Week 26 – Market Update

This was another good week for the Vancouver real estate market. That is, at least in relative terms.

Activity is significantly below what is normal for this time of year. However, across the board the trends are positive. We are seeing a return to sales levels not seen since pre-pandemic.

That being said, we need to watch to see what happens in coming weeks. This boost in activity COULD be due to buyers trying to get deals done prior to new CMHC lending rules coming into effect this week.

Vancouver West (Westside)

Westside houses are saw sales return to levels more in line with early spring pre-pandemic numbers. They increased this past week from 16 to 25. Inventory levels, meanwhile decreased (marginally) for the first time in a month.

Westside apartments didn’t fare quite as well. Sales fell for the first time in a couple of weeks from 40 down to 29 and inventory levels inched up from 651 to 675. Although, the units that did sell sold much...

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eek 25 – Market Update

This was another week where there were many signs of improvements in the Vancouver real estate market. Pretty much across the board there were increasing levels of activity.

The boost we are seeing right now MAY be due to active buyers attempting to get deals done before new CMHC lending rules come into effect as of July 1st…something which we will only know for certain in a couple of weeks.

Vancouver West (Westside)

Both detached homes and apartments saw steady improvement in the last week. While total listings increased, it was at a slower pace keeping supply levels low. Meanwhile, demand held steady (for houses) or increased (for apartments).

The Westside Townhouse market saw a big drop in sales, though (from 10 the previous week to just 3 this week).

East Vancouver (Eastside)

The bright spot in the market appears to be East Vancouver detached homes. On all fronts there were significant improvements in the last week.

Specifically, after weeks...

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Week 24 – Market Update

This past week in the Vancouver real estate market was generally flat, with marginal signs of improvement. The general trend is that sales are increasing modestly along with total active listings.

For the most part, it would appear that we’ve found a balance between buyers and sellers. Vancouver West (Westside)

The Westside showed the most consistent improvement week to week. Across the board, the Vancouver West market got better whether that was houses, apartments or townhouses…but only marginally so.

Sales rose in all three categories. Total listings increased, but only slightly (normal at this time of year) and days on market (DOM) either held firm or fell.

East Vancouver (Eastside)

This past week we saw improvements in the East Vancouver market. Most notably, in houses where sales increased while DOM (days on market) fell significantly.

Houses and Apartments improved marginally, but East Vancouver townhouses saw a reversal of last week...

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Week 23 – Market Update

If I was to characterize the week, it would be to say that it held it’s own. The market did not (generally) trend positively or negatively.

So, after seeing last week improve considerably over the week before it’s a positive to see these gains hold.

We are seeing most activity happen at the lower, more affordable price points. If there is weakness it is in the more luxurious price segments.

One area that I did take notice of is East Vancouver townhouses. That appears to be particularly strong with just 1.5 months of inventory and 40% of sales having sold in multiple offers (4 of 10).

Vancouver West (Westside)

The Westside showed a bit more weakness than other parts of the city, but only marginally so. This makes sense if the strongest parts of the market right now are the affordable price bands.

Houses saw a slight deterioration over the previous week. Sales dropped, inventory climbed slightly and DOM also increased. The average and median sale...

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May appeared to be an improvement on April.

Most indicators flashed positively for the month. Specifically, sales were up 36% from the previous month. New listings were also up strongly by 57% from April. However, total active listings held fairly steady rising just 2.5%.

It would appear that both buyers and sellers (and their agents) spent May getting comfortable with things. There was no panic, but there was a steady increase in activity from mid-April through to the end of May.

Now, numbers are still significantly depressed compared to “normal” market activity at this time of year. What we have is a market that has adjusted to new realities. Because of this, prices have remained fairly steady over the course of the last couple of months.

If there are areas that saw outsized strength in the past month it is in the detached homes. That’s an area that has lagged for some time…but this past month saw healthy upticks in prices for houses in both the Westside and Eastside...

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