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Moderation was the key for the month of May.

After setting records for activity in the months of March and April, our market eased this past month. Specifically, both Sales and New Listings came off their record-setting pace.

Make no mistake, we are still (predominantly) in a sellers market. The 1,209 sales in Vancouver last month are still over 20% above our 10-year average for the month. Yet, it was an 8.4% decline from the previous month.

The 2,320 new listings that came onto the market are nearly 28% higher than the 10-year average. However, that's 9% lower than the number of new listings that came on the market in April.

The result is that total active listings reached 3,962. That's 7.5% over the 10-year average and about the same amount (8%) over last month. 

Most micro-markets in Vancouver still find themselves in a very heated seller's market. Competition for desirable listings is high and sales over and above the asking price are still common.

That reality is playing out...

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Weekly Vancouver Real Estate Update - Week 22


The last week saw a significant drop (once again) in all types of market activity.


Sales fell to 239 for the City of Vancouver (down from 295).  That's the lowest number of sales that we've seen since way back in mid-February (Week 8).


At the same time, new listings also fell to 433 from 497. That's the lowest number of new listings since Week 9 (late-February) when there were 381 new listings.


I believe that we are seeing the impact of the long weekend. The first significant long weekend as restrictions ease, the world opens up and the weather improves. As I noted last week, it's really typical we see an impact on activity for the week leading into and following a significant long weekend.


This rings true as the micro-markets that are most family-oriented were the hardest hit. Activity dropped the most for houses throughout the city, less so for townhouses and had no real impact on condos.


Westside houses are the weakest segment of the...

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Weekly Vancouver Real Estate Update - Week 21

Overall market activity slowed as we approached the May long weekend.

It's very normal for long weekend's to impact market acvitiy. We often see both sales and new listings lighten up in the week leading up to major holiday long weekends.

This past week was no exception.

Sales were down to 295 (from 318). This was just the 3rd time in the last 3 months that sales dipped under 300.

New listings dropped below 500 for the first time in 2 months. We fell to 497 from 555 the week before.

Total active listings continued their rise, hitting 3,845. Although, the pace of increase in total listings has slowed in the last few weeks.

We are still well within a seller's market with 3.26 months-of-inventory. The overall trend in the last two months has been toward a balanced market (between 4-6 MOI) as listing inventory has built up.

The hottest market in the last week was Westside townhouses at 2.06 MOI. East Van condos continue to be a pocket of strength...

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Weekly Vancouver Real Estate Update - Week 20


After some recent signs of weakness, the last week indicated some signs of strength returning to Vancouver’s real estate market.

Specifically, sales rose while new listings dropped. The result? Our months-of-inventory dropped below 3 once again…indicating a strong overall seller’s market in Vancouver.

After sales peaked back on March 27th, we’d been steadily drifting lower. This past week was the first increase in sales we’ve seen in the last month (going from 299 to 318).

New listings feel for the first time in three weeks (from 578 to 555). That put overall active listings on the market at 3,792. Listings were up only slightly from 3,721 in the previous week.

The hottest micro-market remains East Vancouver condos. It’s the only micro-market below 2 months-of-inventory.

Sales there have remained very steady (mid-50s) for the last couple months. The difference to some other micro-markets is that supply...

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Weekly Vancouver Real Estate Update - Week 19


Sales (demand) remains high but it’s eased off a bit. Overall sales reached 299 in Vancouver this past week. That’s the first time we dropped below 300 sales in a week in the last 5 weeks (since 270 back in Week 14).

New Listings continue to come on strong. They edged higher from 563 to 578 in the past week. We’ve been flirting with 600 for the last month but have yet to hit that number.

Total active listings continued to rise going from 3,571 to 3,721. That now puts us at an overall Months-of-Inventory of 3.11…still a very hot seller’s market. But, the trend in recent weeks is moving us towards more of a balanced market.

The hottest micro-market remains East Vancouver condos. That market has a white-hot MOI of 1.67. Westside Townhouses/Duplexes also remain strong with 2.48 MOI.

East Van Townhouses/Duplexes saw the biggest decline in activity. Sales fell from 20 to 13, the lowest number of sales since late-January....

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Summary

The recent theme for Vancouver real estate is DEMAND. April was once again dominated by an immense amount of buyer demand (sales).

Total sales hit 1320 which was a 14% decline from last months ALL-TIME-RECORD but a record for April and a whopping 44% higher than the 10-year average.

Supply came on stream in April relieving some of the pressure from earlier in the year. This past month had 2553 new listings come onto the market (46% above the 10-year average) which was a 3% month-over-month increase.

Total active listings reached 3671 (+13% M-to-M) which is only 2% over the 10-year average. Combined, that puts at 2.7 months of inventory which is a very solid seller’s market.

It’s a market where space and outdoor space reign. Condos with large patios are in high demand. Townhouses with patios/yards…and most of all, “affordable” houses (eg East Vancouver).

The heightened demand levels are reflected in rapidly increasing prices. Westside townhouses/duplexes...

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Week 18 – Weekly Vancouver Real Estate Update



Overall, the market remained in a strong seller’s market. We edged slightly lower in sales (from 317 to 313) and essentially flat in new listings (563 from 562 the previous week). Total active listings hit 3,571…and we find ourselves with 2.85 months-of-inventory.

It’s evident that there have been some pockets of relative weakness in our market. Specifically, westside houses are the only sub-market now in balanced territory (4.78 MOI). That’s mainly due to heightened levels of listings coming onto the market in the last six weeks…sales remain elevated.

At the same time, there are quite a few micro-markets that remain extremely hot. It’ll surprise no one that East Vancouver townhouses (1.91 MOI with 70% selling over asking price) and condos (1.57 MOI) continue to be the hotpoints in Vancouver.

There has been a lot of talk about a slowdown in our market in the last couple of weeks. I think it’s...

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Categories:   Weekly Vancouver Real Estate Update
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