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

 

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

 

Sales and Listings Stats All Residential March 19 2017

 

Sales and Listings Stats Houses Townhouse Condos March 19 2017

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

Sales and Listings Report Houses Townhouses Condos February 2017

 

Sales and Listings Report All Regional February 2017

 

Here’s a summary of the numbers:

 

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

 

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

 

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

 

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

 

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

 

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

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