Sales and Listings Report for October 15 2017

“You cannot change your destination overnight, but you can change your direction overnight.” – Jim Rohn

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

Here is a summary of the activity so far:

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

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

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

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

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

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

Sales and Listings Report for September 2017

“Being challenged in life is inevitable, being defeated is optional.” Roger Crawford

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

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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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

Sales and Listings Report for September 17 2017

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

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

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

Here is a summary of the activity so far:

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

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

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

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

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

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

“Your life does not get better by chance, it gets better by change.” – Jim Rohn

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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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

Sales and Listings Report for August 2017

“Your life does not get better by chance, it gets better by change.” – Jim Rohn

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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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

Sales and Listings Stats for August 20 2017

“Your attitude is either the lock on, or the key to the door of success.” — Denis Waitley

 Sales and listings stats are attached as of August 20, 2017. We are now into the first full year since the Foreign Buyers Tax. So while the debate will be extensive, what can’t be argued is the affect it has had on the higher end of the real estate market. Average prices are down significantly from the first 7 months of 2016 prior to the introduction of the tax. And more so in the West Vancouver, Vancouver West Side and Richmond markets. The average price in West Vancouver is at $1,890,804 compared to a peak at $3,438,792 in March 2016. The Detached Market is seeing a quiet month so far with only 30 houses sold in Vancouver’s West Side (compared to 74 total in July), 12 West Vancouver houses sold (compared to 41 in July) and 53 Richmond houses sold in August (compared to 102 in July). Affordability, government policy or perception of government policy changes and lingering effects of the Foreign Buyer Tax are a part of the market. At the end of August we’ll see just how much, and the fall market will be the true tale of the numbers.

Here is a summary of the activity so far:

Greater Vancouver –1,862 Units Sold so far in August 2017 compared to 1,639 Units Sold at this time in August 2016. Total New Listings so far in August are 2,798 compared to 3,220 at this time in August 2016. Total Active Listings are at 9,764 (9,490 at the same time in August 2016), Sales To Listings Ratio is at 67% compared to 51% at this time in August 2016.

Vancouver West – 308 Units Sold so far in August 2017 compared to 293 Units Sold at this time in August 2016. Total New Listings so far in August are 483 compared to 582 at this time in August 2016. Total Active Listings are at 1,689 (1,551 at the same time in August 2016), Sales To Listings Ratio is at 64% compared to 50% at this time in August 2016.

Vancouver East – 184 Units Sold so far in August 2017 compared to 142 Units Sold at this time in August 2016. Total New Listings so far in August are 270 compared to 347 at this time in August 2016. Total Active Listings are at 1,086 (890 at the same time in August 2016), Sales To Listings Ratio is at 68% compared to 41% at this time in August 2016.

North Vancouver – 135 Units Sold so far in August 2017 compared to 107 Units Sold at this time in August 2016. Total New Listings so far in August are 165 compared to 199 at this time in August 2016. Total Active Listings are at 506 (409 at the same time in August 2016), Sales To Listings Ratio is at 82% compared to 54% at this time in August 2016.

West Vancouver – 23 Units Sold so far in August 2017 compared to 40 Units Sold at this time in August 2016. Total New Listings so far in August are 84 compared to 86 at this time in August 2016. Total Active Listings are at 585 (485 at the same time in August 2016), Sales To Listings Ratio is at 27% compared to 47% at this time in August 2016.

Richmond – 270 Units Sold so far in August 2017 compared to 206 Units Sold at this time in August 2016. Total New Listings so far in August are 425 compared to 439 at this time in August 2016. Total Active Listings are at 1,440 (1,445 at the same time in August 2016), Sales To Listings Ratio is at 64% compared to 47% at this time in August 2016.

Sales and Listings Report for July 2017

“One is always a long way from solving a problem until one actually has the answer.” – Stephen Hawking


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

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

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

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

Here’s a summary of the numbers:

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

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

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

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

West Vancouver Houses: Total Units Sold in July 2017 was 56 – down from 92 (39%) in June 2017, down from 67 (14%) in July 2016, down from 110 (39%) in July 2015; Active Listings are at 585 compared to 514 at this time last year; New Listings in July 2017 were down 12% compared to July 2016; Month’s Supply of Total Residential Listings is up to 10  Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 33% in July 2016 and 40% in June 2017.

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

Sales and Listings Stats Update for July 23 2017

“If you don’t like something, change it. If you can’t change it, change your attitude. Don’t complain.” – Maya Angelou.

 

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

Here is a summary of the activity so far:

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

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

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

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

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

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

Metro Vancouver Sales and Listings Report for June 2017

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

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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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

Sales and Listings Report for May 2017

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

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

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

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