Dexter’s own Chief Economist, Kevin Skipworth, speaks with host Stuart McNish of Housing Matters: The Vancouver Real Estate Show about what is actually happening in Metro Vancouver’s real estate market. With all the numbers at his fingertips, Kevin dives into the issues and offers an honest opinion on what’s impacting sales and rentals in our fair city.
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“People who throw mud lose ground” – Jim Beatty
Average is the new up! And above average could be the start of a new trend in Greater Vancouver real estate. Attached are the Sales and Listings Statistics updated to the end of October 2019. This October in the Greater Vancouver real estate market saw a significant increase in the amount of sales compared to October of last year. Buyers are clearly engaging; some home sellers are still reluctant to sell at today’s prices or are simply not engaging at all and the opportunities seen for buyers earlier in the year are diminishing. And with CMHC coming out recently and saying, “The Metro Vancouver Housing Market will see higher sales and modest price increases over the next two years. Resale activity and house prices are expected to fully recover from the recent decline.” The question of “When will we hit the bottom of the market” looks to have been answered with “we already have and are past that point.”
There were 2,892 homes sold of all types in Greater Vancouver in October this year compared with 2,363 homes sold last month, 1,995 sales in October last year and 3,073 homes sold in October 2017. October sales were 9 per cent above (yes that’s correct, above) the 10-year average for the month of October and actually 5 per cent above the 20-year average This was a 45 per cent increase in homes sold compared to October 2018, the same as September in comparison to the previous year. October sales were the highest monthly sales since October 2017. Activity noticeably accelerated towards the end of the month. Perhaps we should save the felines and not call this a “Dead Cat Bounce” but classify it as pent up demand actually coming forward and engaging in the market. It’s the fourth straight month of home sales being higher compared to the same month in the previous year after 17 straight months of those sales being lower compared to the previous year.
There were 943 detached houses sold in October 2019 up from 642 (46 per cent) in October 2018 in Greater Vancouver, with a 7.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 536 sales in October 2019 compared to 344 in October 2018 (up 55 per cent) with a 5.8 per cent decrease in the benchmark price year over year; and for condos there were 1,384 sales in October 2019, an increase in sales from 985 in October 2018 (up 40 per cent) with a 5.9 per cent decrease in the benchmark price year over year. It would seem buyers are taking advantage of opportunities in the townhouse and detached home market as the gap in price between those and condos has come closer over the last two years.
The number of homes for sale in Greater Vancouver dropped significantly this month. At a time when government policies were supposed to be doing the opposite to resale home supply. At the end of September there were 14,242 homes for sale in Greater Vancouver, and at the end of October there were 13,022, the result was pushing some areas and product types into seller’s market conditions. Albeit without the overheated conditions experienced in 2015 and 2016. There were 4,183 new listings during October in Greater Vancouver, down 17 per cent from October last year and down 10 per cent from October 2017. The number of new listings in October 2019 were 5 per cent below the 10-year average for the month of October and 7 per cent below the 20-year average. While the number of detached homes listed for sale across the region has seen the biggest decrease, active listings for condos are now decreasing and more so in Vancouver, North Vancouver and Richmond.
So, did the federal election results in October provide any clarity on policies that may affect the housing market? With a minority Liberal government that has indicated it won’t align with any one party, policy will be that much more difficult to get through. And from the various election platforms, the policies were different amongst the Liberals, Conservatives and NDP parties. So, while it may have been easy to consider foreign buyers as the root cause of a lack of affordability, what we do know is that real estate transactions in Metro Vancouver are very local currently. When the activity increased in May, the percentage of foreign buyers significantly dropped and continued at this lower level through the next 4 months according to numbers released by the provincial government. May through August showed the percentage of transactions attributed to foreign buyers at less than 1.7 per cent with the average for 2019 currently at 2.3 per cent. Given the various policies implemented by government are not producing more supply, and are more so restricting supply where will the blame go if sales activity and prices edge up in the next two years?
“Home buyers have more confidence today than we saw in the first half of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall. The recent uptick in home sales is moving us into a more historically typical market, both sale and listing activity is trending around our long-term averages in recent months.”
East of the Fraser River, the Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® in October, an increase of 18.5 per cent compared to sales in September and a 37.8 per cent increase compared to the 1,155 sales in October of last year. Active listings for the Fraser Valley finished at 7,398, decreasing 6.9 per cent month-over-month and a decrease of 4.5 per cent when compared to October 2018. There were 2,383 new listings in October, a 14.2 per cent decrease compared to October 2018 and a 13.9 per cent decrease compared to September 2019. “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October homes sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”
Greater Vancouver: Total Units Sold in October 2019 was 2,892 – up from 2,363 (22%) in September 2019, up from 1,634 (45%) in October 2018, down from 3,073 (6%) in October 2017; Active Listings are at 13,022 compared to 13,682 (down 5%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 10% compared to October 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 69% compared to 40% in October 2018 and 47% in September 2019.
Vancouver Westside Residential: Total Units Sold in October 2019 was 506 – up from 404 (25%) in September 2019, up from 381 (33%) in October 2018, down from 556 (9%) in October 2017; Active Listings are at 2,278 compared to 2,459 (down 7%) at this time last year; New Listings in October 2019 were down 19% compared to October 2018 and down 12% compared to October 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions in lower price ranges) and a Sales to Listings Ratio of 62% compared to 37% in October 2018 and 41% in September 2019.
Vancouver East Side Residential: Total Units Sold in October 2019 was 316 – up from 293 (8%) in September 2019, up from 234 (35%) in October 2018, up from 298 (6%) in October 2017; Active Listings are at 1,183 compared to 1,409 (down 16%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 21% compared to October 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Seller’s Market conditions) and a Sales to Listings Ratio of 72% compared to 44% in October 2018 and 51% in September 2019.
North Vancouver Residential: Total Units Sold in October 2019 was 260 – up from 166 (57%) in September 2019, up from 173 (50%) in October 2018, up from 250 (4%) in October 2017; Active Listings are at 777 compared to 938 (down 17%) at this time last year; New Listings in October 2019 were down 27% compared to October 2018 and down 16% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions) and a Sales to Listings Ratio of 76% compared to 37% in October 2018 and 37% in September 2019.
West Vancouver Houses: Total Units Sold in October 2019 was 66 – up from 51 (29%) in September 2019, up from 55 (20%) in October 2018, up from 46 (43%) in October 2017; Active Listings are at 678 compared to 743 (down 9%) at this time last year; New Listings in October 2019 were down 24% compared to October 2018 and down 19% compared to October 2017; Month’s Supply of Total Residential Listings is down to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 42% compared to 26% in October 2018 and 22% in September 2019.
Richmond Residential: Total Units Sold in October 2019 was 345 – up from 283 (22%) in September 2019, up from 230 (45%) in October 2018, down from 411 (16%) in October 2017; Active Listings are at 1,948 compared to 1,878 (down 4%) at this time last year; New Listings in October 2019 were down 13% compared to October 2018 and down 18% compared to October 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 68% compared to 39% in October 2018 and 51% in September 2019.
Burnaby East: Total Units Sold in October 2019 was 26 – up from 22 (18%) in September 2019, up from 17 (53%) in October 2018, up from 22 (18%) in October 2017; Active Listings are at 153 compared to 148 (up 3%) at this time last year; New Listings in October 2019 were the same as October 2018 and down 13% compared to October 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market conditions) and a Sales to Listings Ratio of 50% compared to 33% in October 2018 and 39% in September 2019.
Burnaby North: Total Units Sold in October 2019 was 166 – up from 138 (20%) in September 2019, up from 76 (118%) in October 2018, up from 161 (3%) in October 2017; Active Listings are at 517 compared to 556 (down 7%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and up 6% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 80% compared to 30% in October 2018 and 55% in September 2019.
Burnaby South: Total Units Sold in October 2019 was 157 – up from 119 (32%) in September 2019, up from 87 (80%) in October 2018, down from 184 (15%) in October 2017; Active Listings are at 704 compared to 693 (up 2%) at this time last year; New Listings in October 2019 were down 18% compared to October 2018 and up 3% compared to October 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 68% compared to 31% in October 2018 and 51% in September 2019.
New Westminster: Total Units Sold in October 2019 was 136 – up from 110 (24%) in September 2019, up from 88 (55%) in October 2018, down from 152 (11%) in October 2017; Active Listings are at 430 compared to 511 (down 16%) at this time last year; New Listings in October 2019 were down 34% compared to October 2018 and down 19% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Buyer’s Market conditions with signs of Seller’s Market conditions) and a Sales to Listings Ratio of 85% compared to 36% in October 2018 and 51% in September 2019.
Coquitlam: Total Units Sold in October 2019 was 254 – up from 213 (19%) in September 2019, up from 136 (87%) in October 2018, up from 248 (2%) in October 2017; Active Listings are at 882 compared to 1,026 (down 14%) at this time last year; New Listings in October 2019 were down 11% compared to October 2018 and down 2% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 77% compared to 37% in October 2018 and 56% in September 2019.
Port Moody: Total Units Sold in October 2019 was 66 – up from 49 (53%) in September 2019, up from 36 (83%) in October 2018, down from 76 (13%) in October 2017; Active Listings are at 204 compared to 242 (down 16%) at this time last year; New Listings in October 2019 were up 15% compared to October 2018 and down 19% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 80% compared to 51% in October 2018 and 52% in September 2019.
Port Coquitlam: Total Units Sold in October 2019 was 107 – up from 78 (37%) in September 2019, up from 75 (43%) in October 2018, down from 120 (11%) in October 2017; Active Listings are at 296 compared to 357 (down 17%) at this time last year; New Listings in October 2019 were down 21% compared to October 2018 and down 3% compared to October 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 84% compared to 46% in October 2018 and 54% in September 2019.
Ladner: Total Units Sold in October 2019 was 34 – up from 28 (21%) in September 2019, up from 22 (55%) in October 2018, up from 31 (10%) in October 2017; Active Listings are at 180 compared to 177 (up 2%) at this time last year; New Listings in October 2019 were up 16% compared to October 2018 and up 27% compared to October 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 52% compared to 50% in October 2018 and 51% in September 2019.
Tsawwassen: Total Units Sold in October 2019 was 32 – up from 26 (23%) in September 2019, up from 25 (25%) in October 2018, down from 40 (20%) in October 2017; Active Listings are at 296 compared to 230 (down 29%) at this time last year; New Listings in October 2019 were up 19% compared to October 2018 and up 27% compared to October 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 37% in October 2018 and 33% in September 2019.
Pitt Meadows: Total Units Sold in October 2019 was 31 – down from 32 (4%) in September 2019, the same as October 2018, down from 35 (11%) in October 2017; Active Listings are at 104 compared to 115 (down 9%) at this time last year; New Listings in October 2019 were up 33% compared to October 2018 and up 11% compared to October 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 64% compared to 86% in October 2018 and 54% in September 2019.
Maple Ridge: Total Units Sold in October 2019 was 180 – up from 145 (24%) in September 2019, down from 183 (2%) in October 2018, the same as October 2017; Active Listings are at 765 compared to 703 (up 8%) at this time last year; New Listings in October 2019 were down 17% compared to October 2018 and down 18% compared to October 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types) and a Sales to Listings Ratio of 74% compared to 49% in October 2018 and 55% in September 2019.
One of the greatest joys of working in real estate is setting your own schedule—and often that means spending your time at a home office. Why bother with traffic jams, when you can enjoy the benefits of home? Well, we have some compelling reasons to leave your beloved nest behind and travel into the office.
Inspired by Real Estate Magazine’s article, 4 reasons why you should work from the office, we’re sharing our top four reasons why Dexter’s Yaletown office is worth braving that commute.
Dexter’s agents treat each other like family. Other offices might foster a competitive atmosphere, but in our offices you’re not just enjoying a collegial space—you’re working with people who go out of their way to offer help.
From advice on recent sales pricing to insight into specialty sales (such as leasehold properties), our agents are always ready to help each other out. And with some agents having been in the real estate industry for 30+ years, that’s a wealth of experience and insight at your fingertips.
While this pair don’t technically hold the same role within Dexter, they work as a unit to make sure every agent at the Yaletown office is fully supported—every day.
Kevin Skipworth, aka Skippy, is one of Dexter’s Owner and Managing Broker based in the Yaletown office—he’s also an agent, working with his agent teammate Cathie Cline to sell their clients’ listings and find buyers their next dream home. Being an active agent keeps Kevin on top of an ever-changing industry. For new agents, Kevin is often the first person they meet when exploring Dexter—and that meeting undoubtedly leaves that agent secure in the knowledge that Dexter not only wants them to succeed, but that managers like Kevin are there to guide them safely through Greater Vancouver’s real estate market. When he’s not working with clients or answering an agent’s call for help in the middle of the night (true story), Kevin might be wearing his third hat: that of Dexter’s Chief Economist. He crunches market data and pushes back against media misconceptions, ensuring Dexter’s agents are fully informed on the real real estate situation.
Working as Kevin’s “right hand,” Sharon Wayman brings an extraordinary level of care to her role as branch manager. Her commitment to empowering and educating agents is matched only by her commitment to making everyone feel welcome can be seen the moment you set foot in the office. You simply feel at home. From big smiles and immediate greetings to assistance big and small, Yaletown’s agents know Sharon will have their back. Not only does she take calls at all hours, but she keeps her finger on the pulse of Dexter’s agents, ready to step in and offer encouragement whenever they’re facing a hurdle or need a boost.
Nestled at the corner of Pacific and Homer (1399 Homer Street), our Yaletown office is steps away from parks, the Vancouver Seawall—running from almost right outside our door all the way around False Creek to Granville Island—and the innumerable cafes, restaurants and bars that make Yaletown a go-to location for Vancouver.
From the Roundhouse to epic playgrounds to the Canada Line, our agents are barely two blocks from anything their hearts might desire—and they’re never struggling for options when it comes to picking that perfect location for client meetings. For those who are driving into the office, our particular position let’s people come into Downtown while skirting the worst traffic issues, and parking remains one of the most affordable spots in the city. And being a hub means our agents working in Yaletown are not only there to embrace the energy of Downtown Vancouver, they’re ready to help their colleagues at a moment’s notice. Full of life, great energy, and happy agents, our Yaletown office is definitely a place to enjoy.
When it came to our final item there were a number of contenders—especially our incredible team of support staff who work tirelessly for our agents every day—but for this preliminary list we had to nod to an extraordinary feature of this Dexter space: Our dog policy.
We know that our families often include four-legged members, and for those of us who have dogs we want to take them with us as much as possible. While many spaces don’t allow dogs, our ground-level space in Yaletown lets us set our own rules and ensure four-legged family members are just as welcome as the human variety. And this isn’t just enjoyed by Dexter’s clients—it’s one of the main reasons our dog-loving agents enjoy their days in Yaletown.
In some offices turning up with a seventy-pound, six-month-old Great Dane puppy would be met with horrified glances and shunting into the smallest corner available. Not at Dexter’s Yaletown office. We were greeted happily by reception and agents alike, and immediately invited to make ourselves at home in Sharon Wayman’s own office. She put herself out—without hesitation or the slightest hint of reluctance—just so I could introduce my gigantic puppy to office life in the easiest, most supported way imaginable. And it wasn’t just Sharon offering support and assistance, every single agent in the space was ready to help handle the puppy, to offer a kind word, and to make me feel welcome. I’d been worried about taking my furry monster to the office—instead it was the most wonderful affirmation about why working in a Dexter office is quite simply the best.
One of the greatest joys of working in real estate is setting your own schedule—and often that means spending your time at a home office. Why bother with traffic jams, when you can enjoy the benefits of home? Well, we have some compelling reasons to leave your beloved nest behind and travel into the office.
Inspired by Real Estate Magazine’s article, 4 reasons why you should work from the office, we’re sharing our top four reasons why it’s worth braving that commute to work at Dexter’s South Granville office.
Dexter’s agents treat each other like family. Other offices might foster a competitive atmosphere, but in our offices you’re not just enjoying a collegial space—you’re working with people who go out of their way to offer help.
From advice on recent sales pricing to insight into specialty sales (such as leasehold properties), our agents are always ready to help each other out. And with some agents having been in the real estate industry for 30+ years, that’s a wealth of experience and insight at your fingertips.
While this pair might technically be counted as two reasons, we’re treating our Granville leaders as a unit. Granville is home to two of three members of Dexter’s management team: President David Peerless and Managing Broker Tony Ioannou—and both these gentlemen not only act like the most helpful, hands-on unit you’ve ever had the pleasure to encounter, they’re determined to keep their doors open to Dexter’s agents. These aren’t absentee owners. They’re in the office nearly every day, ready and willing to help agents at every level achieve their career goals.
Tony leads weekly training classes for Dexter’s agents, especially our newest members, ensuring they’re up to speed on the latest shifts in Vancouver Real Estate and that our agents are supported as they obtain their REALTORⓇ accreditation. He’s there to answer any questions, to manage a crisis, or simply to share a laugh—and being actively involved in selling keeps him sharp on all the goings on in real estate.
David makes his wealth of experience available to each and every Dexter agent. He’s happy to meet with agents for weekly mentoring, to keep his door open as often as possible, and ensure his expertise is available—moreover, he makes an effort to greet everyone and you can rest assured he’ll not only remember your birthday, he’ll remember whether you have kids or a dog, and will ask how they’re doing.
Dexter is home to a strong support staff at both our offices—honestly, we couldn’t ask for better people to help our agents. But for the purposes of this article, we’re going to shout out to one particular staff member: Joseph Cu.
Every morning (or afternoon, you set your schedule, after all) when you step through Dexter’s door, you’ll likely find yourself greeted by Joseph’s warm smile. He’ll greet you by name, ask how your evening or weekend was, and be ready to load your newest listing. If by chance he’s not at the desk, he’s arranging goodies in the kitchen for the weekly Monday Morning Meeting.
When it came to our final item there were a number of contenders: our design team, South Granville’s ideal location, close to any kind of drink or meal your heart desires, but in the end we had to tip our hats to the winner. Our outstanding view.
Sitting on the top (fifth floor) of 2608 Granville Street, our entire office enjoys full walls of windows. In our main bullpen area, agents, staff and visitors enjoy floor-to-ceiling vistas of Downtown Vancouver. And if the weather is in our favor, we can step onto one of three balconies to take in some fresh air along with the view. Our location is so good, we’re even able to host fireworks nights, where everyone attending can enjoy the spectacle without needing to find space on the beaches. Full of light, every office and workstation in our South Granville space enjoys our view—and it sure is a show-stopper!
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“Success isn’t just about what you accomplish in your life; it’s about what you inspire others to do” – Maria Morris
Attached are the Sales and Listings Stats updated to the end of September 2019. Back to school, back to selling. The number of sales in September were up from August, a rare occurrence going from August to September. And yes, the number of new listings were down, pulling Active Listings down with it. So where is the autumn market going? Well let’s find out by seeing where the summer left off.
There were 2,363 homes sold of all types in Greater Vancouver in September this year compared with 2,256 homes sold last month, 1,634 sales in September last year and 2,881 homes sold in September 2017. September sales were 7 per cent below the 10-year average for the month of September and marked a 45 per cent increase over September 2018. This was the largest year over year increase in sales in over 2 years and the third straight month that a year over year increase in sales has occurred. Buyers are engaging with offers, and the occurrence of multiple offers continues to be present in the market – even more so than we’ve seen in the last 3 months. While they tend to be happening more in the apartment and townhouse segment of the market, there was a detached listing on the Westside of Vancouver priced in the $3 Million range that attracted 12 offers. Showing that well priced properties will sell. There were 753 detached houses sold in September 2019 up from 509 (47 per cent) in September 2018 in Greater Vancouver, with a 8.6 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 422 sales in September 2019 compared to 275 in September 2018 (up 53 per cent) with a 7.2 per cent decrease in the benchmark price year over year; and for condos there were 1,155 sales in September 2019, an increase in sales from 812 in September 2018 (up 43 per cent) with an 6.5 per cent decrease in the benchmark price year over year. In Greater Vancouver detached homes make up 32 per cent of all home sales, while apartments make up 50 per cent. If we move over to the Westside of Vancouver, detached homes make up only 15 per cent of sales, while apartments make up 75 per cent.
As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in September compared to September of last year. There were 4,989 new listings during September in Greater Vancouver, down 7 per cent from September last year and down 9 per cent from September 2017. The number of new listings in September 2019 were 6 per cent below the 10-year average for the month of September. Active Listings are at 14,242 at month end (up 3.5 per cent compared to September 2018). The number of homes on the market is shrinking as is the gap year-over-year. There continues to be a reluctance for sellers to engage in the current market, leaving fewer and fewer choices for buyers. Government policy aimed at creating affordability has not led to a significant increase in housing options but instead has left buyers continuing to fight over what comes on the market. With buyers adjusting to the Mortgage Stress Test enacted in January 2017 for conventional mortgages, those wanting to engage don’t have the options one would think in a quiet real estate market.
So where will the fall go? Well we have a federal election coming this month. Housing affordability is a main topic of several of the federal party’s platforms – all seemingly under the guise of taxing demand. While it’s recognized that supply needs to be brought forward, there is no clear plan to provide that. But what we do know is that buyers continue to be dealing with an undersupplied housing market in Metro Vancouver. Foreign buyers have been taxed for 3 years now, Speculation and Vacancy Taxes have been in place for a year or more in the case of the City of Vancouver, but to what end? Local buyers’ purchasing power was reduced with the mortgage rule changes, and now that prices have adjusted to reflect that and buyer’s have adjusted their budgets, but the government is still looking at one side of the equation and looking to supress demand – mostly local demand which will only lead to a continued build up of buyers and sellers wanting to transact. Where is the challenge to look at the supply side of the equation?
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”
East of the Fraser River, the Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® in September, a increase of 3.5 per cent compared to sales in August and a 29.8 per cent increase compared to the 1,035 sales in September of last year. Active listings for the Fraser Valley finished at 7,946, decreasing 1.2 per cent month-over-month and an increase of 3.9 per cent when compared to September 2018. There were 2,769 new listings in September, an 6 per cent decrease compared to September 2018. “The market’s return to balance is good news for both buyers and sellers, however it’s important to put the 30 per cent year-over-year increase in sales into context. September’s sales went from amongst the worth in 10 years to just above our 10-year average.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it’s been since April, which has had an impact on prices.”
Greater Vancouver: Total Units Sold in September 2019 was 2,363 – up from 2,256 (5%) in August 2019, up from 1,634 (45%) in September 2018, down from 2,881 (18%) in September 2017; Active Listings are at 14,242 compared to 13,760 (up 4%) at this time last year; New Listings in September 2019 were down 7% compared to September 2018 and down 9% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 47% compared to 30% in September 2018 and 59% in August 2019.
Vancouver Westside Residential: Total Units Sold in September 2019 was 404 – down from 423 (4%) in August 2019, up from 280 (44%) in September 2018, down from 540 (25%) in September 2017; Active Listings are at 2,444 compared to 2,433(down 0.5%) at this time last year; New Listings in September 2019 were down 4% compared to September 2018 and down 6% compared to September 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 41% compared to 27% in September 2018 and 67% in August 2019.
Vancouver Eastside Residential: Total Units Sold in September 2019 was 293 – up from 235 (25%) in August 2019, up from 195 (50%) in September 2018, up from 268 (9%) in September 2017; Active Listings are at 1,295 compared to 1,494 (down 13%) at this time last year; New Listings in September 2019 were down 5% compared to September 2018 and up 2% compared to September 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 51% compared to 32% in September 2018 and 65% in August 2019.
North Vancouver Residential Total Units Sold in September 2019 was 166 – down from 184 (10%) in August 2019, up from 120 (38%) in September 2018, down from 210 (20%) in September 2017; Active Listings are at 895 compared to 933 (down 4%) at this time last year; New Listings in September 2019 were down 18% compared to September 2018 and down 5% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 37% compared to 22% in September 2018 and 70% in August 2019.
West Vancouver Houses: Total Units Sold in September 2019 was 51 – up from 49 (4%) in August 2019, up from 34 (50%) in September 2018, down from 56 (9%) in September 2017; Active Listings are at 721 compared to 764 (down 6%) at this time last year; New Listings in September 2019 were down 5% compared to September 2018 and down 19% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 14% in September 2018 and 36% in August 2019.
Richmond Residential: Total Units Sold in September 2019 was 283 – up from 250 (13%) in August 2019, up from 196 (44%) in September 2018, down from 379 (25%) in September 2017; Active Listings are at 2,127 compared to 1,915 (up 11%) at this time last year; New Listings in September 2019 were down 14% compared to September 2018 and down 22% compared to September 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 30% in September 2018 and 48% in August 2019.
Burnaby East: Total Units Sold in September 2019 was 22 – down from 31 (29%) in August 2019, up from 11 (100%) in September 2018, down from 28 (21%) in September 2017; Active Listings are at 159 compared to 140 (up 14%) at this time last year; New Listings in September 2019 were up 8% compared to September 2018 and down 8% compared to September 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 39% compared to 21% in September 2018 and 58% in August 2019.
Burnaby North: Total Units Sold in September 2019 was 138 – up from 129 (7%) in August 2019, up from 83 (66%) in September 2018, up from 129 (7%) in September 2017; Active Listings are at 577 compared to 533 (up 8%) at this time last year; New Listings in September 2019 were up 2% compared to September 2018 and down 6% compared to September 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 55% compared to 34% in September 2018 and 61% in August 2019.
Burnaby South: Total Units Sold in September 2019 was 119 – down from 126 (6%) in August 2019, up from 82 (45%) in September 2018, down from 164 (27%) in September 2017; Active Listings are at 777 compared to 656 (up 18%) at this time last year; New Listings in September 2019 were down 4% compared to September 2018 and down 24% compared to September 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 34% in September 2018 and 51% in August 2019.
New Westminster: Total Units Sold in September 2019 was 110 – up from 97 (13%) in August 2019, up from 81 (36%) in September 2018, down from 155 (29%) in September 2017; Active Listings are at 502 compared to 460 (up 9%) at this time last year; New Listings in September 2019 were down 11% compared to September 2018 and down 16% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 33% in September 2018 and 58% in August 2019.
Coquitlam: Total Units Sold in September 2019 was 213 – up from 198 (8%) in August 2019, up from 131 (63%) in September 2018, down from 230 (7%) in September 2017; Active Listings are at 998 compared to 1,056 (down 5%) at this time last year; New Listings in September 2019 were down 14% compared to September 2018 and down 16% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 56% compared to 29% in September 2018 and 56% in August 2019.
Port Moody: Total Units Sold in September 2019 was 49 – up from 39 (26%) in August 2019, up from 34 (44%) in September 2018, down from 55 (11%) in September 2017; Active Listings are at 233 compared to 245 (down 5%) at this time last year; New Listings in September 2019 were down 18% compared to September 2018 and down 21% compared to September 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 52% compared to 29% in September 2018 and 51% in August 2019.
Port Coquitlam: Total Units Sold in September 2019 was 78 – down from 79 (1%) in August 2019, up from 73 (7%) in September 2018, down from 124 (38%) in September 2017; Active Listings are at 340 compared to 345 (down 1%) at this time last year; New Listings in September 2019 were down 12% compared to September 2018 and down 9% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 45% in September 2018 and 68% in August 2019.
Ladner: Total Units Sold in September 2019 was 28 – down from 33 (15%) in August 2019, down from 30 (7%) in September 2018, up from 23 (22%) in September 2017; Active Listings are at 185 compared to 177 (up 5%) at this time last year; New Listings in September 2019 were down 30% compared to September 2018 and down 8% compared to September 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 38% in September 2018 and 49% in August 2019.
Tsawwassen: Total Units Sold in September 2019 was 26 – down from 30 (13%) in August 2019, up from 25 (4%) in September 2018, down from 33 (21%) in September 2017; Active Listings are at 301 compared to 242 (up 24%) at this time last year; New Listings in September 2019 were down 4% compared to September 2018 and down 8% compared to September 2017; Month’s Supply of Total Residential Listings is up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 30% in September 2018 and 41% in August 2019.
Pitt Meadows: Total Units Sold in September 2019 was 32 – down from 39 (18%) in August 2019, up from 17 (88%) in September 2018, the same as 32 in September 2017; Active Listings are at 111 compared to 127 (down 12%) at this time last year; New Listings in September 2019 were down 12% compared to September 2018 and up 37% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Seller’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 54% compared to 34% in September 2018 and 102% in August 2019.
Maple Ridge: Total Units Sold in September 2019 was 157 – up from 133 (18%) in August 2019, up from 89 (76%) in September 2018, down from 193 (19%) in September 2017; Active Listings are at 822 compared to 709 (up 15%) at this time last year; New Listings in September 2019 were up 3% compared to September 2018 and up 8% compared to September 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 55% compared to 32% in September 2018 and 63% in August 2019.
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“Be You. Bravely and unapologetically” – Anonymous
Attached are the Sales and Listings Stats updated to the end of August 2019. Considering August is traditionally one of the slower months for real estate sales, this August was more active than anticipated. On the supply side, the number of new listings and active listings were down – showing buyers are engaging more than they have and sellers are willing to hold on to their properties. Once again, there is a noticeable increase in demand for homes in August, similar to July, with anecdotal reports of multiple offers and properties that have been on the market for a number of months getting activity and offers. Prices have already come down (despite reports that they are just starting to come down) which has piqued the interest of buyers and allowed some buyers priced out by the mortgage stress test, to come back in to the market.
There were 2,256 homes sold of all types in Greater Vancouver in August this year compared with 2,584 homes sold last month, 1,961 sales in August last year and 3,097 homes sold in August 2017. August sales were 10 per cent below the 10-year average for this month. In the last three market downturns, (2008, 2012 and 2018) August was the start of the market decline. In fact, in 2008 there were 1,654 sales in August and in 2012 there were 1,670 homes sold. This August had a much different feeling to it. With the supply of listings shrinking, buyers have been more engaged and focusing on the more desirably priced homes. There were 711 detached houses sold in August 2019 up from 575 (23 per cent) in August 2018 in Greater Vancouver, with a 9.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 409 sales in August 2019 compared to 337 in August 2018 (up 21 per cent) with a 7.8 per cent decrease in the benchmark price year over year; and for condos there were 1,116 sales in August 2019, an increase in sales from 1,025 in August 2018 (up 8 per cent) with an 7.4 per cent decrease in the benchmark price year over year. Houses are getting more and more attention from buyers as the price gap between houses and condos has shrunk and with interest rates coming down, that opportunity will continue to grow.
As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in August compared to last month and August of last year. There were 3,843 new listings during August in Greater Vancouver, down 3 per cent from August last year and down 12 per cent from August 2017 – the same as July in comparison to the last two years. Clearly there isn’t a panic amongst sellers to list. The number of new listings in August 2019 were 9 per cent below the 10-year average for the month of August. Active Listings are at 14,191 for month end (up 13 per cent compared to August 2018) and after listing expiries at month’s end, there were only 13,813 active listings at the start of September. The month by month drop in active listings is continuing, so with inventory shrinking this is leaving a greater proportion of listings that have been on the market for an extended period of time and the land assembly properties.
The funny thing about supply and demand in today’s real estate market is that the total number of homes in Metro Vancouver has grown considerably since the 1990’s yet total number of monthly sales had been relatively the same during the various market cycles in the last 30 years. Home sales in 2015 and 2016 were among the highest on record, which is to be expected when the total market size has increased significantly. With the limited number of home sales in the last two years, there will be significant pent up demand. And demand is not the same as it was 30 years ago. Demographics show that younger generations are staying single longer, and some when coming together keep both properties making one a rental. Divorce rates are higher than before, requiring one household to turn into 2. And of course, people are living longer and staying in homes longer than before. To suggest that demand for housing comes from population growth and that’s how to determine the need, doesn’t take into account all the other factors that drive the need for homes. And we haven’t even talked about potential effects from Hong Kong. Which begs the question, why is supply not an issue?
“Homes sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions”
East of the Fraser River, the Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® in August, a decrease of 11 per cent compared to sales in July and a 12.3 per cent increase compared to the 1,155 sales in August of last year. Active listings for the Fraser Valley finished at 8,040, decreasing 3.6 per cent month-over-month and an increase of 9.6 per cent when compared to August 2018. There were 2,357 new listings in August, an 8.5 per cent decrease compared to August 2018. “Compared to last year, this August as been quite robust. All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10-year average.”
Greater Vancouver: Total Units Sold in August 2019 was 2,256 – down from 2,584 (13%) in July 2019, up from 1,961 (15%) in August 2018, down from 3,097 (27%) in August 2017; Active Listings are at 14,191 compared to 12,519 (up 13%) at this time last year; New Listings in August 2019 were down 3% compared to August 2018 and down 12% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 59% compared to 49% in August 2018 and 55% in July 2019.
Vancouver Westside Residential: Total Units Sold in August 2019 was 423 – down from 489 (13%) in July 2019, up from 371 (14%) in August 2018, down from 516 (18%) in August 2017; Active Listings are at 2,326 compared to 2,158 (up 8%) at this time last year; New Listings in August 2019 were down 12% compared to August 2018 and down 16% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 67% compared to 51% in August 2018 and 55% in July 2019.
Vancouver Eastside Residential: Total Units Sold in August 2019 was 235 – down from 277 (15%) in July 2019, up from 191 (23%) in August 2018, down from 288 (18%) in August 2017; Active Listings are at 1,233 compared to 1,326 (down 7%) at this time last year; New Listings in August 2019 were down 9% compared to August 2018 and down 14% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 65% compared to 48% in August 2018 and 59% in July 2019.
North Vancouver Residential Total Units Sold in August 2019 was 184 – down from 205 (10%) in July 2019, up from 131 (40%) in August 2018, down from 217 (15%) in August 2017; Active Listings are at 838 compared to 739 (up 13%) at this time last year; New Listings in August 2019 were up 3% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 70% compared to 51% in August 2018 and 56% in July 2019.
West Vancouver Houses: Total Units Sold in August 2019 was 49 – down from 59 (17%) in July 2019, up from 46 (6%) in August 2018, down from 50 (2%) in August 2017; Active Listings are at 690 compared to 716 (down 4%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is up to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 32% in August 2018 and 39% in July 2019.
Richmond Residential: Total Units Sold in August 2019 was 250 – down from 301 (17%) in July 2019, down from 266 (6%) in August 2018, down from 454 (45%) in August 2017; Active Listings are at 2,210 compared to 1,785 (up 24%) at this time last year; New Listings in August 2019 were down 10% compared to August 2018 and down 26% compared to August 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 48% compared to 47% in August 2018 and 49% in July 2019.
Burnaby East: Total Units Sold in August 2019 was 31 – up from 14 (221%) in July 2019, up from 21 (48%) in August 2018, up from 30 (3%) in August 2017; Active Listings are at 159 compared to 126 (up 26%) at this time last year; New Listings in August 2019 were up 39% compared to August 2018 and down 7% compared to August 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 55% in August 2018 and 31% in July 2019.
Burnaby North: Total Units Sold in August 2019 was 129 – down from 132 (2%) in July 2019, up from 82 (57%) in August 2018, down from 166 (22%) in August 2017; Active Listings are at 591 compared to 482 (up 27%) at this time last year; New Listings in August 2019 were down 13% compared to August 2018 and up 3% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 61% compared to 44% in August 2018 and 56% in July 2019.
Burnaby South: Total Units Sold in August 2019 was 126 – down from 152 (17%) in July 2019, up from 94 (34%) in August 2018, down from 168 (25%) in August 2017; Active Listings are at 792 compared to 614 (up 29%) at this time last year; New Listings in August 2019 were up 22% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 46% in August 2018 and 64% in July 2019.
New Westminster: Total Units Sold in August 2019 was 97 – down from 122 (20%) in July 2019, up from 90 (7%) in August 2018, down from 170 (43%) in August 2017; Active Listings are at 498 compared to 382 (up 30%) at this time last year; New Listings in August 2019 were up 2% compared to August 2018 and down 19% compared to August 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 56% in August 2018 and 61% in July 2019.
Coquitlam: Total Units Sold in August 2019 was 198 – down from 236 (16%) in July 2019, up from 183 (8%) in August 2018, down from 249 (20%) in August 2017; Active Listings are at 1,059 compared to 971 (up 9%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and down 8% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 56% compared to 50% in August 2018 and 54% in July 2019.
Port Moody: Total Units Sold in August 2019 was 39 – down from 56 (30%) in July 2019, up from 29 (34%) in August 2018, down from 67 (42%) in August 2017; Active Listings are at 226 compared to 201 (up 12%) at this time last year; New Listings in August 2019 were down 36% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 52% in August 2018 and 75% in July 2019.
Port Coquitlam: Total Units Sold in August 2019 was 79 – down from 86 (8%) in July 2019, up from 72 (10%) in August 2018, down from 115 (31%) in August 2017; Active Listings are at 338 compared to 336 (up 1%) at this time last year; New Listings in August 2019 were down 21% compared to August 2018 and down 36% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 68% compared to 49% in August 2018 and 57% in July 2019.
Ladner: Total Units Sold in August 2019 was 33 – down from 34 (3%) in July 2019, up from 23 (43%) in August 2018, down from 40 (17%) in August 2017; Active Listings are at 192 compared to 168 (up 14%) at this time last year; New Listings in August 2019 were up 46% compared to August 2018 and up 86% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 49% compared to 50% in August 2018 and 58% in July 2019.
Tsawwassen: Total Units Sold in August 2019 was 30 – down from 46 (35%) in July 2019, up from 25 (20%) in August 2018, down from 40 (25%) in August 2017; Active Listings are at 294 compared to 227 (up 30%) at this time last year; New Listings in August 2019 were up 62% compared to August 2018 and up 33% compared to August 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 41% compared to 56% in August 2018 and 65% in July 2019.
Pitt Meadows: Total Units Sold in July 2019 was 39 – up from 20 (95%) in July 2019, up from 23 (70%) in August 2018, down from 47 (17%) in August 2017; Active Listings are at 118 compared to 117 (up 2%) at this time last year; New Listings in August 2019 were down 19% compared to August 2018 and down 17% compared to August 2017; Month’s Supply of Total Residential Listings down to 3 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 102% compared to 48% in August 2018.
Maple Ridge: Total Units Sold in August 2019 was 133 – down from 182 (27%) in July 2019, up from 121 (9%) in August 2018, down from 194 (31%) in August 2017; Active Listings are at 831 compared to 648 (up 28%) at this time last year; New Listings in August 2019 were down 15% compared to August 2018 and up 9% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 63% compared to 48% in August 2018.
As a brokerage, Dexter Realty works hard to set a standard for supporting our Lower Mainland communities and doing our part, especially when it comes to those causes closest to our hearts.
The Ride to Conquer Cancer is one of those causes.
Entering its 11th year, the Ride to Conquer Cancer—formerly a bicycle ride from Vancouver to Seattle—now journeys from Vancouver to Hope.
Dexter has proudly participated in the Ride every single year.
This year sixteen of our agents and managing brokers rode for the cause from August 24th to 25th 2019. Our team is Riders for Ryders, captained by Jimi Brockett, and our members included: Cathie Cline, Connie McGinley, Jeremy Alexander, David Peerless, Frank Crudo, Jimi Brockett, Kevin Banno, Kevin Skipworth, Louis Dupuis, Marcus Maia, Marilou Appleby, Newell Cotton, Scott Evans, Spence Cotton, Sharon Wayman, and Sue Godlonton.
When our team set out on August 24th, they’d already raised $54,015.00 for the cause. By the time they reached the finish line, they’d raised a total of $62,000.00.
Most of our team, including Kevin Skipworth and Cathy Cline, followed the “Classic Route”—a 225 km journey. Starting in Cloverdale at 7AM Saturday morning, they rode until they reached Chilliwack, where they camped for the night. From there, Dexter’s riders continued to Hope and Sunday’s finish line.
However, a couple of our riders wanted to go the extra mile—literally. President David Peerless and agent Marcus Maia took the “Challenge Route,” which stretches for 260km and takes those determined riders through the Lower Mainland’s hinterland.
Our team captain, Jimi Brocket, lost his son Ryder to cancer in 2009. At the time, he owned Sharpey’s Cycles and had been contacted by the BC Cancer Foundation about renting his cycle shop for the Ride. That call sparked in Jimi the need to conquer the 225 kilometer ride in support his son and all others fighting to survive. (Grab some tissues and read the full story here.) Since that first year, Riders for Ryders has continued to grow, with local businesses and teams joining forces. When Jimi joined Dexter Realty, we folded our team into Jimi’s. And ever since then, we’ve donned the red jerseys and ridden out as Riders for Ryders.
Since forming in 2009, Riders for Ryders has raised close to 4 million dollars in rides across Canada, with $3.9M overall and $2.7M going to BC Cancer Foundation.
By the time our team reached the municipality of Hope (the aptly named finish line) at the end of day two, the sun was setting and legs were begging for a break. But our riders couldn’t be happier. Not only had they finished the grueling two-day ride, they knew they’d made a difference.
President David Peerless will be the first to speak to how no one in Dexter’s family has remained untouched by cancer. We’ve lost Dexter agents to cancer, and their loss has left its mark. The cause hits close to home for everyone. We all know someone affected by the disease—our own Sharon Wayman is a cancer survivor. That’s why so many of our agents, alongside our Managing Brokers, take part in the ride. We do it for our colleagues, loved ones and peers—for those we’ve lost to cancer, those who’ve defeated it, and those who continue to fight.
No matter what the weather throws, Dexter’s riders turn up. We ride through torrential rain, wind storms, and heat waves. And every year we come back for more, because we know our efforts make a difference.
We tip our hats (or should that be helmets?) to this year’s team of sixteen. Especially to Sharon Wayman, who was named the 2019 Riders for Ryder’s MVP. She took a hard fall on the first day, but in true Sharon fashion, she didn’t give up—keeping going until she’d reached the finish line on day two.
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Dexter’s commitment to community work and fundraising for cancer research means we’re well acquainted with the BC Cancer Foundation, the fundraising partner of BC Cancer. It matters to us that every dollar raised through the Ride to Conquer Cancer goes to BC Cancer, where they use it to advance research and enhance care for the people of our province.
If you’d like to learn more about the BC Cancer Foundation or support the cause, please go to their website here.
VANCOUVER, August 13, 2019/Kevin Skipworth, Chief Economist at Dexter Realty, publishes his latest fact-based real estate report as featured in the Province on August 12 2019.
Think back when we were young and it was convenient to hide under the covers because there was a monster in the closet… reality wasn’t convenient nor logical. Much could be said of the real estate market in Greater Vancouver in recent years. Almost every conceivable reason for rising prices has been examined but it’s the so called “monsters,” foreign buyers/capital or money laundering, that is the focus of attention. The reality is government policy is not dealing with the real issues of actual supply and demand while our housing affordability problems are getting worse and people keep moving here.
So far, we have seen policy attacking the upper end of the market as a measure to attain affordability in the overall real estate market, but to what end? To stop “foreign investment” in homes that often add to rental supply? Surely, they are not all empty but it’s easier to assume they are. And they are all foreign owned. Any argument to the contrary is met with disdain and a bias towards the real estate industry. And it made it a sin for anyone to have a recreational or second property. Did the Speculation and Vacancy Tax provide locals with rentals or supply more homes for sale? Not to any great degree. The positive, it opened up Shaughnessy and West Vancouver homes for rentals to a few students. Unfortunately, the downside, it brought their values down by 30 to 45%. That’s hardly of benefit to the average, middle-income Vancouver earner.
The Stress Test, Foreign Buyer Tax, Speculation and Vacancy Tax, increased transfer tax and School Tax on values above $3M have pushed buyers to lower priced properties. In Greater Vancouver according to MLS®sales, 68 per cent of homes for sale are priced over $1M while 66 per cent of sales so far in 2019, 9,018, were below $1M. In fact, only three per cent of sales have occurred above $3M
With the mortgage stress test affecting the lower end of the market the most, first time buyers aren’t moving out of rentals, further exacerbating this shortage. And many homeowners wanting to make a move to their next home are stuck as a result of a government intentionally freezing the market with the above noted policies.
Is the reason for all these policies on demand really monsters in the closet? Is it more likely the market of the last few years been a steady stream of buyers moving to Vancouver from within and outside Canada together with local buyers benefitting from economics of the day? Now those from the outside that want to purchase a home and contribute to our economy will seek lower priced homes to minimize their tax burden. Get the picture? Policies to earn votes without sound economic modeling hasn’t helped affordability. In fact, it is has just put real estate on sale for those that can afford. The downside, these owners have less equity to retire on or share with their children to place them in the housing market – to me that’s “generational theft.”
The current supply of homes for sale is the lowest we’ve seen in a down real estate market, and once the cranes come down on new condos, there will be much fewer going up. What will house the increasing supply of buyers coming to the market, who in turn are desperately required to sustain our economy. As we’ve seen from recent municipal rejection of rental projects, supplying rentals has been repeatedly left to the private sector – you know those nasty, greedy developers. And their projects get turned down, face delays or experience costs that make it impossible to keep up with today’s prices of new homes. It seems all levels of government are swinging bats at the demand side, without a coherent plan that addresses the supply side or how these policies impact the economy.
Ask yourself, how has the government at all levels made homes more affordable? Or are we just hiding under the covers.
For more information or to receive Kevin’s Market Report contact him at kevin@skipworth.ca
Kevin Skipworth, B.A. Economics
Partner/Managing Broker & Chief Economist
Dexter Realty
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“When you are living the best version of yourself, you inspire others to live the best versions of themselves.” – Steve Maraboli
Attached are the Sales and Listings Stats updated to the end of July 2019. It’s down, it’s up, it’s down, it’s up… We wouldn’t expect anything less from the Metro Vancouver real estate market. After a lack lustre June, home sales in July were higher than both June of this year and July last year. A noticeable increase in demand for homes in July, a month that typically sees buyers taking a break from the market. And looking at the number of new listings that came on, sellers may have been the ones taking a break from the market. I hate to say I told you so, but active listings did their best to climb above 15,000 and have now dropped below. Supply isn’t an issue? Only if we don’t want don’t want to keep home prices in check.
There were 2,584 homes sold of all types in Greater Vancouver in July this year compared with 2,098 homes sold last month, 2,018 sales in July last year and 3,012 homes sold in July 2017. This was 8 per cent below the 10-year average for July (compared with 33 per cent below the 10-year average last year in July). It was still the lowest number of homes sold in July since 2012 at 2,135. In fact, 1998 to 2000 saw some of the lowest amounts for sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Considering the commentary of it being a down real estate market, this month showed that buyers are engaging. There were 841 detached houses sold in July 2019 up from 637 (32 per cent) in June in Greater Vancouver, with a 10.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 473 sales in July 2019 compared to 354 in July 2018 (up 33.6 per cent) with a 9 per cent decrease in the benchmark price year over year; and for condos there were 1,243 sales in July, an increase in sales from 1,079 in July 2018 (up 15.2 per cent) with an 8.8 per cent decrease in the benchmark price year over year. Buyers are taking advantage of the opportunity to move up and buy into the townhouse and detached home market with their price decreases in the last 2 years.
As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in July compared to last month and July of last year. There were 4,719 new listings during July in Greater Vancouver, down 3 per cent from July last year and down 12 per cent from July 2017. The number of new listings in July 2019 were 6 per cent below the 10-year average for the month of July. Active Listings are at 15,037 for month end (up 17 per cent compared to July 2018) and after listing expiries at month’s end, there were only 14,469 active listings at the start of August. This was a much more significant drop in listings after July than we’ve seen after the through the month of July in the last 10 years. Over the last 25 years the number of new listings in the last 6 months of the year has been 30 to 35 per cent less than the number of new listings in the first half of the year – so expect the active listing count to drop further and buyers will need to act sooner rather than later to take advantage of buyer market conditions.
The mix of supply currently has 10,000 active listings priced at $1M are more – leaving less than 4,700 active listings priced below $1M in Greater Vancouver. Looking at 13,576 sales in the first 7 months of 2019, there have been only 347 sales above $3M; 672 sales between $2m to $3M; 3,382 sales between $1M to $2M and 9,018 sales below $1M. The competition is clearly in the least suppled range of homes, yet this is not the focus of policy for all levels of government. The provincial government is intent on focusing policy on the least active segment of the market by trying to control that demand. Which begs the question, how are they making housing more affordable by not focusing on the supply of the lower end of the market?
Below is the historical month by month data in Greater Vancouver going back to the early 90’s showing sales, new listings and active listings. The yellow highlighted areas for sales show the slowest months of the market and for active listings, the highest number of active listings we’ve seen in the market. Clearly this latest slowdown in the real estate market saw one of the more prolonged decrease in sales but the least number of active listings for a down market. Sellers are confident and the idea of a significant drop in values won’t happen with that confidence.
“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Those looking to buy today continue to benefit from the low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”
East of the Fraser River, the Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® in July, an increase of 11.6 per cent compared to sales in June and a 13 per cent increase compared to the 1,290 sales in July of last year. Active listings for the Fraser Valley finished at 8,340, decreasing 2.1 per cent month-over-month and an increase of 12.7 per cent when compared to July 2018. There were 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019 and a 4.2 per cent decrease compared to July 2018. “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average,” said Chris Shields, President-Elect of the Fraser Valley Real Estate Board. “We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses, and an increase in the number of first-time buyers.”
Greater Vancouver: Total Units Sold in July 2019 was 2,584 – up from 2,098 (23%) in June 2019, up from 2,108 (23%) in July 2018, down from 3,012 (14%) in July 2017; Active Listings are at 15,037 compared to 12,848 (up 17%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 55% compared to 43% in July 2018.
Vancouver Westside Residential: Total Units Sold in July 2019 was 489 – up from 355 (38%) in June 2019, up from 403 (21%) in July 2018, down from 525 (7%) in July 2017; Active Listings are at 2,572 compared to 2,272 (up 13%) at this time last year; New Listings in July 2019 were up 0.5% compared to July 2018 and down 10% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market with higher end homes in Buyer’s Market Conditions) and a Sales to Listings Ratio of 55% compared to 45 in July 2018.
Vancouver Eastside Residential: Total Units Sold in July 2019 was 277 – up from 215 (29%) in June 2019, down from 282 (2%) in July 2018, down from 307 (10%) in July 2017; Active Listings are at 1,341 compared to 1,391 (down 4%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 59% compared to 42% in July 2018.
North Vancouver Residential Total Units Sold in July 2019 was 205 – up from 202 (1%) in June 2019, up from 153 (34%) in July 2018, up from 200 (3%) in July 2017; Active Listings are at 949 compared to 794 (up 20%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and up 1% compared to July 2017; Month’s Supply of Total Residential Listings is steady at Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.
West Vancouver Houses: Total Units Sold in July 2019 was 59 – up from 43 (37%) in June 2019, up from 57 (4%) in July 2018, up from 56 (5%) in July 2017; Active Listings are at 726 compared to 740 (down 2%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in July 2018.
Richmond Residential: Total Units Sold in July 2019 was 301 – up from 270 (11%) in June 2019, up from 284 (6%) in July 2018, down from 404 (25%) in July 2017; Active Listings are at 2,309 compared to 1,809 (up 28%) at this time last year; New Listings in July 2019 were down 4% compared to July 2018 and down 24% compared to July 2017; Month’s Supply of Total Residential Listings down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 44% in July 2018.
Burnaby East: Total Units Sold in July 2019 was 14 – down from 19 (23%) in June 2019, down from 21 (23%) in July 2018, down from 31 (14%) in July 2017; Active Listings are at 166 compared to 138 (up 17%) at this time last year; New Listings in July 2019 were down 18% compared to July 2018 and down 25% compared to July 2017; Month’s Supply of Total Residential Listings up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 38% in July 2018.
Burnaby North: Total Units Sold in July 2019 was 132 – up from 100 (32%) in June 2019, up from 88 (50%) in July 2018, up from 124 (6%) in July 2017; Active Listings are at 630 compared to 476 (up 32%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 42% in July 2018.
Burnaby South: Total Units Sold in July 2019 was 152 – up from 121 (26%) in June 2019, up from 76 (23%) in July 2018, down from 144 (14%) in July 2017; Active Listings are at 807 compared to 646 (up 100%) at this time last year; New Listings in July 2019 were down 8% compared to July 2018 and down 23% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 64% compared to 29% in July 2018.
New Westminster: Total Units Sold in July 2019 was 122 – up from 97 (26%) in June 2019, up from 114 (7%) in July 2018, down from 150 (19%) in July 2017; Active Listings are at 533 compared to 385 (up 38%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 61% compared to 55% in July 2018.
Coquitlam: Total Units Sold in July 2019 was 236 – up from 177 (33%) in June 2019, up from 150 (57%) in July 2018, down from 270 (13%) in July 2017; Active Listings are at 1,120 compared to 979 (up 14%) at this time last year; New Listings in July 2019 were down 6% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 32% in July 2018.
Port Moody: Total Units Sold in July 2019 was 56 – up from 42 (23%) in June 2019, up from 52 (23%) in July 2018, down from 75 (14%) in July 2017; Active Listings are at 236 compared to 218 (up 17%) at this time last year; New Listings in July 2019 were down 31% compared to July 2018 and down 37% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 75 compared to 48% in July 2018.
Port Coquitlam: Total Units Sold in July 2019 was 86 – up from 77 (12%) in June 2019, down from 108 (20%) in July 2018, down from 120 (38%) in July 2017; Active Listings are at 381 compared to 330 (up 15%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 57% compared to 45% in July 2018.
Ladner: Total Units Sold in July 2019 was 34 – up from 33 (3%) in June 2019, up from 29 (17%) in July 2018, down from 46 (26%) in July 2017; Active Listings are at 190 compared to 164 (up 16%) at this time last year; New Listings in July 2019 were up 34% compared to July 2018 and up 9% compared to July 2017; Month’s Supply of Total Residential Listings steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 66% in July 2018.
Tsawwassen: Total Units Sold in July 2019 was 46 – up from 35 (31%) in June 2019, up from 23 (100%) in July 2018, up from 43 (7%) in July 2017; Active Listings are at 287 compared to 253 (up 13%) at this time last year; New Listings in July 2019 were up 15% compared to July 2018 and down 7% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 65% compared to 37% in July 2018.
Pitt Meadows: Total Units Sold in July 2019 was 20 – down from 24 (17%) in June 2019, down from 25 (20%) in July 2018, down from 25 (20%) in July 2017; Active Listings are at 139 compared to 109 (up 28%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and up 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 48% in July 2018.
Maple Ridge: Total Units Sold in July 2019 was 182 – up from 132 (38%) in June 2019, up from 130 (40%) in July 2018, down from 213 (15%) in July 2017; Active Listings are at 870 compared to 614 (up 35%) at this time last year; New Listings in July 2019 were up 18% compared to July 2018 and up 2% compared to July 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.
When Kevin Skipworth, one of Dexter’s Partners/Managing Brokers and our resident Chief Economist, heard about a valuable course from Dexter’s network of brokerages, he had to know more. It wasn’t just one person, a couple of different companies had offered Ninja Selling Installation to their agents to help them with their business.
“The people who were talking about this course are the ones I sit up and listen to.”
Kevin knew he had to see what this course was about. He found out CIR Realty in Calgary was offering an installation last November, so he decided to brave the cold and hopped on a plane to check it out.
Arriving at the Installation, he’d expected to take part in a very comprehensive course on building a real estate business. Sure, he was a little worried about the length—four days is a long time—but he figured he’d come away with a few useful pieces.
What he got was a lot more.
“It exceeded my expectations dramatically. The way the course was done, the content, everything went far beyond what I’d anticipated.”
The first day was all about mindset, how you treat your business and your life. For Kevin, it was an eye-opening way of rethinking how he dealt with everything in his life, and really seeing how your attitude towards challenges can affect outcomes—how thinking positively can change your reactions.
Changing your thinking sounds huge. But when asked what his biggest take-aways were, Kevin said it was the little things. Like making a Post-it note of what you want to do every day.
Because when Kevin walked away from those 4 days in Calgary, he knew he’d found something that would be a valuable experience for each and every Dexter agent—something he wanted his agents to have an opportunity to benefit from.
In terms of real estate, the course helped Kevin to focus more on the work he was doing, get less caught up in overthinking the minutiae. He found himself getting more stuff done—not doing more, though, and that’s a crucial distinction. This course isn’t about doing more, it’s about being more efficient, so you can have more time to have fun, exercise, and generally enjoy a more balanced life.
Everyone tries to prospect and build business, but we often overlook what we have. This course helped Kevin realize how we can have people we know at our fingertips, but yet we don’t look to those people for business. We don’t see the opportunity before us. Instead of trying to find new opportunities, we can benefit from looking after the people already in our lives, treating them with care, and seeing them as our future business.
“Learning how to use the sales skills I already had, to better tap into the knowledge I had, has been invaluable.”
It can be hard to see how much you can need to structure your life, to plan and take advantage of everything that’s around you. That’s what this course is ultimately about: Talking to people about putting plans in place.
“The course is about relationship building—what we focus on as a company. That’s why it’s a natural fit for Dexter.”
After the course, he set some goals: lose fifteen pounds and take a vacation. So far he’s lost ten pounds, and he’s going on vacation with his son and his father in August—a long awaited men’s trip!
But before leaving for that vacation, he accomplished his second Post-It note: He brought Ninja to Dexter.
He’s certain Dexter’s agents will benefit from this Ninja Installation. In fact, it’s Kevin’s goal that they’ll experience a shift in their mindset as to how to build business. That they’ll be more successful, in all aspects of their lives.
And, as we know, Kevin has gotten very good at achieving his goals.
If you have any questions about the Ninja Selling Installation, Kevin would be more than happy to talk to you about the benefits of this course. Don’t hesitation to reach out to him at kevin@skipworth.ca
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“If you realized how powerful your thoughts are, you would never think a negative thought.”
—Pearce Pilgrim
Attached are the Sales and Listings Stats updated to the end of June 2019. While the story might be that sales in June have dropped off from May, the market is back in decline—the actual fact is June has only outperformed May only 7 times in the last 25 years. We shouldn’t be surprised to see the market in Greater Vancouver perform any differently this year.
There were 2,098 homes sold of all types in Greater Vancouver in June this year compared with 2,467 sales in June last year and 3,953 homes sold in June 2017. This was 39 per cent below the 10-year average for June and the lowest amount of sales in the month of June since 2000 at the same number. The first six months of 2019 saw 10,992 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 1998. There were 751 Detached Houses sold in June 2019 (36 per cent of total sales) compared to 771 in June 2018 (31 per cent of total sales); 390 townhomes sold in June 2019 (19 per cent) compared to 419 in June 2018 (17 per cent); and 941 apartments sold in June 2019 (45 per cent) compared to 1,240 in June 2018 (50 per cent). Detached homes made up a larger percentage of homes sold, continuing a trend that is showing price adjustments in detached homes are attracting buyers into that part of the market. Richmond was one of the best performing markets in June, with sales matching those of June, and detached and townhouse sales exceeding the numbers for May.
As for supply in the market, there was a decrease in the number of new listings in June compared to May. There were 4,861 new listings in June in Greater Vancouver, down 19 per cent from May 2019, down 15 per cent from June last year and down 17 per cent from June 2016. The number of new listings in June 2019 were 15 per cent below the 10-year average for June. Active Listings are at 15,770 for month end, up 25 per cent compared to June 2018, and only up 2 per cent compared to May 2019—the growth of active listings is slowing. Supply continues to be an issue as many Sellers are reluctant to come to market knowing that prices are adjusting and that buyers are more conscious of the advantage they have currently. Properties priced for today’s market are selling and, in some situations, we are seeing multiple offers—albeit at a more controlled pace in terms of subjects being included and in some cases most or all offers below the list price. There are a number of listings included in this 15,770 that are land assembly properties (look at any busy street throughout the region for multiple signs or “Land Assembly Opportunity” signs. That and the number of long-standing listings on the market of properties not priced according to today’s market conditions are creating these multiple offers. Demand continues to build up as buyers and sellers hold off on making moves that they want or need to make, not for investment reasons but lifestyle changes. It’s almost as if the efforts to stem “speculation” in the market have created speculators out of all buyers and sellers!
While still at low sales levels, it is the second month in a row where sales exceeded 2,000 homes sold in a month in Greater Vancouver. While not robust, there is more activity happening and while the wait and see game continues, and so many try to understand how we got here, many people just want to buy or sell. And while many think real estate in Vancouver is or should fall off a cliff, even the government can’t stem the tide of demand enough to do that and unless there is a serious discussion on the supply side, what has come down quickly thanks to government intervention can go back up quickly when housing continues to be a scarce resource. With the State of Oregon effectively banning single family zoning and allowing for increased up zoning in all cities of more than 10,000 people, the government there has recognized that the need to address housing affordability is a bigger conversation than just taxing demand.
“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach. Home buyers haven’t had this much selection to choose from in five years.”
East of the Fraser River, the Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® in June, a decrease of 10.1 per cent compared to 1,452 sales in June of last year, and a 13.9 per cent decrease compared to sales in June 2018. At the end of June there 8,516 Active Listings, which is an increase of 19.3 per cent compared to the same time last year and a 0.1 per cent compared to the end of May 2019. There were 2,810 new listings in June, a decrease of 20.7 per cent compared to May 2019 and a 10.5 per cent decrease compared to June of last year. “This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm” said Darin Germyn, Fraser Valley Board President. “There is tremendous variation in the market depending on the property type and location. It’s currently a buyer’s market for detached homes in South Surrey/White Rock; but is leaning towards a sellers’ market for townhomes in Langley.”
Greater Vancouver: Total Units Sold in June 2019 was 2,098—down from 2,669 (21%) in May 2019, down from 2,467 (15%) in June 2018, down from 3,953 (47%) in June 2017; Active Listings are at 15,770 compared to 12,652 (up 25%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 11% compared to June 2018 and down 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 43% compared to 45% in June 2018.
Vancouver Westside Residential: Total Units Sold in June 2019 was 355—down from 460 (23%) in May 2019, down from 458 (23%) in June 2018, down from 644 (45%) in June 2017; Active Listings are at 2,779 compared to 2,346 (up 18%) at this time last year; New Listings in June 2019 were down 15% to May 2019, down 9% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 47% in June 2018.
Vancouver Eastside Residential: Total Units Sold in June 2019 was 215—down from 328 (34%) in May 2019, down from 282 (24%) in June 2018, down from 451 (52%) in June 2017; Active Listings are at 1,435 compared to 1,375 (up 4%) at this time last year; New Listings in June 2019 were down 21% to May 2019, down 22% compared to June 2018 and down 24% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 44% compared to 45% in June 2018.
North Vancouver Residential: Total Units Sold in June 2019 was 202—down from 257 (21%) in May 2019, up from 199 (2%) in June 2018, down from 298 (32%) in June 2017; Active Listings are at 1,030 compared to 800 (up 29%) at this time last year; New Listings in June 2019 were down 20% to May 2019, down 1% compared to June 2018 and down 3% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 49% compared to 48% in June 2018.
West Vancouver Houses: Total Units Sold in June 2019 was 43—down from 71 (39%) in May 2019, down from 54 (20%) in June 2018, down from 92 (47%) in June 2017; Active Listings are at 764 compared to 784 (down 3%) at this time last year; New Listings in June 2019 were down 23% to May 2019, down 24% compared to June 2018 and down 22% compared to June 2017; Month’s Supply of Total Residential Listings is up to 18 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 24% compared to 23% in June 2018.
Richmond Residential: Total Units Sold in June 2019 was 270—down from 271 (0%) in May 2019, down from 308 (12%) in June 2018, down from 503 (46%) in June 2017; Active Listings are at 2,369 compared to 1,787 (up 33%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 27% compared to June 2017; Month’s Supply of Total Residential Listings is steady at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 44% in June 2018.
Burnaby East: Total Units Sold in June 2019 was 19—down from 25 (24%) in May 2019, down from 26 (27%) in June 2018, down from 36 (47%) in June 2017; Active Listings are at 161 compared to 143 (up 13%) at this time last year; New Listings in June 2019 were the same as May 2019, the same compared to June 2018 and June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 52% in June 2018.
Burnaby North: Total Units Sold in June 2019 was 100—down from 123 (19%) in May 2019, down from 107 (7%) in June 2018, down from 208 (52%) in June 2017; Active Listings are at 670 compared to 476 (up 41%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 41% in June 2018.
Burnaby South: Total Units Sold in June 2019 was 121—down from 131 (8%) in May 2019, down from 121 in June 2018, down from 207 (42%) in June 2017; Active Listings are at 872 compared to 576 (up 51%) at this time last year; New Listings in June 2019 were down 18% to May 2019, up 8% compared to June 2018 and down 15% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 49% in June 2018.
New Westminster: Total Units Sold in June 2019 was 97—down from 127 (24%) in May 2019, down from 141 (31%) in June 2018, down from 196 (51%) in June 2017; Active Listings are at 577 compared to 370 (up 56%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 13% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 61% in June 2018.
Coquitlam: Total Units Sold in June 2019 was 177—down from 205 (14%) in May 2019, down from 178 (1%) in June 2018, down from 323 (45%) in June 2017; Active Listings are at 1,159 compared to 888 (up 31%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 14% compared to June 2018 and down 19% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 40% in June 2018.
Port Moody: Total Units Sold in June 2019 was 42—down from 62 (32%) in May 2019, down from 48 (12%) in June 2018, down from 90 (53%) in June 2017; Active Listings are at 266 compared to 219 (up 21%) at this time last year; New Listings in June 2019 were down 31% to May 2019, down 19% compared to June 2018 and down 26% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 40% in June 2018.
Port Coquitlam: Total Units Sold in June 2019 was 77—down from 132 (42%) in May 2019, down from 108 (29%) in June 2018, down from 177 (64%) in June 2017; Active Listings are at 381 compared to 292 (up 30%) at this time last year; New Listings in June 2019 were down 6% to May 2019, down 19% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 44% in June 2018.
Ladner: Total Units Sold in June 2019 was 33—down from 41 (20%) in May 2019, down from 38 (13%) in June 2018, down from 45 (27%) in June 2017; Active Listings are at 207 compared to 171 (up 21%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 1% compared to June 2018 and up 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 54% in June 2018.
Tsawwassen: Total Units Sold in June 2019 was 35—down from 38 (8%) in May 2019, down from 42 (17%) in June 2018, down from 54 (35%) in June 2017; Active Listings are at 310 compared to 252 (up 23%) at this time last year; New Listings in June 2019 were down 16% to May 2019, up 13% compared to June 2018 and down 4% compared to June 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 60% in June 2018.
Pitt Meadows: Total Units Sold in June 2019 was 24—down from 40 (40%) in May 2019, the same at 24 in June 2018, down from 83 (71%) in June 2017; Active Listings are at 130 compared to 100 (up 30%) at this time last year; New Listings in June 2019 were down 22% to May 2019, down 21% compared to June 2018 and down 31% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 51% compared to 40% in June 2018.
Maple Ridge: Total Units Sold in June 2019 was 132—down from 171 (23%) in May 2019, down from 136 (2%) in June 2018, down from 250 (47%) in June 2017; Active Listings are at 868 compared to 623 (up 39%) at this time last year; New Listings in June 2019 were down 21% to May 2019, up 2% compared to June 2018 and down 10% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 48% in June 2018.
Never have we seen the market with sales and listings numbers like we are experiencing right now. Even with monthly sales below that of a typical May and the 10-year average, fundamentals shown by new and active listing counts that there is significant confidence. And with sales in May 44% above those in April, it’s not a slumping market, but one with a gasp of breath! Ask REALTORS® how many multiple offers they have experienced in the last month. Supply is the story!
The market is always right—supply and demand ultimately dictates it and the recent intervention on the demand side by the provincial government through taxes and the federal government through the stress test only serve reduce prices significantly in the high end for those the government wanted out of this market and prevent home buyers from getting into homes in the bottom end—affordability has not improved and will not get any better without a serious look at the supply side.
Supply of homes will continue to be an issue without being addressed by government at all levels. With increased taxes, costs and restrictive zoning, developers are pulling back and we’ll see a lack of new supply and especially the right supply in the next 2 to 3 years. That coupled with low resale inventories now, significant pent up demand, a growing population and Metro Vancouver being a region where people gravitate to, the cycle will continue with demand outstripping supply and prices rising.
When you look at the numbers, we’ve seen 3 previous significant slow downs in Vancouver real estate. During 1997 to 1999, 2008 to 2009 and 2010 to 2013 home sales in Greater Vancouver persisted below 2,000 units. In each of those first two periods, there were over 20,000 listings and close to it in the last. This recent slow down we’re seeing the market struggle to get over 15,000 active listings—at a time when the overall housing stock is at it’s highest!
The lack of homes listed during one of the slowest markets we’ve encountered in 30 years shows that sellers are not looking to “panic sell”—some will sell out of need and agree to prices below what they would like, others will hold and wait.
We may be seeing prices bottom out in the lower and middle end of the market, but there are still great opportunities for buyers, but they are diminishing.
Since Dexter Realty released Kevin’s analysis of recent sales data, news outlets are taking note and the story being told is starting to change. The Daily Hive has already posted their own article on Metro Vancouver’s real estate, drawing heavily upon Kevin’s expertise. The the Vancouver Courier, Business in Vancouver and Western Investor have done articles as well. We won’t be surprised to see even more outlets following soon following suit.
For more information or to receive Kevin’s Market Report contact him at kevin@skipworth.ca
Kevin Skipworth, B.A. Economics
Partner/Managing Broker & Chief Economist
Dexter Realty
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.