In the last week of the Vancouver real estate market, activity continued to ramp up after the holidays.

We saw big jumps in activity levels across the board.

Sales rose to 179 (from 147). New Listings were up to 370 (from 272) and Total Active Listings climbed to 2,324 (from 2,222).

Demand continues to outpace supply, however. We saw the all-important months-of-inventory drop further into a Seller's Market to 3.25 (from 3.78).

The hottest sub-markets continue to be East Vancouver condos (1.58 MOI) and townhouses (1.91 MOI). Followed not to far behind by condos (2.86 MOI) and townhouses (2.17 MOI) on the Westside.

Even downtown condos are seeing a strong start to the year. Sales jumped to 51 last week bring the MOI down to just 3.06.

What's interesting is that the detached market seems to be off to slower start. The Westside house market (after a couple of weeks of strengthening) took a step in the OPPOSITE direction...seeing sales fall (13 down from 18) and falling further into a Buyer's...

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The Vancouver real estate market saw some signs of life return in the last week (Week 2 - January 9th - 16th, 2022).

Market activity is still subdued relative to "normal" but things are very quickly picking up after the holiday season.

Sales jumped to 147 from 97 the week before. New listings also continued to increase up to 272 (from 238).

Total active listings also edged higher to 2,222 (from 2,171).

The strong demand and limited supply moved us very quickly back into a seller's market. The months-of-inventory fell down to 3.78 (under 4 being a seller's market).

The strongest sub-markets were East Van Townhouses (a white-hot 1.31 MO) and East Van condos (2.67 MOI). Downtown condos saw a big jump in demand with MOI falling to 3.33 (from 5.5 the week before).

Our weakest sub-market was Westside houses (6.63 MOI). And while that market was still in buyer's market territory it has seen some of the most significant strengthening of any sub-market in the past two weeks...moving from 23.15 MOI...

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I have listed a new property at 1334 59TH AVE W in Vancouver.
First time to market. Built in 1977, this 3,100 sf house sits on a spacious 44'x120' lot in the Churchill Secondary catchment. The wide lot allows for a comfortable + spacious family home with generous principal rooms. Upstairs you'll find 3 bd + 2 ba along with a large south-facing sundeck. The spacious master suite includes a walk-in closet. There are another 3 bd downstairs + 1 ba. There are 2 kitchens as well as 2 wood-burning fireplaces + an attached double garage. Churchill High School Catchment, Centrally located between DT, Richmond, Oakridge, UBC, and YVR. Showings by appointment only.
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Vancouver Real Estate – Monthly Market Update – Infographic – December 2021

Winter is typically the quietest period in the Vancouver real estate market. That season begins with the month of December and the onset of the holiday season.

This past December certainly saw that expected decline in market activity.

Sales fell to 763 (-26% month-to-month and -9% year-to-year). While it was down in the most recent comparisons, that sales number was WELL above the 10-year average...28% over, in fact.

Meanwhile, new listings dropped significantly to 613 (-55% month-to-month and -11% year-to-year). This number was +19% over the 10-year average.

I believe that this is the story for December. Both sales and new listings were WAY above what we find is normal for the month...and yet, total active listings reached just 2,225 (-32% month-to-month and -26% year-to-year).

That active listing count is -13% the 10-year average...and the lowest number of listings that we've had in Vancouver in the last five years. It's not since December of 2017 (2,180) that we've had so few options...

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Here's your update for Week 1 of 2022 in Vancouver real estate (January 2nd - 8th, 2022).

We saw a rebound in activity levels across the board. Sales, new listings and total active listings all increased for (nearly) every sub-market.

Sales doubled from 48 to 97. At the same time, new listings skyrocketed to 238 from just 37.

...and yet, total active listings rose only slightly to 2,171 from 2,118. I believe that inconsistency is due to the fact we likely saw a lot of cancelled/expired listings to begin the year.

Our stay in a buyer's market was extremely short-lived (just 1 week). We went from MOI of 11.03 way back down to 5.6 this past week. As we move out of the holiday season in the next week or two, I expect this number to come further down and for us to reassume our position as a seller's market.

Once again, this increase in activity is to be expected. It's very normal for the low-point of activity to take place the week between Christmas and New Year...as it looks like it was this...

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Here's your update for the final week of 2021 in Vancouver real estate.

Unsurprisingly, this was a VERY quiet week. Traditionally, the week between Christmas and New Year's Day is the sleepiest of the year...and this week was no different.

There were just 48 sales in the last week. That's a low for the year, by FAR. The NEXT lowest number was 105 in Week 1 of the year.

At the same time there were just 37 new listings. Again, this is a low for the year...but a less dramatic one. The NEXT lowest number was 45, also in Week 1.

Total active listings dropped to 2,118. That's another low for the year, over 16% below the 2,465 low reached LAST week.

The result of all this inactivity is that we find ourselves in a BUYER'S MARKET for the first time in 2021 with 11.03 MOI (shooting up from 3.95).

Is this the beginning of a collapse in our market? Absolutley NOT. This is just a regular seasonal pattern. The most extreme one that we usually see.

No market could have been considered "hot" last week,...

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