Sales and Listings Report for May 14 2017

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

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

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

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

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

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

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

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

Sales and Listings Stats Update for April 2017

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

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

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

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

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

Here’s a summary of the numbers: 

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

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

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

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

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

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

Sales and Listings Stats Report as of April 16 2017

“Pull the string, and it will follow wherever you wish. Push it, and it will go nowhere at all.”

– Dwight Eisenhower

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

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

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

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

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

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

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

Sales and Listing Report (Updated) To End of March 2017

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

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

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

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

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

Here’s a summary of the numbers:

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

 

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

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

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

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

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

Sales and Listings Stats Update as of March 19

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

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

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

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

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

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

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

Sales and Listings Report for February 2017

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

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

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

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

Here’s a summary of the numbers:

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

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

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

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

West Vancouver Houses: Total Units Sold in February 2017 was 57 – up from 26 (119%) in January 2017, down from 169 (66%) in February 2016, down from 146 (61%) in February 2015; Active Listings are at 448 compared to 446 at this time last year; New Listings in February 2016 were down 46% compared to February 2016; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 61% in February 2016.

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

Sales and Listings Report as of February 12, 2017

Sales and listings stats are attached as of February 12, 2017. Winter is showing signs of thawing and so is the real estate market in Metro Vancouver. The pace of sales in February has increased from January with numbers so far 60% above last month’s sales per day. That with the first two weeks of February suffering through some very nasty weather so far! Vancouver West side and North Vancouver detached sales are already ahead of January and on pace to be the best month since July last year. Vancouver East side and West Vancouver detached while a little slower are also on pace to be the best since July of last year. New listings are down dramatically though. With only 1,383 new listings in Greater Vancouver, this is far below the 3,108 at mid-month last February. The weather certainly has impacted sellers coming to market. As a result, the total active listings in Greater Vancouver is 7,841 compared to 8,033 at this time last year. The condo and townhouse market is continuing to see the greatest amount of multiple offers, a trend that is carrying on from last fall. That market segment continues to be light on inventory with new product being absorbed a quicker pace. Here is a summary of the activity so far:

Greater Vancouver – 948 Units Sold so far in February 2017 (not quite mid-month) compared to 1,649 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 1,383 compared to 3,108 at mid-month in February 2016. Total Active Listings are at 7,841 (8,033 at the same time last year). Sales To Listings Ratio is at 69% compared to 37% in January 2017.

Vancouver West – 222 Units Sold so far in February 2017 (not quite mid-month) compared to 344 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 267 compared to 615 at mid-month in February 2016. Total Active Listings are at 1,325 (1,458 at the same time last year). Sales To Listings Ratio is at 83% compared to 30% in January 2017.

Vancouver East – 92 Units Sold so far in February 2017 (not quite mid-month) compared to 139 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 147 compared to 240 at mid-month in February 2016. Total Active Listings are at 894 (580 at the same time last year). Sales To Listings Ratio is at 63% compared to 33% in January 2017.

North Vancouver – 84 Units Sold so far in February 2017 (not quite mid-month) compared to 125 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 113 compared to 201 at mid-month in February 2016. Total Active Listings are at 398 (368 at the same time last year). Sales To Listings Ratio is at 74% compared to 36% in January 2017.

West Vancouver – 24 Units Sold so far in February 2017 (not quite mid-month) compared to 66 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 51 compared to 148 at mid-month in February 2016. Total Active Listings are at 414 (444 at the same time last year). Sales To Listings Ratio is at 47% compared to 13% in January 2017.

Richmond – 116 Units Sold so far in February 2017 (not quite mid-month) compared to 205 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 184 compared to 383 at mid-month in February 2016. Total Active Listings are at 1,164 (1,174 at the same time last year). Sales To Listings Ratio is at 63% compared to 34% in January 2017.

Sales and Listings Report January 2017

Attached are the Sales and Listings Stats updated to the end of January 2017. The real estate market in Metro Vancouver has certainly shifted in the last year. What was once the sizzling detached market has shifted to a more active condo market. Last year the percentage of Detached Listings were 38% and this year they are 52%. The percentage of Attached (Townhouses and Condos) last year were 52% and this year 40%. In terms of sales, last year the percentage of sales that were Detached were 41% and this year 28%, attached last year 16% and this year 16% and condos last year 43% and this year 53%. The condo market is where the activity is strongest, with more incidences of multiple offers and sales above list prices. The lack of product, strong demand and affordability are driving that market segment.

And now after a series of cooling measures, the provincial government has turned the tables with the First Time Buyer Home Owner Plan providing loans to buyers for their down payment and the recent announcement of an exemption from the Foreign Buyer Tax for anyone working in British Columbia on a work permit – with details still to come. Will these two programs impact the market? Likely they will have direct impact on the already active condo market and properties up to the $750,000 price maximum for the First Time Buyer Home Owner Plan.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January 2017 was 1,553 – down from 2,574 (40%) from January 2016, down from 1,948 (20%) in January 2015; Active Listings are at 7,834 compared to 7,431 at this time last year; New Listings in January 2016 were down 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 57% in January 2016.

Vancouver Westside Residential: Total Units Sold in January 2017 was 271 – down from 473 (43%) from January 2016, down from 369 (27%) in January 2015; Active Listings are at 1,355 compared to 1,285 at this time last year; New Listings in January 2016 were down 9% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 48% in January 2016.

Vancouver Eastside Residential: Total Units Sold in January 2017 was 139 – down from 207 (33%) from January 2016, down from 212 (34%) in January 2015; Active Listings are at 874 compared to 524 at this time last year; New Listings in January 2016 are up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 53% in January 2016.

North Vancouver Residential Total Units Sold in January 2017 was 107 – down from 167 (36%) from January 2016, down from 149 (38%) in January 2015; Active Listings are at 398 compared to 318 at this time last year; New Listings in January 2016 were down 4% compared to January 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 36% compared to 54% in January 2016.

West Vancouver Houses: Total Units Sold in January 2017 was 26 – down from 108 (75%) from January 2016, down from 58 (55%) in January 2015; Active Listings are at 416 compared to 403 at this time last year; New Listings in January 2016 were down 14% compared to January 2016; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 13% compared to 46% in January 2016.

Richmond Residential: Total Units Sold in January 2017 was 225 – down from 396 (43%) from January 2016, down from 287 (22%) in January 2015; Active Listings are at 1,154 compared to 1,077 at this time last year; New Listings in January 2016 were up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 64% in January 2016.

Sales and Listings Report for Mid January

Sales and listings stats are attached as of January 14, 2017. January has been a little cold to start – in all aspects of the market and weather. While sales have been slower to start, the number of new listings have been just as slow to come on the market. Resulting in less inventory available in overall than at this time last year. The colder weather and snow on the ground playing a part in some areas. But certainly the lack of product on the market is keeping some buyers waiting for the new listings to come!  We are of course only two weeks into the year so before too many conclusions are drawn and predictions are made, let’s see where the rest of the month goes! Here is a summary of the activity so far:

Greater Vancouver – 492 Units Sold so far in January 2017 compared to 999 Units Sold so far at this time in January 2016. Total New Listings so far in January are 1,540 compared to 2,028 at this point in January 2016. Total Active Listings are at 6,778 compared to 6,871 at this time last year. Sales To Listings Ratio is at 32% compared to 57% in January 2016.

Vancouver West – 82 Units Sold so far in January 2017 compared to 192 Units Sold so far at this time in January 2016. Total New Listings so far in January are 314 compared to 406 at this point in January 2016. Total Active Listings are at 1,092 compared to 1,092 at this time last year. Sales To Listings Ratio is at 26% compared to 48% in January 2016.

Vancouver East – 39 Units Sold so far in January 2017 compared to 74 Units Sold so far at this time in January 2016. Total New Listings so far in January are 134 compared to 181 at this point in January 2016. Total Active Listings are at 760 compared to 472 at this time last year. Sales To Listings Ratio is at 29% compared to 53% in January 2016.

North Vancouver – 38 Units Sold so far in January 2017 compared to 56 Units Sold so far at this time in January 2016. Total New Listings so far in January are 103 compared to 137 at this point in January 2016. Total Active Listings are at 309 compared to 280 at this time last year. Sales To Listings Ratio is at 37% compared to 54% in January 2016.

West Vancouver – 9 Units Sold so far in January 2017 compared to 45 Units Sold so far at this time in January 2016. Total New Listings so far in January are 60 compared to 106 at this point in January 2016. Total Active Listings are at 338 compared to 366 at this time last year. Sales To Listings Ratio is at 15% compared to 46% in January 2016.

Richmond – 93 Units Sold so far in January 2017 compared to 146 Units Sold so far at this time in January 2016. Total New Listings so far in January are 258 compared to 267 at this point in January 2016. Total Active Listings are at 976 compared to 1,046 at this time last year. Sales To Listings Ratio is at 36% compared to 64% in January 2016.

Sales and Listings Report to End 2016

Attached are the end of December 2016 Sales and Listings Stats. And what a year it was! A record breaking first half of the year and then a shift in the complete opposite direction for the last half. In Greater Vancouver there were 26,439 properties sold in the first six months and 14,441 sales in the last six months of 2016. In the Fraser Valley the story was similar, with 14,732 properties sold in the first six months and 8,160 in the last six months. Interesting to see given effects of the Foreign Buyer Tax would have been less pronounced in the Fraser Valley and indicating that the market was already in a self-correcting stage to finish the year. What remained constant, was the lack of homes for sale in the market. And that culminated with an exclamation point in December with only 1,350 properties listed in Greater Vancouver in December – 35 percent below December of last year and 22 percent below the lowest amount of new listings in the month of December going back to 1991. With that, January 2017 started with 6,109 properties on the market compared to 6,173 at the beginning of 2016. So while demand declined through the last half of the year, an accumulation of inventory did not happen. The Home Price Index showed that prices across the region declined in the last 3 to 6 months of the year.

Some highlights in market areas during 2016:

  • The once saturated condo market in Richmond saw a dramatic decline in inventory with the number of apartments on the market declining to 281 at year end compared to a high of over 1,000 in 2015 and 2014.
  • The number of Active Listings for Detached Houses in East Vancouver went from 280 in January to 692 by November. Tsawwassen and Ladner saw similar percentage increases in Active Listings
  • The number of sales of West Vancouver Detached Houses dropped to 22 in September compared to a high of 146 in March
  • The number of sales of Detached Houses on Vancouver’s West Side dropped to 60 in September from a high of 230 in April

So while many like to speak in general terms about the Vancouver real estate market, it is very much a regional and product differentiated market. While the detached market saw a quick and significant decline in activity starting in May, the townhouse and apartment market remained more active (albeit less so than it was in the first half of the year). But active nonetheless with multiple offers and prices still showing growth. And it can be argued that the higher end of the market has seen a correction in pricing as 2016 came to a close. Prices gained in the first half of 2016 in some cases were not being achieved in the second half with Vancouver, West Vancouver and Richmond bearing the brunt of this. For Greater Vancouver in 2015, detached sales made up 41% of the market, townhouses 17% and apartments 42%; in 2016 detached sales made up 37%, townhouses 16% and apartments 47%. In fact, the number of apartments sold in 2016 was 7% higher than in 2015. Overall, sales in Greater Vancouver for 2016 were 40,880 down from a record high of 43,155 in 2015.

The Metro Vancouver real estate market on its own started to show a calming of demand midyear coupled with constraints by all levels of government this sped up the process. From concerns over speculation which resulted in deregulation of the Real Estate Council to language restricting assignment of contracts for resale properties in May, an introduction of a 15 percent Foreign Buyers Tax in August, Federal mortgage rule changes in October creating a stress test for buyers with less than 20 percent down payments all the way to the creation of an Empty Home Tax by the City of Vancouver. Throw in a 5% down payment loan announced by the British Columbia government in December and set to start in January 2017, one could argue we’ve seen it all. But that’s just from within our own borders, factors such as Trump, Brexit, a declining Canadian Dollar, continued movement of global capital and immigration were also at play. Some more of an immediate impact, others more of a distraction.

There will be as many predictions, forecasts, guesses and hopes for the real estate market in 2017 as there were explanations and excuses for the 2016 market. And after all that we saw lack of supply continue to be a significant factor at the end of the year that it was at the start.

Here is my prediction for 2017 Real Estate in Metro Vancouver: Buyers will buy and Sellers will sell. There will be a real estate market. Supply will be restricted, and that won’t change quickly. Given how 2016 finished with declining demand and no rise in supply, its likely supply will be restricted through 2017. And more than anything, supply and demand will direct pricing in the market.

Here is a summary of the numbers:

 Greater Vancouver: Total Units Sold in December 2016 was 1,743 – down from 2,255 in November 2016; down from 2,905 in December 2015 and 2,173 in December 2014. Total Active Listings are flat to last year but new listings were down 35% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 129% in December 2016 compared to 140% in December 2015. Benchmark Price is up 20.9% since January 2016 but down 2.7% over the last 3 months.

Vancouver Westside: Total Units Sold in December 2016 was 324 – down from 408 in November 2016; down from 512 in December 2015 and 415 in December 2014. Total Active Listings are flat to last year but new listings were down 36% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 140% in December 2016 compared to 141% in December 2015. Benchmark Price is up 14.3% since January 2016 but down 3.8% over the last 3 months.

Vancouver Eastside: Total Units Sold in December 2016 was 183 – down from 251 in November 2016; down from 264 in December 2015 and 266 in December 2014. Total Active Listings are up 87% to last year but new listings were down 19% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 117% in December 2016 compared to 138% in December 2015. Benchmark Price is up 18% since January 2016 but down 3.5% over the last 3 months.

North Vancouver: Total Units Sold in December 2016 was 138 – down from 173 in November 2016; down from 210 in December 2015 and 156 in December 2014. Total Active Listings are up 21% compared to last year but new listings were down 49% compared to December last year, Month’s Supply of Total Residential Listings is at 2 Months (Strong Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 197% in December 2016 compared to 154% in December 2015. Benchmark Price is up 17% since January 2016 but down 3.8% over the last 3 months.

West Vancouver: Total Units Sold in December 2016 was 44 – flat to November 2016 at 44; down from 86 in December 2015 and 66 in December 2014. Total Active Listings are flat to last year but new listings were down 30% compared to December last year, Month’s Supply of Total Residential Listings is at 8 Months (Buyer’s Market) compared to 4 Months Supply at the end of 2015 and Sales to Listings Ratio was 80% in December 2016 compared to 110% in December 2015. Benchmark Price is up 13.2% since January 2016 but down 10.9% over the last 3 months.

Richmond: Total Units Sold in December 2016 was 235 – down from 262 in November 2016; down from 424 in December 2015 and 302 in December 2014. Total Active Listings are down 5% to last year and new listings were down 41% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 3 Months Supply at the end of 2015 and Sales to Listings Ratio was 104% in December 2016 compared to 110% in December 2015. Benchmark Price is up 19.2% since January 2016 but down 2.5% over the last 3 months.

Burnaby East: Total Units Sold in December 2016 was 20 – down from 30 in November 2016; down from 35 in December 2015 and 28 in December 2014. Total Active Listings are up 23% to last year but new listings were down 25% compared to December last year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 154% in December 2016 compared to 206% in December 2015. Benchmark Price is up 17.2% since January 2016 but down 2.4% over the last 3 months.

Burnaby North: Total Units Sold in December 2016 was 85 – down from 121 in November 2016; down from 149 in December 2015 and 122 in December 2014. Total Active Listings are flat to last year but new listings were down 43% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 149% in December 2016 compared to 149% in December 2015. Benchmark Price is up 22.5% since January 2016 but down 1.0% over the last 3 months.

Burnaby South: Total Units Sold in December 2016 was 73 – down from 98 in November 2016; down from 203 in December 2015 and 116 in December 2014. Total Active Listings are flat to last year but new listings were down 46% compared to December last year, Month’s Supply of Total Residential Listings is at 5 Months (Balanced to Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 111% in December 2016 compared to 165% in December 2015. Benchmark Price is up 22.8% since January 2016 but down 0.8% over the last 3 months.

New Westminster: Total Units Sold in December 2016 was 84 – down from 97 in November 2016; down from 103 in December 2015 and up from 72 in December 2014. Total Active Listings are down 13% to last year but new listings were up slightly compared to December last year, Month’s Supply of Total Residential Listings is at 2 Months (Strong Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 135% in December 2016 compared to 178% in December 2015. Benchmark Price is up 21.2% since January 2016 but down 2.0% over the last 3 months.

Coquitlam: Total Units Sold in December 2016 was 128 – down from 174 in November 2016; down from 243 in December 2015 and 166 in December 2014. Total Active Listings are up 9% to last year but new listings were down 41% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 152% in December 2016 compared to 147% in December 2015. Benchmark Price is up 16% since January 2016 but down 4.4% over the last 3 months.

Port Moody: Total Units Sold in December 2016 was 41 – up from 38 in November 2016; down from 51 in December 2015 and 42 in December 2014. Total Active Listings are up 27% to last year but new listings were down 25% compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 141% in December 2016 compared to 131% in December 2015. Benchmark Price is up 17.8% since January 2016 but down 1.6% over the last 3 months.

Port Coquitlam: Total Units Sold in December 2016 was 59 – down from 96 in November 2016; down from 98 in December 2015 and 68 in December 2014. Total Active Listings are up 20% to last year but new listings were down 40% year compared to December last year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 1 Month Supply at the end of 2015 and Sales to Listings Ratio was 140% in December 2016 compared to 140% in December 2015. Benchmark Price is up 18.3% since January 2016 but down 3.6% over the last 3 months.

Ladner: Total Units Sold in December 2016 was 21 – down from 27 in November 2016; down from 22 in December 2015 and 28 in December 2014. Total Active Listings are up 355% (135 from 35) to last year and new listings were the same compared to December last year, Month’s Supply of Total Residential Listings is at 6 Months (Balanced Market) compared to 2 Months Supply at the end of 2015 and Sales to Listings Ratio was 111% in December 2016 compared to 116% in December 2015. Benchmark Price is up 13% since January 2016 but down 7.3% over the last 3 months.

Tsawwassen: Total Units Sold in December 2016 was 15 – down from 30 in November 2016; down from 50 in December 2015 and 27 in December 2014. Total Active Listings are up 280% (143 from 51) to last year but new listings were down 29% compared to December last year, Month’s Supply of Total Residential Listings is at 10 Months (Buyer’s Market) compared to 1 Months Supply at the end of 2015 and Sales to Listings Ratio was 68% in December 2016 compared to 161% in December 2015. Benchmark Price is up 15.8% since January 2016 but down 6.6% over the last 3 months.