Current Market Conditions

Welcome to the DEXTER ASSOCIATES REALTY STATISTICAL UPDATE PAGE. We want to ensure that our REALTORS® and our clients are well informed on current market conditions.

In our Blog below you will find a weekly market update. Within the Blog, there are 2 links updated weekly that separate and break down listing and sales statistics for market areas in and around the City of Vancouver. One link combines all residential types of properties for a select group of market areas and another link breaks down those areas by houses, townhouses and apartments.

If you have any questions at all, do not hesitate to contact one of our Dexter Associates!

 

Attached are the yearend 2017 Sales and Listings Stats in Greater Vancouver. It certainly was the year of the strata home!  Condos lead the market, along with townhouses and detached houses lagging behind in terms of activity. Of the total sales in Greater Vancouver, 50 percent were condos (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent where houses (down from 36 per cent in 2016 and 41 per cent in 2015). Clearly buyers are shifting towards condos and townhouses as the price of detached home prices continued to rise. All areas showed similar patterns albeit Vancouver’s Westside saw 73 per cent of sales being condos and only 16 per cent were detached houses. It’s evident the market in Vancouver was focussing on more less expensive homes with detached houses showing stronger activity going east throughout Metro Vancouver. New Westminster and North Vancouver continue at 2 Month’s Supply Inventory of all home types. While sales were less than 2016, for those two cities active listings did not increase to the same extent as other areas, specifically in the detached house category. Price gains were highest in the condo market, followed by the townhouse market with the detached market remaining static and with some declines. Market dynamics played out in very different ways depending on the area of Metro Vancouver being looked at.

 

Sales and Listings Stats Houses Townhouses Condos 2017

 

Sales and Listings Stats All Regional 2017

 

In the Fraser Valley there were 22,338 sales in 2017, which was down 7.3 per cent from the record of 23,974 sales in 2016. Of the total sales, 28 per cent were condos, 23 per cent were townhouses and 54 per cent were detached houses. There were a total of 32,651 new listings in 2017, the third highest on record – with 2016 and 2008 being the highest. But inventory levels still remain at low levels making the challenge of finding a home difficult for buyers.

 

Some highlights in market areas during 2017:

 

  • The number of sales of Detached Houses in West Vancouver declined from 1,075 in 2015 to 834 sales in 2016 to 496 sales in 2017
  • The number of sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,090 in 2017
  • Total residential sales for Greater Vancouver in 2017 were 36,604 – down from 40,880 in 2016 and 43,155 in 2015 but they were 10 per cent above the average since 1997
  • Total new listings for Greater Vancouver were 56,038 – right at the 20 year average but the lowest annual amount since 2009

 

There were many influences on our market in 2017. Federal mortgage rates increased for the first time since August 2010 which increased rates on variable rate mortgages and lines of credit. The discussion on affordability continued throughout the year with it being an influence on voters in the provincial election in May resulting in a change from the Liberal Party to the NDP Party being the ruling party. While there was an expectation that the government would act quickly to create policy to help ease affordability, they have said this will come in February with the release of the 2018 provincial budget. And what might we see? They have stated they do not have an appetite to ban foreign buyers, but the Foreign Buyer Tax will be reviewed – perhaps expanding the area applied to beyond Metro Vancouver? A speculation tax? That has been discussed, the details of which have not been released but certainly speculated. Ironic that a speculation tax would be subject to so much speculation itself! The City of Vancouver introduced an Empty Home Tax which begins this year based on the occupancy of homes in 2017. Any home vacant for more than 180 days will be subject to a tax of 1 per cent of the assessed value. The implementation of the tax is proving to be more complicated and creating liability for buyers and sellers in real estate transactions. So while many like to speak in general terms about the Metro Vancouver real estate market, it is very much a regional and product differentiated market.

 

So what will the real estate market bring in 2018 in Metro Vancouver? A lot of discussion! Not so much on where the market is going, but how it got to where it is. With Statistics Canada recently releasing numbers on the amount of foreign owners of real estate in Canada, they weren’t as high as many would have thought – 4.8 per cent in Vancouver’s residential market. The condo market showed a higher number at 7.8 per cent. Of course, the arguments ensued as to what makes a foreign owner and are all true foreign owners being accounted for. What’s true is that this is not a phenomenon unique to Metro Vancouver. As witnessed by Toronto’s introduction of a 15 per cent Foreign Buyer Tax, New Zealand in 2017 banning all foreign buyers of real estate and Australia’s previously instituted rule that foreign nationals could only buy new housing, not resale housing. And of course, the argument ensues, what’s really driving prices, the demand side of the equation or the supply side – the lack of it.  It’s interesting to note that in the United States, the housing market faced shortages of homes in the resale market and saw November be one of the strongest Novembers for sales on record.

 

Similar to last year at this time, home inventory is low and the likelihood of significant increases is something that won’t change in the near term. Completions of new product will occur at a greater level this year, but how many will come to market? Not enough to change listing amounts and impact prices. Strata properties will continue to be in short supply and high demand and detached homes will continue to see demand at a lower level and prices affected by this. And the conversations on real estate will continue at a feverish pace!

 

Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2017 was 2,069 – down from 2,831 in November 2017; up from 1,743 in December 2016 and down from 2,905 in December 2015. Total Active Listings were at 7540 at month end, up from 6,944 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 129% in December 2016. Benchmark Price is up 15.9% since January 2017 but only up 1.3% over the last 3 months.

 

Vancouver Westside: Total Units Sold in December 2017 was 315 – down from 505 in November 2017; down from 324 in December 2016 and down from 512 in December 2015. Total Active Listings were at 1,284 at month end, up from 1,071 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 97% in December 2017 compared to 140% in December 2016. Benchmark Price is up 12.6% since January 2017 but down 1.7% over the last 3 months.

 

Vancouver Eastside: Total Units Sold in December 2017 was 239 – down from 315 in November 2017; up from 183 in December 2016 and down from 264 in December 2015. Total Active Listings were at 927 at month end, up from 815 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 115% in December 2017 compared to 117% in December 2016. Benchmark Price is up 14.5% since January 2017 but flat over the last 3 months.

 

North Vancouver: Total Units Sold in December 2017 was 172 – down from 250 in November 2017; up from 138 in December 2016 and down from 210 in December 2015. Total Active Listings were at 393 at month end, up from 296 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market, more so for Condo/Townhouses) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 142% in December 2017 compared to 197% in December 2016. Benchmark Price is up 12.1% since January 2017 but down 0.9% over the last 3 months.

 

West Vancouver: Total Units Sold in December 2017 was 42 – down from 57 in November 2017; up down 44 in December 2016 and down from 86 in December 2015. Total Active Listings were at 510 at month end, up from 356 at the end of December 2016, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2016 and Sales to Listings Ratio was 81% in December 2017 compared to 80% in December 2016. Benchmark Price is up 5.8% since January 2017 but down 1.1% over the last 3 months.

 

Richmond: Total Units Sold in December 2017 was 287 – down from 350 in November 2017; up from 235 in December 2016 and down from 424 in December 2015. Total Active Listings were at 1,184 at month end, up from 1,040 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 15.4% since January 2017 but only up 2.1% over the last 3 months.

 

Burnaby East: Total Units Sold in December 2017 was 28 – up from 30 in November 2017; up from 20 in December 2016 and down from 35 in December 2015. Total Active Listings were at 106 at month end, up from 73 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 112% in December 2017 compared to 154% in December 2016. Benchmark Price is up 15.2% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby North: Total Units Sold in December 2017 was 99 – down from 144 in November 2017; up from 85 in December 2016 and down from 149 in December 2015. Total Active Listings were at 266 at month end, up from 237 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 99% in December 2017 compared to 149% in December 2016. Benchmark Price is up 16.8% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby South: Total Units Sold in December 2017 was 109 – down from 148 in November 2017; up from 73 in December 2016 and down from 203 in December 2015. Total Active Listings were at 370 at month end, up from 340 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 5 Months Supply at the end of 2016 and Sales to Listings Ratio was 96% in December 2017 compared to 111% in December 2016. Benchmark Price is up 16.3% since January 2017 but only up 0.9% over the last 3 months.

 

New Westminster: Total Units Sold in December 2017 was 117 – down from 167 in November 2017; up from 84 in December 2016 and up from 103 in December 2015. Total Active Listings were at 187 at month end, up from 182 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 25.4% since January 2017 but only up 1.8% over the last 3 months.

 

Coquitlam: Total Units Sold in December 2017 was 162 – down from 228 in November 2017; up from 128 in December 2016 and down from 243 in December 2015. Total Active Listings were at 487 at month end, up from 393 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 98% in December 2017 compared to 152% in December 2016. Benchmark Price is up 21.6% since January 2017 but only up 0.8% over the last 3 months.

 

Port Moody: Total Units Sold in December 2017 was 38 – down from 73 in November 2017; down from 41 in December 2016 and down from 51 in December 2015. Total Active Listings were at 106 at month end, down from 113 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 141% in December 2016. Benchmark Price is up 20.7% since January 2017 but only up 1.0% over the last 3 months.

 

Port Coquitlam: Total Units Sold in December 2017 was 71 – down from 94 in November 2017; up from 59 in December 2016 and down from 98 in December 2015. Total Active Listings were at 135 at month end, down from 148 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 109% in December 2017 compared to 140% in December 2016. Benchmark Price is up 23.9% since January 2017 but only up 0.3% over the last 3 months.

 

Ladner: Total Units Sold in December 2017 was 26 – the same for November 2017; up from 21 in December 2016 and up from 22 in December 2015. Total Active Listings were at 92 at month end, down from 135 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 6 Months Supply at the end of 2016 and Sales to Listings Ratio was 162% in December 2017 compared to 111% in December 2016. Benchmark Price is up 9.9% since January 2017 but only up 0.4% over the last 3 months.

 

Tsawwassen: Total Units Sold in December 2017 was 13 – down from 24 in November 2017; down from 15 in December 2016 and down from 50 in December 2015. Total Active Listings were at 141 at month end, down from 143 at the end of December 2016, Month’s Supply of Total Residential Listings is at 11 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 10 Months Supply at the end of 2016 and Sales to Listings Ratio was 100% in December 2017 compared to 68% in December 2016. Benchmark Price is up 9.3% since January 2017 and down 0.3% over the last 3 months.

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Sales and listings stats are attached as of December 17, 2017. With typical December activity occurring, we are still seeing buyers and sellers engaging in the market. While there are more listings already in December this year compared to all of December 2016, the number of active listings is declining and will continue to do so through the month. The question is how many active listings will there be to start 2018? With December 31st a common expiry date for listings, we will see a number of properties come off the market leaving likely close to 7,000 active listings in Greater Vancouver to start the year. Demand has been consistent so far in December with sales likely to finish close to 2,000 for Greater Vancouver compared to December 2016 at 1,743. Many a wish has been made this holiday season for the real estate market, but which ones will come through in the new year remains to be seen. Here is a summary of the activity so far:

 

Sales and Listings Stats Houses Townhouses Condos December 17 2017

 

Sales and Listings Stats All Regional Decembe 17 2017

 

Greater Vancouver – 1,178 Units Sold so far in December 2017 compared to 1,743 Units Sold in December 2016. Total New Listings so far in December are 1,546 compared to 1,350 total in December 2016. Total Active Listings are at 8,666 (9,369 at the end of November and 7,963 at this time in December 2016). Sales To Listings Ratio is at 76% compared to 67% in November 2017.

 

Vancouver West - 195 Units Sold so far in December 2017 compared to 324 Units Sold in December 2016. Total New Listings so far in December are 265 compared to 231 total in December 2016. Total Active Listings are at 1,464 (1,607 at the end of November and 1,277 at this time in December 2016). Sales To Listings Ratio is at 74% compared to 69% in November 2017.

 

Vancouver East – 126 Units Sold so far in December 2017 compared to 183 Units Sold in December 2016. Total New Listings so far in December are 173 compared to 156 total in December 2016. Total Active Listings are at 1,078 (815 at the end of November and 923 at this time in December 2016). Sales To Listings Ratio is at 73% compared to 61% in November 2017.

 

North Vancouver – 96 Units Sold so far in December 2017 compared to 138 Units Sold in December 2016. Total New Listings so far in December are 96 compared to 70 total in December 2016. Total Active Listings are at 509 (595 at the end of November and 380 at this time in December 2016). Sales To Listings Ratio is at 100% compared to 66% in November 2017.

 

West Vancouver – 23 Units Sold so far in December 2017 compared to 44 Units Sold in December 2016. Total New Listings so far in December are 39 compared to 55 total in December 2016. Total Active Listings are at 568 (626 at the end of November and 402 at this time in December 2016). Sales To Listings Ratio is at 59% compared to 33% in November 2017.

 

Richmond – 162 Units Sold so far in December 2017 compared to 235 Units Sold in December 2016. Total New Listings so far in December are 227 compared to 226 total in December 2016. Total Active Listings are at 1,333 (1,419 at the end of November and 1,128 at this time in December 2016). Sales To Listings Ratio is at 71% compared to 56% in November 2017.

 

Happy Holidays! 

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This is the Sales and Listings Report updated to the end of November 2017. Sales for November were down from October in most areas, we typically see November down from October in terms of number of homes sold though. Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46). While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991.

 

With the new Federal mortgage rule changes slated to begin on January 1st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategy http://vancouver.ca/people-programs/housing-vancouver-strategy.aspx  The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision.

 

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

 

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

 

Sales and Listings Stats  Houses Townhouses Condos for November 2017

 

Sales and Listings Stats All Regional for November 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017.

 

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017.

 

North Vancouver Residential:  Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017.

 

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017.

 

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017.

 

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Sales and listings stats are attached as of November 19, 2017. A light spike of inventory is occurring as the year draws to a close. Looking at the number of new listings coming on for November so far, we are seeing amounts higher than this time last year and in 2015 for November. Sales will be up from last year, not surprisingly but down from 2015. And Active listings are slightly above this time last year and 2015 as well. The areas in most need of new listings are still lagging behind though, with the apartment market still facing all time low inventory and as a result continued pressure on prices and occurrences of multiple offers. Supply side and demand side arguments continue to permeate through the market and will continue to be the discussion among many as the year draws to a close and the Provincial Government prepares for its first budget under their new rule.

 

Sales and Listings Stats All Regional November 19 2017

 

Sales and Listings Stats Houses, Townhouses and Condos November 19 2017

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,626 Units Sold so far in November 2017 and should finish with 2,700 for the month (up from 2,255 in November 2016.) Total New Listings so far in November are 2,550 and likely to finish with 4,000 (up from 3,220 in November 2016.) Total Active Listings are at 9,491 (up from 9,369 at the same time in 2016), Sales To Listings Ratio is at 64% compared to 66% at the end of October 2017.

 

Vancouver West - 297 Units Sold so far in November 2017 and should finish with 480 for the month (up from 408 in November 2016.) Total New Listings so far in November are 431 and likely to finish with 650 (up from 574 in November 2016.) Total Active Listings are at 1,648 (up from 1,572 at the same time in 2016), Sales To Listings Ratio is at 69% compared to 60% at the end of October 2017.

 

Vancouver East – 176 Units Sold so far in November 2017 and should finish with 280 for the month (up from 251 in November 2016.) Total New Listings so far in November are 315 and likely to finish with 530 (up from 419 in November 2016.) Total Active Listings are at 1,153 (up from 1,034 at the same time in 2016), Sales To Listings Ratio is at 56% compared to 54% at the end of October 2017.

 

North Vancouver – 149 Units Sold so far in November 2017 and should finish with 250 for the month (up from 222 in November 2016.) Total New Listings so far in November are 239 and likely to finish with 380 (up from 222 in November 2016.) Total Active Listings are at 594 (up from 511 at the same time in 2016), Sales To Listings Ratio is at 62% compared to 61% at the end of October 2017.

 

West Vancouver – 34 Units Sold so far in November 2017 and should finish with 55 for the month (up from 44 in November 2016.) Total New Listings so far in November are 103 and likely to finish with 160 (up from 110 in November 2016.) Total Active Listings are at 627 (up from 474 at the same time in 2016), Sales To Listings Ratio is at 33% compared to 23% at the end of October 2017.

 

Richmond – 197 Units Sold so far in November 2017 and should finish with 350 for the month (up from 262 in November 2016.) Total New Listings so far in November are 373 and likely to finish with 630 (up from 427 in November 2016.) Total Active Listings are at 1,410 (up from 1,327 at the same time in 2016), Sales To Listings Ratio is at 53% compared to 66% at the end of October 2017.

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Attached are the Sales and Listings Stats updated to the end of October 2017. As typically seen in the fall market, October sales finished above September. The numbers in October were 3,073 homes sold in Greater Vancouver, up 7 per cent from September and 15 per cent above the 10 year average for October. But over the last 10 years, the average increase in sales for October over September has been 5 per cent. So the trend for this year is much the same. New listings in October were down 15 per cent to September but up 14 per cent to October last year. Keeping in mind last year the Foreign Buyer’s Tax created a holding pattern in the market through the fall. New listings in October 2017 were up only 2 per cent on the 10 year average.

 

The trend continues, inventory is the lightest where it’s needed most – in the townhouse and apartment market. Total active listings in Greater Vancouver have decreased from 10,122 at the end of September to 9,768 at the end of October. Most areas are sitting at 3 Month’s Supply of homes on the market with detached homes in the 6 to 7 Month Supply range and townhouses and condos in the 1 to 2 Month Supply range. The exception is West Vancouver which continues to see the higher end of the market still very soft, dating back to June 2016. In October there were 29 houses sold, resulting in 18 Month’s Supply, compared to 146 house sold (2 Month’s Supply) at the peak of the market in March 2016. The detached housing market in other areas did show an increase in October compared to the previous three months but are still in a balanced to buyer’s market state.

 

October saw the announcement that the Federal Government was implementing the mortgage stress test for all mortgages from National Banks for borrowers with a down payment of 20 per cent and more. Similar to the stress test implemented for all high ratio buyers (less than 20 per cent down payment), this requires that borrowers qualify at a rate 2 per cent above the negotiated rate on their mortgage. This change last year was thought to be problematic for first time buyers and the bottom end of the market. In fact, that market segment has been the driving force with the lower end subject to extremely limited inventory and continual multiple offers. So what will be the effect of these recent changes? With an implementation date of January 1, 2018 (barring any changes), the market is reacting with increased buyer demand as those buyers facing stiffer lending requirements try to purchase before January. And again, the lower end of the market is bearing the biggest brunt of this increased pressure. “Without reflection, we go blindly on our way, creating more unintended consequences, and failing to achieve anything useful.” Margaret J. Wheatley.

 

From the Real Estate Board of Greater Vancouver, “Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices. The growth in our provincial economy and job market is contributing to today’s demand,” Oudil said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term.”

 

The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017. Attached sales represented 56 per cent of all market activity for the month, with apartment sales totalling 591 and townhomes at 418.

 

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast we can list them.”

 

Sales and Listings Stats All Residential October 2017

 

Sales and Listings Stats Houses Townhouses Condos October 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2017 was 3,073 – up from 2,881 (7%) in September 2017, up from 2,284 (35%) in October 2016, down from 3,714 (17%) in October 2015; Active Listings are at 9,768 compared to 9,826 at this time last year; New Listings in October 2017 were up 14% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 56% in October 2016.

 

Vancouver Westside Residential: Total Units Sold in October 2017 was 556 – up from 540 (3%) in September 2017, up from 408 (36%) in October 2016, down from 700 (21%) in October 2015; Active Listings are at 1,725 compared to 1,652 at this time last year; New Listings in October 2017 were up 23% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 60% compared to 51% in September 2017 and 54% in October 2016.

 

Vancouver Eastside Residential: Total Units Sold in October 2017 was 298 – up from 268 (11%) in September 2017, up from 202 (48%) in October 2016, down from 357 (17%) in October 2015; Active Listings are at 1,168 compared to 1,047 at this time last year; New Listings in October 2017 were up 11% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 54% compared to 47% in September 2017 and 40% in October 2016.

 

North Vancouver Residential Total Units Sold in October 2017 was 250 – up from 210 (19%) in September 2017, up from 170 (47%) in October 2016, down from 289 (13%) in October 2015; Active Listings are at 604 compared to 551 at this time last year; New Listings in October 2017 were up 30% compared to October 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 61% compared to 45% in September 2017 and 54% in October 2016.

 

West Vancouver Residential: Total Units Sold in October 2017 was 46 – down from 56 (18%) in September 2017, up from 35 (31%) in October 2016, down from 148 (69%) in October 2015; Active Listings are at 652 compared to 516 at this time last year; New Listings in October 2017 were up 39% compared to October 2016; Month’s Supply of Total Residential Listings is down to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 20% in September 2017 and 25% in October 2016.

 

Richmond Residential: Total Units Sold in October 2017 was 411 – up from 379 (8%) in September 2017, up from 290 (42%) in October 2016, down from 488 (16%) in October 2015; Active Listings are at 1,408 compared to 1,370 at this time last year; New Listings in October 2017 were up 22% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 57% in October 2016.

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Sales and listings stats are attached as of October 15, 2017. So far we’re seeing a stronger October for sales compared to last October. Understandably this isn’t a surprise what with the fall-out from the Foreign Buyer Tax fresh on the minds of buyers and sellers at this time last year. As well, last year this was part of my update “The real estate market continues to be the target of government regulatory changes. The latest being mortgage rule changes that took effect October 17th. These changes have added a “stress test” to mortgage qualifying which essentially requires anyone with less than 20 per cent down payment to qualify at a rate of 4.64 per cent as opposed to the lower negotiated rates. The effect is lowering the purchasing power of some buyers – mostly first time buyers.” Well this year the story could be very similar but with this same type of rule which would affect those buyers with more than 20 per cent down. While the final details have yet to be released, we’ll see where the market goes for the remainder of October. Certainly a lack of inventory continues to keep pressure on condo and townhouse prices with the detached market while showing more life so far in October compared to September is still in a balanced to buyer’s market state.

 

Sales and Listings Sats Houses Townhouses Condos for October 15 2017

 

Sales and Listings Stats All Regional for October 15 2017

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,368 Units Sold so far in October 2017 compared to 1,015 Units Sold by October 15, 2016. Total New Listings so far in October are 2,054 compared to 2,008 by the same time last year. Total Active Listings are at 9,855 (10,037 at the same time in October 2016), Sales To Listings Ratio is at 67% compared to 51% at this time in October 2016.

 

Vancouver West - 255 Units Sold so far in October 2017 compared to 197 Units Sold by October 15, 2016. Total New Listings so far in October are 441 compared to 364 by the same time last year. Total Active Listings are at 1,747 (1,663 at the same time in October 2016), Sales To Listings Ratio is at 58% compared to 54% at this time in October 2016.

 

Vancouver East – 125 Units Sold so far in October 2017 compared to 82 Units Sold by October 15, 2016. Total New Listings so far in October are 228 compared to 250 by the same time last year. Total Active Listings are at 1,114 (1,046 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 33% at this time in October 2016.

 

North Vancouver – 104 Units Sold so far in October 2017 compared to 73 Units Sold by October 15, 2016. Total New Listings so far in October are 189 compared to 156 by the same time last year. Total Active Listings are at 619 (581 at the same time in October 2016), Sales To Listings Ratio is at 55% compared to 47% at this time in October 2016.

 

West Vancouver – 24 Units Sold so far in October 2017 compared to 11 Units Sold by October 15, 2016. Total New Listings so far in October are 93 compared to 70 by the same time last year. Total Active Listings are at 638 (522 at the same time in October 2016), Sales To Listings Ratio is at 26% compared to 16% at this time in October 2016.

 

Richmond – 195 Units Sold so far in October 2017 compared to 126 Units Sold by October 15, 2016. Total New Listings so far in October are 287 compared to 240 by the same time last year. Total Active Listings are at 1,415 (1,399 at the same time in October 2016), Sales To Listings Ratio is at 68% compared to 53% at this time in October 2016.

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Attached are the Sales and Listings Stats updated to the end of September 2017. Real estate markets seem like a distant conversation in light of the events of the last few days. So many conversations need to be had on things not real estate related, far beyond sales and listings and sale prices. While shifting towards the September market now, let’s hope other conversations continue. The fall is upon us, and while September traditionally does start off slow, it did pick up as the month moved on. Looking at sales week by week, the month finished with the greatest amount weekly sales for this September in Greater Vancouver as the month closed out. A similar pattern continued in the market though, detached trailing the attached market in terms of sales activity with detached only being 30% of overall sales. September saw a slight decrease in sales from August in Greater Vancouver with total units sold at 2,881 which was down from 3,097 (7 per cent) in August 2017 and up 25 per cent compared to September 2016. New listings in September were up 26 per cent compared to August 2017 and up 11 per cent compared to September 2016. Sales in Greater Vancouver were up 13 per cent on the 10 year average and new listings were right at the 10 year average. Active listings in Greater Vancouver are as well right at the same level as last year.

 

Looking at area specific trends, Richmond was one of the lower performing areas with sales in September down 17 per cent compared to August 2017, with that drop spread amongst attached and condos while detached houses were the same as August. In fact the condo sales for Vancouver East and West Side and North Vancouver all saw declines in September compared to August. All while new listings were higher and active listings were increasing; a much needed boost into the most overheated segment of the market. Will this trend continue as we move into October, history shows that September is the peak for new listing numbers, but then again the Metro Vancouver real estate market makes up its own rules. With continued hints that mortgage rule changes are coming and with interest rates up from their lows, there could be external forces that affect the real estate market as we move to finish the year. But one interesting quote came from B.C.’s new Premier, John Horgan, “Housing is a critical component of many people's equity and their retirement prospects, and we want to make sure we don't adversely affect the marketplace." So perhaps our provincial government is going to back off from election rhetoric on making changes to the Metro Vancouver housing market.

 

From the Real Estate Board of Greater Vancouver, “Our detached homes market is balanced today, while apartment and townhome sales remain in seller’s market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

 

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”

 

The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,899 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history. Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.

 

The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.

 

Sales and Listings Report All Regional September 2017

 

Sales and Listings Report Houses Townhouses Condos September 2017.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in September 2017 was 2,881 – down from 3,097 (7%) in August 2017, up from 2,304 (25%) in September 2016, down from 3,423 (16%) in September 2015; Active Listings are at 10,122 compared to 10,061 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 53% compared to 71% in August 2017 and 47% in September 2016.

 

Vancouver Westside Residential: Total Units Sold in September 2017 was 540 – up from 516 (5%) in August 2017, up from 426 (27%) in September 2016, down from 609 (11%) in September 2015; Active Listings are at 1,744 compared to 1,474 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market in attached but trending to buyer’s market in detached) and a Sales to Listings Ratio of 51% compared to 69% in August 2017 and 45% in September 2016.

 

Vancouver Eastside Residential: Total Units Sold in September 2017 was 268 – down from 288 (7%) in August 2017, up from 200 (34%) in September 2016, down from 350 (24%) in September 2015; Active Listings are at 1,107 compared to 1,005 at this time last year; New Listings in September 2017 were up 2% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 47% compared to 69% in August 2017 and 36% in September 2016.

 

North Vancouver Residential Total Units Sold in September 2017 was 210 – down from 217 (3%) in August 2017, up from 182 (15%) in September 2016, down from 255 (18%) in September 2015; Active Listings are at 600 compared to 567 at this time last year; New Listings in September 2017 were up 6% compared to September 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 45% compared to 82% in August 2017 and 41% in September 2016.

 

West Vancouver Residential: Total Units Sold in September 2017 was 56 – up from 50 (12%) in August 2017, up from 39 (28%) in September 2016, down from 100 (44%) in September 2015; Active Listings are at 636 compared to 518 at this time last year; New Listings in September 2017 were up 35% compared to September 2016; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s market dominated by detached sales and limited attached sales) and a Sales to Listings Ratio of 20% compared to 37% in August 2017 and 19% in September 2016.

 

Richmond Residential: Total Units Sold in September 2017 was 379 – down from 454 (17%) in August 2017, up from 269 (41%) in September 2016, down from 457 (17%) in September 2015; Active Listings are at 1,482 compared to 1,425 at this time last year; New Listings in September 2017 were up 29% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market in attached but trending to a balanced market in detached) and a Sales to Listings Ratio of 53% compared to 67% in August 2017 and 49% in September 2016.

 

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“The future cannot be predicted, but futures can be invented”

 

Sales and listings stats are attached as of September 17, 2017. Just like kids starting school, we typically see a gradual entry into the fall market when September rolls around. With activity picking up over the last week, we are starting to see the level of sales and new listings increasing. Sales in Greater Vancouver are up 21 per cent compared to the same time in September of last year, while new listings are up 11 per cent. Of course last September was the hangover of the Foreign Buyer Tax introduction and a lot of buyers and sellers were shaking out the cobwebs of what was a significant shake up in the market – more indirectly than directly. Of course this year saw disruption as well with an election and eventual change in government, talk of changes in housing policies and interest rate increases for the first time in a number of years. 

 

But before we draw any conclusions about a fall market, we’ll let it play out through the month to see where September finishes. But so far, any increase in new listings is being bought up by the increase in sales – with the focus still predominantly in the apartment and townhouse market.

 

Sales and Listings Stats All Regional for September 17 2017

 

Sales and Listings Stats Houses Townhouses and Condos for September 17 2017

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,361 Units Sold so far in September 2017 compared to 1,126 Units Sold at this time in September 2016. Total New Listings so far in September are 2,988 compared to 2,693 at this time in September 2016. Total Active Listings are at 9,968 (9,716 at the same time in September 2016), Sales To Listings Ratio is at 46% compared to 42% at this time in September 2016.

 

Vancouver West - 271 Units Sold so far in September 2017 compared to 219 Units Sold at this time in September 2016. Total New Listings so far in September are 607 compared to 517 at this time in September 2016. Total Active Listings are at 1,724 (1,593 at the same time in September 2016), Sales To Listings Ratio is at 45% compared to 42% at this time in September 2016.

 

Vancouver East – 110 Units Sold so far in September 2017 compared to 80 Units Sold at this time in September 2016. Total New Listings so far in September are 311 compared to 299 at this time in September 2016. Total Active Listings are at 1,123 (959 at the same time in September 2016), Sales To Listings Ratio is at 35% compared to 27% at this time in September 2016.

 

North Vancouver – 91 Units Sold so far in September 2017 compared to 89 Units Sold at this time in September 2016. Total New Listings so far in September are 256 compared to 274 at this time in September 2016. Total Active Listings are at 563 (533 at the same time in September 2016), Sales To Listings Ratio is at 36% compared to 32% at this time in September 2016.

 

West Vancouver – 19 Units Sold so far in September 2017 compared to 14 Units Sold at this time in September 2016. Total New Listings so far in September are 162 compared to 115 at this time in September 2016. Total Active Listings are at 621 (493 at the same time in September 2016), Sales To Listings Ratio is at 12% compared to 12% at this time in September 2016.

 

Richmond – 195 Units Sold so far in September 2017 compared to 129 Units Sold at this time in September 2016. Total New Listings so far in September are 381 compared to 299 at this time in September 2016. Total Active Listings are at 1,442 (1,412 at the same time in September 2016), Sales To Listings Ratio is at 51% compared to 43% at this time in September 2016.

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Attached are the Sales and Listings Stats updated to the end of August 2017. The weather wasn’t the only hot part of Metro Vancouver with real estate sales proving that summer isn’t time off in the market. Although new listings were as dry as our weather over the last 3 months. August saw a slight increase in sales in Greater Vancouver with total units sold at 3,097 which was up from 3,012 (3 per cent) in July 2017 and up 21 per cent compared to August 2016. New listings in August were down 19 per cent compared to July 2017 and down 1 per cent compared to August 2016. Sales in Greater Vancouver were up 17 per cent on the 10 year average and new listings were down 2 per cent compared the to 10 year average. Increased demand this summer was not afforded any more inventory and thus bringing inventory levels down further. Yes, the same old story, supply is not keeping up with demand. There’s more speculation in the media as to where the buyers are coming from then actual speculation in the market. Ask many a visitor to Vancouver this summer, would they like to live here? And many just might.

 

Where has the market tempered? Detached properties. In Vancouver’s West Side, there were only 52 sales in August 2017. The slowest month since January and even less than August 2016 when the Foreign Buyer Tax came in and took the air out of the market to finish 2016. That brought Month’s Supply of Detached Homes on the West Side up to 14. The East Side of Vancouver fared better with 114 homes sold, compared to 111 in July and 78 last August.  It’s holding at 7 Month’s Supply. West Vancouver Detached sales showed a similar result as the West Side, with only 30 homes sold compared to 41 in July and 31 last August. Perhaps some of the uncertainty formed from the change in government and prospect of further regulatory changes in real estate are affecting the higher end of the market. The apartment and townhouse market remains strong though. With sales exceeding July in most areas – a trend that is not the norm. August is typically the lull in the market as summer dreams take over new homes dreams. And supply is not coming up with Vancouver, North Vancouver and Richmond all seeing only one Month Supply of product currently on the market. The tale of two markets continues.

 

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

 

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”

 

According to the Fraser Valley Real Estate Board, “Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales. The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017. Of the total sales, 470 were townhouses and 548 were apartments, together representing 54 per cent of the market activity in August.” In Greater Vancouver 17 per cent of total sales were townhouses and 49 per cent were apartments for a total of 66 per cent of market activity. On the West Side of Vancouver that total jumps to 81 per cent.

 

Sales and Listings Stats Houses Townhouses Condos August 2017

 

Sales and Listings Stats for All Regional August 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in August 2017 was 3,097 – up from 3,012 (3%) in July 2017, up from 2,554 (21%) in August 2016, down from 3,431 (10%) in August 2015; Active Listings are at 9,470 compared to 9,198 at this time last year; New Listings in August 2017 were down 1% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 58% in August 2016 and 56% in July 2017.

 

Vancouver Westside Residential: Total Units Sold in August 2017 was 516 – down from 525 (2%) in July 2017, up from 452 (14%) in August 2016, down from 751 (31%) in August 2015; Active Listings are at 1,596 compared to 1,474 at this time last year; New Listings in August 2017 were down 4% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 57% in August 2016 and 53% in July 2017.

 

Vancouver Eastside Residential: Total Units Sold in August 2017 was 288 – down from 307 (6%) in July 2017, up from 218 (32%) in August 2016, down from 303 (5%) in August 2015; Active Listings are at 1,070 compared to 865 at this time last year; New Listings in August 2017 were down 10% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 4 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 47% in August 2016 and 56% in July 2017.

 

North Vancouver Residential Total Units Sold in August 2017 was 217 – up from 200 (8%) in July 2017, up from 161 (35%) in August 2016, down from 219 (2%) in August 2015; Active Listings are at 472 compared to 395 at this time last year; New Listings in August 2017 were down 3% compared to August 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 82% compared to 59% in August 2016 and 55% in July 2017.

 

West Vancouver Houses: Total Units Sold in August 2017 was 50 – down from 56 (10%) in July 2017, down from 57 (11%) in August 2016, down from 102 (51%) in August 2015; Active Listings are at 575 compared to 467 at this time last year; New Listings in August 2017 were up 16% compared to August 2016; Month’s Supply of Total Residential Listings is up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 49% in August 2016 and 32% in July 2017.

 

Richmond Residential: Total Units Sold in August 2017 was 454 – up from 404 (12%) in July 2017, up from 324 (40%) in August 2016, flat compared to 455 in August 2015; Active Listings are at 1,422 compared to 1,411 at this time last year; New Listings in August 2017 were up 15% compared to August 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 67% compared to 55% in August 2016 and 50% in July 2017.

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Attached are the Sales and Listings Stats updated to the end of July 2017. Typical of summer in Metro Vancouver, the weather heats up and the market cools down. And with the wet spring we had this year and now the hot summer, attention has pulled away from real estate. And no different than we’ve seen over the last few years, July sales fall off those of the previous few months. We are now one year since the Foreign Buyer Tax with no clear indication of its affects, other than to stall the market last fall. The debates will continue in the coming months as we compare year over year with the tax in place. Residential home sales in June saw a decline in July in Greater Vancouver with total units sold at 3,012 which was down from 3,953 (24 per cent) in June 2017. Active Listings this month has increased 7 per cent to June 2017 and up 9 per cent compared to July 2016. New listings in July 2017 in Greater Vancouver were down 9 per cent from June 2017, and flat compared to July 2016. The strata property market once again continues to be the dominant force in property sales with a continued lack of inventory and strong demand. The benchmark price for a detached property in Greater Vancouver is only up 1.9 per cent since July 2016, the benchmark price for townhouse properties is up 11.9 per cent since July 2016 and the benchmark price for apartment properties is up 18.5 per cent since July 2016. While active listings have increased, we still haven’t seen them reach 10,000 yet this year.

 

“Housing demand is inconsistent across the region right now. Pockets of the market are still

receiving multiple offers and others are not. It depends on price, property type, and location,” Jill

Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached

home to sell compared to both townhomes and condominiums.”

 

Meanwhile according to the Fraser Valley Real Estate Board, sales activity remained strong in July, despite month-over-month decrease for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board. The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listings Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

 

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detach sales in the region. Last month total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year and increased 8.8 per cent when compared to June 2017.

 

Sales and Listings Stats Houses Townhouses Condos for July 2017

 

Sales and Listings Stats All Regional for July 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2017 was 3,012 – down from 3,953 (24%) in June 2017, down from 3,301 (9%) in July 2016, down from 4,038 (25%) in July 2015; Active Listings are at 9,869 compared to 9,038 at this time last year; New Listings in July 2017 were the same compared to July 2016; Month’s Supply of Total Residential Listings is up to 3  Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 56% compared to 61% in July 2016 and 67% in June 2017.

 

Vancouver Westside Residential: Total Units Sold in July 2017 was 525 – down from 644 (19%) in June 2017, down from 604 (13%) in July 2016, down from 806 (39%) in July 2015; Active Listings are at 1,705 compared to 1,495 at this time last year; New Listings in July 2017 were down 3% compared to July 2016; Month’s Supply of Total Residential Listings is up to 3  Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 53% compared to 59% in July 2016 and 59% in June 2017.

 

Vancouver Eastside Residential: Total Units Sold in July 2017 was 307 – down from 451 (32%) in June 2017, up from 290 (6%) in July 2016, down from 391 (21%) in July 2015; Active Listings are at 1,135 compared to 800 at this time last year; New Listings in July 2017 were up 1% compared to July 2016; Month’s Supply of Total Residential Listings is up to 4  Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 56% compared to 54% in July 2016 and 71% in June 2017.

 

North Vancouver Residential Total Units Sold in July 2017 was 200 – down from 298 (33%) in June 2017, down from 240 (17%) in July 2016, down from 285 (30%) in July 2015; Active Listings are at 554 compared to 399 at this time last year; New Listings in July 2017 were down 0.5% compared to July 2016; Month’s Supply of Total Residential Listings is up to 3  Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 55% compared to 66% in July 2016 and 70% in June 2017.

 

West Vancouver Houses: Total Units Sold in July 2017 was 56 – down from 92 (39%) in June 2017, down from 67 (14%) in July 2016, down from 110 (39%) in July 2015; Active Listings are at 585 compared to 514 at this time last year; New Listings in July 2017 were down 12% compared to July 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 32% compared to 33% in July 2016 and 40% in June 2017.

 

Richmond Residential: Total Units Sold in July 2017 was 404 – down from 503 (40%) in June 2017, down from 433 (7%) in July 2016, down from 543 (26%) in July 2015; Active Listings are at 1,435 compared to 1,398 at this time last year; New Listings in July 2017 were up 6.9% compared to July 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 57% in July 2016 and 58% in June 2017.

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Sales and listings stats are attached as of July 23, 2017. As we saw last year, sales in June and July have shown successive declines as buyer fatigue and the summer weather take priority. While much speculation, comparison and discussion will surround the real estate market statistics, last year was last year and this year is this year. So far in the last two months, we’ve had a provincial election that turned out a result which was eventually challenged and resulted in a change in government. Then the Bank of Canada raised its overnight lending rate for the first time in seven years and the apartment/townhouse market continues to be the driving force of sales. For Greater Vancouver, there have been 149 sales per day so far, while in June 2017 up to the 18th there were 170 sales per day and in July 2016 at mid-month there were 160 sales per day. Active listing totals are up in all areas, with New Listings so far in July at 283 per day while in June 2017 up to the 18th there were 264 per day and in July 2016 up to the 18th there were 267 new listings per day. So the long sought after inventory of properties for sale is starting to inch up.

 

Sales and Listings Stats Houses Townhouses Condos for July 23, 2017

 

Sales and Listings Stats All Regional July 23, 2017

 

Here is a summary of the activity so far:

 

Greater Vancouver – 2,094 units sold so far in July 2017 compared to 2,211 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 3,964 compared to 3,431 units listed as of June 18, 2017. Total Active Listings are at 9,805 (8,942 at the same time last year). Sales To Listings Ratio is at 53% compared to 67% in June 2017.

 

Vancouver West - 364 units sold so far in July 2017 compared to 367 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 739 compared to 630 units listed as of June 18, 2017. Total Active Listings are at 1,695 (1,486 at the same time last year). Sales To Listings Ratio is at 49% compared to 59% in June 2017.

 

Vancouver East – 210 units sold so far in July 2017 compared to 258 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 401 compared to 388 units listed as of June 18, 2017. Total Active Listings are at 1,157 (816 at the same time last year). Sales To Listings Ratio is at 52% compared to 71% in June 2017.

 

North Vancouver – 153 units sold so far in July 2017 compared to 165 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 260 compared to 248 units listed as of June 18, 2017. Total Active Listings are at 532 (396 at the same time last year). Sales To Listings Ratio is at 59% compared to 70% in June 2017.

 

West Vancouver – 40 units sold so far in July 2017 compared to 46 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 131 compared to 141 units listed as of June 18, 2017. Total Active Listings are at 580 (501 at the same time last year). Sales To Listings Ratio is at 31% compared to 40% in June 2017.

 

Richmond – 306 units sold so far in July 2017 compared to 287 units sold as of June 18, 2017. Total New Listings so far in June 2017 are 599 compared to 507 units listed as of June 18, 2017. Total Active Listings are at 1,382 (1,382 at the same time last year). Sales To Listings Ratio is at 51% compared to 58% in June 2017.

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“Tell everyone what you want to do and someone will want to help you do it.” – W. Clement Stone

Attached are the Sales and Listings Stats updated to the end of June 2017. With more ups and downs than our provincial government landscape, residential home sales in June saw a decline in Greater Vancouver with total units sold at 3,953 which was down from 4,425 (11 per cent) in May 2017. The first six months of 2017 have shown a 25 per cent decrease in the number of homes sold in Greater Vancouver compared to 2016, while the average price is down 4 per cent compared to the same 6 months in 2016 attributed to lower prices properties selling to a greater degree. The trend of buyers being more focused on the attached market has been quite prominent in 2017 which 33 per cent of overall sales for the first half of the year being detached homes, 17 per cent townhouse and 50 per cent apartments, while in 2016 it was 40 per cent were detached homes, 15 per cent townhouses and 44 per cent apartments. In looking at homes sales over the last 10 years, the average for June is 3,109 putting June 2017 sales at 27 per cent above the 10 year average, and 17 per cent above the 20 year average. Active Listings this month has increased ever so slightly, up 4 per cent compared to May 2017 and up 8 per cent compared to June 2016. New listings in June 2017 in Greater Vancouver were down 3 per cent from June 2016, and flat compared to the 10 year average and up 8 per cent compared to the 20 year average.

 

Vancouver’s West Side saw the lowest amount of detached homes sales as a percentage of overall sales for the first half of 2017 – at 18 percent, down from 24 per cent in the first 6 months of 2016. Apartments made up 72 per cent in the first half of 2017 compared to 67 per cent in the first half of 2016. While the East Side of Vancouver saw a higher percentage of detached home sales during the first 6 months of 2017 compared to Greater Vancouver. Detached home sales made up 39 per cent of all sales, while townhouses made up 12 per cent and apartments 49 per cent. East Vancouver apartment sales were 238 in June (with only 209 new listings) compared to 212 in May and were the highest by month for all time. Less than 7 per cent of those MLS® apartment sales in East Vancouver involved a presale apartment and less than 2 per cent were an assignment. Similarly on Vancouver’s West Side, less than 2 per cent of MLS® sales were presales and only 2 sales were assignments, suggesting speculation was much less of a factor and that price growth in the apartment market is driven significantly by scarcity of product.

 

“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said. Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

 

Meanwhile according to the Fraser Valley Real Estate Board, while overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month. The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017. At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017.

 

We knew that there was a growing appetite for our attached properties, but this month was exceptional,” said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

 

 Sales and Listings Report Houses Townhouses Condos for June 2017

 

Sales and Listings Report All Regional for June 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June 2017 was 3,953 – down from 4,425 (11%) in May 2017, down from 4,502 (12%) in June 2016, down from 4,444 (10%) in June 2015; Active Listings are at 9,198 compared to 8,546 at this time last year; New Listings in June 2017 were down 3% compared to June 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 67% compared to 74% in June 2016 and 72% in May 2017.

 

Vancouver Westside Residential: Total Units Sold in June 2017 was 644 – down from 796 (19%) in May 2017, down from 816 (21%) in June 2016, down from 884 (27%) in June 2015; Active Listings are at 1,544 compared to 1,381 at this time last year; New Listings in June 2017 were down 3% compared to June 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 59% compared to 72% in June 2016 and 74% in May 2017.

 

Vancouver Eastside Residential: Total Units Sold in June 2017 was 451 – down from 467 (3%) in May 2017, up from 407 (11%) in June 2016, down from 467 (3%) in June 2015; Active Listings are at 1,119 compared to 753 at this time last year; New Listings in June 2017 were up 7% compared to June 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 69% in June 2016 and 70% in May 2017.

 

North Vancouver Residential Total Units Sold in June 2017 was 298 – down from 325 (8%) in May 2017, down from 346 (14%) in June 2016, down from 339 (12%) in June 2015; Active Listings are at 510 compared to 385 at this time last year; New Listings in June 2017 were down 3% compared to June 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 70% compared to 79% in June 2016 and 64% in May 2017.

 

West Vancouver Houses: Total Units Sold in June 2017 was 92 – down from 100 (8%) in May 2017, down from 109 (16%) in June 2016, down from 132 (30%) in June 2015; Active Listings are at 578 compared to 488 at this time last year; New Listings in June 2017 were up 5% compared to June 2016; Month’s Supply of Total Residential Listings is constant at 6 Month’s Supply (Seller’s Market in Attached to Buyer’s Market in Detached) and a Sales to Listings Ratio of 40% compared to 50% in June 2016 and 41% in May 2017.

 

Richmond Residential: Total Units Sold in June 2017 was 503 – down from 563 (11%) in May 2017, down from 637 (21%) in June 2016, down from 546 (8%) in June 2015; Active Listings are at 1,294 compared to 1,299 at this time last year; New Listings in June 2017 were down 1% compared to June 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market in Attached and Balanced in Detached) and a Sales to Listings Ratio of 58% compared to 73% in June 2016 and 70% in May 2017.

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“Do what you love, love what you do, and deliver more than you promise.” – Harvey Mackay

 

Sales and listings stats are attached as of June 18, 2017. In the immortal words of Joe Friday from Dragnet “Just the facts…” So while it would be easy to make suppositions and predictions based on a couple of weeks of data, let’s let the month finish before any hints of what might be. June sales overall in Greater Vancouver are on pace to reach close to 4,000 homes sold. While down from May, they would still be 14 per cent above the 10 year average for June. And so far the strength of the market is again back to the apartment and townhouse market. Active listings are up 7 per cent, 9,120 compared to 8,499 at this time last year and new listings are on track to finish at 6,300 homes in Greater Vancouver, up 7 per cent than the 10 year average. Detached sales so far in June are on pace to be lower than May, while condo sales are on track to finish at May levels. Apartment sales in East Vancouver are in fact on pace to eclipse May, with 136 sales compared to only 138 new listings for the month. Vancouver West Side house sales are on pace to be 120 for May compared to 187 in June while new listings are on track to be 380 compared to 270 in May.  

 

Sales and Listings Report House Townhouses Condos as of June 18 2017

 

Sales and Listings Report All Regional as of June 18 2017

 

So while it would be easy to draw conclusions to the numbers at hand, the facts are merely the facts. And the market is merely the market, behaving as it typically would in June and after a busy spring. Here is a summary of the activity so far:

 

Greater Vancouver – 2,211 units sold so far in June 2017 compared to 2,378 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 3,431 compared to 3,356 units listed at the same time in May 2017. Total Active Listings are at 9,120 (8,499 at the same time last year). Sales To Listings Ratio is at 64% compared to 72% in May 2017.

 

Vancouver West - 367 units sold so far in June 2017 compared to 427 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 630 compared to 588 units listed at the same time in May 2017. Total Active Listings are at 1,482 (1,377 at the same time last year). Sales To Listings Ratio is at 58% compared to 74% in May 2017.

 

Vancouver East – 258 units sold so far in June 2017 compared to 267 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 388 compared to 337 units listed at the same time in May 2017. Total Active Listings are at 1,142 (720 at the same time last year). Sales To Listings Ratio is at 66% compared to 79% in May 2017.

 

North Vancouver – 165 units sold so far in June 2017 compared to 176 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 248 compared to 293 units listed at the same time in May 2017. Total Active Listings are at 507 (408 at the same time last year). Sales To Listings Ratio is at 67% compared to 64% in May 2017.

 

West Vancouver – 46 units sold so far in June 2017 compared to 56 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 141 compared to 136 units listed at the same time in May 2017. Total Active Listings are at 583 (473 at the same time last year). Sales To Listings Ratio is at 33% compared to 41% in May 2017.

 

Richmond – 287 units sold so far in June 2017 compared to 301 units sold at the same time in May 2017. Total New Listings so far in June 2017 are 507 compared to 416 units listed at the same time in May 2017. Total Active Listings are at 1,243 (1,322 at the same time last year). Sales To Listings Ratio is at 57% compared to 70% in May 2017.

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“Sometimes the questions are complicated and the answers are simple.” ― Dr. Seuss

Attached are the Sales and Listings Stats updated to the end of May 2017. What was flat is now up! We saw the market spike in May with 4,425 homes sold in Greater Vancouver compared to 3,617 sales in April, an increase of 22 per cent. While the townhouse and condo market remains very active, the detached housing market picked up steam in May in most areas. In looking at homes sales over the last 10 years, the average for May is 3,246 putting May 2017 sales at 23 per cent above the 10 year average. So after close to a year of a downward trend, the market has come back to being above the 10 year average. The lack of supply continues to be consistent though even though there has been a slight increase in Active Listings this month. New listings in May 2017 in Greater Vancouver were down 3 per cent from May 2016. While Active Listings increased to 8,816 in May from 8,428 in April, but it is still below what is need to match the demand in the market. The average new listings in May over the last 10 years has been 6,382 with May 2017 down 3 per cent from the 10 year average.

 

It certainly wasn’t a benign month in British Columbia with much change afoot. The political landscape saw uncertainty change to greater uncertainty and finally ending the month with what could be called “confusion”. And while political uncertainty usually creates nervousness in a real estate market, that was not the case here in Metro Vancouver. And for that matter in many other areas of British Columbia. There will be much speculation as to what policy changes in all aspects of government may come in the months ahead. How government leadership will play out and if we will see another election before 2021 remain the questions for now. Of course the big question is what changes will be made on housing policies once some form of government gets finalized? Certainly the lack of supply will continue to affect the real estate market. Without a significant increase in homes for sale, pressure continues to be on pricing.

 

“Demand for condominiums and townhomes is driving today’s activity,” Jill Oudil, Real Estate Board of Greater Vancouver president said, “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing. Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” Oudil said.

 

The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically. The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017. “The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types, said Gopal Sahota, Board President.

 

Sales and Listings Report All Regional for May 2017

 

Sales and Listings Report for Houses Townhouses Condos for May 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May 2017 was 4,425 – up from 3,617 (22%) in April 2017, down from 4,910 (10%) in May 2016, up from 4,264 (4%) in May 2015; Active Listings are at 8,816 compared to 8,431 at this time last year; New Listings in May 2017 were down 5% compared to May 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 76% in May 2016 and 72% in April 2017.

 

Vancouver Westside Residential: Total Units Sold in May 2017 was 796 – up from 613 (29%) in April 2017, down from 878 (10%) in May 2016, down from 812 (2%) in May 2015; Active Listings are at 1,381 compared to 1,337 at this time last year; New Listings in May 2017 were down 3% compared to May 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 74% compared to 76% in May 2016 and 71% in April 2017.

 

Vancouver Eastside Residential: Total Units Sold in May 2017 was 467 – up from 355 (32%) in April 2017, up from 447 (4%) in May 2016, up from 446 (4%) in May 2015; Active Listings are at 1,134 compared to 729 at this time last year; New Listings in May 2017 were the same compared to May 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 70% compared to 67% in May 2016 and 60% in April 2017.

 

North Vancouver Residential Total Units Sold in May 2017 was 325 – up from 255 (27%) in April 2017, down from 346 (6%) in May 2016, up from 333 (4%) in May 2015; Active Listings are at 502 compared to 383 at this time last year; New Listings in May 2017 were the same compared to May 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 64% compared to 69% in May 2016 and 71% in April 2017.

 

West Vancouver Houses: Total Units Sold in May 2017 was 100 – flat compared to 100 in April 2017, down from 150 (34%) in May 2016, down from 141 (29%) in May 2015; Active Listings are at 555 compared to 437 at this time last year; New Listings in May 2017 were down 8% compared to May 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 41% compared to 56% in May 2016 and 45% in April 2017.

 

Richmond Residential: Total Units Sold in May 2017 was 563 – up from 510 (10%) in April 2017, down from 634 (11%) in May 2016, up from 547 (3%) in May 2015; Active Listings are at 1,137 compared to 1,298 at this time last year; New Listings in May 2017 were down 15% compared to May 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 70% compared to 67% in May 2016 and 78% in April 2017.

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“Most of the shadows of life are caused by standing in our own sunshine.” – Ralph Waldo Emerson

 

Sales and listings stats are attached as of May 14, 2017. May sales are at a higher pace than that of April at mid-month. With one surprise, we are seeing the detached market improve in terms of the number of homes sold. Detached sales in the West and East side of Vancouver are up significantly compared to April and should finish at levels not seen since last spring. New listings in the market are up over the amounts in April and previous months, but not up enough to provide the supply that demand is seeking in today’s market. The B.C. Real Estate Association came out with data showing that housing supply in the province is at a 20-year low, and the association says that lack of supply is making the ongoing affordability problem worse. Here is a summary of the activity so far:

 

Sales and Listings Report All Residential May 14 2017

 

Sales and Listings Report House Townhouses Condos May 14, 2017

 

Greater Vancouver – 1,978 units sold so far in May 2017 compared to 1,674 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 2,808 compared to 2,308 units listed at the same time in April 2017. Total Active Listings are at 8,608 (8,393 at the same time last year). Sales To Listings Ratio is at 70% compared to 72% in April 2017.

 

Vancouver West - 356 units sold so far in May 2017 compared to 263 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 490 compared to 407 units listed at the same time in April 2017. Total Active Listings are at 1,371 (1,405 at the same time last year). Sales To Listings Ratio is at 73% compared to 71% in April 2017.

 

Vancouver East – 211 units sold so far in May 2017 compared to 162 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 281 compared to 268 units listed at the same time in April 2017. Total Active Listings are at 1,101 (678 at the same time last year). Sales To Listings Ratio is at 75% compared to 60% in April 2017.

 

North Vancouver – 147 units sold so far in May 2017 compared to 120 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 244 compared to 150 units listed at the same time in April 2017. Total Active Listings are at 484 (379 at the same time last year). Sales To Listings Ratio is at 60% compared to 71% in April 2017.

 

West Vancouver – 47 units sold so far in May 2017 compared to 42 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 113 compared to 99 units listed at the same time in April 2017. Total Active Listings are at 529 (454 at the same time last year). Sales To Listings Ratio is at 42% compared to 45% in April 2017.

 

Richmond – 251 units sold so far in May 2017 compared to 228 units sold at the same time in April 2017. Total New Listings so far in May 2017 are 347 compared to 290 units listed at the same time in April 2017. Total Active Listings are at 1,100 (1,279 at the same time last year). Sales To Listings Ratio is at 72% compared to 78% in April 2017.

 

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“The bad news is time flies. The good news is you’re the pilot” – Michael Althsuler

Attached are the Sales and Listings Stats updated to the end of April 2017. Flat is the new up! We saw the market remain consistent in most areas over the last two months. With April homes sales pretty much matching those in March with 3,617 homes sold in April compared to 3,632 in March. In looking at homes sales over the last 10 years, the average for April is 3,467 and over the last 20 years it is 3,180. So after 8 months of a downward trend, the market has come back to being above the 10 and 20 year average. The lack of supply continues to be consistent as well, with new listings in April 2017 in Greater Vancouver down 20 per cent from April 2016. While Active Listings crept up ever so slightly to 8,428 in April from 8,211 in March, it is still well below what is typical at this time of year. The average new listings in April over the last 10 years has been 6,192 (this April being down 19 per cent) and over the last 20 years 5,766 (this April being down 13 per cent). So while sales are above average, new listings are significantly down.

 

Changes were afoot in the east with the Ontario provincial government instituting a Foreign Buyer Tax of 15 per cent for the Greater Toronto area - similar to what was put in place in Metro Vancouver in August 2016. The implementation and guidelines of the tax are far more reasonable than was put in place here in British Columbia – but many arguments can be made as to the need and actual effect of such a tax. We are now 9 months into this tax here and the effects have not proved to make homes “more affordable.” In fact controlling demand hasn’t happened in an effective way. And after a temporary destabilization of the real estate market, it has come back. Buyers want to buy, the majority of them local buyers, but inventory levels are keeping it far too competitive. And the right mix of homes are not available to match the demand. Something that needs to change.

 

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

 

In the Fraser Valley, there were 2,230 sales of all property types in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017. Of the 2,230 sales, 438 were townhouses and 567 were apartments. Gopal Sahota, President of the Fraser Valley Real Estate Board on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

 

Sales and Listings Stats All Regional April 2017 

 

Sales and Listings Stats Houses Townhouses Condos April 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2017 was 3,617 – down from 3,632 (0.5%) in March 2017, down from 4,898 (26%) in April 2016, down from 4,264 (15%) in April 2015; Active Listings are at 8,428 compared to 8,271 at this time last year; New Listings in April 2017 were down 20% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 78% in April 2016 and 74% in March 2017.

 

Vancouver Westside Residential: Total Units Sold in April 2017 was 613 – down from 616 (0.5%) in March 2017, down from 878 (30%) in April 2016, down from 811 (24%) in April 2015; Active Listings are at 1,369 compared to 1,343 at this time last year; New Listings in April 2017 were down 24% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 77% in April 2016 and 75% in March 2017.

 

Vancouver Eastside Residential: Total Units Sold in April 2017 was 355 – down from 384 (8%) in March 2017, down from 429 (13%) in April 2016, down from 467 (24%) in April 2015; Active Listings are at 1,093 compared to 630 at this time last year; New Listings in April 2017 were up 4% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 60% compared to 76% in April 2016 and 73% in March 2017.

 

North Vancouver Residential Total Units Sold in April 2017 was 255 – down from 261 (2%) in March 2017, down from 359 (29%) in April 2016, down from 336 (24%) in April 2015; Active Listings are at 436 compared to 345 at this time last year; New Listings in April 2017 were down 13% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 87% in April 2016 and 76% in March 2017.

 

West Vancouver Houses: Total Units Sold in April 2017 was 100 – up from 97 (3%) in March 2017, down from 142 (30%) in April 2016, down from 138 (28%) in April 2015; Active Listings are at 511 compared to 437 at this time last year; New Listings in April 2017 were down 17% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 45% compared to 54% in April 2016 and 46% in March 2017.

 

Richmond Residential: Total Units Sold in April 2017 was 510 – down from 537 (5%) in March 2017, down from 617 (17%) in April 2016, down from 587 (13%) in April 2015; Active Listings are at 1,086 compared to 1,225 at this time last year; New Listings in April 2017 were down 20% compared to April 2016; Month’s Supply of Total Residential Listings is constant at 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 78% compared to 76% in April 2016 and 79% in March 2017.

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"Pull the string, and it will follow wherever you wish. Push it, and it will go nowhere at all." - Dwight Eisenhower

 

Sales and listings stats are attached as of April 16, 2017. The pace of April sales is close to matching that of March, unfortunately the same is not true of new listings. While the level of sales are not at the record pace of last year, they are typical for a spring market and continue to be dominated by apartment and townhouses. Inventory in those market segments are still well short of the demand without an increase in new listings to ease the competition buyers are experiencing. The pace should increase for both sales and listings as the second half of the month continues post Easter. Here is a summary of the activity so far:

 

Sales and Listings Stats All Regional April 16 2017

 

Sales and Listings Stats Houses Townhouses Condos April 16 2017

 

Greater Vancouver – 1,674 Units Sold so far in April 2017 and should finish with approximately 3,500 sales compared to 3,632 units sold in March 2017. Total New Listings so far in April 2017 are 2,308 and should finish with approximately 4,600 compared to 4,891 in March 2017. Total Active Listings are at 8,193 (8,236 at the same time last year). Sales To Listings Ratio is at 73% compared to 74% in March 2017.

 

Vancouver West - 263 Units Sold so far in April 2017 and should finish with approximately 580 sales compared to 616 units sold in March 2017. Total New Listings so far in April 2017 are 407 and should finish with approximately 800 compared to 824 in March 2017. Total Active Listings are at 1,359 (1,331 at the same time last year). Sales To Listings Ratio is at 65% compared to 75% in March 2017.

 

Vancouver East – 162 Units Sold so far in April 2017 and should finish with approximately 350 sales compared to 384 units sold in March 2017. Total New Listings so far in April 2017 are 268 and should finish with approximately 520 compared to 529 in March 2017. Total Active Listings are at 1,025 (643 at the same time last year). Sales To Listings Ratio is at 60% compared to 73% in March 2017.

 

North Vancouver – 120 Units Sold so far in April 2017 and should finish with approximately 250 sales compared to 261 units sold in March 2017. Total New Listings so far in April 2017 are 150 and should finish with approximately 300 compared to 342 in March 2017. Total Active Listings are at 400 (338 at the same time last year). Sales To Listings Ratio is at 80% compared to 746 in March 2017.

 

West Vancouver – 42 Units Sold so far in April 2017 and should finish with approximately 90 sales compared to 97 units sold in March 2017. Total New Listings so far in April 2017 are 99 and should finish with approximately 200 compared to 209 in March 2017. Total Active Listings are at 481 (432 at the same time last year). Sales To Listings Ratio is at 42% compared to 46% in March 2017.

 

Richmond – 228 Units Sold so far in April 2017 and should finish with approximately 500 sales compared to 537 units sold in March 2017. Total New Listings so far in April 2017 are 290 and should finish with approximately 590 compared to 683 in March 2017. Total Active Listings are at 1,103 (1,192 at the same time last year). Sales To Listings Ratio is at 79% compared to 79% in March 2017.

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“Some people walk in the rain, others just get wet” – Roger Miller

Attached are the Sales and Listings Stats updated to the end of March 2017. The real estate market in Metro Vancouver heated up in March, much more so than our weather!  The townhouse and condo market continues to be the life of the market, although the detached market is picking up steam. There were 3,632 homes sold in Greater Vancouver in March this year compared with 5,301 sales in a record March last year. Sales were up from 2,461 last month though. The big change from last year is the lack of new listings coming on market. This March there were 4,891 new listings compared to 6,447 in March of 2016 – down 26 per cent. Total Active Listings remain at the same level of last year which is keeping Month’s Supply of homes at 2 months in Greater Vancouver. Condos in Vancouver’s Westside is at 1 Month’s Supply, similarly with Condos in Richmond which actually had more sales in March than new listings. Total Active Listings for condos in Richmond are down to 266 from a high of over 1,000 two years ago.

 

The mix of sales continues to show that condos have taken over the market with 50 per cent of all sales in Greater Vancouver being condos while last year in March they were 42 per cent. Detached home sales were 40 per cent of all sales in March 2016 while account for only 32 per cent this year. East Vancouver and Richmond realized one of the bigger month over month gains with East Vancouver Detached House sales nearly doubling from their February level. Without any increase in listing levels, pressure will continue to push prices up in the attached market and keep them from moving any further downward on the detached side and likely showing some appreciation.

 

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers. Homes prices will likely continue to increase until we see more housing supply coming on to the market.”

 

In the Fraser Valley, propelled by significant activity in attached categories, March housing sales reached their second highest point in ten years, trailing only last year’s extraordinary market levels. The Fraser Valley saw 2,213 sales of all property types in March, a decrease of 26.4 per cent compared to March 2016 and up 58.5 per cent compared to February 2017. There were 3,072 new listings in March, a 41.5 per cent increase from February 2017 and a 24.3 per cent decrease compared to March 2016 at 4,057 new listings.

 

Sales and Listings Report All Residential for March 2017

 

Sales and Listings Report Houses Townhouses Condos March 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2017 was 3,632 – up from 2,461 (48%) in February 2017, down from 5,301 (31%) in March 2016, down from 4,132 (12%) in March 2015; Active Listings are at 8,211 compared to 8,118 at this time last year; New Listings in March 2017 were down 26% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 74% compared to 82% in March 2016 and 65% in February 2017.

 

Vancouver Westside Residential: Total Units Sold in March 2017 was 616 – up from 505 (22%) in February 2017, down from 1,001 (50%) in March 2016, down from 825 (39%) in March 2015; Active Listings are at 1,342 compared to 1,304 at this time last year; New Listings in March 2017 were down 24% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 75% compared to 92% in March 2016 and 73% in February 2017.

 

Vancouver Eastside Residential: Total Units Sold in March 2017 was 384 – up from 229 (68%) in February 2017, down from 476 (19%) in March 2016, down from 464 (17%) in March 2015; Active Listings are at 984 compared to 610 at this time last year; New Listings in March 2017 were down 8% compared to March 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 82% in March 2016 and 56% in February 2017.

 

North Vancouver Residential Total Units Sold in March 2017 was 261 – up from 216 (21%) in February 2017, down from 407 (47%) in March 2016, down from 399 (35%) in March 2015; Active Listings are at 413 compared to 407 at this time last year; New Listings in March 2017 were down 23% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (A Balanced to Seller’s Market with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 76% compared to 92% in March 2016 and 73% in February 2017.

 

West Vancouver Houses: Total Units Sold in March 2017 was 97 – up from 57 (70%) in February 2017, down from 179 (55%) in March 2016, down from 135 (29%) in March 2015; Active Listings are at 471 compared to 409 at this time last year; New Listings in March 2017 were down 15% compared to March 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Still a Buyer’s Market with Detached and Seller’s Market with Attached) and a Sales to Listings Ratio of 46% compared to 73% in March 2016 and 38% in February 2017.

 

Richmond Residential: Total Units Sold in March 2017 was 537 – up from 338 (59%) in February 2017, down from 663 (19%) in March 2016, down from 553 (3%) in March 2015; Active Listings are at 1,154 compared to 1,213 at this time last year; New Listings in March 2017 were down 31% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached Acting a Seller’s Market) and a Sales to Listings Ratio of 79% compared to 71% in March 2016 and 67% in February 2017.

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“Destiny is not a matter of chance; but a matter of choice.” – William Jennings

 

Sales and listings stats are attached as of March 19, 2017. March has shown the biggest increase in home sales so far since the spring of 2016. While there is still a lack of new listings coming on market, sales are on the rise. In Greater Vancouver we are likely to see close to 3,400 sales, which would be the highest monthly sales amount since June 2016. New Listings are on the rise as well, but well below the pace of last year. With only 4,800 new listings projected for March this year, it will be 25 per cent below March 2016. East Vancouver and Richmond are showing the biggest gains in home sales with an increase of over 75% compared to their levels in the fall of 2016. The strength of the market continues to be in the apartment and townhouse segment but there are signs of improvement in the detached market. Here is a summary of the activity so far:

 

Sales and Listings Stats All Residential March 19 2017

 

Sales and Listings Stats Houses Townhouse Condos March 19 2017

 

Greater Vancouver – 1,999 Units Sold so far in March 2017 and should finish with close to 3,400 sales compared to 2,461 units sold in February 2017. Total New Listings so far in March 2017 are 2,732 and should finish with 4,800 compared to 3,765 in February 2017. Total Active Listings are at 8,124 (8,226 at the same time last year). Sales To Listings Ratio is at 73% compared to 65% in February 2017.

 

Vancouver West - 317 Units Sold so far in March 2017 and should finish with close to 560 sales compared to 505 units sold in February 2017. Total New Listings so far in March 2017 are 454 and should finish with 830 compared to 692 in February 2017. Total Active Listings are at 1,349 (1,387 at the same time last year). Sales To Listings Ratio is at 70% compared to 73% in February 2017.

 

Vancouver East – 226 Units Sold so far in March 2017 and should finish with close to 400 sales compared to 229 units sold in February 2017. Total New Listings so far in March 2017 are 285 and should finish with 485 compared to 406 in February 2017. Total Active Listings are at 945 (603 at the same time last year). Sales To Listings Ratio is at 79% compared to 56% in February 2017.

 

North Vancouver – 147 Units Sold so far in March 2017 and should finish with close to 250 sales compared to 216 units sold in February 2017. Total New Listings so far in March 2017 are 172 and should finish with 290 compared to 296 in February 2017. Total Active Listings are at 385 (370 at the same time last year). Sales To Listings Ratio is at 85% compared to 73% in February 2017.

 

West Vancouver – 54 Units Sold so far in March 2017 and should finish with close to 90 sales compared to 57 units sold in February 2017. Total New Listings so far in March 2017 are 113 and should finish with 190 compared to 151 in February 2017. Total Active Listings are at 456 (407 at the same time last year). Sales To Listings Ratio is at 48% compared to 38% in February 2017.

 

Richmond – 299 Units Sold so far in March 2017 and should finish with close to 500 sales compared to 338 units sold in February 2017. Total New Listings so far in March 2017 are 401 and should finish with 670 compared to 505 in February 2017. Total Active Listings are at 1,169 (1,235 at the same time last year). Sales To Listings Ratio is at 75% compared to 67% in February 2017.

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"Go as far as you can see; when you get there you'll be able to see farther." - Thomas Carlyle

 

Attached are the Sales and Listings Stats updated to the end of February 2017. The real estate market in Metro Vancouver remained somewhat frozen but thawing from the months before. The attached and condo market has become what the detached market was last year, under supplied and with consistent multiple offer activity. There were 2,461 homes sold in Greater Vancouver in February this year compared with 4,254 sales in a record February last year. But it was also the highest amount of monthly sales since the summer of last year. In February 2016, Detached Homes sales made up 42% of all sales, while this February they were only 30% of all sales. While the percentage of attached homes remained consistent between the two years, condos made up 42% of sales in February 2016 and 52% of sales in February this year.

 

But what has stood out is the lack of new listings coming on market. There were 3,765 new listings in February in Greater Vancouver, down 42% from February last year and down from 11% from January this year. Sellers are content to hold on to their properties, while demand has increased, creating low overall inventory amounts and keeping prices in check.

 

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “Limited supply and snowy weather were two factors hampering this activity.” “While homes sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.

 

Sales and Listings Report Houses Townhouses Condos February 2017

 

Sales and Listings Report All Regional February 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2017 was 2,461 – up from 1,553 (58%) in January 2017, down from 4,254 (42%) in February 2016, down from 3,108 (21%) in February 2015; Active Listings are at 8,200 compared to 8,091 at this time last year; New Listings in February 2016 were down 42% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 65% compared to 71% in February 2016.

 

Vancouver Westside Residential: Total Units Sold in February 2017 was 505 – up from 271 (86%) in January 2017, down from 852 (41%) in February 2016, down from 631 (20%) in February 2015; Active Listings are at 1,376 compared to 1,432 at this time last year; New Listings in February 2016 were down 42% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 71% in February 2016.

 

Vancouver Eastside Residential: Total Units Sold in February 2017 was 229 – up from 139 (107%) in January 2017, down from 342 (33%) in February 2016, down from 325 (30%) in February 2015; Active Listings are at 966 compared to 601 at this time last year; New Listings in February 2016 were down 21% compared to February 2016; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 56% compared to 66% in February 2016.

 

North Vancouver Residential Total Units Sold in February 2017 was 216 – up from  (58%) in January 2017, down from 346 (38%) in February 2016, down from 273 (21%) in February 2015; Active Listings are at 414 compared to 403 at this time last year; New Listings in February 2016 were down 39% compared to February 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 73% compared to 71% in February 2016.

 

West Vancouver Houses: Total Units Sold in February 2017 was 57 – up from 26 (119%) in January 2017, down from 169 (66%) in February 2016, down from 146 (61%) in February 2015; Active Listings are at 448 compared to 446 at this time last year; New Listings in February 2016 were down 46% compared to February 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 38% compared to 61% in February 2016.

 

Richmond Residential: Total Units Sold in February 2017 was 338 – up from 225 (50%) in January 2017, down from 533 (36%) in February 2016, down from 399 (15%) in February 2015; Active Listings are at 1,182 compared to 1,144 at this time last year; New Listings in February 2016 were down 37% compared to February 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 67% compared to 70% in February 2016.

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