Stats

Sales and Listings Report for August 2018


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

Attached are the Sales and Listings Stats updated to the end of August 2018. Schools back, but will the real estate market be back in September? It certainly wasn’t a summer to remember in the market leaving many to try and predict what will happen next and many more trying to offer advice as to why we’ve arrived at the point we have.

There were 1,961 homes sold of all types in Greater Vancouver in August this year compared with 3,097 sales in August last year and 2,554 homes sold in August 2016 (the first month of the Foreign Buyer Tax). This was 25 per cent below the 10 year average for August and the lowest amount of sales in August since 2012 at 1,670. In fact, 2018 is looking very similar to 2012 and 2013 in terms of sales, two years of a slight correction in the market. Except those years didn’t see the same amount of government influence as we are seeing now. The detached market continues its tepid pace, and the townhouse and condo market cooled off as well brining summer of sun and less sales.  There were 575 Detached Houses sold in August 2018 down from 906 (down 36 per cent) in August 2017 in Greater Vancouver, and down from 645 in July 2018. For townhouses there were 354 sales in August 2018 compared to 529 in August 2017 (down 30 per cent), down from 354 in July 2018 and for condos there were 1,025 sales in August 2018, a decrease in sales from 1,613 in August 2017 (down 36 per cent) and compared to 1,079 in July 2018.

As for supply in the market, there was a decrease in the amount of new listings in August compared to last month. There were 3,972 new listings in July in Greater Vancouver, down 9 per cent from August last year and down 10 per cent from August 2016. The amount of new listings in August 2018 were 8 per cent below the 10 year average for August. Active Listings are at 12,519 for month end (up 29 per cent compared to August 2017 but down 3 per cent compared to July 2018). The trend for September will be a rise in listings as the fall market kicks in, but how much of an increase in new listings will impact demand and prices as supply will work towards easing pressure on prices. But this would need to be a significant increase in supply, something not likely to happen given the behaviour we’ve seen from the market and sellers so far in 2018.

“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, Real Estate Board of Greater Vancouver president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years,” Moore said. “With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region.”

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® in August, a decrease of 38.5 per cent compared to 1,879 sales in August of last year, and a 10.5 per cent decrease compared to the 1,290 sales in July 2018. Of the 1,155 sales processed last month 294 were townhouses and 318 were apartments, together representing 50 per cent of all transactions in August.  Active inventory for the Fraser Valley finished at 7,339, decreasing 0.8 per cent month-over-month and 28.5 per cent when compared to August 2017. “Our market continues to open up the further we get into the year, and that means you can make more considered, informed decisions if you’re looking to jump in,” said John Barbisan, Board President. “With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations.”

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in August 2018 was 1,961 – down from 2,108 (7%) in July 2018, down from 3,097 (37%) in August 2017, down from 2,554 (23%) in August 2016; Active Listings are at 12,519 compared to 9,470 (up 32%) at this time last year; New Listings in August 2018 were down 9% compared to August 2017 and down 14% compared to August 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 71% in August 2017.

Vancouver Westside Residential: Total Units Sold in August 2018 was 371 – down from 403 (8%) in July 2018, down from 516 (28%) in August 2017, down from 452 (18%) in August 2016; Active Listings are at 2,158 compared to 1,596 (up 35%) at this time last year; New Listings in August 2018 were down 4% compared to August 2017 and down 8% compared to August 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 69% in August 2017.

Vancouver Eastside Residential: Total Units Sold in August 2018 was 191 – down from 227 (16%) in July 2018, down from 288 (34%) in August 2017, down from 218 (12%) in August 2016; Active Listings are at 1,326 compared to 1,070 (up 24%) at this time last year; New Listings in August 2018 were down 5% compared to August 2017 and down 15% compared to August 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 69% in August 2017.

North Vancouver Residential Total Units Sold in August 2018 was 131 – down from 153 (14%) in July 2018, down from 217 (40%) in August 2017, down from 161 (19%) in August 2016; Active Listings are at 739 compared to 472 (up 57%) at this time last year; New Listings in August 2018 were down 3% compared to August 2017 and down 6% compared to August 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 82% in August 2017.

West Vancouver Houses: Total Units Sold in August 2018 was 46 – down from 57 (19%) in July 2018, down from 50 (8%) in August 2017, down from 57 (19%) in August 2016; Active Listings are at 716 compared to 575 (up 26%) at this time last year; New Listings in August 2018 were up 4% compared to August 2017 and up 21% compared to August 2016; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Extreme Buyer’s Market with Detached) and a Sales to Listings Ratio of 32% compared to 37% in August 2017.

Richmond Residential: Total Units Sold in August 2018 was 266 – down from 284 (6%) in July 2018, down from 454 (41%) in August 2017, down from 324 (18%) in August 2016; Active Listings are at 1,785 compared to 1,422 (up 25%) at this time last year; New Listings in August 2018 were down 16% compared to August 2017 and down 3% compared to August 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 67% in August 2017.

Burnaby East: Total Units Sold in August 2018 was 21 – flat compared to 21 in July 2018, down from 30 (30%) in August 2017, flat compared to 21 in August 2016; Active Listings are at 126 compared to 112 (up 13%) at this time last year; New Listings in August 2018 were down 33% compared to August 2017 and down 18% compared to August 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 55% compared to 53% in August 2017.

Burnaby North: Total Units Sold in August 2018 was 82 – down from 88 (7%) in July 2018, down from 166 (51%) in August 2017, down from 125 (34%) in August 2016; Active Listings are at 482 compared to 370 (up 22%) at this time last year; New Listings in August 2018 were down 9% compared to August 2017 and down 22% compared to August 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 81% in August 2017.

Burnaby South: Total Units Sold in August 2018 was 94 – up from 76 (24%) in July 2018, down from 168 (44%) in August 2017, down from 127 (26%) in August 2016; Active Listings are at 614 compared to 487 (up 26%) at this time last year; New Listings in August 2018 were down 23% compared to August 2017 and down 24% compared to August 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 64% in August 2017.

New Westminster: Total Units Sold in August 2018 was 90 – down from 114 (21%) in July 2018, down from 170 (37%) in August 2017, down from 122 (26%) in August 2016; Active Listings are at 382 compared to 249 (up 53%) at this time last year; New Listings in August 2018 were down 29% compared to August 2017 and up 2% compared to August 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 56% compared to 83% in August 2017.

Coquitlam: Total Units Sold in August 2018 was 183 – down from 150 (22%) in July 2018, down from 249 (27%) in August 2017, down from 199 (8%) in August 2016; Active Listings are at 971 compared to 639 (up 52%) at this time last year; New Listings in August 2018 were down 4% compared to August 2017 and up 10% compared to August 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 65% in August 2017.

Port Moody: Total Units Sold in August 2018 was 29 – down from 52 (46%) in July 2018, down from 67 (57%) in August 2017, down from 64 (55%) in August 2016; Active Listings are at 201 compared to 141 (up 43%) at this time last year; New Listings in August 2018 were down 37% compared to August 2017 and down 42% compared to August 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 52% compared to 84% in August 2017.

Port Coquitlam: Total Units Sold in August 2018 was 72 – down from 84 (14%) in July 2018, down from 115 (38%) in August 2017, down from 91 (21%) in August 2016; Active Listings are at 336 compared to 205 (up 64%) at this time last year; New Listings in August 2018 were down 14% compared to August 2017 and down 24% compared to August 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 64% in August 2017.

Ladner: Total Units Sold in August 2018 was 23 – down from 29 (21%) in July 2018, down from 40 (42%) in August 2017, up from 19 (21%) in August 2016; Active Listings are at 168 compared to 110 (up 53%) at this time last year; New Listings in August 2018 were up 28% compared to August 2017 and down 26% compared to August 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 111% in August 2017.

Tsawwassen: Total Units Sold in August 2018 was 25 – up from 23 (8%) in July 2018, down from 40 (42%) in August 2017, up from 24 (4%) in August 2016; Active Listings are at 227 compared to 173 (up 31%) at this time last year; New Listings in August 2018 were down 18% compared to August 2017 and down 32% compared to August 2016; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 56% compared to 73% in August 2017.