"Be You. Bravely and unapologetically” – Anonymous 

 

 

Attached are the Sales and Listings Stats updated to the end of August 2019. Considering August is traditionally one of the slower months for real estate sales, this August was more active than anticipated. On the supply side, the number of new listings and active listings were down – showing buyers are engaging more than they have and sellers are willing to hold on to their properties. Once again, there is a noticeable increase in demand for homes in August, similar to July, with anecdotal reports of multiple offers and properties that have been on the market for a number of months getting activity and offers. Prices have already come down (despite reports that they are just starting to come down) which has piqued the interest of buyers and allowed some buyers priced out by the mortgage stress test, to come back in to the market.

 

There were 2,256 homes sold of all types in Greater Vancouver in August this year compared with 2,584 homes sold last month, 1,961 sales in August last year and 3,097 homes sold in August 2017. August sales were 10 per cent below the 10-year average for this month. In the last three market downturns, (2008, 2012 and 2018) August was the start of the market decline. In fact, in 2008 there were 1,654 sales in August and in 2012 there were 1,670 homes sold. This August had a much different feeling to it. With the supply of listings shrinking, buyers have been more engaged and focusing on the more desirably priced homes. There were 711 detached houses sold in August 2019 up from 575 (23 per cent) in August 2018 in Greater Vancouver, with a 9.8 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 409 sales in August 2019 compared to 337 in August 2018 (up 21 per cent) with a 7.8 per cent decrease in the benchmark price year over year; and for condos there were 1,116 sales in August 2019, an increase in sales from 1,025 in August 2018 (up 8 per cent) with an 7.4 per cent decrease in the benchmark price year over year. Houses are getting more and more attention from buyers as the price gap between houses and condos has shrunk and with interest rates coming down, that opportunity will continue to grow.

 

As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in August compared to last month and August of last year. There were 3,843 new listings during August in Greater Vancouver, down 3 per cent from August last year and down 12 per cent from August 2017 – the same as July in comparison to the last two years. Clearly there isn’t a panic amongst sellers to list. The number of new listings in August 2019 were 9 per cent below the 10-year average for the month of August. Active Listings are at 14,191 for month end (up 13 per cent compared to August 2018) and after listing expiries at month’s end, there were only 13,813 active listings at the start of September. The month by month drop in active listings is continuing, so with inventory shrinking this is leaving a greater proportion of listings that have been on the market for an extended period of time and the land assembly properties.

 

The funny thing about supply and demand in today’s real estate market is that the total number of homes in Metro Vancouver has grown considerably since the 1990’s yet total number of monthly sales had been relatively the same during the various market cycles in the last 30 years. Home sales in 2015 and 2016 were among the highest on record, which is to be expected when the total market size has increased significantly. With the limited number of home sales in the last two years, there will be significant pent up demand. And demand is not the same as it was 30 years ago. Demographics show that younger generations are staying single longer, and some when coming together keep both properties making one a rental. Divorce rates are higher than before, requiring one household to turn into 2. And of course, people are living longer and staying in homes longer than before. To suggest that demand for housing comes from population growth and that’s how to determine the need, doesn’t take into account all the other factors that drive the need for homes. And we haven’t even talked about potential effects from Hong Kong. Which begs the question, why is supply not an issue?

 

“Homes sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® in August, a decrease of 11 per cent compared to sales in July and a 12.3 per cent increase compared to the 1,155 sales in August of last year. Active listings for the Fraser Valley finished at 8,040, decreasing 3.6 per cent month-over-month and an increase of 9.6 per cent when compared to August 2018. There were 2,357 new listings in August, an 8.5 per cent decrease compared to August 2018. “Compared to last year, this August as been quite robust. All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10-year average.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in August 2019 was 2,256 – down from 2,584 (13%) in July 2019, up from 1,961 (15%) in August 2018, down from 3,097 (27%) in August 2017; Active Listings are at 14,191 compared to 12,519 (up 13%) at this time last year; New Listings in August 2019 were down 3% compared to August 2018 and down 12% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 59% compared to 49% in August 2018 and 55% in July 2019.

 

Vancouver Westside Residential: Total Units Sold in August 2019 was 423 – down from 489 (13%) in July 2019, up from 371 (14%) in August 2018, down from 516 (18%) in August 2017; Active Listings are at 2,326 compared to 2,158 (up 8%) at this time last year; New Listings in August 2019 were down 12% compared to August 2018 and down 16% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 67% compared to 51% in August 2018 and 55% in July 2019.

 

Vancouver Eastside Residential: Total Units Sold in August 2019 was 235 – down from 277 (15%) in July 2019, up from 191 (23%) in August 2018, down from 288 (18%) in August 2017; Active Listings are at 1,233 compared to 1,326 (down 7%) at this time last year; New Listings in August 2019 were down 9% compared to August 2018 and down 14% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 65% compared to 48% in August 2018 and 59% in July 2019.

 

North Vancouver Residential Total Units Sold in August 2019 was 184 – down from 205 (10%) in July 2019, up from 131 (40%) in August 2018, down from 217 (15%) in August 2017; Active Listings are at 838 compared to 739 (up 13%) at this time last year; New Listings in August 2019 were up 3% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 70% compared to 51% in August 2018 and 56% in July 2019.

 

West Vancouver Houses: Total Units Sold in August 2019 was 49 – down from 59 (17%) in July 2019, up from 46 (6%) in August 2018, down from 50 (2%) in August 2017; Active Listings are at 690 compared to 716 (down 4%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and the same compared to August 2017; Month’s Supply of Total Residential Listings is up to 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 32% in August 2018 and 39% in July 2019.

 

Richmond Residential: Total Units Sold in August 2019 was 250 – down from 301 (17%) in July 2019, down from 266 (6%) in August 2018, down from 454 (45%) in August 2017; Active Listings are at 2,210 compared to 1,785 (up 24%) at this time last year; New Listings in August 2019 were down 10% compared to August 2018 and down 26% compared to August 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 48% compared to 47% in August 2018 and 49% in July 2019.

 

Burnaby East: Total Units Sold in August 2019 was 31 – up from 14 (221%) in July 2019, up from 21 (48%) in August 2018, up from 30 (3%) in August 2017; Active Listings are at 159 compared to 126 (up 26%) at this time last year; New Listings in August 2019 were up 39% compared to August 2018 and down 7% compared to August 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 55% in August 2018 and 31% in July 2019.

 

Burnaby North: Total Units Sold in August 2019 was 129 – down from 132 (2%) in July 2019, up from 82 (57%) in August 2018, down from 166 (22%) in August 2017; Active Listings are at 591 compared to 482 (up 27%) at this time last year; New Listings in August 2019 were down 13% compared to August 2018 and up 3% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 61% compared to 44% in August 2018 and 56% in July 2019.

 

Burnaby South: Total Units Sold in August 2019 was 126 – down from 152 (17%) in July 2019, up from 94 (34%) in August 2018, down from 168 (25%) in August 2017; Active Listings are at 792 compared to 614 (up 29%) at this time last year; New Listings in August 2019 were up 22% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 46% in August 2018 and 64% in July 2019.

 

New Westminster: Total Units Sold in August 2019 was 97 – down from 122 (20%) in July 2019, up from 90 (7%) in August 2018, down from 170 (43%) in August 2017; Active Listings are at 498 compared to 382 (up 30%) at this time last year; New Listings in August 2019 were up 2% compared to August 2018 and down 19% compared to August 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 56% in August 2018 and 61% in July 2019.

 

Coquitlam: Total Units Sold in August 2019 was 198 – down from 236 (16%) in July 2019, up from 183 (8%) in August 2018, down from 249 (20%) in August 2017; Active Listings are at 1,059 compared to 971 (up 9%) at this time last year; New Listings in August 2019 were down 4% compared to August 2018 and down 8% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 56% compared to 50% in August 2018 and 54% in July 2019.

 

Port Moody: Total Units Sold in August 2019 was 39 – down from 56 (30%) in July 2019, up from 29 (34%) in August 2018, down from 67 (42%) in August 2017; Active Listings are at 226 compared to 201 (up 12%) at this time last year; New Listings in August 2019 were down 36% compared to August 2018 and down 5% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 52% in August 2018 and 75% in July 2019.

 

Port Coquitlam: Total Units Sold in August 2019 was 79 – down from 86 (8%) in July 2019, up from 72 (10%) in August 2018, down from 115 (31%) in August 2017; Active Listings are at 338 compared to 336 (up 1%) at this time last year; New Listings in August 2019 were down 21% compared to August 2018 and down 36% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 68% compared to 49% in August 2018 and 57% in July 2019.

 

Ladner: Total Units Sold in August 2019 was 33 – down from 34 (3%) in July 2019, up from 23 (43%) in August 2018, down from 40 (17%) in August 2017; Active Listings are at 192 compared to 168 (up 14%) at this time last year; New Listings in August 2019 were up 46% compared to August 2018 and up 86% compared to August 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 49% compared to 50% in August 2018 and 58% in July 2019.

 

Tsawwassen: Total Units Sold in August 2019 was 30 – down from 46 (35%) in July 2019, up from 25 (20%) in August 2018, down from 40 (25%) in August 2017; Active Listings are at 294 compared to 227 (up 30%) at this time last year; New Listings in August 2019 were up 62% compared to August 2018 and up 33% compared to August 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 41% compared to 56% in August 2018 and 65% in July 2019.

 

Pitt Meadows: Total Units Sold in July 2019 was 39 – up from 20 (95%) in July 2019, up from 23 (70%) in August 2018, down from 47 (17%) in August 2017; Active Listings are at 118 compared to 117 (up 2%) at this time last year; New Listings in August 2019 were down 19% compared to August 2018 and down 17% compared to August 2017; Month’s Supply of Total Residential Listings down to 3 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 102% compared to 48% in August 2018.

 

Maple Ridge: Total Units Sold in August 2019 was 133 – down from 182 (27%) in July 2019, up from 121 (9%) in August 2018, down from 194 (31%) in August 2017; Active Listings are at 831 compared to 648 (up 28%) at this time last year; New Listings in August 2019 were down 15% compared to August 2018 and up 9% compared to August 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 63% compared to 48% in August 2018.

 

 

"When you are living the best version of yourself, you inspire others to live the best versions of themselves” – Steve Maraboli 

 

 

Attached are the Sales and Listings Stats updated to the end of July 2019. It’s down, it’s up, it’s down, it’s up… We wouldn’t expect anything less from the Metro Vancouver real estate market. After a lack lustre June, home sales in July were higher than both June of this year and July last year. A noticeable increase in demand for homes in July, a month that typically sees buyers taking a break from the market. And looking at the number of new listings that came on, sellers may have been the ones taking a break from the market. I hate to say I told you so, but active listings did their best to climb above 15,000 and have now dropped below. Supply isn’t an issue? Only if we don’t want don’t want to keep home prices in check.

 

There were 2,584 homes sold of all types in Greater Vancouver in July this year compared with 2,098 homes sold last month, 2,018 sales in July last year and 3,012 homes sold in July 2017. This was 8 per cent below the 10-year average for July (compared with 33 per cent below the 10-year average last year in July). It was still the lowest number of homes sold in July since 2012 at 2,135. In fact, 1998 to 2000 saw some of the lowest amounts for sales in the month of July (1,758 in 2000, 2,217 in 1999 and 1,860 in 1998). Considering the commentary of it being a down real estate market, this month showed that buyers are engaging. There were 841 detached houses sold in July 2019 up from 637 (32 per cent) in June in Greater Vancouver, with a 10.5 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 473 sales in July 2019 compared to 354 in July 2018 (up 33.6 per cent) with a 9 per cent decrease in the benchmark price year over year; and for condos there were 1,243 sales in July, an increase in sales from 1,079 in July 2018 (up 15.2 per cent) with an 8.8 per cent decrease in the benchmark price year over year. Buyers are taking advantage of the opportunity to move up and buy into the townhouse and detached home market with their price decreases in the last 2 years.

 

As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in July compared to last month and July of last year. There were 4,719 new listings during July in Greater Vancouver, down 3 per cent from July last year and down 12 per cent from July 2017. The number of new listings in July 2019 were 6 per cent below the 10-year average for the month of July. Active Listings are at 15,037 for month end (up 17 per cent compared to July 2018) and after listing expiries at month’s end, there were only 14,469 active listings at the start of August. This was a much more significant drop in listings after July than we’ve seen after the through the month of July in the last 10 years. Over the last 25 years the number of new listings in the last 6 months of the year has been 30 to 35 per cent less than the number of new listings in the first half of the year – so expect the active listing count to drop further and buyers will need to act sooner rather than later to take advantage of buyer market conditions.

 

The mix of supply currently has 10,000 active listings priced at $1M are more – leaving less than 4,700 active listings priced below $1M in Greater Vancouver. Looking at 13,576 sales in the first 7 months of 2019, there have been only 347 sales above $3M; 672 sales between $2m to $3M; 3,382 sales between $1M to $2M and 9,018 sales below $1M. The competition is clearly in the least suppled range of homes, yet this is not the focus of policy for all levels of government. The provincial government is intent on focusing policy on the least active segment of the market by trying to control that demand. Which begs the question, how are they making housing more affordable by not focusing on the supply of the lower end of the market?

 

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Those looking to buy today continue to benefit from the low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® in July, an increase of 11.6 per cent compared to sales in June and a 13 per cent increase compared to the 1,290 sales in July of last year. Active listings for the Fraser Valley finished at 8,340, decreasing 2.1 per cent month-over-month and an increase of 12.7 per cent when compared to July 2018. There were 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019 and a 4.2 per cent decrease compared to July 2018. “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average,” said Chris Shields, President-Elect of the Fraser Valley Real Estate Board. “We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses, and an increase in the number of first-time buyers.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in July 2019 was 2,584 – up from 2,098 (23%) in June 2019, up from 2,108 (23%) in July 2018, down from 3,012 (14%) in July 2017; Active Listings are at 15,037 compared to 12,848 (up 17%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 55% compared to 43% in July 2018.

 

Vancouver Westside Residential: Total Units Sold in July 2019 was 489 – up from 355 (38%) in June 2019, up from 403 (21%) in July 2018, down from 525 (7%) in July 2017; Active Listings are at 2,572 compared to 2,272 (up 13%) at this time last year; New Listings in July 2019 were up 0.5% compared to July 2018 and down 10% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market with higher end homes in Buyer’s Market Conditions) and a Sales to Listings Ratio of 55% compared to 45 in July 2018.

 

Vancouver Eastside Residential: Total Units Sold in July 2019 was 277 – up from 215 (29%) in June 2019, down from 282 (2%) in July 2018, down from 307 (10%) in July 2017; Active Listings are at 1,341 compared to 1,391 (down 4%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 59% compared to 42% in July 2018.

 

North Vancouver Residential Total Units Sold in July 2019 was 205 – up from 202 (1%) in June 2019, up from 153 (34%) in July 2018, up from 200 (3%) in July 2017; Active Listings are at 949 compared to 794 (up 20%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and up 1% compared to July 2017; Month’s Supply of Total Residential Listings is steady at Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.

 

West Vancouver Houses: Total Units Sold in July 2019 was 59 – up from 43 (37%) in June 2019, up from 57 (4%) in July 2018, up from 56 (5%) in July 2017; Active Listings are at 726 compared to 740 (down 2%) at this time last year; New Listings in July 2019 were down 13% compared to July 2018 and down 13% compared to July 2017; Month’s Supply of Total Residential Listings down to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 33% in July 2018.

 

Richmond Residential: Total Units Sold in July 2019 was 301 – up from 270 (11%) in June 2019, up from 284 (6%) in July 2018, down from 404 (25%) in July 2017; Active Listings are at 2,309 compared to 1,809 (up 28%) at this time last year; New Listings in July 2019 were down 4% compared to July 2018 and down 24% compared to July 2017; Month’s Supply of Total Residential Listings down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 44% in July 2018.

 

Burnaby East: Total Units Sold in July 2019 was 14 – down from 19 (23%) in June 2019, down from 21 (23%) in July 2018, down from 31 (14%) in July 2017; Active Listings are at 166 compared to 138 (up 17%) at this time last year; New Listings in July 2019 were down 18% compared to July 2018 and down 25% compared to July 2017; Month’s Supply of Total Residential Listings up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 38% in July 2018.

 

Burnaby North: Total Units Sold in July 2019 was 132 – up from 100 (32%) in June 2019, up from 88 (50%) in July 2018, up from 124 (6%) in July 2017; Active Listings are at 630 compared to 476 (up 32%) at this time last year; New Listings in July 2019 were up 12% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 42% in July 2018.

 

Burnaby South: Total Units Sold in July 2019 was 152 – up from 121 (26%) in June 2019, up from 76 (23%) in July 2018, down from 144 (14%) in July 2017; Active Listings are at 807 compared to 646 (up 100%) at this time last year; New Listings in July 2019 were down 8% compared to July 2018 and down 23% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 64% compared to 29% in July 2018.

 

New Westminster: Total Units Sold in July 2019 was 122 – up from 97 (26%) in June 2019, up from 114 (7%) in July 2018, down from 150 (19%) in July 2017; Active Listings are at 533 compared to 385 (up 38%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 61% compared to 55% in July 2018.

 

Coquitlam: Total Units Sold in July 2019 was 236 – up from 177 (33%) in June 2019, up from 150 (57%) in July 2018, down from 270 (13%) in July 2017; Active Listings are at 1,120 compared to 979 (up 14%) at this time last year; New Listings in July 2019 were down 6% compared to July 2018 and down 6% compared to July 2017; Month’s Supply of Total Residential Listings down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 32% in July 2018.

 

Port Moody: Total Units Sold in July 2019 was 56 – up from 42 (23%) in June 2019, up from 52 (23%) in July 2018, down from 75 (14%) in July 2017; Active Listings are at 236 compared to 218 (up 17%) at this time last year; New Listings in July 2019 were down 31% compared to July 2018 and down 37% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 75 compared to 48% in July 2018.

 

Port Coquitlam: Total Units Sold in July 2019 was 86 – up from 77 (12%) in June 2019, down from 108 (20%) in July 2018, down from 120 (38%) in July 2017; Active Listings are at 381 compared to 330 (up 15%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and down 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 57% compared to 45% in July 2018.

 

Ladner: Total Units Sold in July 2019 was 34 – up from 33 (3%) in June 2019, up from 29 (17%) in July 2018, down from 46 (26%) in July 2017; Active Listings are at 190 compared to 164 (up 16%) at this time last year; New Listings in July 2019 were up 34% compared to July 2018 and up 9% compared to July 2017; Month’s Supply of Total Residential Listings steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 58% compared to 66% in July 2018.

 

Tsawwassen: Total Units Sold in July 2019 was 46 – up from 35 (31%) in June 2019, up from 23 (100%) in July 2018, up from 43 (7%) in July 2017; Active Listings are at 287 compared to 253 (up 13%) at this time last year; New Listings in July 2019 were up 15% compared to July 2018 and down 7% compared to July 2017; Month’s Supply of Total Residential Listings down to 6 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 65% compared to 37% in July 2018.

 

Pitt Meadows: Total Units Sold in July 2019 was 20 – down from 24 (17%) in June 2019, down from 25 (20%) in July 2018, down from 25 (20%) in July 2017; Active Listings are at 139 compared to 109 (up 28%) at this time last year; New Listings in July 2019 were down 3% compared to July 2018 and up 12% compared to July 2017; Month’s Supply of Total Residential Listings down to 7 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 48% in July 2018.

 

Maple Ridge: Total Units Sold in July 2019 was 182 – up from 132 (38%) in June 2019, up from 130 (40%) in July 2018, down from 213 (15%) in July 2017; Active Listings are at 870 compared to 614 (up 35%) at this time last year; New Listings in July 2019 were up 18% compared to July 2018 and up 2% compared to July 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 56% compared to 47% in July 2018.

 

Kevin Skipworth
Managing Broker/Partner

"If you realized how powerful your thoughts are, you would never think a negative thought.” -  Pearce Pilgrim 

 

 

Attached are the Sales and Listings Stats updated to the end of June 2019. While the story might be that sales in June have dropped off from May, the market is back in decline – the actual fact is June has only outperformed May only 7 times in the last 25 years. We shouldn’t be surprised to see the market in Greater Vancouver perform any differently this year.

 

There were 2,098 homes sold of all types in Greater Vancouver in June this year compared with 2,467 sales in June last year and 3,953 homes sold in June 2017. This was 39 per cent below the 10-year average for June and the lowest amount of sales in the month of June since 2000 at the same number. The first six months of 2019 saw 10,992 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 1998. There were 751 Detached Houses sold in June 2019 (36 per cent of total sales) compared to 771 in June 2018 (31 per cent of total sales); 390 townhomes sold in June 2019 (19 per cent) compared to 419 in June 2018 (17 per cent); and 941 apartments sold in June 2019 (45 per cent) compared to 1,240 in June 2018 (50 per cent). Detached homes made up a larger percentage of homes sold, continuing a trend that is showing price adjustments in detached homes are attracting buyers into that part of the market. Richmond was one of the best performing markets in June, with sales matching those of June, and detached and townhouse sales exceeding the numbers for May.

 

As for supply in the market, there was a decrease in the number of new listings in June compared to May. There were 4,861 new listings in June in Greater Vancouver, down 19 per cent from May 2019, down 15 per cent from June last year and down 17 per cent from June 2016. The number of new listings in June 2019 were 15 per cent below the 10-year average for June. Active Listings are at 15,770 for month end, up 25 per cent compared to June 2018, and only up 2 per cent compared to May 2019 - the growth of active listings is slowing. Supply continues to be an issue as many Sellers are reluctant to come to market knowing that prices are adjusting and that buyers are more conscious of the advantage they have currently. Properties priced for today’s market are selling and, in some situations, we are seeing multiple offers – albeit at a more controlled pace in terms of subjects being included and in some cases most or all offers below the list price. There are a number of listings included in this 15,770 that are land assembly properties (look at any busy street throughout the region for multiple signs or “Land Assembly Opportunity” signs. That and the number of long-standing listings on the market of properties not priced according to today’s market conditions are creating these multiple offers. Demand continues to build up as buyers and sellers hold off on making moves that they want or need to make, not for investment reasons but lifestyle changes. It’s almost as if the efforts to stem “speculation” in the market have created speculators out of all buyers and sellers!

 

While still at low sales levels, it is the second month in a row where sales exceeded 2,000 homes sold in a month in Greater Vancouver. While not robust, there is more activity happening and while the wait and see game continues, and so many try to understand how we got here, many people just want to buy or sell. And while many think real estate  in Vancouver is or should fall off a cliff, even the government can’t stem the tide of demand enough to do that and unless there is a serious discussion on the supply side, what has come down quickly thanks to government intervention can go back up quickly when housing continues to be a scarce resource. With the State of Oregon effectively banning single family zoning and allowing for increased up zoning in all cities of more than 10,000 people, the government there has recognized that the need to address housing affordability is a bigger conversation than just taxing demand.

 

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach. Home buyers haven’t had this much selection to choose from in five years.”

 

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® in June, a decrease of 10.1 per cent compared to 1,452 sales in June of last year, and a 13.9 per cent decrease compared to sales in June 2018. At the end of June there 8,516 Active Listings, which is an increase of 19.3 per cent compared to the same time last year and a 0.1 per cent compared to the end of May 2019. There were 2,810 new listings in June, a decrease of 20.7 per cent compared to May 2019 and a 10.5 per cent decrease compared to June of last year. “This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm” said Darin Germyn, Fraser Valley Board President. “There is tremendous variation in the market depending on the property type and location. It’s currently a buyer’s market for detached homes in South Surrey/ White Rock; but is leaning towards a sellers’ market for townhomes in Langley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June 2019 was 2,098 – down from 2,669 (21%) in May 2019, down from 2,467 (15%) in June 2018, down from 3,953 (47%) in June 2017; Active Listings are at 15,770 compared to 12,652 (up 25%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 11% compared to June 2018 and down 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 43% compared to 45% in June 2018.

 

Vancouver Westside Residential: Total Units Sold in June 2019 was 355 – down from 460 (23%) in May 2019, down from 458 (23%) in June 2018, down from 644 (45%) in June 2017; Active Listings are at 2,779 compared to 2,346 (up 18%) at this time last year; New Listings in June 2019 were down 15% to May 2019, down 9% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 47% in June 2018.

 

Vancouver Eastside Residential: Total Units Sold in June 2019 was 215 – down from 328 (34%) in May 2019, down from 282 (24%) in June 2018, down from 451 (52%) in June 2017; Active Listings are at 1,435 compared to 1,375 (up 4%) at this time last year; New Listings in June 2019 were down 21% to May 2019, down 22% compared to June 2018 and down 24% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 44% compared to 45% in June 2018.

 

North Vancouver Residential Total Units Sold in June 2019 was 202 – down from 257 (21%) in May 2019, up from 199 (2%) in June 2018, down from 298 (32%) in June 2017; Active Listings are at 1,030 compared to 800 (up 29%) at this time last year; New Listings in June 2019 were down 20% to May 2019, down 1% compared to June 2018 and down 3% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 49% compared to 48% in June 2018.

 

West Vancouver Houses: Total Units Sold in June 2019 was 43 – down from 71 (39%) in May 2019, down from 54 (20%) in June 2018, down from 92 (47%) in June 2017; Active Listings are at 764 compared to 784 (down 3%) at this time last year; New Listings in June 2019 were down 23% to May 2019, down 24% compared to June 2018 and down 22% compared to June 2017; Month’s Supply of Total Residential Listings is up to 18 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 24% compared to 23% in June 2018.

 

Richmond Residential: Total Units Sold in June 2019 was 270 – down from 271 (0%) in May 2019, down from 308 (12%) in June 2018, down from 503 (46%) in June 2017; Active Listings are at 2,369 compared to 1,787 (up 33%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 27% compared to June 2017; Month’s Supply of Total Residential Listings is steady at 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 44% in June 2018.

 

Burnaby East: Total Units Sold in June 2019 was 19 – down from 25 (24%) in May 2019, down from 26 (27%) in June 2018, down from 36 (47%) in June 2017; Active Listings are at 161 compared to 143 (up 13%) at this time last year; New Listings in June 2019 were the same as May 2019, the same compared to June 2018 and June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 52% in June 2018.

 

Burnaby North: Total Units Sold in June 2019 was 100 – down from 123 (19%) in May 2019, down from 107 (7%) in June 2018, down from 208 (52%) in June 2017; Active Listings are at 670 compared to 476 (up 41%) at this time last year; New Listings in June 2019 were down 18% to May 2019, down 10% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 41% in June 2018.

 

Burnaby South: Total Units Sold in June 2019 was 121 – down from 131 (8%) in May 2019, down from 121 in June 2018, down from 207 (42%) in June 2017; Active Listings are at 872 compared to 576 (up 51%) at this time last year; New Listings in June 2019 were down 18% to May 2019, up 8% compared to June 2018 and down 15% compared to June 2017; 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 45% compared to 49% in June 2018.

 

New Westminster: Total Units Sold in June 2019 was 97 – down from 127 (24%) in May 2019, down from 141 (31%) in June 2018, down from 196 (51%) in June 2017; Active Listings are at 577 compared to 370 (up 56%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 13% compared to June 2018 and down 18% compared to June 2017; 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 48% compared to 61% in June 2018.

 

Coquitlam: Total Units Sold in June 2019 was 177 – down from 205 (14%) in May 2019, down from 178 (1%) in June 2018, down from 323 (45%) in June 2017; Active Listings are at 1,159 compared to 888 (up 31%) at this time last year; New Listings in June 2019 were down 26% to May 2019, down 14% compared to June 2018 and down 19% compared to June 2017; 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 46% compared to 40% in June 2018.

 

Port Moody: Total Units Sold in June 2019 was 42 – down from 62 (32%) in May 2019, down from 48 (12%) in June 2018, down from 90 (53%) in June 2017; Active Listings are at 266 compared to 219 (up 21%) at this time last year; New Listings in June 2019 were down 31% to May 2019, down 19% compared to June 2018 and down 26% compared to June 2017; 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 48% compared to 40% in June 2018.

 

Port Coquitlam: Total Units Sold in June 2019 was 77 – down from 132 (42%) in May 2019, down from 108 (29%) in June 2018, down from 177 (64%) in June 2017; Active Listings are at 381 compared to 292 (up 30%) at this time last year; New Listings in June 2019 were down 6% to May 2019, down 19% compared to June 2018 and down 11% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 44% in June 2018.

 

Ladner: Total Units Sold in June 2019 was 33 – down from 41 (20%) in May 2019, down from 38 (13%) in June 2018, down from 45 (27%) in June 2017; Active Listings are at 207 compared to 171 (up 21%) at this time last year; New Listings in June 2019 were down 19% to May 2019, down 1% compared to June 2018 and up 17% compared to June 2017; 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 47% compared to 54% in June 2018.

 

Tsawwassen: Total Units Sold in June 2019 was 35 – down from 38 (8%) in May 2019, down from 42 (17%) in June 2018, down from 54 (35%) in June 2017; Active Listings are at 310 compared to 252 (up 23%) at this time last year; New Listings in June 2019 were down 16% to May 2019, up 13% compared to June 2018 and down 4% compared to June 2017; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 60% in June 2018.

 

Pitt Meadows: Total Units Sold in June 2019 was 24 – down from 40 (40%) in May 2019, the same at 24 in June 2018, down from 83 (71%) in June 2017; Active Listings are at 130 compared to 100 (up 30%) at this time last year; New Listings in June 2019 were down 22% to May 2019, down 21% compared to June 2018 and down 31% compared to June 2017; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 51% compared to 40% in June 2018.

 

Maple Ridge: Total Units Sold in June 2019 was 132 – down from 171 (23%) in May 2019, down from 136 (2%) in June 2018, down from 250 (47%) in June 2017; Active Listings are at 868 compared to 623 (up 39%) at this time last year; New Listings in June 2019 were down 21% to May 2019, up 2% compared to June 2018 and down 10% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 48% in June 2018.

 

Kevin Skipworth
Managing Broker/Partner

“If you want to change, expand your mind. Old ways don’t open new doors.” Kristen Butler

 

Is this a one hit wonder or the start of a new album for Metro Vancouver real estate? Sales in May were the highest since May 2018 and second highest since November 2017. After 9 straight months with home sales below 2,000 units, there were 2,669 homes sold in Greater Vancouver in May. This was the longest period of monthly sales being below 2,000 since a period of 16 months from November 1997 to February 1999. With the spring market typically being the busy time of year for buyers and sellers, it seems engagement through the end of April and into May was much higher than we’ve seen over the last month. And with all that has been thrown at the market, it shouldn’t be surprising that it took time for the market and its participants to digest. And with less listings coming on the market in May than is typical, total inventory level growth has slowed, resulting in some multiple offers in the market – albeit with a more cautious tone to them. It would seem pent up demand in the market is coming out from the stalemate we’ve seen over the last year. The question is, will this continue. Certainly, with the economy still performing well, population growing and the continued love affair with our region, there is little to keep the market activity from stabilizing. Not to be confused with price growth, which will take longer to recover, but make no mistake it will.


The 2,669 homes sold in Greater Vancouver in May were up from 1,850 (44%) from April this year. The largest month over month increase since March 2017. This was compared with 2,890 sales (down 8%) in May last year and 4,425 sales in May 2017, the largest year over year increase since February 2018. And this was 23 per cent below the 10-year average for May unit sales in Greater Vancouver. The detached house market was stronger in May than we’ve seen in the last year – with areas like Richmond, North Vancouver, New Westminster and Port Moody (up 43 per cent to May 2018), showing better performance year over year compared to the condo and townhouse markets.

 

On the other side of the equation, there were 6,031 new listings in May in Greater Vancouver, down from 6,558 in May last year and up from 5900 in April 2019. The number of new listings in May were 5 per cent below the 10-year average for May. There are currently 15,452 Active Listings on the market in Greater Vancouver – up from 11,989 at the end of May last year. A combination of lower new listings and higher home sales volumes have slowed down the rate of growth of Active Listings, not typical during a slow real estate market. In the period of 1997 to 1999, Active Listings were consistently at levels of 20,000 – at a time when there were far less homes available for sale in the Greater Vancouver market. Similarly, in the two slowest markets since in 2008 and 2012 to the beginning of 2014, Active Listings were near 20,000 during that period. While this has been one of the slower real estate markets we’ve seen in 20 years, the lack of homes being listed indicates the strength of the market and that prices may not fall much further. And certainly, if buyers engage as they have done this month, that will keep prices consistent. Of course, not all segments of the market operate the same, with the higher end of the market still struggling to recover and further price declines possible.

 

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market.”

 

The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its MLS® in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year. Of the 1,517 total sales, 41.2 per cent, up from 39.4 per cent in April; attached homes were 58.8 per cent of total sales in May compared to 60.6 per cent in April. “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months,” Darin Germyn, President of the Fraser Valley Real Estate Board, said “We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May 2019 was 2,669 – up from 1,850 (44%) in April 2019, down from 2,890 (8%) in May 2018, down from 4,425 (40%) in May 2017; Active Listings are at 15,452 compared to 11,980 at this time last year (up 29%); New Listings in May 2019 were up 2% compared to April 2019; were down 8% compared to May 2018 and down 3% compared to May 2017; 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 44% compared to 31% in April 2019 and 44% in May 2018.

 

Vancouver Westside Residential: Total Units Sold in May 2019 was 460 – up from 342 (35%) in April 2019, down from 504 (9%) in May 2018, down from 796 (42%) in May 2017; Active Listings are at 2,778 compared to 2,276 at this time last year (up 22%); New Listings in May 2019 were down 10% compared to April 2019; were down 17% compared to May 2018 and down 2% compared to May 2017; 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 44% compared to 29% in April 2019 and 40% in May 2018.

 

Vancouver Eastside Residential: Total Units Sold in May 2019 was 328 – up from 215 (53%) in April 2019, down from 364 (10%) in May 2018, down from 467 (30%) in May 2017; Active Listings are at 1,403 compared to 1,323 at this time last year (up 6%); New Listings in May 2019 were up 3% compared to April 2019; were down 16% compared to May 2018 and down 9% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 54% compared to 36% in April 2019 and 50% in May 2018.

 

North Vancouver Residential Total Units Sold in May 2019 was 257 – up from 149 (72%) in April 2019, up from 238 (8%) in May 2018, down from 325 (21%) in May 2017; Active Listings are at 1,035 compared to 764 at this time last year (up 35%); New Listings in May 2019 were the same as April 2019; were down 3% compared to May 2018 and up 2% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 50% compared to 29% in April 2019 and 45% in May 2018.

 

West Vancouver Houses: Total Units Sold in May 2019 was 71 – up from 48 (48%) in April 2019, up from 63 (13%) in May 2018, down from 100 (29%) in May 2017; Active Listings are at 740 compared to 744 at this time last year (down 1%); New Listings in May 2019 were down 6% compared to April 2019; were down 21% compared to May 2018 and down 4% compared to May 2017; Month’s Supply of Total Residential Listings is down to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 19% in April 2019 and 21% in May 2018.

 

Richmond Residential: Total Units Sold in May 2019 was 271 – up from 172 (58%) in April 2019, down from 358 (24%) in May 2018, down from 563 (52%) in May 2017; Active Listings are at 2,329 compared to 1,680 at this time last year (up 39%); New Listings in May 2019 were up 10% compared to April 2019; were up 14% compared to May 2018 and down 3% compared to May 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 25% in April 2019 and 41% in May 2018.

 

Burnaby East: Total Units Sold in May 2019 was 25 – up from 15 (67%) in April 2019, down from 29 (14%) in May 2018, down from 36 (31%) in May 2017; Active Listings are at 149 compared to 144 at this time last year (up 3%); New Listings in May 2019 were down 12% compared to April 2019; were down 32% compared to May 2018 and down 19% compared to May 2017; 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 50% compared to 26% in April 2019 and 39% in May 2018.

 

Burnaby North: Total Units Sold in May 2019 was 123 – up from 81 (52%) in April 2019, down from 147 (16%) in May 2018, down from 217 (43%) in May 2017; Active Listings are at 655 compared to 425 at this time last year (up 54%); New Listings in May 2019 were the same compared to April 2019; were up 5% compared to May 2018 and down 11% compared to May 2017; 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 44% compared to 29% in April 2019 and 55% in May 2018.

 

Burnaby South: Total Units Sold in May 2019 was 131 – up from 97 (35%) in April 2019, up from 127 (3%) in May 2018, down from 250 (48%) in May 2017; Active Listings are at 841 compared to 532 at this time last year (up 58%); New Listings in May 2019 were up 14% compared to April 2019; were up 3% compared to May 2018 and down 11% compared to May 2017; 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 40% compared to 34% in April 2019 and 40% in May 2018.

 

New Westminster: Total Units Sold in May 2019 was 127 – up from 108 (18%) in April 2019, down from 132 (4%) in May 2018, down from 227 (44%) in May 2017; Active Listings are at 562 compared to 351 at this time last year (up 60%); New Listings in May 2019 were down 5% compared to April 2019; were up 5% compared to May 2018 and up 10% compared to May 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 38% in April 2019 and 51% in May 2018.

 

Coquitlam: Total Units Sold in May 2019 was 205 – up from 153 (34%) in April 2019, up from 200 (3%) in May 2018, down from 365 (45%) in May 2017; Active Listings are at 1,140 compared to 809 at this time last year (up 41%); New Listings in May 2019 were up 12% compared to April 2019; were up 5% compared to May 2018 and up 7% compared to May 2017; 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 39% compared to 33% in April 2019 and 40% in May 2018.

 

Port Moody: Total Units Sold in May 2019 was 62 – up from 60 (3%) in April 2019, down from 64 (3%) in May 2018, down from 105 (41%) in May 2017; Active Listings are at 264 compared to 191 at this time last year (up 38%); New Listings in May 2019 were down 12% compared to April 2019; were down 2% compared to May 2018 and down 6% compared to May 2017; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 49% compared to 41% in April 2019 and 50% in May 2018.

 

Port Coquitlam: Total Units Sold in May 2019 was 132 – up from 67 (97%) in April 2019, up from 104 (27%) in May 2018, down from 171 (23%) in May 2017; Active Listings are at 362 compared to 275 at this time last year (up 32%); New Listings in May 2019 were down 5% compared to April 2019; were down 20% compared to May 2018 and down 16% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 71% compared to 34% in April 2019 and 44% in May 2018.

 

Ladner: Total Units Sold in May 2019 was 41 – up from 29 (41%) in April 2019, down from 36 (14%) in May 2018, down from 59 (31%) in May 2017; Active Listings are at 208 compared to 156 at this time last year (up 33%); New Listings in May 2019 were up 32% compared to April 2019; were up 3% compared to May 2018 and up 43% compared to May 2017; 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 48% compared to 45% in April 2019 and 43% in May 2018.

 

Tsawwassen: Total Units Sold in May 2019 was 38 – up from 18 (111%) in April 2019, up from 35 (9%) in May 2018, down from 47 (19%) in May 2017; Active Listings are at 305 compared to 266 at this time last year (up 15%); New Listings in May 2019 were down 14% compared to April 2019; were up 6% compared to May 2018 and up 13% compared to May 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 17% in April 2019 and 39% in May 2018.

 

Pitt Meadows: Total Units Sold in May 2019 was 40 – up from 28 (43%) in April 2019, up from 39 (3%) in May 2018, down from 72 (44%) in May 2017; Active Listings are at 137 compared to 84 at this time last year (up 63%); New Listings in May 2019 were down 17% compared to April 2019; were down 11% compared to May 2018 and down 35% compared to May 2017; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced to Seller’s Market) and a Sales to Listings Ratio of 66% compared to 38% in April 2019 and 57% in May 2018.

 

Maple Ridge: Total Units Sold in May 2019 was 171 – up from 124 (38%) in April 2019, down from 188 (9%) in May 2018, down from 292 (41%) in May 2017; Active Listings are at 832 compared to 592 at this time last year (up 40%); New Listings in May 2019 were up 7% compared to April 2019; the same compared to May 2018 and the same compared to May 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 47% compared to 36% in April 2019 and 51% in May 2018.

 

 

Kevin Skipworth
Managing Broker/Partner

May 15th Blog

"If you want to change, expand your mind. Old ways don’t open new doors.” – Kristen Butler

 

Sales and listings stats are attached as of May 15, 2019. May sales volumes have increased so far in May compared to April, 15, 2019 As of May 15 there were 1,148 home sales compared to 856 as of April 15 this year. The activity has noticeably increased so far in May with multiple offers starting to occur more so than we’ve seen in the last year. Some areas such as Tsawwassen, North Vancouver and Vancouver’s West Side are performing better in May compared to April at a greater rate than other areas. Detached home sales have been shown the most improvement around Greater Vancouver with Vancouver’s East Side, Richmond and North Vancouver are seeing significant increased compared to May with North Vancouver and Richmond already seeing the same amount of sales in May so far compared to the total for April.  The number of new listings is above April of this year and May last year both at mid month, but the rate of Active Listings growth is slowing. Here is a summary of the activity so far:

 

Greater Vancouver – 1,148 Units Sold so far in May 2019 compared to 1,194 Units Sold as of May 14, 2018 and 856 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 3,181 compared to 2,890 at the same time in April 2019 and 2,628 as of May 14, 2018. Total Active Listings are at 15,416 (10,960 at the same time last year). Sales To Listings Ratio is at 36% compared to 30% in April 2019.

 

Vancouver West - 207 Units Sold so far in May 2019 compared to 180 Units Sold as of May 14, 2018 and 154 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 561 compared to 568 at the same time in April 2019 and 515 as of May 14, 2018. Total Active Listings are at 2,793 (2,101 at the same time last year). Sales To Listings Ratio is at 37% compared to 27% in April 2019.

 

Vancouver East – 131 Units Sold so far in May 2019 compared to 144 Units Sold as of May 14, 2018 and 94 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 305 compared to 301 at the same time in April 2019 and 306 as of May 14, 2018. Total Active Listings are at 1,432 (1,114 at the same time last year). Sales To Listings Ratio is at 43% compared to 31% in April 2019.

 

North Vancouver – 112 Units Sold so far in May 2019 compared to 98 Units Sold as of May 14, 2018 and 71 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 264 compared to 273 at the same time in April 2019 and 193 as of May 14, 2018. Total Active Listings are at 1,044 (679 at the same time last year). Sales To Listings Ratio is at 42% compared to 26% in April 2019.

 

West Vancouver – 30 Units Sold so far in May 2019 compared to 31Units Sold as of May 14, 2018 and 27 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 130 compared to 119 at the same time in April 2019 and 135 as of May 14, 2018. Total Active Listings are at 741 (686 at the same time last year). Sales To Listings Ratio is at 23% compared to 23% in April 2019.

 

Richmond – 120 Units Sold so far in May 2019 compared to 156 Units Sold as of May 14, 2018 and 80 Units Sold as of April 15, 2019. Total New Listings so far in May 2019 are 400 compared to 367 at the same time in April 2019 and 364 as of May 14, 2018. Total Active Listings are at 2,293 (1,540 at the same time last year). Sales To Listings Ratio is at 30% compared to 22% in April 2019.

 

Kevin Skipworth
Managing Broker/Partner

"A mistake that makes you humble is better than an achievement that that makes you arrogant” – Unknown

 

Sales and listings stats are attached as of April 15, 2019. April sales volumes are similar to that of March and down from April of last year. But the number of listings on market has increased and signs of the number of new listings in April are higher than last year and March of this year. With the number of new listings higher this month, the sales to listings ratio did drop from March so far, but that is likely to change by the end of the month with sales volumes increasing as the month goes on. Here is a summary of the activity so far:

 

Greater Vancouver – 856 Units Sold so far in April 2019 compared to 1,143 Units Sold as of April 15, 2018 and 864 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 2,890 compared to 2,785 at the same time in April 2018 and 2,708 as of March 15, 2019. Total Active Listings are at 14,230 (9,723 at the same time last year). Sales To Listings Ratio is at 30% compared to 32% in March 2019.

 

Vancouver West - 154 Units Sold so far in April 2019 compared to 219 Units Sold as of April 15, 2018 and 176 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 568 compared to 594 at the same time in April 2018 and 564 as of March 15, 2019. Total Active Listings are at 2,648 (1,862 at the same time last year). Sales To Listings Ratio is at 27% compared to 31% in March 2019.

 

Vancouver East – 94 Units Sold so far in April 2019 compared to 130 Units Sold as of April 15, 2018 and 176 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 301 compared to 329 at the same time in April 2018 and 261 as of March 15, 2019. Total Active Listings are at 1,335 (1,114 at the same time last year). Sales To Listings Ratio is at 31% compared to 34% in March 2019.

 

North Vancouver – 71 Units Sold so far in April 2019 compared to 92 Units Sold as of April 15, 2018 and 78 Units Sold as of March 15, 2019. Total New Listings so far in April 2018 are 273 compared to 235 at the same time in April 2018 and 214 as of March 15, 2019. Total Active Listings are at 989 (596 at the same time last year). Sales To Listings Ratio is at 26% compared to 36% in March 2019.

 

West Vancouver – 27 Units Sold so far in April 2019 compared to 22 Units Sold as of April 15, 2018 and 17 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 119 compared to 128 at the same time in April 2018 and 104 as of March 15, 2019. Total Active Listings are at 695 (608 at the same time last year). Sales To Listings Ratio is at 23% compared to 16% in March 2019.

 

Richmond – 80 Units Sold so far in April 2019 compared to 146 Units Sold as of April 15, 2018 and 94 Units Sold as of March 15, 2019. Total New Listings so far in April 2019 are 367 compared to 317 at the same time in April 2018 and 365 as of March 15, 2019. Total Active Listings are at 2,144 (1,408 at the same time last year). Sales To Listings Ratio is at 22% compared to 26% in March 2019.


"Your big opportunity may be right where you are now" – Napoleon Hill

 

Attached are the Sales and Listings Stats updated to the end of March 2019. Ok, next! Let’s just move on to April! But for those looking for a recap, there were 1,743 sales in Greater Vancouver in March 2019, the lowest total for the month of March since 1986. So here is what we know; it was a slow month for home sales, buyers and sellers are both hesitant in the market, The Federal Government announced their budget in March and provided little in the way of benefits to buyers in our market area and now we see fixed interest rates coming down. Here’s what we don’t know; while fixed rates are falling, how far will they fall, will there be federal election promises to boost the housing market prior to October’s election, where will the inventory of resale homes go after moderately increasing in a slower market for sales. And what don’t we know: how many buyers and sellers are waiting eagerly on the sidelines to make a move – pent up demand is growing! And policy changes can only keep that demand down for so long.

 

The 1,743 homes sold in Greater Vancouver in March were up from 1,512 (15%) from February this year. This was compared with 2,551 sales (down 35%) in March last year and 3,632 sales in March 2017. This was 45 per cent below the 10-year average for March. In looking around Greater Vancouver, both Vancouver’s Westside and North Vancouver saw the most significant increases in sales month over month at 33 per cent and 35 per cent respectively. While West Vancouver, Port Coquitlam and Tsawwassen had sales in March lower than February. In Burnaby East there were zero detached house sales in March. Regional markets are different in their make up and activity, but we typically see Vancouver be a leading indicator in the market. So again, let’s move into April.

 

On the other side of the equation, there were 5,057 new listings in March in Greater Vancouver, up from 4,557 in March last year and up from 3,974 in February 2019. The number of new listings in March were 12 per cent below the 10-year average for March. There are currently 13,408 Active Listings on the market in Greater Vancouver – up from 9,037 at the end of March last year. While Active Listings are up 48 per cent, they are still relatively low compared to previous markets with similar activity. In 1998 there were 1,921 sales in March with 19,488 Active Listings and in 2013 there were 2,373 sales with 16,322 Active Listings. The lack of inventory is still keeping buyers at bay in some areas. In Vancouver’s Westside the amount of detached homes for sale decreased in March to 694 from 713 in February, an unusual trend for a spring market.

 

“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced,” Ashley Smith, Real Estate Board of Greater Vancouver president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on the housing market. What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”

 

The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its MLS® in March, a 24.3 per cent increase compared to sales in February 2019, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 apartments. This was the lowest sales total for the Board for March since 2013. Darin Germyn, President of the Fraser Valley Real Estate Board, said “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2019 was 1,745 – up from 1,512  (15%) in February 2019, down from 2,551 (32%) in March 2018, down from 3,632 (52%) in March 2017; Active Listings are at 13,408 compared to 9,037 at this time last year; New Listings in March 2019 were up 27% compared to February 2019; were up 10% compared to March 2018 and up 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 38% in February 2019.

 

Vancouver Westside Residential: Total Units Sold in March 2019 was 333 – up from 254  (31%) in February 2019, down from 441 (24%) in March 2018, down from 616 (38%) in March 2017; Active Listings are at 2,511 compared to 1,691 at this time last year; New Listings in March 2019 were up 12% compared to February 2019; were up 11% compared to March 2018 and up 20% compared to March 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 29% in February 2019.

 

Vancouver Eastside Residential: Total Units Sold in March 2019 was 174 – up from 166  (5%) in February 2019, down from 284 (39%) in March 2018, down from 384 (55%) in March 2017; Active Listings are at 1,239 compared to 1,043 at this time last year; New Listings in March 2019 were up 32% compared to February 2019; were the same compared to March 2018 and down 3% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 43% in February 2019.

 

North Vancouver Residential Total Units Sold in March 2019 was 165 – up from 124  (33%) in February 2019, down from 216 (24%) in March 2018, down from 261 (37%) in March 2017; Active Listings are at 883 compared to 516 at this time last year; New Listings in March 2019 were up 16% compared to February 2019; were up 8% compared to March 2018 and up 14% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 42% compared to 37% in February 2019.

 

West Vancouver Houses: Total Units Sold in March 2019 was 34 – up from 39  (13%) in February 2019, down from 42 (19%) in March 2018, down from 97 (65%) in March 2017; Active Listings are at 670 compared to 585 at this time last year; New Listings in March 2019 were down 1% compared to February 2019; were up 9% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 20 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 20% compared to 23% in February 2019.

 

Richmond Residential: Total Units Sold in March 2019 was 178 – up from 155  (15%) in February 2019, down from 306 (42%) in March 2018, down from 537 (67%) in March 2017; Active Listings are at 2,025 compared to 1,379 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 10% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in February 2019.

 

Burnaby East: Total Units Sold in March 2019 was 17 – the same as in February 2019, down from 26 (35%) in March 2018, down from 53 (68%) in March 2017; Active Listings are at 141 compared to 123 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 24% compared to March 2018 and down 20% compared to March 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 47% in February 2019.

 

Burnaby North: Total Units Sold in March 2019 was 77 – down from 84 (8%) in February 2019, down from 131 (41%) in March 2018, down from 170 (55%) in March 2017; Active Listings are at 536 compared to 314 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 4% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 53% in February 2019.

 

Burnaby South: Total Units Sold in March 2019 was 97 – up from 83  (17%) in February 2019, down from 103 (6%) in March 2018, down from 167 (42%) in March 2017; Active Listings are at 771 compared to 390 at this time last year; New Listings in March 2019 were up 40% compared to February 2019; were up 48% compared to March 2018 and up 29% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 40% in February 2019.

 

New Westminster: Total Units Sold in March 2019 was 81 – up from 63 (29%) in February 2019, down from 149 (46%) in March 2018, down from 166 (51%) in March 2017; Active Listings are at 472 compared to 224 at this time last year; New Listings in March 2019 were up 24% compared to February 2019; were up 5% compared to March 2018 and down 1% compared to March 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.

 

Coquitlam: Total Units Sold in March 2019 was 142 – up from 134 (6%) in February 2019, down from 204 (30%) in March 2018, down from 303 (53%) in March 2017; Active Listings are at 933 compared to 552 at this time last year; New Listings in March 2019 were up 42% compared to February 2019; were up 27% compared to March 2018 and up 9% compared to March 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 35% compared to 46% in February 2019.

 

Port Moody: Total Units Sold in March 2019 was 38 – up from 30 (27%) in February 2019, down from 57 (33%) in March 2018, down from 83 (54%) in March 2017; Active Listings are at 210 compared to 131 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 22% compared to March 2018 and the same compared to March 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 40% compared to 38% in February 2019.

 

Port Coquitlam: Total Units Sold in March 2019 was 59 – down from 60 (1%) in February 2019, down from 103 (43%) in March 2018, down from 139 (58%) in March 2017; Active Listings are at 343 compared to 160 at this time last year; New Listings in March 2019 were up 19% compared to February 2019; were up 34% compared to March 2018 and down 6% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 35% compared to 43% in February 2019.

 

Ladner: Total Units Sold in March 2019 was 25 – up from 20 (25%) in February 2019, up from 24 (3%) in March 2018, down from 45 (44%) in March 2017; Active Listings are at 170 compared to 126 at this time last year; New Listings in March 2019 were up 54% compared to February 2019; were up 40% compared to March 2018 and up 4% compared to March 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 40% in February 2019.

 

Tsawwassen: Total Units Sold in March 2019 was 15 – down from 21 (29%) in February 2019, down from 39 (62%) in March 2018, down from 58 (74%) in March 2017; Active Listings are at 236 compared to 194 at this time last year; New Listings in March 2019 were up 55% compared to February 2019; were up 2% compared to March 2018 and up 16% compared to March 2017; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 18% compared to 38% in February 2019.

 

Pitt Meadows: Total Units Sold in March 2019 was 24 – the same as February 2019, down from 34 (29%) in March 2018, down from 44 (45%) in March 2017; Active Listings are at 119 compared to 52 at this time last year; New Listings in March 2019 were up 34% compared to February 2019; were up 61% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 43% compared to 36% in February 2019.

 

Maple Ridge: Total Units Sold in March 2019 was 116 – up from 100 (16%) in February 2019, down from 180 (35%) in March 2018, down from 262 (56%) in March 2017; Active Listings are at 675 compared to 422 at this time last year; New Listings in March 2019 were up 26% compared to February 2019; down 8% compared to March 2018 and down 17% compared to March 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 44% compared to 48% in February 2019.

 

Kevin Skipworth

Dexter Realty

Broker/Owner

"Life begins at the end of your comfort zone.” Neale Donald Walsch

 

Attached are the Sales and Listings Stats updated to the end of October 2018. Two things came in October – rain and a few more sales in the market. As is the case with October, activity does increases as do the number of new listings.

 

There were 1,995 homes sold of all types in Greater Vancouver in October this year compared with 3,073 sales in October last year and 2,284 homes sold in October 2016. This was 27 per cent below the 10 year average for October and almost the same level as October 2012 at 1,979. In fact, when we look at 2012, so far, each month has tracked very similar for sales levels. With the main difference being the inventory levels. – much lower than in 2012. There continues to be a hesitation in the market right now While prices on the detached side of the market have been falling over the last year, we are now seeing this occur in the apartment and townhouse market in some areas and product types.  There were 642 Detached Houses sold in October 2018 down from 945 (down 38 per cent) in October 2017 in Greater Vancouver, and down from 659 in October 2016. For townhouses there were 344 sales in October 2018 compared to 550 in October 2017 (down 37 per cent), down from 403 October 2016 and for condos there were 985 sales in October 2018, a decrease in sales from 1,532 in October 2017 (down 36 per cent) and compared to 1,178 in September 2016. Overall there has been an increase in market activity for October compared to November as we typically see. Although the bigger increases in homes sold has been in Vancouver, North Vancouver and West Vancouver. Ladner actually saw less sales in October compared to September and areas like Burnaby, New Westminster and the Tri-Cities saw lower per centage gains in comparison. The average prices in those areas also dropped while Vancouver saw a gain.

 

As for supply in the market, there was an increase in the number of new listings in October compared to October of last year. There were 5,026 new listings in October in Greater Vancouver, up 8 per cent from October last year and up from 4,066 or 23 per cent from October 2016. The number of new listings in September 2018 were just above the 11 year average for September. Active Listings are at 13,682 for month end (up 36 per cent compared to October). Active Listings fell from 13,760 in September 2018 and will continue to do so as the year finishes. At the end of October 2012, the Active Listing count was 18,519 – 35 per cent higher than in today’s market. A significant difference from the last down market and indicative of strength in the market overall.

 

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace. Home prices have edged down between three and fiver per cent, depending on housing type, in our region since June. This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.

 

 

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 October, a decrease of 36 per cent compared to 1,779 sales in October of last year, and a 12 per cent increase compared to sales in September 2018. Of the 1,155 sales processed last month 306 were townhouses and 292 were apartments and 438 were detached homes. While slight, this is the first time since May that sales here have been on the upswing,” said John Barbisan, Board President. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2018 was 1,995 – up from 1,634 (22%) in September 2018, down from 3,073 (35%) in October 2017, down from 2,284 (13%) in October 2016; Active Listings are at 13,682 compared to 9,768 (up 40%) at this time last year; New Listings in October 2018 were up 8% compared to October 2017 and up 24% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 66% in October 2017.

 

Vancouver Westside Residential: Total Units Sold in October 2018 was 381 – up from 280 (36%) in September 2018, down from 556 (31%) in October 2017, down from 408 (7%) in October 2016; Active Listings are at 2,459 compared to 1,725 (up 43%) at this time last year; New Listings in October 2018 were up 10% compared to October 2017 and up 35% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 60% in October 2017.

 

Vancouver Eastside Residential: Total Units Sold in October 2018 was 234 – up from 195 (20%) in September 2018, down from 298 (21%) in October 2017, up from 202 (16%) in October 2016; Active Listings are at 1,409 compared to 1,168 (up 21%) at this time last year; New Listings in October 2018 were down 5% compared to October 2017 and up 6% compared to October 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 44% compared to 54% in October 2017.

 

North Vancouver Residential Total Units Sold in October 2018 was 173 – up from 120 (44%) in September 2018, down from 250 (31%) in October 2017, up from 170 (2%) in October 2016; Active Listings are at 938 compared to 604 (up 55%) at this time last year; New Listings in October 2018 were up 15% compared to October 2017 and up 50% compared to October 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 37% compared to 61% in October 2017.

 

West Vancouver Houses: Total Units Sold in October 2018 was 55 – up from 34 (62%) in September 2018, up from 46 (20%) in October 2017, up from 35 (57%) in October 2016; Active Listings are at 743 compared to 652 (up 14%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 48% 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 26% compared to 23% in October 2017.

 

Richmond Residential: Total Units Sold in October 2018 was 230 – up from 196 (17%) in September 2018, down from 411 (44%) in October 2017, down from 290 (20%) in October 2016; Active Listings are at 1,878 compared to 1,408 (up 33%) at this time last year; New Listings in October 2018 were down 6% compared to October 2017 and up 15% compared to October 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 39% compared to 66% in October 2017.

 

Burnaby East: Total Units Sold in October 2018 was 17 – up from 11 (54%) in September 2018, down from 22 (45%) in October 2017, down from 22 (45%) in October 2016; Active Listings are at 148 compared to 127 (up 17%) at this time last year; New Listings in October 2018 were down 13% compared to October 2017 and up 8% compared to October 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 33% compared to 37% in October 2017.

 

Burnaby North: Total Units Sold in October 2018 was 76 – down from 83 (8%) in September 2018, down from 161 (53%) in October 2017, down from 121 (40%) in October 2016; Active Listings are at 556 compared to 383 (up 45%) at this time last year; New Listings in October 2018 were up 28% compared to October 2017 and up 26% compared to October 2016; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 82% in October 2017.

 

Burnaby South: Total Units Sold in October 2018 was 87 – up from 82 (6%) in September 2018, down from 184 (53%) in October 2017, down from 103 (16%) in October 2016; Active Listings are at 693 compared to 450 (up 54%) at this time last year; New Listings in October 2018 were up 25% compared to October 2017 and up 57% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 81% in October 2017.

 

New Westminster: Total Units Sold in October 2018 was 88 – up from 81 (9%) in September 2018, down from 152 (53%) in October 2017, down from 106 (17%) in October 2016; Active Listings are at 511 compared to 282 (up 81%) at this time last year; New Listings in October 2018 were up 22% compared to October 2017 and up 62% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 77% in October 2017.

 

Coquitlam: Total Units Sold in October 2018 was 136 – up from 131 (4%) in September 2018, down from 248 (55%) in October 2017, down from 183 (26%) in October 2016; Active Listings are at 1,026 compared to 662 (up 55%) at this time last year; New Listings in October 2018 were up 9% compared to October 2017 and up 18% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 73% in October 2017.

 

Port Moody: Total Units Sold in October 2018 was 36 – up from 34 (6%) in September 2018, down from 76 (53%) in October 2017, down from 65 (45%) in October 2016; Active Listings are at 242 compared to 160 (up 51%) at this time last year; New Listings in October 2018 were down 30% compared to October 2017 and down 20% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 75% in October 2017.

 

Port Coquitlam: Total Units Sold in October 2018 was 75 – up from 73 (3%) in September 2018, down from 120 (37%) in October 2017, down from 93 (19%) in October 2016; Active Listings are at 357 compared to 170 (up 110%) at this time last year; New Listings in October 2018 were up 23% compared to October 2017 and up 9% compared to October 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 46% compared to 91% in October 2017.

 

Ladner: Total Units Sold in October 2018 was 21 – down from 30 (30%) in September 2018, down from 31 (33%) in October 2017, down from 27 (23%) in October 2016; Active Listings are at 187 compared to 121 (up 55%) at this time last year; New Listings in October 2018 were up 29% compared to October 2017 and down 3% compared to October 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 61% in October 2017.

 

Tsawwassen: Total Units Sold in October 2018 was 25 – the same as September 2018, down from 40 (37%) in October 2017, up from 24 (24%) in October 2016; Active Listings are at 230 compared to 179 (up 28%) at this time last year; New Listings in October 2018 were up 6% compared to October 2017 and up 36% compared to October 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 37% compared to 63% in October 2017.

 

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.