There were 723 sales in Vancouver in July 2023. This was an impressive 27% higher than the sales seen in July 2022...and could be otherwise pointed to as an indication of just how hot Vancouver's real estate has been lately.

That is, until you remember that last July was when the Bank of Canada raised interest rates by 1% and we saw a very quick slowdown in sales activity for the remainder of the year.

Looking more closely, we also see that sales were -15% from last month and also -16% from the 10-year average. By these measures, sales activity can clearly be seen to have cooled off from the torrid pace of the last few months.

New listings dropped to 1,525 which was -10.8% from last month but up +27% from a year ago and essentially flat when compared to the 10-year average (+0.4%). Total active listings rose to 3,403 but this was up just slightly over last month (+1.2%) and down (-12.6%) compared to last year.

We can see that generally all activity levels have tapered off to begin summer....

For the second month in a row we saw an a year over year INCREASE in sales. The 852 sales that happened in Vancouver were a whopping +19.5% higher than June 2022...BUT down -13.5% from May 2022 and also -8.9% from the 10-year average.

Significantly, this is also the second month in a row that monthly sales were over the 10-year average.

Meanwhile new listings hovered right around the 10-year average yet again. There were 1710 new listings in June 2023 (+0.7% on the 10-year average) which was up 4.5% from a year ago and down -5.3% from the previous month.

That resulted in total active listings sitting at 3201. Up just 2.3% from last month and down -18.9% from a year ago...as well as -9.4% from the 10-year average.

Prices are continuing to get ratcheted upwards. The most significant increases were for detached houses with East Vancouver houses leading the way with a +3.1% in just a single month. The only housing type to see any type of decline were East Van townhouses which were down a titch...

I often get asked what is so great about living in Vancouver.

 

As a lifelong resident of Vancouver, I've got some pretty strong opinions...and I love to share them!

 

These are 7 Reasons Why I LOVE Living in Vancouver BC.

 

 

 

 

 

Are you thinking of moving to or relocating to Vancouver BC and wondering if living in Vancouver BC is a fit for you and your family? I get asked all the time what my favorite things about Vancouver BC are.

 

It’s a tough question because there are SO many things to love about Vancouver.

 

Truly.

 

If you are thinking about relocating to Vancouver you’ll want to know all about it. In this video, I break it all down and I’m completely honest about what I love about Vancouver BC...and maybe you'll be moving to Vancouver before long.

 

Stay with me all the way to the end!

 

 

With listings continuing to languish, home sales in Vancouver continue to bounce back to more historical norms. While we are still below the 10-year average and last year, this rapid comeback has surprised many after seeing eight consecutive interest rate hikes.

There were 735 home sales in Vancouver in April. This was basically flat over the previous month (-0.8%) but down a fairly significant -24.3% over the previous year...and -20% from the 10-year average.

New Listings fell slightly to 1,327 (-4.3% month-to-month and -31.7% year-to-year). This was -21.7% from the 10-year average.

With steady sales and a decline in new listings, Total Active Listings fell to 2,833. This was -2% m-to-m and -18.2% y-to-y. But most significantly this was -14.3% from the 10-year average.

Over the last 4 months we've seen a steady trend of demand increasing toward the historical norm while supply decreases. This has been putting increasing pressure on prices as eager buyers compete for the limited supply of...

Our market continues to strengthen.

After nearly a year of weakening, we now have a second month of strength. And the momentum is building.

By no means are we back to unsustainable levels of market activity. In fact, by most measures activity is still below the 10-year average. BUT, the trend is that the differences are shrinking.

The market is no longer frozen by fear (as it was toward the end of last year) and optimism continues to build.

Sales jumped to 741. That's up +43.6% month-to-month but down nearly -43% from a year ago. This was down -27.5% from the 10-year average (1,022).

New listings increased to 1386 which was up +27.2% from last month and down -34.6% from a year ago. It was also down -17.5% from the 10-year (1679). 

Active listings rose to 2824. This was just -1.2% off last month and down -10.1% from a year ago...but down -6.8% from the 10-year (3031).

So, demand is growing (sales) and supply (listings) continue to remain subdued. As a result, we are seeing a return to price...

Well...it looks as though my call was the correct one. Things didn't get worse. In fact, they are looking up.

Signs of the nadir of our market being behind us abound.

There's a renewed sense of optimism. It's night and day from last month when it appears pessimism peaked.

While things are improving, we are still well below the 10-year average on most fronts. Year-to-year comparisons will continue to look dismal as the last couple of years were quite extraordinary in our market.

Sales rose to 518. That's up nearly 65% from January (but down almost 50% from a year ago). It is also down 33% from the 10-year average (811).

New Listings increased marginally to 1,090. That was up +2.7% from a month ago but down -36.4% from a year ago. It was also down -24% from the 10-year average (1,436).

Active Listings rose very slightly to 2,769. That was up +1% from last month and down -5.5% from a year ago. It was also -7% from the 10-year average (2,769).

Prices are down across the board over the last year. However,...

January was very quiet in the Vancouver real estate market.

That's not unusual. January is typically the slowest month of the year...but this last month was unusually slow relative to what we typically see.

ALL activity was well below the 10-year average. But it's sales (demand) that took the biggest dip in January. The 313 sales were -38.4% below the 10-year average (-15.2% m-to-m and -55.3% y-to-y).

New listings increased over December to 1,061 (+170.1% m-to-m and -27.4% y-to-y). This was also down significantly (-29.1%) vs the 10-year average.

Overall listing inventory rose slightly to 2,631 (+0.5% m-to-m and -2.3% y-to-y).

We continue to see more stability/strength at the lower price points in our market. We can see that detached homes continue to become more affordable while lower price points pricing has stabilized in recent months.

Are things going to get worse from here?

I don't believe so, no.

Here's why.

1. Seasonality - January is typically the slowest month for sales. That month...

2022 ended with a whimper. At least, in terms of the Vancouver real estate market.

After a torrid surge in market activity through the COVID lockdown, it fell off significantly over the last year. This was brought about primarily by the Bank of Canada trying to get inflation under control by rapidly hiking the policy rate.

These higher interest rates are clearly having a big impact on both buyers and sellers of Vancouver real estate.

Sales fell to 246 which was -20.1% month-to-month and -47.4% year-to-year. This was also well below the 10-year average (-34.2%).

New Listings also dropped to 246 which was -67% from last month and -38% from a year ago. It was also -17.8% from the 10-year average.

Total Active Listings reached 2423 or -26.5% from the previous month and only -1.7% from a year ago. This was +10.4% vs the 10-year average.

In the meantime we are seeing the decrease in demand of the last year impacting prices. Every property type in Vancouver fell last month...from East Van condos which...

November is historically a quieter month in terms of real estate market activity. As we approach the holidays sales and listings cool off...and this year is no exception.

Vancouver home sales dropped -11.4% from the previous month and a whopping -53.6% from a year ago. The 476 were also -37.2% below the 10-year average.

Obviously, this was not just a typically quiet November. It's the inflationary backdrop that is giving real estate buyers pause in recent months. As inflation continues to increase, the Bank of Canada has made clear so will interest rates.

That action continues to most significantly impact the demand for real estate (and thus sales). And while demand has been stifled so has (to a lesser extent) supply.

New listings (1,076) were -17% from the previous month and -20.9% from a year ago. Total active listings (3303) were down -6.1% from October and -1.7% from last year. Both of these supply side metrics were essentially on par with their 10-year averages.

Meanhwile, prices are...