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!

Greater Vancouver Sales and Listings Report for May 2018

Attached are the Sales and Listings Stats updated to the end of May 2018. May showed improvement from April with sales up month over month. Although year over year, we saw a decline. Not surprising given what we’ve seen this year so far. There continues to be much debate in the market over the provincial government’s intervention in the real estate market with a divide being created between those who oppose and those who do not. Certainly the higher end of the market has been most affected from the new “School Tax” and the increase in the Foreign Buyer Tax. We’ve yet to see any significant listing activity from the proposed Speculation Tax. Perhaps what sums it up best is a quote from Ronald Regan, “We’re from the government and we are here to help.” What’s new right now is we are seeing inventory levels increasing in the market, more so than we’ve seen in a while. And not surprising given where the market is at. The detached market is continuing at a slower pace, albeit it a little more active this month. But the attached market has come off, with less instances of multiple offers and more inventory coming on.

 

There were 2,890 homes sold of all types in Greater Vancouver in May this year compared with 4,425 sales in May last year and 4,910 homes sold in May 2016. This was 18 per cent below the 10 year average for May and the lowest amount of sales in May since 2001. There were 936 Detached Houses sold in May 2018 up from 814 April (15 per cent) in Greater Vancouver, but down from 1,553 in May 2017. For townhouses there were 476 sales in May 2018 compared to 464 in April (up 3 per cent) and for condos there was an increase to 1,431 sales in May 2018 compared to 1,308 in April (up 9 per cent).

 

As for supply in the market, there was a jump in inventory last month. There were 6,558 new listings in May in Greater Vancouver, up 8 per cent from May last year and up 1 per cent from May 2016. The amount of new listings in May 2018 were 2.5 per cent above the 10 year average for May. All segments of the market saw an increase in the amount of new listings. Over all in Greater Vancouver there is still 4 Month’s Supply of inventory. But Active Listings are at 11,980 (up 36 per cent compared to May 2017). Vancouver’s Westside has seen an increase in Active listings to 2,276 from 1,381 in May 2017 (up 65 per cent), Vancouver’s Eastside an increase to 1,323 from 1,134 in May 2017 (up 17 per cent), North Vancouver an increase to 764 up from 502 in May 2017 (up 52 per cent) and Richmond an increase to 1,680 from 1,137 in May 2017 (up 48 per cent). Most areas are still seeing 4 to 5 months of inventory of homes for sale, except for West Vancouver which is at 12 Months of Inventory – mostly made up of detached homes. The real estate market is certainly showing the down side of a cycle right now. And with all the external factors affecting it, this isn’t surprising.

 

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, Real Estate Board of Greater Vancouver president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® in May, a decrease of 35.1 per cent compared to 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,758 sales in April 2018. Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May. Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017. “This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions. Sales continue to be strong and there’s plenty of potential for sellers if they understand the market and price effectively.”

 

Sales and Listings Report for May 2018 Houses Townhouses and Condos

 

Sales and Listings Report for May 2018 All Residential

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May 2018 was 2,890 – up from 2,631 (9.8%) in April 2018, down from 4,425 (35%) in May 2017, down from 4,910 (41%) in May 2016; Active Listings are at 11,980 compared to 8,816 (up 36%) at this time last year; New Listings in May 2018 were up 6% compared to May 2017 and up 1% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 72% in May 2017.

 

Vancouver Westside Residential: Total Units Sold in May 2018 was 504 – up from 467 (8%) in April 2018, down from 796 (37%) in May 2017, down from 851 (40%) in May 2016; Active Listings are at 2,276 compared to 1,381 (up 65%) at this time last year; New Listings in May 2018 were up 19% compared to May 2017 and up 14% compared to May 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 74% in May 2017.

 

Vancouver Eastside Residential: Total Units Sold in May 2018 was 364 – up from 298 (22%) in April 2018, down from 467 (22%) in May 2017, down from 447 (19%) in May 2016; Active Listings are at 1,323 compared to 1,134 (up 17%) at this time last year; New Listings in May 2018 were up 9% compared to May 2017 and up 10% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 70% in May 2017.

 

North Vancouver Residential Total Units Sold in May 2018 was 238 – up from 221 (8%) in April 2018, down from 325 (27%) in May 2017, down from 346 (31%) in May 2016; Active Listings are at 764 compared to 502 (up 52%) at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and up 6% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 64% in May 2017.

 

West Vancouver Houses: Total Units Sold in May 2018 was 63 – up from 56 (13%) in April 2018, down from 100 (37%) in May 2017, down from 150 (58%) in May 2016; Active Listings are at 744 compared to 555 (up 34%) at this time last year; New Listings in May 2018 were up 21% compared to May 2017 and up 11% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 41% in May 2017..

 

Richmond Residential: Total Units Sold in May 2018 was 356– up from 312 (14%) in April 2018, down from 563 (37%) in May 2017, down from 634 (44%) in May 2016; Active Listings are at 1,680 compared to 1,137 (up 48%) at this time last year; New Listings in May 2018 were up 8% compared to May 2017 and down 9% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Buyer’s Market with Attached Acting Like Balanced Market) and a Sales to Listings Ratio of 41% compared to 70% in May 2017.

 

Burnaby East: Total Units Sold in May 2018 was 29 – down from 35 (17%) in April 2018, down from 36 (18%) in May 2017, down from 44 (34%) in May 2016; Active Listings are at 144 compared to 95 (up 52%) at this time last year; New Listings in May 2018 were up 19% compared to May 2017 and down 15% compared to May 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 58% in May 2017.

 

Burnaby North: Total Units Sold in May 2018 was 147 – up from 135 (9%) in April 2018, down from 217 (32%) in May 2017, down from 231 (36%) in May 2016; Active Listings are at 425 compared to 372 (up 14%) at this time last year; New Listings in May 2018 were down 15% compared to May 2017 and down 9% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 55% compared to 69% in May 2017.

 

Burnaby South: Total Units Sold in May 2018 was 127 – up from 108 (18%) in April 2018, down from 250 (49%) in May 2017, down from 225 (43%) in May 2016; Active Listings are at 532 compared to 425 (up 25%) at this time last year; New Listings in May 2018 were down 13% compared to May 2017 and down 6% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 69% in May 2017.

 

New Westminster: Total Units Sold in May 2018 was 132 – down from 133 (1%) in April 2018, down from 227 (42%) in May 2017, down from 200 (34%) in May 2016; Active Listings are at 351 compared to 240 (up 46%) at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and down 1% compared to May 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 51% compared to 91% in May 2017.

 

Coquitlam: Total Units Sold in May 2018 was 200 – down from 202 (1%) in April 2018, down from 365 (45%) in May 2017, down from 447 (55%) in May 2016; Active Listings are at 809 compared to 532 up (52%) at this time last year; New Listings in May 2018 were up 3% compared to May 2017 and down 7% compared to May 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 40% compared to 75% in May 2017.

 

Port Moody: Total Units Sold in May 2018 was 64 – up from 54 (19%) in April 2018, down from 105 (39%) in May 2017, down from 121 (37%) in May 2016; Active Listings are at 191 compared to 148 (up 29%) at this time last year; New Listings in May 2018 were down 4% compared to May 2017 and down 11% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 50% compared to 78% in May 2017.

 

Port Coquitlam: Total Units Sold in May 2018 was 104 – up from 103 (1%) in April 2018, down from 171 (39%) in May 2017, down from 183 (43%) in May 2016; Active Listings are at 275 compared to 193 (up 42%)  at this time last year; New Listings in May 2018 were up 5% compared to May 2017 and up 12% compared to May 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Balanced to Buyer’s Market with Attached Acting Like a Seller’s Market) and a Sales to Listings Ratio of 44% compared to 77% in May 2017.

 

Ladner: Total Units Sold in May 2018 was 36 – up from 32 (12%) in April 2018, down from 59 (39%) in May 2017, down from 47 (23%) in May 2016; Active Listings are at 156 compared to 139 (up 12%) at this time last year; New Listings in May 2018 were up 38% compared to May 2017 and down 12% compared to May 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 98% in May 2017.

 

Tsawwassen: Total Units Sold in May 2018 was 35 – down from 38 (8%) in April 2018, down from 47 (26%) in May 2017, down from 72 (51%) in May 2016; Active Listings are at 266 compared to 193 (up 38%)  at this time last year; New Listings in May 2018 were up 7% compared to May 2017 and  down 6% compared to May 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 57% in May 2017.

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