygon proposal for a massive development out for comment that would see 2,835 units built at the Port Moody border, just north of Lougheed Highway. This would be similar to what Marcon Quadreal is planning to build at the corner of Lougheed and Barnet Highway. All while Port Moody seeing a bid from Wesgroup come in to assemble 59 single-family homes for a high-density development. These two cities are focussing on development – perhaps something others should take note of. And given the lack of listings buyers have to shop from, they can’t come soon enough.

Here’s a summary of the numbers:

Greater Vancouver

334 units sold so far in January 2023 compared to
793 units sold at mid-month in December 2022
788 units sold at mid-month in January 2022
977 units sold at mid-month in January 2021
538 units sold at mid-month in January 2020
396 units sold at mid-month in January 2019

1,379 new listings so far in January compared to
984 new listings at mid-month in December 2022
1,639 new listings at mid-month in January 2022
2,185 new listings at mid-month in January 2021
1,924 new listings at mid-month in January 2020
1,940 new listings at mid-month in January 2019

Total active listings are at 7,294 compared to 5,427 at mid-month in January 2022, and 8,787 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver West

62 units sold so far in January 2023 compared to
157 units sold at mid-month in December 2022
152 units sold at mid-month in January 2022
154 units sold at mid-month in January 2021
89 units sold at mid-month in January 2020
57 units sold at mid-month in January 2019

303 new listings so far in January compared to
194 new listings at mid-month in December 2022
395 new listings at mid-month in January 2022
426 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 1,723 compared to 1,637 at mid-month in January 2022, and 2,085 at mid-month in December 2022.

Sales to listings ratio is at 20% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver East

41 units sold so far in January 2023 compared to
75 units sold at mid-month in December 2022
88 units sold at mid-month in January 2022
97 units sold at mid-month in January 2021
48 units sold at mid-month in January 2020
41 units sold at mid-month in January 2019

144 new listings so far in January compared to
109 new listings at mid-month in December 2022
153 new listings at mid-month in January 2022
236 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 793 compared to 652 at mid-month in January 2022, and 979 at mid-month in December 2022.

Sales to listings ratio is at 28% compared to 58% at mid-month in January 2022 and 69% at mid-month in December 2022.

North Vancouver

20 units sold so far in January 2023 compared to
69 units sold at mid-month in December 2022
49 units sold at mid-month in January 2022
55 units sold at mid-month in January 2021
30 units sold at mid-month in January 2020
31 units sold at mid-month in January 2019

93 new listings so far in January compared to
62 new listings at mid-month in December 2022
82 new listings at mid-month in January 2022
155 new listings at mid-month in January 2021
163 new listings at mid-month in January 2020
151 new listings at mid-month in January 2019

Total active listings are at 377 compared to 233 at mid-month in January 2022, and 442 at mid-month in December 2022.

Sales to listings ratio is at 22% compared to 60% at mid-month in January 2022 and 111% at mid-month in December 2022.

West Vancouver

8 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
11 units sold at mid-month in January 2022
20 units sold at mid-month in January 2021
10 units sold at mid-month in January 2020
7 units sold at mid-month in January 2019

46 new listings so far in January compared to
145 new listings at mid-month in December 2022
52 new listings at mid-month in January 2022
96 new listings at mid-month in January 2021
91 new listings at mid-month in January 2020
59 new listings at mid-month in January 2019

Total active listings are at 395 compared to 337 at mid-month in January 2022, and 496 at mid-month in December 2022.

Sales to listings ratio is at 17% compared to 21% at mid-month in January 2022 and 76% at mid-month in December 2022.

Richmond

47 units sold so far in January 2023 compared to
104 units sold at mid-month in December 2022
130 units sold at mid-month in January 2022
127 units sold at mid-month in January 2021
92 units sold at mid-month in January 2020
49 units sold at mid-month in January 2019

196 new listings so far in January compared to
145 new listings at mid-month in December 2022
266 new listings at mid-month in January 2022
277 new listings at mid-month in January 2021
264 new listings at mid-month in January 2020
293 new listings at mid-month in January 2019

Total active listings are at 879 compared to 722 at mid-month in January 2022, and 1,048 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 49% at mid-month in January 2022 and 72% at mid-month in December 2022.

Burnaby East

3 units sold so far in January 2023 compared to
7 units sold at mid-month in December 2022
6 units sold at mid-month in January 2022
5 units sold at mid-month in January 2021
8 units sold at mid-month in January 2020
3 units sold at mid-month in January 2019

11 new listings so far in January compared to
13 new listings at mid-month in December 2022
11 new listings at mid-month in January 2022
19 new listings at mid-month in January 2021
21 new listings at mid-month in January 2020
22 new listings at mid-month in January 2019

Total active listings are at 69 compared to 29 at mid-month in January 2022, and 91 at mid-month in December 2022.

Sales to listings ratio is at 27% compared to 55% at mid-month in January 2022 and 54% at mid-month in December 2022.

Burnaby North

21 units sold so far in January 2023 compared to
46 units sold at mid-month in December 2022
36 units sold at mid-month in January 2022
61 units sold at mid-month in January 2021
38 units sold at mid-month in January 2020
22 units sold at mid-month in January 2019

70 new listings so far in January compared to
58 new listings at mid-month in December 2022
83 new listings at mid-month in January 2022
130 new listings at mid-month in January 2021
99 new listings at mid-month in January 2020
91 new listings at mid-month in January 2019

Total active listings are at 343 compared to 236 at mid-month in January 2022, and 391 at mid-month in December 2022.

Sales to listings ratio is at 30% compared to 43% at mid-month in January 2022 and 79% at mid-month in December 2022.

Burnaby South

15 units sold so far in January 2023 compared to
57 units sold at mid-month in December 2022
54 units sold at mid-month in January 2022
72 units sold at mid-month in January 2021
41 units sold at mid-month in January 2020
23 units sold at mid-month in January 2019

66 new listings so far in January compared to
45 new listings at mid-month in December 2022
116 new listings at mid-month in January 2022
136 new listings at mid-month in January 2021
106 new listings at mid-month in January 2020
105 new listings at mid-month in January 2019

Total active listings are at 324 compared to 264 at mid-month in January 2022, and 835 at mid-month in December 2022.

Sales to listings ratio is at 23% compared to 47% at mid-month in January 2022 and 127% at mid-month in December 2022.

New Westminster

15 units sold so far in January 2023 compared to
31 units sold at mid-month in December 2022
38 units sold at mid-month in January 2022
36 units sold at mid-month in January 2021
18 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

37 new listings so far in January compared to
22 new listings at mid-month in December 2022
62 new listings at mid-month in January 2022
100 new listings at mid-month in January 2021
18 new listings at mid-month in January 2020
27 new listings at mid-month in January 2019

Total active listings are at 203 compared to 145 at mid-month in January 2022, and 264 at mid-month in December 2022.

Sales to listings ratio is at 41% compared to 61% at mid-month in January 2022 and 141% at mid-month in December 2022.

Coquitlam

22 units sold so far in January 2023 compared to
45 units sold at mid-month in December 2022
64 units sold at mid-month in January 2022
104 units sold at mid-month in January 2021
57 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

107 new listings so far in January compared to
64 new listings at mid-month in December 2022
91 new listings at mid-month in January 2022
161 new listings at mid-month in January 2021
140 new listings at mid-month in January 2020
144 new listings at mid-month in January 2019

Total active listings are at 434 compared to 255 at mid-month in January 2022, and 536 at mid-month in December 2022.

Sales to listings ratio is at 21% compared to 70% at mid-month in January 2022 and 70% at mid-month in December 2022.

Port Moody

2 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
17 units sold at mid-month in January 2021
16 units sold at mid-month in January 2020
10 units sold at mid-month in January 2019

43 new listings so far in January compared to
32 new listings at mid-month in December 2022
25 new listings at mid-month in January 2022
34 new listings at mid-month in January 2021
31 new listings at mid-month in January 2020
25 new listings at mid-month in January 2019

Total active listings are at 165 compared to 81 at mid-month in January 2022, and 167 at mid-month in December 2022.

Sales to listings ratio is at 5% compared to 76% at mid-month in January 2022 and 88% at mid-month in December 2022.

Port Coquitlam

16 units sold so far in January 2023 compared to
17 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
25 units sold at mid-month in January 2021
21 units sold at mid-month in January 2020
16 units sold at mid-month in January 2019

29 new listings so far in January compared to
34 new listings at mid-month in December 2022
44 new listings at mid-month in January 2022
80 new listings at mid-month in January 2021
65 new listings at mid-month in January 2020
67 new listings at mid-month in January 2019

Total active listings are at 123 compared to 66 at mid-month in January 2022, and 166 at mid-month in December 2022.

Sales to listings ratio is at 55% compared to 43% at mid-month in January 2022 and 50% at mid-month in December 2022.

Ladner

5 units sold so far in January 2023 compared to
5 units sold at mid-month in December 2022
9 units sold at mid-month in January 2022
7 units sold at mid-month in January 2021
12 units sold at mid-month in January 2020
1 units sold at mid-month in January 2019

18 new listings so far in January compared to
14 new listings at mid-month in December 2022
16 new listings at mid-month in January 2022
15 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
24 new listings at mid-month in January 2019

Total active listings are at 72 compared to 34 at mid-month in January 2022, and 86 at mid-month in December 2022.

Sales to listings ratio is at 28% compared to 56% at mid-month in January 2022 and 36% at mid-month in December 2022.

Tsawwassen

7 units sold so far in January 2023 compared to
19 units sold at mid-month in December 2022
13 units sold at mid-month in January 2022
16 units sold at mid-month in January 2021
7 units sold at mid-month in January 2020
2 units sold at mid-month in January 2019

21 new listings so far in January compared to
16 new listings at mid-month in December 2022
33 new listings at mid-month in January 2022
43 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
37 new listings at mid-month in January 2019

Total active listings are at 120 compared to 74 at mid-month in January 2022, and 135 at mid-month in December 2022.

Sales to listings ratio is at 33% compared to 39% at mid-month in January 2022 and 119% at mid-month in December 2022.

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Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report December 2022: A year ends with a flourish and a new year begins with confidence.

Fri, 30 Dec 2022 03:44:00 GMT

We will all remember the 2022 housing market as one of the most volatile that Metro Vancouver has ever seen, rising to unprecedented highs early in the year only to fall to a near 40-year low by December. Along the way the year crushed every cliché in the residential market. January and February sales, normally the slowest sales months of the year, were among the strongest. September, traditionally a stellar month, posted lower sales than August.

Year-over-year sales fell about 50% but prices proved amazingly resilient, with a mere 3.3% decrease in the benchmark composite home price. Most strata prices increased. And, to cap it all off, the normally sedate December posted a sales-to-new-listing ratio of more than 100% to put an exclamation point on an unforgettable year.

It is all rather reminiscent of 2018, and for a similar reason: anti-demand government policies - – including seven consecutive interest rate increases in 2022 – putting the brakes on eager buyers. The one major difference from 2018, sellers were far more absent as new listings were far more scarce.

We all must deal with continued government intervention in 2023, none of which address the underlying problem of a lack of supply in Metro Vancouver’s housing market. The shortage of both resale listings and new home construction was starkly apparent in December 2022, when total listings of homes was down 41% compared to a year earlier and new listings plunged 60% from November 2022.

At the same time, starts of new non-rental homes in Metro Vancouver fell to 13,950 units as of December 1, down from 17,708 in the same period in 2021. And the government’s response to this dramatic shortfall? The complicated new and largely unnecessary B.C. Land Owner Transparency Registry, which became mandatory on November 30 on residential purchases and require a lawyer’s assistance to complete; a two-year federal ban on foreign homebuyers, which began January 1, 2023 and will discourage new speculative construction as immigration levels reach record highs; and B.C.’s unnecessary three-day cooling off period for homebuyers, effective January 3, 2023, in a market where the average listing now takes 31 days to sell. While giving buyers 3 days to decide if they want to move forward, it doesn’t technically allow for due diligence by a buyer and imposes a penalty on buyers if they want to rescind. As well, several Metro municipalities are increasing development cost charges on new home construction, even as developers are reeling from higher construction costs and land prices and slowing pre-sales of new strata units.

When you consider what this market deals with, its resiliency is amazing and quite encouraging as we enter a new year, especially for homebuyers. The bottom line is that, with more than 50,000 new immigrants expected to arrive in B.C. in 2023 and governments pushing to stunt the housing supply, Metro Vancouver home prices will continue to face upward pressure.

December was likely a harbinger of what is to come. With just 1,240 new listings in the month, there were 1,303 sales, resulting in a sales-to-new-listing of a startling 105%. This is not indicative of slowing demand or owners desperate to sell.

We’ve not seen new listings for the month of December this low going back as far as 1991 in Greater Vancouver. If anyone thinks sellers are panic selling, this suggests the exact opposite and sets up 2023 to be a year with a skinny selection in front of hungry buyers. While the story of the real estate market tends to be the lack of sales that occurred in the second half of 2022, the drop in listings is the true underlying theme in the real estate market.

December benchmark prices are also an eye-opener. Despite all the angst in 2022, the forecasts of recession and a crash in values, average home prices are virtually the same now as 12 months ago. The overall average composite home price in December was $1,183,802, only $57,000 (or 4.2%) below the near-record price a year earlier. Some markets and housing types have higher average prices now than 12 months ago, including the bellwether Westside of Vancouver, where condo apartment prices have increased $30,000 and the East Side of Vancouver, where average townhouse prices in December were up about $120,000 from the end of 2021.

Based on current trends, 2023 looks like more of the same: gently rising home prices against a background of increased demand and a tight supply. Without more listings on the market, the true strength of this emerging buyer’s market will not be fully realized.

Here’s a summary of the numbers:

Greater Vancouver:

This is a balanced market, with only a low supply keeping it from tipping to a full-blown buyer’s market. Total units sold in December were 1,303 and total new listings were 1,240, resulting in a 105% sales-to-new-listing ratio, one of the highest in all of 2022. New listings were down 61% from November 2022 and 38% lower than in December 2021, which hampered many buyers. More listings would have resulted in higher sales, without a doubt. The low supply assured prices would remain constant, with the composite benchmark price in December at $1,131,600, down less than $20,000 from December 2021. With a further 55,000 international immigrants expected to arrive in 2023, listings in short supply and rents at record highs, the price pressure on homes is becoming intense.

Vancouver Westside:

This is the most-watched housing market in B.C. and it provides all the evidence needed that we are heading into a buyer’s market, with eager purchasers held in check only by a lack of supply. Despite an average price of nearly $3,489,1341 in December, 78% of new listings for detached houses sold. In the condominium apartment market, the sales success ratio was 114% and the average price of $993,400 was 3.1% higher than both a month and a year earlier. The townhouse sector saw December sales sag to 16, largely because new listings dropped to just 28 units, the lowest monthly level in at least two years. Still, the average Westside townhouse price in December was $1,566,761, the highest since July 2022. The supply of total residential listings is still at 8 month’s supply, representing perhaps an irresistible buyer’s market as we head into 2023.

Vancouver East Side:

Next year is when it all comes together for the East Side housing market. The Broadway Plan is pushing density higher from Renfrew Street to Mount Pleasant with the new SkyTrain Subway as the development of the 450-acre False Creek Flats and its new St. Paul’s Hospital kick into high gear. Relaxed zoning allows three housing units on each detached lot and rental rates are soaring. Heady times indeed and savvy buyers and investors have started early. In December, 38 detached houses sold, representing 103% of the new listings available. Yet the average detached house price, at $1,766,997, is the lowest since December 2020 and half the price as the neighbouring Westside. Condos are also attractive for East Side buyers: the sales-to-new-listing ratio in December was 97% and the benchmark price has barely budged (down 0.5%) from a year ago. This is the market to get into now, while there is seven-month supply of homes available and prices are holding steady. We doubt that will be the case three months from now.

North Vancouver

The overall sales-to-listing ratio in December was a startling 132% and there is only a 4-month supply of listings on the market, setting the stage for a very competitive market. Total sales were down 45% from a year earlier, to 107, but new listings dropped 32% year-over-year and were down nearly 70% from November 2022. The condo market is a sector to watch. The Lonsdale Quay/ Lower Lonsdale area is now a destination and was responsible for many of the 1,208 North Vancouver condo sales in 2022. Benchmark condo prices at $756,000 in December are up 1.6% from a year ago but have been declining an average of 1.5% per month since the spring. Be careful shopping in the new pre-sale strata market in North Vancouver City and District, which have brought in the Step 5 (net-zero) building code, which adds expenses and delays due to new super-energy-saving construction. All homes are in short supply, with just 385 active listings as of the end of December, down from 529 a month earlier.

West Vancouver:

Total housing sales in December, with 40 transactions, were down 34% from December of 2021 but up from the 28 sales in November 2022. Active listings were 448 at month end, but new listings in December were down 58% from November and 6% lower than a year earlier. This market is defined by its detached housing, which posted an impressive 124% sales-to-new-listing ratio in December as 26 houses sold at an average price of just slightly under $3 million. The supply of total residential listings is down to an 11 month’s supply (buyer’s market conditions) and the sales to listings ratio of 85% compares to 25% in November 2022. This is a buyer’s market but don’t expect dramatically lower prices. The overall December benchmark, at $2,559,400, was still nearly 19% higher than in pre-pandemic 2019.

Richmond:

If any market will feel the brunt of the two-year foreign homebuyer ban it will likely be Richmond, but the ban is rather toothless because of exceptions to the federal legislation in force from Jan. 1, 2023. Foreigners with a spouse or common-law partner who is a Canadian are exempt as the spouse or partner would be the purchaser, as are permanent residents (those who have immigrated but are not yet citizens), foreigners with temporary work permits, refugees and most long-term international students can take advantage of exemptions depending on their situation. December sales in Richmond, at 171, were the lowest in three months and down 56% from December 2021. But there is a good selection for buyers, with 919 total listings at month’s end, compared to 723 a year ago. The benchmark price for a detached house is $1,978,200, down nearly 3% from November 2022. A total of 96 townhouses sold in December at a benchmark of $1,049,800, a price unchanged from three months earlier. Condo apartment sales benchmarked at $689,400, up 6% from December 2021. With a sales-to-listing ratio at 99% and a 5-month supply of listings, this is a balanced market.

Burnaby East:

This sub-market posted just 12 sales in December, a small share of the 183 transactions across Burnaby in the month, but it also had the highest benchmark home price in the municipality, at $1,082,300. Detached house prices, benchmarked at $1,657,400, were down 5.1% from a month earlier and 6% lower than a year ago. Total active listings of 74 at month’s end were more than doubled a year earlier, but new listings dropped 62% from a month earlier. There is a 6-month supply, and the sales-to-new-listing is running at a quick 86%, up from 38% in November 2022.

Burnaby North:

Housing sales continue to track lower, with 78 December sales down from 92 a month earlier and 50% lower than in December 2021. Prices are holding fairly firm, however, with the condo apartment price at $692,500, up 2.7% from year earlier. (The sixth residential tower – 396 units – at Brentwood started in December after the first five towers sold out). This is overall a balanced market with a 5-month supply, but the sales-to-listing ratio of 111%, the highest in at least four years, and solid prices mark it as a seller’s advantage.

Burnaby South:

Most of Burnaby’s housing sales – 94 – were in the South in December and this may continue due to the explosion of condo construction in the Metrotown area. Sales were down 20% from November 2022 and 49% lower than in December 2021. Prices are sticky, though, with composite benchmark price at $ $965,300, virtually unchanged (down 1.1%) from a year ago. Detached house prices have held rock-steady for the year at $1,889,000, down 0.5% from December 2021. There are 344 total listings in this seller’s market, down from 425 in November 2022, and the sales-to-new-listing ratio is a robust 159%, one of the highest in Metro Vancouver.

New Westminster:

The Royal City remained a seller’s market in December, with a sales-to-new-listings ratio of 183% - up from 164% a year ago – and just a 4-month supply of homes on the market, with 219 total listings. A total of 53 properties sold in December, down 18% from November and 61% below December 2021. The detached house benchmark price is $1,402,600, down 4.3% from a year ago, but townhouse ($872,800) and condo apartment ($619,400) prices are up by same amount year-over-year. Incidentally, New Westminster’s new council has been moving to speed residential developments with some sharp new ideas on quicker approvals. A market to watch in 2023.

Coquitlam:

All Tri-Cities communities are raising or considering increases in development cost charges for residential development, so we will likely be seeing higher prices for new product in 2023. Meanwhile new listings in December were down 69% from November and active listings, at 452 at month’s end, were down from 582 a month earlier, while the sales-to-new-listing ratio is running hot at 107%. Total sales in December were 81, down 40% from November and 42% below December 2021. The composite home price in December, at $1,044,700 is down 3.1% from a year earlier, while detached house benchmarks have slipped down 2.6% year-over-year to $1,698,400, in what is considered a balanced market.

Port Moody:

Total sales in this seller’s market were 41 in December, up 24% from November and down a modest 7% from a year earlier. Active listings were at 155 at month’s end compared to 97 at that time last year and 194 at the end of November. But, with the sales-to-new-listing ratio at 98%, listings are disappearing. The composite home price is at $1,079,300, up 1% from December 2021.

Port Coquitlam:

The small city has posted its 2023 fee increases, including for residential development, and they remain relatively modest (a multi-family rezoning amendment costs $2,500 plus $200 per unit for each of the first 20 units, as an example). In December 37 residential properties sold, down 65% from December 2021. The sales-to-new-listing ratio is 84%, a reflection of the very low new listings, with just 11 houses, 9 townhouses and 24 condos added to the market in December. This is tight seller’s market, with just a 4-month supply of total listings and the composite home price down just 0.5% from a year ago, at $886,300.

Pitt Meadows:

Pitt Meadows was a popular destination during the pandemic, and the housing market has kept strong this year. Only 23 properties sold in December, compared to 33 at the same time a year ago, but were higher than in both October and November 2022. A 57% drop in new listings month-over-month led to a blistering 191% sales-to-new-listing ratio in December, the highest in years. With just a 2-month supply on the market, the composite benchmark home price is down 8.1% from a year ago at $853,400, but it could increase if the supply remains tight

Maple Ridge:

At $1,666,600 the benchmark price of a detached house dropped 15.4% in December compared to December 2021, the biggest year-over-year price decline in Metro Vancouver. Still, with sales of 78 in December and new listings down 65% from a month earlier, the sales-to-new-listing ratio was 120%, compared to 50% in November this is considered a balanced market. But buyers may start looking, as the composite home price is now $915,800, down 24.6% from six months ago.

Ladner:

Total units sold in December were 9, down from 16 (-44%) in November 2022 and down from 21 (-57%) in December 2021. Benchmark prices are lower across the board, with detached houses down 12.3% from six months ago at $1,299,400; townhouses down 11.2% from June 2022 at $880,200; and condo apartments selling in December at a benchmark of $670,400, about 9% lower than six months ago, but still 34% higher than in pre-pandemic 2019.

Tsawwassen:

With 23 sales in December, transactions were 47% below the same month last year and the composite home price fell 13.4% from six months ago and was down 4.4% year-to-year at $1,143,900. Overall home prices are still 26% above pre-pandemic December 2019. Active listings were 130 at month’s end compared to 68 at that time last year and 150 at the end of November 2022. The sales-to-new-listing ratio is a robust 115% in this balanced market, but slowing sales indicate further price corrections could be coming.

Surrey:

Sales continue to tumble in B.C.’s second-largest city. Detached house sales fell nearly 70% in December from the same month a year earlier and were down 13.6% compared to November, to 102. The benchmark detached house price is feeling the sales slump, dropping 8.5% year-over-year to $1,510,400. Condo apartment sales plunged a stunning 79% from December 2021 and townhouse sales are down 69% year-over-year, with prices down about 2.5% to $502,800 for condos and $812,200 for townhouses. Even with new listings coming down, we call this a buyer’s market because of the lower prices being seen in one of B.C.’s fastest-growing city.

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Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report for October 2022

Fri, 04 Nov 2022 09:15:00 GMT

“There is always a ray of light at the end of every dark tunnel.”

Tink

Positive signs emerge as buyers’ market strengthens

Highlights of the October Report

Lowest benchmark home price: New Westminster at $809,800
Highest number of Greater Vancouver sales since June 2022
Benchmark home price is down 9.2% from six months ago
North Vancouver average home prices up 8.5% from September
West Side detached house sales highest in six months
Immigration surge will drive housing demand higher

The October housing market in Metro Vancouver revealed an economic truism: ‘the cure for higher prices is higher prices’ and that cure is bringing local housing sales and starts back to balance after a rollercoaster year.

This has swung to a buyers’ market that is gaining momentum and may soon appear irresistible.

Cast your memory back to the misty past of 9 months ago, when the benchmark detached house price in Greater Vancouver was $2.04 million, multiple offers were more common than not, property sales were cresting over 3,400 a month and monthly new condo starts were running above 650 units.

Higher prices and interest rates changed everything.

By October 2022, the detached house price had fallen to $1.89 million, housing sales were down to 1,903 for the month and multiple offers are less common. New condo starts dropped 30% from February to just 458 in October as builders struggled with soaring land and construction costs. The only number higher is the mortgage rate, which has basically doubled after six increases, the latest on October 26.

We are now seeing the ramifications of higher prices and the news for home buyers is now quite positive.

There are now five Greater Vancouver mainland markets where the overall composite benchmark home price is below $1 million: New Westminster, Burnaby North, Port Coquitlam, Pitt Meadows and Maple Ridge. Six months ago there was 1.

Those seeking to buy a Greater Vancouver home in virtually any market now can expect to pay tens of thousands of dollars less than just a few months ago. The overall benchmark detached house price in October, for example, was $201,500 lower than in May; townhouse prices are $97,500 less expensive; and the benchmark condo apartment price is $52,600 below the level of six months ago.

While home prices have fallen by 9.2% in six months, the average mortgage rate has increased about 3%.

Meanwhile, easing land prices and construction costs promise to bring cancelled or delayed strata projects back to life, likely at lower prices.

Altus Group reports that the average commercial land prices in Metro Vancouver this year have fallen from a high of $4.7 million an acre in the second quarter to $3.3 million in the third quarter, according to preliminary data, which is a dramatic change. Demand for multi-unit residential development land has also fallen with the dollar volume down 50% year-over-year as of mid-2022, to less than $1 billion, while a slowdown in new strata buildings has led to less demand and lower costs for construction materials and labour.

Also, the 50-basis point increase in the Bank of Canada rate on October 26 is a signal that rate increases are slowing and may stop this year. The rate increase was widely expected to be even higher. On October 26, Bank of Canada governor Tiff Macklem said, ” This tightening phase will draw to a close.”

With Canadian housing sales falling year-over-year and inflation fears easing, we may have seen the last interest rate hike for this year, perhaps even into 2023.

Then we have the rental pressure that may drive more tenants into homeownership and more condo investors into the market.

Right now, due to the continual shortage, average rental prices in Metro Vancouver are the highest in Canada. As one landlord confided recently, there is little incentive to improve rental stock because, without other options, most renters pay what the landlord feels the market can bear. New or renovated one-bedroom apartments in Vancouver are now asking rents of $3,000 per month, which is enough to cover a $600,000 mortgage.

At this rate, it is now, or soon will be, less expensive to buy an apartment than to rent one. This, in turn, will encourage more investors to purchase a condo to place on the rental market, especially if the provincial government, as planned, legislates that all Strata Corporations must allow rentals.

As well, with the federal government announcing that it wants to increase immigration numbers to 500,000 by 2025, the demand for housing in B.C. is only going to grow. In 2023 Canada hopes to see immigration at 465,000, with skilled labour being a focus.

Governments now realize it must work on supply to increase housing – demand side measures just aren’t going to cut it anymore.

What we have today is a leaner and less mean residential market that should draw nimble buyers back into action and allow listings to increase as sellers and developers become more confident. We can thank higher prices earlier this year.

Here is a look at regional markets for October 2022

Greater Vancouver: Total housing sales in October, at 1,923, were 13% higher than a month earlier and the highest for any month since June 2022, yet still down 45% from October 2021. Compared to October 2021, townhome sales are 49% lower, condo sales 46% lower, and detached home sales down 52%. Detached house sales made up 30% of all transactions in October, while townhouses had a 17% share. Apartment sales accounted for the bulk of the market, with 52% of sales. Total sales were 33% below the 10-year average for the month. The overall average (not benchmark) price for all residential properties was $1,231,759. This is down about $110,000 from the peak in February 2022 and approximately $10,000 below the average price in October 2021. (Average prices often give a raw and accurate example of market performance.) Active listings were at 10,305 at month end compared to 8,492 at that time last year and 10,424 (down 1%) at the end of September. New listings in October were down 5% compared to September 2022, down 0.5% compared to October 2021. Month’s supply of total residential listings is down to 5 month’s supply, considered a balanced market, but leaning towards a buyer’s advantage. October’s sales-to-listings ratio of 47% compared to 39% in September 2022 and 86% in October 2021. What’s really telling is that in October 2018 when sales were at a similar level as this October, new listings were 19% lower this October compared to 2018.

Fraser Valley: The Fraser Valley saw 901 total residential sales in October, down 53.5% from a year earlier, but up a scant 0.4% from September 2022. October ended with a total active inventory of 5,642 properties for sale, up 63.7% compared to October 2021. With a sales-to-active listings ratio of 16 per cent, this is a buyer’s market for the fifth straight month. Benchmark detached house prices are down just 0.8% from a year earlier and off 1.8% from September 2022, at $1,436,400. At $809,800, the benchmark townhouse price decreased 1.5% compared to September 2022 and increased 7.7% compared to October 2021. Condo apartments sold at a benchmark of $527,900, down 0.5% compared to September 2022, but up 11.5% compared to October 2021.

Note to landowners, including detached house owners and those with small acreages along the new SkyTrain corridor to Langley are seeing record-setting land prices. In October, a one-acre assembly near the planned 152nd Street transit station sold for $6.5 million.

Vancouver Westside: Despite all the angst and hand wringing, a look into the Westside detached housing scene – which, let’s be honest, is Canada’s bellwether market – shows October was a lot better than most would think. The 73 detached sales in the month represented 50% of the new listings last month – the highest sales-to-listing ratio since February – and the average sold price was $3,494,589. Fairly impressive. Total residential sales in October were 342, down 43% from a year earlier but up 14% from September 2022. Condo apartment sales led the October curve, posting 236 transactions at a benchmark price of $827,700, up 0.7% from September 2022, the first month-to-month price increase in at least 6 months. Townhouse prices have been rising for three months, to reach a benchmark of $1,477,700 in October. With an overall sales-to-listing ratio of 40% or a 7 month supply availalbe, the Westside is close to a balanced market, but we see an opening for buyers in this aspirational community.

Vancouver East Side: Total detached house sales in October were down a startling 51% from a year earlier to just 56 houses, the same as in Coquitlam. But the East Side detached house price was less than in Coquitlam. In fact, it is less expensive to buy a house on the East Side than in any suburban market except Maple Ridge-Pitt Meadows, Port Coquitlam or South Delta. East Side house prices now cost 11.5% less than 6 months ago, and we think, at a benchmark of $1,719,100, they offer perhaps the best value in the Lower Mainland. East Side condo apartment prices are now benchmarked at $678,900 and have been declining an average of 1% per month for six months. East Side benchmark townhouse prices in October were 2% lower than a year ago, at $1,028,500. Total East Side housing sales in October were 194, up 9% from a month earlier. The sales-to-listing ratio is running at 44%, fairly healthy, and there is about a 6 month supply of listings in this balanced market.

North Vancouver: A total of 195 residential properties sold in October, up a thundering 52% from September 2022, and the composite benchmark home price rose 0.8% month-over-month to $1,330,800. Detached house prices increased 1.5% from September to $2,124,600. With a 56% sales-to-listing ratio in October and the total inventory down to a 3 month supply, this is perhaps the strongest seller’s market in the Lower Mainland.

West Vancouver: Only 47 residential properties sold in October, up from 42 a month earlier but 48% less than in October 2021. This is a buyer’s market for those who aspire to live in one of Canada’s wealthiest neighbourhoods. There is a generous 13 month supply of homes on the market, 589 in all, and the sales-to-listing ratio is a low 22%, about the same as in October 2018, which was one of the slowest months on record. Despite all this, the composite home benchmark price in West Vancouver is $2,732,300, up 1.1% from September 2022 and nearly 2% higher than a year ago. The typical detached house sold in October for $3,317,500, also slightly higher than in September 2022.

Richmond: Richmond will likely see an influx of buyers, especially from Hong Kong, which has already sent a huge flow of residents this year. Total home sales in Richmond shot up 16% from September to 243 in October though they were down from 49% from the hectic pace of October 2021. The composite home benchmark price has declined 6.6% over the past six months to settle at $1,121,200 in October. There is just a 5 month supply of homes on the market, and the sales-to-listing ratio is a healthy 53%. This is technically a balanced market, but buyers and investors should be paying attention.

Burnaby East: Burnaby East, which borders New Westminster, has the lowest benchmark detached house price in Burnaby, at $1,826,700, but it also has the fastest rising house prices in the municipality. In October detached prices were up 2.3% from a month earlier and 7.6% higher than a year ago. This is a smaller market, with just 22 total residential transactions in October, but this was up 47% from October 2021, a rare increase for any Metro market. The supply of total residential listings is down to 3 month supply and the sales-to-listing ratio is 63% for the past two months. This is a seller’s market to watch.

Burnaby North: Some of the most amenity-rich condo projects in Canada are in North Burnaby’s Brentwood area – a new development will boast a 2.75-acre outdoor “beachfront” and running track plus an indoor bowling alley – so it is not surprising that condos sell well. Yet the benchmark condo price is $711,900, the lowest in Burnaby and well below the Greater Vancouver benchmark. Total residential sales in October reached 96, down 14% from September and 50% lower than in October 2021. Detached houses sold in October at $1,946,300, down 8% from six months earlier. Yet this is a seller’s market, with just a 4 month supply of listings and a sales-to-listing ratio of 48% in October.

Burnaby South: Burnaby South posted 122 housing sales in October, up 27% from a month earlier but 46% lower than in October 2021. The composite benchmark home price, at $1,064,300, has declined 10.3% over the past 6 months but remains 4.4% higher than a year ago. This is also a seller’s market, with a sales-to-listings ratio of 50% and only a 4 month supply of homes for sale as of October.

New Westminster: After a severe slump in September, housing sales rallied 6% in October to a still low 71 transactions. This compares with average sales of more than 166 per month in the same month one and two years ago. The low sales are a bit of a puzzle. The Royal City has proved a magnet for Millennials and the composite home price, at $809,800, is the lowest in Greater Vancouver. Condos led October sales, with 58 transactions at a median of $575,000, about $100,000 less than in neighbouring Burnaby. The Royal City also has SkyTrain service, a riverfront esplanade and a central location in the region so we expect sales will increase. Right now, it is technically a seller’s market with just a 4 month supply of listings and a sales-to-listing ratio of 49%, based on a tight inventory of just 310 homes for sale. But those looking at location and value may decide the city offers an advantage to buyers.

Coquitlam: In October, Coquitlam had more condos for sale (186) than every Greater Vancouver market except Burnaby and Vancouver, a reflection of the SkyTrain-linked strata developments on the Burnaby border. Coquitlam’s condo sales-to-listing ratio is a strong 59% and the median condo price in October was $638,000, third highest in the region. The 56 detached house sales in October were down nearly 50% from a year earlier, but the benchmark price was up 5% in the same period to $1,750,400. Townhouses are benchmarked at more than $1 million. With a total inventory of 619 listings and 3 months supply of listings, this is a seller’s market and has been for quite some time.

Port Moody: Total residential sales, at 44 in October, have not been this low for the month since October of 2018 and active listings, at 179, were down from 187 in September 2022. The composite home price was down 2% from September, and 8.6% lower than six months earlier, at $1,117,500 in October. With a sales-to-listing ratio of 54%, however, and a slim inventory of just a 4 month supply, this remains a seller’s market.

Port Coquitlam: This is one of the least-expensive housing markets in Greater Vancouver and the city saw sales rally in October as transactions increased 24% from September to 62 sales. This was down 49% from a year earlier, however, and the benchmark composite price continued a six-month slide to land at $917,000 in October, the lowest price in the Tri-City region. Active listings were at 187 at month end compared to 190 at the end of September.
This is a seller’s market with only a 3 month inventory at the current sales pace. Buyers, though, may consider PoCo an affordable option.

Pitt Meadows: With a current composite home price of $818,700, this small town attracts value-seeking buyers, including young families. With prices down 11% from six months ago, it will continue to be a draw. October total sales were up 5% from September to 21 transactions, but the total inventory of listings, at 107, and steep 25% drop in new listings in October from a month earlier means supply is limited. There is a 5 month supply of homes available so buyers should start looking early in this affordable market.

Maple Ridge: The benchmark price of a Maple Ridge townhouse in October was $732,000, but first-time buyers and young families should not get discouraged. In a recent search we found 9 active townhouse listings under $500,000, including some priced under $450,000. We also found more than a dozen condo apartments listed at less than $350,000, though the benchmark condo price is $525,500. A total of 99 sales were posted in October, down 14% from September, and the total inventory is a healthy 592, about double what it was a year ago. With a 6 month supply of listings and composite home prices down 17% in the past 6 months, this is a balanced market that is tilting sharply to a buyer’s advantage.

Ladner: Ladner’s new multi-family construction this year is mostly subsidized rentals, which won’t ease the tight inventory of market housing. With just 91 total listings on the market and a sales-to-listing ratio of 57%, supply is running low. In October, 21 residential properties sold at a benchmark of $1,110,600, a price up 0.6% from September, the first month-over-month price increase in at least six months. The detached house benchmark price, at $1,354,900, is 12.5% lower than in May 2022 but nearly unchanged (up 1%) from a year ago. With a 4 month supply of homes available, this is a seller’s market where prices are balancing.

Tsawwassen: The red-hot Southlands community helped drive sales and prices of townhouses in the area higher this spring, but prices have eased since. The benchmark Tsawwassen townhouse price in October was $1,218,400, still higher than in Richmond, Burnaby and even East Vancouver, but down 9.4% compared to 6 months earlier, when multiple offers were still being seen. Total home sales in October reached 28, up 33% from a month earlier but down 56% from October 2021. Detached houses are selling for $1,536,100, down 10.8% over the past six months. This is considered a balanced market with a 7 month supply of listings and a sales-to-listing ratio of 45% as of October.

Surrey: October sales of all types of homes were down sharply in October compared to a year earlier: detached sales fell 64.5% to 129 transactions; townhouse sales were down 52% and condo apartment sales dropped by 49.4% to just 146 units. Prices have stabilized, however, virtually unchanged from a month earlier. Detached houses sold in October at a benchmark of $1,584,100, up 2% from a October 2021; 128 townhouses sold at a $828,100 benchmark; and the condo apartment price was up 11% from a year earlier at $527,700. Still, with a huge inventory of homes listed and sales down at least 50% from a year ago, there are deals to be had. For instance, there were 111 active detached-house listings in Surrey priced at $900,000 or less and 24 condo apartments listed at $275,000 or less as this Dexter report was put together.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report: September 2022

Thu, 06 Oct 2022 09:30:00 GMT

“Believe and act as if it were impossible to fail.”

Charles F. Kettering

New listings, housing starts flirt with record lows in August

Highlights of the August Report

Total new listings in August the lowest in more than 28 years
Ladner townhouses and condos fall to 1-month supply
At least six major condo projects have stopped or stalled this year
Existing condos, townhouses can’t be replaced at their current value
Surrey strata housing starts fall 69% this year compared to 2021
Port Coquitlam is down to 2 months supply overall and 1 month supply for townhouses

The major takeaway from the Metro Vancouver housing market is that both the number of new listings and the numbers of new homes being built are flirting with record lows. New listings of homes for sale fell to 3,383 in August, the lowest level in more than 28 years, while starts of new strata units plunged 43% year-over-year as of August 1, to just 6,596 new units – and this includes all Greater Vancouver plus Surrey and Langley.

Understanding the pull back in resale listings is not difficult. This August offered the distraction of splendid weather and the lifting of COVID travel and other restrictions for the first summer in two years. Plus, a slowdown in home sales, rising interest rates and flatlining prices convinced many potential sellers to hesitate in listing their property. We fully expect that the return to school and work this fall will see the traditional rise in home listings and sales.Reasons for the dramatic drop in non-rental homes being built are more complicated and it is harder to estimate when starts will begin to increase. Without a dramatic adjustment, we could be looking at a shortage of new homes in Metro Vancouver to continue for months, perhaps years, despite all the calls to increase the housing supply. At the end of 2021, 17 new strata projects in Metro Vancouver were being advertised as “coming soon” and had plans to begin marketing in early spring. Of these, six have been delayed and the other 11 could not provide an opening date for a launch, or the developers said marketing of pre-sales would not proceed until this fall.Of the 8 new strata projects that did decide to test pre-sales in August – with, of course, no construction underway – average sales totaled about 20% of the units offered – the same as in June and July and down from the 30% to 40% sales success in the summer of 2021. The simple reason is that developers, facing historically high land prices, higher government fees and charges, and soaring construction costs, cannot deliver a new condo or townhouse that is priced anywhere close to that of the resale market.One of the last big condo tower blowout sales in downtown Vancouver – which sold out in 2020 – had an average price per square foot of more than $2,000. New projects going up the Cambie/Oakridge area are asking $3,000 per square foot, as are new towers planned for Coal Harbour. The average new condo or townhouse price is more than $1,600 per square foot, while resale prices on Vancouver’s West Side average $1,200 per square foot and are $837 per square foot or less in East Vancouver and most suburban markets.Dexter Realty alone has an existing downtown Vancouver condo on Howe Street listed at $1,200 per square foot; a Kitsilano 724-square-foot wood-frame condo on West 3rd Avenue listed at $699,000 ($965 per square foot); and an exceptional 836-square-foot 2-bedroom concrete condo in New Westminster priced at $529,000, the equivalent of $632 per square.Based on current developer costs, none of these existing condos could be reproduced today at the current listing price. For example, in the city of Vancouver, city development fees and charges alone average $186,000 on a new condo, and this does not include the federal GST which nails another 5% to the cost to the consumer, or the 30% increase in building material costs over the past year.How crazy are residential development land prices getting? This August, a 1.3-acre land assembly of three detached house lots in Langley near a proposed new SkyTrain extension sold for $18 million – the equivalent of nearly $14 million an acre. The assembly has potential for 159 new townhouses, but each would have more than $118,000 baked in just for land costs. Similar scenarios are seen across the Metro region.Now, there is concern that rental projects will also be put on hold because the cost of development outstrips the level of market rent that can be achieved. One rental developer explained that her input costs totaled $200 per buildable square foot meaning “the pro-forma for a rental doesn’t work at all.”Of course the elephant in the room continues to be supply. Even with the discussion turning to the need to produce more, immigration levels are only beginning to ramp up and the need for homes is only going to intensify. This month we’ll see what the allowable rental increase for 2023 will be, and for a rental market that is seeing extreme pressure due to a lack of rental supply, that’s only going to lead to higher rents and competition in that part of the market.The best advice for first-time buyers or investors is to purchase right now while there is a clear buyer’s advantage and to purchase a resale condo in transit-rich areas like East Vancouver, New Westminster and Surrey, where we are seeing a ballooning shortage of both new rental and strata properties.Meanwhile for family buyers, it is time to refocus on the detached market, which has seen the sharpest sales slowdown this year of any property type.August sales of detached houses in Greater Vancouver fell 45.3% from August 2021 and benchmark house prices have been dropping an average of 2.2 % month-over-month since February. In August, only 12.2% of detached active house listings sold (8 months supply), compared to 25% for strata units (4 months supply).In the Fraser Valley, the benchmark price for a single-family detached house decreased 5.1% (about $71,000) compared to a month earlier.Detached houses are in a buyer’s market right now and serious buyers should take full advantage. Markets to watch for detached house values are the West Side of Vancouver, where the median house price fell by $400,000 from July to August, even as sales increased; and North Vancouver and Richmond, where median prices for detached houses were down $185,000 and $100,000, respectively, in August from July.Detached house values are largely based on the value of land, which is becoming a scarce and expensive commodity across Metro Vancouver. So, think long term as always in real estate.

Regional highlights for August 2022

Greater Vancouver: There were a total of 1,891 home sales in August, down just 1% from July 2022 but 23% lower than in August 2021 and even 14% lower than in August 2019. Active Listings were at 10,099 at month end compared to 9,494 at that time last year and 10,734 (down 6%) at the end of July. New Listings in August are down 17% compared to July 2022 and 13% lower than in August 2021. The total supply of residential listings is down to 5 month’s supply (balanced market conditions) and the sales to listings ratio of 56% compared to 47% in July 2022 and 77% in August 2021. The benchmark composite home price was $1,180,500. This was down 2.2% compared to July 2022 but a 7.4 per cent increase over August 2021.The market is very much acting like a buyer’s market in many areas and product types. Subject to sale is coming into play more and more, and buyers can have time with subjects. Multiple offers will happen but not to the same extent we saw earlier this year. And certainly not with the same fever that has been occurring in the last two years. And while the condo market in the last few months has been stronger, in August in many areas sales of detached and townhouses outpaced the number of sales in July. Perhaps settling into the interest rate climate we are in and buyers taking advantage of price declines that have happened in that market segmentFraser Valley: In August, the Fraser Valley Real Estate Board processed 1,017 sales, an increase of 2.4 per cent compared to July 2022 but a 51.3% decrease compared to August 2021. New listings reached 2,045, down 14.3% from July and 2.9% below August 2021. While all benchmark prices were up from a year earlier, detached house prices were down 5.1% from July 2022, to $1,513,500; townhouse prices were down 3.9% month-over-month and condo apartment prices fell 2.1% from July 2022.Vancouver Westside: Detached houses on Vancouver’s Westside have long been the poster child of B.C.’s high housing prices and soaring sales. That changed somewhat as of August. With 57 sales in the month, detached house transactions were slightly higher than a month earlier but nearly 50% below August 2021, when 107 houses sold. But the median price of a Westside detached house in August, at $3,050,000 was down $300,000 from July 2022 and more than $280,000 less than in August of last year. Total sales of all property types in August reached 380 transactions, up 3% from July 2020 but down 15% from a year earlier. Townhouse prices, at a median of $1,300,000 were down more than $200,000 from both a month and a year earlier. Condos, which led sales with 282 transactions in August, saw the median price reach $829,000, down slightly from July 2022, but up from the median of $775,000 in August 2021. Total active listings were at 2,279 at month end compared to 2,389 at that time last year and 2,453 (down 7%) at the end of July 2020. New listings in August are down 12% compared to July 2022 and down 19% compared to August 2021. The current sales-to-listings ratio of 52% compares to 44% in July 2022 and 65% in August 2021. This remains in a balanced market, but the detached housing sector is into a buyer’s advantage.Vancouver East Side: We believe the East Side represents one of the best housing markets in the Metro region and August proved the point. There were the same number of detached sales on the East as the West side of Vancouver, at 57, but the median house price on the East Side, at $1,768,000 was $1.28 million less than on the Westside – and East Side detached prices, unlike the Westside and most of Greater Vancouver, were higher than in July 2022 and in August 2021. A further surprise is that East Side townhouse prices, at a median of $1,384,500 in August, and sales, at 52, were the highest of any market in Metro Vancouver, including the Westside. Total housing sales were 196 in August, down just 1% from a month earlier. Active listings were at 1,103 at month end compared to 1,090 at that time last year and down 7% at the end of July 2022. New listings in August were down 24% compared to July 2022, and 22% lower compared to August 2021. The overall sales-to-listings ratio is 59% compared to 45% in July 202 and 69% in August 2021. While detached homes show buyer’s market sales, the other sectors remain a seller’s market and that is not likely to change anytime soon.North Vancouver: There is new residential construction underway in North Vancouver this year, but it is dominated by rentals. As of August 1, for instance, 742 rental units had started, compared to just 202 strata units, including just 39 townhouses. Meanwhile, new listings of homes for sale in August were down 25% compared to a month earlier and total listings were only 524 at month end, down 8% from July. With 126 total sales in August, down 27% from a month earlier, prices for all types of property were also lower, despite a healthy sales-to-listing ratio of 56%. The median detached house price in August was $1,835,000, down from $2,020,000 in July; while townhouse prices were slightly lower at a median of $1,300,000; and condo apartment prices were down about $25,000 from July, at $700,219.West Vancouver: Due to policy changes late last year which caused a rush of permit applications to beat a January 31 deadline, West Vancouver is facing a huge backlog of applications so don’t expect many new homes to start this year. The entire housing market is down, with 53 sales in August, 13% lower than in July and down 21% from a year earlier. The overall benchmark composite home price, at $2,774,00 has barely budged in six months and was down 1.3% from this July. Active listings were at 565 at month end compared to 536 at that time last year and 580 (down 3%) at the end of July. The August sales-to-listings ratio of 35% compares to 32% in July 2022 and 52% in August 2021. This buyer’s market remains relatively slow but stable.Richmond: Richmond August housing sales, at 226, were higher than in July, increasing just 1% month over month, but down 33% from August 2021. Benchmark detached house prices have been slipping lower each month for six months and dipped a further 1% from July to $2,111,300. A shortage of strata units is looming, however, which may put a floor under strata prices. Richmond has seen several condo projects put on hold and the result is that just 282 new condo units have started this year, compared to 916 at the same time in 2021. Townhouse starts fell about 12% from last year to 96 units. Total new listings in August were down 13% compared to July 2022 and down 30% compared to August 2021, and even 27% lower than in August 2019. The supply of total residential listings is steady at 6 month’s supply and the sales- to-listings ratio of 60% compares to 52% in July 2022 and 82% in August 2021. This is technically a buyer’s market but appears to be leaning this summer to a buyer’s advantage, especially in the detached-house sector.Burnaby East: Burnaby East posted the lowest sales of any Burnaby area, with just 20 transactions in August, the lowest level for that month in at least three years and down 9% from July 2020. The benchmark composite home price has now dropped nearly 8% over the past six months to settle at $1,109,000 in August. Active Listings were at 75 at month end compared to 83 at that time last year and 68 at the end of July. New listings in August are down 18% compared to July 2022 and 47% lower compared to August 2021. This remains a seller’s market, with a sales-to-listings ratio of 74%.Burnaby North: By this time next year, giant Grosvenor will have construction underway for 3,500 homes, including about 900 strata units in the Brentwood Block in the Brentwood Town Centre. Meanwhile the benchmark price for a Burnaby North condo apartment in August was down 2.4% from a month earlier to $717,300, but still 11.5% higher than a year ago. Total housing sales in August were 120, down 3% from July 2022, and 34% lower when compared to August 2021. Active listings were 448 at month end, 6% less than at the end of July. New listings were down 22% compared to July 2022, and the lowest level for August since 2019. The sales-to-listings ratio of 63% is down from 76% a year ago but this market retains a seller’s advantage.Burnaby South: Benchmark prices for detached houses and townhouses have been tracking down steadily, with detached houses shedding 9.2% in value since June to $2,105,200 in August, while townhouses have dropped 9.5% in the past three months to $964,300. Still, with active listings down 12% from July, total sales down 2% in the same period and the sales-to-listing ratio running at 73% in August, Burnaby South remains a hot seller’s market. The condo market is especially strong with benchmark prices down just 1.2% from the February peak at $776,300, the highest condo price in Burnaby.New Westminster: If it were not for 452 subsidized rentals, few new housing starts would have registered in New Westminster this year. As it was, starts of strata units fell to just 185 homes through the first seven months of 2022, compared to 1,255 strata starts – including 65 townhouses – at the same time in 2021. This may be bad news for future buyers because active listings in August were down to just 280 homes and new listings were down 20% from a month earlier to the lowest level since at least August 2019. With 77 sales in August, the sales-to-listing ratio was 65%, compared to 88% a year earlier. Benchmark prices for all property types have been declining, however, led by a 11.1% reduction in detached house prices from six months earlier to $1,450,100 in August. Townhouse and condo apartment prices have been slipping down for three months to settle at $922,800 and $651,000, respectively.Coquitlam: More strata housing starts are being seen this year – a total of 1,342 units as of August 1 – in the Tri-Cities than any other market in the Lower Mainland and the bulk of the activity is in Coquitlam. This bodes well for a municipality where August sales – at 157 – were up 11% from July and where the sales-to-listing ratio is at 59%. This is down from 93% a year ago, but still one of the strongest in Metro Vancouver. Both active and new listings were down slightly from a month earlier, with a total of 616 homes available at the end of August. The benchmark composite price was down 2.6% from July and off nearly 6% from six months earlier, at $1,104,000 in August. Detached houses sold at a benchmark of $1,794,700n in August, while townhomes fetched $1,058,000 and condo prices were down 1.7% from July at a benchmark of $669,200.Port Moody: Total homes sold in August were 33 – down from 45 (- 27%) in July 2022 and down from 57 (-42%) in August 2021. Active listings were at 202 at month end compared to 155 at that time last year and 203 (down just 0.5%) at the end of July. New Listings in August are down 7% compared to July 2022. Month’s supply of total residential listings is up to 6 month’s supply (balanced market conditions) and sales to listings ratio of 43% compared to 54% in July 2022 and 73% in August 2021. The benchmark composite home price in August was $1,175,200, reflective of the higher detached-house values in the Belcarra neighbourhood.Port Coquitlam: Total housing sales in August were 78, up 10% from July 2022 but, down 20% compared to August 2021. But total active listings dropped 16% from a month earlier to 178, resulting in a sales-to-listing ratio of 76%, one of the highest in Greater Vancouver. There is just a 2-month supply of homes on the market. Benchmark prices, however, remain relatively low at a composite price of $917,200 in August, with detached houses selling for $1,328,100 a price down 13% from six months earlier and nearly 5% lower than in July 2022.Pitt Meadows: Just 17 homes sold during August, down 13% from July and 56% lower than in pre-pandemic August 2019. The surge in sales and prices seen through the pandemic has clearly eased. The August benchmark detached house price was down 17.6% from six months earlier, at $1,253,800 and townhouse prices were down 5.6% in the same period to $905,500. Active listings nearly doubled from July to 96 at the end of August and new listings were 16% higher than a year earlier. With a sales-to-listing ratio at 39% – compared to 85% during the height of the pandemic in August 2020 – this market is tracking towards a buyer’s advantage.Maple Ridge: With 113 total sales in August, up 5% from a month earlier, Maple Ridge posted a respectable 48% sales-to-listing ratio, indicating a balanced market but with sellers having a slight advantage. There were 602 active listings at the end of August, down from 655 at the end of July. The detached house benchmark price was down nearly 13% from six months earlier, at $1,279,200. Townhouses sold in August at benchmark of $750,700, down 5.3% from a month earlier and 14.6% below the price six months ago.Ladner: Anyone who has driven past the exit to Ladner this year has seen the profusion of strata units, primarily townhouses, that sprang up over the past two years. And they continue to sell well, posting a 128% sales-to-listing ratio as 9 townhouses sold at a benchmark price of $884,800 in August, a price down, however, from $965,444 a month earlier. There is only a 1-month supply of townhouses on the Ladner market. Total sales in August of all properties were 27, up 108% from July. Total active listings were 99 at the end of August, down 12% from July and disappearing at sales ratio of 88%, compared to 32% a month earlier. Ladner remains a seller’s market, but there is just a total of 4-month’s supply of homes available.Tsawwassen: Just 9 detached houses sold in Tsawwassen in August, the lowest level of any month since January of 2020. Yet, the average detached house price in August was $1,704,988, up 4% from a month earlier and well above the average of $1,540,600 in August of last year. Total August sales of all property reached only 25 transactions, down 11% from July and 66% below August of 2021. So far, prices are sticky, but this may change if sales continue to decline. The sales-to-listing ratio fell to 40% in August, down from 112% a year earlier and the lowest ratio in at least three years.Surrey: The bloom came off the rosy Surrey housing market in August as detached house sales fell to 152 transactions, down 60.8% from a year earlier. Townhouse sales were down nearly 45% year over year and condo apartment sales, at 169, were 41.7% lower than in August 2021. Still, total sales were slightly higher than in July 2022 and benchmark prices held their own. The average detached house price in August was $1,636,086, down just 1.6% from July, with townhouse selling for $837,902, down 4.4% from a month earlier. The 169 condo sales in August traded at an average of $539,597, virtually unchanged from July 2021 but up nearly 12% from August of 2021. Surrey, however, has seen a fast decline in strata starts this year, with a total of 698 condo and townhouse started so far, compared to 2,321 in the first seven months of 2021.Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Sales and Listing Report: August 2022

Wed, 07 Sep 2022 09:26:00 GMT

“Believe and act as if it were impossible to fail.”

Charles F. Kettering

New listings, housing starts flirt with record lows in August

Highlights of the August Report

Total new listings in August the lowest in more than 28 years
Ladner townhouses and condos fall to 1-month supply
At least six major condo projects have stopped or stalled this year
Existing condos, townhouses can’t be replaced at their current value
Surrey strata housing starts fall 69% this year compared to 2021
Port Coquitlam is down to 2 months supply overall and 1 month supply for townhouses

Reasons for the dramatic drop in non-rental homes being built are more complicated and it is harder to estimate when starts will begin to increase. Without a dramatic adjustment, we could be looking at a shortage of new homes in Metro Vancouver to continue for months, perhaps years, despite all the calls to increase the housing supply. At the end of 2021, 17 new strata projects in Metro Vancouver were being advertised as “coming soon” and had plans to begin marketing in early spring. Of these, six have been delayed and the other 11 could not provide an opening date for a launch, or the developers said marketing of pre-sales would not proceed until this fall.

Of the 8 new strata projects that did decide to test pre-sales in August – with, of course, no construction underway – average sales totaled about 20% of the units offered – the same as in June and July and down from the 30% to 40% sales success in the summer of 2021. The simple reason is that developers, facing historically high land prices, higher government fees and charges, and soaring construction costs, cannot deliver a new condo or townhouse that is priced anywhere close to that of the resale market.

One of the last big condo tower blowout sales in downtown Vancouver – which sold out in 2020 – had an average price per square foot of more than $2,000. New projects going up the Cambie/Oakridge area are asking $3,000 per square foot, as are new towers planned for Coal Harbour. The average new condo or townhouse price is more than $1,600 per square foot, while resale prices on Vancouver’s West Side average $1,200 per square foot and are $837 per square foot or less in East Vancouver and most suburban markets.

Dexter Realty alone has an existing downtown Vancouver condo on Howe Street listed at $1,200 per square foot; a Kitsilano 724-square-foot wood-frame condo on West 3rd Avenue listed at $699,000 ($965 per square foot); and an exceptional 836-square-foot 2-bedroom concrete condo in New Westminster priced at $529,000, the equivalent of $632 per square.

Based on current developer costs, none of these existing condos could be reproduced today at the current listing price. For example, in the city of Vancouver, city development fees and charges alone average $186,000 on a new condo, and this does not include the federal GST which nails another 5% to the cost to the consumer, or the 30% increase in building material costs over the past year.

How crazy are residential development land prices getting? This August, a 1.3-acre land assembly of three detached house lots in Langley near a proposed new SkyTrain extension sold for $18 million – the equivalent of nearly $14 million an acre. The assembly has potential for 159 new townhouses, but each would have more than $118,000 baked in just for land costs. Similar scenarios are seen across the Metro region.

Now, there is concern that rental projects will also be put on hold because the cost of development outstrips the level of market rent that can be achieved. One rental developer explained that her input costs totaled $200 per buildable square foot meaning “the pro-forma for a rental doesn’t work at all.”

Of course the elephant in the room continues to be supply. Even with the discussion turning to the need to produce more, immigration levels are only beginning to ramp up and the need for homes is only going to intensify. This month we’ll see what the allowable rental increase for 2023 will be, and for a rental market that is seeing extreme pressure due to a lack of rental supply, that’s only going to lead to higher rents and competition in that part of the market.

The best advice for first-time buyers or investors is to purchase right now while there is a clear buyer’s advantage and to purchase a resale condo in transit-rich areas like East Vancouver, New Westminster and Surrey, where we are seeing a ballooning shortage of both new rental and strata properties.

Meanwhile for family buyers, it is time to refocus on the detached market, which has seen the sharpest sales slowdown this year of any property type.

August sales of detached houses in Greater Vancouver fell 45.3% from August 2021 and benchmark house prices have been dropping an average of 2.2 % month-over-month since February. In August, only 12.2% of detached active house listings sold (8 months supply), compared to 25% for strata units (4 months supply).

In the Fraser Valley, the benchmark price for a single-family detached house decreased 5.1% (about $71,000) compared to a month earlier.

Detached houses are in a buyer’s market right now and serious buyers should take full advantage. Markets to watch for detached house values are the West Side of Vancouver, where the median house price fell by $400,000 from July to August, even as sales increased; and North Vancouver and Richmond, where median prices for detached houses were down $185,000 and $100,000, respectively, in August from July.

Detached house values are largely based on the value of land, which is becoming a scarce and expensive commodity across Metro Vancouver. So, think long term as always in real estate.

Regional highlights for August 2022

The market is very much acting like a buyer’s market in many areas and product types. Subject to sale is coming into play more and more, and buyers can have time with subjects. Multiple offers will happen but not to the same extent we saw earlier this year. And certainly not with the same fever that has been occurring in the last two years. And while the condo market in the last few months has been stronger, in August in many areas sales of detached and townhouses outpaced the number of sales in July. Perhaps settling into the interest rate climate we are in and buyers taking advantage of price declines that have happened in that market segment

Fraser Valley: In August, the Fraser Valley Real Estate Board processed 1,017 sales, an increase of 2.4 per cent compared to July 2022 but a 51.3% decrease compared to August 2021. New listings reached 2,045, down 14.3% from July and 2.9% below August 2021. While all benchmark prices were up from a year earlier, detached house prices were down 5.1% from July 2022, to $1,513,500; townhouse prices were down 3.9% month-over-month and condo apartment prices fell 2.1% from July 2022.

Vancouver Westside: Detached houses on Vancouver’s Westside have long been the poster child of B.C.’s high housing prices and soaring sales. That changed somewhat as of August. With 57 sales in the month, detached house transactions were slightly higher than a month earlier but nearly 50% below August 2021, when 107 houses sold. But the median price of a Westside detached house in August, at $3,050,000 was down $300,000 from July 2022 and more than $280,000 less than in August of last year. Total sales of all property types in August reached 380 transactions, up 3% from July 2020 but down 15% from a year earlier. Townhouse prices, at a median of $1,300,000 were down more than $200,000 from both a month and a year earlier. Condos, which led sales with 282 transactions in August, saw the median price reach $829,000, down slightly from July 2022, but up from the median of $775,000 in August 2021. Total active listings were at 2,279 at month end compared to 2,389 at that time last year and 2,453 (down 7%) at the end of July 2020. New listings in August are down 12% compared to July 2022 and down 19% compared to August 2021. The current sales-to-listings ratio of 52% compares to 44% in July 2022 and 65% in August 2021. This remains in a balanced market, but the detached housing sector is into a buyer’s advantage.

Vancouver East Side: We believe the East Side represents one of the best housing markets in the Metro region and August proved the point. There were the same number of detached sales on the East as the West side of Vancouver, at 57, but the median house price on the East Side, at $1,768,000 was $1.28 million less than on the Westside – and East Side detached prices, unlike the Westside and most of Greater Vancouver, were higher than in July 2022 and in August 2021. A further surprise is that East Side townhouse prices, at a median of $1,384,500 in August, and sales, at 52, were the highest of any market in Metro Vancouver, including the Westside. Total housing sales were 196 in August, down just 1% from a month earlier. Active listings were at 1,103 at month end compared to 1,090 at that time last year and down 7% at the end of July 2022. New listings in August were down 24% compared to July 2022, and 22% lower compared to August 2021. The overall sales-to-listings ratio is 59% compared to 45% in July 202 and 69% in August 2021. While detached homes show buyer’s market sales, the other sectors remain a seller’s market and that is not likely to change anytime soon.

North Vancouver: There is new residential construction underway in North Vancouver this year, but it is dominated by rentals. As of August 1, for instance, 742 rental units had started, compared to just 202 strata units, including just 39 townhouses. Meanwhile, new listings of homes for sale in August were down 25% compared to a month earlier and total listings were only 524 at month end, down 8% from July. With 126 total sales in August, down 27% from a month earlier, prices for all types of property were also lower, despite a healthy sales-to-listing ratio of 56%. The median detached house price in August was $1,835,000, down from $2,020,000 in July; while townhouse prices were slightly lower at a median of $1,300,000; and condo apartment prices were down about $25,000 from July, at $700,219.

West Vancouver: Due to policy changes late last year which caused a rush of permit applications to beat a January 31 deadline, West Vancouver is facing a huge backlog of applications so don’t expect many new homes to start this year. The entire housing market is down, with 53 sales in August, 13% lower than in July and down 21% from a year earlier. The overall benchmark composite home price, at $2,774,00 has barely budged in six months and was down 1.3% from this July. Active listings were at 565 at month end compared to 536 at that time last year and 580 (down 3%) at the end of July. The August sales-to-listings ratio of 35% compares to 32% in July 2022 and 52% in August 2021. This buyer’s market remains relatively slow but stable.

Richmond: Richmond August housing sales, at 226, were higher than in July, increasing just 1% month over month, but down 33% from August 2021. Benchmark detached house prices have been slipping lower each month for six months and dipped a further 1% from July to $2,111,300. A shortage of strata units is looming, however, which may put a floor under strata prices. Richmond has seen several condo projects put on hold and the result is that just 282 new condo units have started this year, compared to 916 at the same time in 2021. Townhouse starts fell about 12% from last year to 96 units. Total new listings in August were down 13% compared to July 2022 and down 30% compared to August 2021, and even 27% lower than in August 2019. The supply of total residential listings is steady at 6 month’s supply and the sales- to-listings ratio of 60% compares to 52% in July 2022 and 82% in August 2021. This is technically a buyer’s market but appears to be leaning this summer to a buyer’s advantage, especially in the detached-house sector.

Burnaby East: Burnaby East posted the lowest sales of any Burnaby area, with just 20 transactions in August, the lowest level for that month in at least three years and down 9% from July 2020. The benchmark composite home price has now dropped nearly 8% over the past six months to settle at $1,109,000 in August. Active Listings were at 75 at month end compared to 83 at that time last year and 68 at the end of July. New listings in August are down 18% compared to July 2022 and 47% lower compared to August 2021. This remains a seller’s market, with a sales-to-listings ratio of 74%.

Burnaby North: By this time next year, giant Grosvenor will have construction underway for 3,500 homes, including about 900 strata units in the Brentwood Block in the Brentwood Town Centre. Meanwhile the benchmark price for a Burnaby North condo apartment in August was down 2.4% from a month earlier to $717,300, but still 11.5% higher than a year ago. Total housing sales in August were 120, down 3% from July 2022, and 34% lower when compared to August 2021. Active listings were 448 at month end, 6% less than at the end of July. New listings were down 22% compared to July 2022, and the lowest level for August since 2019. The sales-to-listings ratio of 63% is down from 76% a year ago but this market retains a seller’s advantage.

Burnaby South: Benchmark prices for detached houses and townhouses have been tracking down steadily, with detached houses shedding 9.2% in value since June to $2,105,200 in August, while townhouses have dropped 9.5% in the past three months to $964,300. Still, with active listings down 12% from July, total sales down 2% in the same period and the sales-to-listing ratio running at 73% in August, Burnaby South remains a hot seller’s market. The condo market is especially strong with benchmark prices down just 1.2% from the February peak at $776,300, the highest condo price in Burnaby.

New Westminster: If it were not for 452 subsidized rentals, few new housing starts would have registered in New Westminster this year. As it was, starts of strata units fell to just 185 homes through the first seven months of 2022, compared to 1,255 strata starts – including 65 townhouses – at the same time in 2021. This may be bad news for future buyers because active listings in August were down to just 280 homes and new listings were down 20% from a month earlier to the lowest level since at least August 2019. With 77 sales in August, the sales-to-listing ratio was 65%, compared to 88% a year earlier. Benchmark prices for all property types have been declining, however, led by a 11.1% reduction in detached house prices from six months earlier to $1,450,100 in August. Townhouse and condo apartment prices have been slipping down for three months to settle at $922,800 and $651,000, respectively.

Coquitlam: More strata housing starts are being seen this year – a total of 1,342 units as of August 1 – in the Tri-Cities than any other market in the Lower Mainland and the bulk of the activity is in Coquitlam. This bodes well for a municipality where August sales – at 157 – were up 11% from July and where the sales-to-listing ratio is at 59%. This is down from 93% a year ago, but still one of the strongest in Metro Vancouver. Both active and new listings were down slightly from a month earlier, with a total of 616 homes available at the end of August. The benchmark composite price was down 2.6% from July and off nearly 6% from six months earlier, at $1,104,000 in August. Detached houses sold at a benchmark of $1,794,700n in August, while townhomes fetched $1,058,000 and condo prices were down 1.7% from July at a benchmark of $669,200.

Port Moody: Total homes sold in August were 33 – down from 45 (- 27%) in July 2022 and down from 57 (-42%) in August 2021. Active listings were at 202 at month end compared to 155 at that time last year and 203 (down just 0.5%) at the end of July. New Listings in August are down 7% compared to July 2022. Month’s supply of total residential listings is up to 6 month’s supply (balanced market conditions) and sales to listings ratio of 43% compared to 54% in July 2022 and 73% in August 2021. The benchmark composite home price in August was $1,175,200, reflective of the higher detached-house values in the Belcarra neighbourhood.

Port Coquitlam: Total housing sales in August were 78, up 10% from July 2022 but, down 20% compared to August 2021. But total active listings dropped 16% from a month earlier to 178, resulting in a sales-to-listing ratio of 76%, one of the highest in Greater Vancouver. There is just a 2-month supply of homes on the market. Benchmark prices, however, remain relatively low at a composite price of $917,200 in August, with detached houses selling for $1,328,100 a price down 13% from six months earlier and nearly 5% lower than in July 2022.

Pitt Meadows: Just 17 homes sold during August, down 13% from July and 56% lower than in pre-pandemic August 2019. The surge in sales and prices seen through the pandemic has clearly eased. The August benchmark detached house price was down 17.6% from six months earlier, at $1,253,800 and townhouse prices were down 5.6% in the same period to $905,500. Active listings nearly doubled from July to 96 at the end of August and new listings were 16% higher than a year earlier. With a sales-to-listing ratio at 39% – compared to 85% during the height of the pandemic in August 2020 – this market is tracking towards a buyer’s advantage.

Maple Ridge: With 113 total sales in August, up 5% from a month earlier, Maple Ridge posted a respectable 48% sales-to-listing ratio, indicating a balanced market but with sellers having a slight advantage. There were 602 active listings at the end of August, down from 655 at the end of July. The detached house benchmark price was down nearly 13% from six months earlier, at $1,279,200. Townhouses sold in August at benchmark of $750,700, down 5.3% from a month earlier and 14.6% below the price six months ago.

Ladner: Anyone who has driven past the exit to Ladner this year has seen the profusion of strata units, primarily townhouses, that sprang up over the past two years. And they continue to sell well, posting a 128% sales-to-listing ratio as 9 townhouses sold at a benchmark price of $884,800 in August, a price down, however, from $965,444 a month earlier. There is only a 1-month supply of townhouses on the Ladner market. Total sales in August of all properties were 27, up 108% from July. Total active listings were 99 at the end of August, down 12% from July and disappearing at sales ratio of 88%, compared to 32% a month earlier. Ladner remains a seller’s market, but there is just a total of 4-month’s supply of homes available.

Tsawwassen: Just 9 detached houses sold in Tsawwassen in August, the lowest level of any month since January of 2020. Yet, the average detached house price in August was $1,704,988, up 4% from a month earlier and well above the average of $1,540,600 in August of last year. Total August sales of all property reached only 25 transactions, down 11% from July and 66% below August of 2021. So far, prices are sticky, but this may change if sales continue to decline. The sales-to-listing ratio fell to 40% in August, down from 112% a year earlier and the lowest ratio in at least three years.

Surrey: The bloom came off the rosy Surrey housing market in August as detached house sales fell to 152 transactions, down 60.8% from a year earlier. Townhouse sales were down nearly 45% year over year and condo apartment sales, at 169, were 41.7% lower than in August 2021. Still, total sales were slightly higher than in July 2022 and benchmark prices held their own. The average detached house price in August was $1,636,086, down just 1.6% from July, with townhouse selling for $837,902, down 4.4% from a month earlier. The 169 condo sales in August traded at an average of $539,597, virtually unchanged from July 2021 but up nearly 12% from August of 2021. Surrey, however, has seen a fast decline in strata starts this year, with a total of 698 condo and townhouse started so far, compared to 2,321 in the first seven months of 2021.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty