Week 52 – Market Update

Mid-December through to mid-January is traditionally one of the quietest periods on the real estate calendar. Most people are either taking vacations, preparing for the holidays, or spending time with family…and as a result we see fewer listings and sales during this period.

This past week definitely played into this overall trend. For the 7th straight week we saw overall listings drop and for the 4th straight week we had both sales and new listings decline. In fact, there were just 44 new listings overall in Vancouver this past week (3 months ago we were getting more than 10x that in a week).

While the overall trend is expected, there are as always pockets of surprising strength as well as weakness. Of note, the strongest markets were East Vancouver houses as well as apartments in all areas (East Van, Westside and even Downtown). The weaker micro-market in the past week was for townhouses/duplexes in all areas.

Next week, I expect that we will see another...

Week 51 – Market Update

Overall, recent trends continued. Our market is easing into the winter holidays. Taking a breather as is typical for this time of year.

Total Sales in the last week remained below 200 at 193 (falling just 4 from the week before). There was a much more significant drop in New Listings (down to 148 from 202 the previous week) and Total Active Listings (3,259 down from 3,419 the week before).

The most active market remains Townhouses. While Sales did slow considerably from the crazy week before, it remains in a Seller’s Market. Interestingly, it’s the only market segment that saw New Listings outstrip Sales.

The hottest micro-markets were for East Van Houses and Downtown Condos. These two micro-markets were the only ones to see their sales increase from the previous week. In fact, the 61 Sales Downtown were that market’s high of the year. Westside + Eastside Condos also had a good week.

The coolest market segment in the last week was Westside...

Week 50 – Market Update

As expected, overall activity levels are falling as we get closer to the holidays. Vancouver saw sales dip just under 200 units in the past week (at 197). Both new listings (202) and total active listings (3,419) also continued to fall.

Our market remains in a Balanced Market with months of inventory sitting at 4.34. Both houses and apartments saw buyers gain a bit of an upper hand as sales slowed faster than total active listings. This was particularly true on the Westside where both of these micro-markets saw sharper drops in sales than elsewhere.

The two strongest micro-markets in the last week were East Vancouver townhouses and houses. East Van townhouses reached a peak for the year with 27 sales (up from just 9 last week). Meanwhile, East Van houses also had a great week with 32 sales (up from 25 the week before) fully half of which (16) sold over their asking price.

It’s no surprise to see the market slow-down overall at this time of year. What is...

Week 49 – Market Update

After dipping below the 200 Sales/week level for a couple weeks, this past week held over that benchmark for the third consecutive week. It appears that we are heading into the end of the year with a bang rather than a whimper as overall demand remains impressive.

We often see a steeper drop in Total Active Listings in the weeks that straddle the end of the month. This past week was no exception to this rule as Total Active Listings (supply) continued to drop heading into the final weeks of the year.

We are seeing most Vancouver micro-markets in Balanced Market territory. However the hottest segments were primarily on the Westside where both houses and apartments had a very good week…both close to their highs (in terms of sales) for the year. Meanwhile, townhouses/duplexes took a bit of a breather as sales in this segment took a significant dip.

I’m surprised with how much demand we are continuing to see late into the year. It’s likely we...

Summary

We had 836 sales in Vancouver in November which was 13% higher than the 10-year-avg. In the last decade, only 2015 had more sales in the month of November.

This continues the trend that we’ve seen in the last few months. Demand in our market continues to be at/near record highs. This level of demand is continuing to put upward pressure on prices…especially for houses and townhomes/duplexes.

Both New Listings as well as Total Active Listings continue to increase. However, that supply has not kept up with demand. This imbalance is the reason that prices are being pushed upwards.

For yet another month, East Vancouver is leading the city as the strongest market. All East Van micro-markets are in a Seller’s Market. Meanwhile, the Westside is mostly in a Balanced Market…Downtown is the only exception (in a Buyer’s Market).

Strongest demand is being seen for family-oriented homes at “affordable” price points. That means larger condos and townhouses...