Is this an early present for the Greater Vancouver real estate market? With a continuing free fall in the number of active listings and the number of home sales continuing to be on the rise, perhaps the Grinch hasn’t actually stolen all the thunder from real estate in Greater Vancouver. Attached are the Sales and Listings Statistics updated to the end of November 2019. It has become quite clear over the last five months – buyers are entering the market more so than we’ve seen in the past two years, while many sellers are content to hold on to their homes and not list for sale. Perhaps taxation policies aren’t the answer to affordability in the housing market?

There were 2,546 homes sold of all types in Greater Vancouver in November this year compared with 2,892 homes sold last month, 1,633 sales in November last year and 2,831 homes sold in November 2017. November sales were 4 per cent above the 10-year average for the month of November. This was a 56 per cent increase in homes sold compared to November 2018, continuing the trend of strength in the real estate market. With the number of home sales trending as they are, 2019 is likely to finish with more sales in 2019 compared to 2018 – likely setting up for a busy spring market.

Some highlights from November:

• Detached home and strata townhouse sales again showed a significant year over year gain this month, up 58 per cent while apartments were up 50 per cent year over year
• New listings for apartments were down 17 per cent year over year, brining price stability and more multiple offers to this segment of the market
• Sales to listings ratios were the strongest this November we’ve seen since November 2015 – some areas over 100%, meaning that more homes are sold than listed in a month (New Westminster had a sales to listings ratio of 127 per cent)
• After a strong October, sales in Richmond came dropped more than any other area – mainly in the detached house market
• Active listings for detached houses in East Vancouver and North Vancouver are nearly half the amounts that they were two years ago

There were 828 detached houses sold in November 2019 up from 518 (58 per cent) in November 2018 in Greater Vancouver, with a 5.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 451 sales in November 2019 compared to 282 in November 2018 (up 59 per cent) with a 4.4 per cent decrease in the benchmark price year over year; and for condos there were 1,222 sales in November 2019, an increase in sales from 810 in November 2018 (up 50 per cent) with a 3.8 per cent decrease in the benchmark price year over year. Definitely a November to remember this year.

The number of homes for sale in Greater Vancouver continued to decline in November with significantly less coming on the market than is typical for this time of year. At the end of November there were 11,517 homes for sale in Greater Vancouver, and at the end of October there were 13,022, reducing the month’s supply of homes in some markets down to 3 to 4 months – a seller’s market. Multiple offers were more common place in November, and in all segments of the market. Well priced properties were getting more attention, with a one-bedroom apartment listing in downtown Vancouver receiving 22 offers this month. There were 3,069 new listings during November in Greater Vancouver, down 14 per cent from November last year and down 27 per cent from November 2017. The number of new listings in November 2019 were 8 per cent below the 10-year average for the month of November. But then again, the argument continues from some that supply isn’t an issue. But here we are, sales are up, listings are down and pressure on prices begins. With home sales hovering slightly above the 10-year average, imagine what will happen to prices if the number of sales increases even more.

“We started to see more home buyer confidence in the summer and this trend continues today,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “It’ll be important to watch home listing levels over the new few months to see if supply can stay in line with home buyer demand.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® in November, an increase of 11.7 per cent compared to sales in October and a 36.7 per cent increase compared to the 1,028 sales in November of last year. Active listings for the Fraser Valley finished at 6,733, decreasing 9 per cent month-over-month and a decrease of 8.5 per cent when compared to November 2018. There were 1,877 new listings in November, a 9.6 per cent decrease compared to November 2018 and a 21.2 per cent decrease compared to October 2019. “Some listings are seeing a lot of activity depending on location and property type. Agents are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for this time of year.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Four our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

SUMMING UP THE NUMBERS

Greater Vancouver: Total Units Sold in November 2019 was 2,546 – down from 2,892 (12%) in October 2019, up from 1,633 (56%) in November 2018, down from 2,831 (10%) in November 2017; Active Listings are at 11,517 compared to 12,978 (down 11%) at this time last year; New Listings in November 2019 were down 14% compared to November 2018 and down 27% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 83% compared to 46% in November 2018 and 69% in October 2019.

Vancouver Westside Residential: Total Units Sold in November 2019 was 406 – down from 506 (20%) in October 2019, up from 298 (36%) in November 2018, down from 505 (20%) in November 2017; Active Listings are at 2,065 compared to 2,361 (down 13%) at this time last year; New Listings in November 2019 were down 19% compared to November 2018 and down 22% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 72% compared to 43% in November 2018 and 62% in October 2019.

Vancouver East Side Residential: Total Units Sold in November 2019 was 310 – down from 316 (2%) in October 2019, up from 181 (29%) in November 2018, down from 315 (2%) in November 2017; Active Listings are at 1,006 compared to 1,314 (down 23%) at this time last year; New Listings in November 2019 were down 11% compared to November 2018 and down 35% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 91% compared to 47% in November 2018 and 72% in October 2019.

North Vancouver Residential: Total Units Sold in November 2019 was 217 – down from 260 (17%) in October 2019, up from 139 (44%) in November 2018, down from 250 (13%) in November 2017; Active Listings are at 656 compared to 854 (down 23%) at this time last year; New Listings in November 2019 were down 22% compared to November 2018 and down 39% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 95% compared to 48% in November 2018 and 76% in October 2019.

West Vancouver: Total Units Sold in November 2019 was 66 – the same as October 2019, up from 30 (120%) in November 2018, down from 57 (5%) in November 2017; Active Listings are at 608 compared to 705 (down 14%) at this time last year; New Listings in November 2019 were down 18% compared to November 2018 and down 32% compared to November 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 56% compared to 21% in November 2018 and 42% in October 2019.

Richmond Residential: Total Units Sold in November 2019 was 273 – down from 345 (21%) in October 2019, up from 178 (53%) in November 2018, down from 350 (22%) in November 2017; Active Listings are at 1,795 compared to 1,809 (down 1%) at this time last year; New Listings in November 2019 were down 15% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market Conditions) and a Sales to Listings Ratio of 71% compared to 39% in November 2018 and 68% in October 2019.

Burnaby East: Total Units Sold in November 2019 was 33 – up from 26 (27%) in October 2019, up from 17 (94%) in November 2018, down from 30 (10%) in November 2017; Active Listings are at 135 compared to 142 (down 5%) at this time last year; New Listings in November 2019 were up 9% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 89% compared to 50% in November 2018 and 50% in October 2019.

Burnaby North: Total Units Sold in November 2019 was 137 – down from 166 (17%) in October 2019, up from 71 (93%) in November 2018, down from 144 (5%) in November 2017; Active Listings are at 439 compared to 547 (down 20%) at this time last year; New Listings in November 2019 were down 23% compared to November 2018 and down 30% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 104% compared to 42% in November 2018 and 80% in October 2019.

Burnaby South: Total Units Sold in November 2019 was 167 – up from 157 (6%) in October 2019, up from 79 (99%) in November 2018, up from 148 (13%) in November 2017; Active Listings are at 607 compared to 688 (down 12%) at this time last year; New Listings in November 2019 were down 6% compared to November 2018 and down 28% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 96% compared to 42% in November 2018 and 68% in October 2019.

New Westminster: Total Units Sold in November 2019 was 123 – down from 136 (10%) in October 2019, up from 87 (41%) in November 2018, down from 167 (26%) in November 2017; Active Listings are at 335 compared to 491 (down 68%) at this time last year; New Listings in November 2019 were down 40% compared to November 2018 and down 47% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 127% compared to 53% in November 2018 and 85% in October 2019.

Coquitlam: Total Units Sold in November 2019 was 210 – down from 254 (17%) in October 2019, up from 135 (56%) in November 2018, down from 323 (35%) in November 2017; Active Listings are at 753 compared to 935 (down 19%) at this time last year; New Listings in November 2019 were down 17% compared to November 2018 and down 33% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 97% compared to 51% in November 2018 and 77% in October 2019.

Port Moody: Total Units Sold in November 2019 was 43– down from 66 (35%) in October 2019, up from 33 (30%) in November 2018, down from 73 (41%) in November 2017; Active Listings are at 182 compared to 219 (down 17%) at this time last year; New Listings in November 2019 were down 31% compared to November 2018 and down 38% compared to November 2017; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 90% compared to 47% in November 2018 and 80% in October 2019.

Port Coquitlam: Total Units Sold in November 2019 was 90 – down from 107 (16%) in October 2019, up from 67 (34%) in November 2018, down from 94 (4%) in November 2017; Active Listings are at 269 compared to 335 (down 20%) at this time last year; New Listings in November 2019 were up 1% compared to November 2018 and down 2% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 73% compared to 55% in November 2018 and 84% in October 2019.

Ladner: Total Units Sold in November 2019 was 42 – up from 34 (24%) in October 2019, up from 23 (83%) in November 2018, up from 26 (62%) in November 2017; Active Listings are at 163 compared to 143 (up 14%) at this time last year; New Listings in November 2019 were up 264% compared to November 2018 and up 28% compared to November 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 164% in November 2018 and 52% in October 2019.

Tsawwassen: Total Units Sold in November 2019 was 36 – up from 32 (13%) in October 2019, up from 17 (112%) in November 2018, up from 24 (50%) in November 2017; Active Listings are at 250 compared to 219 (up 14%) at this time last year; New Listings in November 2019 were up 16% compared to November 2018 and down 8% compared to November 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 82% compared to 45% in November 2018 and 40% in October 2019.

Pitt Meadows: Total Units Sold in November 2019 was 24 – down  from 31 (23%) in October 2019, up from 23 (4%) in November 2018, down from 32 (25%) in November 2017; Active Listings are at 82 compared to 112 (down 26%) at this time last year; New Listings in November 2019 were down 53% compared to November 2018 and down 63% compared to November 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 126% compared to 56% in November 2018 and 64% in October 2019.

Maple Ridge: Total Units Sold in November 2019 was 169 – down from 180 (6%) in October 2019, up from 108 (56%) in November 2018, down from 184 (8%) November 2017; Active Listings are at 689 compared to 674 (up 2%) at this time last year; New Listings in November 2019 were up 5% compared to November 2018 and up 6% compared to November 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 78% compared to 53% in November 2018 and 74% in October 2019.