Week 23 – Market Update
Overview

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...

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...

Week 22 – Market Update

Overview

For the second week in a row the 22nd week of 2020 flashed some promising signals.

This was by no means a good week in terms of the Vancouver real estate market. However, given the uncertainties of the Covid-19 pandemic there are generally positive signs.

We see that in general sales are trending upwards, inventory levels are stabilizing and time on market is decreasing. These are all positive signs and indicate that the worst (at least for now) is likely behind us (that being mostly mid-April).
Vancouver West (Westside)
Houses (Detached Homes) – Vancouver West

This past week we saw the highest number of sales since the pandemic took hold in late March. Two of the last three weeks also saw a significant number of over asking price sales and total inventory has tapered…although the time on market remains elevated.

Apartments – Vancouver West

Sales more than doubled over the previous week. Returning to levels not seen since the pandemic...