We will get back up! Considering the extent of lock down, the momentum of what March started certainly carried over into April. While sales were down and new listings were down, there was still participation in the market as Realtors found ways to present properties virtually and look at ways to ensure socially distanced showings could happen if necessary. Buyers were there and continue to be, with multiple offers occurring, even as of last week.

There were 1,119 homes sold of all types in Greater Vancouver in April this year compared with 2,562 homes sold last month, 1,850 sales in April last year and 2,631 homes sold in April 2018. Sales and listings were well below the ten-year average but actually higher than in November and December 2008 and January 2009, all three months below 1,000 homes sold. The last two weeks of April showed home sales average 48 per day compared with 138 per day during the first two weeks of March – a reduction of 75 per cent. New listings were down 51 per cent with there being an average of 122 per day compared to 253 per day at the beginning of March.

2020 Average Daily Sales by Week in Covid times:

• First two weeks of March – 253 new listings, 138 sales
• March 23 to 27 – 172 New Listings, 131 Sales
• March 30 to April 3 – 104 new listings, 62 sales
• April 6 to April 9 – 137 new listings, 58 sales
• April 14 to 17 – 131 new listings, 63 sales
• April 20 to 24 – 117 new listings, 48 sales
• April 27 to May 1 – 126 new listings, 48 sales

With the reduction in the number of homes sold and the number of homes being listed, absorption of new listings was actually stronger this April then compared with April 2019, 47 per cent compared to 31 per cent. The 47 per cent this year was even better than April 2018 at 44 per cent. Buyers were more engaged with the limited number of new listings than we’ve seen in April for the last 2 years – with more incidents of multiple offers occurring. Had more homes come on to the market we would have likely seen more home sales as a result.

Some highlights from April:

• Detached home sales in Vancouver West were slightly higher than January of this year, with a 58 per cent absorption rate and a slight increase in the average price for April compared to March
• Detached home sales in most areas had high absorption rates compared to attached homes, perhaps a sign of a push towards separate space and less home owners willing to part with that and put their homes up for sale
• The last two weeks of April showed the most significant lag in home sales and new listings, but similar to the end of March, home sales reported are from weeks previous and anecdotal reports indicated more activity amongst home buyers and sellers
• While Month’s of Supply increased in April due to lower sales totals, pushing areas into Buyer’s Market Conditions on paper– this will be temporary and even with those conditions we are seeing sales that favor sellers.

The number of homes for sale in Greater Vancouver saw a slight decrease in April. At the end of April there were 10,115 homes for sale, compared to 10,315 at the end of March and 15,060 at the end of April 2019 – a 33 per cent reduction in the number of homes available year-over-year. As expected, the number of homes that came to market in April were half that of March with 2,399 homes listed for sale, compared with 4,521 in March. We will come out of this pandemic with an extremely under supplied housing market, for both resale homes and presale homes. And while there are already some anticipating a drop in home prices as a result, activity through the worst of the pandemic hasn’t indicated that so far. As local, national and global governments begin to open up economies, there will be more opportunities for increased activity in the housing market. Home owners will seek changes in where they live, having been through more time at home than ever before, and in conditions they have not experienced. Changes will be desired for some and required for others. And governments will be doing their part to push the economy forward – they have the tools to do so and will.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV president-elect said, “People are, however, adapting. They’re working with the Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic. We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle electronically.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 688 sales of all property types on its Multiple Listing Service® in April, a decrease of 52 per cent compared to sales in March and a 50 per cent decrease compared to the sales in April of last year. According to the Fraser Valley Board, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last need in April 1981. There were 1,416 new listings in April, a 47 per cent decrease compared to March and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year-over-year. “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic. Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable,” Chris Shields, President of the Fraser Valley Real Estate Board.

More important than the housing market right now is focusing on getting through this pandemic and working to stay healthy and supporting those around us. The real estate market will continue and be much more active as social distancing measures and relaxations of those measures are allowed. Be safe and be careful.

SUMMING UP THE NUMBERS

Greater Vancouver: Total Units Sold in April 2020 was 1,119 – down from 2,562 (56%) in March 2020, down from 1,850 (40%) in April 2019, down from 2,631 (57%) in April 2018; Active Listings are at 10,115 compared to 15,060 (down 33%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 60% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 47% compared to 31% in April 2019 and 44% in April 2018.

Vancouver Westside Residential: Total Units Sold in April 2020 was 195 – down from 467 (58%) in March 2020, down from 342 (43%) in April 2019, down from 467 (48%) in April 2018; Active Listings are at 1,760 compared to 2,808 (down 37%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 62% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 40% in April 2018.

Vancouver East Side Residential: Total Units Sold in April 2020 was 120 – down from 297 (60%) in March 2020, down from 174 (31%) in April 2019, down from 298 (60%) in April 2018; Active Listings are at 836 compared to 1,403 (down 40%) at this time last year; New Listings in April 2020 were down 58% compared to April 2019 and down 66% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 49% compared to 36% in April 2019 and 42% in April 2018.

North Vancouver Residential: Total Units Sold in April 2020 was 96 – down from 204 (53%) in March 2020, down from 149 (36%) in April 2019, down from 221 (57%) in April 2018; Active Listings are at 633 compared to 1,049 (down 40%) at this time last year; New Listings in April 2020 were down 57% compared to April 2019 and down 54% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced with signs of Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 43% compared to 29% in April 2019 and 46% in April 2018.

West Vancouver: Total Units Sold in April 2020 was 29 – down from 56 (48%) in March 2020, down from 48 (40%) in April 2019, down from 56 (48%) in April 2018; Active Listings are at 527 compared to 723 (down 27%) at this time last year; New Listings in April 2020 were down 62% compared to April 2019 and down 64% compared to April 2018. Month’s Supply of Total Residential Listings is at 18 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 31% compared to 19% in April 2019 and 21% in April 2018.

Richmond Residential: Total Units Sold in April 2020 was 137 – down from 337 (59%) in March 2020, down from 172 (20%) in April 2019, down from 312 (59%) in April 2018; Active Listings are at 1,386 compared to 2,220 (down 38%) at this time last year; New Listings in April 2020 were down 65% compared to April 2019 and down 65% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 25% in April 2019 and 45% in April 2018.

Burnaby East: Total Units Sold in April 2020 was 12 – down from 27 (56%) in March 2020, down from 15 (20%) in April 2019, down from 35 (66%) in April 2018; Active Listings are at 101 compared to 153 (down 34%) at this time last year; New Listings in April 2020 were down 44% compared to April 2019 and down 52% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 38% compared to 26% in April 2019 and 53% in April 2018.

Burnaby North: Total Units Sold in April 2020 was 40 – down from 130 (69%) in March 2020, down from 81 (51%) in April 2019, down from 135 (70%) in April 2018; Active Listings are at 409 compared to 634 (down 35%) at this time last year; New Listings in April 2020 were down 51% compared to April 2019 and down 51% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 29% compared to 29% in April 2019 and 48% in April 2018.

Burnaby South: Total Units Sold in April 2020 was 55 – down from 143 (62%) in March 2020, down from 97 (43%) in April 2019, down from 108 (49%) in April 2018; Active Listings are at 463 compared to 819 (down 43%) at this time last year; New Listings in April 2020 were down 63% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 34% in April 2019 and 38% in April 2018.

New Westminster: Total Units Sold in April 2020 was 61 – down from 118 (48%) in March 2020, down from 108 (44%) in April 2019, down from 133 (54%) in April 2018; Active Listings are at 333 compared to 533 (down 38%) at this time last year; New Listings in April 2020 were down 69% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 69% compared to 38% in April 2019 and 56% in April 2018.

Coquitlam: Total Units Sold in April 2020 was 93 – down from 202 (54%) in March 2020, down from 153 (39%) in April 2019, down from 202 (54%) in April 2018; Active Listings are at 687 compared to 1,068 (down 36%) at this time last year; New Listings in April 2020 were down 59% compared to April 2019 and down 59% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 49% compared to 33% in April 2019 and 44% in April 2018.

Port Moody: Total Units Sold in April 2020 was 28 – down from 54 (48%) in March 2020, down from 60 (53%) in April 2019, down from 54 (48%) in April 2018; Active Listings are at 204 compared to 252 (down 19%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 50% compared to April 2018. Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 50% compared to 41% in April 2019 and 48% in April 2018.

Port Coquitlam: Total Units Sold in April 2020 was 42 – down from 96 (54%) in March 2020, down from 67 (37%) in April 2019, down from 103 (39%) in April 2018; Active Listings are at 197 compared to 395 (down 50%) at this time last year; New Listings in April 2020 were down 60% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 54% compared to 34% in April 2019 and 56% in April 2018.

Ladner: Total Units Sold in April 2020 was 17 – down from 32 (47%) in March 2020, down from 29 (41%) in April 2019, down from 32 (47%) in April 2018; Active Listings are at 173 compared to 190 (down 9%) at this time last year; New Listings in April 2020 were down 45% compared to April 2019 and down 37% compared to April 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 47% compared to 45% in April 2019 and 56% in April 2018.

Tsawwassen: Total Units Sold in April 2020 was 24 – down from 39 (38%) in March 2020, up from 18 (33%) in April 2019, down from 38 (37%) in April 2018; Active Listings are at 209 compared to 296 (down 29%) at this time last year; New Listings in April 2020 were down 61% compared to April 2019 and down 63% compared to April 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s to Balanced Market conditions) and a Sales to Listings Ratio of 56% compared to 17% in April 2019 and 32% in April 2018.

Pitt Meadows: Total Units Sold in April 2020 was 19 – down from 35 (46%) in April 2020, down from 28 (45%) in April 2019, down from 25 (24%) in March 2018; Active Listings are at 97 compared to 136 (down 28%) at this time last year; New Listings in April 2020 (31) were down 56% compared to April 2019 and down 47% compared to April 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Mostly a Balanced Market with some Seller’s Market Conditions) and a Sales to Listings Ratio of 61% compared to 38% in April 2019 and 43% in April 2018.

Maple Ridge: Total Units Sold in March 2020 was 82 – down from 170 (52%) in March 2020, down from 124 (33%) in April 2019, down from 205 (60%) in April 2018; Active Listings are at 649 compared to 792 (down 18%) at this time last year; New Listings in April 2020 were down 55% compared to April 2019 and down 58% compared to April 2018. Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Mostly Balanced Market Conditions) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 57% in April 2018.

From sourdough starters to spring cleaning, there are a lot of isolation living tips flying around. Here’s a list we think offers something for everyone.

During these times of uncertainty, our many hours spent in our homes might be challenging, but they’re also an opportunity to take a step back and use what time we can to advantage. But before we dive into any tips and tricks, let’s start with the most important item:

Take care of yourself and your loved ones.

Seriously. There are great lists of things to do and sort and try and clean—we’re about to offer one just jam-packed with goodies. But all these lists and methods are not for everyone—nor should they pressure you into tackling anything you’re not capable of at the moment. 

Are you and your partner navigating remote work in a Vancouver apartment? Caring for elderly relatives? Homeschooling three kids under the age of ten? Um, you are busy. Trying to wrangle a teenager into respecting social distancing? Same. (Also, trying calling it “staying out of melee range.” Sounds cooler. Might appeal to the teenage brain.) 

Our lives have changed, and we’re responding to an unprecedented event. None of us were prepared for this, and all of us are going to cope in our own ways, and at our own speeds. Be kind to yourself, and respect your current limits. 

Now let’s get cracking with ways to use our time at home to advantage!

Digital done right

Spring cleaning doesn’t have to be limited to storing sweaters and dusting under the couch. 

Clean up those old emails

• We all have that digital inbox, the one electronic flyers fill up, that’s linked to our online shopping accounts. Now’s the time to go through those folders, delete spam, and file the messages you need to keep. Who knows, maybe you’ll find an email in there from a friend you haven’t talked to in a while?

Update and organize passwords

• With all our email, subscription services and shopping accounts, passwords can get out of hand. Whether you use a google account or another service, there are great options for organizing and keeping track of your passwords. 

Get rid of old accounts

• Between cleaning those emails and organizing those passwords, you’re bound to uncover things you’d forgotten about. The moment is ripe to unsubscribe from unwanted newsletters and close accounts for services you no longer need. 

Go through your downloads folder + desktop

• Do you even know what’s in there? You’re about to. Whether you dump everything into a catch-all downloads folder or drop files onto your desktop, it’s time to sort through the digital dust we accumulate.

Take out the trash

• That trash can or recycle bin on your computer is ready to be dumped. If you’re like us, you’ll want to take a quick look over the files inside to make sure you’re not deleting anything that you need, then it’s time to click that button.

Picture perfect papers

We all have that pile of papers, the one full of things we’ll deal with later. Good news: later is finally upon us. 

That kitchen drawer

• It’s there. You know it, we know it, and our collective moms know it. Maybe it’s the place you cram all those cooking implements you might use “one day,” or it’s your catch-all for mail and charity donations you mean to follow up on. No matter what you cram into that drawer, this is the perfect opportunity to sort through what’s inside. Who knows, maybe you’ll find that spoon you’ve been looking for, or a tool for trying a new recipe? 

That stack in your office

• You meant to file those papers at the start of January. Then February. And now we’re in the middle of spring and that pile has probably gotten a little bigger, there might even be things that you need for your taxes. Let’s dive in and see if your tax return can get a little better.

That pile of old pictures + memorabilia

• This isn’t a chore, this is how you remind yourself of all the wonderful things you’ve done and all the fantastic people in your life. You can sort through the box or bin or drawer you put everything in and unearth treasures you’d forgotten you had. For those of you who always wanted to take up scrapbooking, this is your moment.

Household maintenance

While we always recommend leaving any major work to the professionals, there are those nuisance problems any of us can fix.

Tighten those screws

• That one screw on that one cabinet door handle, the one you can tighten with an allen key and keep meaning to get to? Now is the time, we know you can do it.

Tidy those cables

• That mess of cables behind your home office computer station or cluttering the back of your entertainment stand? It’s a pain. It’s been a pain for ages. With this extra time on your hands, you can bring that mess into line. (Fun tip: pipe cleaners can be brilliant for this, but pretty much anything works). 

Rearrange that storage

• You know those storage boxes, the ones we get imagining the perfect system we’ll create for whatever it is we’re storing (usually sweaters or craft supplies)? And how, oh so often, we get halfway through said project and life gets in the way? Well, life has just gotten out of your way, so dive on in and finish what you’d started. 

Clean those cupboards

• If you’re like everyone else, there’s a collection of tinned items cluttering up the back of your kitchen cupboards. Now is the perfect time to clean out everything you won’t use and make space for things you will. If you’re comfortable, it’s also an ideal time to donate any unwanted food items to the Greater Vancouver Food Bank. (If you’re not comfortable dropping things off in person, you can make a money donation—they can really use the help right now).

Of course the list could go on. Especially when it comes to our homes! But while most of us can’t replace that kitchen sink or re-tile our bathrooms, we can make a list of priorities and plan for how they’ll get done when isolation is lifted. 

And if that tiny kitchen or non-existent ensuite can’t be fixed with a renovation, you can know that Dexter is ready to help you find that perfect new home.

Where to begin. This month’s numbers for Greater Vancouver real estate are a tale of what could have been, not so much what will be. The way sales on a given day are counted by the Real Estate Board of Greater Vancouver are by looking at the day when that sale is reported by a real estate company to the Board, regardless of when the date the contract is written. So, there is a time lag between when the contract is written and when it is reported. This will be important in looking at sales figures for March as a degree of that activity came from transactions that were initiated prior to mid-March.

There were 2,562 homes sold of all types in Greater Vancouver in March this year compared with 2,185 homes sold last month, 1,745 sales in March last year and 2,551 homes sold in March 2018. Sales in March were 19 per cent below the 10-year average for the month of March. The number of sales in March were 47 per cent higher compared to March 2019, continuing the trend for the ninth straight month where year-over-year sales were up. This trend is likely to stop in April as the effect of the COVID-19 Virus impacts the real estate market.

Some highlights from March:

• North Vancouver was one of the few areas that saw a decline in the number of sales in March compared to February and the number of detached homes sold was below that of March 2019
• Year over year, the increase in detached homes sold was the greatest at 61 per cent, townhouses followed at 51 per cent with apartments at 35 per cent
• Year over year the decrease in the number of active listings for detached homes was the greatest at 28 per cent, followed by townhouses at 27 per cent and then apartments at 19 per cent

Beyond the Pandemic:

The COVID-19 crisis will continue over the next number of months, a timeframe which is impossible to determine at this time. The numbers show that Greater Vancouver was in the stages of a market gaining momentum. While the market was still reaching for average, it was still vastly improved from last year which was a very challenged real estate market. Pent up demand was coming to the market, and from the provincial numbers identifying a very small number of foreign buyers, these were local buyers. While the real estate market takes a pause for the short term, there are many reasons to think it will be very active when we see some relief from virus, and in some cases why we may see activity over the next few months.

• Detached/townhouse will be more attractive and in greater demand after this as people want dwellings with social distancing – people will make personal and financial sacrifices for health
• Those in sectors where the most job losses are occurring in higher numbers aren’t the typical buyers in the market
• After isolation people will grow tired of their homes and want a change
• Unfortunately, some marriages may not survive after this hence people will need to move
• In 9 to 12 months there likely will be a mini-baby boom hence people will need to move
• Having not spent disposable income as much, people are in saving modes and that will carry on beyond this and will add to what’s available for home purchasing (even with reduced incomes, many of the home buyers are still earning an income)
• Interest rates will be low for the foreseeable future, lowest we’ve seen
• With so many sectors in the economy suffering that are important to government revenue, and as they struggle to recover, the government will need investment and revenue from real estate
• There will be a shortage of homes available coming out of this and continuing so prices will not be dropping to any great degree, and new construction will suffer which will perpetuate the shortage in the years to come
• Stock markets will continue to be volatile, pushing money into real estate, especially at higher price points
• Canada’s response to Covid-19 is showing it a favourable place to be – immigration and investment will likely flourish with the United States potentially being a source of those coming to Canada.

The number of homes for sale in Greater Vancouver saw a slight increase in March. At the end of March there were 10,338 homes for sale in Greater Vancouver, compared to 9,894 at the end of February and 13,408 at the end of March 2019. While it may be surprising that we had that many new listings during the current pandemic, April will be more telling of the effects. But we saw 2,511 new listings up to March 15 and then 2,010 after that. The number of new listings per day did start to decline in the days leading up to the end of the month, but we are still seeing listings coming on (233 in Greater Vancouver in the last two days of the month.) Current market conditions are still producing some multiple offers – in all product types. While it may seem like a high number of new listings for current conditions, it is still well below what we would see for March in Greater Vancouver. There were 4,421 new listings during March in Greater Vancouver, down 11 per cent from March last year. The number of new listings in March were 22 per cent below the 10-year average for the month.

The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew. “Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,441 sales of all property types on its Multiple Listing Service® in March, an increase of 7 per cent compared to sales in February and a 18 per cent increase compared to the sales in March of last year. According to the Fraser Valley Board, during the first 7 business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.   Active listings for the Fraser Valley finished 6 per cent higher month-over-month and decreased of 13 per cent when compared to March 2019. There were 2,666 new listings in March, a 4 per cent increase compared to February 2020 and a 7 per cent decrease compared to March 2019.

Above all else, right now is a time to focus on staying safe and healthy. There will be real estate activity while we are under these unprecedented times, some people’s financial wellbeing may depend upon it. Others just need a home to isolate in. What’s important is that we all act in a way to help bring back normalcy to our lives – as much as that can be. Be safe and be careful.

SUMMING UP THE NUMBERS

Greater Vancouver: Total Units Sold in March 2020 was 2,562 – up from 2,185 (17%) in February 2020, up from 1,745 (47%) in March 2019, up from 2,551 (0%) in March 2018; Active Listings are at 10,315 compared to 13,408 (down 23%) at this time last year; New Listings in March 2020 were down 11% compared to March 2019 and down 1% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 57% compared to 35% in March 2019 and 51% in March 2018.

Vancouver Westside Residential: Total Units Sold in March 2020 was 467 – up from 367 (27%) in February 2020, up from 333 (40%) in March 2019, up from 441 (6%) in March 2018; Active Listings are at 1,814 compared to 2,511 (down 28%) at this time last year; New Listings in March 2020 were down 15% compared to March 2019 and down 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 34% in March 2019 and 49% in March 2018.

Vancouver East Side Residential: Total Units Sold in March 2020 was 297 – up from 243 (22%) in February 2020, up from 174 (71%) in March 2019, up from 284 (5%) in March 2018; Active Listings are at 834 compared to 1,239 (down 33%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 64% compared to 34% in March 2019 and 55% in March 2018.

North Vancouver Residential: Total Units Sold in March 2020 was 204 – down from 206 (1%) in February 2020, up from 165 (24%) in March 2019, down from 216 (6%) in March 2018; Active Listings are at 640 compared to 883 (down 28%) at this time last year; New Listings in March 2020 were down 9% compared to March 2019 and down 2% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 42% in March 2019 and 60% in March 2018.

West Vancouver: Total Units Sold in March 2020 was 56 – down from 57 (2%) in February 2020, up from 34 (65%) in March 2019, up from 42 (36%) in March 2018; Active Listings are at 553 compared to 670 (down 20%) at this time last year; New Listings in March 2020 were the same compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 33% compared to 20% in March 2019 and 27% in March 2018.

Richmond Residential: Total Units Sold in March 2020 was 337 – up from 253 (33%) in February 2020, up from 178 (89%) in March 2019, up from 306 (10%) in March 2018; Active Listings are at 1,464 compared to 2,025 (down 28%) at this time last year; New Listings in March 2020 were up 23% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 64% compared to 26% in March 2019 and 50% in March 2018.

Burnaby East: Total Units Sold in March 2020 was 27 – down from 32 (16%) in February 2020, up from 17 (59%) in March 2019, up from 26 (4%) in March 2018; Active Listings are at 101 compared to 141 (down 28%) at this time last year; New Listings in March 2020 were up 6% compared to March 2019 and up 17% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 33% in March 2019 and 63% in March 2018.

Burnaby North: Total Units Sold in March 2020 was 130 – up from 100 (30%) in February 2020, up from 77 (69%) in March 2019, down from 131 (1%) in March 2018; Active Listings are at 392 compared to 536 (down 27%) at this time last year; New Listings in March 2020 were down 1% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 34% in March 2019 and 61% in March 2018.

Burnaby South: Total Units Sold in March 2020 was 143 – up from 105 (36%) in February 2020, up from 97 (47%) in March 2019, up from 103 (39%) in March 2018; Active Listings are at 482 compared to 771 (down 37%) at this time last year; New Listings in March 2020 were down 24% compared to March 2019 and up 12% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 65% compared to 33% in March 2019 and 53% in March 2018.

New Westminster: Total Units Sold in March 2020 was 118 – up from 90 (20%) in February 2020, up from 81 (46%) in March 2019, down from 149 (21%) in March 2018; Active Listings are at 350 compared to 472 (down 26%) at this time last year; New Listings in March 2020 were down 2% compared to March 2019 and up 3% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 40% in March 2019 and 77% in March 2018.

Coquitlam: Total Units Sold in March 2020 was 202 – up from 196 (19%) in February 2020, up from 142 (42%) in March 2019, down from 204 (1%) in March 2018; Active Listings are at 696 compared to 933 (down 25%) at this time last year; New Listings in March 2020 were down 5% compared to March 2019 and up 20% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 35% in March 2019 and 63% in March 2018.

Port Moody: Total Units Sold in March 2020 was 54 – up from 36 (50%) in February 2020, up from 38 (42%) in March 2019, down from 57 (5%) in March 2018; Active Listings are at 199 compared to 210 (down 5%) at this time last year; New Listings in March 2020 were up 9% compared to March 2019 and up 33% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 40% in March 2019 and 73% in March 2018.

Port Coquitlam: Total Units Sold in March 2020 was 96 – up from 83 (16%) in February 2020, up from 59 (63%) in March 2019, down from 103 (7%) in March 2018; Active Listings are at 194 compared to 168 (up 15%) at this time last year; New Listings in March 2020 were up 15% compared to March 2019 and up 9% compared to March 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 68% compared to 35% in March 2019 and 82% in March 2018.

Ladner: Total Units Sold in March 2020 was 32 – down from 36 (11%) in February 2020, up from 25 (28%) in March 2019, up from 24 33%) in March 2018; Active Listings are at 171 compared to 170 (up 1%) at this time last year; New Listings in March 2020 were down 13% compared to March 2019 and up 22% compared to March 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 48% compared to 32% in March 2019 and 44% in March 2018.

Tsawwassen: Total Units Sold in March 2020 was 39 – up from 32 (22%) in February 2020, up from 15 (160%) in March 2019, and the same at 39 in March 2018; Active Listings are at 218 compared to 236 (down 8%) at this time last year; New Listings in March 2020 down up 12% compared to March 2019 and down 14% compared to March 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 52% compared to 18% in March 2019 and 45% in March 2018.

Pitt Meadows: Total Units Sold in March 2020 was 35 – up from 27 (30%) in February 2020, up from 24 (45%) in March 2019, up from 34 (21%) in March 2018; Active Listings are at 102 compared to 119 (down 14%) at this time last year; New Listings in March 2020 were up 20% compared to March 2019 and up 94% compared to March 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 53% compared to 43% in March 2019 and 100% in March 2018.

Maple Ridge: Total Units Sold in March 2020 was 170 – down from 177 (48%) in February 2020, up from 116 (46%) in March 2019, down from 180 (6%) in March 2018; Active Listings are at 659 compared to 675 (down 2%) at this time last year; New Listings in March 2020 were up 14% compared to March 2019 and up 5% compared to March 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 57% compared to 44% in March 2019 and 63% in March 2018.

Average is the new up! Vancouver prices have gone up and will rise even more. What seemed like a very exuberant real estate market in Greater Vancouver in February produced an average volume of sales. With multiple offers a consistent theme, less so with detached homes, one would think it was a record month for total number of sales – especially with 42 offers on a house in Kitsilano. But funny, that supply and demand equation still rings true, when there isn’t enough supply to meet the demand, prices shift up and competition occurs.

British Columbia’s finance minister said that she is cautiously optimistic that real estate will become affordable for the average citizen over the next year, even though demand is expected to keep eclipsing supply. Think about that for a second. The number of buyers is increasing more than the number of sellers. What happens when there is scarcity of something? people compete for that item. Greater Vancouver’s real estate market is seeing the number of homes available dwindle to a level not seen in over two years in all property types and a spring market is emerging that has buyers wanting what there isn’t enough of – housing. And these are very much local buyers. This is most evident in the apartment and townhome segment of the market under $1,000,000. Since January 1st, in Downtown Vancouver there have been 89 MLS® sales reported – 43 of which sold at list price or above. There have been 18 townhouse sales on Vancouver’s Westside since January 1st and 9 of those sold at list or above. What happens when apartment buyers can’t find townhomes to buy? They don’t sell and there are less apartments in lower price ranges available. But what’s really telling in this market is that while the number of home sales are just below the 10-year average; prices are rising… incidents of 18 offers, 25 offers, 68 offers on listed properties are occurring. What part of that signal’s affordability?

There were 2,185 homes sold of all types in Greater Vancouver in February this year compared with 1,602 homes sold last month, 1,512 sales in February last year and 2,241 homes sold in February 2018. Sales in February were 17 per cent below the 10-year average for the month of February but only 7 per cent below the 10-year average if the 4,254 sales from February 2016 were excluded – an all-time record amount of sales for that month. The number of sales in February were 45 per cent higher compared to February 2019, continuing the trend for the eighth straight month where year-over-year sales were up. Yes, home sales are up but they are still reaching for the average. Imagine what could happen to prices once buyers engage even more, and the number of homes for sale continues to decline.

Some highlights from February:

• The number of sales in Richmond in January were only up 11% compared to January of last year with townhouses once again leading the way, up 103% year over year – the number of new listings in Richmond for all property types were down year over year
• The number of detached homes currently listed in Vancouver continues to decline – with 517 Westside houses available at the end of February – which is lower than the end of January and 27% fewer than February 2019; on the East Side there are 36% less houses available compared to February 2019 with sales of detached houses up 59% year over year
• Average prices for townhouses and condos in the majority of areas in Greater Vancouver increased significantly in February as buyers competed much more for these types of properties (Average prices are a calculation based on the total dollar volume of sales and the number of homes sold)
• Detached homes showed higher year over year gains in the number of homes sold compared to townhouses and apartments in most areas as buyers continue to take advantage of the closer gap between the price of detached homes and attached properties
• There have been 47 sales of homes under $3,000,000 on Vancouver’s Westside since January 1st and 16 of them have sold at list price or above

The number of homes for sale in Greater Vancouver saw limited growth in February, with a similar number of new listings for the month of February over the last three years. At the end of February there were 9,894 homes for sale in Greater Vancouver, compared to 9,307 at the end of January and 12,207 at the end of February 2019. This limited number of homes for sale is producing more multiple offers than we’ve seen in the last few years and is pushing prices up in some areas and product types. There were 4,101 new listings during February in Greater Vancouver, up 3 per cent from February last year. The number of new listings in February were 17 per cent below the 10-year average for the month of February. And with reports that there are significantly less new developments that will be coming out over the next few years, the supply of homes available to purchase will cause prices to rise. Again, what part of that signal’s affordability?

“Home buyer demand again saw string year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “This was most pronounced in the condominium market.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® in February, a decrease of 39 per cent compared to sales in January and a 38 per cent increase compared to the sales in February of last year. Active listings for the Fraser Valley finished at 5,741, increasing 12 per cent month-over-month and a decrease of 10 per cent when compared to February 2019. There were 2,557 new listings in February, a 15 per cent increase compared to January 2020 and a 15 per cent increase compared to February 2019. “Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold. We are seeing more traffic at open houses, more multiple offers and a slight increase in year-over-year prices,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Another indicator and in February, the three main residential property types sold on average six days faster than last year.”

Summing up the numbers

Greater Vancouver:

Total Units Sold in February 2020 was 2,185 – up from 1,602 (36%) in January 2020, up from 1,512 (45%) in February 2019, down from 2,241 (2%) in February 2018; Active Listings are at 9,894 compared to 12,207 (down 19%) at this time last year; New Listings in February 2020 were up 3% compared to February 2019 and down 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 53% compared to 38% in February 2019 and 51% in February 2018.

Vancouver Westside Residential:

Total Units Sold in February 2020 was 367 – up from 275 (33%) in January 2020, up from 254 (44%) in February 2019, down from 429 (14%) in February 2018; Active Listings are at 1,774 compared to 2,333 (down 24%) at this time last year; New Listings in February 2020 were down 20% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 29% in February 2019 and 48% in February 2018.

Vancouver East Side Residential:

Total Units Sold in February 2020 was 243 – up from 161 (51%) in January 2020, up from 166 (46%) in February 2019, down from 244 (1%) in February 2018; Active Listings are at 837 compared to 1,119 (down 25%) at this time last year; New Listings in February 2020 were up 14% compared to February 2019 and down 7% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 43% in February 2019 and 51% in February 2018.

North Vancouver Residential:

Total Units Sold in February 2020 was 206 – up from 100 (106%) in January 2020, up from 124 (66%) in February 2019, down up 166 (24%) in February 2018; Active Listings are at 612 compared to 814 (down 25%) at this time last year; New Listings in February 2020 were up 11% compared to February 2019 and down 25% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 56% compared to 37% in February 2019 and 52% in February 2018.

West Vancouver:

Total Units Sold in February 2020 was 57 – up from 29 (97%) in January 2020, up from 39 (46%) in February 2019, up from 42 (36%) in February 2018; Active Listings are at 536 compared to 635 (down 16%) at this time last year; New Listings in February 2020 were down 15% compared to February 2019 and down 30% compared to February 2018. Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 23% in February 2019 and 20% in February 2018.

Richmond Residential:

Total Units Sold in February 2020 was 253 – up from 227 (11%) in January 2020, up from 155 (63%) in February 2019, down from 262 (3%) in February 2018; Active Listings are at 1,470 compared to 1,842 (down 20%) at this time last year; New Listings in February 2020 were up 7% compared to February 2019 and down 21% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 50% compared to 33% in February 2019 and 41% in February 2018.

Burnaby East:

Total Units Sold in February 2020 was 32 – up from 18 (78%) in January 2020, up from 17 (88%) in February 2019, down from 34 (6%) in February 2018; Active Listings are at 91 compared to 121 (down 25%) at this time last year; New Listings in February 2020 were up 6% compared to February 2019 and down 43% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 84% compared to 47% in February 2019 and 51% in February 2018.

Burnaby North:

Total Units Sold in February 2020 was 100 – up from 96 (4%) in January 2020, up from 84 (19%) in February 2019, up from 89 (12%) in February 2018; Active Listings are at 368 compared to 482 (down 24%) at this time last year; New Listings in February 2020 were up 21% compared to February 2019 and up 11% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 53% in February 2019 and 51% in February 2018.

Burnaby South:

Total Units Sold in February 2020 was 105 – up from 90 (17%) in January 2020, up from 83 (27%) in February 2019, down from 135 (22%) in February 2018; Active Listings are at 466 compared to 678 (down 31%) at this time last year; New Listings in February 2020 were down 8% compared to February 2019 and up 6% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 55% compared to 40% in February 2019 and 75% in February 2018.

New Westminster:

Total Units Sold in February 2020 was 90 – up from 50 (80%) in January 2020, up from 63 (43%) in February 2019, down from 103 (13%) in February 2018; Active Listings are at 311 compared to 430 (down 28%) at this time last year; New Listings in February 2020 were down 7% compared to February 2019 and down 1% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 67% in February 2018.

Coquitlam:

Total Units Sold in February 2020 was 196 – up from 144 (36%) in January 2020, up from 134 (46%) in February 2019, up from 178 (10%) in February 2018; Active Listings are at 612 compared to 832 (down 26%) at this time last year; New Listings in February 2020 were up 13% compared to February 2019 and up 9% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with mostly signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 60% compared to 46% in February 2019 and 60% in February 2018.

Port Moody:

Total Units Sold in February 2020 was 36 – down from 37 (3%) in January 2020, up from 30 (20%) in February 2019, down from 42 (14%) in February 2018; Active Listings are at 171 compared to 181 (down 6%) at this time last year; New Listings in February 2020 were up 30% compared to February 2019 and up 22% compared to February 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 33% compared to 38% in February 2019 and 47% in February 2018.

Port Coquitlam:

Total Units Sold in February 2020 was 83 – up from 60 (38%) in January 2020, up from 60 (38%) in February 2019, down from 84 (1%) in February 2018; Active Listings are at 195 compared to 302 (down 35%) at this time last year; New Listings in February 2020 were up 10% compared to February 2019 and down 2% compared to February 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Seller’s Market conditions) and a Sales to Listings Ratio of 65% compared to 43% in February 2019 and 65% in February 2018.

Ladner:

Total Units Sold in February 2020 was 36 – up from 35 (3%) in January 2020, up from 20 (80%) in February 2019, up from 19 (89%) in February 2018; Active Listings are at 156 compared to 149 (up 5%) at this time last year; New Listings in February 2020 were up 34% compared to February 2019 and down 49% compared to February 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 54% compared to 40% in February 2019 and 42% in February 2018.

Tsawwassen:

Total Units Sold in February 2020 was 32 – up from 21 (52%) in January 2020, up from 21 (52%) in February 2019, up from 29 (10%) in February 2018; Active Listings are at 207 compared to 195 (up 6%) at this time last year; New Listings in February 2020 were down 2% compared to February 2019 and down 19% compared to February 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions) and a Sales to Listings Ratio of 59% compared to 38% in February 2019 and 43% in February 2018.

Pitt Meadows:

Total Units Sold in February 2020 was 27 – up from 19 (42%) in January 2020, up from 15 (80%) in February 2019, down from 34 (21%) in February 2018; Active Listings are at 86 compared to 111 (down 22%) at this time last year; New Listings in February 2020 were up 24% compared to February 2019 and up 16% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 52% compared to 36% in February 2019 and 77% in February 2018.

Maple Ridge: 

Total Units Sold in February 2020 was 177 – up from 120 (48%) in January 2020, up from 100 (77%) in February 2019, up from 158 (12%) in February 2018; Active Listings are at 609 compared to 626 (down 2%) at this time last year; New Listings in February 2020 were up 43% compared to February 2019 and up 28% compared to February 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly a Seller’s Market with some Balanced Market Conditions) and a Sales to Listings Ratio of 59% compared to 48% in February 2019 and 68% in February 2018.

No new supply! That seems to be the cry of government and the opinion of some regarding Metro Vancouver real estate. Let’s talk about what effect this actually has on the market when supply isn’t part of the equation in dealing with the dynamics of our housing market, because affordability definitely isn’t one of the benefits of no new supply. Similar to how the real estate market was acting in the fall, this month multiple offers were happening in the market, except at a much higher occurrence. In fact, there was an apartment in Yaletown that generated 18 offers at the start of February. It’s become the norm not the exception so far in 2020 and to no surprise for those tracking market activity. With apartments and townhouses seeing the bulk of these, it is now creeping into the detached housing market – especially below $1.5M. And why? Supply. There isn’t enough. The number of homes available for sale has dropped significantly and is continuing to do so. And with the pent-up demand jumping into the market, we see these multiple offers.

There were 1,602 homes sold of all types in Greater Vancouver in January this year compared with 2,046 homes sold last month, 1,120 sales in January last year and 1,846 homes sold in January 2018. Sales in January were 9 per cent below the 10-year average for the month of January but only 4 per cent below the 10-year average if the 2,574 sales from January 2016 were excluded (a significant anomaly from what we typically see in January.) The number of sales in January were 43 per cent higher compared to January 2019, continuing the trend of strength in the real estate market with January being the seventh straight month or year over year increases for the month.

Some highlights from January:

• The number of sales in Richmond in January were up 88% compared to January of last year with townhouses leading the way up 152% year over year.
• The number of detached homes currently listed in Vancouver are down significantly – there are 528 Westside houses available – the lowest amount since December 2016; on the East Side there are 39% less houses available compared to January 2019 and the lowest level since March 2016
• There are 15 townhouses available in Port Moody from a peak of 64 in June 2019; 39 townhouses available in Port Coquitlam from a peak of 102 in April 2019; 85 townhouses available in Coquitlam from a peak of 194 in June 2019 – with similar patterns in other areas for townhouses
• In Port Moody, there are a total of 122 residential properties available compared to the peak of 266 in June 2019
• Average prices for condos in the majority of areas in Greater Vancouver dropped in January showing the strength and demand in the lower end of the market as lower priced properties are selling (Average prices are a calculation based on the total dollar volume of sales and the number of homes sold)
• All residential sales in New Westminster were down 33% compared to January 2019 – the one area that saw a decline in the number of homes sold year over year in January.

The number of homes for sale in Greater Vancouver continued actually declined at the end of January compared to the end of December, which has only happened twice since 2005 and occurred during years of stronger sales at the turn of the Century. At the end of January there were 9,307 homes for sale in Greater Vancouver, and at the end of December there were 9,309, and a decrease from the 11,427 homes for sale at the end of January 2019 thereby reducing the month’s supply of homes in some markets down to 3 to 4 months – a seller’s market. Multiple offers have been very prevalent throughout Metro Vancouver, and in all segments of the market. With some sales occurring well above list price and above where properties have been priced through the fall. There were 3,993 new listings during January in Greater Vancouver, down 20 per cent from January last year. The number of new listings in January were 19 per cent below the 10-year average for the month of January and 17 per cent below the average for January going back to 1992. Considering how many more homes there are available to be sold in Greater Vancouver compared to 1992 (which saw 5,621 homes listed in January), the trend is certainly for homeowners to hold on to their homes and not sell – likely a function of policy aimed at controlling demand. And as that demand continues to increase with more people moving to Metro Vancouver and pent up demand coming forward, the question is: what are they going to buy?

“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long -term average,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® in January, a decrease of 21.9 per cent compared to sales in December and a 24.2 per cent increase compared to the sales in January of last year. Active listings for the Fraser Valley finished at 5,143, increasing 9.8 per cent month-over-month and a decrease of 14.2 per cent when compared to January 2019. There were 2,216 new listings in January, a 15.1 cent decrease compared to January 2019. “Considering our record-shattering snow and cold, the pace of homes sales remainded surprisingly balanced in January,” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Sales in our regional have steadily improved since July of last year and January’s numbers remained consistent with that trend. Where the weather may have had an impact in January, is on our housing supply. For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling.”

SUMMING UP THE NUMBERS

Greater Vancouver: Total Units Sold in January 2020 was 1,602 – up from  1,120 (43%) in January 2019, down from 1,846 (13%) in January 2018; Active Listings are at 9,307 compared to 11,427 (down 19%) at this time last year; New Listings in January 2020 were down 20% compared to January 2019 and up 2% compared to January 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 40% compared to 22% in January 2019 and 47% in January 2018.

Vancouver Westside Residential: Total Units Sold in January 2020 was 275 – up from  187 (47%) in January 2019, down from 313 (12%) in January 2018; Active Listings are at 1,704 compared to 2,084 (down 18%) at this time last year; New Listings in January 2020 were down 26% compared to January 2019 and down 8% compared to January 2018 Month’s Supply of Total Residential Listings is at 6. Month’s Supply (Balanced to Buyer’s Market conditions in detached with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 37% compared to 19% in January 2019 and 39% in January 2018.

Vancouver East Side Residential: Total Units Sold in January 2020 was 161 – up from  105 (53%) in January 2019, up from 137 (18%) in January 2018; Active Listings are at 746 compared to 1,071 (down 30%) at this time last year; New Listings in January 2020 were down 22% compared to January 2019 and down 10% compared to January 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 45% compared to 23% in January 2019 and 34% in January 2018

North Vancouver Residential: Total Units Sold in January 2020 was 100 – up from  91 (10%) in January 2019, down from 132 (24%) in January 2018; Active Listings are at 559 compared to 740 (down 24%) at this time last year; New Listings in January 2020 were down 14% compared to January 2019 and up 26% compared to January 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 27% compared to 21% in January 2019 and 45% in January 2018.

West Vancouver: Total Units Sold in January 2020 was 29 – up from  26 (12%) in January 2019, down from 43 (33%) in January 2018; Active Listings are at 518 compared to 599 (down 14%) at this time last year; New Listings in January 2020 were down 22% compared to January 2019 and down 6% compared to January 2018. Month’s Supply of Total Residential Listings is at 18 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 16% compared to 11% in January 2019 and 23% in January 2018.

Richmond Residential: Total Units Sold in January 2020 was 227 – up from  121 (88%) in January 2019, down from 275 (17%) in January 2018; Active Listings are at 1,410 compared to 1,696 (down 17%) at this time last year; New Listings in January 2020 were down 31% compared to January 2019 and down 3% compared to January 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced to Buyer’s Market conditions in detached with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 43% compared to 16% in January 2019 and 50% in January 2018.

Burnaby East: Total Units Sold in January 2020 was 18 – up from  11 (64%) in January 2019, down from 29 (38%) in January 2018; Active Listings are at 111 compared to 119 (down 7%) at this time last year; New Listings in January 2020 were down 18% compared to January 2019 and down 30% compared to January 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced to Buyer’s Market conditions in detached with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 40% compared to 20% in January 2019 and 45% in January 2018.

Burnaby North: Total Units Sold in January 2020 was 96 – up from  65 (48%) in January 2019, up from 73 (32%) in January 2018; Active Listings are at 321 compared to 483 (down 44%) at this time last year; New Listings in January 2020 were down 3% compared to January 2019 and up 30% compared to January 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 46% compared to 30% in January 2019 and 45% in January 2018.

Burnaby South: Total Units Sold in January 2020 was 90 – up from  55 (64%) in January 2019, down from 102 (12%) in January 2018; Active Listings are at 459 compared to 657 (down 30%) at this time last year; New Listings in January 2020 were down 26% compared to January 2019 and up 2% compared to January 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 43% compared to 20% in January 2019 and 50% in January 2018.

New Westminster: Total Units Sold in January 2020 was 50 – down from 75 (33%) in January 2019, down from 96 (48%) in January 2018; Active Listings are at 285 compared to 386 (down 26%) at this time last year; New Listings in January 2020 were down 27% compared to January 2019 and down 8% compared to January 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced with Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 35% compared to 38% in January 2019 and 62% in January 2018.

Coquitlam: Total Units Sold in January 2020 was 144 – up from  87 (66%) in January 2019, down from 156 (8%) in January 2018; Active Listings are at 568 compared to 788 (down 28%) at this time last year; New Listings in January 2020 were down 17% compared to January 2019 and up 15% compared to January 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 47% compared to 23% in January 2019 and 58% in January 2018.

Port Moody: Total Units Sold in January 2020 was 37 – up from  31 (19%) in January 2019, down from 46 (20%) in January 2018; Active Listings are at 122 compared to 165 (down 26%) at this time last year; New Listings in January 2020 were down 22% compared to January 2019 and down 4% compared to January 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 57% compared to 37% in January 2019 and 68% in January 2018.

Port Coquitlam: Total Units Sold in January 2020 was 60 – up from  38 (58%) in January 2019, up from 58 (3%) in January 2018; Active Listings are at 200 compared to 290 (down 31%) at this time last year; New Listings in January 2020 were down 10% compared to January 2019 and up 22% compared to January 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 47% compared to 27% in January 2019 and 55% in January 2018.

Ladner: Total Units Sold in January 2020 was 35 – up from  16 (119%) in January 2019, up from 19 (84%) in January 2018; Active Listings are at 145 compared to 143 (up 1%) at this time last year; New Listings in January 2020 were up 13% compared to January 2019 and up 35% compared to January 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 48% compared to 26% in January 2019 and 35% in January 2018.

Tsawwassen: Total Units Sold in January 2020 was 21 – up from  14 (50%) in January 2019, up from 16 (31%) in January 2018; Active Listings are at 208 compared to 182 (up 14%) at this time last year; New Listings in January 2020 were down 4% compared to January 2019 and up 13% compared to January 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Balanced to buyer’s market conditions in some areas and product types) and a Sales to Listings Ratio of 30% compared to 19% in January 2019 and 26% in January 2018.

Pitt Meadows: Total Units Sold in January 2020 was 19 – up from  10 (90%) in January 2019, up from 18 (6%) in January 2018; Active Listings are at 73 compared to 96 (down 23%) at this time last year; New Listings in January 2020 were up 30% compared to January 2019 and up 65% compared to January 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 37% compared to 25% in January 2019 and 58% in January 2018.

Maple Ridge: Total Units Sold in January 2020 was 120 – up from  82 (46%) in January 2019, down from 182 (34%) in January 2018; Active Listings are at 556 compared to 602 (down 7%) at this time last year; New Listings in January 2020 were down 11% compared to January 2019 and up 2% compared to January 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 54% compared to 32% in January 2019 and 84% in January 2018.

“You must be in tune with the times and prepared to break with tradition.” – James Agee