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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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Sales and Listings Report – November 2018

What’s clear for 2018 so far, it is a year of change, in all things real estate and all things related to real estate.

There were 1,633 homes sold of all types in Greater Vancouver in November this year compared with 2,831 sales in November last year and 2,255 homes sold in November 2016. This was 35 per cent below the 10-year average for November and the lowest level of sales in November since 2008 which had 930 homes sold that month. The second lowest amount for November was 2012 which saw 1,733 sales. While we are seeing the active listings decline to close out 2018, buyers who recognize opportunities are engaging while others await what they feel is the right time to engage in buying or selling to make a move to another home. There is significant pent up demand building in the market as a result. There were 518 Detached Houses sold in November 2018 down from 846 (down 38 per cent) in November 2017 in Greater Vancouver, and down from 643 in November 2016. For townhouses there were 282 sales in November 2018 compared to 446 in November 2017 (down 36 per cent), down from 446 November 2016 and for condos there were 810 sales in November 2018, a decrease in sales from 1,508 in November 2017 (down 46 per cent) and compared to 1,508 in November 2016. Detached sales amounts were more consistent so far this fall compared to the fall of 2017, it is the townhouse and apartment market where we are seeing the more significant declines in sales volumes.

As for supply in the market, there was a decrease in the number of new listings in November compared to October this year and November of last year. There were 3,553 new listings in November in Greater Vancouver, down 29 per cent from October and down 16 per cent from November last year. The number of new listings in November 2018 were 4 per cent above the 10-year average for November. Active Listings are at 12,978 for month end (up 38 per cent compared to November 2017). Active Listings are staying mostly stagnant year over year for detached properties but are up for townhouse and apartments. The number of active listings for detached are up 9 per cent year over year in Greater Vancouver while townhouses are up 56 per cent and apartments are up 106 per cent year over year.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year. Home prices have declined between four and seven per cent over the last six months depending on property type.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® in November, a decrease of 41 per cent compared to 1,743 sales in November of last year, and a 11 per cent increase compared to sales in October 2018. Of the 1,028 sales processed last month 241 were townhouses and 286 were apartments and 383 were detached homes. “Lessening demand continues to impact our market significantly,” said John Barbisan, Board President. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”

Summing up the Numbers

Greater Vancouver:

Total Units Sold in November 2018 was 1,633 – down from 1,995 (18%) in October 2018, down from 2,831 (42%) in November 2017, down from 2,255 (28%) in November 2016; Active Listings are at 12,978 compared to 9,369 (up 39%) at this time last year; New Listings in November 2018 were down 16% compared to November 2017 and up 10% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 67% in November 2017.

Vancouver Westside Residential:

Total Units Sold in November 2018 was 298 – down from 381 (22%) in October 2018, down from 505 (41%) in November 2017, down from 408 (27%) in November 2016; Active Listings are at 2,361 compared to 1,607 (up 47%) at this time last year; New Listings in November 2018 were down 4% compared to November 2017 and up 22% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 69% in November 2017.

Vancouver Eastside Residential:

Total Units Sold in November 2018 was 181 – down from 234 (23%) in October 2018, down from 315 (43%) in November 2017, down from 251 (28%) in November 2016; Active Listings are at 1,314 compared to 1,153 (up 14%) at this time last year; New Listings in November 2018 were down 26% compared to November 2017 and down 8% compared to November 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 61% in November 2017.

North Vancouver Residential:

Total Units Sold in November 2018 was 139 – down from 173 (20%) in October 2018, down from 250 (45%) in November 2017, down from 173 (20%) in November 2016; Active Listings are at 854 compared to 595 (up 44%) at this time last year; New Listings in November 2018 were down 23% compared to November 2017 and up 32% compared to November 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 66% in November 2017.

West Vancouver Houses:

Total Units Sold in November 2018 was 30 – down from 55 (45%) in October 2018, down from 57 (47%) in November 2017, down from 44 (32%) in November 2016; Active Listings are at 705 compared to 626 (up 13%) at this time last year; New Listings in November 2018 were down 17% compared to November 2017 and up 29% compared to November 2016; Month’s Supply of Total Residential Listings is up to 24 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 33% in November 2017.

Richmond Residential:

Total Units Sold in November 2018 was 178 – down from 230 (23%) in October 2018, down from 350 (49%) in November 2017, down from 262 (32%) in November 2016; Active Listings are at 1,809 compared to 1,419 (up 27%) at this time last year; New Listings in November 2018 were down 27% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 56% in November 2017.

Burnaby East:

Total Units Sold in November 2018 was 17 – the same as October 2018, down from 30 (33%) in November 2017, down from 30 (33%) in November 2016; Active Listings are at 142 compared to 129 (up 10%) at this time last year; New Listings in November 2018 were down 36% compared to November 2017 and down 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 57% in November 2017.

Burnaby South:

Total Units Sold in November 2018 was 79 – down from 87 (9%) in October 2018, down from 148 (47%) in November 2017, down from 98 (20%) in November 2016; Active Listings are at 688 compared to 454 (up 51%) at this time last year; New Listings in November 2018 were down 24% compared to November 2017 and up 19% compared to November 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 21% in November 2017.

Burnaby North:

Total Units Sold in November 2018 was 71 – down from 76 (7%) in October 2018, down from 144 (51%) in November 2017, down from 121 (41%) in November 2016; Active Listings are at 547 compared to 331 (up 71%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and up 21% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 76% in November 2017.

New Westminster:

Total Units Sold in November 2018 was 87 – down from 88 (1%) in October 2018, down from 184 (53%) in November 2017, down from 97 (10%) in November 2016; Active Listings are at 491 compared to 257 (up 91%) at this time last year; New Listings in November 2018 were down 11% compared to November 2017 and up 16% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 91% in November 2017.

Coquitlam:

Total Units Sold in November 2018 was 135 – down from 136 (2%) in October 2018, down from 228 (41%) in November 2017, down from 174 (22%) in November 2016; Active Listings are at 935 compared to 606 (up 54%) at this time last year; New Listings in November 2018 were down 19% compared to November 2017 and up 13% compared to November 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 71% in November 2017.

Port Moody:

Total Units Sold in November 2018 was 33 – down from 36 (3%) in October 2018, down from 73 (55%) in November 2017, down from 38 (13%) in November 2016; Active Listings are at 219 compared to 139 (up 58%) at this time last year; New Listings in November 2018 were down 10% compared to November 2017 and the same compared to November 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 94% in November 2017.

Port Coquitlam:

Total Units Sold in November 2018 was 67 – down from 75 (11%) in October 2018, down from 94 (20%) in November 2017, down from 96 (30%) in November 2016; Active Listings are at 335 compared to 168 (up 99%) at this time last year; New Listings in November 2018 were down 2% compared to November 2017 and up 39% compared to November 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 55% compared to 75% in November 2017.

Ladner:

Total Units Sold in November 2018 was 22 – down from 30 (27%) in October 2018, down from 26 (15%) in November 2017, down from 27 (19%) in November 2016; Active Listings are at 177 compared to 127 (up 39%) at this time last year; New Listings in November 2018 were up 10% compared to November 2017 and up 7% compared to November 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 65% in November 2017.

Tsawwassen:

Total Units Sold in November 2018 was 17 – down from 25 (32%) in October 2018, down from 24 (29%) in November 2017, down from 30 (43%) in November 2016; Active Listings are at 219 compared to 174 (up 26%) at this time last year; New Listings in November 2018 were down 21% compared to November 2017 and down 34% compared to November 2016; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 50% in November 2017.

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