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Sales and Listings Report May 2019

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

—Kristen Butler

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

www.conquercancer.ca/goto/KevinS

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

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

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

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

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

Summing up the Numbers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Sales and Listings Report April 2019

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

– Mark Twain

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

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

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

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

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

Summing up the Numbers

Greater Vancouver:

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

Vancouver Westside Residential:

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

Vancouver Eastside Residential:

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

North Vancouver Residential:

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

West Vancouver Houses:

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

Richmond Residential:

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

Burnaby East:

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

Burnaby North:

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

Burnaby South:

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

New Westminster:

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

Coquitlam:

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

Port Moody:

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

Port Coquitlam:

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

Pitt Meadows:

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

Maple Ridge:

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

Ladner:

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

Tsawwassen:

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

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Sales and Listings Report – March 2019

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

– Napoleon Hill

 

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

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

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

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

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

Summing up the Numbers

Greater Vancouver:

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

Vancouver Westside Residential:

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

Vancouver Eastside Residential:

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

North Vancouver Residential:

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

West Vancouver Houses:

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

Richmond Residential:

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

Burnaby East:

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

Burnaby South:

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

Burnaby North:

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

New Westminster:

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

Coquitlam:

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

Port Moody:

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

Port Coquitlam:

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

Pitt Meadows:

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

Maple Ridge:

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

Ladner:

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

Tsawwassen:

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

Read

Sales and Listings Report – February 2019

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

– Albert Einstein

 

The NDP Government announced their budget in February and in the immortal words of George H. W. Bush – “No New Taxes!” After last years budget, there was a reprieve in the real estate market that was under fire from the provincial government last year. Although we did encounter one of the snowiest and coldest February’s we’d seen in a long time. Perhaps something had frozen over! There were 1,512 homes sold in Greater Vancouver in February up from 1,120 (up 35%) in January this year. This was compared with 2,241 sales (down 33%) in February last year and 2,461 sales in February 2017. This was 42 per cent below the 10-year average for February and the lowest since 1,494 in February 2009. Detached house sales edged up comparatively with there being 27% fewer compared to last February while there were 30% less townhouse sales and 35% less apartment sales. There is still a lack of activity for detached homes in Vancouver’s West Side with there being 43 sales in February 2019, compared to 53 sales in February 2018 and 93 sales in February 2017. Richmond saw a tougher month for detached home sales with 36 detached houses sold in February 2019 compared to 52 sold in February 2018 and 92 in February 2017.

On the other side of the equation, there were 3,974 new listings in February in Greater Vancouver, down from 4,363 in February last year and down from 4,980 in January 2019. The number of new listings in February 2018 were 20 per cent below the 10-year average for February. Overall inventories are not growing at a rate typical for the beginning of the spring market, with some multiple offers now occurring. The mix of listings contains a large number of long-standing listings or listings that were cancelled/expired and brought back. Some with price adjustments more attractive to buyers but many still beyond the current market values. Buyer’s market conditions continue to exist throughout Metro Vancouver and time will only tell how this will change going forward. March can be a bell weather for activity as both buyers and sellers typically become more active. The February Provincial Budget did call for an increase in home sales this year and in the years to come – which means more revenue from the Property Transfer Tax. So wishful thinking or a realization that real estate makes up an important part of the economy. But without increases in new listings and inventories, it will still be a struggle for buyers to find saleable product. So perhaps the government needs to read this review to really understand the market.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions. Homes priced well for today’s market are attracting interest, however buyers are choosing to take a wait-and-see approach for the time being.” Moore said “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”

The Fraser Valley Real Estate Board processed 982 sales of all property types on its MLS® in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments. Darin Germyn, President of the Fraser Valley Real Estate Board, said “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring. Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively.”

Summing up the Numbers

Greater Vancouver:

Total Units Sold in February 2019 was 1,512 – up from 1,120  (35%) in January 2019, down from 2,241 (33%) in February 2018, down from 2,461 (39%) in February 2017; Active Listings are at 12,207 compared to 8,421 at this time last year; New Listings in February 2019 were down 20% compared to January 2019; were down 9% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 22% in January 2019.

Vancouver Westside Residential:

Total Units Sold in February 2019 was 254 – up from 187  (36%) in January 2019, down from 429 (41%) in February 2018, down from 505 (50%) in February 2017; Active Listings are at 2,333 compared to 1,553 at this time last year; New Listings in February 2019 were down 9% compared to January 2019; were down 1% compared to February 2018 and up 28% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 19% in January 2019.

Vancouver Eastside Residential:

Total Units Sold in February 2019 was 166 – up from 105  (58%) in January 2019, down from 244 (32%) in February 2018, down from 229 (28%) in February 2017; Active Listings are at 1,119 compared to 981 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were down 18% compared to February 2018 and down 5% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 23% in January 2019.

North Vancouver Residential:

Total Units Sold in February 2019 was 124 – up from 91  (36%) in January 2019, down from 166 (25%) in February 2018, down from 216 (43%) in February 2017; Active Listings are at 814 compared to 494 at this time last year; New Listings in February 2019 were down 22% compared to January 2019; were up 4% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply compared to 8 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 21% in January 2019.

West Vancouver Houses:

Total Units Sold in February 2019 was 39 – up from 26  (50%) in January 2019, down from 42 (7%) in February 2018, down from 57 (32%) in February 2017; Active Listings are at 635 compared to 570 at this time last year; New Listings in February 2019 were down 27% compared to January 2019; were down 18% compared to February 2018 and up 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 16 Month’s Supply compared to 23 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 11% in January 2019.

Richmond Residential:

Total Units Sold in February 2019 was 155 – up from 121  (28%) in January 2019, down from 262 (41%) in February 2018, down from 338 (54%) in February 2017; Active Listings are at 1,842 compared to 1,290 at this time last year; New Listings in February 2019 were down 38% compared to January 2019; were down 26% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply from 14 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 16% in January 2019.

Burnaby East:

Total Units Sold in February 2019 was 17 – up from 11  (45%) in January 2019, down from 34 (50%) in February 2018, the same as February 2017; Active Listings are at 121 compared to 121 at this time last year; New Listings in February 2019 were down 35% compared to January 2019; were down 46% compared to February 2018 and down 25% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 20% in January 2019.

Burnaby South:

Total Units Sold in February 2019 was 83 – up from 55 (49%) in January 2019, down from 135 (49%) in February 2018, down from 95 (13%) in February 2017; Active Listings are at 678 compared to 353 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were up 16% compared to February 2018 and up 19% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 12 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 20% in January 2019.

Burnaby North:

Total Units Sold in February 2019 was 84 – up from 65  (29%) in January 2019, down from 89 (6%) in February 2018, down from 113 (26%) in February 2017; Active Listings are at 482 compared to 297 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were down 8% compared to February 2018 and down 24% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 30% in January 2019.

New Westminster:

Total Units Sold in February 2019 was 63 – down from 75  (16%) in January 2019, down from 103 (39%) in February 2018, down from 108 (42%) in February 2017; Active Listings are at 403 compared to 210 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were up 6% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 38% in January 2019.

Coquitlam:

Total Units Sold in February 2019 was 134 – up from 87 (54%) in January 2019, down from 178 (25%) in February 2018, down from 194 (31%) in February 2017; Active Listings are at 832 compared to 511 at this time last year; New Listings in February 2019 were down 23% compared to January 2019; were down 3% compared to February 2018 and up 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 23% in January 2019.

Port Moody:

Total Units Sold in February 2019 was 30 – down from 31  (3%) in January 2019, down from 42 (20%) in February 2018, down from 49 (39%) in February 2017; Active Listings are at 181 compared to 131 at this time last year; New Listings in February 2019 were down 4% compared to January 2019; were down 10% compared to February 2018 and down 4% compared to February 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 37% in January 2019.

Port Coquitlam:

Total Units Sold in February 2019 was 60 – up from 38  (58%) in January 2019, down from 84 (29%) in February 2018, down from 80 (25%) in February 2017; Active Listings are at 302 compared to 168 at this time last year; New Listings in February 2019 were down 1% compared to January 2019; were up 8% compared to February 2018 and up 8% compared to February 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply from 8 in January 2019 (Balanced Market) and a Sales to Listings Ratio of 43% compared to 27% in January 2019.

Pitt Meadows:

Total Units Sold in February 2019 was 15 – up from 10  (50%) in January 2019, down from 44 (66%) in February 2018, down from 23 (35%) in February 2017; Active Listings are at 111 compared to 65 at this time last year; New Listings in February 2019 were up 5% compared to January 2019; were down 6% compared to February 2018 and up 4% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 25% in January 2019.

Maple Ridge:

Total Units Sold in February 2019 was 100 – up from 82  (50%) in January 2019, down from 158 (28%) in February 2018, down from 150 (19%) in February 2017; Active Listings are at 626 compared to 378 at this time last year; New Listings in February 2019 were down 18% compared to January 2019; were down 11% compared to February 2018 and down 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 32% in January 2019.

Ladner:

Total Units Sold in February 2019 was 20 – up from 16 (25%) in January 2019, up from 19 (4%) in February 2018, down from 47 (57%) in February 2017; Active Listings are at 149 compared to 115 at this time last year; New Listings in February 2019 were down 19% compared to January 2019; were up 15% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 26% in January 2019.

Tsawwassen:

Total Units Sold in February 2019 was 21 – up from 14  (50%) in January 2019, down from 29 (28%) in February 2018, down from 26 (19%) in February 2017; Active Listings are at 195 compared to 173 at this time last year; New Listings in February 2019 were down 25% compared to January 2019; were down 8% compared to February 2018 and down 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 13 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 19% in January 2019.

Read

Sales and Listings Report – January 2019

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

– Betty Smith

 

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

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

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

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

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

Summing up the Numbers

Greater Vancouver:

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

Vancouver Westside Residential:

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

Vancouver Eastside Residential:

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

North Vancouver Residential:

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

West Vancouver Houses:

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

Richmond Residential:

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

Burnaby East:

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

Burnaby South:

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

Burnaby North:

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

New Westminster:

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

Coquitlam:

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

Port Moody:

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

Port Coquitlam:

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

Pitt Meadows:

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

Maple Ridge:

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

Ladner:

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

Tsawwassen:

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

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Sales and Listings Report – December 2018

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

– H.G. Wells

 

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

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

Some highlights in market areas during 2017:

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

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

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

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

Greater Vancouver:

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

Vancouver Westside Residential:

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

Vancouver Eastside Residential:

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

North Vancouver Residential:

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

West Vancouver Houses:

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

Richmond Residential:

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

Burnaby East:

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

Burnaby South:

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

Burnaby North:

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

New Westminster:

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

Coquitlam:

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

Port Moody:

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

Port Coquitlam:

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

Ladner:

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

Tsawwassen:

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

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Sales and Listings Report – November 2018

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

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

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

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

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

Summing up the Numbers

Greater Vancouver:

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

Vancouver Westside Residential:

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

Vancouver Eastside Residential:

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

North Vancouver Residential:

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

West Vancouver Houses:

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

Richmond Residential:

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

Burnaby East:

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

Burnaby South:

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

Burnaby North:

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

New Westminster:

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

Coquitlam:

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

Port Moody:

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

Port Coquitlam:

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

Ladner:

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

Tsawwassen:

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

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