Week 12 of the Vancouver Real Estate market saw things firm up after a slower week.

Sales and New Listings diverged for the first time in a while.

Sales were up to 281 (from 259), while New Listings dropped to 346 (from 421). Total Active Listings were flat at 2,801.

Our overall market moved further into a Seller's Market with 2.49 MOI (from 2.7).

I believe that we are seeing some consolidation in the market as we move through Spring Break. In fact, that's what I would largely attribute the lower New Listing numbers as seller's are holding off on launching new listings.

East Vancouver continues to lead with strength. East Van condos remain the hottest sub-market with just 1.36 MOI ,followed closely with East Van townhouses with just 1.4.

However, East Van houses made a move in the last week. Sales jumped from 30 to 50 and we had the lowest MOI in some time with just 2.11.

Westside houses were the slowest sub-market yest again. After seeing some strength in recent weeks, that sub-market fell...

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Week 11 of the Vancouver real estate market saw the market take a bit of a breather (March 13th - 19th, 2022). Activity levels by and large edged to the downside after ramping up through the first 2.5 months of the year.
 
Sales dropped to 259 (from 300). New Listings also fell to 421 (from 479)...while Total Active Listings were up slightly to 2,800 (from 2,772).
 
Combined, these numbers found us still well within a very hot Seller's Market with a Months-of-Inventory of 2.7 (up from 2.31). I repeat...despite this past week being a bit softer in terms of activity, we are still in a red-hot Seller's Market in nearly EVERY SINGL sub-market.
 
The drop in activity was fairly evenly distributed amongst the sub-markets...although, it could be said that the slow-down was slighlty more pronounced in East Vancouver (across all property types).
 
The hottest sub-market remains East Van condos with 1.98 MOI. That's despite a big drop in sales over the last week (37 from 62). Condos...
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The keyword for the last week of the Vancouver real estate market was CONSOLIDATION.

Leading into this week we had been a pretty regular and steady increase in market activity...both sales and new listings.

Sales edged slightly lower to 300 (from 316) while new listings rose slightly to 479 (from 477).

With total listing inventory rising to 2,772 (up from 2,688) we still find ourselves in an extremely strong Seller's Market with 2.31 MOI.

Condos continue to be the hottest market segment. Specifically, East Van condos where we had a red-hot 1.15 MOI this past week...but Westside (2.2 MOI) and Downtown (2.22 MOI) Condos were also hot.

Every sub-market is in a Seller's Market except for Westside houses. While that market has consistently trailed the rest of the city it HAS been strengthening. Not that long ago it languished in a strong Buyer's Market....but it's not moved to consistently be in a Balanced Market.

Tight market conditions continue. There is little choice in the market, but intense...

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Vancouver Real Estate – Monthly Market Update – Infographic – February 2022

February 2022 continued the trend of high demand and low supply.

The month of February is usually a quieter month of activity. It's typically only in the latter half of the month that we start to see activity levels ramp up in anticipation of the Spring Market.

As we saw last month, however, the market appears to have anticipated spring early with sales and new listings hitting at a much higher pace than "normal".

Sales jumped to 1,027...a big 47% increase from the previous month, and just 3% higher than a year ago. But most significantly, that is 22% HIGHER than the 10-year average.

New Listings also rose to 1,715. The second highest number in this category we've seen in the last 10 years (the highest being 1,763 in 2015). This was 17% over the previous month and 15% above a year ago...and 14% over the 10-year average.

The Total Active Listings lagged, however. That number reached 2,760 which was up 6% from the previous month and down 8% from a year ago. BUT, it was 11% BELOW the 10-year...

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The "weakness" in our market was short-lived.

While one week can just be an anomaly, the anomoly appears to have been the "slower" week.

It really does appear that any shift in our market was simply due to the Family Day Long Weekend as our market returned to it's torrid pace this last week. In fact, if anything, the pace has increased.

Sales jumped from 238 to 316. That's a high for 2022 and the highest number of sales that we've seen since May of 2021.

New Listings also jumped from 401 to 477. Also a high for 2022 and the highest number since the second week of June 2021.

However, what changed very little was the Total Active Listings on the market. That rose to 2,688 from 2,685...so we had a significant increase in demand with very little change in supply.

The result was that we fell deeper into a Seller's Market with an astonishing 2.13 Months-of-Inventory across the City of Vancouver...the lowest number that I've recorded.

EVERY sub-market saw an increase in Sales in the last week...and...

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