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...