Greater Vancouver Sales and Listings Report For February 2019

Attached are the Sales and Listings Stats updated to the end of February 2019. The NDP Government announced their budget in February and in the immortal words of George H. W. Bush – “No New Taxes!” After last years budget, there was a reprieve in the real estate market that was under fire from the provincial government last year. Although we did encounter one of the snowiest and coldest February’s we’d seen in a long time. Perhaps something had frozen over! There were 1,512 homes sold in Greater Vancouver in February up from 1,120 (up 35%) in January this year. This was compared with 2,241 sales (down 33%) in February last year and 2,461 sales in February 2017. This was 42 per cent below the 10-year average for February and the lowest since 1,494 in February 2009. Detached house sales edged up comparatively with there being 27% fewer compared to last February while there were 30% less townhouse sales and 35% less apartment sales. There is still a lack of activity for detached homes in Vancouver’s West Side with there being 43 sales in February 2019, compared to 53 sales in February 2018 and 93 sales in February 2017. Richmond saw a tougher month for detached home sales with 36 detached houses sold in February 2019 compared to 52 sold in February 2018 and 92 in February 2017.


On the other side of the equation, there were 3,974 new listings in February in Greater Vancouver, down from 4,363 in February last year and down from 4,980 in January 2019. The number of new listings in February 2018 were 20 per cent below the 10-year average for February. Overall inventories are not growing at a rate typical for the beginning of the spring market, with some multiple offers now occurring. The mix of listings contains a large number of long-standing listings or listings that were cancelled/expired and brought back. Some with price adjustments more attractive to buyers but many still beyond the current market values. Buyer’s market conditions continue to exist throughout Metro Vancouver and time will only tell how this will change going forward. March can be a bell weather for activity as both buyers and sellers typically become more active. The February Provincial Budget did call for an increase in home sales this year and in the years to come – which means more revenue from the Property Transfer Tax. So wishful thinking or a realization that real estate makes up an important part of the economy. But without increases in new listings and inventories, it will still be a struggle for buyers to find saleable product. So perhaps the government needs to read this review to really understand the market.


“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions. Homes priced well for today’s market are attracting interest, however buyers are choosing to take a wait-and-see approach for the time being.” Moore said “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”


The Fraser Valley Real Estate Board processed 982 sales of all property types on its MLS® in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments. Darin Germyn, President of the Fraser Valley Real Estate Board, said “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring. Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively.”


Sales and Listings Statistics Houses Townhouses Condos for February 2019


Sales and Listings Statistics All Regional for February 2019


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2019 was 1,512 – up from 1,120  (35%) in January 2019, down from 2,241 (33%) in February 2018, down from 2,461 (39%) in February 2017; Active Listings are at 12,207 compared to 8,421 at this time last year; New Listings in February 2019 were down 20% compared to January 2019; were down 9% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 22% in January 2019.


Vancouver Westside Residential: Total Units Sold in February 2019 was 254 – up from 187  (36%) in January 2019, down from 429 (41%) in February 2018, down from 505 (50%) in February 2017; Active Listings are at 2,333 compared to 1,553 at this time last year; New Listings in February 2019 were down 9% compared to January 2019; were down 1% compared to February 2018 and up 28% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 19% in January 2019.


Vancouver Eastside Residential: Total Units Sold in February 2019 was 166 – up from 105  (58%) in January 2019, down from 244 (32%) in February 2018, down from 229 (28%) in February 2017; Active Listings are at 1,119 compared to 981 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were down 18% compared to February 2018 and down 5% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 23% in January 2019.


North Vancouver Residential Total Units Sold in February 2019 was 124 – up from 91  (36%) in January 2019, down from 166 (25%) in February 2018, down from 216 (43%) in February 2017; Active Listings are at 814 compared to 494 at this time last year; New Listings in February 2019 were down 22% compared to January 2019; were up 4% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply compared to 8 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 21% in January 2019.


West Vancouver Houses: Total Units Sold in February 2019 was 39 – up from 26  (50%) in January 2019, down from 42 (7%) in February 2018, down from 57 (32%) in February 2017; Active Listings are at 635 compared to 570 at this time last year; New Listings in February 2019 were down 27% compared to January 2019; were down 18% compared to February 2018 and up 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 16 Month’s Supply compared to 23 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 11% in January 2019.


Richmond Residential: Total Units Sold in February 2019 was 155 – up from 121  (28%) in January 2019, down from 262 (41%) in February 2018, down from 338 (54%) in February 2017; Active Listings are at 1,842 compared to 1,290 at this time last year; New Listings in February 2019 were down 38% compared to January 2019; were down 26% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply from 14 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 16% in January 2019.


Burnaby East: Total Units Sold in February 2019 was 17 – up from 11  (45%) in January 2019, down from 34 (50%) in February 2018, the same as February 2017; Active Listings are at 121 compared to 121 at this time last year; New Listings in February 2019 were down 35% compared to January 2019; were down 46% compared to February 2018 and down 25% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 20% in January 2019.


Burnaby North: Total Units Sold in February 2019 was 84 – up from 65  (29%) in January 2019, down from 89 (6%) in February 2018, down from 113 (26%) in February 2017; Active Listings are at 482 compared to 297 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were down 8% compared to February 2018 and down 24% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 30% in January 2019.


Burnaby South: Total Units Sold in February 2019 was 83 – up from 55 (49%) in January 2019, down from 135 (49%) in February 2018, down from 95 (13%) in February 2017; Active Listings are at 678 compared to 353 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were up 16% compared to February 2018 and up 19% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 12 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 20% in January 2019.


New Westminster: Total Units Sold in February 2019 was 63 – down from 75  (16%) in January 2019, down from 103 (39%) in February 2018, down from 108 (42%) in February 2017; Active Listings are at 403 compared to 210 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were up 6% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 38% in January 2019.


Coquitlam: Total Units Sold in February 2019 was 134 – up from 87 (54%) in January 2019, down from 178 (25%) in February 2018, down from 194 (31%) in February 2017; Active Listings are at 832 compared to 511 at this time last year; New Listings in February 2019 were down 23% compared to January 2019; were down 3% compared to February 2018 and up 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 23% in January 2019.


Port Moody: Total Units Sold in February 2019 was 30 – down from 31  (3%) in January 2019, down from 42 (20%) in February 2018, down from 49 (39%) in February 2017; Active Listings are at 181 compared to 131 at this time last year; New Listings in February 2019 were down 4% compared to January 2019; were down 10% compared to February 2018 and down 4% compared to February 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 37% in January 2019.


Port Coquitlam: Total Units Sold in February 2019 was 60 – up from 38  (58%) in January 2019, down from 84 (29%) in February 2018, down from 80 (25%) in February 2017; Active Listings are at 302 compared to 168 at this time last year; New Listings in February 2019 were down 1% compared to January 2019; were up 8% compared to February 2018 and up 8% compared to February 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply from 8 in January 2019 (Balanced Market) and a Sales to Listings Ratio of 43% compared to 27% in January 2019.


Ladner: Total Units Sold in February 2019 was 20 – up from 16 (25%) in January 2019, up from 19 (4%) in February 2018, down from 47 (57%) in February 2017; Active Listings are at 149 compared to 115 at this time last year; New Listings in February 2019 were down 19% compared to January 2019; were up 15% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 26% in January 2019.


Tsawwassen: Total Units Sold in February 2019 was 21 – up from 14  (50%) in January 2019, down from 29 (28%) in February 2018, down from 26 (19%) in February 2017; Active Listings are at 195 compared to 173 at this time last year; New Listings in February 2019 were down 25% compared to January 2019; were down 8% compared to February 2018 and down 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 13 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 19% in January 2019.


Pitt Meadows: Total Units Sold in February 2019 was 15 – up from 10  (50%) in January 2019, down from 44 (66%) in February 2018, down from 23 (35%) in February 2017; Active Listings are at 111 compared to 65 at this time last year; New Listings in February 2019 were up 5% compared to January 2019; were down 6% compared to February 2018 and up 4% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 25% in January 2019.


Maple Ridge: Total Units Sold in February 2019 was 100 – up from 82  (50%) in January 2019, down from 158 (28%) in February 2018, down from 150 (19%) in February 2017; Active Listings are at 626 compared to 378 at this time last year; New Listings in February 2019 were down 18% compared to January 2019; were down 11% compared to February 2018 and down 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 32% in January 2019.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.