"Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing it is stupid" – Albert Einstein

 

Attached are the Sales and Listings Stats updated to the end of February 2019. The NDP Government announced their budget in February and in the immortal words of George H. W. Bush – “No New Taxes!” After last years budget, there was a reprieve in the real estate market that was under fire from the provincial government last year. Although we did encounter one of the snowiest and coldest February’s we’d seen in a long time. Perhaps something had frozen over! There were 1,512 homes sold in Greater Vancouver in February up from 1,120 (up 35%) in January this year. This was compared with 2,241 sales (down 33%) in February last year and 2,461 sales in February 2017. This was 42 per cent below the 10-year average for February and the lowest since 1,494 in February 2009. Detached house sales edged up comparatively with there being 27% fewer compared to last February while there were 30% less townhouse sales and 35% less apartment sales. There is still a lack of activity for detached homes in Vancouver’s West Side with there being 43 sales in February 2019, compared to 53 sales in February 2018 and 93 sales in February 2017. Richmond saw a tougher month for detached home sales with 36 detached houses sold in February 2019 compared to 52 sold in February 2018 and 92 in February 2017.

 

On the other side of the equation, there were 3,974 new listings in February in Greater Vancouver, down from 4,363 in February last year and down from 4,980 in January 2019. The number of new listings in February 2018 were 20 per cent below the 10-year average for February. Overall inventories are not growing at a rate typical for the beginning of the spring market, with some multiple offers now occurring. The mix of listings contains a large number of long-standing listings or listings that were cancelled/expired and brought back. Some with price adjustments more attractive to buyers but many still beyond the current market values. Buyer’s market conditions continue to exist throughout Metro Vancouver and time will only tell how this will change going forward. March can be a bell weather for activity as both buyers and sellers typically become more active. The February Provincial Budget did call for an increase in home sales this year and in the years to come – which means more revenue from the Property Transfer Tax. So wishful thinking or a realization that real estate makes up an important part of the economy. But without increases in new listings and inventories, it will still be a struggle for buyers to find saleable product. So perhaps the government needs to read this review to really understand the market.

 

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, Real Estate Board of Greater Vancouver president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions. Homes priced well for today’s market are attracting interest, however buyers are choosing to take a wait-and-see approach for the time being.” Moore said “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”

 

The Fraser Valley Real Estate Board processed 982 sales of all property types on its MLS® in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments. Darin Germyn, President of the Fraser Valley Real Estate Board, said “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring. Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in February 2019 was 1,512 – up from 1,120  (35%) in January 2019, down from 2,241 (33%) in February 2018, down from 2,461 (39%) in February 2017; Active Listings are at 12,207 compared to 8,421 at this time last year; New Listings in February 2019 were down 20% compared to January 2019; were down 9% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 22% in January 2019.

 

Vancouver Westside Residential: Total Units Sold in February 2019 was 254 – up from 187  (36%) in January 2019, down from 429 (41%) in February 2018, down from 505 (50%) in February 2017; Active Listings are at 2,333 compared to 1,553 at this time last year; New Listings in February 2019 were down 9% compared to January 2019; were down 1% compared to February 2018 and up 28% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 19% in January 2019.

 

Vancouver Eastside Residential: Total Units Sold in February 2019 was 166 – up from 105  (58%) in January 2019, down from 244 (32%) in February 2018, down from 229 (28%) in February 2017; Active Listings are at 1,119 compared to 981 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were down 18% compared to February 2018 and down 5% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 43% compared to 23% in January 2019.

 

North Vancouver Residential Total Units Sold in February 2019 was 124 – up from 91  (36%) in January 2019, down from 166 (25%) in February 2018, down from 216 (43%) in February 2017; Active Listings are at 814 compared to 494 at this time last year; New Listings in February 2019 were down 22% compared to January 2019; were up 4% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply compared to 8 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 21% in January 2019.

 

West Vancouver Houses: Total Units Sold in February 2019 was 39 – up from 26  (50%) in January 2019, down from 42 (7%) in February 2018, down from 57 (32%) in February 2017; Active Listings are at 635 compared to 570 at this time last year; New Listings in February 2019 were down 27% compared to January 2019; were down 18% compared to February 2018 and up 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 16 Month’s Supply compared to 23 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 11% in January 2019.

 

Richmond Residential: Total Units Sold in February 2019 was 155 – up from 121  (28%) in January 2019, down from 262 (41%) in February 2018, down from 338 (54%) in February 2017; Active Listings are at 1,842 compared to 1,290 at this time last year; New Listings in February 2019 were down 38% compared to January 2019; were down 26% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 12 Month’s Supply from 14 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 16% in January 2019.

 

Burnaby East: Total Units Sold in February 2019 was 17 – up from 11  (45%) in January 2019, down from 34 (50%) in February 2018, the same as February 2017; Active Listings are at 121 compared to 121 at this time last year; New Listings in February 2019 were down 35% compared to January 2019; were down 46% compared to February 2018 and down 25% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 11 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 20% in January 2019.

 

Burnaby North: Total Units Sold in February 2019 was 84 – up from 65  (29%) in January 2019, down from 89 (6%) in February 2018, down from 113 (26%) in February 2017; Active Listings are at 482 compared to 297 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were down 8% compared to February 2018 and down 24% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 53% compared to 30% in January 2019.

 

Burnaby South: Total Units Sold in February 2019 was 83 – up from 55 (49%) in January 2019, down from 135 (49%) in February 2018, down from 95 (13%) in February 2017; Active Listings are at 678 compared to 353 at this time last year; New Listings in February 2019 were down 26% compared to January 2019; were up 16% compared to February 2018 and up 19% compared to February 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply from 12 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 20% in January 2019.

 

New Westminster: Total Units Sold in February 2019 was 63 – down from 75  (16%) in January 2019, down from 103 (39%) in February 2018, down from 108 (42%) in February 2017; Active Listings are at 403 compared to 210 at this time last year; New Listings in February 2019 were down 16% compared to January 2019; were up 6% compared to February 2018 and up 13% compared to February 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 38% in January 2019.

 

Coquitlam: Total Units Sold in February 2019 was 134 – up from 87 (54%) in January 2019, down from 178 (25%) in February 2018, down from 194 (31%) in February 2017; Active Listings are at 832 compared to 511 at this time last year; New Listings in February 2019 were down 23% compared to January 2019; were down 3% compared to February 2018 and up 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 46% compared to 23% in January 2019.

 

Port Moody: Total Units Sold in February 2019 was 30 – down from 31  (3%) in January 2019, down from 42 (20%) in February 2018, down from 49 (39%) in February 2017; Active Listings are at 181 compared to 131 at this time last year; New Listings in February 2019 were down 4% compared to January 2019; were down 10% compared to February 2018 and down 4% compared to February 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply from 5 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 37% in January 2019.

 

Port Coquitlam: Total Units Sold in February 2019 was 60 – up from 38  (58%) in January 2019, down from 84 (29%) in February 2018, down from 80 (25%) in February 2017; Active Listings are at 302 compared to 168 at this time last year; New Listings in February 2019 were down 1% compared to January 2019; were up 8% compared to February 2018 and up 8% compared to February 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply from 8 in January 2019 (Balanced Market) and a Sales to Listings Ratio of 43% compared to 27% in January 2019.

 

Ladner: Total Units Sold in February 2019 was 20 – up from 16 (25%) in January 2019, up from 19 (4%) in February 2018, down from 47 (57%) in February 2017; Active Listings are at 149 compared to 115 at this time last year; New Listings in February 2019 were down 19% compared to January 2019; were up 15% compared to February 2018 and down 6% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 9 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 40% compared to 26% in January 2019.

 

Tsawwassen: Total Units Sold in February 2019 was 21 – up from 14  (50%) in January 2019, down from 29 (28%) in February 2018, down from 26 (19%) in February 2017; Active Listings are at 195 compared to 173 at this time last year; New Listings in February 2019 were down 25% compared to January 2019; were down 8% compared to February 2018 and down 12% compared to February 2017; Month’s Supply of Total Residential Listings is down to 9 Month’s Supply from 13 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 19% in January 2019.

 

Pitt Meadows: Total Units Sold in February 2019 was 15 – up from 10  (50%) in January 2019, down from 44 (66%) in February 2018, down from 23 (35%) in February 2017; Active Listings are at 111 compared to 65 at this time last year; New Listings in February 2019 were up 5% compared to January 2019; were down 6% compared to February 2018 and up 4% compared to February 2017; Month’s Supply of Total Residential Listings is down to 7 Month’s Supply from 10 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 25% in January 2019.

 

Maple Ridge: Total Units Sold in February 2019 was 100 – up from 82  (50%) in January 2019, down from 158 (28%) in February 2018, down from 150 (19%) in February 2017; Active Listings are at 626 compared to 378 at this time last year; New Listings in February 2019 were down 18% compared to January 2019; were down 11% compared to February 2018 and down 9% compared to February 2017; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply from 7 in January 2019 (Buyer’s Market) and a Sales to Listings Ratio of 48% compared to 32% in January 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.