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February 2016 – Mid Month Update


“They always say time changes things, but you actually have to change them yourself.” – Andy Warhol

Sales and listings stats are attached as of February 14, 2016. February continues the trend of a busy real estate market. What’s badly needed is still not coming on – Supply. The question of why prices are rising in all segments and areas of the market relate back to a fundamental of supply and demand – and right now supply is far below that of the demand in the market place. While constraints on demand is looked upon as a solution, the supply side of the equation needs to be tackled. This is becoming more and more evident in the strata segment of the market. In looking at inventory levels for strata properties we see that in Vancouver’s West Side townhouse/half duplex listings are down 56% and apartments are down 43% to last year at this time. In East Vancouver the townhouse/half duplex listings are down 48% and apartments are down 56%, in North Vancouver townhouse/half duplex listings are down 46% and apartments down 64%, and in Richmond townhouse/half duplex listings are down 70% and apartments are down 27% to this time last year. So while it may seem like there is a lot of new building going on, it’s not enough. And with the pressure of affordability pushing people to strata properties from a dwindling stock of detached properties, supply will continue to be in need.  Here is a summary of the activity so far:

Greater Vancouver – 1,649 Units Sold so far in February 2016 compared to 999 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 3,108 compared to 5,566 total in February 2015. Total Active Listings are at 8,033 (12,318 at the same time last year). Sales To Listings Ratio is at 53% compared to 57% in January 2016.

Vancouver West – 344 Units Sold so far in February 2016 compared to 192 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 615 compared to 1,250 total in February 2015. Total Active Listings are at 1,458 (2,223 at the same time last year). Sales To Listings Ratio is at 56% compared to 48% in January 2016.

Vancouver East – 139 Units Sold so far in February 2016 compared to 74 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 240 compared to 523 total in February 2015. Total Active Listings are at 580 (885 at the same time last year). Sales To Listings Ratio is at 58% compared to 53% in January 2016.

North Vancouver – 125 Units Sold so far in February 2016 compared to 56 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 201 compared to 490 total in February 2015. Total Active Listings are at 368 (703 at the same time last year). Sales To Listings Ratio is at 62% compared to 54% in January 2016.

West Vancouver – 66 Units Sold so far in February 2016 compared to 45 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 148 compared to 300 total in February 2015. Total Active Listings are at 444 (560 at the same time last year). Sales To Listings Ratio is at 45% compared to 46% in January 2016.

Richmond – 205 Units Sold so far in February 2016 compared to 146 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 383 compared to 734 total in February 2015. Total Active Listings are at 1,174 (1,805 at the same time last year). Sales To Listings Ratio is at 54% compared to 64% in January 2016.

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