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There are no surprises with the last week of the Vancouver real estate market. As expected, the holiday season is having a significant impact on market activity.

Every measure of the market has slowed dramatically in recent weeks...which is VERY normal for this time of year.

Sales dropped to 156 from 192. New listings caved to 66 from 187...and total active listings fell to 2,465 from 2,651.

Overall, we are STILL in a seller's market with 3.95 MOI (up from 3.45).

Unsurprisingly, nearly every sub-market weakened. Many dropped into a balanced market territory (East Van houses, Westside townhouses).

The hottest sub-market was East Van condos with 2.38 MOI. Although, an honorable mention to downtown condos for being the only sub-market to see an IMPROVEMENT in the last week (3.92 MOI from 4.15).

...and only one sub-market was in a buyer's market...no surprise there...as it's Westside houses (7.18 MOI).

The fact that sales have remained stronger in relative terms (vs the sharp drop in new listings)...

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The Vancouver real estate market is definitely seeing a holiday effect. Activity levels were subdued across the board.

Sales dipped slightly to 192 from 200.

New listings also fell to 187 (from 213). That's the first ime we've fallen below 200 new listings since the same time LAST year.

Active listings dropped to 2,651...the lowest level the city has seen since Week 2.

Despite this drop in activity we remain in Seller's Market with 3.45 MOI. In fact, we moved even further into a Seller's Market from 3.52 MOI the week before.

The hottest sub-markets remain East Van townhouses and condos. This week it's EV townhouses retaking the lead with 1.74 MOI on the back of an increase in sales from 14 to 18.

The weakest sub-market continues to be Westside houses with 5.91 MOI. However, that's a massive improvement over the 8.26 MOI from the previous week. In fact, it moves Westside houses into a balanced market for the first time in 2 months.

The next two weeks should see the market activity fall even...

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We continue to see higher activity levels than are typical for this time of year...BUT, activity is falling overall.

Sales clung to the 200-level this week, dropping from 226 the week before. We haven't seen the weekly sales number drop below the 200-level since the fall market began (1st week of September).

New listings edged slightly higher from 207 to 213. I'd call that relatively flat over the week...and well below the high of 492 we hit in the second week of September.

As a result, total active listings dropped for the 4th week in a row to 2,817 (from 2,878). That's the lowest number of listings we've had since Week 10 (Feb 28 - Mar 6).

As we've seen for most of this year, demand is still outpacing supply as we have just 3.52 months-of-inventory. That's solidly seller's market.

The hottest sub-market is once again East Van condos with 1.87 MOI. East Van townhouses (2.59 MOI) and Westside condos (2.6 MOI) weren't too far behind.

It's Westside houses that are the weakest sub-market with...

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The story continues to be heightened demand and lower supply...but really, it's all about the supply.

There were just 2,878 active listings last week. That's a significant drop from 3,064 the week before. The last time listings were this low was way back in Week 10 in the first week of March.

New listings came in at just 207. That's the lowest number we've seen in 2021 since Week 1!

Meanwhile, sales dropped to 226 (from 269). Yes, sales dropped but they remain over the 200 bar.

Overall, our market remains in a strong seller's market with just 3.18 months of inventory.

The hottest sub-market this week was East Vancouver apartments. EV condos regained the title off of townhouses/duplexes that slipped in sales this week.

...and it wasn't even close. Condos in East Van were white-hot with just 1.46 MOI. The runner-up was Westside condos with 2.78 MOI.

In fact, every sub-market remained in a seller's market except for one.

It's no surprise...can you guess which one?

Westside houses continue to...

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Vancouver Real Estate – Monthly Market Update – Infographic – November2021

The story continues to be heightened demand and lower supply...but really, it's all about the supply.

There were just 2,878 active listings last week. That's a significant drop from 3,064 the week before. The last time listings were this low was way back in Week 10 in the first week of March.

New listings came in at just 207. That's the lowest number we've seen in 2021 since Week 1!

The end of the year is not typically a very active period in the Vancouver real estate market.

As the holidays approach, and winter closes in, we usually see all activity slow. This year, however, appears to be bucking that trend.

Home buyer demand is well in excess of historical averages, while overall supply continues to shrink.

There were 1,026 Sales in the city in the month of November. That was +4.2% over the previous month and +22.9% over the previous year. But most significantly it was +34% over the 10-year average.

Total active listings fell to 3,105 (-12.1% m-to-m and -24.9% y-to-y). This was a significant...

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Categories:   Weekly Vancouver Real Estate Update
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