May home sales: $11 million an hour, 24 hours a day

“Don’t look back. Something might be gaining on you.”

Satchel Paige

Like the weather itself in May, the Greater Vancouver housing market was unseasonably hot but with subtle signals of cooling.

May marked the second consecutive month with sales declining in absolute numbers from the previous month, but with a 187 per cent increase in transactions compared to May of last year, it is hard to say this market is slowing. May received a boost from a sudden change in the ‘mortgage stress test’ in mid-month that extended the stress to all homebuyers, not only to those with a 20 per cent down payment. That last-minute change caused some buyers to push to close on sales before the June 1 deadline for the new stress test to begin.

Under the revised stress-test regulations, buyers must qualify at a five-year mortgage rate of 5.25 per cent, which is much higher than the actual mortgage rates available. (Scotiabank and National Bank , as examples, are currently offering five-year fixed rates of 2.14%). Buyers don’t have to pay the higher rate, just prove they can afford it.

Apparently, many can. During May, 4,346 homes were sold in Greater Vancouver and another 2,951 in the Fraser Valley, where sales were up 267%, year-over-year. Ponder these facts for a moment.

May, therefore, set an astounding pace of 235 sales per day, every day, all month long, or $11.1 million worth of transactions every hour, based on the composite Lower Mainland home price of $1.14 million.

Will the stress test affect early June sales? Not likely. June 15 marks the Phase 2 relaxing of B.C.’s COVID-19 restrictions, which could provide further confidence and impetus to the housing market.

Say what you will about the effects of the pandemic on the real estate market, optimism is always a good thing when it comes to real estate.

What could and would cool the summer market, however, is a real and sustained uptick in actual mortgage rates – and that is a possibility due to inflation fears.

You may have noticed that lumber prices are up 300% in the past year, copper prices hit a record high in May,global oil prices are 80% higher than a year ago and the Canadian dollar is at a six-year high. And have you bought a T-bone steak or filled your car with gas recently? This all signals inflationary pressure and a potential rise in the Bank of Canada rate, which has its next setting on June 9.

Best advice for homebuyers: lock-in a prequalified mortgage rate for 90 days right now.

Best advice for home sellers: accept the best offer you get and don’t bank on multiple offers over your asking price.

We are in the midst of an unprecedented housing sales cycle right across the Lower Mainland but, like the May weather, it can cool without much warning.

Metro Vancouver May highlights

Top detached housing sales: Surrey, with 600

Highest median detached house price: West Side, Vancouver, at $3,580,000

Record price for an East Vancouver detached house: $4 million, sold May 15

Lowest median condo price: Maple Ridge, at $458,000

Lowest median townhouse price: Surrey, at $696,000

Regional reports

Greater Vancouver: High prices, tougher mortgage qualification regulations and demographics are having an effect on the type of homes selling in Greater Vancouver. Sales of detached houses are now being eclipsed by sales of lower-cost townhouses and condominium apartments. This is partly a reflection of the growing influence of Millennials, who are replacing baby boomers as the prime home consumer, since Greater Vancouver has a disproportionately high number of Millennials.

In May detached home sales were up 166% year over year, but townhouse sales were up by 168% and condo apartment sales increased by 213% in the same period. Much of this is based on the fact the typical detached house in May sold for $1.8 million, while the townhouse benchmark was about half that, at $936,000, and condo apartments sold for a benchmark price of $737,100. Also, while detached house prices are similar across the region, buyers can find condo apartments for less than $600,000 in at least eight communities, including most of the Tri-Cities and South Delta. Also, while detached house prices have increased nearly 28% in the past year, townhouse prices are up 16.8% and condo prices have risen less than 8%. Clearly, many buyers, both Millennials and downsizing baby boomers, now see strata as the best value in Greater Vancouver.

In May, more than 7,000 new listings were added to the market. This was down from April and a signal that active listings may have peaked. With two straight month of lower sales month-over-month, buying levels may have also peaked.

Make no mistake it is a very active market still; we’ve just fallen off the cataclysmic highs of March and April. And that’s not a bad thing.

Vancouver Westside: There were 2,396 active listings on the Westside market in May and total sales, at 736, were also down 4% from April. With a sales-to-listings ratio of 50% there is now about a four-month inventory on the market. But the townhouse supply is disappearing more quickly. Only 125 new townhouses are under construction, but most of these have pre-sold months ago. More telling, just three new townhouse units have started so far this year. The May sales-to-new-listing ratio of existing townhouses was 60% and the benchmark price is rising 2.6% per month – twice as fast as detached houses or condos – and hit $1,274,000 in May. If you own a Westside townhouse and are considering selling, now is the time to list.

Vancouver East Side: For the first time ever, an East Side house on a 33-foot lot sold for $4 million. There were multiple bids, all from Millennial buyers, for the East 33rd house near Main Street that sold May 15. This shows just how hot the East Side has become. The benchmark price has risen 9.2 per cent in the last three months to hit $1,709,700 in May. Still, as we have noted before, East Vancouver detached houses have huge potential because of the Broadway Corridor SkyTrain extension and new employment centres, especially in the high-tech and medical sectors. We don’t think $4 million will be record East Vancouver price for long. In May, East Side total sales were down 15% from April, but up 184% from May of last year. With a sales to listing ratio of 56%, this is seller’s market with legs.

North Vancouver: North Vancouver May sales marked one of the biggest declines in the Metro region, dropping 25% from a month earlier, to 358 transactions. Condo apartments were the only sector posting higher sales in May than in April, with an increase of 21% to 207 transactions. Condo prices are now up 10% from a year ago to $654,000, but this is $400,000 less than a townhouse and $700,000 below the $1,902,000 benchmark for a detached house in North Vancouver. Total North Vancouver listings fell 11% month-over-month in May, which kept the sales-to-listing ratio at 60%, still a very active seller’s market. But the condo market is where the action is happening.

West Vancouver: West Vancouver May sales were more than double that of May 2020, but fell a sharp 22% from April, with a total of 90 sales in the month. As usual, detached houses led the transactiosns, with 60, at benchmark price of $3,139,800, a price up nearly 20% (that is around $600,000) from a year earlier. There were also 28 condo sales in May, up from 21 in April, at a benchmark price of $1,131,000, by far the highest price in Metro Vancouver. The month’s supply of total residential listings is up to 7 month’s supply and sales to listings ratio is 34%, which signals a balancing market.

Richmond: Total housing sales were 505 in May,– down 24% from April 2021, but up a startling 232% compared to May 2020. New Listings in May were down 16% compared to April 2021. Month’s supply of total residential listings is up to 3 month’s supply and the sales-to-listings ratio of 60%, sure signs of a continued seller’s market.

Burnaby East: May housing sales reached 53 transactions. This was down from 76 (30%) in April 2021, but 194% higher than in May 2020. Active Listings were at 117 at month end compared to 108 at that time last year and 112 at the end of April. New Listings in May were down 30% compared to April 2021, up 81% compared to May 2020 and up 56% compared to May 2019. Month’s supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 68% compared to 68% in April 2021, 42% in May 2020 and 50% in May 2019.

Burnaby North: Total housing sales in May were 241– down from 316 (24%) in April 2021,but up from 79 (205%) in May 2020. New Listings in May were down 17% compared to April 2021, and up 146% compared to May 2020. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 62% compared to 68% in April 2021, 50% in May 2020 and 44% in May 2019.

Burnaby South: Total housing sales in May were 231 – down from 268 (14%) in April 2021, but up from 64 (261%) in May 2020, up from 131 (76%) in May 2019; Active Listings were at 664 at month end compared to 450 at that time last year and 629 at the end of April; New Listings in May were down 13% compared to April 2021, up 204% compared to May 2020 and up 21% compared to May 2019. Month’s supply of total residential listings is up to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 59% in April 2021, 50% in May 2020 and 40% in May 2019.

New Westminster: Total housing sales in May were 194 – down from 199 (3%) in April 2021, up from 73 (166%) in May 2020, up from 127 (53%) in May 2019; Active Listings were at 375 at month end compared to 356 at that time last year and 366 at the end of April; New Listings in May were down 10% compared to April 2021, up 74% compared to May 2020 and down 1% compared to May 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 72% compared to 66% in April 2021, 47% in May 2020 and 47% in May 2019.

Coquitlam: Total housing sales in May were 350 – down from 362 (3%) in April 2021, up from 132 (165%) in May 2020, up from 205 (77%) in May 2019; Active Listings were at 759 at month end compared to 760 at that time last year and 688 at the end of April; New Listings in May were down 7% compared to April 2021, up 57% compared to May 2020 and up 10% compared to May 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 61% compared to 58% in April 2021, 36% in May 2020 and 39% in May 2019.

Port Moody: Total housing sales in May were 102 – down from 126 (19%) in April 2021, up from 46 (122%) in May 2020, up from 62 (65%) in May 2019; Active Listings were at 182 at month end compared to 211 at that time last year and 178 at the end of April; New Listings in May were down 15% compared to April 2021, up 56% compared to May 2020 and up 19% compared to May 2019. Month’s supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 68% compared to 71% in April 2021, 47% in May 2020 and 49% in May 2019.

Port Coquitlam: Total housing sales May were 165 – down just 1% from April 2021,but up 175%) compared to May 2020. Active Listings were at 270 at month end compared to 190 at that time last year and 242 at the end of April; New Listings in May were down 5% compared to April 2021, up 175% compared to May 2020 and up 34% compared to May 2019. Month’s supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 66% compared to 64% in April 2021, 66% in May 2020 and 71% in May 2019.

Pitt Meadows: Total housing sales in May were 54 – up from 48 (13%) in April 2021, and 135% higher thanin May 2020, Active Listings were at 63 at month end compared to 103 at that time last year and 63 at the end of April; New Listings in May were down 7% compared to April 2021, up 33% compared to May 2020 and up 7% compared to May 2019. Month’s supply of total residential listings is steady at 1 month’s supply (seller’s market conditions) and sales to listings ratio of 84% compared to 69% in April 2021, 47% in May 2020 and 66% in May 2019.

Maple Ridge: May housing sales hit 286 – down 16%)from April 2021, but up from 111 (158%) in May 2020. Active Listings were at 444 at month end compared to 633 at that time last year and 434 at the end of April; New Listings in May were down 11% compared to April 2021, up 93% compared to May 2020 and up 9% compared to May 2019. Month’s supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 72% compared to 77% in April 2021, 54% in May 2020 and 47% in May 2019.

Ladner: Total housing sales were 49 – down 44%)from April 2021, and up from 145% from May 2020. New Listings in May were down 29% compared to April 2021, up 35% compared to May 2020 and down 24% compared to May 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 75% compared to 80% in April 2021, 42% in May 2020 and 48% in May 2019.

Tsawwassen: Sales totalled 95 in May, up from 82 (16%) in April 2021, and up from 35 (171%) in May 2020. New listings in May were up 2% compared to April 2021, up 47% compared to May 2020 and up 36% compared to May 2019. Month’s supply of total residential listings is steady at 2 month’s supply (seller’s market conditions) and sales to listings ratio of 74% compared to 66% in April 2021, 40% in May 2020 and 40% in May 2019.

Surrey: If you have been wondering where the strongest detached housing market in Metro Vancouver is, look to Surrey. In May, 600 detached houses sold in Surrey, which is more than sold in Vancouver, Burnaby and Richmond combined. Surrey detached sales were up 358% compared to May 2020 the highest increase in the Metro region and sales were virtually unchanged from April. The benchmark Surrey detached house price is now $1,429,300, up 31.5% from a May of last year. In all, Surrey accounted for nearly half – 1,431 – of the 2,951 total housing sales in the Fraser Valley during May.

Potential Immigration the wild card in Metro housing market

“We cannot solve our problems with the same thinking we used when we created them.”

Albert Einstein

March housing sales skyrocketed more than 126% higher than in March 2020 – the month the COVID-19 pandemic began – to the highest monthly sales pace ever recorded in Greater Vancouver.

The composite benchmark home price leaped 9.9% in March from a year earlier and detached house prices surged nearly 18% higher to all-time high of $1.7 million.

The unprecedented action of 5,843 sales in the month – more than 174 sales every day – blew past housing forecasts and eclipsed the former all-time sales record set in March of 2016, long recognized as the peak year for housing sales in the region.

Dexter agents have been running on the frontline of the current pace, and we are detecting some buyer fatigue, which is understandable. This market can’t continue at this level forever and, as we’ve seen in previous years, March can be the high point of the year for housing sales.

There could be some truth in that theory, but this year and this market is consistently shattering all the traditions.

We believe there is one wild card yet to be played and it could shift the housing market into hyperdrive later this year. This is a potential rebound of international buyers and immigration, which were credited for sparking high home sales in the mid-1980s and in 2016-18 and could do so again in 2021.

In March of 2020 foreign buyers accounted for 24 residential property transactions in Metro Vancouver, despite the provincial 20% tax on homes. But, after COVID-19 travel restrictions hit, that dropped to single-digits per month. We believe pent-up demand and a war chest is building and it could be unleashed on the Vancouver-area housing market later this year.

For instance, according to recent report from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), $43.6 billion was transferred from troubled Hong Kong to Canada in 2020, and this, FINTRAC said, does not include transfers via cryptocurrencies, between financial institutions, or transfer under $10,000.

As well, Canada was posting the highest population growth in the developed world prior to COVID-19, according to Statistics Canada, with its 1.4% annual growth rate in 2019 more than twice as high as the U.S. and Great Britain, which tied for second place. The Canadian government has increased its annual immigration quota to 400,000 people per year. The inflow has been stalled by the pandemic but when that ends the rush into Canada will begin. Wild as the current Metro Vancouver market is right now, it may be the calm before the storm.

And with some calls to cool the market, and concern over low interest rates creating challenges when rates do eventually rise, we have to remember that Canada has one of the soundest lending practices in the world and with the current Stress Test in place, buyers are qualifying at rates much higher than we are seeing in the market place right now. So, while demand side measures are easy for governments to tinker with and implement, supply side realities need to be a focus or this rush of demand will once again be pushed into the future and create challenges yet again.

February 2021: Watch for the rise of the strata market

February is traditionally a ho-hum period in residential real estate but this year, as with so much of the recent Metro Vancouver market, this February proved exceptional. Housing sales hit the highest monthly level since June 2017, with prices arcing nearly 9% higher than a year earlier to a composite benchmark of $1,084,000. The typical detached house now sells for more than $1.62 million –an average increase of $221,000 from February 2020 – with sales up 80% from a year ago.

Detached houses have been the headline news in Metro Vancouver for the past year, but we believe February marked the beginning of a major shift towards the townhouses and condominium sector.

February townhouses sales were up 82% year-over-year and condo apartment sales were 65% higher. Together, strata property sales accounted for nearly 65% of all February transactions, with condo apartments leading all sectors with a blistering pace of 62 sales every day. Condo developers reported “a sense of urgency” in new condo sales in February as 1,400 new condos started construction and 1,759 existing condos sold.

It may come down simply to supply. There is a lack of detached houses to meet demand, despite a 21% spike in new listings in February, and there has been a chronic shortage of townhouses, with just a 1.5-month supply now available. In Port Moody and Maple Ridge there were almost twice as many townhouse sales as active listings in February. And on Vancouver’s West Side the number of townhouse sales in February were the highest since June 2017.

Investors, we believe, are pivoting to condos, looking towards the easing of pandemic regulations that will bring vibrancy back to downtowns and foreign students back to Metro Vancouver campuses. Affordability is part of the equation. In the past year, condo prices have increased just 2.5%, while townhouse prices jumped 7.2% and detached houses soared 13.7%. In East Vancouver, as one example, the typical condo apartment sells for $599,000 while a neighbouring detached house sells for $1.58 million.

For an increasing number of buyers, condominiums are now the first, the smartest and only choice.

What to expect going forward…

We are now experiencing a perfect storm that is churning housing demand and prices to unprecedented heights. Mortgage interest rates are at the lowest level in our lifetime, even our parents lifetime. This combines with intense buyer demand and simply not enough listings, all in an environment where the home is now the centre for living and work for thousands of families. Multiple offers are now the majority of transactions. We don’t see that changing anytime soon.

Welcome to January 2021 – please fasten your seat belts

Some will express surprise that, as we enter the second year of a global pandemic, the rush to purchase homes in Greater Vancouver continues the startling sales pace seen in 2020. But there is a simple reason for the January surge: price appreciation as accelerating buyer demand collides with a stubborn lack of inventory.

In the past 12 months, the average price (based on dollar volume of sales) of a Greater Vancouver home has increased in value by $93,529, which is far higher than the average household income. In the detached house sector, where sales exploded in January, the average year-over-year price increase is well into the six digits. Dexter agents experienced this first hand during the last week of January as a North Burnaby detached house listing had a stunning amount of interest and showing requests. A significant number of multiple offers occurred, resulting in a sale that surpassed the $1.49 million list price. Each of these bidder was likely aware that, since January of 2020, the average detached house price in North Burnaby has increased by $283,456.

Multiple bids are being seen from West Vancouver and the Sunshine Coast to south of the Fraser River and in every property sector, from detached houses to condominium apartments. In Greater Vancouver during January, 53% of new listings sold, and the sales-to-listing ratio has surpassed 50% for the past seven months. There is little relief coming in new construction. As 2021 started, only 241 detached houses and 230 townhouses had started construction across all of Metro Vancouver, according to Canada Mortgage and Housing Corp. data. Of the total 1,628 new apartment starts, 28% were rentals and many of the remaining condo apartments had been pre-sold months earlier.

What to expect for the 2021 housing market? More of the same. With mortgage interest rates at 100-year-lows and home prices rising an average of nearly $8,000 per month, buyers and investors have awoken to an unprecedented buying opportunity.

January 20, 2021 was a very good day…

The day started with the hope that some sanity will prevail with our neighbours to the south. The US Presidential Inauguration marked an optimistic start to a new path for this world leading economy and Canada as their closest ally.

Following that, we attended the virtual UDI (Urban Development Institute) Annual Forecasting Meeting looking at Real Estate trends in B.C. for 2021 and beyond. Please join me in congratulating Cynthia Jagger of Goodman Commercial, on her appointment to the UDI Board of Directors Executive, a very impressive achievement indeed!

To say that the outlook for Residential Real Estate is positive would be understated and other major asset classes of Industrial, Commercial Office, Retail and Multi-Family all showed varying degrees of strength and repositioning in this Covid-19 influenced environment. Overall, very positive with real demand in the housing market as we have discussed, and are experiencing from the pre-existing pent-up demand from 2018/2019, the shift in buyers housing needs due to workplace Covid related changes and of course historic low interest rates.

As we know, the supply of housing has been significantly impacted by the past six month’s sales strength and the slowdown of new supply coming to the market. This situation will persist for some time and as a result we will be seeing significant price gains in most of the resale market. This is most definitely a buying opportunity that is clearly being recognized. Low interest rates, high savings rates and strong pent-up demand will guarantee higher prices through 2021.

Consider that all market improvement in 2020 occurred while immigration was running at 90% below normal! The lack of immigration due to Covid and the closed borders will change. Imagine what 50000 plus new immigrants per year to BC, absent in 2020/2021, will represent to demand. The persistent imbalance in the Supply/Demand equation (See the article I wrote in 2009 below!) assures us that prices will continue to be under pressure.

Is 2021 a great year to buy Real Estate? YES!

Dave Peerless,

President and Managing Broker

What I know about Real Estate I learned in Economics 101

Excerpt from “Real Estate Action” 2009.

My career in Real Estate has spanned thirty years and focused on the sale of residential properties and the management of Real Estate companies in the Vancouver, British Columbia market place. During that time I have had the opportunity to train and mentor many hundreds of Realtors during good markets, great markets and some much more challenging markets. Looking back I realize I learned the most valuable lessons about how Real Estate markets work from a first year business course; Economics 101.

Ironically, this was the first class of the day and after working late shifts at my job I frequently slept in this class. I did, however, pay attention to the principles of supply and demand. The instructor pressed home the idea that all markets are driven by the demand for a product and the price of that product is then a function of the available supply to satisfy that demand. If at any point in time the supply is less than demand, prices will rise and if greater than demand the price will fall. This revelation has been the backbone of how I have learned to identify market trends and in time has greatly helped my decision making in terms of buying and selling Real Estate and in the operations of Real Estate companies.

Real Estate markets or the factors that influence supply and demand can be identified in any market location and analyzed to determine trends or directions in prices. While I have never been able to control factors such as the rate of interest, the number of new homes being built, demographics of population movements or such things that affect supply and demand, by keeping track of some of these factors one can predict the future real estate cycles. A bold statement.

The supply side of the real estate cycle relies on such factors as how many new homes are being built in the area one is analyzing. Statistics are kept by the government both locally and regionally through building permit applications and approvals. This will indicate how much new supply is likely to be available in the near future. Builders and developers are encouraged by demand and favourable prices for their product and simply put will seek to build new housing when a reasonable profit is likely. The more profitable the market, the more the supply will increase and inevitably will to lead to an oversupply as the balance in this real estate equation starts to tip in favour of Buyers. At this stage in the cycle prices will flatten or drop as supply outstrips demand. Naturally as demand weakens and the profit potential drops, developers will pull back from the market and supply will drop re-balancing the equation and re-setting the cycle for new homes.

The largest part of the real estate supply in any market is that of used homes. This supply is largely influenced by factors of cost; prices, interest rates (affordability) and as well as the need for a change in housing as families grow or shrink. The overlying factor that controls these influences is that of confidence. If a buyer population feels confident in the economy, secure in their jobs and the future of real estate in their community, they will be inclined to spend money and increase their housing consumption, purchase property for investment or perhaps a second home for vacations. This confidence in a real estate market increases sales and reduces supply causing prices to rise. In time if the supply declines too much the market shifts to favour the seller and further pushes prices higher. Eventually as the prices start to affect affordability and the costs too high for the average buyer, sales will start to decline and supply increase. The real estate cycle continues. This process can be greatly affected by other factors that will influence the speed of change such as a change in interest rates, economic changes, population shifts among others.

Paying attention to these influences on supply will help spot trends in the real estate market and when combined with a sense of demand in a local economy, will give strong insight into where we are in the real estate cycle.

Demand in this context is the interest in acquiring real estate for personal use and investment. Like the supply side of the real estate equation demand is influenced by a number of factors such as the price of real estate, cost of borrowing, population growth and as before, the confidence in the market. In any local market if individuals feel that prices are affordable and borrowing for a purchase is reasonably priced the demand will rise and in doing so will put pressure on prices to rise. As this stage in the cycle takes hold demand is strong and large volumes of sales take place reducing supply and further affecting prices. In time, as affordability declines, demand slows and we move from a seller’s market where demand exceeds supply to a balanced market where prices stabilize or perhaps start to decline into a buyer’s market. Once again the real estate cycle moves on. Confidence in the economy will also affect demand. If a population feels insecure about real estate values, their job or about where the economy is going demand and prices will decline to a point where affordability is once again in balance between the existing supply and demand.

The normal ebbing and flowing of the real estate markets are generally local in nature with modest swings in values however they can be significantly affected by world events more likely to influence confidence. The principles of supply and demand are however reliable if carefully tracked. Trends follow similar patterns and in fact history does repeat itself. Every time I hear that this time the market and those factors that influence markets are different I realize that the effects are not. During the past thirty years there have been at least four distinct market cycles in the area I practice and in speaking with others active in real estate markets prior to my experience these cycles have behaved in a similar fashion for decades. One only needs to look at historical pricing data in a region over time to see these cycles in action.

I have learned over time to take comfort in the real estate market as a good place to invest, to have a business and to provide a home for my family. Time and patience have proven to be the greatest positive influences in owning real estate. Paying attention to those factors that consistently impact supply and demand will help you spot trends in any local real estate market.

It would seem economics 101 had a lasting impression after all.

David Peerless

“There’s nowhere you can be that isn’t where you’re meant to be…”

John Lennon

Last year I started this report with John Lennon’s lyrics about the new year and hoping it was a good one… Well, the real estate market came alive, but a global pandemic isn’t what anyone would call a good year. In keeping with the legendary artist though, back in March who would have imagined that December would be a record month for the number of properties sold in that month. The analysis and questions of how this could happen during such a global crisis will be a topic for many conversations, and while record low interest rates play a part, a lot of it comes down to one simple reason: everyone’s life was turned upside down, where they live became one of the most important influences in the lives of many in 2020. And as we move through 2021 and life changes again for some, real estate will again be a focus of finding that right place to live and for some what seemed like the right place in 2020 may not actually be the right place in 2021.

There were 3,157 properties sold of all types in Greater Vancouver in December this year compared with 3,131 sold in November, 2,046 sales in December last year and 1,094 sold in December 2018. It was the highest number of sales for the month of December on record in Greater Vancouver, shattering the previous December highs in 2015 at 2,905 and 2003 at 2,609. Total sales for 2020 were 31,611 up 23 per cent from 2019 and 26 per cent from 2018. The number of sales in 2020 were only 6 per cent below the 20-year average – pretty incredible considering the grinding halt of activity in March, April and May. It was definitely a tale of two markets in one year with there being 11,471 sales in the first 6 months and 20,140 in the last 6 months of 2020. Multiple offers were common more than not in the last half of 2020, and more so in detached and townhomes as outdoor space and distance from those around us was coveted. While apartments in downtown Vancouver had seen less activity in comparison, that started to change as the year closed out and buyers began to see opportunity amongst the increase in active listings. We will see more activity in the apartment market as 2021 continues and vaccines become more and more available. As activity in business and events come back so too will the desire to live close to the action.

Looking at the different types of properties, detached home sales were up 30 per cent year over year (new listings were down 6 per cent), townhouses sales were up 31 per cent year over year (new listings were up 3 per cent), apartment sales were up 12 per cent year over year (new listings were up 13 per cent). Detached homes made up 34 per cent of all sales (32 per cent in 2019), while townhomes made up 19.5 per cent (18 per cent in 2019) and apartments 44.4 per cent (48.4 per cent in 2019).

So how do we sum up the year in Greater Vancouver real estate month by month?

January – Optimism for a new year after 2 very slow years
February – Market on the rise
March – Tale of two months – robust start followed by sudden halt
April – 30 more days of March
May – Can we really buy and sell real estate?
June – Yes, we can buy and sell real estate
July – Let’s buy and sell real estate
August – Vacation or buy and sell real estate? Buy and sell real estate!
September – Kids back to school, buyers and sellers will be distracted
October – Buyers and sellers not distracted – strongest month for sales in 2020
November – Market is slowing
December – Market isn’t slowing, strongest December on record

2020 Average Daily Listings and Sales in Greater Vancouver by Week:

First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August – 299 new listings, 157 sales
September – 313 new listings, 176 sales
October – 272 new listings, 182 sales
November – 212 new listings, 161 sales
November 30 to December 4 – 165 new listings, 163 sales
December 7 to 11 – 147 new listings, 140 sales
December 14 to 18 – 122 new listings, 152 sales
December 21 to 25 – 68 new listings, 143 sales
December 28 to 31 – 76 new listings, 138 sales

The number of active listings in Greater Vancouver dropped quickly through December. Even though the number of new listings in December were 38 per cent above the 10-year average for the month, the total number of active listings at the end of December dropped to 9,096 from 13,066 at the end of October. There were 9,309 active listings at the end of December 2019. As typically happens at the end of December a number of listings expire on December 31st which resulted in there being 8,144 as the calendar turned to 2021. At the start of 2020 there were 8,231 active listings in Greater Vancouver. Detached homes made up 42 per cent of total active listings at the start of 2020 while only 32 per cent of current active listings are detached properties in 2021. Townhouse and apartments were 51 per cent in 2020 and 62 per cent currently. Demand for detached homes continues to be strong and with the limited number of homes available, there will be strong competition amongst buyers resulting in multiple offers and pressure on prices as we move through 2021. If a pandemic doesn’t trip up the real estate market, vaccines and recovery surely will have more of a positive impact in activity going forward.

What has truly driven the real estate market in 2020 and will it continue to drive the market in 2021? Interest rates are at the lowest we’ve seen, enabling buyers to take advantage of increased purchasing power and opportunity. Buyers that had been on the fence in 2018 and 2019 due to tightened lending restrictions and a hesitation in the market as buyers and sellers wanted to see what would come of increased taxes on purchasing real estate and attempts to curtail demand. The first decade of this century actually saw 8 per cent more real estate transactions than 2010 to 2019. Considering the increase in the number of homes available in the last 10 years compared to 2000 to 2009, it shows that pressure was building for movement to happen. Bring on the pandemic and it jump started movement on a very large scale. To think this movement has been captured in the last 6 months alone, would be a naïve position to take. With interest rates likely to remain low for the next few years, savings rates at all-time highs as consumers are spending less on social and recreational activities and the amount of money pumped into the economy by government, there’s no reason to think sales activity will slow in the near future. As has been the case and will continue to be the case, there just are not enough homes available to meet the demand of buyers in our market place. As much as many resists the notion that real estate should be a commodity, it is. And one in which many take great pride in living in.

“When the pandemic began in March, the housing market came to a near standstill. We knew however, that shelter needs don’t go away in times of crisis, they intensify,” Colette Gerber, REBGV Chair said, “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were in implemented to BC REALTORS® could help residents safely meet their housing needs. After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons. Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead the supply of homes for sale will be a critical factor in determining home price trends in 2021.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,086 sales of all property types on its Multiple Listing Service® in December, the strongest December on record and 81.2 per cent above normal for the month. There were 19,926 total sales in 2020, which was 28.7 per cent higher than 2019 at 15,487 and the fourth highest sales since 2011. During 2020, there were 8,176 detached home sales, 5,102 townhouse sales and 4,357 apartment sales.  Year-over-year the increase in detached home sales was 41.7 per cent, for townhomes 31.2 per cent and apartments 5.9 per cent. There were 1,502 new listings in December which was the second highest on record. December finished with 3,949 active listings, down from 5,847 active listings at the end of November. “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.” Chris Shields, President of the Fraser Valley Real Estate Board said.

Here’s a summary of the numbers:

Greater Vancouver:

 Greater Vancouver: Total Units Sold in December were 3,157 – up from 3,131 (1%) in November 2020, up from 2,046 (54%) in December 2019, up from 1,094 (189%) in December 2018; Active Listings are were at 9,096 at month end compared to 9,309 at that time last year and 11,716 at the end of November; New Listings in December were down 40% compared to November 2020, up 50% compared to December 2019 and up 71% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 127% compared to 75% in November 2020, 123% in December 2019 and 75% in December 2018. Year-over-year, the House Price Index is up 5.4%.

Vancouver Westside:

 Total Units Sold in December were 486 – up from 470 (3%) in November 2020, up from 356 (37%) in December 2019, up from 190 (156%) in December 2018; Active Listings are were at 2,022 at month end compared to 1,687 at that time last year and 2,558 at the end of November; New Listings in December were down 47% compared to November 2020, up 39% compared to December 2019 and up 63% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 115% compared to 59% in November 2020, 117% in December 2019 and 73% in December 2018. Year-over-year, the House Price Index is up 8.4%.

Vancouver East Side:

 Total Units Sold in December were 348 – down from 364 (4%) in November 2020, up from 208 (67%) in December 2019, up from 113 (208%) in December 2018; Active Listings are were at 922 at month end compared to 800 at that time last year and 1,232 at the end of November; New Listings in December were down 44% compared to November 2020, up 66% compared to December 2019 and up 102% compared to December 2018. Month’s supply of total residential listings is at 3 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 130% compared to 76% in November 2020, 129% in December 2019 and 85% in December 2018. Year-over-year, the House Price Index is up 10.2%.

North Vancouver:

 Total Units Sold in December were 250 – down from 264 (5%) in November 2020, up from 155 (61%) in December 2019, up from 99 (152%) in December 2018; Active Listings are were at 458 at month end compared to 466 at that time last year and 693 at the end of November; New Listings in December were down 51% compared to November 2020, up 47% compared to December 2019 and up 107% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 153% compared to 79% in November 2020, 140% in December 2019 and 125% in December 2018. Year-over-year, the House Price Index is up 9.1%.

West Vancouver: 

Total Units Sold in December were 82 – down from 90 (9%) in November 2020, up from 46 (78%) in December 2019, up from 30 (173%) in December 2018; Active Listings are were at 449 at month end compared to 505 at that time last year and 558 at the end of November; New Listings in December were down 41% compared to November 2020, up 12% compared to December 2019 and up 5% compared to December 2018. Month’s supply of total residential listings is down to 5 month’s supply (mostly balanced market conditions) and sales to listings ratio of 122% compared to 80% in November 2020, 77% in December 2019 and 47% in December 2018. Year-over-year, the House Price Index is up 8.4%.

Richmond:

 Total Units Sold in December were 343 – up from 335 (2%) in November 2020, up from 281 (22%) in December 2019, up from 122 (181%) in December 2018; Active Listings are were at 1,376 at month end compared to 1,540 at that time last year and 1,637 at the end of November; New Listings in December were down 40% compared to November 2020, up 19% compared to December 2019 and up 51% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 113% compared to 64% in November 2020, 110% in December 2019 and 61% in December 2018. Year-over-year, the House Price Index is up 4.9%.

Burnaby East:

 Total Units Sold in December were 41 – up from 37 (11%) in November 2020, up from 24 (71%) in December 2019, up from 17 (141%) in December 2018; Active Listings are were at 65 at month end compared to 112 at that time last year and 105 at the end of November; New Listings in December were down 50% compared to November 2020, down 10% compared to December 2019 and down 5% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 216% compared to 97% in November 2020, 114% in December 2019 and 85% in December 2018. Year-over-year, the House Price Index is up 8.3%.

Burnaby North:

 Total Units Sold in December were 171 – up from 156 (10%) in November 2020, up from 113 (51%) in December 2019, up from 50 (242%) in December 2018; Active Listings are were at 470 at month end compared to 322 at that time last year and 594 at the end of November; New Listings in December were down 33% compared to November 2020, up 136% compared to December 2019 and up 106% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 104% compared to 63% in November 2020, 161% in December 2019 and 63% in December 2018. Year-over-year, the House Price Index is up 5.4%.

Burnaby South:

 Total Units Sold in December were 148 – up from 159 (7%) in November 2020, up from 132 (12%) in December 2019, up from 51 (190%) in December 2018; Active Listings are were at 574 at month end compared to 464 at that time last year and 669 at the end of November; New Listings in December were down 29% compared to November 2020, up 85% compared to December 2019 and up 43% compared to December 2018. Month’s supply of total residential listings is at 4 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 103% compared to 78% in November 2020, 169% in December 2019 and 50% in December 2018. Year-over-year, the House Price Index is up 2.4%.

New Westminster:

 Total Units Sold in December were 151 – up from 137 (10%) in November 2020, up from 77 (96%) in December 2019, up from 58 (160%) in December 2018; Active Listings are were at 331 at month end compared to 260 at that time last year and 462 at the end of November; New Listings in December were down 45% compared to November 2020, up 82% compared to December 2019 and up 102% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 162% compared to 82% in November 2020, 151% in December 2019 and 126% in December 2018. Year-over-year, the House Price Index is up 4.5%.

Coquitlam:

 Total Units Sold in December were 309 – up from 260 (19%) in November 2020, up from 197 (57%) in December 2019, up from 89 (247%) in December 2018; Active Listings are were at 566 at month end compared to 568 at that time last year and 782 at the end of November; New Listings in December were down 43% compared to November 2020, up 80% compared to December 2019 and up 78% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 146% compared to 70% in November 2020, 167% in December 2019 and 75% in December 2018. Year-over-year, the House Price Index is up 6.5%.

Port Moody:

 Total Units Sold in December were 78 – up from 67 (16%) in November 2020, up from 37 (111%) in December 2019, up from 29 (168%) in December 2018; Active Listings are were at 155 at month end compared to 138 at that time last year and 226 at the end of November; New Listings in December were down 40% compared to November 2020, up 82% compared to December 2019 and up 218% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 153% compared to 79% in November 2020, 132% in December 2019 and 181% in December 2018. Year-over-year, the House Price Index is up 6.0%.

Port Coquitlam:

 Total Units Sold in December were 105 – up from 102 (3%) in November 2020, up from 84 (25%) in December 2019, up from 51 (106%) in December 2018; Active Listings are were at 133 at month end compared to 186 at that time last year and 199 at the end of November; New Listings in December were down 13% compared to November 2020, up 78% compared to December 2019 and up 158% compared to December 2018. Month’s supply of total residential listings is down to 1 month’s supply (seller’s market conditions) and sales to listings ratio of 102% compared to 86% in November 2020, 145% in December 2019 and 128% in December 2018. Year-over-year, the House Price Index is up 6.6%.

Ladner: 

Total Units Sold in December were 34 – up from 47 (28%) in November 2020, up from 20 (70%) in December 2019, up from 23 (48%) in December 2018; Active Listings are were at 66 at month end compared to 136 at that time last year and 88 at the end of November; New Listings in December were down 21% compared to November 2020, the same amount as December 2019 and up 114% compared to December 2018. Month’s supply of total residential listings is at 2 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 113% compared to 124% in November 2020, 67% in December 2019 and 164% in December 2018. Year-over-year, the House Price Index is up 7.5%.

Tsawwassen:

 Total Units Sold in December were 74 – up from 55 (35%) in November 2020, up from 26 (185%) in December 2019, up from 13 (469%) in December 2018; Active Listings are were at 176 at month end compared to 193 at that time last year and 248 at the end of November; New Listings in December were down 44% compared to November 2020, up 126% compared to December 2019 and up 231% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions with few areas of balanced conditions) and sales to listings ratio of 172% compared to 71% in November 2020, 137% in December 2019 and 100% in December 2018. Year-over-year, the House Price Index is up 8.4%.

Pitt Meadows:

 Total Units Sold in December were 26 – down from 46 (43%) in November 2020, down from 27 (3%) in December 2019, up from 23 (13%) in December 2018; Active Listings are were at 47 at month end compared to 54 at that time last year and 64 at the end of November; New Listings in December were down 47% compared to November 2020, up 53% compared to December 2019 down 51% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 130% compared to 121% in November 2020, 207% in December 2019 and 56% in December 2018. Year-over-year, the House Price Index is up 5.7%.

Maple Ridge: 

Total Units Sold in December were 214 – up from 176 (22%) in November 2020, up from 130 (65%) in December 2019, up from 73 (193%) in December 2018; Active Listings are were at 371 at month end compared to 557 at that time last year and 484 at the end of November; New Listings in December were down 19% compared to November 2020, up 57% compared to December 2019 and up 132% compared to December 2018. Month’s supply of total residential listings is down to 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 129% compared to 86% in November 2020, 123% in December 2019 and 102% in December 2018. Year-over-year, the House Price Index is up 8.9%.

“Character is much easier kept than recovered.”

Thomas Paine

This is no longer a comeback! This is a real estate market making its own way into 2021. This is well beyond pent up demand and more like a surge of moves being made for a variety of reasons. Those buying and selling have had more confidence in the real estate market than did the federal organization that insures mortgages in Canada – and true to form, the customer is always right!

There were 3,181 properties sold of all types in Greater Vancouver in November this year compared with 3,787 sold last month, 2,546 sales in November last year and 1,633 sold in November 2018. It was the fifth highest amount of sales for the month of November on record in Greater Vancouver, and the highest for the month since 2015 at 3,603. Total sales for 2020 have already exceeded the total number of sales in 2018 and 2019 with December still to come. Instances of multiple offers are still occurring at a rate we’ve not seen in the last few years in Metro Vancouver, with some reports showing that a quarter of transactions are selling at list price or above. While more so in detached homes and townhouses, there is still activity in the apartment market that has created competition. While downtown Vancouver has seen less activity in comparison, there are still quite a number of transactions occurring. Inventory of apartments for sale has increased from extreme seller’s market conditions in 2017, and yet the total is still much less than the number of listings on market in 2011 and 2012. As we move into 2021 and the potential for some relief from the pandemic comes, the push away from high rise apartments should relax. When immigration opens up again and service sector jobs return, demand for apartments will increase with it – both to purchase and rent.

Total sales in November were 25 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 29 per cent year over year (43 per cent in October), townhouses up 40 per cent year over year (45 per cent in October), apartments up 12 per cent year over year (13 per cent in October). Detached homes made up 34 per cent of all sales (35 per cent in October), while townhomes made up 21 per cent (up from 20 per cent in October) and apartments 44 (up from 41) per cent. Total active listings for apartments are up 37 per cent year over year (compared to 31 per cent at the end of October), and active listings for townhouse and detached homes are down 12 per cent and 20 per cent respectively year over year.

2020 Average Daily Listings and Sales in Greater Vancouver by Week:

First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August – 299 new listings, 157 sales
September – 313 new listings, 176 sales
October – 272 new listings, 182 sales
November 2 to 6 – 236 new listings, 151 sales
November 9 to 13 – 253 new listings, 188 sales
November 16 to 20 – 191 new listings, 155 sales
November 23 to 27 – 166 new listings, 149 sales

The number of new listings coming to market continued to decline in November with total active listings declining as well. Even though the number of new listings in November were 21 per cent above the 10-year average for the month, the total number of active listings at the end of November dropped to 11,716 from 13,066 at the end of October. While slightly above last year’s number of active listings which were 11,517 at the end of November 2019, with buyer demand continuing at the level we’ve seen in the second half of 2020, there will be less than 10,000 total active listings at the end of the year. While December is typically a time to hold off listing a home for sale, this year is a much different year, opportunity exists for those in need of making a move. And with more and more consumer activity happening on line, there will be more eyes shifting to real estate websites after visits to Amazon and other online shopping sites.

With one month left in 2020, it’s become clear that despite a pandemic, the real estate market has been driven by real demand and created a shortage of resale homes to be available for buyers to choose from. The month’s supply of listings since June have been the lowest in over two years for detached and townhouse type properties. While the number of apartments has gone up in Vancouver’s West Side, there has been a clear shift towards buying further out in Greater Vancouver. Looking at areas such as Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and Lander, there 2 month’s supply of homes available. In Ladner, at the peak in June 2018 there were 131 houses available for sale, there are now 58; and for townhouses in Ladner, there were 46 available for sale in May 2019 and there are now 13.  In Port Coquitlam in August 2018 there were 159 houses available for sale, there are now 53 and for townhouses there were 102 available in April 2019 and there are now only 26 on the market.

“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said, “This is putting upward pressure on home prices, particularly in our detached and townhome markets. The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® in November, a decrease of 8.3 per cent compared to sales in October and a 54.7 per cent increase compared to November last year. This was the highest sales for the month of November in the Fraser Valley Board, a continued trend from September. There were 2,217 new listings in November, a 28.0 per cent decrease compared to October and an 18.1 per cent increase compared to November of last year. November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October’s inventory and a decrease of 13.2 per cent year-over-year. “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.” Chris Shields, President of the Fraser Valley Real Estate Board said. “For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”

Here’s a summary of the numbers:

Greater Vancouver: 

Total Units Sold in November were 3,131 – down from 3,787 (16%) in October 2020, up from 2,546 (23%) in November 2019, up from 1,633 (90%) in November 2018; Active Listings are at 11,716 compared to 11,517 at this time last year and 13,066 at the end of October; New Listings in November were down 27% compared to October 2020, up 35% compared to November 2019 and up 17% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 5.8%.

Vancouver Westside:

 Total Units Sold in November were 470 – down from 547 (14%) in October 2020, up from 406 (16%) in November 2019, up from 298 (57%) in November 2018; Active Listings are at 2,558 compared to 2,065 at this time last year and 2,820 at the end of October; New Listings in November were down 30% compared to October 2020, up 41% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is steady at 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 59% compared to 46% in October 2020, 72% in November 2019 and 43% in November 2018. Year-over-year, the House Price Index is up 2.6%.

Vancouver East Side:

 Total Units Sold in November were 364 – down from 392 (7%) in October 2020, up from 310 (17%) in November 2019, up from 181 (101%) in November 2018; Active Listings are at 1,232 compared to 1,006 at this time last year and 1,383 at the end of October; New Listings in November were down 31% compared to October 2020, up 41% compared to November 2019 and up 24% compared to November 2018. Month’s supply of total residential listings is down to 3 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 76% compared to 57% in October 2020, 91% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 6.1%.

North Vancouver: 

Total Units Sold in November were 264 – down from 334 (21%) in October 2020, up from 217 (22%) in November 2019, up from 139 (90%) in November 2018; Active Listings are at 693 compared to 656 at this time last year and 824 at the end of October; New Listings in November were down 25% compared to October 2020, up 47% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 75% compared to 67% in October 2020, 83% in November 2019 and 46% in November 2018. Year-over-year, the House Price Index is up 9.3%.

West Vancouver: 

Total Units Sold in November were 90 – down from 104 (13%) in October 2020, up from 66 (36%) in November 2019, up from 30 (200%) in November 2018; Active Listings are at 558 compared to 608 at this time last year and 630 at the end of October; New Listings in November were down 44% compared to October 2020, down 3% compared to November 2019 and up 20% compared to November 2018. Month’s supply of total residential listings is steady at 6 month’s supply (mostly balanced conditions) and sales to listings ratio of 80% compared to 50% in October 2020, 56% in November 2019 and 21% in November 2018. Year-over-year, the House Price Index is up 8.1%.

Richmond:

 Total Units Sold in November were 335 – down from 384 (13%) in October 2020, up from 273 (22%) in November 2019, up from 178 (88%) in November 2018; Active Listings are at 1,637 compared to 1,795 at this time last year and 1,637 at the end of October; New Listings in November were down 16% compared to October 2020, up 36% compared to November 2019 and up 15% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly balanced market conditions with some areas of seller’s market conditions) and sales to listings ratio of 64% compared to 62% in October 2020, 71% in November 2019 and 39% in November 2018. Year-over-year, the House Price Index is up 5.3%.

Burnaby East: 

Total Units Sold in November were 37 – down from 50 (26%) in October 2020, up from 33 (12%) in November 2019, up from 17 (118%) in November 2018; Active Listings are at 105 compared to 135 at this time last year and 124 at the end of October; New Listings in November were down 39% compared to October 2020, up 3% compared to November 2019 and up 12% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 97% compared to 81% in October 2020, 89% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 6.7%.

Burnaby North:

 Total Units Sold in November were 156 – down from 170 (8%) in October 2020, up from 137 (14%) in November 2019, up from 71 (120%) in November 2018; Active Listings are at 594 compared to 439 at this time last year and 627 at the end of October; New Listings in November were down 13% compared to October 2020, up 87% compared to November 2019 and up 44% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 63% compared to 60% in October 2020, 104% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 4.7%.

Burnaby South: 

Total Units Sold in November were 159 – down from 178 (11%) in October 2020, down from 167 (5%) in November 2019, up from 79 (101%) in November 2018; Active Listings are at 669 compared to 607 at this time last year and 744 at the end of October; New Listings in November were down 32% compared to October 2020, up 17% compared to November 2019 and up 10% compared to November 2018. Month’s supply of total residential listings is up to 4 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 78% compared to 59% in October 2020, 96% in November 2019 and 42% in November 2018. Year-over-year, the House Price Index is up 2.9%.

New Westminster:

 Total Units Sold in November were 137 – down from 168 (18%) in October 2020, up from 123 (11%) in November 2019, up from 87 (57%) in November 2018; Active Listings are at 462 compared to 335 at this time last year and 520 at the end of October; New Listings in November were down 38% compared to October 2020, up 73% compared to November 2019 and up 3% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 82% compared to 62% in October 2020, 127% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 5.1%.

Coquitlam: 

Total Units Sold in November were 260 – down from 356 (27%) in October 2020, up from 210 (24%) in November 2019, up from 135 (93%) in November 2018; Active Listings are at 782 compared to 753 at this time last year and 844 at the end of October; New Listings in November were down 18% compared to October 2020, up 72% compared to November 2019 and up 42% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 70% compared to 78% in October 2020, 97% in November 2019 and 51% in November 2018. Year-over-year, the House Price Index is up 7.6%.

Port Moody: 

Total Units Sold in November were 67 – down from 92 (27%) in October 2020, up from 43 (56%) in November 2019, up from 33 (103%) in November 2018; Active Listings are at 226 compared to 182 at this time last year and 254 at the end of October; New Listings in November were down 31% compared to October 2020, up 77% compared to November 2019 and up 22% compared to November 2018. Month’s supply of total residential listings is steady at 3 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 79% compared to 75% in October 2020, 90% in November 2019 and 47% in November 2018. Year-over-year, the House Price Index is up 5.3%.

Port Coquitlam:

 Total Units Sold in November were 102 – down from 122 (16%) in October 2020, up from 90 (13%) in November 2019, up from 67 (52%) in November 2018; Active Listings are at 199 compared to 269 at this time last year and 250 at the end of October; New Listings in November were down 32% compared to October 2020, down 3% compared to November 2019 and down 2% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 86% compared to 69% in October 2020, 73% in November 2019 and 55% in November 2018. Year-over-year, the House Price Index is up 6.8%.

Ladner: 

Total Units Sold in November were 47 – down from 55 (15%) in October 2020, up from 42 (12%) in November 2019, up from 22 (114%) in November 2018; Active Listings are at 88 compared to 163 at this time last year and 120 at the end of October; New Listings in November were down 25% compared to October 2020, down 25% compared to November 2019 and down 14% compared to November 2018. Month’s supply of total residential listings is steady at 2 month’s supply (mostly seller’s market conditions) and sales to listings ratio of 124% compared to 108% in October 2020, 82% in November 2019 and 50% in November 2018. Year-over-year, the House Price Index is up 9.0%.

Tsawwassen:

 Total Units Sold in November were 55 – down from 76 (28%) in October 2020, up from 36 (53%) in November 2019, up from 17 (224%) in November 2018; Active Listings are at 248 compared to 250 at this time last year and 285 at the end of October; New Listings in November were down 9% compared to October 2020, up 75% compared to November 2019 and up 103% compared to November 2018. Month’s supply of total residential listings is up to 5 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 71% compared to 89% in October 2020, 82% in November 2019 and 45% in November 2018. Year-over-year, the House Price Index is up 8.9%.

Pitt Meadows:

 Total Units Sold in November were 46 – up from 39 (18%) in October 2020, up from 24 (92%) in November 2019, up from 23 (100%) in November 2018; Active Listings are at 64 compared to 82 at this time last year and 90 at the end of October; New Listings in November were down 24% compared to October 2020, up 100% compared to November 2019 and down 7% compared to November 2018. Month’s supply of total residential listings is down to 1 month’s supply (seller’s market conditions) and sales to listings ratio of 121% compared to 79% in October 2020, 126% in November 2019 and 56% in November 2018. Year-over-year, the House Price Index is up 7.3%.

Maple Ridge:

 Total Units Sold in November were 176 – down from 293 (40%) in October 2020, up from 169 (4%) in November 2019, up from 108 (63%) in November 2018; Active Listings are at 484 compared to 674 at this time last year and 527 at the end of October; New Listings in November were down 30% compared to October 2020, down 4% compared to November 2019 and up 1% compared to November 2018. Month’s supply of total residential listings is up to 3 month’s supply (mostly seller’s market conditions with some areas of balanced conditions) and sales to listings ratio of 86% compared to 101% in October 2020, 78% in November 2019 and 53% in November 2018. Year-over-year, the House Price Index is up 8.7%.

“It’s not the load that breaks you down, it’s the way you carry it.”

Lou Holtz

We made it through Halloween in the year 2020 – with a full moon, endless fireworks and turning back the clocks and with all that it was the real estate market that was the least scary in all this. In fact, the market continued to shake off the effects of the pandemic in October and went out dressed as a bull when so many thought it would be the bear. Throw in a provincial election and the United States Presidential Election as a potential distraction to home buyers and sellers – but they weren’t having any of it. The beat just carried on.

There were 3,787 properties sold of all types in Greater Vancouver in October this year compared with 3,741 sold last month, 2,892 sales in October last year and 1,995 sold in October 2018. It was the second highest amount of sales for the month of October on record in Greater Vancouver, second to 3,942 in 2003. Each month it seems that the end of this run gets forecasted but we’ve yet to see that happen. Of course, as we go through a typical year of market cycles, November, December and January see activity slow down.

While this hasn’t been a typical year, it is safe to assume we’ll see this trend playout for the next 3 months as we come off the highs we’ve experienced. This shouldn’t be surprising nor indicative of anything more. This extremely local and well-founded market has the strength of significant demand behind it. But the current pandemic conditions and economic weight from the pandemic may play into market activity, but as we’ve seen it can both pull and push the market. And it is interesting to note that total sales in Greater Vancouver so far in 2020 are just shy of the total sales in 2019 and have already surpassed total sales in 2018. This is much more than pent up demand from a Covid-19 shutdown in the spring.

Total sales in October were 36 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 43 per cent year over year (77 per cent in September), townhouses up 45 per cent year over year (72 per cent in September), apartments up 13 per cent year over year (36 per cent in September). The number of sales in October last year was the highest by month for 2019 so not surprising to see the year over year increases less this October. Detached homes made up 35 per cent of all sales, while townhomes made up 21 per cent and apartments 41 (down from 44) per cent. Total active listings for apartments are up 31 per cent year over year (compared to 20 per cent at the end of September), and active listings for townhouse and detached homes are down 12 per cent and 20 per cent respectively year over year (compared to 9 and 21 per cent).

2020 Average Daily Listings and Sales in Greater Vancouver by Week:

First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August – 299 new listings, 157 sales
September – 313 new listings, 176 sales
October 5 to 9 – 300 new listings, 169 sales
October 13 to 16 – 311 new listings, 186 sales
October 19 to 23 – 254 new listings, 206 sales
October 26 to 30 – 222 new listings, 167 sales

In October there was a significant decrease in the number of new listings compared to September. In fact it was the lowest amount by month since May of this year. The number of new listings in October were 24 per cent higher than the ten-year average for this month but with the decrease in new listings and continued demand from buyers, the total number of active listings in Greater Vancouver has dropped down to 12,797 at the start of November. This is compared to the peak this year of 13,790 at the end of September and 12,658 at the beginning of November 2019 in Greater Vancouver.

As we move through the last two months of 2020 – which can’t happen quick enough, the inventory of resale homes will continue to decline and we’ll start 2021 with another market short on supply. The residential market in Greater Vancouver currently has 3 month’s supply of homes for sale – indicative of a seller’s market. We are witnessing extreme seller’s markets in North Vancouver, areas of Burnaby, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge and Ladner that have 2 month’s supply with their being only one month’s supply of townhomes in Port Moody, Port Coquitlam and Coquitlam. The number of active listings for downtown apartments continues to be high although the increase in new listings leveled off in October. There has been an increase in the number of rentals available downtown as well with monthly rents showing a decline.

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said, “With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,370 sales of all property types on its Multiple Listing Service® in October, an increase of 6.2 per cent compared to sales in September and a 48.9 per cent increase compared to October last year. This was the highest sales for the month of October in the Fraser Valley Board, a continued trend from September. There were 3,081 new listings in October, a 12.3 per cent decrease compared to September and a 29.3 per cent increase compared to October of last year. September finished with 6,872 active listings, a decrease of 6.8 per cent compared to September’s inventory and a decrease of 7.1 per cent year-over-year. “The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly.” Chris Shields, President of the Fraser Valley Real Estate Board said. “For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.”

Here’s a summary of the numbers:

Greater Vancouver:

Total Units Sold in October were 3,787 – up from 3,741 (1%) in September 2020, up from 2,892 (31%) in October 2019, up from 1,995 (90%) in October 2018; Active Listings are at 13,066 compared to 13,022 at this time last year and 13,790 at the end of September; New Listings in October were down 13% compared to September 2020, up 36% compared to October 2019 and up 13% compared to October 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 67% compared to 57% in September 2020, 69% in October 2019 and 40% in October 2018. Year-over-year, the House Price Index is up 6.0%.

Vancouver Westside:

Total Units Sold in October were 547 – up from 539 (1%) in September 2020, up from 506 (8%) in October 2019, up from 381 (44%) in October 2018; Active Listings are at 2,820 compared to 2,278 at this time last year and 2,868 at the end of September; New Listings in October were down 12% compared to September 2020, up 44% compared to October 2019 and up 16% compared to October 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 46% compared to 40% in September 2020, 62% in October 2019 and 37% in October 2018. Year-over-year, the House Price Index is up 4.1%.

Vancouver East Side:

Total Units Sold in October were 392 – down from 443 (12%) in September 2020, up from 316 (24%) in October 2019, up from 234 (68%) in October 2018; Active Listings are at 1,383 compared to 1,183 at this time last year and 1,392 at the end of September; New Listings in October were down 17% compared to September 2020, up 57% compared to October 2019 and up 30% compared to October 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 57% compared to 54% in September 2020, 72% in October 2019 and 44% in October 2018. Year-over-year, the House Price Index is up 5.9%.

North Vancouver:

Total Units Sold in October were 334 – up from 328 (1%) in September 2020, up from 260 (31%) in October 2019, up from 173 (90%) in October 2018; Active Listings are at 824 compared to 777 at this time last year and 918 at the end of September; New Listings in October were down 23% compared to September 2020, up 31% compared to October 2019 and down 4% compared to October 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 74% compared to 56% in September 2020, 76% in October 2019 and 37% in October 2018. Year-over-year, the House Price Index is up 9.6%.

West Vancouver:

Total Units Sold in October were 104 – up from 98 (6%) in September 2020, up from 66 (58%) in October 2019, up from 55 (89%) in October 2018; Active Listings are at 630 compared to 654 at this time last year and 743 at the end of September; New Listings in October were the same compared to September 2020, up 31% compared to October 2019 and down 1% compared to October 2018. Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (mostly balanced market conditions with buyer’s market conditions at the high end) and a Sales to Listings Ratio of 50% compared to 47% in September 2020, 42% in October 2019 and 26% in October 2018. Year-over-year, the House Price Index is up 8.1%.

Richmond:

Total Units Sold in October were 384 – down from 415 (7%) in September 2020, up from 345 (11%) in October 2019, up from 230 (67%) in October 2018; Active Listings are at 1,704 compared to 1,948 at this time last year and 1,751 at the end of September; New Listings in October were down 11% compared to September 2020, up 23% compared to October 2019 and up 7% compared to October 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (mostly balanced market conditions with detached homes experiencing seller’s market conditions) and a Sales to Listings Ratio of 62% compared to 59% in September 2020, 68% in October 2019 and 39% in October 2018. Year-over-year, the House Price Index is up 5.3%.

Burnaby East:

Total Units Sold in October were 50 – up from 41 (22%) in September 2020, up from 26 (92%) in October 2019, up from 17 (194%) in October 2018; Active Listings are at 124 compared to 153 at this time last year and 139 at the end of September; New Listings in October were up 13% compared to September 2020, up 19% compared to October 2019 and up 19% compared to October 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 81% compared to 75% in September 2020, 50% in October 2019 and 33% in October 2018. Year-over-year, the House Price Index is up 7.5%.

Burnaby North:

Total Units Sold in October were 170 – down from 192 (11%) in September 2020, up from 166 (2%) in October 2019, up from 76 (124%) in October 2018; Active Listings are at 627 compared to 517 at this time last year and 644 at the end of September; New Listings in October were down 18% compared to September 2020, up 37% compared to October 2019 and up 13% compared to October 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 60% compared to 55% in September 2020, 80% in October 2019 and 30% in October 2018. Year-over-year, the House Price Index is up 5.6%.

Burnaby South:

Total Units Sold in October were 178 – up from 173 (3%) in September 2020, up from 157 (13%) in October 2019, up from 87 (104%) in October 2018; Active Listings are at 744 compared to 704 at this time last year and 769 at the end of September; New Listings in October were down 16% compared to September 2020, up 30% compared to October 2019 and up 7% compared to October 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 59% compared to 48% in September 2020, 68% in October 2019 and 31% in October 2018. Year-over-year, the House Price Index is up 3.4%.

New Westminster:

Total Units Sold in October were 168 – down from 176 (3%) in September 2020, up from 136 (24%) in October 2019, up from 88 (91%) in October 2018; Active Listings are at 520 compared to 430 at this time last year and 540 at the end of September; New Listings in October were down 15% compared to September 2020, up 69% compared to October 2019 and up 12% compared to October 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 62% compared to 56% in September 2020, 85% in October 2019 and 36% in October 2018. Year-over-year, the House Price Index is up 5.5%.

Coquitlam:

Total Units Sold in October were 356 – up from 307 (16%) in September 2020, up from 254 (40%) in October 2019, up from 136 (162%) in October 2018; Active Listings are at 844 compared to 882 at this time last year and 897 at the end of September; New Listings in October were down 11% compared to September 2020, up 37% compared to October 2019 and up 22% compared to October 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 78% compared to 60% in September 2020, 77% in October 2019 and 37% in October 2018. Year-over-year, the House Price Index is up 7.6%.

Port Moody:

Total Units Sold in October were 92 – up from 88 (5%) in September 2020, up from 66 (39%) in October 2019, up from 36 (156%) in October 2018; Active Listings are at 254 compared to 204 at this time last year and 282 at the end of September; New Listings in October were down 26% compared to September 2020, up 50% compared to October 2019 and up 73% compared to October 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 75% compared to 53% in September 2020, 80% in October 2019 and 51% in October 2018. Year-over-year, the House Price Index is up 3.9%.

Port Coquitlam:

Total Units Sold in October were 122 – up from 114 (7%) in September 2020, up from 107 (14%) in October 2019, up from 75 (63%) in October 2018; Active Listings are at 250 compared to 296 at this time last year and 266 at the end of September; New Listings in October were down 11% compared to September 2020, up 38% compared to October 2019 and up 9% compared to October 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 69% compared to 58% in September 2020, 84% in October 2019 and 46% in October 2018. Year-over-year, the House Price Index is up 8.6%.

Ladner:

Total Units Sold in October were 55 – up from 53 (4%) in September 2020, up from 21 (162%) in October 2019, up from 22 (150%) in October 2018; Active Listings are at 120 compared to 187 at this time last year and 136 at the end of September; New Listings in October were down 9% compared to September 2020, down 23% compared to October 2019 and up 16% compared to October 2018. Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 108% compared to 95% in September 2020, 32% in October 2019 and 50% in October 2018. Year-over-year, the House Price Index is up 8.3%.

Tsawwassen:

Total Units Sold in October were 76 – down from 80 (5%) in September 2020, up from 32 (138%) in October 2019, up from 25 (204%) in October 2018; Active Listings are at 285 compared to 296 at this time last year and 308 at the end of September; New Listings in October were down 27% compared to September 2020, up 5% compared to October 2019 and up 25% compared to October 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 89% compared to 69% in September 2020, 40% in October 2019 and 37% in October 2018. Year-over-year, the House Price Index is up 7.6%.

Pitt Meadows:

Total Units Sold in October were 39 – down from 44 (11%) in September 2020, up from 31 (25%) in October 2019, up from 32 (22%) in October 2018; Active Listings are at 90 compared to 104 at this time last year and 100 at the end of September; New Listings in October were down 23% compared to September 2020, up 2% compared to October 2019 and up 36% compared to October 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 79% compared to 68% in September 2020, 64% in October 2019 and 86% in October 2018. Year-over-year, the House Price Index is up 5.6%.

Maple Ridge:

 Total Units Sold in October were 293 – up from 267 (1%) in September 2020, up from 180 (62%) in October 2019, up from 183 (60%) in October 2018; Active Listings are at 527 compared to 765 at this time last year and 610 at the end of September; New Listings in October were down 4% compared to September 2020, up 19% compared to October 2019 and down 1% compared to October 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 101% compared to 88% in September 2020, 74% in October 2019 and 49% in October 2018. Year-over-year, the House Price Index is up 7.5%.

“It is always wise to look ahead, but difficult to look further than you can see.” Winston Churchill

The resale housing market is helping to lead us out of the Great Suppression – now who would have thought that would be the case when we dived into the dark days back in March. Certainly not CMHC – the Canadian Mortgage Housing Corporation after they tried to convince everyone there would be a decline in activity and prices. And I’m sure our provincial government is glad CMHC was wrong as they take in the benefits of the property transfer tax revenue these sales generated – not to mention the ancillary economic benefits that come from the sale of homes. This was a month for the record books – highest sales for the month of September on record. And yes, there were almost a record number of new listings that came on the market, but given the lack of properties that have been available, this was and is still needed to contain run away price growth.

There were 3,741 properties sold of all types in Greater Vancouver in September this year compared with 3,122 sold last month, 2,363 sales in September last year and 1,634 sold in September 2018. It was the highest amount of sales for the month of September on record in Greater Vancouver second to 3,632 in 2009. It is safe to say we are well beyond COVID-19 pent up demand; this is a housing market that is carrying itself and there are many factors to consider in looking at what the future holds for it.

Total sales in September were 55 per cent above the ten-year average for the month, compared to 21 per cent above the ten-year average in August. Looking at the different types of properties, detached home sales were up 77 per cent year over year (55 per cent in August), townhouses up 72 per cent year over year (51 per cent in August), apartments up 36 per cent year over year (19 per cent in August). Detached homes made up 36 per cent of all sales, while townhomes made up 20 per cent and apartments 44 per cent – consistent with August. Total active listings for apartments are up 20 per cent year over year, and active listings for townhouse and detached homes are down 9 per cent and 21 per cent respectively year over year.

There continues to be discussion about the apartment market in downtown Vancouver and the increase in active listings. While there has been an increase in the number of apartments for sale, we are coming off extreme lows in 2017 which lead to price increases during that time. There is still less than half the number of active listings than there were in 2010 through 2012. Working at home and the desire for space has led to some owners wanting to make a move outside the downtown core, but the number of transactions have increased since the spring. Buyers are still active and taking advantage of an increase in choice. Market cycles do happen, and a shift to detached homes is one of them, especially in light of price declines in recent years in the detached market.

2020 Average Daily Sales and Listings in Greater Vancouver by Week:

First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August 4 to 7 – 337 new listings, 151 sales
August 10 to 14 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales
August 24 to 28 – 279 new listings, 164 sales
August 31 to September 4 – 275 new listings, 162 sales
September 8 to 11 – 379 new listings, 171 sales
September 14 to 18 – 315 new listings, 184 sales
September 21 to 25 – 295 new listings, 180 sales

There was an increase in the number of new listings in September, which was 25 per cent higher than the ten-year average for this month. As a result, at the end of September there were 13,790 properties for sale, compared to 13,511 at the end of August but still less than the 14,242 available at the end of September 2019 – a 3 per cent reduction in the number of homes available year-over-year. The rate of increase in active listings slowed in September and will likely continue to do so moving through the fall.

While we look to the reminder of 2020 and a fall full of anxiety on where COVID-19 will take us, there is still a lot to be positive about. Yes, government debt has grown as stimulus and support is being injected into our economy but that’s what governments are supposed to do in natural disasters. When the lockdown started, savings rates were at all-time highs as the ability to spend money was for the most part locked down. But even today after economies opened up, savings rates are higher. And with more savings and all-time low interest rates, people are looking to real estate as a vehicle to put their money into. Not as an investment vehicle but they are buying into the market or upgrading their living situation. And with interest rates likely to be low for the foreseeable future, this equation of savings and low mortgage rates are likely to continue driving the real estate market. But this isn’t just a Metro Vancouver phenomenon – U.K. mortgage approvals are at a thirteen-year high. Many other countries are experiencing the same surge in real estate activity that we are seeing. So perhaps this is not just a temporary normal, or COVID pent up demand, but a new normal. With the economic uncertainty we are experiencing, people are not buying speculatively, they are making moves with an abundance of caution and looking long-term, looking at space and shifting their needs. And these moves in Metro Vancouver are local. But globally, as we saw in 2015 and 2016, there is a shift of putting savings and wealth into real estate. And going forward, a home will be even more important. More so than it ever was before.

“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months,” Colette Gerber, REBGV Chair said, “This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic. While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down. This is creating upward pressure on home prices, which have been edging up since the spring.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,231 sales of all property types on its Multiple Listing Service® in September, an increase of 9.4 per cent compared to sales in August and a 66.1 per cent increase compared to September last year. This was the highest sales for the month of September in the Fraser Valley Board. There were 3,515 new listings in September, a 6.2 per cent decrease compared to August and a 26.9 per cent increase compared to September of last year. September finished with 7,377 active listings, a decrease of 0.4 per cent compared to August’s inventory and a decrease of 7.2 per cent year-over-year. “Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes,” Chris Shields, President of the Fraser Valley Real Estate Board said. “For many existing home-owners and first-time buyers, their buying power is great than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important assess. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”

Here’s a summary of the numbers:

Greater Vancouver:

 Total Units Sold in September was 3,741 – up from 3,122 (20%) in August 2020, up from 2,363 (58%) in September 2019, up from 1,634 (129%) in September 2018; Active Listings are at 13,790 compared to 14,242 (down 3%) at this time last year; New Listings in September were up 10% compared to August 2020, up 32% compared to September 2019 and up 22% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions with some areas of balanced conditions) and a Sales to Listings Ratio of 57% compared to 52% in August 2020, 47% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 5.8%.

Vancouver Westside:

 Total Units Sold in September was 539 – up from 490 (10%) in August 2020, up from 404 (33%) in September 2019, up from 280 (93%) in September 2018; Active Listings are at 2,868 compared to 2,444 (up 17%) at this time last year; New Listings in September were up 12% compared to August 2020, up 36% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 5 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 40% compared to 41% in August 2020, 41% in September 2019 and 27% in September 2018. Year-over-year, the House Price Index is up 4.0%.

Vancouver East Side:

 Total Units Sold in September was 443 – up from 330 (34%) in August 2020, up from 293 (51%) in September 2019, up from 195 (127%) in September 2018; Active Listings are at 1,392 compared to 1,295 (up 7%) at this time last year; New Listings in September were up 13% compared to August 2020, up 43% compared to September 2019 and up 36% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 54% compared to 45% in August 2020, 51% in September 2019 and 32% in September 2018. Year-over-year, the House Price Index is up 7.5%.

North Vancouver:

 Total Units Sold in September was 328 – up from 250 (31%) in August 2020, up from 166 (98%) in September 2019, up from 120 (173%) in September 2018; Active Listings are at 918 compared to 895 (up 3%) at this time last year; New Listings in September were up 19% compared to August 2020, up 31% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 56% compared to 51% in August 2020, 37% in September 2019 and 22% in September 2018. Year-over-year, the House Price Index is up 9.5%.

West Vancouver:

 Total Units Sold in September was 98 – up from 67 (46%) in August 2020, up from 51 (92%) in September 2019, up from 34 (188%) in September 2018; Active Listings are at 654 compared to 721 (down 10%) at this time last year; New Listings in September were up 7% compared to August 2020, down 10% compared to September 2019 and down 14% compared to September 2018. Month’s Supply of Total Residential Listings is 7 Month’s Supply (mostly balanced market conditions) and a Sales to Listings Ratio of 47% compared to 35% in August 2020, 22% in September 2019 and 14% in September 2018. Year-over-year, the House Price Index is up 6.7%.

Richmond:

 Total Units Sold in September was 415 – up from 340 (22%) in August 2020, up from 283 (47%) in September 2019, up from 196 (117%) in September 2018; Active Listings are at 1,751 compared to 2,127 (down 18%) at this time last year; New Listings in September were up 4% compared to August 2020, up 25% compared to September 2019 and up 8% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 59% compared to 51% in August 2020, 51% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 4.8%.

Burnaby East:

 Total Units Sold in September was 41 – up from 37 (11%) in August 2020, up from 22 (86%) in September 2019, up from 11 (273%) in September 2018; Active Listings are at 139 compared to 159 (down 13%) at this time last year; New Listings in September were down 14% compared to August 2020, down 1% compared to September 2019 and up 6% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 75% compared to 58% in August 2020, 39% in September 2019 and 21% in September 2018. Year-over-year, the House Price Index is up 7.2%.

Burnaby North: 

Total Units Sold in September was 192 – down from 197 (3%) in August 2020, up from 138 (39%) in September 2019, up from 83 (131%) in September 2018; Active Listings are at 644 compared to 591 (up 9%) at this time last year; New Listings in September were the same compared to August 2020, up 38% compared to September 2019 and up 42% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 55% compared to 57% in August 2020, 55% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 5.2%.

Burnaby South:

 Total Units Sold in September was 173 – up from 130 (33%) in August 2020, up from 119 (45%) in September 2019, up from 82 (110%) in September 2018; Active Listings are at 769 compared to 777 (down 1%) at this time last year; New Listings in September were up 15% compared to August 2020, up 55% compared to September 2019 and up 48% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 48% compared to 42% in August 2020, 51% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 2.8%.

New Westminster:

 Total Units Sold in September was 176 – up from 161 (9%) in August 2020, up from 110 (60%) in September 2019, up from 81 (117%) in September 2018; Active Listings are at 540 compared to 502 (up 8%) at this time last year; New Listings in September were up 11% compared to August 2020, up 47% compared to September 2019 and up 30% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 56% compared to 56% in August 2020, 51% in September 2019 and 33% in September 2018. Year-over-year, the House Price Index is up 4.7%.

Coquitlam:

 Total Units Sold in September was 307 – up from 246 (25%) in August 2020, up from 213 (44%) in September 2019, up from 131 (134%) in September 2018; Active Listings are at 897 compared to 872 (up 3%) at this time last year; New Listings in September were up 24% compared to August 2020, up 33% compared to September 2019 and up 12% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 60% compared to 60% in August 2020, 56% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 6.2%.

Port Moody:

 Total Units Sold in September was 88 – up from 86 (2%) in August 2020, up from 49 (80%) in September 2019, up from 34 (159%) in September 2018; Active Listings are at 282 compared to 226 (up 25%) at this time last year; New Listings in September were up 41% compared to August 2020, up 75% compared to September 2019 and up 43% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 53% compared to 73% in August 2020, 52% in September 2019 and 29% in September 2018. Year-over-year, the House Price Index is up 2.4%.

Port Coquitlam:

 Total Units Sold in September was 114 – up from 103 (11%) in August 2020, up from 78 (46%) in September 2019, up from 73 (56%) in September 2018; Active Listings are at 266 compared to 340 (down 22%) at this time last year; New Listings in September were up 17% compared to August 2020, up 38% compared to September 2019 and up 21% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 58% compared to 61% in August 2020, 54% in September 2019 and 45% in September 2018. Year-over-year, the House Price Index is up 8.9%.

Ladner:

 Total Units Sold in September was 53 – up from 40 (33%) in August 2020, up from 28 (89%) in September 2019, up from 30 (76%) in September 2018; Active Listings are at 136 compared to 185 (up 26%) at this time last year; New Listings in September were up 19% compared to August 2020, up 2% compared to September 2019 and down 29% compared to September 2018. Month’s Supply of Total Residential Listings is 3 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 95% compared to 58% in August 2020, 51% in September 2019 and 38% in September 2018. Year-over-year, the House Price Index is up 7.1%.

Tsawwassen: 

Total Units Sold in September was 80 – up from 53 (51%) in August 2020, up from 26 (207%) in September 2019, up from 25 (220%) in September 2018; Active Listings are at 308 compared to 301 (up 2%) at this time last year; New Listings in September were up 5% compared to August 2020, up 47% compared to September 2019 and up 41% compared to September 2018. Month’s Supply of Total Residential Listings is 4 Month’s Supply (mostly seller’s market conditions in detached homes and townhomes with some areas of balanced conditions in apartments) and a Sales to Listings Ratio of 69% compared to 48% in August 2020, 33% in September 2019 and 30% in September 2018. Year-over-year, the House Price Index is up 9.6%.

Pitt Meadows:

 Total Units Sold in September was 44 – up from 42 (5%) in August 2020, up from 32 (37%) in September 2019, up from 17 (158%) in September 2018; Active Listings are at 100 compared to 111 (down 9%) at this time last year; New Listings in September were up 31% compared to August 2020, up 8% compared to September 2019 and up 28% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 68% compared to 85% in August 2020, 54% in September 2019 and 34% in September 2018. Year-over-year, the House Price Index is up 4.4%.

Maple Ridge:

 Total Units Sold in September was 267 – up from 216 (24%) in August 2020, up from 157 (70%) in September 2019, up from 89 (200%) in September 2018; Active Listings are at 610 compared to 822 (down 25%) at this time last year; New Listings in September were the same compared to August 2020, up 6% compared to September 2019 and up 10% compared to September 2018. Month’s Supply of Total Residential Listings is 2 Month’s Supply (mostly seller’s market conditions) and a Sales to Listings Ratio of 88% compared to 81% in August 2020, 55% in September 2019 and 32% in September 2018. Year-over-year, the House Price Index is up 5.9%.

“A tiny change today brings a dramatically different tomorrow.” Richard Bach

There seemed to be more competition in the real estate market than in the National Hockey League this August – who ever thought that would be a comparison for this time of year. If we thought competing offers were a constant in July, after a tempered start in the first half of August, we experienced two weeks with the most amount of sales reported this year after that. Amid all the chatter of economic disruption and its potential negative effects on the housing market, real estate has taken on a life of its own and clearly wants nothing to do with slowing down. And guess what? – it’s local! All the while buyers vying for various types of properties in different areas are walking away from competing offers still looking for their home. Demand side measures haven’t eased the burden for buyers in Metro Vancouver and supply continues to be an issue.

There were 3,122 properties sold of all types in Greater Vancouver in August this year compared with 3,202 sold in July, 2,256 sales in August last year and 1,961 sold in August 2018. It was actually the sixth highest amount of sales for the month of August on record in Greater Vancouver and the highest monthly sales for August since 2015. This is not just COVID pent up demand, it is a housing market that had been stalled in 2018 and 2019 coming to life. And coming to life with a significant surge as a result of homeowners looking to trade homes and many buyers simply wanting to engage after holding back.

Total sales in August were 21 per cent above the ten-year average for the month. Looking at the different types of properties, detached home sales were up 55 per cent year over year, townhouses up 51 per cent year over year, apartments up 19 per cent year over year. Detached homes made up 35 per cent of all sales, while townhomes made up 20 per cent and apartments 43 per cent. While total active listings for apartments are up 16 per cent year over year, and active listings for townhouse and detached homes are down 8 per cent and 21 per cent respectively year over year, let’s not fall into the thinking that apartments are the unwanted product. The flight from apartments broadcast by some has just happened at a quicker pace, as it has always been a part of the buying cycle. While some buyers are looking for space due to working at home or wanting less shared common space, many would have made this move eventually regardless of COVID-19. Record low interest rates and over two years of down markets with price declines in the detached market have given buyers opportunities they have been itching for. After all, it’s the ultimate home owners dream, a plot of land where you live. We shouldn’t be so surprised to see this movement right now. But with more apartments available for sale comes opportunities for first time buyers and those looking for this type of property given they have been a scarce commodity over the last few years.

Average Daily Sales and Listings in Greater Vancouver

First two weeks of March – 253 new listings, 138 sales
Last two week of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July 6 to 10 – 302 new listings, 138 sales
July 13 to 17 – 294 new listings, 146 sales
July 20 to 24 – 258 new listings, 151 sales
July 27 to 31 – 245 new listings, 154 sales
August 4 to 7 – 337 new listings, 151 sales
August 10 to 14 – 282 new listings, 140 sales
August 17 to 21 – 298 new listings, 171 sales*
August 24 to 28 – 279 new listings, 164 sales *
*the two highest weekly sales figures in 2020 including pre-pandemic

Some highlights from August:

• Vancouver West and Burnaby were the only areas in Greater Vancouver to see the number of sales in August higher than July
• North Vancouver detached home sales which are traditionally low in August were higher than July and 61 per cent higher than August 2019 and 232 per cent higher than August 2018
• In the Pitt Meadows market, there is only one-month supply of detached homes and townhomes currently
• Bowen Island and Vancouver East detached homes have seen the biggest year-over-year increase in house prices at 11.8% and 10.1% respectively (House Price Index)

There was an increase in the number of new listings in August, which was 34 per cent higher than the ten-year average for the month of August. As a result, at the end of August there were 13,511 properties for sale, compared to 12,796 at the end of July but still less than the 14,191 available at the end of August 2019 – a 5 per cent reduction in the number of homes available year-over-year. Yes, there have been more properties listed in the last few months than we typically see at this time of year and the total number of active listings have increased, but competing offers continue – houses, townhouses and apartments. Imagine what it would be like for buyers without the number of new listings we’ve seen in the last few months. Even with more homes available for sale it is very much a seller’s market in most areas, some more extreme than others. Vancouver and surrounding cities with 4 to 5 months supply of homes available while further out there are only 3 months supply available.

So now that we’ve caught up from the summer market, it’s time for the fall market. Interest rates will fuel the real estate while they remain low, but there’s no reason to think the continued availability of listings as they continue to come to market will also fuel real estate sales. There will be further movement by homeowners looking for their “more ideal” home, changes needed as a result of additions to families and unfortunately also the break down of families. And while there have been job losses, many who have been working have decreased their discretionary spending. Vacations and dinners out could turn into more equity to invest in the next home or first home.

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer. Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Colette Gerber, REBGV Chair said, “Like everything else in our lives these days, the uncertainty of COVID-19 presents makes it challenging to predict what will happen this fall.”

East of Vancouver, the Fraser Valley Real Estate Board processed 2,039 sales of all property types on its Multiple Listing Service® in August, a decrease of 2.9 per cent compared to sales in July but a 57.2 per cent increase compared to the 1,297 sales in August of last year. Last month’s sales were 39 per cent above the ten-year average for August and the highest August sales in a decade. There were 3,309 new listings in August, a 6.8 per cent decrease compared to July and a 40.4 per cent increase compared to August of last year. July’s new listings were 28.9 per cent above the ten-year average for the month and the highest in the last ten years. July finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year. “We are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well,” Chris Shields, President of the Fraser Valley Real Estate Board said. “In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing.”

Here is a summary of the activity so far:

Greater Vancouver:

Total Units Sold in August was 3,122 – down from 3,202 (2%) in July 2020, up from 2,256 (38%) in August 2019, up from 1,961 (59%) in August 2018; Active Listings are at 13,511 compared to 14,191 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 55% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 52% compared to 52% in July 2020, 59% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 5.3%.

Vancouver Westside:

Total Units Sold in August was 490 – up from 472 (4%) in July 2020, up from 423 (16%) in August 2019, up from 371 (32%) in August 2018; Active Listings are at 2,671 compared to 2,326 (up 15%) at this time last year; New Listings in August were down 1% compared to July 2020, up 88% compared to August 2019 and up 66% compared to August 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 39% in July 2020, 67% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 5.6%.

Vancouver East Side:

Total Units Sold in August was 330 – down from 344 (2%) in July 2020, up from 235 (38%) in August 2019, up from 191 (59%) in August 2018; Active Listings are at 1,319 compared to 1,233 (down 5%) at this time last year; New Listings in August were up 6% compared to July 2020, up 104% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 50% in July 2020, 65% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 7.9%.

North Vancouver:

Total Units Sold in August was 250 – down from 267 (6%) in July 2020, up from 184 (36%) in August 2019, up from 131 (91%) in August 2018; Active Listings are at 913 compared to 838 (up 9%) at this time last year; New Listings in August were down 1% compared to July 2020, up 86% compared to August 2019 and up 91% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 54% in July 2020, 70% in August 2019 and 51% in August 2018. Year-over-year, the House Price Index is up 7.0%.

West Vancouver:

Total Units Sold in August was 67 – down from 68 (2%) in July 2020, up from 49 (38%) in August 2019, up from 46 (59%) in August 2018; Active Listings are at 667 compared to 690 (down 5%) at this time last year; New Listings in August were down 2% compared to July 2020, up 43% compared to August 2019 and up 37% compared to August 2018. Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Mostly Buyer’s Market conditions) and a Sales to Listings Ratio of 35% compared to 35% in July 2020, 36% in August 2019 and 32% in August 2018. Year-over-year, the House Price Index is up 3.7%.

Richmond:

Total Units Sold in August was 340 – down from 363 (6%) in July 2020, up from 250 (36%) in August 2019, up from 266 (28%) in August 2018; Active Listings are at 1,712 compared to 2,210 (down 23%) at this time last year; New Listings in August were up 7% compared to July 2020, up 30% compared to August 2019 and up 17% compared to August 2018. Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 58% in July 2020, 48% in August 2019 and 47% in August 2018. Year-over-year, the House Price Index is up 5.1%.

Burnaby East:

Total Units Sold in August was 37 – up from 32 (16%) in July 2020, up from 31 (19%) in August 2019, up from 21 (4%) in August 2018; Active Listings are at 143 compared to 149 (down 4%) at this time last year; New Listings in August were down 6% compared to July 2020, up 21% compared to August 2019 and up 68% compared to August 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 47% in July 2020, 58% in August 2019 and 55% in August 2018. Year-over-year, the House Price Index is up 7.2%.

Burnaby North:

Total Units Sold in August was 197 – up from 141 (40%) in July 2020, up from 129 (53%) in August 2019, up from 82 (140%) in August 2018; Active Listings are at 615 compared to 591 (up 4%) at this time last year; New Listings in August were up 6% compared to July 2020, up 64% compared to August 2019 and up 86% compared to August 2018. Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 43% in July 2020, 61% in August 2019 and 44% in August 2018. Year-over-year, the House Price Index is up 3.5%.

Burnaby South:

Total Units Sold in August was 130 – up from 114 (14%) in July 2020, up from 126 (3%) in August 2019, up from 94 (38%) in August 2018; Active Listings are at 702 compared to 792 (down 11%) at this time last year; New Listings in August were the same compared to July 2020, up 26% compared to August 2019 and up 54% compared to August 2018. Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 36% in July 2020, 51% in August 2019 and 46% in August 2018. Year-over-year, the House Price Index is up 2.6%.

New Westminster:

Total Units Sold in August was 161 – down from 164 (2%) in July 2020, up from 97 (66%) in August 2019, up from 90 (79%) in August 2018; Active Listings are at 504 compared to 498 (up 1%) at this time last year; New Listings in August were up 3% compared to July 2020, up 72% compared to August 2019 and up 76% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 56% compared to 59% in July 2020, 58% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 4.9%.

Coquitlam:

Total Units Sold in August was 246 – down from 287 (2%) in July 2020, up from 198 (38%) in August 2019, up from 183 (59%) in August 2018; Active Listings are at 872 compared to 1,059 (down 5%) at this time last year; New Listings in August were down 4% compared to July 2020, up 17% compared to August 2019 and up 12% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 60% compared to 67% in July 2020, 56% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 4.9%.

Port Moody:

Total Units Sold in August was 86 – down from 96 (10%) in July 2020, up from 39 (121%) in August 2019, up from 29 (197%) in August 2018; Active Listings are at 251 compared to 226 (up 11%) at this time last year; New Listings in August were down 18% compared to July 2020, up 55% compared to August 2019 and up 111% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 73% compared to 67% in July 2020, 51% in August 2019 and 52% in August 2018. Year-over-year, the House Price Index is up 1.2%.

Port Coquitlam:

Total Units Sold in August was 103 – down from 119 (13%) in July 2020, up from 79 (30%) in August 2019, up from 72 (43%) in August 2018; Active Listings are at 258 compared to 338 (down 24%) at this time last year; New Listings in August were down 1% compared to July 2020, up 46% compared to August 2019 and up 15% compared to August 2018. Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 61% compared to 70% in July 2020, 68% in August 2019 and 49% in August 2018. Year-over-year, the House Price Index is up 6.5%.

Ladner:

Total Units Sold in August was 40 – down from 49 (18%) in July 2020, up from 33 (21%) in August 2019, down from 46 (13%) in August 2018; Active Listings are at 155 compared to 192 (down 19%) at this time last year; New Listings in August were down 4% compared to July 2020, up 3% compared to August 2019 and up 50% compared to August 2018. Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 58% compared to 68% in July 2020, 49% in August 2019 and 50% in August 2018. Year-over-year, the House Price Index is up 6.9%.

Tsawwassen:

Total Units Sold in August was 53 – down from 62 (2%) in July 2020, up from 73 (38%) in August 2019, up from 45 (59%) in August 2018; Active Listings are at 319 compared to 294 (down 5%) at this time last year; New Listings in August were down 13% compared to July 2020, up 52% compared to August 2019 and up 147% compared to August 2018. Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 48% in July 2020, 41% in August 2019 and 56% in August 2018. Year-over-year, the House Price Index is up 5.1%.

Pitt Meadows:

Total Units Sold in August was 42 – down from 48 (12%) in July 2020, up from 39 (38%) in August 2019, up from 23 (83%) in August 2018; Active Listings are at 90 compared to 118 (down 23%) at this time last year; New Listings in August were down 21% compared to July 2020, up 28% compared to August 2019 and up 4% compared to August 2018. Month’s Supply of Total Residential Listings is at 2 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 85% compared to 77% in July 2020, 102% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 3.1%.

Maple Ridge:

Total Units Sold in August was 216 – down from 246 (12%) in July 2020, up from 133 (62%) in August 2019, up from 121 (79%) in August 2018; Active Listings are at 681 compared to 14,191 (down 18%) at this time last year; New Listings in August were down 17% compared to July 2020, up 43% compared to August 2019 and up 20% compared to August 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with strong signs of Seller’s Market conditions) and a Sales to Listings Ratio of 71% compared to 67% in July 2020, 63% in August 2019 and 48% in August 2018. Year-over-year, the House Price Index is up 4.7%.