Naseem Shivji PREC®
Oakwyn Realty Downtown Ltd.

Cell 604-808-9347 | EMAIL info@naseemshivji.com |

2017 certainly was the year of the strata home!  Condos lead the market, along with townhouses and detached houses lagging behind in terms of activity. Of the total sales in Greater Vancouver, 50 percent were condos (up from 46 per cent in 2016 and 42 per cent in 2015), 17 per cent were townhouses (up from 15 per cent in 2016 and the same at 17 per cent in 2015) and 32 percent where houses (down from 36 per cent in 2016 and 41 per cent in 2015). Clearly buyers are shifting towards condos and townhouses as the price of detached home prices continued to rise.

 

All areas showed similar patterns albeit Vancouver’s Westside saw 73 per cent of sales being condos and only 16 per cent were detached houses. It’s evident the market in Vancouver was focusing on more less expensive homes with detached houses showing stronger activity going east throughout Metro Vancouver. New Westminster and North Vancouver continue at 2 Month’s Supply Inventory of all home types. While sales were less than 2016, for those two cities active listings did not increase to the same extent as other areas, specifically in the detached house category. Price gains were highest in the condo market, followed by the townhouse market with the detached market remaining static and with some declines. Market dynamics played out in very different ways depending on the area of Metro Vancouver being looked at.

 

In the Fraser Valley there were 22,338 sales in 2017, which was down 7.3 per cent from the record of 23,974 sales in 2016. Of the total sales, 28 per cent were condos, 23 per cent were townhouses and 54 per cent were detached houses. There were a total of 32,651 new listings in 2017, the third highest on record – with 2016 and 2008 being the highest. But inventory levels still remain at low levels making the challenge of finding a home difficult for buyers.

 

Some highlights in market areas during 2017:

 

  • The number of sales of Detached Houses in West Vancouver declined from 1,075 in 2015 to 834 sales in 2016 to 496 sales in 2017
  • The number of sales of Detached Houses on Vancouver’s West Side declined from 2,031 in 2015, to 1,591 in 2016 to 1,090 in 2017
  • Total residential sales for Greater Vancouver in 2017 were 36,604 – down from 40,880 in 2016 and 43,155 in 2015 but they were 10 per cent above the average since 1997
  • Total new listings for Greater Vancouver were 56,038 – right at the 20-year average but the lowest annual amount since 2009

 

There were many influences on our market in 2017. Federal mortgage rates increased for the first time since August 2010 which increased rates on variable rate mortgages and lines of credit. The discussion on affordability continued throughout the year with it being an influence on voters in the provincial election in May resulting in a change from the Liberal Party to the NDP Party being the ruling party. While there was an expectation that the government would act quickly to create policy to help ease affordability, they have said this will come in February with the release of the 2018 provincial budget. And what might we see? They have stated they do not have an appetite to ban foreign buyers, but the Foreign Buyer Tax will be reviewed – perhaps expanding the area applied to beyond Metro Vancouver? A speculation tax? That has been discussed, the details of which have not been released but certainly speculated. Ironic that a speculation tax would be subject to so much speculation itself! The City of Vancouver introduced an Empty Home Tax which begins this year based on the occupancy of homes in 2017. Any home vacant for more than 180 days will be subject to a tax of 1 per cent of the assessed value. The implementation of the tax is proving to be more complicated and creating liability for buyers and sellers in real estate transactions. So while many like to speak in general terms about the Metro Vancouver real estate market, it is very much a regional and product differentiated market.

 

So, what will the real estate market bring in 2018 in Metro Vancouver? A lot of discussion! Not so much on where the market is going, but how it got to where it is. With Statistics Canada recently releasing numbers on the number of foreign owners of real estate in Canada, they weren’t as high as many would have thought – 4.8 per cent in Vancouver’s residential market. The condo market showed a higher number at 7.8 per cent. Of course, the arguments ensued as to what makes a foreign owner and are all true foreign owners being accounted for. What’s true is that this is not a phenomenon unique to Metro Vancouver. As witnessed by Toronto’s introduction of a 15 per cent Foreign Buyer Tax, New Zealand in 2017 banning all foreign buyers of real estate and Australia’s previously instituted rule that foreign nationals could only buy new housing, not resale housing. And of course, the argument ensues, what’s really driving prices, the demand side of the equation or the supply side – the lack of it.  It’s interesting to note that in the United States, the housing market faced shortages of homes in the resale market and saw November be one of the strongest Novembers for sales on record.

 

Similar to last year at this time, home inventory is low, and the likelihood of significant increases is something that won’t change in the near term. Completions of new product will occur at a greater level this year, but how many will come to market? Not enough to change listing amounts and impact prices. Strata properties will continue to be in short supply and high demand and detached homes will continue to see demand at a lower level and prices affected by this. And the conversations on real estate will continue at a feverish pace!

 

Here is a summary of the numbers for December 2017:

 

Greater Vancouver: Total Units Sold in December 2017 was 2,069 – down from 2,831 in November 2017; up from 1,743 in December 2016 and down from 2,905 in December 2015. Total Active Listings were at 7540 at month end, up from 6,944 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 129% in December 2016. Benchmark Price is up 15.9% since January 2017 but only up 1.3% over the last 3 months.

 

Vancouver Westside: Total Units Sold in December 2017 was 315 – down from 505 in November 2017; down from 324 in December 2016 and down from 512 in December 2015. Total Active Listings were at 1,284 at month end, up from 1,071 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 97% in December 2017 compared to 140% in December 2016. Benchmark Price is up 12.6% since January 2017 but down 1.7% over the last 3 months.

 

Vancouver Eastside: Total Units Sold in December 2017 was 239 – down from 315 in November 2017; up from 183 in December 2016 and down from 264 in December 2015. Total Active Listings were at 927 at month end, up from 815 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 115% in December 2017 compared to 117% in December 2016. Benchmark Price is up 14.5% since January 2017 but flat over the last 3 months.

 

North Vancouver: Total Units Sold in December 2017 was 172 – down from 250 in November 2017; up from 138 in December 2016 and down from 210 in December 2015. Total Active Listings were at 393 at month end, up from 296 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market, more so for Condo/Townhouses) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 142% in December 2017 compared to 197% in December 2016. Benchmark Price is up 12.1% since January 2017 but down 0.9% over the last 3 months.

 

West Vancouver: Total Units Sold in December 2017 was 42 – down from 57 in November 2017; up down 44 in December 2016 and down from 86 in December 2015. Total Active Listings were at 510 at month end, up from 356 at the end of December 2016, Month’s Supply of Total Residential Listings is at 12 Months (Buyer’s Market) compared to 8 Months Supply at the end of 2016 and Sales to Listings Ratio was 81% in December 2017 compared to 80% in December 2016. Benchmark Price is up 5.8% since January 2017 but down 1.1% over the last 3 months.

 

Richmond: Total Units Sold in December 2017 was 287 – down from 350 in November 2017; up from 235 in December 2016 and down from 424 in December 2015. Total Active Listings were at 1,184 at month end, up from 1,040 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 15.4% since January 2017 but only up 2.1% over the last 3 months.

 

Burnaby East: Total Units Sold in December 2017 was 28 – up from 30 in November 2017; up from 20 in December 2016 and down from 35 in December 2015. Total Active Listings were at 106 at month end, up from 73 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 4 Months Supply at the end of 2016 and Sales to Listings Ratio was 112% in December 2017 compared to 154% in December 2016. Benchmark Price is up 15.2% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby North: Total Units Sold in December 2017 was 99 – down from 144 in November 2017; up from 85 in December 2016 and down from 149 in December 2015. Total Active Listings were at 266 at month end, up from 237 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 99% in December 2017 compared to 149% in December 2016. Benchmark Price is up 16.8% since January 2017 but only up 1.1% over the last 3 months.

 

Burnaby South: Total Units Sold in December 2017 was 109 – down from 148 in November 2017; up from 73 in December 2016 and down from 203 in December 2015. Total Active Listings were at 370 at month end, up from 340 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 5 Months Supply at the end of 2016 and Sales to Listings Ratio was 96% in December 2017 compared to 111% in December 2016. Benchmark Price is up 16.3% since January 2017 but only up 0.9% over the last 3 months.

 

New Westminster: Total Units Sold in December 2017 was 117 – down from 167 in November 2017; up from 84 in December 2016 and up from 103 in December 2015. Total Active Listings were at 187 at month end, up from 182 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 2 Months Supply at the end of 2016 and Sales to Listings Ratio was 95% in December 2017 compared to 104% in December 2016. Benchmark Price is up 25.4% since January 2017 but only up 1.8% over the last 3 months.

 

Coquitlam: Total Units Sold in December 2017 was 162 – down from 228 in November 2017; up from 128 in December 2016 and down from 243 in December 2015. Total Active Listings were at 487 at month end, up from 393 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 98% in December 2017 compared to 152% in December 2016. Benchmark Price is up 21.6% since January 2017 but only up 0.8% over the last 3 months.

 

Port Moody: Total Units Sold in December 2017 was 38 – down from 73 in November 2017; down from 41 in December 2016 and down from 51 in December 2015. Total Active Listings were at 106 at month end, down from 113 at the end of December 2016, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market for Condo/Townhouses and Balanced Market for Houses) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 106% in December 2017 compared to 141% in December 2016. Benchmark Price is up 20.7% since January 2017 but only up 1.0% over the last 3 months.

 

Port Coquitlam: Total Units Sold in December 2017 was 71 – down from 94 in November 2017; up from 59 in December 2016 and down from 98 in December 2015. Total Active Listings were at 135 at month end, down from 148 at the end of December 2016, Month’s Supply of Total Residential Listings is at 2 Months (Seller’s Market) compared to 3 Months Supply at the end of 2016 and Sales to Listings Ratio was 109% in December 2017 compared to 140% in December 2016. Benchmark Price is up 23.9% since January 2017 but only up 0.3% over the last 3 months.

 

Ladner: Total Units Sold in December 2017 was 26 – the same for November 2017; up from 21 in December 2016 and up from 22 in December 2015. Total Active Listings were at 92 at month end, down from 135 at the end of December 2016, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 6 Months Supply at the end of 2016 and Sales to Listings Ratio was 162% in December 2017 compared to 111% in December 2016. Benchmark Price is up 9.9% since January 2017 but only up 0.4% over the last 3 months.

 

Tsawwassen: Total Units Sold in December 2017 was 13 – down from 24 in November 2017; down from 15 in December 2016 and down from 50 in December 2015. Total Active Listings were at 141 at month end, down from 143 at the end of December 2016, Month’s Supply of Total Residential Listings is at 11 Months (Seller’s Market for Condo/Townhouses and Buyer’s Market for Houses) compared to 10 Months Supply at the end of 2016 and Sales to Listings Ratio was 100% in December 2017 compared to 68% in December 2016. Benchmark Price is up 9.3% since January 2017 and down 0.3% over the last 3 months.

 

Have a great 2018!

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Sales for November were down from October in most areas, although we typically see November down from October in terms of number of homes sold. “We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels."

 

In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.

 

Greater Vancouver home sales were 2,831 in November, down 8 per cent from October which was 3,073 and up 26 per cent from November 2016 when the fallout from the Foreign Buyer Tax was moving through the fall. The 10 year average for sales in November is 2,605, showing sales for this November were up 9 percent on the average. Sales in West Vancouver were actually 24 per cent higher in November compared to the month previous (57 sales versus 46).

 

While the number of new listings coming on market in most areas are down for November compared to October, new listings were up considerably compared to November 2016. In Greater Vancouver this increase was 27 per cent, and 25 per cent above the 10 year average for November. In North Vancouver the number of new listings was 69 per cent more this month compared to November 2016. Contrary to this is a dropping Active Listing count – finishing in November at 9,369 listings compared to 9,768 at the end of October. The number of new listings coming on market was 17 per cent higher than the average for the month of November going back to 1991. 

 

With the new Federal mortgage rule changes slated to begin on January 1st, 2018, we may see a bump in December activity as some buyers may be trying to obtain mortgages before the stress test requirement comes into play. Both the Federal and Provincial governments have made announcements about funding more affordable and social housing. And the City of Vancouver has come out with their Housing Vancouver Strategy (link below).  The goal is to build 72,000 new homes over the next 10 years. Not just new homes, but the right mix of homes targeted towards what it is needed most. Of course the demand side of the equation is getting significant discussion in the public and media. The City of Vancouver is looking to the Provincial Government for help on this, but we’ll have to wait until the February Provincial Budget to see what they are willing to do. According to the Premier, they want to get it right and not make a rash decision. 

 

Housing Vancouver Strategy | City of Vancouver: "Our new 10-year strategy will address housing affordability and the supply of 72,000 homes that our residents need."

 

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history. “Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board president remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in November 2017 was 2,831 – down from 3,073 (8%) in October 2017, up from 2,255 (26%) in November 2016, down from 3,603 (21%) in November 2015; Active Listings are at 9,369 compared to 9,051 at this time last year; New Listings in November 2017 were up 31% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 67% compared to 70% in November 2016 and 66% in October 2017. House Price Index is up 0.4% month over month, and up 1.7% over the last 3 months.

 

Vancouver Westside Residential: Total Units Sold in November 2017 was 505 – down from 556 (9%) in October 2017, up from 408 (24%) in November 2016, down from 694 (27%) in November 2015; Active Listings are at 1,607 compared to 1,469 at this time last year; New Listings in November 2017 were up 27% compared to November 2016, down 21% from October 2017; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 69% compared to 71% in November 2016 and 60% in October 2017. 

 

Vancouver Eastside Residential Total Units Sold in November 2017 was 315 – up from 298 (6%) in October 2017, up from 251 (25%) in November 2016, down from 333 (5%) in November 2015; Active Listings are at 1,153 compared to 1,012 at this time last year; New Listings in November 2017 were up 24% compared to November 2016, down 6% from October 2017; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market in the attached segment and balanced to Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 61% compared to 60% in November 2016 and 54% in October 2017. 

 

North Vancouver Residential:  Total Units Sold in November 2017 was 250 – matching 250 in October 2017, up from 173 (45%) in November 2016, down from 274 (9%) in November 2015; Active Listings are at 595 compared to 488 at this time last year; New Listings in November 2017 were up 69% compared to November 2016, down 9% from October 2017; Month’s Supply of Total Residential Listings remained at 2 Months (Seller’s Market in the attached segment and balanced Market in the detached segment) and a Sales to Listings Ratio of 66% compared to 78% in November 2016 and 61% in October 2017. 

 

West Vancouver Houses: Total Units Sold in November 2017 was 57 – up from 46 (24%) in October 2017, up from 44 (30%) in November 2016, down from 108 (47%) in November 2015; Active Listings are at 626 compared to 462 at this time last year; New Listings in November 2017 were up 55% compared to November 2016, down 13% from October 2017; Month’s Supply of Total Residential Listings dropped to 11 Months (Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 33% compared to 40% in November 2016 and 23% in October 2017. 

 

Richmond Residential: Total Units Sold in November 2017 was 350 – down from 411 (15%) in October 2017, up from 262 (34%) in November 2016, down from 501 (30%) in November 2015; Active Listings are at 1,419 compared to 1,280 at this time last year; New Listings in November 2017 were up 46% compared to November 2016, up 1% from October 2017; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market in the attached segment and Buyer’s Market in the detached segment) and a Sales to Listings Ratio of 56% compared to 61% in November 2016 and 66% in October 2017. 

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The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017. Attached sales represented 56 per cent of all market activity for the month, with apartment sales totalling 591 and townhomes at 418.

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast we can list them.”

 

In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.

 

As typically seen in the fall market, October sales finished above September. The numbers in October were 3,073 homes sold in Greater Vancouver, up 7 per cent from September and 15 per cent above the 10 year average for October. But over the last 10 years, the average increase in sales for October over September has been 5 per cent. So the trend for this year is much the same. New listings in October were down 15 per cent to September but up 14 per cent to October last year. Keeping in mind last year the Foreign Buyer’s Tax created a holding pattern in the market through the fall. New listings in October 2017 were up only 2 per cent on the 10 year average.

The trend continues, inventory is the lightest where it’s needed most – in the townhouse and apartment market. Total active listings in Greater Vancouver have decreased from 10,122 at the end of September to 9,768 at the end of October. Most areas are sitting at 3 Month’s Supply of homes on the market with detached homes in the 6 to 7 Month Supply range and townhouses and condos in the 1 to 2 Month Supply range. The exception is West Vancouver which continues to see the higher end of the market still very soft, dating back to June 2016. In October there were 29 houses sold, resulting in 18 Month’s Supply, compared to 146 house sold (2 Month’s Supply) at the peak of the market in March 2016. The detached housing market in other areas did show an increase in October compared to the previous three months but are still in a balanced to buyer’s market state.

 

October saw the announcement that the Federal Government was implementing the mortgage stress test for all mortgages from National Banks for borrowers with a down payment of 20 per cent and more. Similar to the stress test implemented for all high ratio buyers (less than 20 per cent down payment), this requires that borrowers qualify at a rate 2 per cent above the negotiated rate on their mortgage. This change last year was thought to be problematic for first time buyers and the bottom end of the market. In fact, that market segment has been the driving force with the lower end subject to extremely limited inventory and continual multiple offers. So what will be the effect of these recent changes? With an implementation date of January 1, 2018 (barring any changes), the market is reacting with increased buyer demand as those buyers facing stiffer lending requirements try to purchase before January. And again, the lower end of the market is bearing the biggest brunt of this increased pressure. “Without reflection, we go blindly on our way, creating more unintended consequences, and failing to achieve anything useful.” Margaret J. Wheatley. 


From the Real Estate Board of Greater Vancouver, “Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices. The growth in our provincial economy and job market is contributing to today’s demand,” Oudil said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term.”

 

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in October 2017 was 3,073 – up from 2,881 (7%) in September 2017, up from 2,284 (35%) in October 2016, down from 3,714 (17%) in October 2015; Active Listings are at 9,768 compared to 9,826 at this time last year; New Listings in October 2017 were up 14% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 56% in October 2016.

Vancouver Westside Residential: Total Units Sold in October 2017 was 556 – up from 540 (3%) in September 2017, up from 408 (36%) in October 2016, down from 700 (21%) in October 2015; Active Listings are at 1,725 compared to 1,652 at this time last year; New Listings in October 2017 were up 23% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 60% compared to 51% in September 2017 and 54% in October 2016.

Vancouver Eastside Residential: Total Units Sold in October 2017 was 298 – up from 268 (11%) in September 2017, up from 202 (48%) in October 2016, down from 357 (17%) in October 2015; Active Listings are at 1,168 compared to 1,047 at this time last year; New Listings in October 2017 were up 11% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 54% compared to 47% in September 2017 and 40% in October 2016.

North Vancouver Residential: Total Units Sold in October 2017 was 250 – up from 210 (19%) in September 2017, up from 170 (47%) in October 2016, down from 289 (13%) in October 2015; Active Listings are at 604 compared to 551 at this time last year; New Listings in October 2017 were up 30% compared to October 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 61% compared to 45% in September 2017 and 54% in October 2016.

West Vancouver Residential: Total Units Sold in October 2017 was 46 – down from 56 (18%) in September 2017, up from 35 (31%) in October 2016, down from 148 (69%) in October 2015; Active Listings are at 652 compared to 516 at this time last year; New Listings in October 2017 were up 39% compared to October 2016; Month’s Supply of Total Residential Listings is down to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 20% in September 2017 and 25% in October 2016.

Richmond Residential: Total Units Sold in October 2017 was 411 – up from 379 (8%) in September 2017, up from 290 (42%) in October 2016, down from 488 (16%) in October 2015; Active Listings are at 1,408 compared to 1,370 at this time last year; New Listings in October 2017 were up 22% compared to October 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market but trending to a balanced market in detached) and a Sales to Listings Ratio of 66% compared to 53% in September 2017 and 57% in October 2016.

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We're experiencing a typical summer slowdown in the Vancouver market. “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.”

 

In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.

 

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.

 

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.

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The Vancouver region's detached-housing market has turned hot again as the affordability crisis becomes a priority for the new political alliance formed by the BC NDP and Greens.


“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, Real Estate Board of Greater Vancouver 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.”


In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.


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.

 

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.


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Just when prospective homebuyers thought they might find some relief in Metro Vancouver’s real estate market, a new report suggests that while the foreign home buyer tax may have cooled the housing market temporarily, people are now starting to rush back in.

 

"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.

 

In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.

 

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.

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.

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With a seemingly softening housing market, due to various government interventions, or to self-correction, we are heading into an interesting year for Greater Vancouver real estate. But the question of whether that's simply a gentle slowdown in the rapid growth we have seen, or a more significant downturn, seems to be a matter of divided opinion.

 

Jill Oudil, Real Estate Board of Greater Vancouver's President, said. “Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels... [but] It’s a different story in our condominium and townhome markets.”


In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market.

 

Read Kevin’s summary and report for sales and listings stats update for 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.

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Home Sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record. The shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March.

 

Jill Oudil, Real Estate Board of Vancouver president said, "Sellers still seem reluctant to put their homes on the market, creating stiff competition for homebuyers".

 

In the review below, Kevin Skipworth, Managing Broker at Dexter Associates Realty, provides unique insight into the market. Kevin notes that the numbers of new listings haven't been this low since March 2009. The competition also means home prices are likely to continue to increase until we see more housing supply coming on the market.

 

The composite benchmark price in March for all residential properties in Metro Vancouver is over $919,000, a 1.4 per cent increase compared with February. 

 

Read Kevin’s Complete Review:

 

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.

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