City of Vancouver – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

In the last week our real estate market showed signs of late summer fatigue. I've spoken before of the impact of long weekends but we are heading into the biggest long weekend of the year...Labour Day.

We saw a sharp drop in sales across the city from 285 (a high for the summer) down to 197. Meanwhile, new listings increased slightly from 243 to 253 pushing total active listings to 3,410.

As we've found ourselves for for much of the summer we are in a balanced market with 4.33 MOI.

The hottest sub-markets are for condominiums. All three areas (East Van, Westside and Downtown) are in fact in Seller's Markets. At the same time, detached homes (houses) on both sides of the city are in a buyer's market.

We will likely see a significant increase in listings come on the market AFTER Labour Day. Between now and then (eg next week) there's unlikely to be much activity as most of us are focusing on beaches, vactions and families (not to mention, back to school!).


Vancouver West (Westside)

Vancouver West – Houses – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

Vancouver West – Townhouses – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

Vancouver West – Apartments – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

East Vancouver...

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Sales were strong in the last month. There were 930 homes sold in July. While it was 12.5% below the 1,063 sales we had in June, it was 8.8% over the 10-yr average.

At the same time, new listings dropped to 1,391 (-29.5% m-to-m and -8.2% below the 10-yr average). Total active listings were 3,754 which essentially matched the 10-yr average (-10.8% m-to-m).

The intense upward pressure on prices appears to have subsided. Most sub-markets edged slightly lower in price over the last month according to the REBGV.

Market activity is typically quieter through the summer months. July was no exception. However, it's interesting to see a divergence between supply (shrinking) and demand (growing).

The biggest impact on the market right now is a lack of supply. Buyers are frustrated that they aren't able to find the property that they want on the market right now.

As I said last month, this is an opportune time to buy without facing significant competition. The problem is actually finding a property...

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Week 31 of the Vancouver real estate marekt (July 25th - July 31st, 2021) held some surprises. What would surprise no one is that most indicators showed our market slowing...EXCEPT sales (demand).

Sales actually rose from 224 to 230. That's not a big jump, but it does show demand remains. Meanwhile, new listings dropped to a low for 2021 from 293 to 242.

The result is that active listings (total inventory) fell from 3,792 to 3,604. Months-of-inventory, dropped from 4.23 to 3.92 which puts Vancouver in a seller's market (just barely).

Shockingly, that's the first time since Week 10 (the end of February) that we saw an improvement in the MOI for two consecutive weeks.

I suspect that we won't see a third. The fact that this past week coincided with the end of a month will have boosted the MOI number (we always see a peak in listing expiries at the end of a month...which lowers total active listings temporarily).

The hottest micro-markets continue to be stratas. Condos in particular in East...

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