Dexter Realty Lower Mainland Real Estate Experts : : page 8

Ride to Conquer Cancer

Why sixteen agents from Dexter Realty strapped on their helmets, picked up their bikes and set out on a 225-260 kilometer journey to conquer cancer.

As a brokerage, Dexter Realty works hard to set a standard for supporting our Lower Mainland communities and doing our part, especially when it comes to those causes closest to our hearts.

The Ride to Conquer Cancer is one of those causes.

Entering its 11th year, the Ride to Conquer Cancer—formerly a bicycle ride from Vancouver to Seattle—now journeys from Vancouver to Hope.

Dexter has proudly participated in the Ride every single year.

Most of our red-wearing Dexter team, taking time for a photo at the last stop on Day Two.

This year sixteen of our agents and managing brokers rode for the cause from August 24th to 25th 2019. Our team is Riders for Ryders, captained by Jimi Brockett, and our members included: Cathie Cline, Connie McGinley, Jeremy Alexander, David Peerless, Frank Crudo, Jimi Brockett, Kevin Banno, Kevin Skipworth, Louis Dupuis, Marcus Maia, Marilou Appleby, Newell Cotton, Scott Evans, Spence Cotton, Sharon Wayman, and Sue Godlonton.

When our team set out on August 24th, they’d already raised $54,015.00 for the cause. By the time they reached the finish line, they’d raised a total of $62,000.00.

Kevin Skipworth and Cathie Cline, starting the ride all bright-eyed and bushy-tailed.

Most of our team, including Kevin Skipworth and Cathy Cline, followed the “Classic Route”—a 225 km journey. Starting in Cloverdale at 7AM Saturday morning, they rode until they reached Chilliwack, where they camped for the night. From there, Dexter’s riders continued to Hope and Sunday’s finish line.

The route for each day of the ride.

Riders for Ryders’ flock of red jerseys on the road.

However, a couple of our riders wanted to go the extra mile—literally. President David Peerless and agent Marcus Maia took the “Challenge Route,” which stretches for 260km and takes those determined riders through the Lower Mainland’s hinterland.

Marcus Maia (left) and David Peerless (right), about to tackle the Challenge Route.

So who exactly are the Riders for Ryders, and how did Dexter get involved?

Our team captain, Jimi Brocket, lost his son Ryder to cancer in 2009. At the time, he owned Sharpey’s Cycles and had been contacted by the BC Cancer Foundation about renting his cycle shop for the Ride. That call sparked in Jimi the need to conquer the 225 kilometer ride in support his son and all others fighting to survive. (Grab some tissues and read the full story here.) Since that first year, Riders for Ryders has continued to grow, with local businesses and teams joining forces. When Jimi joined Dexter Realty, we folded our team into Jimi’s. And ever since then, we’ve donned the red jerseys and ridden out as Riders for Ryders.

Since forming in 2009, Riders for Ryders has raised close to 4 million dollars in rides across Canada, with $3.9M overall and $2.7M going to BC Cancer Foundation.

By the time our team reached the municipality of Hope (the aptly named finish line) at the end of day two, the sun was setting and legs were begging for a break. But our riders couldn’t be happier. Not only had they finished the grueling two-day ride, they knew they’d made a difference.

Sometimes road signs mark more than a spot on a map.

Why Dexter rides

President David Peerless will be the first to speak to how no one in Dexter’s family has remained untouched by cancer. We’ve lost Dexter agents to cancer, and their loss has left its mark. The cause hits close to home for everyone. We all know someone affected by the disease—our own Sharon Wayman is a cancer survivor. That’s why so many of our agents, alongside our Managing Brokers, take part in the ride. We do it for our colleagues, loved ones and peers—for those we’ve lost to cancer, those who’ve defeated it, and those who continue to fight.

No matter what the weather throws, Dexter’s riders turn up. We ride through torrential rain, wind storms, and heat waves. And every year we come back for more, because we know our efforts make a difference.

The sea of riders making a difference through the Ride to Conquer Cancer.

Since David Peerless started us on this journey in 2009, Dexter has raised over $500,000 for cancer research!

We tip our hats (or should that be helmets?) to this year’s team of sixteen. Especially to Sharon Wayman, who was named the 2019 Riders for Ryder’s MVP. She took a hard fall on the first day, but in true Sharon fashion, she didn’t give up—keeping going until she’d reached the finish line on day two.

Sharon Wayman, riding on despite her injury, with her yellow flag signifying her as a cancer survivor.

Get ready, 2020, Dexter’s team is already training!

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Dexter’s commitment to community work and fundraising for cancer research means we’re well acquainted with the BC Cancer Foundation, the fundraising partner of BC Cancer. It matters to us that every dollar raised through the Ride to Conquer Cancer goes to BC Cancer, where they use it to advance research and enhance care for the people of our province.

If you’d like to learn more about the BC Cancer Foundation or support the cause, please go to their website here.

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Monsters in the Real Estate Closet

VANCOUVER, August 13, 2019/Kevin Skipworth, Chief Economist at Dexter Realty, publishes his latest fact-based real estate report as featured in the Province on August 12 2019.

Think back when we were young and it was convenient to hide under the covers because there was a monster in the closet… reality wasn’t convenient nor logical. Much could be said of the real estate market in Greater Vancouver in recent years. Almost every conceivable reason for rising prices has been examined but it’s the so called “monsters,” foreign buyers/capital or money laundering, that is the focus of attention. The reality is government policy is not dealing with the real issues of actual supply and demand while our housing affordability problems are getting worse and people keep moving here.

What exactly is the government doing?

So far, we have seen policy attacking the upper end of the market as a measure to attain affordability in the overall real estate market, but to what end? To stop “foreign investment” in homes that often add to rental supply? Surely, they are not all empty but it’s easier to assume they are. And they are all foreign owned. Any argument to the contrary is met with disdain and a bias towards the real estate industry. And it made it a sin for anyone to have a recreational or second property. Did the Speculation and Vacancy Tax provide locals with rentals or supply more homes for sale? Not to any great degree. The positive, it opened up Shaughnessy and West Vancouver homes for rentals to a few students. Unfortunately, the downside, it brought their values down by 30 to 45%. That’s hardly of benefit to the average, middle-income Vancouver earner.

Competition for the lower end of the market has never been as strong.

The Stress Test, Foreign Buyer Tax, Speculation and Vacancy Tax, increased transfer tax and School Tax on values above $3M have pushed buyers to lower priced properties. In Greater Vancouver according to MLS®sales, 68 per cent of homes for sale are priced over $1M while 66 per cent of sales so far in 2019, 9,018, were below $1M. In fact, only three per cent of sales have occurred above $3M

Monsters and the need for a reality-check.

With the mortgage stress test affecting the lower end of the market the most, first time buyers aren’t moving out of rentals, further exacerbating this shortage. And many homeowners wanting to make a move to their next home are stuck as a result of a government intentionally freezing the market with the above noted policies.

Is the reason for all these policies on demand really monsters in the closet? Is it more likely the market of the last few years been a steady stream of buyers moving to Vancouver from within and outside Canada together with local buyers benefitting from economics of the day? Now those from the outside that want to purchase a home and contribute to our economy will seek lower priced homes to minimize their tax burden. Get the picture? Policies to earn votes without sound economic modeling hasn’t helped affordability. In fact, it is has just put real estate on sale for those that can afford. The downside, these owners have less equity to retire on or share with their children to place them in the housing market – to me that’s “generational theft.”

The current supply of homes for sale is the lowest we’ve seen in a down real estate market, and once the cranes come down on new condos, there will be much fewer going up. What will house the increasing supply of buyers coming to the market, who in turn are desperately required to sustain our economy. As we’ve seen from recent municipal rejection of rental projects, supplying rentals has been repeatedly left to the private sector – you know those nasty, greedy developers. And their projects get turned down, face delays or experience costs that make it impossible to keep up with today’s prices of new homes. It seems all levels of government are swinging bats at the demand side, without a coherent plan that addresses the supply side or how these policies impact the economy.
Ask yourself, how has the government at all levels made homes more affordable? Or are we just hiding under the covers.

For more information or to receive Kevin’s Market Report contact him at kevin@skipworth.ca

Kevin Skipworth, B.A. Economics
Partner/Managing Broker & Chief Economist
Dexter Realty

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Sales and Listings Report July 2019

“When you are living the best version of yourself, you inspire others to live the best versions of themselves.” – Steve Maraboli

Attached are the Sales and Listings Stats updated to the end of July 2019. It’s down, it’s up, it’s down, it’s up… We wouldn’t expect anything less from the Metro Vancouver real estate market. After a lack lustre June, home sales in July were higher than both June of this year and July last year. A noticeable increase in demand for homes in July, a month that typically sees buyers taking a break from the market. And looking at the number of new listings that came on, sellers may have been the ones taking a break from the market. I hate to say I told you so, but active listings did their best to climb above 15,000 and have now dropped below. Supply isn’t an issue? Only if we don’t want don’t want to keep home prices in check.

There were 2,584 homes sold of all types in Greater Vancouver in July this year compared with 2,098 homes sold last month, 2,018 sales in July last year and 3,012 homes sold in July 2017. This was 8 per cent below the 10-year average for July (compared with 33 per cent below the 10-year average last year in July). It was still the lowest number of homes sold in July since 2012 at 2,135. In fact, 1998 to 2000 saw some of the lowest amounts for sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Considering the commentary of it being a down real estate market, this month showed that buyers are engaging. There were 841 detached houses sold in July 2019 up from 637 (32 per cent) in June in Greater Vancouver, with a 10.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 473 sales in July 2019 compared to 354 in July 2018 (up 33.6 per cent) with a 9 per cent decrease in the benchmark price year over year; and for condos there were 1,243 sales in July, an increase in sales from 1,079 in July 2018 (up 15.2 per cent) with an 8.8 per cent decrease in the benchmark price year over year. Buyers are taking advantage of the opportunity to move up and buy into the townhouse and detached home market with their price decreases in the last 2 years.

As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in July compared to last month and July of last year. There were 4,719 new listings during July in Greater Vancouver, down 3 per cent from July last year and down 12 per cent from July 2017. The number of new listings in July 2019 were 6 per cent below the 10-year average for the month of July. Active Listings are at 15,037 for month end (up 17 per cent compared to July 2018) and after listing expiries at month’s end, there were only 14,469 active listings at the start of August. This was a much more significant drop in listings after July than we’ve seen after the through the month of July in the last 10 years. Over the last 25 years the number of new listings in the last 6 months of the year has been 30 to 35 per cent less than the number of new listings in the first half of the year – so expect the active listing count to drop further and buyers will need to act sooner rather than later to take advantage of buyer market conditions.

The mix of supply currently has 10,000 active listings priced at $1M are more – leaving less than 4,700 active listings priced below $1M in Greater Vancouver. Looking at 13,576 sales in the first 7 months of 2019, there have been only 347 sales above $3M; 672 sales between $2m to $3M; 3,382 sales between $1M to $2M and 9,018 sales below $1M. The competition is clearly in the least suppled range of homes, yet this is not the focus of policy for all levels of government. The provincial government is intent on focusing policy on the least active segment of the market by trying to control that demand. Which begs the question, how are they making housing more affordable by not focusing on the supply of the lower end of the market?

Below is the historical month by month data in Greater Vancouver going back to the early 90’s showing sales, new listings and active listings. The yellow highlighted areas for sales show the slowest months of the market and for active listings, the highest number of active listings we’ve seen in the market. Clearly this latest slowdown in the real estate market saw one of the more prolonged decrease in sales but the least number of active listings for a down market. Sellers are confident and the idea of a significant drop in values won’t happen with that confidence.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Those looking to buy today continue to benefit from the low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® in July, an increase of 11.6 per cent compared to sales in June and a 13 per cent increase compared to the 1,290 sales in July of last year. Active listings for the Fraser Valley finished at 8,340, decreasing 2.1 per cent month-over-month and an increase of 12.7 per cent when compared to July 2018. There were 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019 and a 4.2 per cent decrease compared to July 2018. “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average,” said Chris Shields, President-Elect of the Fraser Valley Real Estate Board. “We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses, and an increase in the number of first-time buyers.”

Summing up the Numbers

Greater Vancouver: Total Units Sold in July 2019 was 2,584 – up from 2,098 (23%) in June 2019, up from 2,108 (23%) in July 2018, down from 3,012 (14%) in July 2017; Active Listings are at 15,037 compared to 12,848 (up 17%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 55% compared to 43% in July 2018.

Vancouver Westside Residential: Total Units Sold in July 2019 was 489 – up from 355 (38%) in June 2019, up from 403 (21%) in July 2018, down from 525 (7%) in July 2017; Active Listings are at 2,572 compared to 2,272 (up 13%) at this time last year; New Listings in July 2019 were up 0.5% compared to July 2018 and down 10% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market with higher end homes in Buyer’s Market Conditions) and a Sales to Listings Ratio of 55% compared to 45 in July 2018.

Vancouver Eastside Residential: Total Units Sold in July 2019 was 277 – up from 215 (29%) in June 2019, down from 282 (2%) in July 2018, down from 307 (10%) in July 2017; Active Listings are at 1,341 compared to 1,391 (down 4%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 59% compared to 42% in July 2018.

North Vancouver Residential Total Units Sold in July 2019 was 205 – up from 202 (1%) in June 2019, up from 153 (34%) in July 2018, up from 200 (3%) in July 2017; Active Listings are at 949 compared to 794 (up 20%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and up 1% compared to July 2017; Month’s Supply of Total Residential Listings is steady at Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.

West Vancouver Houses: Total Units Sold in July 2019 was 59 – up from 43 (37%) in June 2019, up from 57 (4%) in July 2018, up from 56 (5%) in July 2017; Active Listings are at 726 compared to 740 (down 2%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in July 2018.

Richmond Residential: Total Units Sold in July 2019 was 301 – up from 270 (11%) in June 2019, up from 284 (6%) in July 2018, down from 404 (25%) in July 2017; Active Listings are at 2,309 compared to 1,809 (up 28%) at this time last year; New Listings in July 2019 were down 4% compared to July 2018 and down 24% compared to July 2017; Month’s Supply of Total Residential Listings down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 44% in July 2018.

Burnaby East: Total Units Sold in July 2019 was 14 – down from 19 (23%) in June 2019, down from 21 (23%) in July 2018, down from 31 (14%) in July 2017; Active Listings are at 166 compared to 138 (up 17%) at this time last year; New Listings in July 2019 were down 18% compared to July 2018 and down 25% compared to July 2017; Month’s Supply of Total Residential Listings up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 38% in July 2018.

Burnaby North: Total Units Sold in July 2019 was 132 – up from 100 (32%) in June 2019, up from 88 (50%) in July 2018, up from 124 (6%) in July 2017; Active Listings are at 630 compared to 476 (up 32%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 42% in July 2018.

Burnaby South: Total Units Sold in July 2019 was 152 – up from 121 (26%) in June 2019, up from 76 (23%) in July 2018, down from 144 (14%) in July 2017; Active Listings are at 807 compared to 646 (up 100%) at this time last year; New Listings in July 2019 were down 8% compared to July 2018 and down 23% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 64% compared to 29% in July 2018.

New Westminster: Total Units Sold in July 2019 was 122 – up from 97 (26%) in June 2019, up from 114 (7%) in July 2018, down from 150 (19%) in July 2017; Active Listings are at 533 compared to 385 (up 38%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 61% compared to 55% in July 2018.

Coquitlam: Total Units Sold in July 2019 was 236 – up from 177 (33%) in June 2019, up from 150 (57%) in July 2018, down from 270 (13%) in July 2017; Active Listings are at 1,120 compared to 979 (up 14%) at this time last year; New Listings in July 2019 were down 6% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 32% in July 2018.

Port Moody: Total Units Sold in July 2019 was 56 – up from 42 (23%) in June 2019, up from 52 (23%) in July 2018, down from 75 (14%) in July 2017; Active Listings are at 236 compared to 218 (up 17%) at this time last year; New Listings in July 2019 were down 31% compared to July 2018 and down 37% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 75 compared to 48% in July 2018.

Port Coquitlam: Total Units Sold in July 2019 was 86 – up from 77 (12%) in June 2019, down from 108 (20%) in July 2018, down from 120 (38%) in July 2017; Active Listings are at 381 compared to 330 (up 15%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 57% compared to 45% in July 2018.

Ladner: Total Units Sold in July 2019 was 34 – up from 33 (3%) in June 2019, up from 29 (17%) in July 2018, down from 46 (26%) in July 2017; Active Listings are at 190 compared to 164 (up 16%) at this time last year; New Listings in July 2019 were up 34% compared to July 2018 and up 9% compared to July 2017; Month’s Supply of Total Residential Listings steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 66% in July 2018.

Tsawwassen: Total Units Sold in July 2019 was 46 – up from 35 (31%) in June 2019, up from 23 (100%) in July 2018, up from 43 (7%) in July 2017; Active Listings are at 287 compared to 253 (up 13%) at this time last year; New Listings in July 2019 were up 15% compared to July 2018 and down 7% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 65% compared to 37% in July 2018.

Pitt Meadows: Total Units Sold in July 2019 was 20 – down from 24 (17%) in June 2019, down from 25 (20%) in July 2018, down from 25 (20%) in July 2017; Active Listings are at 139 compared to 109 (up 28%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and up 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 48% in July 2018.

Maple Ridge: Total Units Sold in July 2019 was 182 – up from 132 (38%) in June 2019, up from 130 (40%) in July 2018, down from 213 (15%) in July 2017; Active Listings are at 870 compared to 614 (up 35%) at this time last year; New Listings in July 2019 were up 18% compared to July 2018 and up 2% compared to July 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.

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Bringing Ninja to Dexter

Why Kevin Skipworth moved mountains (or at least hotel bookings and catering) to bring the Ninja Installation to Vancouver

When Kevin Skipworth, one of Dexter’s Partners/Managing Brokers and our resident Chief Economist, heard about a valuable course from Dexter’s network of brokerages, he had to know more. It wasn’t just one person, a couple of different companies had offered Ninja Selling Installation to their agents to help them with their business.

“The people who were talking about this course are the ones I sit up and listen to.”

Kevin knew he had to see what this course was about. He found out CIR Realty in Calgary was offering an installation last November, so he decided to brave the cold and hopped on a plane to check it out.

Arriving at the Installation, he’d expected to take part in a very comprehensive course on building a real estate business. Sure, he was a little worried about the length—four days is a long time—but he figured he’d come away with a few useful pieces.

What he got was a lot more.

“It exceeded my expectations dramatically. The way the course was done, the content, everything went far beyond what I’d anticipated.”

All four days featured good content, good interactions, and great experiences.

The first day was all about mindset, how you treat your business and your life. For Kevin, it was an eye-opening way of rethinking how he dealt with everything in his life, and really seeing how your attitude towards challenges can affect outcomes—how thinking positively can change your reactions.

Changing your thinking sounds huge. But when asked what his biggest take-aways were, Kevin said it was the little things. Like making a Post-it note of what you want to do every day.

He made two Post-It notes after the Ninja Installation:

- The first was placed in his home office, right beside the chin-up bar in his house. The note said “Do ten pull ups.” That bar had been gathering dust—now it’s not.
- The second note he put in his office at Yaletown. It read “Bring Ninja to Dexter.”

Why that goal?

Because when Kevin walked away from those 4 days in Calgary, he knew he’d found something that would be a valuable experience for each and every Dexter agent—something he wanted his agents to have an opportunity to benefit from.

In terms of real estate, the course helped Kevin to focus more on the work he was doing, get less caught up in overthinking the minutiae. He found himself getting more stuff done—not doing more, though, and that’s a crucial distinction. This course isn’t about doing more, it’s about being more efficient, so you can have more time to have fun, exercise, and generally enjoy a more balanced life.

Everyone tries to prospect and build business, but we often overlook what we have. This course helped Kevin realize how we can have people we know at our fingertips, but yet we don’t look to those people for business. We don’t see the opportunity before us. Instead of trying to find new opportunities, we can benefit from looking after the people already in our lives, treating them with care, and seeing them as our future business.

“Learning how to use the sales skills I already had, to better tap into the knowledge I had, has been invaluable.”

It can be hard to see how much you can need to structure your life, to plan and take advantage of everything that’s around you. That’s what this course is ultimately about: Talking to people about putting plans in place.

“The course is about relationship building—what we focus on as a company. That’s why it’s a natural fit for Dexter.”

Beyond Post-Its and business, Kevin has found benefits in other ways.

After the course, he set some goals: lose fifteen pounds and take a vacation. So far he’s lost ten pounds, and he’s going on vacation with his son and his father in August—a long awaited men’s trip!

But before leaving for that vacation, he accomplished his second Post-It note: He brought Ninja to Dexter.

He’s certain Dexter’s agents will benefit from this Ninja Installation. In fact, it’s Kevin’s goal that they’ll experience a shift in their mindset as to how to build business. That they’ll be more successful, in all aspects of their lives.

And, as we know, Kevin has gotten very good at achieving his goals.

If you have any questions about the Ninja Selling Installation, Kevin would be more than happy to talk to you about the benefits of this course. Don’t hesitation to reach out to him at kevin@skipworth.ca

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Sales and Listings Report June 2019

“If you realized how powerful your thoughts are, you would never think a negative thought.”

—Pearce Pilgrim

Attached are the Sales and Listings Stats updated to the end of June 2019. While the story might be that sales in June have dropped off from May, the market is back in decline—the actual fact is June has only outperformed May only 7 times in the last 25 years. We shouldn’t be surprised to see the market in Greater Vancouver perform any differently this year.

There were 2,098 homes sold of all types in Greater Vancouver in June this year compared with 2,467 sales in June last year and 3,953 homes sold in June 2017. This was 39 per cent below the 10-year average for June and the lowest amount of sales in the month of June since 2000 at the same number. The first six months of 2019 saw 10,992 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 1998. There were 751 Detached Houses sold in June 2019 (36 per cent of total sales) compared to 771 in June 2018 (31 per cent of total sales); 390 townhomes sold in June 2019 (19 per cent) compared to 419 in June 2018 (17 per cent); and 941 apartments sold in June 2019 (45 per cent) compared to 1,240 in June 2018 (50 per cent). Detached homes made up a larger percentage of homes sold, continuing a trend that is showing price adjustments in detached homes are attracting buyers into that part of the market. Richmond was one of the best performing markets in June, with sales matching those of June, and detached and townhouse sales exceeding the numbers for May.

As for supply in the market, there was a decrease in the number of new listings in June compared to May. There were 4,861 new listings in June in Greater Vancouver, down 19 per cent from May 2019, down 15 per cent from June last year and down 17 per cent from June 2016. The number of new listings in June 2019 were 15 per cent below the 10-year average for June. Active Listings are at 15,770 for month end, up 25 per cent compared to June 2018, and only up 2 per cent compared to May 2019—the growth of active listings is slowing. Supply continues to be an issue as many Sellers are reluctant to come to market knowing that prices are adjusting and that buyers are more conscious of the advantage they have currently. Properties priced for today’s market are selling and, in some situations, we are seeing multiple offers—albeit at a more controlled pace in terms of subjects being included and in some cases most or all offers below the list price. There are a number of listings included in this 15,770 that are land assembly properties (look at any busy street throughout the region for multiple signs or “Land Assembly Opportunity” signs. That and the number of long-standing listings on the market of properties not priced according to today’s market conditions are creating these multiple offers. Demand continues to build up as buyers and sellers hold off on making moves that they want or need to make, not for investment reasons but lifestyle changes. It’s almost as if the efforts to stem “speculation” in the market have created speculators out of all buyers and sellers!

While still at low sales levels, it is the second month in a row where sales exceeded 2,000 homes sold in a month in Greater Vancouver. While not robust, there is more activity happening and while the wait and see game continues, and so many try to understand how we got here, many people just want to buy or sell. And while many think real estate in Vancouver is or should fall off a cliff, even the government can’t stem the tide of demand enough to do that and unless there is a serious discussion on the supply side, what has come down quickly thanks to government intervention can go back up quickly when housing continues to be a scarce resource. With the State of Oregon effectively banning single family zoning and allowing for increased up zoning in all cities of more than 10,000 people, the government there has recognized that the need to address housing affordability is a bigger conversation than just taxing demand.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach. Home buyers haven’t had this much selection to choose from in five years.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® in June, a decrease of 10.1 per cent compared to 1,452 sales in June of last year, and a 13.9 per cent decrease compared to sales in June 2018. At the end of June there 8,516 Active Listings, which is an increase of 19.3 per cent compared to the same time last year and a 0.1 per cent compared to the end of May 2019. There were 2,810 new listings in June, a decrease of 20.7 per cent compared to May 2019 and a 10.5 per cent decrease compared to June of last year. “This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm” said Darin Germyn, Fraser Valley Board President. “There is tremendous variation in the market depending on the property type and location. It’s currently a buyer’s market for detached homes in South Surrey/White Rock; but is leaning towards a sellers’ market for townhomes in Langley.”

Summing up the Numbers

Greater Vancouver: Total Units Sold in June 2019 was 2,098—down from 2,669 (21%) in May 2019, down from 2,467 (15%) in June 2018, down from 3,953 (47%) in June 2017; Active Listings are at 15,770 compared to 12,652 (up 25%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 11% compared to June 2018 and down 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 43% compared to 45% in June 2018.

Vancouver Westside Residential: Total Units Sold in June 2019 was 355—down from 460 (23%) in May 2019, down from 458 (23%) in June 2018, down from 644 (45%) in June 2017; Active Listings are at 2,779 compared to 2,346 (up 18%) at this time last year; New Listings in June 2019 were down 15% to May 2019, down 9% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 47% in June 2018.

Vancouver Eastside Residential: Total Units Sold in June 2019 was 215—down from 328 (34%) in May 2019, down from 282 (24%) in June 2018, down from 451 (52%) in June 2017; Active Listings are at 1,435 compared to 1,375 (up 4%) at this time last year; New Listings in June 2019 were down 21% to May 2019, down 22% compared to June 2018 and down 24% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 44% compared to 45% in June 2018.

North Vancouver Residential: Total Units Sold in June 2019 was 202—down from 257 (21%) in May 2019, up from 199 (2%) in June 2018, down from 298 (32%) in June 2017; Active Listings are at 1,030 compared to 800 (up 29%) at this time last year; New Listings in June 2019 were down 20% to May 2019, down 1% compared to June 2018 and down 3% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 49% compared to 48% in June 2018.

West Vancouver Houses: Total Units Sold in June 2019 was 43—down from 71 (39%) in May 2019, down from 54 (20%) in June 2018, down from 92 (47%) in June 2017; Active Listings are at 764 compared to 784 (down 3%) at this time last year; New Listings in June 2019 were down 23% to May 2019, down 24% compared to June 2018 and down 22% compared to June 2017; Month’s Supply of Total Residential Listings is up to 18 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 24% compared to 23% in June 2018.

Richmond Residential: Total Units Sold in June 2019 was 270—down from 271 (0%) in May 2019, down from 308 (12%) in June 2018, down from 503 (46%) in June 2017; Active Listings are at 2,369 compared to 1,787 (up 33%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 27% compared to June 2017; Month’s Supply of Total Residential Listings is steady at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 44% in June 2018.

Burnaby East: Total Units Sold in June 2019 was 19—down from 25 (24%) in May 2019, down from 26 (27%) in June 2018, down from 36 (47%) in June 2017; Active Listings are at 161 compared to 143 (up 13%) at this time last year; New Listings in June 2019 were the same as May 2019, the same compared to June 2018 and June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 52% in June 2018.

Burnaby North: Total Units Sold in June 2019 was 100—down from 123 (19%) in May 2019, down from 107 (7%) in June 2018, down from 208 (52%) in June 2017; Active Listings are at 670 compared to 476 (up 41%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 41% in June 2018.

Burnaby South: Total Units Sold in June 2019 was 121—down from 131 (8%) in May 2019, down from 121 in June 2018, down from 207 (42%) in June 2017; Active Listings are at 872 compared to 576 (up 51%) at this time last year; New Listings in June 2019 were down 18% to May 2019, up 8% compared to June 2018 and down 15% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 49% in June 2018.

New Westminster: Total Units Sold in June 2019 was 97—down from 127 (24%) in May 2019, down from 141 (31%) in June 2018, down from 196 (51%) in June 2017; Active Listings are at 577 compared to 370 (up 56%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 13% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 61% in June 2018.

Coquitlam: Total Units Sold in June 2019 was 177—down from 205 (14%) in May 2019, down from 178 (1%) in June 2018, down from 323 (45%) in June 2017; Active Listings are at 1,159 compared to 888 (up 31%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 14% compared to June 2018 and down 19% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 40% in June 2018.

Port Moody: Total Units Sold in June 2019 was 42—down from 62 (32%) in May 2019, down from 48 (12%) in June 2018, down from 90 (53%) in June 2017; Active Listings are at 266 compared to 219 (up 21%) at this time last year; New Listings in June 2019 were down 31% to May 2019, down 19% compared to June 2018 and down 26% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 40% in June 2018.

Port Coquitlam: Total Units Sold in June 2019 was 77—down from 132 (42%) in May 2019, down from 108 (29%) in June 2018, down from 177 (64%) in June 2017; Active Listings are at 381 compared to 292 (up 30%) at this time last year; New Listings in June 2019 were down 6% to May 2019, down 19% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 44% in June 2018.

Ladner: Total Units Sold in June 2019 was 33—down from 41 (20%) in May 2019, down from 38 (13%) in June 2018, down from 45 (27%) in June 2017; Active Listings are at 207 compared to 171 (up 21%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 1% compared to June 2018 and up 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 54% in June 2018.

Tsawwassen: Total Units Sold in June 2019 was 35—down from 38 (8%) in May 2019, down from 42 (17%) in June 2018, down from 54 (35%) in June 2017; Active Listings are at 310 compared to 252 (up 23%) at this time last year; New Listings in June 2019 were down 16% to May 2019, up 13% compared to June 2018 and down 4% compared to June 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 60% in June 2018.

Pitt Meadows: Total Units Sold in June 2019 was 24—down from 40 (40%) in May 2019, the same at 24 in June 2018, down from 83 (71%) in June 2017; Active Listings are at 130 compared to 100 (up 30%) at this time last year; New Listings in June 2019 were down 22% to May 2019, down 21% compared to June 2018 and down 31% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 51% compared to 40% in June 2018.

Maple Ridge: Total Units Sold in June 2019 was 132—down from 171 (23%) in May 2019, down from 136 (2%) in June 2018, down from 250 (47%) in June 2017; Active Listings are at 868 compared to 623 (up 39%) at this time last year; New Listings in June 2019 were down 21% to May 2019, up 2% compared to June 2018 and down 10% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 48% in June 2018.

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The “Real” Real Estate Data

The Metro Vancouver resale real estate market is primed for a comeback!

Never have we seen the market with sales and listings numbers like we are experiencing right now. Even with monthly sales below that of a typical May and the 10-year average, fundamentals shown by new and active listing counts that there is significant confidence. And with sales in May 44% above those in April, it’s not a slumping market, but one with a gasp of breath! Ask REALTORS® how many multiple offers they have experienced in the last month. Supply is the story!

The market is always right—supply and demand ultimately dictates it and the recent intervention on the demand side by the provincial government through taxes and the federal government through the stress test only serve reduce prices significantly in the high end for those the government wanted out of this market and prevent home buyers from getting into homes in the bottom end—affordability has not improved and will not get any better without a serious look at the supply side.

Supply Side of the Equation Continually Ignored!

Supply of homes will continue to be an issue without being addressed by government at all levels. With increased taxes, costs and restrictive zoning, developers are pulling back and we’ll see a lack of new supply and especially the right supply in the next 2 to 3 years. That coupled with low resale inventories now, significant pent up demand, a growing population and Metro Vancouver being a region where people gravitate to, the cycle will continue with demand outstripping supply and prices rising.

When you look at the numbers, we’ve seen 3 previous significant slow downs in Vancouver real estate. During 1997 to 1999, 2008 to 2009 and 2010 to 2013 home sales in Greater Vancouver persisted below 2,000 units. In each of those first two periods, there were over 20,000 listings and close to it in the last. This recent slow down we’re seeing the market struggle to get over 15,000 active listings—at a time when the overall housing stock is at it’s highest!

The lack of homes listed during one of the slowest markets we’ve encountered in 30 years shows that sellers are not looking to “panic sell”—some will sell out of need and agree to prices below what they would like, others will hold and wait.

There is confidence in the Metro Vancouver real estate market—with more buyers and fewer sellers, it will lead to stabilization in the market.

We may be seeing prices bottom out in the lower and middle end of the market, but there are still great opportunities for buyers, but they are diminishing.

Since Dexter Realty released Kevin’s analysis of recent sales data, news outlets are taking note and the story being told is starting to change. The Daily Hive has already posted their own article on Metro Vancouver’s real estate, drawing heavily upon Kevin’s expertise. The the Vancouver Courier, Business in Vancouver and Western Investor have done articles as well. We won’t be surprised to see even more outlets following soon following suit.

For more information or to receive Kevin’s Market Report contact him at kevin@skipworth.ca

Kevin Skipworth, B.A. Economics
Partner/Managing Broker & Chief Economist
Dexter Realty

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Sales and Listings Report May 2019

“If you want to change, expand your mind. Old ways don’t open new doors.”

—Kristen Butler

Before we get to the stats, I have one request for all the work that goes into producing this report. For the eighth time, I’m taking part in the Ride To Conquer Cancer and looking to raise $7,500 as my goal. If you are able to help support my efforts, I would really appreciate it! Just click on the link below and make a donation for any amount you are able to.

www.conquercancer.ca/goto/KevinS

Is this a one hit wonder or the start of a new album for Metro Vancouver real estate? Sales in May were the highest since May 2018 and second highest since November 2017. After 9 straight months with home sales below 2,000 units, there were 2,669 homes sold in Greater Vancouver in May. This was the longest period of monthly sales being below 2,000 since a period of 16 months from November 1997 to February 1999. With the spring market typically being the busy time of year for buyers and sellers, it seems engagement through the end of April and into May was much higher than we’ve seen over the last month. And with all that has been thrown at the market, it shouldn’t be surprising that it took time for the market and its participants to digest. And with less listings coming on the market in May than is typical, total inventory level growth has slowed, resulting in some multiple offers in the market – albeit with a more cautious tone to them. It would seem pent up demand in the market is coming out from the stalemate we’ve seen over the last year. The question is, will this continue. Certainly, with the economy still performing well, population growing and the continued love affair with our region, there is little to keep the market activity from stabilizing. Not to be confused with price growth, which will take longer to recover, but make no mistake it will.

The 2,669 homes sold in Greater Vancouver in May were up from 1,850 (44%) from April this year. The largest month over month increase since March 2017. This was compared with 2,890 sales (down 8%) in May last year and 4,425 sales in May 2017, the largest year over year increase since February 2018. And this was 23 per cent below the 10-year average for May unit sales in Greater Vancouver. The detached house market was stronger in May than we’ve seen in the last year – with areas like Richmond, North Vancouver, New Westminster and Port Moody (up 43 per cent to May 2018), showing better performance year over year compared to the condo and townhouse markets.

On the other side of the equation, there were 6,031 new listings in May in Greater Vancouver, down from 6,558 in May last year and up from 5900 in April 2019. The number of new listings in May were 5 per cent below the 10-year average for May. There are currently 15,452 Active Listings on the market in Greater Vancouver – up from 11,989 at the end of May last year. A combination of lower new listings and higher home sales volumes have slowed down the rate of growth of Active Listings, not typical during a slow real estate market. In the period of 1997 to 1999, Active Listings were consistently at levels of 20,000 – at a time when there were far less homes available for sale in the Greater Vancouver market. Similarly, in the two slowest markets since in 2008 and 2012 to the beginning of 2014, Active Listings were near 20,000 during that period. While this has been one of the slower real estate markets we’ve seen in 20 years, the lack of homes being listed indicates the strength of the market and that prices may not fall much further. And certainly, if buyers engage as they have done this month, that will keep prices consistent. Of course, not all segments of the market operate the same, with the higher end of the market still struggling to recover and further price declines possible.

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market.”

The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its MLS® in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year. Of the 1,517 total sales, 41.2 per cent, up from 39.4 per cent in April; attached homes were 58.8 per cent of total sales in May compared to 60.6 per cent in April. “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months,” Darin Germyn, President of the Fraser Valley Real Estate Board, said “We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

Summing up the Numbers

Greater Vancouver: Total Units Sold in May 2019 was 2,669 – up from 1,850 (44%) in April 2019, down from 2,890 (8%) in May 2018, down from 4,425 (40%) in May 2017; Active Listings are at 15,452 compared to 11,980 at this time last year (up 29%); New Listings in May 2019 were up 2% compared to April 2019; were down 8% compared to May 2018 and down 3% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 31% in April 2019 and 44% in May 2018.

Vancouver Westside Residential: Total Units Sold in May 2019 was 460 – up from 342 (35%) in April 2019, down from 504 (9%) in May 2018, down from 796 (42%) in May 2017; Active Listings are at 2,778 compared to 2,276 at this time last year (up 22%); New Listings in May 2019 were down 10% compared to April 2019; were down 17% compared to May 2018 and down 2% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 40% in May 2018.

Vancouver Eastside Residential: Total Units Sold in May 2019 was 328 – up from 215 (53%) in April 2019, down from 364 (10%) in May 2018, down from 467 (30%) in May 2017; Active Listings are at 1,403 compared to 1,323 at this time last year (up 6%); New Listings in May 2019 were up 3% compared to April 2019; were down 16% compared to May 2018 and down 9% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 50% in May 2018.

North Vancouver Residential Total Units Sold in May 2019 was 257 – up from 149 (72%) in April 2019, up from 238 (8%) in May 2018, down from 325 (21%) in May 2017; Active Listings are at 1,035 compared to 764 at this time last year (up 35%); New Listings in May 2019 were the same as April 2019; were down 3% compared to May 2018 and up 2% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 50% compared to 29% in April 2019 and 45% in May 2018.

West Vancouver Houses: Total Units Sold in May 2019 was 71 – up from 48 (48%) in April 2019, up from 63 (13%) in May 2018, down from 100 (29%) in May 2017; Active Listings are at 740 compared to 744 at this time last year (down 1%); New Listings in May 2019 were down 6% compared to April 2019; were down 21% compared to May 2018 and down 4% compared to May 2017; Month’s Supply of Total Residential Listings is down to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 19% in April 2019 and 21% in May 2018.

Richmond Residential: Total Units Sold in May 2019 was 271 – up from 172 (58%) in April 2019, down from 358 (24%) in May 2018, down from 563 (52%) in May 2017; Active Listings are at 2,329 compared to 1,680 at this time last year (up 39%); New Listings in May 2019 were up 10% compared to April 2019; were up 14% compared to May 2018 and down 3% compared to May 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 25% in April 2019 and 41% in May 2018.

Burnaby East: Total Units Sold in May 2019 was 25 – up from 15 (67%) in April 2019, down from 29 (14%) in May 2018, down from 36 (31%) in May 2017; Active Listings are at 149 compared to 144 at this time last year (up 3%); New Listings in May 2019 were down 12% compared to April 2019; were down 32% compared to May 2018 and down 19% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 26% in April 2019 and 39% in May 2018.

Burnaby North: Total Units Sold in May 2019 was 123 – up from 81 (52%) in April 2019, down from 147 (16%) in May 2018, down from 217 (43%) in May 2017; Active Listings are at 655 compared to 425 at this time last year (up 54%); New Listings in May 2019 were the same compared to April 2019; were up 5% compared to May 2018 and down 11% compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 29% in April 2019 and 55% in May 2018.

Burnaby South: Total Units Sold in May 2019 was 131 – up from 97 (35%) in April 2019, up from 127 (3%) in May 2018, down from 250 (48%) in May 2017; Active Listings are at 841 compared to 532 at this time last year (up 58%); New Listings in May 2019 were up 14% compared to April 2019; were up 3% compared to May 2018 and down 11% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 34% in April 2019 and 40% in May 2018.

New Westminster: Total Units Sold in May 2019 was 127 – up from 108 (18%) in April 2019, down from 132 (4%) in May 2018, down from 227 (44%) in May 2017; Active Listings are at 562 compared to 351 at this time last year (up 60%); New Listings in May 2019 were down 5% compared to April 2019; were up 5% compared to May 2018 and up 10% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 38% in April 2019 and 51% in May 2018.

Coquitlam: Total Units Sold in May 2019 was 205 – up from 153 (34%) in April 2019, up from 200 (3%) in May 2018, down from 365 (45%) in May 2017; Active Listings are at 1,140 compared to 809 at this time last year (up 41%); New Listings in May 2019 were up 12% compared to April 2019; were up 5% compared to May 2018 and up 7% compared to May 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in April 2019 and 40% in May 2018.

Port Moody: Total Units Sold in May 2019 was 62 – up from 60 (3%) in April 2019, down from 64 (3%) in May 2018, down from 105 (41%) in May 2017; Active Listings are at 264 compared to 191 at this time last year (up 38%); New Listings in May 2019 were down 12% compared to April 2019; were down 2% compared to May 2018 and down 6% compared to May 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 49% compared to 41% in April 2019 and 50% in May 2018.

Port Coquitlam: Total Units Sold in May 2019 was 132 – up from 67 (97%) in April 2019, up from 104 (27%) in May 2018, down from 171 (23%) in May 2017; Active Listings are at 362 compared to 275 at this time last year (up 32%); New Listings in May 2019 were down 5% compared to April 2019; were down 20% compared to May 2018 and down 16% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 71% compared to 34% in April 2019 and 44% in May 2018.

Ladner: Total Units Sold in May 2019 was 41 – up from 29 (41%) in April 2019, down from 36 (14%) in May 2018, down from 59 (31%) in May 2017; Active Listings are at 208 compared to 156 at this time last year (up 33%); New Listings in May 2019 were up 32% compared to April 2019; were up 3% compared to May 2018 and up 43% compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 45% in April 2019 and 43% in May 2018.

Tsawwassen: Total Units Sold in May 2019 was 38 – up from 18 (111%) in April 2019, up from 35 (9%) in May 2018, down from 47 (19%) in May 2017; Active Listings are at 305 compared to 266 at this time last year (up 15%); New Listings in May 2019 were down 14% compared to April 2019; were up 6% compared to May 2018 and up 13% compared to May 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 17% in April 2019 and 39% in May 2018.

Pitt Meadows: Total Units Sold in May 2019 was 40 – up from 28 (43%) in April 2019, up from 39 (3%) in May 2018, down from 72 (44%) in May 2017; Active Listings are at 137 compared to 84 at this time last year (up 63%); New Listings in May 2019 were down 17% compared to April 2019; were down 11% compared to May 2018 and down 35% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 66% compared to 38% in April 2019 and 57% in May 2018.

Maple Ridge: Total Units Sold in May 2019 was 171 – up from 124 (38%) in April 2019, down from 188 (9%) in May 2018, down from 292 (41%) in May 2017; Active Listings are at 832 compared to 592 at this time last year (up 40%); New Listings in May 2019 were up 7% compared to April 2019; the same compared to May 2018 and the same compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 36% in April 2019 and 51% in May 2018.

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Sales and Listings Report April 2019

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

– Mark Twain

Not much is changing in the market in relation to sales numbers, we are seeing the total number of homes sold consistently below 2,000 since July of 2018. But on a positive note, it was the 4 straight increase month over month. Rome wasn’t built in a day nor is the Greater Vancouver housing market. The pent-up demand continues to build as a result. There were 1,850 sales in Greater Vancouver in March 2019, the lowest total for the month of April since 1995. The standoff continues between buyers and sellers as both sides are waiting for the other to blink. Increasingly sellers are starting to blink first as buyers are being very selective on what they are willing to offer on and jumping on properties that are priced well in today’s market. An opportunity that has been long sought after from buyers in Metro Vancouver.

The 1,850 homes sold in Greater Vancouver in April were up from 1,745 (6%) from March this year. This was compared with 2,631 sales (down 30%) in April last year and 3,617 sales in March 2017. This was 45 percent below the 10-year average for April. Around the region, North Vancouver and Richmond saw total home sales decline in April compared to March – while all other regions saw sales increase in April. Port Moody had the largest increase in sales in April compared to March.

On the other side of the equation, there were 5,900 new listings in April in Greater Vancouver, down from 5,943 in April last year and up from 5,057 in March 2019. The number of new listings in April were 2 percent below the 10-year average for April. There are currently 15,050 Active Listings on the market in Greater Vancouver – up from 10,474 at the end of April last year. This is the highest number of Active listings since September 2014. While Active Listings are up 44 percent to last year, this trended down 4% compared to March year over year. But clearly, the growth in listings is attributed to the lack of home sales occurring in the market. New Listings are not occurring at a higher rate compared to previous years. Buyers have a lot more choice than they have had in the past though allowing for an opportunity.

“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 percent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Suppressing housing activity through government policy not only reduces home sales, but it also harms the job market, economic growth and creates pent-up demand.”

The Fraser Valley Real Estate Board processed 1,383 sales of all property types on its MLS® in April, a 13.3 percent increase compared to sales in March 2019, and a 19 percent decrease compared to the 1,708 sales in April of last year. Of the 1,383 total sales, 489 were residential detached homes, 379 were townhouses and 374 apartments. “Consumers may not have the purchasing power that they did prior to January 2018, but the desire for homeownership is still there and we’re seeing that reflected in our MLS® data,” Darin Germyn, President of the Fraser Valley Real Estate Board, said “A slower, stable market has had a positive impact on affordability in our region. Prices of typical residential homes in the Fraser Valley have decreased between 5 and 6 percent in the last year. In the last three months, benchmark prices have either plateaued or have experienced a small recovery.”

Summing up the Numbers

Greater Vancouver:

Total Units Sold in April 2019 was 1,850 – up from 1,745 (6%) in March 2019, down from 2,631 (30%) in April 2018, down from 3,617 (49%) in April 2017; Active Listings are at 15,060 compared to 10,474 at this time last year (up 44%); New Listings in April 2019 were up 17% compared to March 2019; were down 1% compared to April 2018 and up 18% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 35% in March 2019.

Vancouver Westside Residential:

Total Units Sold in April 2019 was 342 – up from 333 (3%) in March 2019, down from 441 (22%) in April 2018, down from 613 (44%) in April 2017; Active Listings are at 2,808 compared to 1,985 at this time last year (up 41%); New Listings in April 2019 were up 18% compared to March 2019; were the same compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.

Vancouver Eastside Residential:

Total Units Sold in April 2019 was 215 – up from 174 (24%) in March 2019, down from 298 (28%) in April 2018, down from 355 (39%) in April 2017; Active Listings are at 1,403 compared to 1,223 at this time last year (15%); New Listings in April 2019 were up 16% compared to March 2019; were down 17% compared to April 2018 and up 1% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 34% in March 2019.

North Vancouver Residential:

Total Units Sold in April 2019 was 149 – down from 165 (10%) in March 2019, down from 221 (33%) in April 2018, down from 255 (42%) in April 2017; Active Listings are at 1,049 compared to 635 at this time last year (up 65%); New Listings in April 2019 were up 26% compared to March 2019; were up 7% compared to April 2018 and up 44% compared to April 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 42% in March 2019.

West Vancouver Houses:

Total Units Sold in April 2019 was 48 – up from 34 (41%) in March 2019, down from 56 (14%) in April 2018, down from 100 (52%) in April 2017; Active Listings are at 723 compared to 653 at this time last year (up 11%); New Listings in April 2019 were up 48% compared to March 2019; were down 12% compared to April 2018 and up 13% compared to April 2017; Month’s Supply of Total Residential Listings is down to 15 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 20% in March 2019.

Richmond Residential:

Total Units Sold in April 2019 was 172 – down from 178 (3%) in March 2019, down from 312 (44%) in April 2018, down from 510 (66%) in April 2017; Active Listings are at 2,220 compared to 1,475 at this time last year (up 51%); New Listings in April 2019 were up 4% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 26% in March 2019.

Burnaby East:

Total Units Sold in April 2019 was 15 down from 17 (12%) in March 2019, down from 35 (51%) in April 2018, down from 46 (63%) in April 2017; Active Listings are at 153 compared to 120 at this time last year (up 28%); New Listings in April 2019 were up 12% compared to March 2019; were down 14% compared to April 2018 and down 5% compared to April 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in March 2019.

Burnaby North:

Total Units Sold in April 2019 was 81 – up from 77 (5%) in March 2019, down from 135 (40%) in April 2018, down from 200 (59%) in April 2017; Active Listings are at 634 compared to 387 at this time last year (up 64%); New Listings in April 2019 were up 26% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.

Burnaby South:

Total Units Sold in April 2019 was 97– the same as March 2019, down from 108 (10%) in April 2018, down from 164 (41%) in April 2017; Active Listings are at 819 compared to 467 at this time last year (up 75%); New Listings in April 2019 were down 3% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 33% in March 2019.

New Westminster:

Total Units Sold in April 2019 was 108 – up from 81 (33%) in March 2019, down from 133 (19%) in April 2018, down from 179 (40%) in April 2017; Active Listings are at 533 compared to 286 at this time last year (up 86%); New Listings in April 2019 were up 41% compared to March 2019; were up 21% compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 40% in March 2019.

Coquitlam:

Total Units Sold in April 2019 was 153 – up from 142 (8%) in March 2019, down from 202 (24%) in April 2018, down from 295 (48%) in April 2017; Active Listings are at 1,068 compared to 809 at this time last year (up 32%); New Listings in April 2019 were up 2% compared to March 2019; were up 2% compared to April 2018 and up 17% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 35% in March 2019.

Port Moody:

Total Units Sold in April 2019 was 60 – up from 38 (58%) in March 2019, up from 54 (11%) in April 2018, down from 85 (29%) in April 2017; Active Listings are at 252 compared to 155 at this time last year (up 63%); New Listings in April 2019 were up 53% compared to March 2019; were up 28% compared to April 2018 and up 12% compared to April 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 41% compared to 40% in March 2019.

Port Coquitlam:

Total Units Sold in April 2019 was 67 – up from 59 (14%) in March 2019, down from 103 (35%) in April 2018, down from 121 (45%) in April 2017; Active Listings are at 395 compared to 197 at this time last year (up 101%); New Listings in April 2019 were up 17% compared to March 2019; were up 7% compared to April 2018 and up 32% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 35% in March 2019.

Pitt Meadows:

Total Units Sold in April 2019 was 28 – up from 24 (31%) in March 2019, up from 25 (12%) in April 2018, down from 56 (50%) in April 2017; Active Listings are at 136 compared to 72 at this time last year (up 89%); New Listings in April 2019 were up 28% compared to March 2019; were up 24% compared to April 2018 and down 11% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 43% in March 2019.

Maple Ridge:

Total Units Sold in April 2019 was 124 – up from 15 (20%) in March 2019, down from 205 (39%) in April 2018, down from 205 (60%) in April 2017; Active Listings are at 792 compared to 512 at this time last year (up 56%); New Listings in April 2019 were up 31% compared to March 2019; were down 5% compared to April 2018 and up 23% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 44% in March 2019.

Ladner:

Total Units Sold in April 2019 was 29 – up from 25 (16%) in March 2019, down from 32 (9%) in April 2018, down from 46 (37%) in April 2017; Active Listings are at 190 compared to 129 at this time last year (up 47%); New Listings in April 2019 were down 16% compared to March 2019; were up 14% compared to April 2018 and up 14% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 32% in March 2019.

Tsawwassen:

Total Units Sold in April 2019 was 18 – up from 15 (20%) in March 2019, down from 38 (53%) in April 2018, down from 41 (56%) in April 2017; Active Listings are at 296 compared to 243 at this time last year (up 22%); New Listings in April 2019 were up 28% compared to March 2019; were down 7% compared to April 2018 and up 54% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 17% compared to 18% in March 2019.

Read

Sales and Listings Report – March 2019

“Your big opportunity may be right where you are now”

– Napoleon Hill

Ok, next! Let’s just move on to April! But for those looking for a recap, there were 1,743 sales in Greater Vancouver in March 2019, the lowest total for the month of March since 1986. So here is what we know; it was a slow month for home sales, buyers and sellers are both hesitant in the market, The Federal Government announced their budget in March and provided little in the way of benefits to buyers in our market area and now we see fixed interest rates coming down. Here’s what we don’t know; while fixed rates are falling, how far will they fall, will there be federal election promises to boost the housing market prior to October’s election, where will the inventory of resale homes go after moderately increasing in a slower market for sales. And what don’t we know: how many buyers and sellers are waiting eagerly on the sidelines to make a move – pent up demand is growing! And policy changes can only keep that demand down for so long.

The 1,743 homes sold in Greater Vancouver in March were up from 1,512 (15%) from February this year. This was compared with 2,551 sales (down 35%) in March last year and 3,632 sales in March 2017. This was 45 percent below the 10-year average for March. In looking around Greater Vancouver, both Vancouver’s Westside and North Vancouver saw the most significant increases in sales month over month at 33 percent and 35 percent respectively. While West Vancouver, Port Coquitlam and Tsawwassen had sales in March lower than February. In Burnaby East, there were zero detached house sales in March. Regional markets are different in their make up and activity, but we typically see Vancouver be a leading indicator in the market. So again, let’s move into April.

On the other side of the equation, there were 5,057 new listings in March in Greater Vancouver, up from 4,557 in March last year and up from 3,974 in February 2019. The number of new listings in March were 12 percent below the 10-year average for March. There are currently 13,408 Active Listings on the market in Greater Vancouver – up from 9,037 at the end of March last year. While Active Listings are up 48 percent, they are still relatively low compared to previous markets with similar activity. In 1998 there were 1,921 sales in March with 19,488 Active Listings and in 2013 there were 2,373 sales with 16,322 Active Listings. The lack of inventory is still keeping buyers at bay in some areas. In Vancouver’s Westside the number of detached homes for sale decreased in March to 694 from 713 in February, an unusual trend for a spring market.

“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy-induced,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on the housing market. What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”

The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its MLS® in March, a 24.3 percent increase compared to sales in February 2019, and a 26.6 percent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses and 346 apartments. This was the lowest sales total for the Board for March since 2013. Darin Germyn, President of the Fraser Valley Real Estate Board, said “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”

Summing up the Numbers

Greater Vancouver:

Total Units Sold in March 2019 was 1,745 – up from 1,512 (15%) in February 2019, down from 2,551 (32%) in March 2018, down from 3,632 (52%) in March 2017; Active Listings are at 13,408 compared to 9,037 at this time last year; New Listings in March 2019 were up 27% compared to February 2019; were up 10% compared to March 2018 and up 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 38% in February 2019.

Vancouver Westside Residential:

Total Units Sold in March 2019 was 333 – up from 254 (31%) in February 2019, down from 441 (24%) in March 2018, down from 616 (38%) in March 2017; Active Listings are at 2,511 compared to 1,691 at this time last year; New Listings in March 2019 were up 12% compared to February 2019; were up 11% compared to March 2018 and up 20% compared to March 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 29% in February 2019.

Vancouver Eastside Residential:

Total Units Sold in March 2019 was 174 – up from 166 (5%) in February 2019, down from 284 (39%) in March 2018, down from 384 (55%) in March 2017; Active Listings are at 1,239 compared to 1,043 at this time last year; New Listings in March 2019 were up 32% compared to February 2019; were the same compared to March 2018 and down 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 43% in February 2019.

North Vancouver Residential:

Total Units Sold in March 2019 was 165 – up from 124 (33%) in February 2019, down from 216 (24%) in March 2018, down from 261 (37%) in March 2017; Active Listings are at 883 compared to 516 at this time last year; New Listings in March 2019 were up 16% compared to February 2019; were up 8% compared to March 2018 and up 14% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 42% compared to 37% in February 2019.

West Vancouver Houses:

Total Units Sold in March 2019 was 34 – up from 39 (13%) in February 2019, down from 42 (19%) in March 2018, down from 97 (65%) in March 2017; Active Listings are at 670 compared to 585 at this time last year; New Listings in March 2019 were down 1% compared to February 2019; were up 9% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 20 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 23% in February 2019.

Richmond Residential:

Total Units Sold in March 2019 was 178 – up from 155 (15%) in February 2019, down from 306 (42%) in March 2018, down from 537 (67%) in March 2017; Active Listings are at 2,025 compared to 1,379 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 10% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in February 2019.

Burnaby East:

Total Units Sold in March 2019 was 17 – the same as in February 2019, down from 26 (35%) in March 2018, down from 53 (68%) in March 2017; Active Listings are at 141 compared to 123 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 24% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 47% in February 2019.

Burnaby South:

Total Units Sold in March 2019 was 97 – up from 83 (17%) in February 2019, down from 103 (6%) in March 2018, down from 167 (42%) in March 2017; Active Listings are at 771 compared to 390 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 48% compared to March 2018 and up 29% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 40% in February 2019.

Burnaby North:

Total Units Sold in March 2019 was 77 – down from 84 (8%) in February 2019, down from 131 (41%) in March 2018, down from 170 (55%) in March 2017; Active Listings are at 536 compared to 314 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 4% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 53% in February 2019.

New Westminster:

Total Units Sold in March 2019 was 81 – up from 63 (29%) in February 2019, down from 149 (46%) in March 2018, down from 166 (51%) in March 2017; Active Listings are at 472 compared to 224 at this time last year; New Listings in March 2019 were up 24% compared to February 2019; were up 5% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.

Coquitlam:

Total Units Sold in March 2019 was 142 – up from 134 (6%) in February 2019, down from 204 (30%) in March 2018, down from 303 (53%) in March 2017; Active Listings are at 933 compared to 552 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 27% compared to March 2018 and up 9% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 46% in February 2019.

Port Moody:

Total Units Sold in March 2019 was 38 – up from 30 (27%) in February 2019, down from 57 (33%) in March 2018, down from 83 (54%) in March 2017; Active Listings are at 210 compared to 131 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 22% compared to March 2018 and the same compared to March 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.

Port Coquitlam:

Total Units Sold in March 2019 was 59 – down from 60 (1%) in February 2019, down from 103 (43%) in March 2018, down from 139 (58%) in March 2017; Active Listings are at 343 compared to 160 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 34% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 35% compared to 43% in February 2019.

Pitt Meadows:

Total Units Sold in March 2019 was 24 – the same as February 2019, down from 34 (29%) in March 2018, down from 44 (45%) in March 2017; Active Listings are at 119 compared to 52 at this time last year; New Listings in March 2019 were up 34% compared to February 2019; were up 61% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 43% compared to 36% in February 2019.

Maple Ridge:

Total Units Sold in March 2019 was 116 – up from 100 (16%) in February 2019, down from 180 (35%) in March 2018, down from 262 (56%) in March 2017; Active Listings are at 675 compared to 422 at this time last year; New Listings in March 2019 were up 26% compared to February 2019; down 8% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 48% in February 2019.

Ladner:

Total Units Sold in March 2019 was 25 – up from 20 (25%) in February 2019, up from 24 (3%) in March 2018, down from 45 (44%) in March 2017; Active Listings are at 170 compared to 126 at this time last year; New Listings in March 2019 were up 54% compared to February 2019; were up 40% compared to March 2018 and up 4% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 40% in February 2019.

Tsawwassen:

Total Units Sold in March 2019 was 15 – down from 21 (29%) in February 2019, down from 39 (62%) in March 2018, down from 58 (74%) in March 2017; Active Listings are at 236 compared to 194 at this time last year; New Listings in March 2019 were up 55% compared to February 2019; were up 2% compared to March 2018 and up 16% compared to March 2017; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 18% compared to 38% in February 2019.

Read

Sales and Listings Report – February 2019

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing it is stupid”

– Albert Einstein

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.”

Summing up 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 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.

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.

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.

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.

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.

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Sales and Listings Report – January 2019

“Look at everything as though you were seeing it either for the first or last time.”

– Betty Smith

New Year, a similar mentality to start the year with a wait and see attitude in the market with both buyers and sellers. But the feeling is one of some growth of opportunity in the market with prices coming off lofty highs and some multiple offers occurring. Call it tempered optimism. There were 1,120 home sales in Greater Vancouver in January this year, the third-lowest total since 2000 (771 in 2009 and 1,062 in 2000). With only 1,094 home sales in December, it is curious that only twice since 2000 have sales in January been higher than the preceding December as January is typically a slow month to start the year. Sales in January were 35 percent below the 10-year average for January, not surprising after the year we had in 2018. With 4,980 new listings in January this year, it was 27 percent up from January 2018 and only up 3 percent from the 10-year average. Total sales for Greater Vancouver in January were 1,864 – up 6.5 percent from January 2017 and up 6.4 percent on the ten-year average. Total active listings were at 11,427 at month’s end, compared to 7,371 in January 2018, 7,834 in January 2017 and 11,753 in January 2015.

With the real estate market in Metro Vancouver firmly entrenched in a Buyer’s Market, what brought us here. The detached market has existed with these conditions much of the last two years. It was the multifamily market that shifted towards these conditions in 2018 and it is very much that way to start 2019. Apartment listings are 2 to 3 times higher than they were in 2018 to start while the number of detached homes on the market is just slightly above where they were in January 2018, and in East Vancouver, there were less detached homes on the market at the end of January 2019 compared to January 2018. With the total number of occupied households up 27 per cent since 2001, there are far few homes listed in comparison to the total number of homes available to be sold. Where 2019 will go from here will in part depend on the pace of listings that come on the market. As it stands now, there is a lack of real inventory on the market. Some of what is currently listed on the market are listings that are priced beyond current market values and some are listed as part of land assemblies. There is demand waiting to buy, but looking for the right property and the right price. With word of one detached house listing on Vancouver’s East Side this weekend having 49 offers on it (there were only 44 detached sales in all of January), it would appear buyers are there.

“REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being,” Phil Moore, Real Estate Board of Greater Vancouver president said. “Home prices have edged down across all home types in the region over the last seven months.”

In the Fraser Valley, there were 784 sales of all property types which was a 35.2 percent decrease compared to January of last year and a 2 percent decrease from December 2018. Of the 784 sales last month, 250 were residential detached homes, 190 were townhouses and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.

“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Fraser Valley Real Estate Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”

Summing up the Numbers

Greater Vancouver:

Total Units Sold in January 2019 was 1,120 – down from 1,846 (39%) from January 2018, down from 1,553 (28%) in January 2017; Active Listings are at 11,427 compared to 7,371 at this time last year; New Listings in January 2018 were up 27% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 47% in January 2018.

Vancouver Westside Residential:

Total Units Sold in January 2019 was 187 – down from 313 (40%) from January 2018, down from 271 (31%) in January 2017; Active Listings are at 2,084 compared to 1,331 at this time last year; New Listings in January 2018 were up 21% compared to January 2018; Month’s Supply of Total Residential Listings is at 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 39% in January 2018.

Vancouver Eastside Residential:

Total Units Sold in January 2019 was 105 – down from 137 (23%) from January 2018, down from 139 (24%) in January 2017; Active Listings are at 1,071 compared to 922 at this time last year; New Listings in January 2018 were up 16% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 34% in January 2018.

North Vancouver Residential:

Total Units Sold in January 2019 was 91 – down from 132 (31%) from January 2018, down from 107 (15%) in January 2017; Active Listings are at 740 compared to 413 at this time last year; New Listings in January 2018 were up 47% compared to January 2018; Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 45% in January 2018.

West Vancouver Houses:

Total Units Sold in January 2019 was 26 – down from 43 (40%) from January 2018, the same as January 2017; Active Listings are at 599 compared to 493 at this time last year; New Listings in January 2018 were up 21% compared to January 2018; Month’s Supply of Total Residential Listings is at 23 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 11% compared to 23% in January 2018.

Richmond Residential:

Total Units Sold in January 2019 was 121 – down from 275 (56%) from January 2018, down from 225 (46%) in January 2017; Active Listings are at 1,696 compared to 1,104 at this time last year; New Listings in January 2018 were up 39% compared to January 2018; Month’s Supply of Total Residential Listings is at 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 16% compared to 50% in January 2018.

Burnaby East:

Total Units Sold in January 2019 was 11 – down from 29 (62%) from January 2018, down from 18 (39%) in January 2017; Active Listings are at 119 compared to 114 at this time last year; New Listings in January 2018 were down 14% compared to January 2018; Month’s Supply of Total Residential Listings is at 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 45% in January 2018.

Burnaby South:

Total Units Sold in January 2019 was 55 – down from 102 (46%) from January 2018, down from 86 (36%) in January 2017; Active Listings are at 657 compared to 361 at this time last year; New Listings in January 2018 were up 38% compared to January 2018; Month’s Supply of Total Residential Listings is at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 50% in January 2018.

Burnaby North:

Total Units Sold in January 2019 was 65 – down from 73 (11%) from January 2018, down from 72 (10%) in January 2017; Active Listings are at 483 compared to 264 at this time last year; New Listings in January 2018 were up 34% compared to January 2018; Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 45% in January 2018.

New Westminster:

Total Units Sold in January 2019 was 75 – down from 96 (22%) from January 2018, up from 63 (19%) in January 2017; Active Listings are at 386 compared to 205 at this time last year; New Listings in January 2018 were up 26% compared to January 2018; Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 62% in January 2018.

Coquitlam:

Total Units Sold in January 2019 was 87 – down from 156 (44%) from January 2018, down from 114 (24%) in January 2017; Active Listings are at 788 compared to 469 at this time last year; New Listings in January 2018 were up 39% compared to January 2018; Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 58% in January 2018.

Port Moody:

Total Units Sold in January 2019 was 31 – down from 46 (33%) from January 2018, down from 43 (28%) in January 2017; Active Listings are at 165 compared to 100 at this time last year; New Listings in January 2018 were up 22% compared to January 2018; Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Detached is a Buyer’s Market, Townhomes and Apartments a Balanced Market) and a Sales to Listings Ratio of 37% compared to 68% in January 2018.

Port Coquitlam:

Total Units Sold in January 2019 was 38 – down from 58 (34%) from January 2018, down from 60 (37%) in January 2017; Active Listings are at 290 compared to 155 at this time last year; New Listings in January 2018 were up 35% compared to January 2018; Month’s Supply of Total Residential Listings is at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 27% compared to 55% in January 2018.

Pitt Meadows:

Total Units Sold in January 2019 was 10 – down from 18 (44%) from January 2018, down from 23 (57%) in January 2017; Active Listings are at 96 compared to 57 at this time last year; New Listings in January 2018 were up 25% compared to January 2018; Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 58% in January 2018.

Maple Ridge:

Total Units Sold in January 2019 was 82 – down from 182 (54%) from January 2018, down from 100 (28%) in January 2017; Active Listings are at 602 compared to 343 at this time last year; New Listings in January 2018 were up 16% compared to January 2018; Month’s Supply of Total Residential Listings is at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 84% in January 2018.

Ladner:

Total Units Sold in January 2019 was 16 – down from 19 (16%) from January 2018, down from 18 (11%) in January 2017; Active Listings are at 143 compared to 102 at this time last year; New Listings in January 2018 were up 15% compared to January 2018; Month’s Supply of Total Residential Listings is at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 35% in January 2018.

Tsawwassen:

Total Units Sold in January 2019 was 14 – down from 16 (12%) from January 2018, down from 21 (33%) in January 2017; Active Listings are at 182 compared to 157 at this time last year; New Listings in January 2018 were up 18% compared to January 2018; Month’s Supply of Total Residential Listings is at 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 26% in January 2018.

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Sales and Listings Report – December 2018

“If you fell down yesterday, stand up today.”

– H.G. Wells

As we reflect on 2018, it was certainly the year of intervention into the real estate market. What we thought was intervention in the previous two years, became a race this year to add as many variables as possible to “create affordability.” Attached are the yearend 2018 Sales and Listings Stats in Greater Vancouver. There were 24,961 home sales in Greater Vancouver in 2018, the lowest annual amount of sales since the year 2000 at 21,940. There were 55,057 new listings in 2018 in Greater Vancouver, the lowest annual amount since 2009. Clearly, the real estate market was in a wait and see mode last year. While we saw the detached home market continue to struggle – a trend that extended out to the suburbs, it was the townhome and apartment market that after a quick start, slowed down as the year progressed. Of the total sales in Greater Vancouver, 49 percent were apartments which were down from 49 percent in 2017 (up from 46 percent in 2016 and 42 percent in 2015), 17 percent were townhouses similar to 2017 (up from 15 percent in 2016 and the same at 17 percent in 2015) and 32 percent were houses which was the same as 2017 (down from 36 percent in 2016 and 41 percent in 2015). While the detached housing market had already slowed down in 2017 and continued at these lower sales levels in 2018, the bulk of the drop in overall sales in Greater Vancouver in 2018 came from the townhouse and apartment market. Vancouver’s Westside continues to see 73 percent of sales being apartments which accounted for a bigger drop overall in the Westside market. Month’s Supply of Inventory has moved up over the last year, finishing with most areas above 6 months, putting them in Buyer’s Market conditions. North Vancouver, Port Moody, Coquitlam and Port Coquitlam averaged 4 to 6 Months Supply of Townhouses and Apartments, fairing better than other areas. Affordability seemed to be the key to driving demand down as the year went on, not surprising given the new Federal Government Stress Test regulations put in place for lending to start 2018. More on that later.

In the Fraser Valley, there were 15,586 sales in 2018, which was down 30.2 percent from the record of 23,974 sales in 2016 and 22,338 sales in 2017. It was the lowest total sales in the Fraser Valley since 2013. Of the total sales, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017. Total townhouse sales dropped 25.6 percent year over year and total apartments sales dropped 30.5 percent year over year. In terms of inventory, there were a total of 32,058 new listings processed in the Fraser Valley in 2018. That was the fourth highest total for new inventory in the Board’s history.

Some highlights in market areas during 2017:

Total sales of Detached Houses in West Vancouver declined from 1074 in 2015 to 834 in 2016 to 509 sales in 2017 and 328 sales in 2018
Total sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,058 in 2017 and 705 in 2018
Total sales for Greater Vancouver All Residential declined from 43,155 in 2015, to 40,880 in 2016, to 36,604 in 2017 and 25,051 in 2018. You could almost say the government was late to the party by intervening in 2018.

Just when we thought that government policy was heavy in the real estate market in 2016 and 2017, along came 2018. The year started with the implementation of the B 20 Mortgage Stress Test which now requires any mortgage with a down payment of 20 percent or more to have the buyer qualify at the contract interest rate plus 2 percent or the Bank of Canada Posted Rate (currently at 5.34 percent). This was in place for insured mortgages with a down payment less than 20 percent already. The effect was to essentially reduce the purchasing power of buyers by 20 percent. That change had the single biggest impact on the real estate market in 2018, not just in Vancouver but across the country – more so the lower end of the market. Then in February, the British Columbia government lead by the NDP introduced a host of measures in their budget aimed at controlling demand. Namely the Speculation and Vacancy Tax (SVT), an increase in School Taxes and the Property Transfer Tax for properties assessed at $3 Million and above and an increase in the Foreign Buyer Tax to 20%. Both the SVT and Foreign Buyer Tax applied to areas in Metro Vancouver, Kelowna, Greater Victoria, Kelowna, Nanaimo and the Fraser Valley – affecting the higher end of the market and vacation properties to a greater extent. Between the Federal and Provincial government, all areas of the real estate market were smothered by a policy which decreased demand and more so created psychological uncertainty. Any time new policies are introduced, there is an adjustment period as buyers and sellers try to out-think the market. And guess what, sales and listings were at their lowest point in years.

What will the real estate market bring in 2019 in Metro Vancouver? Well, what we are seeing here is not much different that other cities not only in Canada but around the world. Both in terms of housing issues but also market conditions. Here’s an example of headlines from articles of late: “San Francisco adds 6,500 residents, 2,200 homes in 2018 – Department of finance says populations still growing despite housing crisis”; “Why are Seattle-area home prices falling now?”; “London Housing Market Suffers Sharp Price Falls”; “New York Has Moved Into a Buyer’s Market, and Is Experiencing A Housing Trend Last Seen in 2009.” Global capital is pulling back, properties are staying on the market longer, and global concerns make for nervous buyers – Trump, Brexit, resistance against foreign capital invading property markets in many global cities, and concern over capital restrictions in China. That’s just a quick summary, and there are many microeconomic and political conditions that affect local markets. And of course, markets shift as a normal course, as prices climb too high, demand pulls back. Our real estate market is no different. Of course, there will be many predictions on where our real estate market will go – and as usual predictions of sharp and significant declines will come. With the population growing at such high rates, the economy being strong, livability in the City of Vancouver, Metro Vancouver, and the province, there are many factors that fly in the face of panic selling or an exodus from our location to bring about significant price declines. Changing markets with a dose of intervention, how could we expect the market to act any differently than it did in 2018.

While active listings at the start of January 2019 were 9,413 (6,733 in 2018, 6,221 in 2017, and 6,312 in 2016), they were actually higher at the start of each year prior to 2016 going back to 2009. And it can be argued that up to 20 percent of the current listings on market form part of a land assembly and can’t really be counted. What will determine pricing going forward will in large part be based on how many listings come on the market. The lack of inventory still being experienced is keeping the market relatively stuck and prices from decreasing any more than they have – and listings aren’t likely to increase dramatically to help ease affordability. After all, while talk of supply solutions from the government were discussed, we’ve yet to see the action. “When you’re thirsty, it’s too late to think about digging a well.” – Anonymous.

Greater Vancouver:

Total Units Sold in December 2018 was 1,094 – down from 1,633 in November 2018; down from 2,069 in December 2017 and down from 1,743 in December 2016. Total Active Listings were at 10,907 at month end, up from 7,540 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 75% in December 2018 compared to 106% in December 2017. Benchmark Price is down 2.7% (Detached homes down 7.8% and Apartments up 0.6%).

Vancouver Westside Residential:

Total Units Sold in December 2018 was 190 – down from 298 in November 2018; down from 315 in December 2017 and down from 324 in December 2016. Total Active Listings were at 1,947 at month end, up from 1,284 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 73% in December 2018 compared to 97% in December 2017. Benchmark Price is down 5.8% (Detached homes down 11.8% and Apartments down 2.9%).

Vancouver Eastside Residential:

Total Units Sold in December 2018 was 113 – down from 181 in November 2018; down from 239 in December 2017 and down from 183 in December 2016. Total Active Listings were at 1,075 at month end, up from 927 at the end of December 2017, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 85% in December 2018 compared to 115% in December 2017. Benchmark Price is down 4.6% (Detached homes down 7.2% and Apartments down 1.4%).

North Vancouver Residential:

Total Units Sold in December 2018 was 99 – down from 139 in November 2018; down from 138 in December 2017 and down from 138 in December 2016. Total Active Listings were at 630 at month end, up from 393 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 125% in December 2018 compared to 197% in December 2017. Benchmark Price is down 3.7% (Detached homes down 8.2% and Apartments down 0.3%).

West Vancouver Houses:

Total Units Sold in December 2018 was 30 – the same amount in November 2018; down from 44 in December 2017 and down from 44 in December 2016. Total Active Listings were at 579 at month end, up from 356 at the end of December 2017, Month’s Supply of Total Residential Listings is at 19 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2017 and Sales to Listings Ratio was 47% in December 2018 compared to 80% in December 2017. Benchmark Price is down 12.2% (Detached homes down 13.5% and Apartments down 2.6%).

Richmond Residential:

Total Units Sold in December 2018 was 122 – down from 178 in November 2018; down from 287 in December 2017 and down from 235 in December 2016. Total Active Listings were at 1,597 at month end, up from 1,184 at the end of December 2017, Month’s Supply of Total Residential Listings is at 13 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 61% in December 2018 compared to 95% in December 2017. Benchmark Price is down 2.8% (Detached homes down 9.2% and Apartments up 2.5%).

Burnaby East:

Total Units Sold in December 2018 was 17 – the same as November 2018; down from 28 in December 2017 and down from 20 in December 2016. Total Active Listings were at 115 at month end, up from 106 at the end of December 2017, Month’s Supply of Total Residential Listings is at 7 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 85% in December 2018 compared to 112% in December 2017. Benchmark Price is down 2.1% (Detached homes down 10.6% and Apartments up 1.9%).

Burnaby South:

Total Units Sold in December 2018 was 51 – down from 79 in November 2018; down from 109 in December 2017 and down from 73 in December 2016. Total Active Listings were at 627 at month end, up from 370 at the end of December 2017, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 50% in December 2018 compared to 96% in December 2017. Benchmark Price is down 1.6% (Detached homes down 6.6% and Apartments up 0.1%).

Burnaby North:

Total Units Sold in December 2018 was 50 – down from 71 in November 2018; down from 99 in December 2017 and down from 85 in December 2016. Total Active Listings were at 463 at month end, up from 266 at the end of December 2017, Month’s Supply of Total Residential Listings is at 9 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 63% in December 2018 compared to 99% in December 2017. Benchmark Price is down 1.6% (Detached homes down 8.2% and Apartments up 2.6%).

New Westminster:

Total Units Sold in December 2018 was 58 – down from 87 in November 2018; down from 117 in December 2017 and down from 103 in December 2016. Total Active Listings were at 390 at month end, up from 187 at the end of December 2017, Month’s Supply of Total Residential Listings is at 7 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 126% in December 2018 compared to 123% in December 2017. Benchmark Price is up 4.2% (Detached homes down 8.7% and Apartments up 7.4%).

Coquitlam:

Total Units Sold in December 2018 was 89 – down from 135 in November 2018; down from 162 in December 2017 and down from 128 in December 2016. Total Active Listings were at 786 at month end, up from 487 at the end of December 2017, Month’s Supply of Total Residential Listings is at 9 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 75% in December 2018 compared to 98% in December 2017. Benchmark Price is down 0.5% (Detached homes down 5.3% and Apartments up 3.2%).

Port Moody:

Total Units Sold in December 2018 was 29 – down from 33 in November 2018; down from 38 in December 2017 and down from 41 in December 2016. Total Active Listings were at 169 at month end, up from 106 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 3 Months Supply at the end of 2017 and Sales to Listings Ratio was 181% in December 2018 compared to 106% in December 2017. Benchmark Price is down 0.2% (Detached homes down 1.1% and Apartments down 0.9%).

Port Coquitlam:

Total Units Sold in December 2018 was 51 – down from 67 in November 2018; down from 71 in December 2017 and down from 59 in December 2016. Total Active Listings were at 259 at month end, up from 135 at the end of December 2017, Month’s Supply of Total Residential Listings is at 5 Months (Buyer’s Market) compared to 2 Months Supply at the end of 2017 and Sales to Listings Ratio was 128% in December 2018 compared to 109% in December 2017. Benchmark Price is down 0.7% (Detached homes down 4.9% and Apartments up 2.2%).

Ladner:

Total Units Sold in December 2018 was 23 – up from 22 in November 2018; down from 26 in December 2017 and up from 21 in December 2016. Total Active Listings were at 143 at month end, up from 92 at the end of December 2017, Month’s Supply of Total Residential Listings is at 6 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2017 and Sales to Listings Ratio was 164% in December 2018 compared to 163% in December 2017. Benchmark Price is down 2.8% (Detached homes down 6.3% and Apartments up 5.8%).

Tsawwassen:

Total Units Sold in December 2018 was 13 – down from 17 in November 2018; the same as December 2017 and down from 15 in December 2016. Total Active Listings were at 171 at month end, up from 141 at the end of December 2017, Month’s Supply of Total Residential Listings is at 13 Months (Buyer’s Market) compared to 11 Months Supply at the end of 2017 and Sales to Listings Ratio was 100% in December 2018 compared to 100% in December 2017. Benchmark Price is down 4.4% (Detached homes down 7.0% and Apartments up 6.5%).

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Market Insights

Why sixteen agents from Dexter Realty strapped on their helmets, picked up their bikes and set out on a 225-260 kilometer journey to conquer cancer.

Most of our red-wearing Dexter team, taking time for a photo at the last stop on Day Two.

Kevin Skipworth and Cathie Cline, starting the ride all bright-eyed and bushy-tailed.

The route for each day of the ride.

Riders for Ryders’ flock of red jerseys on the road.

Marcus Maia (left) and David Peerless (right), about to tackle the Challenge Route.

So who exactly are the Riders for Ryders, and how did Dexter get involved?

Sometimes road signs mark more than a spot on a map.

Why Dexter rides

The sea of riders making a difference through the Ride to Conquer Cancer.

Since David Peerless started us on this journey in 2009, Dexter has raised over $500,000 for cancer research!

Sharon Wayman, riding on despite her injury, with her yellow flag signifying her as a cancer survivor.

Get ready, 2020, Dexter’s team is already training!

What exactly is the government doing?

Competition for the lower end of the market has never been as strong.

Monsters and the need for a reality-check.

Summing up the Numbers

Why Kevin Skipworth moved mountains (or at least hotel bookings and catering) to bring the Ninja Installation to Vancouver

“The people who were talking about this course are the ones I sit up and listen to.”

“It exceeded my expectations dramatically. The way the course was done, the content, everything went far beyond what I’d anticipated.”

All four days featured good content, good interactions, and great experiences.

He made two Post-It notes after the Ninja Installation:

Why that goal?

“Learning how to use the sales skills I already had, to better tap into the knowledge I had, has been invaluable.”

“The course is about relationship building—what we focus on as a company. That’s why it’s a natural fit for Dexter.”

Beyond Post-Its and business, Kevin has found benefits in other ways.

Summing up the Numbers

The Metro Vancouver resale real estate market is primed for a comeback!

Supply Side of the Equation Continually Ignored!

There is confidence in the Metro Vancouver real estate market—with more buyers and fewer sellers, it will lead to stabilization in the market.

Summing up the Numbers

Summing up the Numbers

Greater Vancouver:

Vancouver Westside Residential:

Vancouver Eastside Residential:

North Vancouver Residential:

West Vancouver Houses:

Richmond Residential:

Burnaby East:

Burnaby North:

Burnaby South:

New Westminster:

Coquitlam:

Port Moody:

Port Coquitlam:

Pitt Meadows:

Maple Ridge:

Ladner:

Tsawwassen:

Summing up the Numbers

Greater Vancouver:

Vancouver Westside Residential:

Vancouver Eastside Residential:

North Vancouver Residential:

West Vancouver Houses:

Richmond Residential:

Burnaby East:

Burnaby South:

Burnaby North:

New Westminster:

Coquitlam:

Port Moody:

Port Coquitlam:

Pitt Meadows:

Maple Ridge:

Ladner:

Tsawwassen:

Summing up the Numbers

Greater Vancouver:

Vancouver Westside Residential:

Vancouver Eastside Residential:

North Vancouver Residential:

West Vancouver Houses:

Richmond Residential:

Burnaby East:

Burnaby South:

Burnaby North:

New Westminster:

Coquitlam: