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Greater Vancouver Realtor Market Report February 2024


 

Listen to the market update on YouTube, click HERE



February 2024 Market Update from Greater Vancouver Realtors


 

Home sellers awaken this spring, bringing much-needed inventory to the housing market

While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. 

 

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

 

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” 

 

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). 

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352). 

 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments. 

 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

 

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.” 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024. 

 

Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. 

 

Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024. 

 

Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024. 

Click here for full stats package



January 2024 Stats Report from Real Estate Board of Greater Vancouver


January 2024 Media Stats Package

While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

Download the January 2024 stats package. 



December 2023 Stats from the Real Estate Board of Greater Vancouver


Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory

 

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 


“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.” 


Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021. 


The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868). 


Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772). 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023. 


“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

 
“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.” 

 

December 2023 summary

 

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114). 


There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716). 


Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments. 


Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023. 


Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023. 


Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023. 

 

Download the December 2023 stats package.



October Statistics from Real Estate Board of Greater Vancouver


 

Metro Vancouver Statistics for October can be found here

 



September Statistics from the Real Estate Board of Greater Vancouver


 

September brings more activity to the real estate market.  Have a look at the Real Estate Board of Greater Vancouver's stats here.



Dexter's August 2023 Market Report


 

Click on the link below and our monthly booklet will open for you:

 

https://mailchi.mp/6878130c3788/mid-may-2022-vancouver-housing-market-review-10670962?e=2372f61679



August 2023 Stats from Real Estate Board of Greater Vancouver


 

Seasonal slowdown brings price stability to Metro Vancouver

VANCOUVER, BC – September 5, 2023 – As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouverhousing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home salesin the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”

There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.

Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.

 

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn

V.P., Communication and Events
Real Estate Board of Greater Vancouver 604.730.3146
[email protected]



July 2023 Stats from The Real Estate Board of Greater Vancouver


Strong sales push Metro Vancouver home prices past the rate hike in July

 

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909). 

 

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.” 

 

There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902). 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039). 

 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments. 

 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

 

“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.” 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023. 

 

Sales of detached homes in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023. 

 

Sales of apartment homes reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023. 

 

Attached home sales in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023. 

 

Download the July 2023 stats package.



MAY 2023 Stats from Real Estate Board of Greater Vancouver


Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives

 

While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458). 

 

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.” 

 

There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 per cent decrease compared to the 6,397 homes listed in May 2022, and was 4.3 per cent below the 10-year seasonal average (5,917). 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,293, a 10.5 per cent decrease compared to May 2022 (10,382), and 20.6 per cent below the 10-year seasonal average (11,705). 

 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2023 is 38.4 per cent. By property type, the ratio is 28.5 per cent for detached homes, 45 per cent for townhomes, and 45.5 per cent for apartments. 

 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

 

“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said. “And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.” 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.6 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023. 

 

Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023. 

 

Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023. 

 

Attached home sales in May 2023 totalled 608, a 16.7 per cent increase compared to the 521 sales in May 2022. The benchmark price of an attached home is $1,083,000. This represents a 4.7 per cent decrease from May 2022 and a 0.2 per cent increase compared to April 2023. 

 

Download the May 2023 stats package.



March 2023 Stats Greater Vancouver


From The Real Estate Board of Greater Vancouver:

 

News Release

FOR IMMEDIATE RELEASE:

Spring brings renewed price growth across Metro Vancouver’s housing market while new listings remain dormant

VANCOUVER, BC – April 3, 2023 – Home prices across Metro Vancouver’shousing market showed modest increases in March, while new listings remained below long-term historical averages.

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers areawaiting more favorable market conditions.”

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10- year seasonal average (10,421).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments.

Analysis of historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several month.

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.

 

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for less than one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn

V.P., Communication and Events
Real Estate Board of Greater Vancouver 604.730.3146
[email protected]

 

Read More Here



February 2023 Statistics from Real Estate Board of Greater Vancouver


News Release

FOR IMMEDIATE RELEASE:

Below average home sales allow inventory to inch upwards

VANCOUVER, BC – March 2, 2023 – February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33 per cent below the 10-year February sales average.

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478).

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said. “In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.

For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 per cent decrease over February 2022 and a 1.1 per cent increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 2023.

Attached home sales in February 2023 totalled 366, a 34.6 per cent decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3 per cent decrease from February 2022 and a 1.8 per cent increase compared to January 2023.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn

V.P., Communication and Events
Real Estate Board of Greater Vancouver 604.730.3146
[email protected]

 

 

For Area Stats click HERE



January 2023 Stats From Real Estate Board of Greater Vancouver


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News Release


Home sales decline below long-term averages and inventory remains low to start 2023

VANCOUVER, BC – February 2, 2023 – Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”

There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase compared to December 2022 (7,384).

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“We know the peak for prices in our market occurred last spring. Over the coming months, year- over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022 and a 0.3 per cent decrease compared to December 2022.

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622 detached sales recorded in January 2022. The benchmark price for a detached home is $1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the 1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348 sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a three per cent decrease from January 2022 and a 0.8 per cent increase compared to December 2022.



Year End 2022 Real Estate Report from Dexter Realty


 

Click on the link below to open the booklet:

 

https://booklet.dexterrealty.com/vancouverrealestatemarketreport2



November 2022 Stats Real Estate Board of Greater Vancouver


From:  The Real Estate Board of Greater Vancouver

 

News Release

FOR IMMEDIATE RELEASE:

Home sale and listing activity continue trending below long-term averages in November

VANCOUVER, BC – December 2, 2022 – While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9 per cent below the 10-year November sales average.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home purchases something many people may end up foregoing this year.”

There were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2022. This represents a 22.9 per cent decrease compared to the 3,964 homes listed in November 2021 and a 24.2 per cent decrease compared to October 2022 when sellers listed 4,033 homes.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and a 6.8 per cent decrease compared to October 2022 (9,852).

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

For all property types, the sales-to-active listings ratio for November 2022 is 17.6 per cent. By property type, the ratio is 13.2 per cent for detached homes, 19.7 per cent for townhomes, and 20.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 0.6 per cent decrease over November 2021, a 10.2 per cent decrease over the last six months, and a 1.5 per cent decrease compared to October 2022.

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

Attached home sales in November 2022 totalled 281, a 54.2 per cent decrease compared to the 613 sales in November 2021. The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2021, 43,999 homes changed ownership in the Board’s area, generating $2.98 billion in economic spin-off activity and an estimated 20,942 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $53.4 billion in 2021.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

page2image3489621648

Senior Writer & Communication Strategist Real Estate Board of Greater Vancouver

Mark Moldowan

604.730.3153 mmoldowan@rebgv.org

 

 

For East Vancouver and Vancouver West detailed stats click HERE



October 2022 Stats for Greater Vancouver


 

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News Release

FOR IMMEDIATE RELEASE:

Inflation, rising interest rates create caution across Metro Vancouver’s housing market

VANCOUVER, BC – November 2, 2022 – Home sale activity across the Metro Vancouver* housing market continued to trend well below historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

Last month’s sales were 33.3 per cent below the 10-year October sales average.

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022. This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).

“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”

For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.

Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for a detached home is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.

Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment home is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.

Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021. The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 2022.

 

Download the October 2022 stats package.



Vancouver Real Estate September 2022 Stats from Dexter Realty


Highlights of the September 2022 Dexter Report

  • Five markets have composite home prices under $1 million

  • Home prices down for the sixth month in a row

  • Detached housing now firmly in a buyer’s market

  • Total residential sales in September test a 30-year low, but not as low as 2018, 2012 and 2008

  • Greater Vancouver condo sales are down 45.2% from a year ago

  • Surrey detached house sales tumble 67% year-over-year

 


The benchmark price of a home in Metro Vancouver marked the six consecutive monthly decline to settle at $1,555,300, yet it is still the highest in the country and up nearly 4% from a year ago.


New listings of homes in September were 18% below the 10-year average, though the total number of active listings increased to 10,424 at month end (up 3% from August), because only 40% of new listings sold.

Sales of apartments, which had been leading the market for months, suddenly dropped 45.2% in September compared to September 2021, to just 888 transactions. Sales of detached houses and townhouses in Greater Vancouver totaled just 799 in September, down 44.7% and 52.6%, respectively from the same month a year earlier.

While balance is the theme based on the supply of homes available, the market is very much acting like a buyer’s market in many areas and product types.  Yet we are hearing of more multiple offers occurring as buyers bid on properties just as other buyers want in as well. 

A strange market indeed, and little wonder that many buyers and sellers have decided to sit it out and wait for the drama to settle. But, that may be a mistake for those buyers looking to (finally) get into a detached house in some municipalities. 

Consider this: as the bellwether 5-year mortgage bank rate increased by 1.95% in the last six months, the price of a detached house in East Vancouver has fallen 10.6% at the same time; it has dropped by 13.4% in North Vancouver and by double-digits in East and South Burnaby, Port Coquitlam, Maple Ridge, Pitt Meadows and Ladner, compared to April 2022. 

The benchmark detached house price in Greater Vancouver is now $173,400 less than it was six months ago, and it has fallen by $270,000 in the Fraser Valley.
That covers a lot of mortgage payments.
 
Political moves: There are politics at play in the housing market with upcoming elections and the change in the premiership of the province as both will intrude on the Metro Vancouver housing market. 

At the municipal level, it seems assured that any new governments elected October 15 will try to increase the supply of new homes (or at least they should), but they will be primarily rentals, not strata houses. As of September 1, across Metro Vancouver, starts of new townhouses were down 30% from a year earlier and condo starts had plunged 42%, while new rental housing starts had increased 30% compared to 2021. Think about how townhouses have been the most sought-after product in our market over the last few years. Perhaps they this report should be part of required reading.

At the provincial level, the pretty much decided incoming premier, in fact, issued a new housing policy. It will likely face pushback from municipalities and strata corporations. And, if it ever does become law, it will prove more of a boon to real estate investors and speculators than to those seeking to buy more affordable homes.
Two examples: the new provincial housing policy includes a $500 million taxpayer fund to allow non-profits and tenants to purchase old “affordable” rental apartment buildings that come up for sale. This will simply increase the price of these aging properties and put taxpayers and former tenants on the hook for repairs and upgrades. The province has a record of paying far above assessment values for rental property. The policy would also allow the province to remove any ban on rentals in strata projects, despite Strata Corp.’s regulations; opening more supply for investors and allow for them to rent out their investment. 


Bottom line: Buy the dip. Lower home prices since the spring now trump the modest rise in mortgage rates; and the modest increase in supply of homes for sale coupled with decreased demand allows room for careful shopping and price negotiations. Further, with immigration expected to hit record highs over the next two years and the price of residential land continuing to rise – it is now at $20 million per acre in most of Greater Vancouver – long-term home prices will go up again.

 

Here is a close-up of regional markets

 
Greater Vancouver: September total housing sales, at 1,701 were still higher than in September of 2018, 2012 and 2008, which were the lowest levels for that month in 30 years. Sales were down 47% from September 2021. The composite home price, at $1,155,300, was up 3.9% from September 2021, but down 8.5% over the past six months, including a 2.1% decline compared to August 2022.  The composite home price has been falling by about $6,000 per week since April.  The good news is that new listings were up 27% from August 2022, and active listings at end of September were at 10,424, compared to 9,728 at that time last year and 3% higher than at the end of this August. The supply of total residential listings is up to 6 month’s supply, while the sales-to-listings ratio of 40% compares to 56% in August 2022 and 60% in September 2021.  This market is technically balanced but leaning towards a buyer’s market, especially in the detached house sector. 
 
Fraser Valley: The Fraser Valley Real Estate Board processed a total of 897 sales in September, a decrease of 11.8% compared to August 2022 and down 51.9 % compared to this time last year. With 2,272 new listings added in September, total listings were 5,805, up 52.3 per cent from a year ago. The sales-to-active listings are down to 15%, which the Board claims is ‘balanced’ but it looks more like a buyer’s market. All sectors saw benchmark price declines from a month earlier, with detached house prices down 3.4% to $1,462,000; townhouses off 2.3% to $822,400 and condo apartments slipping down 2.1% to $530,400.  Prices have been decreasing month-over-month since April and the Board stated: “we anticipate prices may continue to decline across all categories.” 
 
Vancouver Westside: Prices are defying the sales dip. In the first nine months of 2022, detached house sales on the Westside have fallen 24% compared to a year earlier and September detached sales reached just 54 transactions, down from 82 in September 2021. Yet the median detached house price in September was up more than 10% from both a month and year earlier, at $3,395,000. In fact, despite slower sales, the median price of both townhouses and condos were also higher in September than in the same month last year, with townhouses also up an average of $300,000 compared to a month earlier at $1,619,500, based on 33 sales in September. Apartment median prices are holding steady in the $810,000 range. The price resilience on the West Side is the envy of Metro Vancouver. Total sales in September were 301, down 21% from August 2022 and 47% below September 2021. Active Listings were at 2,378 at month end, up 4% a month earlier and new listings were up 23% compared to August 2022. The Westside is now a buyer’s market, but do not expect to see lower prices, despite the sales-to-listing ratio falling to 33%, the lowest level since 2018.
 
Vancouver East Side: The East Side is a relative bargain right now, but based on zoning, non-residential development and what land is selling for, expect prices to rise over the next few months. In September, for example a 1.2-acre land assembly for new townhouses in the Grandview-Woodlands area sold for the equivalent of $20 million per acre. Add in high construction costs, city development fees and other soft costs, and we are talking about perhaps the most expensive townhouses ever marketed east of Quebec Street. With the incredible job-generating development on the 450-acre False Creek Flats ramping up, and the density zoning along the new Broadway subway line, this could be the last year that the East Side is considered relatively affordable. This September, the median price of a detached house was $1,660,000, down more than $100,000 from both August 2020 and September of last year. At a median of $612,500, East Side condo apartments are less expensive than in Burnaby, North Vancouver, Coquitlam, or Richmond and nearly $200,000 less than on the Westside. The East Side is considered a balanced market, with a total 6-month supply of listings, a sales-to-listings ratio at 40% and total sales down 51% from a year ago. But don’t be fooled: the East Side is a prime market for savvy buyers who see where Vancouver is heading, 
 
North Vancouver: Affordable housing is the main election issue for 50% of North Vancouver residents, according to a recent survey. And for good reason. Housing starts of all types are down this year and, as of the end of September, there were only 639 homes listed for sale. It is only a low 32% sales-to-listing ratio that is keeping the inventory at a 5-month supply. The result is that, despite slower sales, North Vancouver benchmark detached house prices have barely budged in a year, down 0.5% from September 2021 to $2,092,700 in September 2022. Only West Vancouver and Vancouver West Side have more expensive houses.  In September total North Vancouver home sales reached 128 transactions, up 4% from a month earlier but down 44% from September of last year. Condo apartment sales are down 50% from a year ago, but the benchmark condo price is $787,200, up 6.5% from September 2021. 
 
West Vancouver: It may be because, with the highest household incomes in B.C., rising mortgage rates have less effect on the housing market, but West Vancouver appears to blithely ignore the current turmoil. Total housing sales in September were down 41% from a year earlier, to 42 transactions, but total listings are almost the same, at 599. The sales-to-listing ratio is a sluggish 22%, the lowest in four years. Yet the benchmark home price is up 1.2% from a year ago and a West Vancouver detached house price has also remained constant from September 2021, up 2.6% to $3,264,900. This is technically a buyer’s market for those who can afford it.
 
Richmond: The current inventory of 1,279 active listings is among the healthiest in suburban markets and low sales – just 210 in September, down 51% from September of last year and down 4% from a month earlier – should keep the supply growing. New listings were up 25% from August 2022 and the sales-to-listing ratio is running at 45% in what is seen as a balanced market. The benchmark detached house price is down a modest 5.2% from six months ago to $2,081,500; townhouses benchmark at just over $1 million and 115 condos sold in September at a benchmark price of $703,900.
 
Burnaby East: Only 17 homes of all types sold in September, down 55% from the same month last year and the lowest level since September 2018, when an avalanche of government anti-demand measures came into force. The composite home price is $1,113,200, down 6.6% from six months ago, and the detached house price has dropped 11.2% in the same period to $1,784,800. New listings in September are flat compared to August 2022 and down 45% compared to September 2021. The inventory of total listings is steady at a 4 month’s supply, which is seen as a seller’s market with a sales-to-listings ratio of 63%. 
 
Burnaby North: Total housing sales in September were down 41% from a year earlier to 111 transactions, while total active listings were 431 at month’s end, down 4% from a month earlier and 41% below September 2021. This is a seller’s market with just a 4-month supply of listings and the sales-to-listing ratio of a robust 57%. The composite benchmark home price is down 5.8% from six month ago to $997,800, the only Burnaby market below $1 million. 
 
Burnaby South: Detached house prices dropped 10.2% over the past six months to $2,079,400 as total sales in September dropped 22% from a month earlier and 48% from a year before, to just 96 transactions. Condo benchmark prices are down 6.6% since April, when interest rates began increasing, to $750,300. Active listings were 454 at month end compared to 547 at that time last year, and up 5% at the end of August 2022. This is considered a balanced market with a sales-to-listing ratio of 44% and a 5-month’s supply of homes for sale.
 
New Westminster: Just 9 detached houses, 7 townhouses and 51 condo apartments sold in the Royal City in September. Total transactions are the lowest in decades, 4% below even the slow market in September 2018. Prices have been falling about 1% since April and settled at $808,500 in September. Condos, the biggest seller, have seen benchmark prices drop 5.2% in the last six months and were down 2.6% from August to $633,800. The housing inventory is holding at a 4-month supply and the sales-to-listing ratio was 39% in September, a sharp drop from 65% a month earlier. For these reasons, New Westminster remains a seller’s market, despite the slow sales and price declines.

Coquitlam: A huge increase in new homes is coming to Central Coquitlam as a total of 18 towers, including six condo towers with 3,000 homes, was approved for the corner of Lougheed Highway and Barnet Highways in late September. The first of the new units are two to three years away from occupancy, however. Currently, there are about 683 total active listings on the Coquitlam market, including 151 new listings for condo apartments in September. Total home sales in September reached 142 homes, down 10% from a month earlier and 43% below September 2021. Condo sales are down 40% year-over-year and the benchmark price is 5.6% lower at $661,900. Detached houses, with 52 transactions, are selling at a benchmark of $1,779,200, down 8.4% from six months ago. This remains a seller’s market, however, with a sales-to-listings ratio at 44% and just a 4-month supply of homes.

Port Moody: Bucking a Metro trend, Port Moody saw total home sales leap 61% in September from a month earlier, though they were down 21% from a year before, with 53 transactions in September. The composite benchmark price was 5.4% lower than in April and 3% below August 2022, at $1,140,500. Detached houses are selling at a benchmark of $2,073,900, one of the highest prices in the region, but the price has been dropping slightly and steadily for six straight months. The inventory of total residential listings is down to 4-month’s supply in this seller’s market with a high sales-to-listing ratio of 60%.

Port Coquitlam: Just 40 homes sold in the smallest Tri-City community during September, down 36% from August 2022 and 49% lower than in September of last year. The benchmark house price posted the biggest drop in the Tri-Cities, falling 15.9% over the past six months to settle at $1,314,200. Townhouse prices are down 10.6% in the same period to $910,400, while condo prices have dropped 7.6% to $603,900, which is exactly the same as in the smaller Pitt Meadows community. The inventory is rising – new listings were up 20% from August 2022 and the sales-to-listing ratio is running at 40%. Technically a seller’s market, the sales and price trajectory indicate that buyers may find bargains this fall in Port Coquitlam.

Pitt Meadows: A mild sales rally in September, with transactions up 18% from a month earlier, disguises a quiet housing market as just 20 properties sold, down 51% from a year earlier. More homes are being listed, with 108 now on the market and new listings up 28% from August 2022. With the composite benchmark home price at $897,000, down 15% in the past six months, and the sales-to-listing ratio at 36%, this market is trending from a balanced to a buyer’s market. 

Maple Ridge: One of the hottest housing markets over the past two years, activity as slowed as the pandemic eased. Sales were down 37% from year earlier, despite a 12% bump from August, for total transactions of 115 in September. Active listings, at 614 as of month end, were up from 320 at the same time last year and 2% higher than at the end of August. The composite benchmark home price has dropped 16.5% since April, the biggest price correction in Metro Vancouver. The typical detached house is down 17.1% in the same six-month period to $1,229,800. With a 5-month’s supply of total residential listings and a sales-to-listings ratio of 40%, compared to 79% in September 2021, Maple Ridge looks very welcoming to buyers.

 
Ladner: Ladner, where the local government is trying to revitalize the waterfront area downtown, has lost its bloom from the roaring housing market of a year or two ago. Total residential sales in September reached just 20 transactions, down 26% from a month earlier, 47% lower than in September 2021 and 62% below the pace in the midst of the pandemic in September 2020. Virtually no new homes, aside from subsidized rentals, are underway. Benchmark prices for detached houses are down 12.7% from six months earlier and dropped nearly 5% compared to August 2022, at $1,355,600. Townhouse prices have been declining about 1.5% month-over-month since spring, but condo apartment prices are holding relatively steady, up 1.1% from a year ago, at $708,900. This a balanced market with a sales-to-listing ratio of 50% and a 5-month’s supply of homes.

Tsawwassen: Total housing sales in September were down 63% from a year earlier and 16% lower than a month earlier to just 21 transactions, lower even than in September 2018, which is considered a 30-year low. Condo prices are holding their value – up 14% from a year ago and down just 0.4% over the past six months – but detached house benchmark prices have declined 8.4% since April to $1,540,500, and townhouse prices have dropped 10.3% in the same period to $932,900. New listings in September were down 8% compared to August 2022 and down 21% compared to September 2021. This is a buyer’s market, with a 9-month’s supply of homes for sale and a sales-to-listing ratio of 36%, down from 78% a year ago.

Surrey: B.C.’s second-largest city saw detached house sales drop by 67% in September compared to a year earlier, and down 18% from August 2022 to just 125 transactions. The average detached house price in September was down 4.6% month-over-month to $1,561,275. Both townhouse and condo apartment sales are now down 52% from a year ago and down about 20% from August 2022. Strata prices are holding firm, with the average townhouse price up 5.4% year-over-year and unchanged from a month earlier at $837,617. The average price for a condo apartment is down 4.1% from August 2022 to $517,742.

 

Download September Sales and Listings Statistics Houses Townhouses Condos


Download September Sales and Listings Statistics All Regional

 


July 2022 Stats


 

 

Homebuyers, investors take advantage in this market

HIGHLIGHTS OF THE JULY 2022 REPORT
 
Average 5-year mortgage rates are up just 1.4% from six months ago.
First-time homebuyers in B.C. are down 46% compared to a year ago.
Foreign homebuyers now account for just 1% of Metro transactions.
July benchmark detached house price is up $47,500 from January 2022.
The number of active listings are in decline
 
Read More


July 2022 Market Stats See a Cooling Trend


From REBGV:

News Release

FOR IMMEDIATE RELEASE:

Home buyer demand continues to ease across Metro Vancouver VANCOUVER, BC – August 3, 2022 – Metro Vancouver’s* housing market has entered a new

cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 per cent below the 10-year July sales average.

“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”

There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5 per cent decrease compared to the 4,377 homes listed in July 2021 and a 24.7 per cent decrease compared to June 2022 when 5,256 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4 per cent increase compared to July 2021 (9,850) and a 1.3 per cent decrease compared to June 2022 (10,425).

“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”

For all property types, the sales-to-active listings ratio for July 2022 is 18.3 per cent. By property type, the ratio is 11.8 per cent for detached homes, 20 per cent for townhomes, and 24.5 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3 per cent increase over July 2021 and a 2.3 per cent decrease compared to June 2022.

Sales of detached homes in July 2022 reached 523, a 50.2 per cent decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents a11 per cent increase from July 2021 and a 2.8 per cent decrease compared to June 2022.

Sales of apartment homes reached 1,060 in July 2022, a 36.4 per cent decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents a11.4 per cent increase from July 2021 and a 1.5 per cent decrease compared to June 2022.

Attached home sales in July 2022 totalled 304, a 50.2 per cent decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8 per cent increase from July 2021 and a 1.7 per cent decrease compared to June 2022.

 

Download the July 2022 stats package.



We Are In the Inevitable Market Contraction Partially Brought on by Higher Interest Rates


May Sales were almost 13% below 10 year May averages.  Higher Interest Rates Are Slowing the Market But Inventory Levels Are Not Rising So Don't Expect Prices to Fall Immediately.  

 

 From The Real Estate Board of Greater Vancouver:  

Spring ushers in calmer housing market trends in Metro Vancouver

 

After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6 per cent decrease from the 4,268 sales recorded in May 2021, and a 9.7 per cent decrease from the 3,232 homes sold in April 2022.

 

Last month’s sales were 12.9 per cent below the 10-year May sales average.

 

“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”

 

There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 per cent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 per cent increase compared to April 2022 when 6,107 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,010, an 8.8 per cent decrease compared to May 2021 (10,970) and a 13.8 per cent increase compared to April 2022 (8,796).

 

For all property types, the sales-to-active listings ratio for May 2022 is 29.2 per cent. By property type, the ratio is 18.3 per cent for detached homes, 35.5 per cent for townhomes, and 38.1 per cent for apartments.

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index* composite benchmark price for all residential properties in Metro Vancouver is currently $1,261,1001. This represents a 14.7 per cent increase over May 2021 and a 0.3 per cent decrease compared to April 2022.

 

“Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.” 

 

Sales of detached homes in May 2022 reached 793, a 44.1 per cent decrease from the 1,419 detached sales recorded in May 2021. The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021 and a 0.4 per cent decrease compared to April 2022.

 

Sales of apartment homes reached 1,605 in May 2022, a 21.7 per cent decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021 and a 0.4 per cent increase compared to April 2022.

 

Attached home sales in May 2022 totalled 520, a 35 per cent decrease compared to the 800 sales in May 2021. The benchmark price of an attached home is $1,141,200. This represents a 21.5 per cent increase from May 2021 and a 0.6 per cent decrease compared to April 2022.     
 

Download the May 2022 stats package.

 

*MLS® Home Price Index 2022 update

 

The national MLS® Home Price Index (MLS® HPI) methodology was updated during an annual review of the model in May. In line with best statistical practices, the MLS® HPI is reviewed each year.


Under the new methodology, benchmark attribute data is derived from data collected from the previous five-year rolling period. Benchmark prices are also now based on current benchmark attributes instead of linking benchmark prices to historical benchmark attributes.


In the annual review, coverage was extended to neighbourhoods where sales volumes picked up enough to support benchmark price tracking and discontinued for neighbourhoods where sales became too sparse to support benchmark price calculations. Read more about these changes.


Due to new housing development, REBGV also expanded the boundaries of the Brentwood neighbourhood in Burnaby, which affected the typical home associated with that area, Central Burnaby, and Parkcrest.


To ensure the MLS® HPI coverage is consistent and comparable, the MLS® HPI historical aggregate and composite data was recalculated based on revised and consistent coverage.

 


Dexter Realty April 2022 Market Report


Dexter Realty Market Report For April 2022

Welcome back to a balanced market.
Don’t be afraid.


HIGHLIGHTS OF THE APRIL REPORT

• Immigration at record high; housing starts down 41% 
• April housing sales down 34% from a year earlier
• Price resistance as detached house tops $2.1 million
• Markets where detached house prices are down from March 2022: 5 
• Markets where detached house sales are down from a year ago: 14


As we noted here last month, the residential super cycle is over in Metro Vancouver. April’s action confirmed that, after two years of blistering sales and price increases, we are back to more balanced conditions.

As befitting a housing market that has defied all traditions since March 2020, the current calming is happening in midst of what, conventionally, is the most active selling season of the year.

The president of the Fraser Valley Real Estate Board, which saw April housing sales plunge 45.7% year-over-year and drop 36.6% from a month earlier, summed up what is happening:


“We would typically see a flurry of activity around this time of the year,” Sandra Benz said. “However, that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market.”


Just as very few predicted the latest super cycle, no one really knows how long the current moderation will last. There are clues to suggest this will not be a temporary lull. It will likely last until rising in-migration levels collide with a consistently low inventory of homes available.  

So far this year, in-migration is near record highs while housing starts have fallen 40% from a year ago.

In the past couple of months, a combination of factors helped to slow Metro housing sales. These include clumsy government threats and actions, an increase in bank lending and mortgage rates and a push back against record-high home prices. While the former affected markets across Canada, the latter – price resistance - was seen locally first in the Fraser Valley and outlier B.C. markets before it surfaced in Greater Vancouver.

In Kelowna, for example, March sales were down 25% after prices soared 30% from a year ago. The Fraser Valley has experienced a near 50% drop in sales once prices had increased by more than a third from a year earlier.

In Maple Ridge, which had been posting the highest year-over-year price increases in Greater Vancouver, sales plunged 37% in April from a year earlier.

Across Greater Vancouver it is no coincidence that April sales of detached houses have fallen faster than any other type of residential property, down 41.9% from a year ago, after the benchmark price leapt 21% year over year to $2,139,200.

On the bellwether West Side of Vancouver, sales of detached houses dropped to just 93 houses in April – down from 124 a month earlier and 139 in April 2021 – after the median price increased $258,000 from March 2022 to a record high of $3,768,000. 

Since March, government measures to cool demand are mostly threats, but they have had an impact. The City of Vancouver plans to increase its empty home tax to 5% from 3%; the province plans to bring in a homebuyer “cooling-off” period to fix a problem that no longer exists; and the feds plan to ban foreign home buyers for two years, just as it is attempting to attract a record number of new immigrants.

None of these measures are needed and all are counterproductive, but they have helped to scare some buyers and builders out of the market.  

Since investor are very active in the new condominium sector, government action and plans to tax pre-sales and speculation will have a direct detrimental impact on multi-family development. 

Eventually, however, the fact that the housing supply is not close to keeping pace with population growth, largely due to immigration, will kick off another super cycle in Metro Vancouver housing sales and prices. This may not take long. 

In the first quarter of 2022, total housing starts in Metro Vancouver had fallen to 4,308 units, down a shocking 41% from the same period last year. However, in the first quarter of 2022, B.C. also welcomed a net increase of 14,885 persons, including 12,606 immigrants. In 2021 B.C. net international migration accounted for an increase of 67,141 while net interprovincial migration added another 33,656. Most of these 100,00 plus newcomers settled into Metro Vancouver, where only 26,013 homes were built last year, including just 6,600 rentals.
 
Townhouses: The effect of low supply and high demand is and will be felt acutely this year in the townhouse sector.

Townhouses are very popular but just 481 have started construction this year across Mero Vancouver, down from 773 at the same time in 2021. Only 25 new townhouse units have been started this year in the entire City of Vancouver. 

The benchmark price of a townhouse in Greater Vancouver is now $1,150,500, up 25% from April 2021 and nearly 12% higher than in February 2022. The low supply and high prices combined to drive townhouse sales down 40% in April compared to the same month last year. Without a dramatic supply increase, which seems unlikely, townhouse prices will keep climbing.
 

Here’s a summary of the numbers:

 
Greater Vancouver: Total housing sales in April, at 3,281, were down 26% from March and 35% lower than in April 2021.  But they were 193% higher than in April 2020, as the pandemic became a reality, and 77% higher than in April of 2019, so this April was still a strong month for sales. Active Listings were at 9,176 in April, compared to 10,749 at that time last year and 7,970 (up 15%) at the end of March 2022. If we take out the anomaly of 2021 and 2020, the number of new listings in April are only 2% above the 10-year average, as normal as normal can be.

This is still a seller’s market with an overall sales-to-listing ratio of 52% and just a 3-month supply of total inventory. and the composite benchmark price hitting a fresh high of $1,374,500. This represents an 18.9% price increase over April 2021 and a 1% increase compared to March 2022. 
 
Fraser Valley: The Fraser Valley Real Estate Board processed 1,637 sales in April, a decrease of 45.7% compared to April 2021 and a 36.6% decrease compared to March 2022. The Valley saw 3,622 new listings, down 27.8% compared to April 2021, and a decrease of nearly 21% compared to March 2022. The total month-end active inventory in April, however, was 5,387, 14.6 per cent higher than in March and up 38.3% from April 2021. Benchmark prices are up an average of 1 per cent from March 2022 but about 38% higher than a year earlier, with detached houses selling in April at $1,713,000; townhomes at $902,500 and condominium apartments at $649,500, all record highs. With Fraser Valley sales falling for the second straight month, we expect to see price corrections coming.

Vancouver Westside: The Westside now has a healthy 7-month supply of detached houses, reflecting lower sales in the past few months, at least partially due to sticker shock. The April detached house benchmark was $3,643,100, which, despite the sales slowdown, is 2%, or $72,800, higher than in March 2022. Houses accounted for only 93 of the 619 transactions in April, which was dominated by 465 condo apartment sales that sold at a median of $887,500.  Townhouse sales accounted for 60 transactions from 148 listings, at a median price of $1,614,950.  Total active listings were at 2,313 at month end compared to 2,434 at that time last year and 2,065 (up 12%) at the end of March. New Listings in April were down 6% compared to March 2022.

Vancouver East Side: As the median price of an East Side detached house crested over $2 million for the second month, detached sales plunged 50% from a year earlier and dropped 36% from March 2022, to just 110 transactions. Sales of condominium apartments were also lower, at 178 units, as the median condo price held steady from a month earlier at $680,000.  The sales-to-listing ratio for townhouses dipped to 41%, the lowest level this year, even as the median price of the 65 sales dipped to $1,350,000, down from a four-month average of $1.4 million. Active listings were at 1,038 at month end compared to 1,244 at that time last year and 946 (up 10%) at the end of March; New Listings in April were down 8% compared to March 2022 and the supply of total residential listings is up to 3 months in what is cooling seller’s market.

North Vancouver: Despite pressure from senior levels of government to bypass public hearings on housing projects that already fit the official community plan, North Vancouver City recently pushed two proposals with a total of 118 strata units to such hearings. So far this year just 390 multi-family units have started in the city and most of these were rentals. Sales in April, at 275, were down 42% from a year earlier and 20% lower than in March 2022 Active Listings were at 497 at month end compared to 624 at that time last year. New Listings in April were down 3% compared to March 2022, down 30% compared to April 2021, with the overall sales to listing ratio at 58%. The composite home benchmark in North Vancouver is $1,438,000 and the typical detached house sold in April at $2,231,000, both virtually unchanged from March.

West Vancouver: Total housing sales in April, at 72, were down 18% from March and 38% lower than in April 2021 in a fairly balanced market. West Vancouver is primarily about detached houses, which accounted for 54 of the April sales. The benchmark detached house price is $3,380,200, which was up 2% from a month earlier. Active listings were at 502 at April’s end, compared to 554 at that time last year and 423 (up 19%) at the end of March 2022. New listings were up 32% compared to March but down 16% compared to April 2021. Total supply of residential listings is up to 7 months, with a relatively modest sales-to-listings ratio of 30%. 

Richmond: Richmond has seen new townhouse active listings double since January, with detached houses now at 5-months supply while townhouses remain at 2-months supply. If April sales are an indication, supply will remain healthy. Total sales, at 557, were down 24% from March 2022 and 36% lower than in April 2021, while active listings were up 13% from March 2022 to 1,197. The sales-to-listing ratio is holding at 56%, down from 63% in March but the same as in April 2021. Condo apartments led the April market, accounting for 223 of the 426 transactions. The typical condo now sells for a median of $675,900, compared to $1,960,000 for a detached house and $1,165,000 for a Richmond townhouse.

Ladner: Outlier markets are seeing the largest sales slump and Ladner was no exception as April transactions dropped 39% from March 2022 to just 34. There could be price resistance, as the benchmark detached house price fell 0.6% from March to $1,517,800, the first month-over-month decline in more than two years. Condo apartment prices rallied, however, increasing 6.2% month-over-month to $692,600, reflective of the new condo construction in 2021. Total active listings were 86 at month end in April compared to 117 at that time last year and 79 at the end of March. The total supply of residential listings is up to 3 month’s supply, with a sales-to-listings ratio at 61% compared to 63% in March 2022 and 80% in April 2021.

Tsawwassen: Total housing sales in April at 46 had fallen 41% compared to a month earlier and down 44% from April of last year. The benchmark detached house price is $1,688,800, 25.6% higher than a year ago but up just 0.9% from March 2022. Active Listings were at 130 at month end compared to 188 at that time last year and 105 (up 24%) at the end of March. The supply of total residential listings is up to 3 months. April’s sales-to-listings ratio of 56% compares to 82% in March 2022 and 66% in April 2021. This market is cooling but sellers still hold the advantage.

Burnaby North: This market posted one of the largest sale declines in April, with total transactions down 46% from a month earlier and 48% below the pace in April of 2021.  Just 164 homes sold in April, while active listings were up 33% from March at 419. The detached house sector posted the second-lowest sales this year, at 38, which may reflect price resistance as a house is now selling for an average of $2,048,300. But the condo market is also waning with the 111 April sales and average price, at $754,034, both at the lowest level since January. The total sales to listing ratio is running at 47%, well below the 72% in March and the 68% a year ago.

Burnaby South: Total units sold in April were 186 – down from 213 (-13%) in March 2022, and down 31% compared to April 2021. The average price of the 36 detached houses sold in April w    as $2,304,966, down marginally from a month earlier. Townhouse average prices were up slightly from March, at $1,245,205 based on 60 sales in April. Condo apartment sales, at 116, were down from 142 a month earlier but the average price hit a new high of $808,030. The supply of total residential listings is now at 3 month’s supply, and the April sales-to-listings ratio was 55%, compared to 59% in March 2022. 

Burnaby East: Just 40 homes sold in April, down 29% from March 2022 and 47% below April of 2021, but active listings were also lower, down to just 67 compared to 112 in April of last year. New listings were down 38% year-over-year but up 3% from March. Detached house sales dropped to 11 transactions, the lowest since January 2022, at an average price hit $2,126,808. The supply of total residential listings is up to 2 month’s supply (seller’s market conditions) and April’s sales- to-listings ratio was 58% compared to 84% in March 2022 and 68% in April 2021.

New Westminster: The Royal City saw housing sales drop to 134 in April, down 34% from a month earlier and 23% below sales in April 2021. Each sector was down, including the condo apartment market, which posted 102 sales at a median price of $630,000. There were 24 detached housing sales, at a median of $1,701,500 and half of the 14 townhouses listed sold at just under $1 million each. Total new listings in April were down 21% compared to March 2022 and down 31% compared to April 2021. With the sales-to-listing ratio at 65%, there is only about a 2-month supply of homes on the market.

Coquitlam: April housing sales, at 279, were down 30% compared to March and 11% lower than in April 2021, but Coquitlam’s housing future appears solid, with several large new developments coming. These include the 91.5-acre Fraser Mills waterfront site where 5,100 strata homes and 400 rentals are planned, and new strata homes at Burke Mountain. New listings in April were down 20% compared to March 2022 and down 21% compared to April 2021. The benchmark price for a detached house reached $1,847,800, up 25% from a year earlier but virtually unchanged from March. Condo apartments are selling for $712,500 and townhouses are benchmarked at just over $1 million.

Port Moody: The giant Coronation Park development was reluctantly approved in April, but the city added a costly last-minute demand that 15% of the homes – about 400 units – be below-market rentals, so the project may be delayed again after years of debate. Meanwhile, April housing sales plunged 39% from March and were nearly 50% lower than in April 2021. The detached house price is now benchmarked at $2,314,900, the highest in the Tri-Cities. There is just a 2-month supply of total listings available in this seller’s market.

Port Coquitlam: Total units sold in April were 117 – down from 141 (-17%) in March 2022, and down from 167 (-30%) in April 202. New Listings in April were down 9% compared to March 2022 and 27% below that of April 2021. Detached house prices have flatlined at $1,614,600, unchanged from March 2022. The supply of total residential listings is steady at 1 month’s supply (seller’s market conditions) and April’s sales-to-listings ratio of 61% compares to 67% in March 2022 and 64% in April 2021.

Pitt Meadows: The Pitt Meadows market has calmed down but remains a seller’s advantage with just a 1-month supply of homes on the market and sales-to-listing ratio at a strong 77%.  April sales were 45 units, down 18% from March and just 6% below April 2021, which is a relatively strong performance. The benchmark price of a detached house dipped 1.5% from March, rare in Metro Vancouver, to $1,540,000. Total active listings were 51 at month’s end compared to 63 at that time last year and 53 at the end of March.

Maple Ridge: What was one of the hottest markets in 2021 has cooled this year, with April sales, at 166 homes, down 37% from March of this year and a 52% plunge from April 2021. The benchmark detached house price, however, increased a further 2.2% month-over-month to $1,447,600 in April, which is 31% above the price a year earlier. Maple Ridge townhouse buyers saw the benchmark price fall 1.5% from March to $889,200, while condo apartments were unchanged at $546,600. The supply of total residential listings is up to 3 month’s supply as April’s sales-to-listings ratio dipped to 36% compared to 60% in March 2022.

Surrey: Price resistance has surfaced in Surrey.  April detached house sales plunged 56.6% year-over-year and nearly 40% from March 2022, to 261, and the average house price dropped 3.9% from March to $1,898,677. This is the first such decline in years. Townhouse sales were down 56% from a year ago, to 225, and the average price was down 3.1% from March of 2022. April condo apartment sales also declined, dropping 28% from a month earlier and 18% from a year earlier, though the average condo price was up 1.8% from March 2022 at $581,879.


Download April Sales and Listings Statistics Houses Townhouses Condos


Download April Sales and Listings Statistics All Regional



April Sales In Metro Vancouver Fell Into Normal Territory


News Release from Real Estate Board of Greater Vancouver

FOR IMMEDIATE RELEASE:

Metro Vancouver home sales return to more traditional levels in April

VANCOUVER, BC – May 3, 2022 – Home buyer demand in Metro Vancouver* returned to more historically typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1 per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said.

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents an 18.9 per cent increase over April 2021 and a one per cent increase compared to March 2022.


Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to March 2022.


Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.


Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

 

Download the April 2022 stats package.

 



Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market in February


From The Real Estate Board of Greater Vancouver

 

Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market in February

 

The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.  


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022. 


Last month’s sales were 26.9 per cent above the 10-year February sales average. 


“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.   


There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.

 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663). 


“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said. 

 
For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022. 

 

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.


Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022. 


Sales of apartment homes reached 1,854 in February 2022, a 5.4 per cent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 per cent increase from February 2021 and a 4.1 per cent increase compared to January 2022. 


Attached home sales in February 2022 totalled 560, a 24 per cent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 per cent increase from February 2021 and a 5.9 per cent increase compared to January 2022. 

 

Download the February 2022 stats package.



Extremely Low Inventory of Homes to Purchase January 2022



Market Update Greater Vancouver January 2022


From The Real Estate Board of Greater Vancouver

Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market

 

The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021. 


Last month’s sales were 25.3 per cent above the 10-year January sales average. 


There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.  


“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236). 


“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 


For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5 per cent increase over January 2021 and a two per cent increase compared to December 2021. 


Sales of detached homes in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021. 


Sales of apartment homes reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021. 


Attached home sales in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 2021.

 

Download the January 2022 stats package.



October 2021 Real Estate Sales and Listing Stats


 

Click on the link below for full report

https://booklet.dexterrealty.com/vancouverrealestatemarketreport2

 


September 2021 Vancouver Real Estate Market Update



Dexter Report for end of August 2021


Townhouse sector exposes razor-thin housing supply

Read the Dexter Report here


August 2021 Stats from Real Estate Board of Greater Vancouver


News Release

FOR IMMEDIATE RELEASE:

Summer sees home listing supply decline across Metro Vancouver

VANCOUVER, BC – September 2, 2021 – While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,”

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Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

 

Stats by Region click here

 

 

 

 

For more information please contact:

Craig Munn

Director, Communication
Real Estate Board of Greater Vancouver 604.730.3146
[email protected]



July 2021 Market Report


Reality of housing shortage exposed in July

Sometimes you just have to shake your head at the reports we read about the Greater Vancouver housing market. Such as quotes from regional politicians about how much they care about making homes more affordable while continuing to restrict supply. The latest knee-slapper is the supposedly surprising news that Greater Vancouver homeowners are far more likely to own multiple homes than anywhere else in the country, despite Vancouver being among the world’s most expensive cities for housing.

The reality, of course, is that Vancouver’s consistently elevated prices are the very reason some people want to own as many homes as possible.

What should be surprising is that more Vancouver homeowners don’t do the same thing, especially today with both mortgage lending rates and housing supply at incredibly low levels.

In Greater Vancouver the average value of a home—a composite of detached houses, condo apartments and townhouses—has increased by $351,000 in the past five years. Since July 2020, the average detached house price in Greater Vancouver has risen by $312,000, in a region where the average annual household income is $100,600.

In the past six months, the typical Greater Vancouver home has increased in value by 13%, while the annual interest rate on mortgage is less than 3%. Homeowners can do the math. Leveraging the existing equity in a home to buy another property makes sound economic sense. Many see it as only proven way to protect a family from the ravages of inflation. It shouldn’t be surprising.

In July, however, Greater Vancouver buyers of all types faced a dilemma: the number of new listings fell to the lowest level of any month this year, down 26.4% from a year earlier and 25.2% below the level in June 2021. Fraser Valley listings hit a 40-year low. It is normal in July for both sellers and buyers to take a summer breather, especially this year following record-breaking sale and price increases. July sales were down for the fourth straight month in a market distracted by great summer weather and the lifting of most COVID-19 restrictions. The concern, though, is whether there will be enough listings to meet the inevitable uptick in demand as the summer wanes.

The gap between listings and sales is tightening. In July only 4,377 new listings of all types of homes were added to the market, but sales totaled 3,372 transactions. Total active listings across Greater Vancouver are 12.2% lower than the 10-year average for July, while sales are 13% higher.

The result is that the July sales-to-active-listing ratio was 33.3% and this tightened to 37.3% for condominium apartments and 47.7% for townhouses, the most in-demand housing sector across the Lower Mainland. The benchmark townhouse price is now $949,900, up 16% – nearly $152,000 from the same month last year, a compelling reason for investors to buy another townhouse.

The problem is finding one. Aside from the lack of listings, there are only 1,149 new townhouses under construction in all of Greater Vancouver. In the City of Vancouver just 58 new townhouses have started this year. The townhouse shortage is acute in many markets where sales outstripped supply in July, including South Delta, Maple Ridge, Port Coquitlam, Port Moody and Whistler-Pemberton. In Port Moody, for instance, there were only 17 new listings for townhouses but 47 sales in the month, exhausting the total inventory of active listings. Many other markets, such as Coquitlam where July townhouse sales accounted for 95% of listings, are close to near-zero inventory.

Balance in our real estate market will never be achieved without some serious consideration on increasing the supply long term.

Townhouse market snapshot for July 2021

Townhouse active listings, Greater Vancouver: 689
Townhouse active listings, Surrey: 1,156
Lowest price townhouse, Maple Ridge: $668,000
Highest townhouse sales-to-listing ratio: Port Moody at 276%.
Total townhouses under construction, City of Vancouver: 95
Total townhouses under construction, City of Surrey: 1,139

Greater Vancouver: We suspect the seasonal sales slowdown in July was aggravated by buyers waiting for new listings that never arrived. Still, with 3,375 transactions, this was the sixth-highest July for sales in history, combined with the lowest number of new listings for a July in 11 years.

The July benchmark price for a Greater Vancouver detached house was $1,801,000, compared to $736,900 for a condo apartment. This helps explain why condominium apartment sales posted the largest year-over-year increase in July, rising 19%, while detached house sales were down 6% and townhouse sales, largely due to a lack of listings, were unchanged from July 2020. Condominiums accounted for 49% of all sales in July, but both new and active listings for condo apartments were down 21% from a year earlier. This compares with a 7% decline in total detached house listings and a 34% fewer listings for townhouses when compared with a year earlier.

As we roll into August and the traditionally high sales seen in September, the shortage of homes for sale, particularly in the strata sector, will be the headline news. Active listings have been falling month-over-month since May. If you are a homeowner and have considered listing, now may be the best time this year to come to a market that is packed with eager and frustrated buyers.

Fraser Valley: The inventory of active listings in the Fraser Valley fell to the lowest level in July in 40 years, after total active listings fell to 4,901, down 33% from July 2020 and 10.5% lower than in June 2021. Total sales also slowed, down 11% from June 2021 to 2,006, but were still 15% above the 10-year average for the month. A bright spot is the large inventory of townhouses on the Fraser Valley market, when compared with Greater Vancouver.

Vancouver Westside: The benchmark price of a detached house on Vancouver’s Westside in July reached $3,466,200, virtually unchanged ( up 0.2%) from a month earlier but 17.6% higher than in July 2020. With 93 sales in July, detached sales on the Westside this year total 766 houses, up from 444 in the first seven months of 2020. Condo apartment sales dominated July on the Westside with 419 transactions, at a benchmark price of $829,300. Townhouse sales dipped to 57 in July, down from 74 in June, as a lack of new listings – just 87 – kept some buyers sidelined. In all, the Westside sales to listing ratio in July was at 62%, a strong seller’s environment in Greater Vancouver’s most expensive market.

Vancouver East Side: As we have been noted for some months, Vancouver’s East Side story is one of rising sales of detached houses, easily eclipsing the more expensive Westside. In July, 144 detached houses sold in the East at a benchmark price of $1,688,500, a price nearly 50% lower than the 93 houses sold west of Quebec Street. Investors are very active right across the East Side, especially in the condominium market, spurred on by the visual start of the Broadway Corridor SkyTrain extension and settling down of price increases, which has seen condo prices hold steady for three months at $632,300. Townhouse sales, at 57, were the same on both the East Side and Westside in July, butt the East Side price was about $210,000 lower at a benchmark of $1,165,000. The supply of total East Side residential listings is steady at three months and the sales- to-listings ratio in July is a high 74%, signalling a continued seller’s market.

North Vancouver: North Vancouver District leaders were voted in two years ago with pledge to slow residential development. In July, after a year-long review, the District now says it wants to increase the supply, but to prioritize “rental, social, and supportive housing projects.” Bottom line is little will be done to address the acute shortage of market housing. In June, latest monthly data available, only 17 new homes had started in all of North Vancouver and there were no townhouse starts at all. The lack of supply has led to the second-highest suburban home prices in Metro Vancouver, at a composite benchmark of $1,226,000. July total housing sales across North Vancouver, at 252, were down 22% from June, one of the biggest drops in the region and off 6% from July 2020. Active listings plunged to 512 in July, down from 620 in June. The month’s supply of total residential listings is a tight two-months, and a sales-to-new-listings ratio of 84% keeps North Vancouver among the strongest seller’s market in the province.

West Vancouver: Perhaps the most prestigious housing enclave in Canada, with a July benchmark house price of $3,121,800, West Vancouver detached house sales dipped to 54 transactions in July, down from 60 a month earlier but unchanged compared to July 2020. A total of 21 condos sold in July at a benchmark of $995,000. Active listings were at 572 in June, compared to 618 at the end of June. New listings were down 25% from June 202 and 20% below July 2020. West Vancouver is a relatively balanced on high-priced perch, with about a seven-month supply and a sales-to-listing ratio in July at 53%, up from 42% a month earlier.

Richmond: Total housing sales and new listings both dropped sharply in July, down, respectively, 11% and 15% from a month earlier. The big drop was seen in detached house transactions, which fell to 94, down 61% from June, even as the benchmark house price held steady at $1,910,000. Condo sales were among the highest in the Metro region, with 236 apartments selling at median price of $620,000. Richmond had the highest number of new listings for townhouses, with 124, but 79% of these sold in July, pushing the benchmark townhouse price up a further 1% from a month earlier to $932,600. Richmond’s supply of total residential listings is up to a four-month’s supply, if the current sales trend continues.

Burnaby East: The smallest of the three Burnaby markets profiled, Burnaby East posted 46 total housing sales in July, down 6% from June but 32.4% higher than in July 2020. Active listings, though, dropped to just 83, down from 104 in June 2021. Benchmark detached house prices, at $1,431,000, and condo apartment prices, at $728,000, were virtually unchanged from a month earlier. The overall sales-to-listing ratio is 89%, indicating a strong seller’s market.

Burnaby North: Tunnels are being bored through Burnaby Mountain this summer for an oil pipeline that will link Burnaby’s tidewater to the Alberta oil fields. The action has apparently helped fuel demand for detached houses, as prices have increased 18.2% in the past year, the biggest increase in Burnaby, to $1,746,800. A large supply of new condo apartments completed in the Brentwood area likely affected benchmark condo prices, which were virtually unchanged in July from a month earlier, at $716,600. The overall sales-to-listing ratio of 73%, however, points to higher home prices in this seller’s market.

Burnaby South: A total of 202 residential properties sold in July, down 7% from a month earlier, but new listings dropped month-over-month by 24%, setting up a very tight 73% sales-to-listing ratio. As of the of July there were only 585 total active listings, enough to last just three months at the current sales pace. The composite benchmark detached house price in July was $1,774,500, highest in Burnaby, and up 1.1% from a month earlier.

New Westminster: Stability characterized the ‘Royal City ’in July as housing sales and prices were a near mirror image of June. Detached house sales, at 26, were identical, townhouse sales were up by one in July to 20, and apartment sales increased by 5 transactions to 113 in July.

The composite home price in July was also nearly unchanged, rising 0.9% to $721,300. The big difference was in new listings, which dropped to 20% month over month, with total active listings down 26% to 347 in July. With an overall sales-to-listing ratio of 86%, up from 61% in June, New Westminster remained a very active seller’s market this July.

Coquitlam: There are 3,060 new homes under construction right now in Coquitlam, including 231 townhouses and 2,652 apartments, most of which are condominiums. This is encouraging because active listings for resale homes are falling, dropping to 645 in July, down from 745 a month earlier. New listings fell 20% month-over-month. Sales also slowed, down 11% from June to a total of 292 in July, but benchmark prices stayed virtually unchanged, with detached house values at $1,505,400; townhouse prices up 0.5% to $847,500; and condo apartment prices rock steady from a month earlier at $588,900. The detached house sales success ratio is 105%, however, with townhouses seeing an 89% sales-to-listing ratio and 76% of condo listings selling in July, the stage is set for price appreciation if more listings don’t arrive soon.

Port Moody: The townhouse shortage is very apparent in Port Moody, where the sales-to-listing ratio in July was a startling 276%. There were just 17 new listings for townhouses in the month but there were 47 sales, meaning the inventory of total listings is disappearing quickly. I suspect there have been multiple offers as the benchmark townhouse price was up a further 1.2% in July from a month earlier, at $761,000. Sales of detached houses were also strong, with a 91% sales-to-listing ratio and benchmark prices unchanged up 0.7% from a month earlier, at $1.863,800, highest in the Tri-Cities.

Port Coquitlam: First-time buyers and investors are likely taking a close look at Port Coquitlam. The most affordable housing market in the Tri-Cities, PoCo is close enough to SkyTrain to make it accessible for commuters. The benchmark condo price, at $528,900 in July, was unchanged from June and is about $210,000 lower than the Greater Vancouver average. Total home sales in July were down 26% from June and 13% lower than in July 2020, at 103 transactions. This is a sleeper market that is awakening, reflected in the 94% sales-to-listing ratio in July.

Pitt Meadows: Perhaps it was the summer distraction in the lake-endowed community, but Pitt Meadows saw both sellers and buyers taking a break in July. New listings dropped 40% from a month earlier and sales fell 11% to just 39 transactions. The benchmark price for a detached house dipped just 0.8% month-to-month, to $1,193,800, with townhouse prices and condo apartment prices also virtually unchanged at $753,200 and $543,500, respectively. As of June there were only 33 new townhouses and no new condo apartments under construction in Pitt Meadows. A startling 106% sales-to-listing ratio in July is a signal that Pitt Meadow prices may rise if supply falls any further.

Maple Ridge: There are 157 townhouses under construction in Maple Ridge, including the 44 that started this year. Many of these new units are likely selling out, however, as the sales-to-listing ratio for resale townhouses topped 100% in July. Townhouse benchmark prices were $688,800 in July and condo apartments at $425,900, both among the lowest in Greater Vancouver. Detached house prices, at $1,129,900, were unchanged from June after rocketing up 34% year-over-year.

Ladner: The supply pressure is being felt by buyers in Ladner, where currently only 8 townhomes and 11 apartments are available for sale. There are only about 68 new townhouses under construction in all of Delta, but few are in Ladner. Active listings fell to 77 in July, down nearly 50% from a month earlier, and new listings are down 40% from a month earlier. With a sales-to-listing ratio of 122% in July, frustrated buyers bid condo prices up 2.6% in July from a month earlier, to $583,700. So far townhouse prices are holding steady at $754,200 after surging 11% over the past six months, and the detached house price is up 15.2% in the same period to a July benchmark of $1,263,400.

Tsawwassen: Don’t expect to see lot of new market residential in Tsawwassen. Even a modest 48-unit rental building is currently facing opposition. A shame, because demand remains high in this sunny community. While total sales were down 17% in July from June, new listings fell 35% and there were only 168 homes of all kind on the market at the of July, compared to 295 at the same time last year. With a sales-to-listing ratio hitting 89%, Tsawwassen’s composite home price has increased 12.3% over the past six months to $1,145,700 as of July.

Surrey: B.C.’s second-largest city is a safety valve for those who want to buy a townhouse but have difficulty finding one in Greater Vancouver. There are 1,139 new townhouses under construction in Surrey, compared to 1,149 in all of Greater Vancouver. In July, there were also 1,156 active listings for resale townhouses, com. Surrey’s average townhouse price in July was $710,200, up 1.1% from a month earlier.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Greater Vancouver Sales and Listings Statistics Houses Townhouses Condos July 2021

Greater Vancouver Sales and Listings Statistics All Regional for July 2021

 


Vancouver Market Update June 2021


Balanced market seen holding this summer

June housing sales in Greater Vancouver were down 11.4% from May to the lowest level since January this year as the market wilted in the record-setting heat. Yet, with 3,842 transactions in the month, it remained the eighth-highest June on record in Greater Vancouver.

More telling, perhaps, is the direction of prices, which increased just 0.2 per cent from May, the lowest month-over-month increase in at least a year. As June ended, the composite price of all homes sold in Greater Vancouver was $1,175,100. The value of detached houses sold was unchanged from a month earlier at $1,801,000.

But sharp eyes will notice an anomaly: outlying markets that had been posting the highest year-over-year price increases reported the biggest month-over-month decline in detached house prices in June.

Detached house prices on Bowen Island, which had soared 34% annually as of May, posted a 0.9% price decline in June compared to May. Whistler, where prices had jumped 38% from a year earlier, had prices drop 1.8% in June from a month earlier. Ladner prices fell 0.6% from May to June, after seeing an annual acceleration of 27%.

Across the Fraser Valley, total sales fell 24% from May to June and the average detached house price dropped by 4% month-over-month.

Meanwhile on Vancouver’s West Side – the epicenter of B.C. urbanity – the benchmark price of a detached house increased 2.2 per cent in June from May, the highest increase in Greater Vancouver.

We don’t think this is surprising, or a short-term trend. September is expected to welcome in the fourth and final phase of B.C.’s post-pandemic reopening. This means international borders will open, all businesses will be back in action and thousands of workers will return to the office. The big city will look increasingly tempting as hockey games open to crowds, major concerts tune up and Vancouver’s restaurants, pubs and theatres are open for business.

Expect to see home sales and prices, not just in Vancouver but across the entire region, continue to increase. The reason is quite simply the undeniable law of supply of demand.

From 2010 to 2020, B.C.’s population increased by 737,206 while only 316,510 housing units were built. In 2020, just 39,000 housing units were completed in B.C., up just 3% from 2019.

Some catch-up is taking place. In the first five months of this year, Metro Vancouver new home registrations were up 69% compared to the same period in 2020. About 18,000 new non-rental homes were registered in Metro Vancouver so far this year.

Still, with resale home sales averaging more than 4,000 per month and 50% of new-multi-family strata projects selling out – a pace of around 2,800 per month – supply is barely keeping pace with demand. In fact, the number of active listings in June were down 1% from a month earlier and new listings down 18% compared to May.

The number of Metro Vancouver properties sold in the first six months of the year is the second highest on record, just below the first half of 2016. Without a substantial supply in homes available, that demand continues to create pressure on prices.

The revised mortgage “stress test” rules came into place June 1, but with multiple offers still significantly occurring below $1 million, the effects of this change don’t seem to have had much effect. Demand is strong at the lower price levels and the continued lack of homes available for sale will continue to create an extremely competitive landscape.

And remember, you only have to qualify for the stress test 5.25% mortgage rate, not pay it.

Right now, it is possible to secure a five-year variable mortgage at 0.99%, perhaps the lowest rate in Canadian history.

While this summer is likely to lead to less activity in the real estate market, it will provide opportunity. Sellers should consider listing during this time as there will be less new listings compared to the last four months, and buyers that are looking will likely be serious. With the Real Estate Council of BC and the Superintendent of Real Estate consenting to open houses and in-person showings again, access to homes will be also much easier.

Metro Vancouver June highlights:

• Highest detached house price increase from May: West Vancouver, up 3.4%

• Highest condominium price increase from May: Maple Ridge, up 3%

• Biggest decrease in detached house sales from May: Surrey, down 29.8%

• Lowest price detached houses in June: Sunshine Coast, at $838,300

• Highest price detached house in June: Vancouver’s West Side, at $3.38 million

• Top small market for investors to watch: Ladner

Vancouver Westside: Total West Side housing sales in June, at 616 transactions, were down 16% from May, but 51% higher than in June 2020. New Listings in June were down 13% compared to May 2021, yet up 10% compared to June 2020. The result is a 48% sales-to-new-listing ratio, and a subsequent price increase. In June the benchmark West Side detached house price, for example, was $3,458,300, up 16.3% from a year earlier and 2.2% higher – that is $76,000 – than a month earlier. The total current inventory of residential listings is steady at a four month’s supply, signaling a continued seller’s market. Condo investors should note that West Side apartment prices have not budged much in two months and are now less expensive, at $831,200, than they were three years ago, while average rents have increased.

Vancouver East Side: The East Side of Vancouver continues as a hot market, with June sales up 5% from May, to 451, a 61% increase from June 2020. New listings dropped to just 1,071 homes, down 17% from a year ago. The composite benchmark home price was down 0.2% from May and the detached house price fell 0.8%,month-over-month to $1,695,500. There is now a 3-month supply of listings on the East Side market and the sales-to-listing ratio is 66%, one of the strongest levels in Metro Vancouver. With prices moderating this summer despite the healthy sales, buyers may want to take advantage.

North Vancouver: North Vancouver saw listings of homes for sale drop 21% in June from a month earlier. June sale transactions fell 10% from May, to 322, and composite benchmark prices was up just 0.6 per cent from a month earlier, to $1,123,800, with detached houses also virtually unchanged at $1,914,000. On the resale market, there is about a 2-month supply of homes for sale, and the sales to listing ratio is 70%, signalling a seller’s market. There are 33 new condo projects and 25 townhouse developments underway across North Vancouver City and District, so future supply, albeit more expensive, is coming.

West Vancouver: West Vancouver is primarily a detached house market, so city proposals that would reduce the size of new houses and at the same time allow coach houses and secondary suites are worth watching. Plans call for the floor-space ratio on large lots reduced from 0.35 to 0.30, with a maximum of 2,200 square feet of house allowed on smaller lots. However, the city is also considering allowing an 800-square foot ‘bonus’ for a separate coach house (or laneway house) and 500 square feet for a secondary suite. The bonus would also be applied on lots with homes built prior to 1976, provided that the original house is retained. The new rules, if all approved, would come in January of 2022. Meanwhile, there was little change in West Vancouver’s housing market in June: sales were down 1% from May and active listings dropped by just 7 homes from a month earlier. West Vancouver’s detached house price is now $3,152,500, up just 0.4% from May, but 21.5% higher than in June 2020.

Richmond: You may not notice because of the construction dust coming from 1,000 new multi-family homes being built at the Richmond Centre shopping centre site, but Richmond housing sales dipped 7% in June from a month earlier, to 472 transactions, and new listings were down 15%, month-over-month. The sales-to-listing ratio is a healthy 66%, however, which keeps this a seller’s market. Richmond is considered a major destination for foreign buyers and new immigrants so the expected opening of international borders by this September is reason for confidence for home sellers and developers. The June detached house price in Richmond was unchanged from May at $1,910,500, but up almost 20% from a year earlier.

Ladner: A game-changing decision is expected “shortly”, 16 months after the federal government said funding is available for either an eight-lane new tunnel or an eight-lane bridge to replace the aging Massey Tunnel. When approved the decision could have a profound effect on Ladner property values. Ladner is a small market – just 52 home sales and 100 active listings in June – but developers and the local council apparently have big plans for the waterfront community. Buyers do too. In June, Ladner’s sales-to-listing ratio was 98%. I humbly suggest that Ladner may the prime sleeper market in Metro Vancouver.

Tsawwassen: Total June housing sales in Tsawwassen reached 70, down 26% from May but up 100% from June of last year. Active Listings were 185, compared to 270 at that time in 2020, and 182 at the end of May; New listings in June were down 22% compared to May 2021 and down 14% compared to June 2020. This remains a strong seller’s market, with a sales-to-listings ratio of 70% compared to 74% in May.

Burnaby East: Burnaby East, like many areas, saw housing sales decline in June, dropping 8% from May to just 49 total sales. What is different here is that the sales-to-listing ratio is a scorching 89%, as new listings dropped nearly 30%. There is only a 2-month supply of homes for sale if the current trends continue. The benchmark house price in East Burnaby is now $1,440,000, down 2% from May, the biggest month-over-month drop and the lowest house price in Burnaby.

Burnaby North: The next phase of what will be 13 new residential towers at the Amazing Burnaby site in North Burnaby goes to public hearing June 29, so this area will apparently continue to see a good supply of strata product. This is welcomed because new listings of existing homes for sale fell 21% in June compared to May and there was only 519 active listings in June compared to 215 sales. The sales-to-listing ratio is 70% so there is no shortage of demand in what is a strong seller’s market.

Burnaby South: Townhouse buyers looking for value should consider South Burnaby, which borders three municipalities and has lower townhouse prices than any of them. In June, the typical South Burnaby townhouse sold for $702,200. This is $300,000 less than in East Vancouver; $223,000 less than in Richmond; and $120,000 below the benchmark price in New Westminster. Also, Burnaby South townhouse prices are up just 8% from a year ago, compared to double-digit increases in its three neighbouring municipalities. Burnaby South also has Burnaby’s lowest priced detached houses and condo apartments. This may help explain why Burnaby South total home sales posted the smallest sales decline of all Burnaby markets in June, down 6% from May.

New Westminster: The Royal City is becoming a condo market, seen in the tower construction on the Quay and the sales performance so for this year, which has seen 702 condo apartments sell, up from 340 at the same time last year. Of the 154 total residential sales in June in New Westminster, 106 were condos, which sold for a median price of less than $550,000, the second-lowest price in Greater Vancouver. A key reason is that younger buyers have embraced New West. A recent national survey ranked New Westminster as the No. 1 B.C. city for Millennial home buyers. There is only a 2-month supply of all types of homes in New Westminster, however, as 61 per cent of listings sold in June. If you want to get into the New West action, you may want to get moving.

Coquitlam: Coquitlam, where the mayor is the former president of the B.C. homebuilders association, is doing a lot of little things right and big things brilliantly. Coquitlam was an early adapter of smaller lots and laneway houses.

Its giant Burke Mountain residential community is a huge success, its multi-faceted development at SkyTrain-linked Coquitlam Centre is forging ahead with major partners and now the city has plans for a rural-type subdivision in its Hazel-Coy area along the Coquitlam River. Details to be announced later this year, but plans call for 950 new homes over 100 acres. Coquitlam home sales were 329 in June, up 52% from June 2020, even though active listings were down 12% in the same period. The sales-to-listing ratio is 72%, an indication that many buyers are eager to buy into Coquitlam’s vision.

Port Moody: Port Moody appears to have more interest in approving rental apartments than strata projects, but the condos being developed are increasingly sophisticated: one will boast a waterfall, another a day care; another with Inlet views from a rooftop patio. Most Port Moody condos are fairly new, dating to just before and after the arrival of SkyTrain. This explains the current median condo price of $680,000, the highest in the Tri-Cities. Still, 263 condos have sold in the city in the past six months, more than double the number in the first half of 2020. The entire housing market is solid, with sales of 95 units in June, up 50% from June 2020, and a sales-to-listing ratio of 62%.

Port Coquitlam: The biggest residential development planned for Port Coquitlam is social housing, but buyers can also find comfort here, with median condo prices at under $500,000 and both detached houses and townhouse prices the lowest in the Tri-Cities. Comfort is appealing: the sales to listing ratio in June was 84%, the highest in the Tri-Cities and among the top in Greater Vancouver. Port Coquitlam is in close proximity to the giant Coquitlam Centre development, but at lower cost.

Pitt Meadows: Like many more rural markets, Pitt Meadow saw a sharp drop in total residential sales in June, with transactions dropping 19% from May to just 44 units. New Listings in June were down 6% compared to May 2021. Month’s supply of total residential listings is steady at 1-month’s supply, but the strong sellers’ market is a bit muted, with 73% of new listings selling in June, down from 84% in May.

Maple Ridge: Affordable, growing Maple Ridge saw 244 home sales in June, down 15% from May but 85% higher than in June 2020. The benchmark composite home price is $996,800, up 27.5% from year ago, but virtually unchanged from May at among the lowest in Greater Vancouver. Condo prices dipped 0.4% from May to $428,400 in June, the lowest in the entire region. Seller’s market conditions continue, with a sales-to-listing ratio at a startling 89% in June. With just 383 active listings on the market, prices will likely increase this summer.

Surrey: The second-largest city in the Lower Mainland saw price increases cooling in June, with average house prices, which had soared 27% from a year earlier, eking out a 0.5% increase from May to $1,511,707 in June. Sales of detached houses plunged 29.8% from May, to 421, however, an indication that the cooling may become a chill. Townhouse transactions, down 19.5% month-over-month, and condo apartment sales, down 25.3% from May, followed the downward trend. The average Surrey townhouse price in June was $747,256, while the average condo sold for $468,319, with both prices down fractionally from May.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty


May 2021 Stats from Real Estate Board of Greater Vancouver


page1image811984784

FOR IMMEDIATE RELEASE:

Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace

VANCOUVER, BC – June 2, 2021 – The Metro Vancouver* housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7 per cent above the 10-year May sales average.

“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”

There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).

"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rate climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9 per cent. By property type, the ratio is 29.8 per cent for detached homes, 53.8 per cent for townhomes, and 43.5 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“The seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”

The MLS® Home Price Indexcomposite benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14 per cent increase over May 2020 and a 1.5 per cent increase compared to April 2021.

Sales of detached homes in May 2021 reached 1,430, a 166 per cent increase from the 537 detached sales recorded in May 2020. The benchmark price for a detached home is $1,800,600. This represents a 22.8 per cent increase from May 2020 and a 1.7 per cent increase compared to April 2021.

Sales of apartment homes reached 2,049 in May 2021, a 213 per cent increase compared to the 653 sales in May 2020. The benchmark price of an apartment home is $737,100. This represents a 7.9 per cent increase from May 2020 and a 1.2 per cent increase compared to April 2021.

Attached home sales in May 2021 totalled 800, a 168 per cent increase compared to the 298 sales in May 2020. The benchmark price of an attached home is $936,300. This represents a 16.3 per cent increase from May 2020 and a 1.8 per cent increase compared to April 2021.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

MLS® Home Price Index 2021 update

1.) The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in May. In line with best statistical practices, the MLS® HPI is reviewed annually.

MLS® HPI coverage was extended to neighbourhoods where sales volumes picked up enough to support benchmark price tracking and was discontinued for neighbourhoods where sales became too sparse to support benchmark price calculations.

To ensure the MLS® HPI coverage is consistent and comparable, historical aggregate and composite data has been recalculated based on revised and consistent coverage.

The real estate industry is a key economic driver in British Columbia. In 2020, 30,944 homes changed ownership in the Board’s area, generating $2.1 billion in economic spin-off activity and an estimated 14,728 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $33.7 billion in 2020.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.



April 2021 Statistics For Greater Vancouver Real Estate


 

It was a banner April for sales in Greater Vancouver.  Have a look at the stats from The Real Estate Board of Greater Vancouver:

 

rebgv stats pkg april 2021



Market Update Greater Vancouver March 2021


 

HERE ARE THE NUMBERS FOR RECORD-BREAKING MARCH 2021: metro vancouver d

 



January 2021 Market Update from Dexter Realty


Welcome to January 2021  please fasten your seat belts

 

Some will express surprise that, as we enter the second year of a global pandemic, the rush to purchase homes in Greater Vancouver continues the startling sales pace seen in 2020. But there is a simple reason for the January surge: price appreciation as accelerating buyer demand collides with a stubborn lack of inventory.


In the past 12 months, the average price (based on dollar volume of sales) of a Greater Vancouver home has increased in value by $93,529, which is far higher than the average household income. In the detached house sector, where sales exploded in January, the average year-over-year price increase is well into the six digits. Dexter agents experienced this first hand during the last week of January as a North Burnaby detached house listing had a stunning amount of interest and showing requests. A significant number of multiple offers occurred, resulting in a sale that surpassed the $1.49 million list price. Each of these bidder was likely aware that, since January of 2020, the average detached house price in North Burnaby has increased by $283,456.

Multiple bids are being seen from West Vancouver and the Sunshine Coast to south of the Fraser River and in every property sector, from detached houses to condominium apartments. In Greater Vancouver during January, 53% of new listings sold, and the sales-to-listing ratio has surpassed 50% for the past seven months. There is little relief coming in new construction. As 2021 started, only 241 detached houses and 230 townhouses had started construction across all of Metro Vancouver, according to Canada Mortgage and Housing Corp. data. Of the total 1,628 new apartment starts, 28% were rentals and many of the remaining condo apartments had been pre-sold months earlier.


What to expect for the 2021 housing market? More of the same. With mortgage interest rates at 100-year-lows and home prices rising an average of nearly $8,000 per month, buyers and investors have awoken to an unprecedented buying opportunity.


Greater Vancouver: In January, 2,454 homes of all property types sold in Greater Vancouver. This compares to 1,602 in January 2020 and 1,120 in January of 2019 and a 28% increase from January of 2015, long considered the peak year for Greater Vancouver housing sales. Another telling stat: during the boom year of 2015, the benchmark January home price was $648,700. This January it was $1,056,600. Yes, we are into an unprecedented seller’s market.


Listings continue to decline, however. Total active listings in January 2021 were 8,820, down from 9,307 in January 2020 and from 11,427 in January 2018. With the current sales-to-listing ratio pace, there is a mere four months of inventory in the entire Greater Vancouver housing market.


Looking at the different types of property sales in Greater Vancouver, January 2021 detached home sales were up 41.8% year-over-year while new listings declined 0.4%; townhouse sales were up 42.8% year-over-year while new listings increased 16%; condominium apartment sales advanced 46.8% and new listings for condos increased by 27% year-over-year. Sales of detached houses in January made up 30% of all sales, compared to 27% in January 2020; townhouses represented 18% of sales, down from 20% a year earlier; and condo apartment sales made up 49% of total sales this January, compared to 51% in January 2020.


JANUARY 2021 HIGHLIGHTS

  • Average composite home price increase year-over-year in Greater Vancouver: 10.8%

  • Biggest detached house price increase year-over-year: Bowen Island (up 30%)

  • Biggest detached house price increase, mainland: Port Coquitlam and Pitt Meadows (up 15.4%)

  • Lowest benchmark condo price: Maple Ridge ($375,000)

  • Source: Real Estate Board of Greater Vancouver


Vancouver Westside: The Westside is the traditional bellwether for aspirational house buyers in Canada and January will be a month to remember, with detached sales rising 100% compared to the same month in either 2020 or 2019. The average price of the 68 Westside houses sold in January was $3,718,280, an increase of $450,000 from a year earlier.

In the townhouse sector, the 38 sales in January matched the record-setting December 2020 sales pace and were up 26% from January 2020. A slight increase in inventory  106 new listings were added in the month - kept average January townhouse prices in check, rising about $20,000 from a month earlier to $1,411,711.

The Westside condominium market saw January sales increasing 35% from January 2020, to 285 transactions. This was the lowest monthly sales level since July 2020, which may be a reaction to a frustrating lack of listings. Just 639 new listings came to the market in January, down 21% from the same month a year earlier. The average price of a Westside condo apartment is now $934,550, up more than $38,000 from December 2020, and multiple bids are not uncommon.

Vancouver Eastside: The line between the Eastside and Westside of Vancouver is rapidly blurring and this January was the latest indication. More detached houses sold on the Eastside – 109 – in January than on the Westside  68  a trend apparent for some time. Over the past five years, the price of an Eastside detached house increased 24% while it advanced just 9% on the Westside. In the past 12 months, the average Eastside house price increased by $20,000 per month – to $1,829,643 in January - yet prices are still half that of a detached house west of Quebec Street. Watch for rising demand and prices for Eastside houses and residential land from Renfrew Street to Mount Pleasant as the new Broadway Corridor SkyTrain line moves closer to reality. New Listings for Eastside houses in January were 175, resulting in a sales-to-new-listing ratio of 62%, slightly above the 2020 average.

Eastside townhouse sales were relatively robust in January. The 48 transactions in the month were down from the 66-unit per month average in the fourth quarter of 2020, but up 60% from January 2020. New listings, at 103, were the highest in two months and the sales-to-new-listing ratio was a healthy 47%. The average price of an Eastside townhouse in January reached $1,152,453, up 2.6% from a year earlier.

While Eastside condo sales in January were up from the 78 units In January 2020, the 99 sales were at the lowest monthly level since June of last year. The average condo price now is $680,177, up 10% from January 2020 and approximately $48,000 higher than in December 2020. With 216 new listings in January, the sales-to-new-listing ratio was 46%, indicating a seller’s market.

North Vancouver: Sales of detached houses in North Vancouver soared 87% in January compared to January 2020, but new listings fell by 33%, and the effect was reflected in prices. The average price of the 45 houses sold in January was $2,144,851, up from just over $1.89 million in December.

There were 67 new listings for townhouses in January, the highest level in five months, and 61% of them sold at an average price of $1,184,760, a price up 14% from January 2020.

After four months of hectic action with condominium apartment sales averaging 130 units per month, North Vancouver condo sales slipped to 92 in January, but represented 52% of the new listings added in the month. The average condo apartment price is now $708,656, up 15% from January 2020.

West Vancouver: Detached houses, which are the dominate property type in West Vancouver, notched 29 sales during January at an average price of $3,983,544. January sales were just eight units above January 2020 and the new listings, at 135, were up by just one house. The big difference was the January average price, which soared 21% - or $714,000  higher than in the same month a year ago.

Richmond: There was a moderate cooling of the red-hot Richmond detached house sales, with transactions dipping to 71 houses in January, the slowest monthly level since May 2020, though 36% above January 2020. With the sales-to-new listing ratio at 47%, the average house price was up nearly 5% year-over-year to $1,749,213 in January.

There was much-needed increase in townhouse listings in Richmond, with 137 units added in January, the highest level in four months. This is partly due to city zoning which has encouraged townhouse development on major Richmond streets since 2017. January sales of 64 townhouses represented 47% of all new listings. The average townhouse price in January was $911,959, up 9% from January 2020.

Condominium apartment sales in Richmond reached 141 units in January, up from 101 transactions in January 2020. With 303 new listings added, the sales-to-new-listing ratio was 47%, slightly lower than the 54% ratio seen in 2020. The average price of a Richmond condo is $613,385, up about 3% from a year earlier and approximately $49,000 above the average price in December 2020.

Burnaby East: The low inventory of detached houses was very apparent in Burnaby East, where buyers snapped up 80% of the new listings – 10  that were added to the January market. The eight houses sold went for an average of $1,560,625,up 23% from January 2020.

The townhouse market was even tighter, with the 6 sales representing 100% of the new listings added in January. The resultant multiple bids drove the average townhouse price up 17%  about $124,000  from December 2020.

Based on the current sales pace, there is only a three-month supply of condo apartments in Burnaby East, where the 13 sales in January absorbed 48% of the new listings. The January average condo price, at $607,284, compares to $563,914 year ago.

Burnaby North: The price of a detached house in Burnaby North reached a record high average of $1,704,836 in January as 22 houses sold, representing a sales-to-new listing ratio of 71%. Total active listings, at 68 in January, are at the lowest level in at least two years.

Sales of townhouses reached 22 in January, the lowest level in seven months, but this is likely a reflection of few new listings. With just 31 townhouses added to the market and active listings at two-year lows, the January sales-to-new-listing ratio was 71%. The average Burnaby North townhouse sold in January for $982,916, up 14% from January 2020.

Condo apartment sales continued the blistering pace seen in 2020, with 96 transactions in January, up 74% from January 2020. With 180 new listings, North Burnaby’s condo sales-to-new-listing ratio was 53%. The average condo price slipped down 4% from a year ago, to $597,117.

Burnaby South: With 26 detached house sales in January, transactions were close to the monthly average over the past 12 months and active listings, at 120, were also fairly constant in this very stable market. The outlier is average house prices, which have been rising steadily and reached $1,742,741 in January, up $285,000 from a year earlier.

Townhouse sales reached 30 in January, up 108% from January 2020 and higher than the 25 transactions in December 2020. With 41 new listings added, the January sales-to-new-listing ratio was 73%, compared to 54% during 2020. Townhouses in Burnaby South sold in January for an average of $1,007,309, up about $54,000 from the end of last year.

Condominium apartment sales continued the strong pace seen over the past seven months, with 87 transactions in January, representing 58% of the 150 new listing added in the month. The supply of condos is estimated at four months, if the current sales pace continues. The average condo price, at $625,937, is up from $595,215 in January 2020.

New Westminster: Detached house sales in New Westminster saw a three-fold increase in January compared to the same month last year, to 21 transactions, representing a startling sales-to-new listing ratio of 84%. The average house price

remained fairly constant in one of the more affordable housing markets in Greater Vancouver. The average house sold in January for $1,285,528, a 4.3% increase, year-over-year.

Townhouse buyers closed on 14 units in January, compared to four in the same month last year, but sales were below the 25-unit average pace over the final six months of 2020. With 28 new listings in January, the sales-to-new-listing was 50%, with the average price virtually unchanged from December 2020 at $727,435.

New Westminster’s year-over-year condo apartment market sales were higher in January, but, at 66 transaction, well below December’s 103 sales. An increase in new listings, to 159 units, kept the sales ratio at 43%, similar to the first month of 2020. The average condo price in January was $543,870, up 9% from December but down about $20,000 from January 2020.

Coquitlam: More Coquitlam detached houses sold in January 2021  76- than in Burnaby and New Westminster combined, an indication of Coquitlam’s growing popularity. The average Coquitlam detached house sold in January for $1,566,814, up 20% year-over-year, while 67% of the new listings sold.

Coquitlam’s townhouse sector saw January sales drop nearly 50% from December, to 38 transactions, but the average price was up 12% year-over-year to $864,957.

Coquitlam condo apartment sales in January, at 106 units, tracked close to the record monthly pace seen in 2020. With 149 condo listings added in January, the sales ratio was 71%, with average prices up $52,000 year-over-year at $574,407.

Port Moody: Since the extension of SkyTrain to the waterfront community, detached house prices have increased sharply. In January 2021, the average Port Moody house price hit a near-record of $1,611,733. This is up 18% from January 2019 and a startling $419,000 increase from January 2020. There were just 20 new listings for detached houses in January 2021, along with 9 sales. Multiple bids are being seen.

Port Moody has a small townhouse market, certainly not enough to meet demand. Through the last quarter of 2020, the sales-to-new-listing ratio was running at 100%. This dipped to 60% in January, with 9 sales from 15 new listings, but the average price climbed to $827,533, up from $769,900 a year earlier.

The condo inventory in Port Moody is mostly composed of new units built since the arrival of SkyTrain in 2016. There is fairly healthy selection, but units sell quickly. In January, with 28 transactions, the sales ratio to new listings was 76%, the second-highest level in a year. The average Port Moody condo price, based on 28 January sales, is now $608,357, highest in the Tri-Cities market.

Port Coquitlam: In January, the city made it easier to build laneway houses on detached-house lot by removing the need for public hearings, which is expected to fuel already hot detached-house sales. Port Coquitlam detached house sales reached 33 units in January, 2021, up from 29 in the month previous and 22 in January 2020. The average house price soared year-over-year from $875,000 to $1,211,787 in January 2021.

Port Coquitlam townhouse prices, at an average of $693,241 in January, are the lowest in the Tri-City region and have remained fairly stable, rising 4.5% year-over-year. January sales, at 18, represented 64% of the new townhouse listings in the month.

Port Coquitlam condo buyers experienced a rarity in January, as the average price of $438,247 was down from a year ago and lower than in December 2020. With just a two-month condo supply available and 49% of new listings selling in January, upward pressure on condo prices could be seen this year.

Ladner: In January, Delta eased the regulations for secondary suites in houses, eliminating the minimum 49-foot lot width and easing parking restrictions. The change will allow more house owners to include a ‘mortgage helper’ rental suite and may increase buyer demand for Ladner houses. In January, 15 detached houses sold in Ladner, representing 63% of the new listings, at an average price of $1,249,066. House sales and prices have remained fairly constant over the past year.

Ladner has seen an increase in townhouse construction over the past year, but the inventory of resale units remains tight. There were only six active listings in January, and just 1 unit sold, for $820,000.

January saw only 3 condo sales at an average price of $645,666, but buyers should know there has been a recent surge in new listings, rising to 21 units in January, the highest level since January 2020.

Tsawwassen: Detached house sales in Tsawwassen have been accelerating for some time but shifted to a higher gear in recent months. The result has been a reduction in detached-house supply to three months, and average prices rising about $90,000 in the past year. In January 30 houses sold, up from 9 in the same month last year. The average house price hit $1,363,083, up from $1,276,736 in January 2020. There were 85 total house listings on the market this January, the lowest level in more than two years.

Tsawwassen is a smallish community, and townhouse sales reflect that, with just 20 total listings and 9 sales in January. The average townhouse price is now $779,300, down slightly from January of last year.

There were 15 condo sales in January and the sales-to-new-listing ratio was 63%, signalling a seller’s market. Average condo prices, at $628,406, are up from $587,877 a year ago, mirroring price increases in much larger municipalities.

Pitt Meadows: The benchmark price of detached house in Pitt Meadows has inched above $1 million, at $1,013,200 in January 2021, a 15.4% increase year-over-year and tied with Port Coquitlam for the highest annual detached house price increase in Greater Vancouver.

Townhouse prices in Pitt Meadows in January were up 3.9% year-over-year to $622,100.

The benchmark condo apartment price increased to $603,200 in January 2021, up 6.3% from January 2020.

Maple Ridge: Maple Ridge posted the lowest benchmark in Greater Vancouver in January, at $930,900, a price up 15% year-over-year and nearly 3% higher than in December 2020.

Detached sales in the region (including neighbouring Pitt Meadows) were up 41% year-over-year to 95 transactions.

The benchmark townhouse price in Maple Ridge is $561,800, up 7.6% from this time last year and townhouse sales increased a stunning 83% to 68 units in the region. There were 79 new listings for townhouses in the regional market as of January.

Maple Ridge condominium apartment prices increased 9.1% from a year earlier in January 2021 to $373,500, the lowest benchmark condo price in Greater Vancouver, which may explain why the sales-to-new-listing ratio was an impressive 79% in January.


Download January Sales and Listings Statistics Houses Townhouses Condos


Download January Sales and Listings Statistics All Regional



Market Update Greater Vancouver January 2021


From The Real Estate Board of Greater Vancouver
February 2, 2021

Home buyer demand remains elevated across Metro Vancouver

 

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale. 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020. 

 

Last month’s sales were 36.4 per cent above the 10-year January sales average. 

 

“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.” 

 

There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed. 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538). 

 

For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments. 

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

 

“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.” 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020. 

 

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020. 

 

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020. 

 

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.

 

Download the January 2021 stats package



Sales and Listing Statistics Near Year End 2020, Greater Vancouver Region


The real estate market in Greater Vancouver has really outperformed this year despite the pandemic.  For example the West Side inventory of single family homes has shimmied down from 15 months of supply in January to 6 months supply in December with sales volume up about 18% year over year.  We've had 889 West Side single family homes sell so far this year as compared with 752 last year, while supply is significantly lower this year.  This is good news after over two years of slump.  As the supply has diminished the benchmark prices have risen slightly.  

 

Have a look at the numbers for detached, townhome and apartment properties in the Greater Vancouver regions:

december 14 2020 sales and listing stats

 

 

SEVEN DAYS UNTIL CHRISTMAS

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Weekly Greater Vancouver Sales Trends During COVID Show Why We Are LOW On Inventory


Here is why we have such a competitive real estate market in a nutshell.  The weekly listing count is neck in neck with the weekly sales count leaving a shortage of inventory to choose from.  This is happening while we have virtually no foreign Buyers in the market so there goes that line of thinking as to who to blame for our high housing prices.

Greater Vancouver Average Daily Listings and Sales:

 
First two weeks of March – 253 new listings, 138 sales
Last two weeks of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June – 274 new listings, 115 sales
July – 274 new listings, 147 sales
August - 299 new listings, 157 sales
September – 313 new listings, 176 sales
October – 272 new listings, 182 sales
November 2 to 6 – 236 new listings, 151 sales
November 9 to 13 – 253 new listings, 188 sales
November 16 to 20 – 191 new listings, 155 sales
November 23 to 27 – 166 new listings, 149 sales
November 30 to December 4 – 165 new listings, 163 sales
December 7 to 11 – 147 new listings, 140 sales



Market Insights


October 2020 Market Insights

REBGV Chair Colette Gerber provides a summary of the October 2020 housing market statistics.

october 2020 market insights



October 2020 Vancouver Real Estate Stats


From Real Estate Board of Greater Vancouver
November 3, 2020

Home sale and listing resurgence extends into the fall

 

Home sale and new listing activity remained at near record levels across Metro Vancouver in October.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

 

Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.

 

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”

 

There were 5,571 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2020. This represents a 36.7 per cent increase compared to the 4,074 homes listed in October 2019 and a 13 per cent decrease compared to September 2020 when 6,402 homes were listed. 

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416, a 1.5 per cent increase compared to October 2019 (12,236) and a 5.2 per cent decrease compared to September 2020 (13,096).

 

“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said. "To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information."

 

For all property types, the sales-to-active listings ratio for October 2020 is 29.7 per cent. By property type, the ratio is 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 per cent for apartments.

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This represents a six per cent increase over October 2019 and a 0.4 per cent increase compared to September 2020.

 

Sales of detached homes in October 2020 reached 1,335, a 42.3 per cent increase from the 938 detached sales recorded in October 2019. The benchmark price for a detached home is $1,523,800. This represents an 8.5 per cent increase from October 2019 and a 1.1 per cent increase compared to September 2020.

 

Sales of apartment homes reached 1,570 in October 2020, a 13.4 per cent increase compared to the 1,384 sales in October 2019. The benchmark price of an apartment property is $683,500. This represents a 4.4 per cent increase from October 2019 and is unchanged compared to September 2020.

 

Attached home sales in October 2020 totalled 782, a 45.9 per cent increase compared to the 536 sales in October 2019. The benchmark price of an attached home is $813,000. This represents a 5.4 per cent increase from October 2019 and a 0.4 per cent increase compared to September 2020.

 

Download the October 2020 stats package



September 2020 Stats for Greater Vancouver


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News Release

FOR IMMEDIATE RELEASE:

Metro Vancouver home sales and listings surge in September VANCOUVER, BC – October 2, 2020 – Home sale and new listing activity reached record

levels in Metro Vancouver* in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.

 

FULL STATS PACKAGE

 

 

 

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

 

 



Stats for August 2020 Greater Vancouver


H-Info-August-2020

Home sale and new listing activity reached record levels in Metro Vancouver in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.       

Note:

Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.



January Stats Package from Dexter Realty


 

Want to see out full stats package?  Click here:  sales and listings statistics for greater vancouver houses townhouses and condos



October Statistics from Real Estate Board of Greater Vancouver


Home buyer activity increases in October VANCOUVER, BC – November 4, 2019 – The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity. 

Click here for details from Real Estate Board of Greater Vancouver

 

Click here for october dexter stats 



September Stats Show Good Improvement in Market


Increased demand helps housing market reach balanced territory

Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

 

Last month’s sales were 1.7 per cent below the 10-year September sales average.

 

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

 

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

 

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 per cent for apartments.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

 

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

 

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

 

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

 

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 2019.

 

Download the September 2019 stats package

 

Stats by housing type and price:

metro vancouver b



June Sales Reveal Inventory Is Not Fulsome


 

 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.

 

 

resized june stats

Full Stats Package here

 



February 2019 Stats from REBGV


Housing market conditions continue to favour home buyers

The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.

Last month’s sales were 42.5 per cent below the 10-year February sales average.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”

There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.

Download the February 2019 stats package.



November Stats Don't Tell the Whole Story


The numbers aren't pretty for Sellers as compared with the past two years, with 24 months of inventory in West Vancouver and East and West Vancouver houses sitting at 13 months inventory. Listingss haven't been increasing drastically however, it is sales that have slowed and with it prices have seen a modest drop which is averaging around 5% overall.  Single family West Side homes have seen the greatest price adjustments, down up to 20% from the highs of 2017 in some cases.  The bulk of the market where most activity takes place--that is condos and townhomes-- has seen a balancing since June and the result is a return to more normal conditions.  Buyers can shop around and write offers with proper due diligence contingencies like home inspection.  This is a perfect market for financially qualified first time buyers and move up buyers who can likely get an accepted subject to sale offer accepted.

Below are the statistics for November sales averages.  They do not tell the whole story though.  For example the West Side condo market under $600,000. actually has only 4 months of supply: 136 active listings and 31 sales in November and half of these listings are priced between $550K and $600K.  At the entry level of the market there is still competition but far less than we have seen since 2012.  With interest rates likely to rise again in March, saavy buyers will see December and January as an opportunity to buy without competition and below the 10 historical average for activity.  Waiting for a bottom is a tricky game.  We can't see it until it has passed and the market is on the way up.  

 

 sales and listings statistics houses townhouses and apartments for november 2018

 

skyline



September Sales Video from REBGV



August Statistics from Real Estate Board of Greater Vancouver


Home buyer demand stays below historical averages in August

The Metro Vancouver* housing market continues to experience reduced demand across all housing types.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.

Last month’s sales were 25.2 per cent below the 10-year August sales average.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGVpresident said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

There were 3,881 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2018. This represents an 8.6 per cent decrease compared to the 4,245 homes listed in August 2017 and an 18.6 per cent decrease compared to July 2018 when 4,770 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3 per cent increase compared to August 2017 (8,807) and a 2.6 per cent decrease compared to July 2018 (12,137).

The sales-to-active listings ratio for August 2018 is 16.3 per cent. By housing type, the ratio is 9.2 per cent for detached homes, 19.4 per cent for townhomes, and 26.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1 per cent increase over August 2017 and a 1.9 per cent decrease since May 2018.

Sales of detached properties in August 2018 reached 567, a 37.1 per cent decrease from the 901 detached sales recorded in August 2017. The benchmark price for detached properties is $1,561,000. This represents a 3.1 per cent decrease from August 2017 and a 2.8 per cent decrease since May 2018.

Sales of apartment properties reached 1,025 in August 2018, 36.5 per cent decrease compared to the 1,613 sales in August 2017. The benchmark price of an apartment property is $695,500. This represents a 10.3 per cent increase from August 2017 and a 1.6 per cent decrease since May 2018.

Attached property sales in August 2018 totalled 337, a 36.3 per cent decrease compared to the 529 sales in August 2017. The benchmark price of an attached unit is $846,100. This represents a 7.9 per cent increase from August 2017 and a 0.8 per cent decrease since May 2018.

Click here to download the full package.



August statistics


 

Sales have slackened and prices are adjusting down.  We are very likely approaching one of those rare Vancouver good time to buy cycles which we haven't seen since about 2012

Here are the numbers at the end of August

sales and listings statistics houses townhouses condos for august 2018

 



Market Update January 2018


Market update from Real Estate Board of Greater Vancouver

 

january 2018 market summary 



Market Update September 2017 stats


 

 

Home buyer demand continues to differ based on housing type

Apartment and townhome activity is outpacing the detached home market across Metro Vancouver. This activity helped push total residential sales above the historical average in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043 homes sold.

Last month’s sales were 13.1 per cent above the 10-year September sales average.

“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ 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.”

There were 5,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12 per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent increase compared to August 2017 when 4,245 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase compared to August 2017 (8,807).

“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.”

For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and 60.4 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,037,300. This represents a 10.9 per cent increase over September 2016 and a 0.7 per cent increase compared to August 2017.

Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272), and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1 per cent increase compared to August 2017.

Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase from September 2016 and a 1.4 per cent increase compared to August 2017.

Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent increase compared to August 2017.

Click here to download the full package.



Vancouver West Stats for June 2017


Click below for the Real Estate Board of Greater Vancouver's stats for June 2017: 

 

Vancouver West Stats June 2017

 

 

West Side condo listings are down over 17% year over year and as a result of low inventory condo sales are down 20% year over year.

West Side detached listings are up 10% year over year while sales are off by 25% year over year and days on market are up 20%.

West Side town home supply is up over 20% in a year, while sales are off close to 5% and are taking 26% longer to sell than last year.

 

All types of West Side homes have seen price increases since last year with condos up over 10% on the benchmark price.

 

 



May 2017 Stats


 

click for full stats package

May Stats from Real Estate Board of Greater Vancouver

 

 

June 2, 2017

 

Market activity picks up in May

Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

"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 sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.



April Stats From REBGV


 

 

Condominiums and townhomes in high demand across Metro Vancouver

Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.

Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.

April sales were 4.8 per cent above the 10-year average for the month.

For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year.

“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 (REBGV) 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.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,907 in April 2017. This represents a decrease of 19.9 per cent compared to the 6,127 units listed in April 2016 and a three per cent increase compared to March 2017 when 4,762 properties were listed.

The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver is 7,813, a 3.5 per cent increase compared to April 2016 (7,550) and a three per cent increase compared to March 2017 (7,586).

The sales-to-active listings ratio for April 2017 is 45.5 per cent for all property types. This is two per cent below March 2017 and is indicative of a sellers’ market. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

By property type, the sales-to-active listings ratio is 26 per cent for detached homes, 58.2 per cent for townhomes, and 82.2 per cent for condominiums.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Oudil said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $941,100. This represents a five per cent increase over the past three months and an 11.4 per cent increase compared to April 2016.

Over the last three months, the benchmark price of condominiums has seen the largest increase in the region at 8.2 per cent, followed by townhomes at 5.3 per cent, and detached homes at 2.8 per cent.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

Sales of detached properties in April 2017 reached 1,211, a decrease of 38.8 per cent from the 1,979 detached sales recorded in April 2016. The benchmark price for detached properties is $1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 per cent increase compared to March 2017.

Sales of apartment, or condominium, properties reached 1,722 in April 2017, a decrease of 18.3 per cent compared to the 2,107 sales in April 2016.The benchmark price of an apartment property is $554,100. This represents a 16.6 per cent increase over the past 12 months and a 3.1 per cent increase compared to March 2017.

Attached, or townhome, property sales in April 2017 totalled 620, a decrease of 10.8 per cent compared to the 695 sales in April 2016. The benchmark price of an attached unit is $701,800. This represents a 15.3 per cent increase over the past 12 months and a 2.4 per cent increase compared to March 2017.

Download the full April 2017 stats package here

 



October Stats From The Real Estate Board of Greater Vancouver


November 2, 2016

Home sale and listing activity dip below historical averages in October

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.

Last month’s sales were 15 per cent below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.” 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.

Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354). 

The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.

Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016. 

Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.

Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.

Download the complete stats package by clicking here

Correction Notice: 

Altus Group, the provider of the national MLS® Home Price Index (MLS® HPI), discovered a calculation error in their September 2016 reporting. This error resulted in variances of between 0.1 and 5 per cent in the benchmark prices the REBGV released for September 2016. Download the corrected September stats package by clicking here



July Market Update


 

This is the Sales and Listings Report updated to the end of July 2016.  The Greater Vancouver real estate market slowed with home sales decreasing by 27 per cent in July compared to June. For some markets like North Vancouver, this is typical in summertime, but it was a trend shared throughout the detached market in Metro Vancouver with some areas seeing a more significant decline. West Vancouver Detached sales were down 41% compared to June 2016 and down 45 per cent to July 2015 and were in fact the lowest monthly sales amount since January 2014. Total Month’s Supply of Listings is up to 10 Months there, with sales down and inventories up. Richmond detached sales were down 29 per cent in July compared to June 2016, and down 46 per cent to July 2015. The Sales to Listings Ratio dropped to 38 per cent, the lowest level since January 2014 and the Month’s Supply of Listings is now at 6 Months. Vancouver West and East Side Detached sales were similarly down and showing 6 and 5 Month’s Supply of Listings respectively.

 

What does this all mean? The detached market was already showing signs of softening over the last three months! particularly in the highest prices areas. Sales of strata properties have continued apace though with this market still seeing Seller Market conditions with 2 Month’s Supply of Listings even with overall sales in those markets lower in July.

 

"After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, Real Estate Board of Greater Vancouver president said. "Last month’s sales were 6.5 per cent above the 10-year sales average for the month.” So while the numbers show a decline, they were coming off some significant highs. 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2016 was 3,301 – down from 4,502 (27%) in June 2016, down from 4,145 (18%) in July 2015, up from 3,111 (6%) in July 2014; Active Listings are at 9,038 compared to 12,559 at this time last year; New Listings in July 2016 were up 2% compared to July 2015, down 12% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 77% in July 2015 and 74% in June 2016.

 

Vancouver Westside Residential: Total Units Sold in July 2016 was 604 – down from 816 (26%) in June 2016, down from 806 (25%) in July 2015, up from 597 (1%) in July 2014; Active Listings are at 1,495 compared to 2,103 at this time last year; New Listings in July 2016 were down 4% compared to July 2015, down 10% from June 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 59% compared to 76% in July 2015 and 72% in June 2016.

 

Vancouver Eastside Residential Total Units Sold in July 2016 was 290 – down from 407 (29%) in June 2016, down from 391 (25%) in July 2015, down from 360 (19%) in July 2014; Active Listings are at 800 compared to 838 at this time last year; New Listings in July 2016 were down 10% compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 54% compared to 79% in July 2015 and 69% in June 2016.

 

North Vancouver Residential:  Total Units Sold in July 2016 was 240 – down from 346 (30%) in June 2016, down from 285 (15%) in July 2015, up from 225 (7%) in July 2014; Active Listings are at 399 compared to 592 at this time last year; New Listings in July 2016 were up 20% compared to July 2015, down 17% from June 2016; Month’s Supply of Total Residential Listings is up to 2 Months (Seller’s Market) and a Sales to Listings Ratio of 66% compared to 93% in July 2015 and 79% in June 2016.

 

West Vancouver Houses: Total Units Sold in July 2016 was 67 – down from 109 (39%) in June 2016, down from 110 (61%) in July 2015, down from 94 (29%) in July 2014; Active Listings are at 514 compared to 620 at this time last year; New Listings in July 2016 were flat compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 8 Months (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 54% in July 2015 and 50% in June 2016.

 

Richmond Residential: Total Units Sold in July 2016 was 433 – down from 637 (32%) in June 2016, down from 543 (20%) in July 2015, up from 409 (6%) in July 2014; Active Listings are at 1,398 compared to 1,836 at this time last year; New Listings in July 2016 were down 1% compared to July 2015, down 13% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 71% in July 2015 and 73% in June 2016.



June Recap


Home buyers remain active across Metro Vancouver

Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market. 

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.  

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

Download complete stats package.



How Is June Shaping Up?


 

Compiled by Kevin Skipworth of Dexter Realty

 

So far there have been 1,660 sales in Greater Vancouver in June. The pace of June sales are down slightly compared to May but still very active compared to previous years. Total Active Listings are at 8,357 (down slightly from 8,393 at the same time in May), down from 12,297 in June 2015 and down from 17,199 in June 2014. What’s noticeable in the market is the pace of the strata market compared to the detached housing market. In most market areas, the sales to listings ratio for detached is below that of the strata market. In Vancouver’s Westside, the Sales to Listings Ratio for Detached is at 48% in June, for Townhouses it is 91% and for Condos 97%. In Vancouver’s Eastside it is 58% for Detached, 77% for Townhouses and 110% for Condos. Supply is still an issue in the market combined with strong demand is having the effect on prices were are seeing in the strata market. North Vancouver is still seeing a very undersupplied and active detached market though, continuing the push on prices there.

 

Here is a summary of the activity so far:

 

Greater Vancouver – 1,660 Units Sold so far in June 2016 while total New Listings so far in May are 2,152. Total Active Listings are at 8,357 compared to 13,297 at this time last year. Sales To Listings Ratio is at 77% compared to 76% in May.

 

Vancouver West – 304 Units Sold so far in June 2016 while total New Listings so far in May are 376. Total Active Listings are at 1,316 compared to 2,304 at this time last year. Sales To Listings Ratio is at 81% compared to 76% in May.

 

Vancouver East – 152 Units Sold so far in June 2016 while total New Listings so far in May are 197. Total Active Listings are at 706 compared to 930 at this time last year. Sales To Listings Ratio is at 77% compared to 67% in May.

 

North Vancouver – 117 Units Sold so far in June 2016 while total New Listings so far in May are 163. Total Active Listings are at 394 compared to 704 at this time last year. Sales To Listings Ratio is at 72% compared to 69% in May.

 

West Vancouver – 41 Units Sold so far in June 2016 while total New Listings so far in May are 76. Total Active Listings are at 452 compared to 630 at this time last year. Sales To Listings Ratio is at 54% compared to 56% in May.

 

Richmond – 224 Units Sold so far in June 2016 while total New Listings so far in May are 314. Total Active Listings are at 1,298 compared to 1,905 at this time last year. Sales To Listings Ratio is at 71% compared to 67% in May.



Record Sales in March, Still Have a Lack of New Inventory


March is on pace to hit 5,000 homes sold in Greater Vancouver for the first time ever. It would seem that the trend of more sales and less listings is something the market is not deviating from. With 4,462 properties sold so far in March and the current trend of 300 sales a day, March will likely finish close to 5,200 to 5,300 sales. Total active listings are at 7,954 down from 8,091 last month. Some areas will finish with 1 month’s supply of listings or less while 2 months will be the average. A far cry from two years ago when 6 to 10 months was what was available in the market. Some extreme undersupplied markets include North Vancouver townhouses with 56 sales so far in March with only 36 units available. In Vancouver’s West Side, there have been 87 sales and there are 87 active listings. Vancouver West Side condo inventory is down to 661, from a high of 2,344 in the spring of 2013. Here is a summary of the activity so far:

 

Greater Vancouver – 4,462 Units Sold so far in March 2016 compared to 4,254 Units Sold in February 2016. Total New Listings so far in March are 5,228 compared to 5,967 in February 2016. Total Active Listings are at 7,954 (13,521 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 71% in February 2016.

 

Vancouver West - 844 Units Sold so far in March 2016 compared to 852 Units Sold in February 2016. Total New Listings so far in March are 884 compared to 1,199 in February 2016. Total Active Listings are at 1,303 (2,414 at the same time in March 2015), Sales To Listings Ratio is at 95% compared to 71% in February 2016.

 

Vancouver East – 392 Units Sold so far in March 2016 compared to 342 Units Sold in February 2016. Total New Listings so far in March are 460 compared to 515 in February 2016. Total Active Listings are at 594 (968 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 66% in February 2016.

 

North Vancouver – 348 Units Sold so far in March 2016 compared to 346 Units Sold in February 2016. Total New Listings so far in March are 328 compared to 487 in February 2016. Total Active Listings are at 322 (805 at the same time in March 2015), Sales To Listings Ratio is at 106% compared to 71% in February 2016.

 

West Vancouver – 155 Units Sold so far in March 2016 compared to 169 Units Sold in February 2016. Total New Listings so far in March are 194 compared to 278 in February 2016. Total Active Listings are at 407 (636 at the same time in March 2015), Sales To Listings Ratio is at 80% compared to 61% in February 2016.

 

Richmond – 560 Units Sold so far in March 2016 compared to 533 Units Sold in February 2016. Total New Listings so far in March are 784 compared to 759 in February 2016. Total Active Listings are at 1,197 (1,893 at the same time in March 2015), Sales To Listings Ratio is at 71% compared to 70% in February 2016.



Modest Growth in Sales and Prices Marked The 2013 Market


click for full stats package from The Real Estate Board of Greater Vancouver

wwwrebgvorg sites default files rebgv stats package2c december 2013

 

 

From The Real Estate Board of Greater Vancouver January 3, 2014 –

The Greater Vancouver housing market maintained a
consistent balance between demand and supply throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032
sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.
“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t
compare to some of the record-breaking years we experienced over the last decade,” Sandra
Wyant, REBGV president said.
Last year’s home sale total ranks as the third lowest annual total for the region in the last ten
years, according to the region’s Multiple Listing Service® (MLS®).
The number of residential properties listed for sale on the MLS® in Metro Vancouver declined
6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back
further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential
properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.
“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced
conditions allowed home prices in the region to remain steady, with just a modest increase over
the last 12 months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December
2012.

December summary
Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of
71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline
compared to November 2013 when 2,321 home sales occurred.
December sales were 8.1 per cent above the 10-year December sales average of 1,807.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856
in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in
December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties
were listed.
Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from
the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units
sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from
December 2012 to $927,000.
Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent
compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the
774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per
cent from December 2012 to $367,800.
Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to
the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties
sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between
December 2012 and 2013 to $456,100.
-30-
The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in
the Board's area, generating $1.84 billion in spin-off activity and 13,977 jobs. The total dollar value of residential
sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real Estate Board
of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The
Board provides a variety of member services, including the Multiple Listing Service®. For more information on real
estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
For more information please contact:
Craig Munn
Assistant Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
[email protected]