July Stats Show Improvement But Lack of Affordable Inventory

August 7, 2019

Buyers are taking advantage of the opportunity to move up and buy into the townhouse and detached home market with their price decreases in the last 2 years.

There were 2,584 homes sold of all types in Greater Vancouver in July this year compared with 2,098 homes sold last month, 2,018 sales in July last year and 3,012 homes sold in July 2017. This was 8 per cent below the 10-year average for July (compared with 33 per cent below the 10-year average last year in July). It was still the lowest number of homes sold in July since 2012 at 2,135. 1998 to 2000 saw some of the lowest number of sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Buyers are engaging. There were 841 detached houses sold in July 2019 up 32% from June's 637 sales in Greater Vancouver. We've seen a 10.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 473 sales in July 2019 compared to 354 in July 2018 (up 33.6 per cent) with a 9 per cent decrease in the benchmark price year over year; and for condos there were 1,243 sales in July, an increase in sales from 1,079 in July 2018 (up 15.2 per cent) with an 8.8 per cent decrease in the benchmark price year over year.

Active Listings are at 15,037 for month end (up 17 per cent compared to July 2018) and after listing expiries at month’s end, there were only 14,469 active listings to start August. This was a much more significant drop in listings at the end of July than we’ve seen after the through the month of July for the last 10 years. Over the last 25 years the number of new listings in the last 6 months of the year has been 30 to 35 per cent less than the number of new listings in the first half of the year – so expect the active listing count to drop even further. Buyers will need to be decisive to take advantage of buyer market conditions.

Supply of homes in Greater Vancouver saw a decrease in the number of new listings in July compared to last month and July of last year. There were 4,719 new listings during July in Greater Vancouver, down 3 per cent from July last year and down 12 per cent from July 2017 and overall are 6 per cent below the 10-year average for July.

The mix of supply currently has 10,000 active listings priced at $1M are more – leaving less than 4,700 active listings priced below $1M in Greater Vancouver. Looking at 13,576 sales in the first 7 months of 2019, there have been only 347 sales above $3M; 672 sales between $2m to $3M; 3,382 sales between $1M to $2M and 9,018 sales below $1M. The competition is clearly in the least suppled range of homes, yet this is not the focus of policy for all levels of government. The provincial government is intent on focusing policy on the least active segment of the market by trying to control that demand. Which begs the question, how are they making housing more affordable by not focusing on the supply of the lower end of the market?

Below is the historical month by month data in Greater Vancouver going back to the early 90’s showing sales, new listings and active listings. The yellow highlighted areas for sales show the slowest months of the market and for active listings, the highest number of active listings we’ve seen in the market. Clearly this latest slowdown in the real estate market saw one of the more prolonged decrease in sales but the least number of active listings for a down market. Sellers are confident and the idea of a significant drop in values won’t happen with that confidence.

See Full Stats Package here:

Mural Coming to Georgia and Burrard

July 19, 2019

From: The Daily Hive

https://dailyhive.com/vancouver/vancouver-mural-art-shepard-fairey-july-2019

Shepard Fairey’s 2008 Obama “Hope” poster. (Larissa Dundon)

An American graphic artist and social activist has announced that he’ll be painting a clear picture of Earth’s environmental crisis in downtown Vancouver in the form of a 20-storey mural.

Shepard Fairey will be featured in the Burrard Arts Foundation‘s new large-scale, rotating public art program called Surface Series located at a corner of West Georgia and Burrard streets.

Fairey is well known for his 2008 portrait of then-presidential candidate Barack Obama titled “Hope,” and has painted nearly 100 public murals around the world which included efforts to change the conversation around art and urban landscape.

Surface Series will complete its inaugural work titled “Earth Justice” by Fairey on August 7 — this will be the artist’s first mural in Vancouver and the body of work will be centred on the concept that this generation is facing an environmental crisis.

The Surface Series commission is presented in partnership with the Downtown Vancouver Business Improvement Association in collaboration with this year’s Vancouver Mural Festival, which is running from August 1 to 10.

Fairey said he chose the mural “Earth Justice,” which is about respecting and preserving the planet, for Vancouver because the city is a place with a lot of natural beauty and an environmentally-themed mural would be a reminder to protect its current conditions, climate, and environment.

In an interview with Daily Hive Vancouver, Fairey said: “I hope they think not just about themselves, but that the world is worth fighting for, for all of us.”

“Because climate change and environmental destruction will soon dwarf all other issues. Famine and population displacement will lead to many nations destabilizing and likely arise in acts of desperation, terrorism included.” Fairey said.

“Art is often tucked away in galleries and museums, and environmental policy discussions are often tucked away in politicians’ offices. I would like to see art and discussions of the future of the planet have a more public role. A mural on the scale of Earth Justice changes the cityscape and can’t be ignored. I hope that it not only fuels a discussion, but inspires others to use art in a similar way,” he said.

Fairey said since a young age he liked to draw, and he saw an opportunity in how to use his creativity within cultures he was passionate about, “skateboarding and punk rock were about do-it-yourself promotion such as making stencils, stickers and t-shirts, and my favourite punk rock, like the Dead Kennedys and The Clash, had a lot to say socially and politically. When I realized I wasn’t going to succeed in becoming a professional skateboarder, I decided I would make art with messages in part because it was the only thing that I was good at.”

Fairey said he created the “Hope” poster like others he’s made, “speaking my mind, but I did create a free download hoping it would become a viral tool of grassroots activism. It resonated with people far more than I ever could have imagined and the production and dissemination of that image to support Obama became the largest focus of a year of my life, which brought both opportunity and stress.”

“Obama sent me a very nice letter only a month after I created the image, thanking me and it included the line, ‘your images have a profound effect on people whether seen in a gallery or on a stop sign,'” Fairey said. “That was pretty amazing to me because I think it’s safe to interpret that as an implied endorsement of street art,” adding that he had met Obama a few times, “he’s an extraordinary human being who is intelligent and compassionate… what you would hope for in a public servant.”

Founder and Board President of Burrard Arts Foundation, Christian Chan, said public art, “is a catalyst to spark creative inspiration, foster civic discourse, promote cultural understanding and build social capital.”

“We’re thrilled to launch Surface Series with Shepard Fairey. ‘Earth Justice’ addresses the question of how to balance respect for our precious ecosystem with economic growth, progress and expansion in a city known for both its nature and economic development. Shepard has the unique ability to capture the public imagination, generate positive dialogue and spur people to action through bold and beautiful artwork,” Chan said.

Fairey is set to begin work on the 20-storey mural August 1 or 2, with three assistants and using a combination of roller paint, spray paint with a grid system of stencils and traditional brushes, he said.

Fairey said while the message of Earth Justice works for Vancouver, it also works globally, “we are all connected, and our actions impact the entire planet.”

The launch of Earth Justice will also coincide with an art exhibition at Burrard Arts Foundation featuring Fairey’s work called Facing the Giant: 3 Decades of Dissent, showing works that address recurring topics in Fairey’s career including gender equality, abuse of power and self-empowerment, to name a few.

June Sales Reveal Inventory Is Not Fulsome

July 10, 2019

Inventory levels are running about 10% below the 10 year average and as a result in spite of slower than normal sales we are seeing more multiple offers on properties in the past month because pricing has caught up to market reality and there is only a moderate supply.

Full Stats Package here

Sluggish June For End of Spring 2019 Market

July 3, 2019

June stats released by Real Estate Board of Greater Vancouver

http://members.rebgv.org/news/REBGV-Stats-Pkg-June-2019.pdf

Urban Analytics Report on Highrise Condo Projects Put on Hold

May 25, 2019

In my opinion there is sure to be a supply deficit come 2022 which will only drive prices UP!

Developers hit pause on riskier, highrise condo projects: Urban Analytics

Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments

JOANNE LEE-YOUNG

Updated: May 25, 2019

Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments, according to Urban Analytics, which tracks presale condo data. DARRYL DYCK / THE CANADIAN PRESS

ADJUST COMMENT PRINT

Vancouver-based developer Townline gave official notice that it’s postponing its Meridian project, a 39-storey tower with one-, two- and three-bedroom units near the Evergreen Line in Coquitlam.

Other developers, who had been scheduled to launch sales in recent months, have been more discreetly letting key dates go by without proceeding as planned. And there is market chatter about others who will join them.

It’s no wonder some developers are hitting pause, according to Michael Ferreira, managing principal at Urban Analytics, which keeps track of presale condo data.

The number of new or presale condo and townhome sales recorded across Metro Vancouver during the first quarter of 2019 represented a 56-per-cent drop from the last quarter and a 61-per-cent drop from the same quarter last year. At 1,783, it was the third-lowest quarterly sales total since 2010, after the global financial and credit crisis.

The postponing of several condo-project launches in the first quarter of 2019 meant 75-per-cent fewer units were released for sale, compared with the previous quarter.

“Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments,” said Ferreira in a news release.

Consultant Michael Ferreira of Vancouver-based Urban Analytics says highrise projects that carry significant financial risk for developers have hit a major slowdown. GERRY KAHRMANN / PNG FILES

Projects that are more dependent on buyers who are investors have also been hit hard, as investors are “more apt to stay on the sidelines and wait for what they perceive as a bottom of the market.”

This impacted some findings for the quarter. For example, there was a more significant drop in sales in the area north of the Fraser River because of the greater concentration of highrise developments there.

To compare, while highrise condo sales fell by 61 per cent year-on-year, there was only a 28-per-cent drop for lowrise condo sales.

The Real Estate Development Marketing Act requires developers to secure construction financing nine months after they file a disclosure statement, which allows them to legally sell their units. When presales were selling like hotcakes, this timeline was easy to meet.

Now, “with such a short window in which to meet presale targets required to obtain financing, developers are reluctant to launch a new project without some certainty they’ll meet those targets,” said Ferreira.

He added that the “overwhelming majority of unsold units are in the pre-construction phase, with completed and unsold units accounting for just six per cent of all unsold inventory.”

Across Metro, 93 per cent of all highrise-condo units scheduled to be completed by the end of 2020 are sold. The number goes down to 80 per cent of units being sold when looking at units that will be completed later in the third quarter of 2022.

Only in a few markets such as South Surrey/White Rock, Langley/Cloverdale and Richmond/South Delta were there more than 50 completed, move-in ready units that were unsold.

Overall, the total number of completed, move-in-ready-but-unsold units at the end of the first quarter of 2019 was 453. This figure has been increasing “moderately” and is an 18-per-cent increase over the last quarter, but still well below the high of just over 2,200 that was recorded in the last quarter of 2013, according to Urban Analytics.

[email protected]

"Equity Loss Cause For Alarm", Posted by Stepup Admin

May 24, 2019

Equity loss cause for alarm

Posted by on May 22, 2019

Today, at an event hosted by STEPUP, I released analysis that shows nearly $90 billion of estimated losses in homeowner equity across Metro Vancouver, largely driven by new federal and provincial government policies and taxes on homes.

This report is cause for alarm.

Our analysis uses sales data to determine an estimated loss of homeowner equity over the past year. It uses assessed values as a base to illustrate an estimate of total residential value prior to the downward market movement indicated by the actual sales transactions reported by the real estate boards of Greater Vancouver and the Fraser Valley.

Across the region, the grand total is a whopping $89.2 billion in lost equity. Percentage decreases range from a 4.76-per-cent drop in Pitt Meadows, to a 14.76-per-cent decrease in West Vancouver — the hardest hit municipality.

Per household, the equity loss is tens of thousands across the board, including $153,873 in Vancouver and $451,385 in West Vancouver.

These are not just numbers on paper, nor is it a problem for a few wealthy homeowners being targeted by specific taxes. This rapid loss has a real impact on families in all Metro Vancouver communities. Almost half of those billions in losses are outside Vancouver and West Vancouver.

Most of the time, home ownership is a worthy investment. Values change from year to year but generally increase over time, providing equity and hopefully some financial security for tough times and retirement.

We rely on the investment in our home for financial security now and in the future. Equity can be pulled out of your home to pay for things like unexpected emergency expenses, home renovations, post-secondary education and senior care costs.

For many people, diligent saving and paying down a mortgage is their retirement plan. Outside of a few sectors, guaranteed work retirement plans are a thing of the past. Once retirement and fixed income comes along, knowing that you have that equity gives you peace of mind, whether you choose to refinance, downsize or stay put with your grown children. And, of course, many seniors hope to leave a little something to their children.

A senior in Delta, for example, on a fixed monthly income facing a $67,000 loss in equity in one year faces much greater uncertainty about their future. Can they stay in their home? Can they afford the prescriptions and health care that they need?

And what if you haven’t been in your house for decades? Let’s think of a young family in Port Coquitlam who saved to put a 10-per-cent downpayment on a $650,000 condo in 2018. But wait! You have lost 10 per cent in equity since you bought! You are now paying interest on a loan that exceeds the home’s value, with little to no equity to access should unexpected repairs be required.

Research from the B.C. Real Estate Association shows that the equity loss has a significant impact across the economy: local businesses, retail sales, workers and housing starts are affected. It makes sense, if you are suddenly facing economic uncertainty, you are going to immediately tighten your budget. Tough choices have to be made.

Real estate markets are complex and no single policy change can be attributed to the loss being felt by homeowners in Metro Vancouver. However, real estate, like most investment types, is impacted by perceived risk. Recent provincial government taxes on housing as well as the new federal stress test rules on mortgages have acted to create uncertainty and perceived risk in the local market, which has stalled new development and reduced many household’s ability to access funds for discretionary spending. This will have a broader negative impact on the economy that has yet to be felt.

The risk is just too great, and a serious threat to our economic well-being.

Paul Sullivan is a senior partner at Burgess Cawley Sullivan and Associates, one of the largest commercial real estate appraisal and property tax consulting groups in Canada. This article appeared in the Vancouver Sun on May 21, 2019.

Bank of Canada Financial System Review 2019

May 21, 2019

Progress on two key vulnerabilities

The vulnerabilities associated with high household debt and imbalances in the housing market have declined modestly but remain significant.

The combined effect of mortgage stress tests and past increases in interest rates has slowed household borrowing and improved the quality of new mortgage lending. The share of Canadians falling behind on their debt payments remains relatively low and steady.
Housing resales and price growth have slowed significantly in Toronto and Vancouver over the past two years. Provincial housing measures, mortgage stress tests and past increases in interest rates have helped reduce excesses in these markets. Difficulties in the oil sector continue to weigh on housing markets in oil-producing provinces.

Despite this progress, we need to remain vigilant as the overall level of indebtedness continues to be high, with a large portion of that debt held by highly indebted households.

New measures have curbed borrowing, reduced speculative behaviour in housing markets and made the financial system more resilient. While the fundamentals in the housing sector remain solid overall and the sector should return to growth later this year, we continue to monitor these vulnerabilities closely.

Fragile corporate debt funding emerging as a vulnerability

Across many countries, including Canada, companies have become more indebted. This increase has been concentrated in lower-rated firms. Investor appetite for high-yield bonds and leveraged loans has driven this increase in borrowing, thus making future activity susceptible to shifts in investor sentiment. We will be monitoring this closely.

Other vulnerabilities highlighted in the 2019 Financial System Review include the following:

cyber incidents that could spread across the financial system

the rapidly changing crypto-asset and fintech sectors

climate change

Assessing climate-related risks

We want to better understand the risks that climate change poses to the economy and financial system. To do this, we are beginning a multi-year research effort and plan to

collaborate with domestic and international partners to build our analytical capacity, and

integrate climate-related risks into financial stability analysis.

The Bank will publish this work on the Financial System Hub and as part of the Financial System Review.

Risk slightly higher, but the system remains resilient

The overall risk to the Canadian financial system has increased slightly since our last assessment in June 2018. This increase is due to a slowdown in economic growth, caused in part by global trade policy uncertainty, last year’s oil price decline, ongoing difficulties in the energy sector and expanded risk taking in global financial markets.

The most important risks to Canada’s financial system remain a severe nationwide recession, a large house price correction and a sharp repricing of risk in financial markets. A recent stress test conducted by our staff considers these risks and finds if they materialized, large Canadian banks would be well positioned to manage them, which in turn would mitigate the effects on the wider financial system. At the same time, a second stress shows a scenario in which a material rise in interest rates would result in large redemptions in corporate bond mutual funds, causing a material widening in corporate spreads, which may exacerbate liquidity conditions.

Overall, the financial system remains resilient, and confidence among market participants continues to be high.

Global uncertainty is rising, and risks to financial stability have edged up in the past year. Still, confidence in the resilience of Canada’s financial system remains high, and we are seeing improvements in some of the key vulnerabilities we’ve been worried about for many years.

Stephen S. Poloz, Governor

CLICK HERE FOR FULL REPORT

Taxing The Air

May 15, 2019

Missing the small businesses which once made your neighbourhood so interesting and livable and charming? Well get ready to lose more of them as the BC NDP government expands its tax to death scheme to include school tax and speculation tax on the airspace above many Mom and Pop shops.

Read Dan Fumano's article on the predicament here

Interest Rates Will Come Down

May 15, 2019

BoC governor Stephen Poloz may have underestimated the downturn in the housing market and the wider impact to the economy, senior economist for Canada Stephen Brown told BNN Bloomberg.

Read full article here

April Numbers

May 4, 2019

Here’s a summary of the numbers:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April has underperforme. Click HERE for the stats

Blog

July Stats Show Improvement But Lack of Affordable Inventory

Mural Coming to Georgia and Burrard

June Sales Reveal Inventory Is Not Fulsome

Sluggish June For End of Spring 2019 Market

Urban Analytics Report on Highrise Condo Projects Put on Hold

In my opinion there is sure to be a supply deficit come 2022 which will only drive prices UP!

Developers hit pause on riskier, highrise condo projects: Urban Analytics

"Equity Loss Cause For Alarm", Posted by Stepup Admin

Equity loss cause for alarm

This report is cause for alarm.

Bank of Canada Financial System Review 2019

Financial System Review Summary - 2019

Progress on two key vulnerabilities

Fragile corporate debt funding emerging as a vulnerability

Assessing climate-related risks

Risk slightly higher, but the system remains resilient

Taxing The Air

Interest Rates Will Come Down

April Numbers

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