Vancouver Real Estate – Monthly Market Update – Infographic – June 2022

I always find it interesting how quickly market sentiment shifts.

Barely three months ago we were still in the midst of a heated buying frenzy. Money was cheap and confidence in our market was high...buyers were frustrated at the speed of the market and the lack of supply

A few short months later and, if you are watching media reports, you'd be convinced that the bottom has fallen out.

...and while market sentiment is definitely downbeat, the market hasn't fallen apart. There is most definitely a change in buyer sentiment. Caution is in the air and the fear of missing out (FOMO) no longer enters the equation.

Buyers in todays market are finding an opportunity. Putting money to work carefully when they find good value...and enjoying a lack of significant competition.

But that caution is having an effect...particularly on buyer demand. In June sales (713) in Vancouver were down 31% from the 10-year average (21% from last month and 33% from last year).

Sellers are being cautious too. There's...

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Vancouver Real Estate – Monthly Market Update – Infographic – May 2022
May 2022 saw Vancouver's real estate market continue to back off the torrid pace of the last two years. Rising interest rates are having their effect on market sentiment, and buyer's are taking their time to digest the shifting landscape.

The last month saw Sales dip to 899 (-7.42% month-to-month and -25.64% year-over-year). While this is also down -15.6% from the 10-year-average, it puts us back to what would be considered more typical sales levels for this time of year.

While New Listings bumped up to 1,958 (+0.8% month-to-month) it did not result in a flood of new listings on the market. In fact, Total Active Listings (supply) reached 3,593 which was only slightly higher than the 10-year-average of 3,588.

The result is that prices are no longer getting pushed upwards. Buyers are able to take their time in purchasing. Making informed decisions based on reasonable due diligence. Meanwhile, sellers are having to be extremely careful about how they position themselves to make a successful sale....
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Vancouver Real Estate – Monthly Market Update – Infographic – April 2022

The primary headline for the last month in Vancouver real estate is that demand returned to more historically "normal" levels.

Sales dropped to 971 from 1,298 the previous month. That's a -25.2% decline month-to-month and also a -26.4% decline from a year ago...all of which was +5.3% over the 10-year average of 922.

New listings also fell to 1,942 from 2,118. That's -8.3% from the previous month and -23.9% from a year ago. It was also -11.2% below the 10 year average.

Total active listings rose to 3,260 from 3,064. That was an increase of +6.4% from the previous month but -15.8% from a year ago. Compared to the 10 year average it was a decline of -6.2%.

We usually see demand increasing through the spring...so seeing it drop from March to April is a bit unusual. But...we all knew this moment would come. Especially given significant global economic uncertainty as well as a slew of government interventions.

Honestly, it's been a pleasant change so far...especially for potential home buyers....

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Vancouver Real Estate – Monthly Market Update – Infographic – March 2022
March 2021 was a tough act to follow. 

A year ago, we set a record for the most number of sales in a single month. EVER.

March 2022 couldn't match that pace. With 1298 Sales we were down -15.7% from last year...rather respectable, I would say. It was also UP +26.4% from February and a considerable +24.5% over the 10-year average.

New Listings of 2,118 were down -14.4% from last year, UP +23.5% from last month and up +22.7% over the 10-year average.

Total Active Listings were up only 6.4% over the 10-year average.

That continues the trend that we've seen in recent months...high (and rising) demand with lower supply. 

As any student of economics knows, that's a recipe for rising prices. And, that's exactly what we have seen in the last few months. 

In fact, there were some VERY significant moves in valuation in March.

Specifically, East Van Townhouses saw a whopping increase of +6.82% IN A SINGLE MONTH. East Van Houses also saw a big increase of +3.85%.

Can this market continue? Possibly....
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Week 12 of the Vancouver Real Estate market saw things firm up after a slower week.

Sales and New Listings diverged for the first time in a while.

Sales were up to 281 (from 259), while New Listings dropped to 346 (from 421). Total Active Listings were flat at 2,801.

Our overall market moved further into a Seller's Market with 2.49 MOI (from 2.7).

I believe that we are seeing some consolidation in the market as we move through Spring Break. In fact, that's what I would largely attribute the lower New Listing numbers as seller's are holding off on launching new listings.

East Vancouver continues to lead with strength. East Van condos remain the hottest sub-market with just 1.36 MOI ,followed closely with East Van townhouses with just 1.4.

However, East Van houses made a move in the last week. Sales jumped from 30 to 50 and we had the lowest MOI in some time with just 2.11.

Westside houses were the slowest sub-market yest again. After seeing some strength in recent weeks, that sub-market fell...

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Week 11 of the Vancouver real estate market saw the market take a bit of a breather (March 13th - 19th, 2022). Activity levels by and large edged to the downside after ramping up through the first 2.5 months of the year.
 
Sales dropped to 259 (from 300). New Listings also fell to 421 (from 479)...while Total Active Listings were up slightly to 2,800 (from 2,772).
 
Combined, these numbers found us still well within a very hot Seller's Market with a Months-of-Inventory of 2.7 (up from 2.31). I repeat...despite this past week being a bit softer in terms of activity, we are still in a red-hot Seller's Market in nearly EVERY SINGL sub-market.
 
The drop in activity was fairly evenly distributed amongst the sub-markets...although, it could be said that the slow-down was slighlty more pronounced in East Vancouver (across all property types).
 
The hottest sub-market remains East Van condos with 1.98 MOI. That's despite a big drop in sales over the last week (37 from 62). Condos...
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The keyword for the last week of the Vancouver real estate market was CONSOLIDATION.

Leading into this week we had been a pretty regular and steady increase in market activity...both sales and new listings.

Sales edged slightly lower to 300 (from 316) while new listings rose slightly to 479 (from 477).

With total listing inventory rising to 2,772 (up from 2,688) we still find ourselves in an extremely strong Seller's Market with 2.31 MOI.

Condos continue to be the hottest market segment. Specifically, East Van condos where we had a red-hot 1.15 MOI this past week...but Westside (2.2 MOI) and Downtown (2.22 MOI) Condos were also hot.

Every sub-market is in a Seller's Market except for Westside houses. While that market has consistently trailed the rest of the city it HAS been strengthening. Not that long ago it languished in a strong Buyer's Market....but it's not moved to consistently be in a Balanced Market.

Tight market conditions continue. There is little choice in the market, but intense...

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Vancouver Real Estate – Monthly Market Update – Infographic – February 2022

February 2022 continued the trend of high demand and low supply.

The month of February is usually a quieter month of activity. It's typically only in the latter half of the month that we start to see activity levels ramp up in anticipation of the Spring Market.

As we saw last month, however, the market appears to have anticipated spring early with sales and new listings hitting at a much higher pace than "normal".

Sales jumped to 1,027...a big 47% increase from the previous month, and just 3% higher than a year ago. But most significantly, that is 22% HIGHER than the 10-year average.

New Listings also rose to 1,715. The second highest number in this category we've seen in the last 10 years (the highest being 1,763 in 2015). This was 17% over the previous month and 15% above a year ago...and 14% over the 10-year average.

The Total Active Listings lagged, however. That number reached 2,760 which was up 6% from the previous month and down 8% from a year ago. BUT, it was 11% BELOW the 10-year...

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The "weakness" in our market was short-lived.

While one week can just be an anomaly, the anomoly appears to have been the "slower" week.

It really does appear that any shift in our market was simply due to the Family Day Long Weekend as our market returned to it's torrid pace this last week. In fact, if anything, the pace has increased.

Sales jumped from 238 to 316. That's a high for 2022 and the highest number of sales that we've seen since May of 2021.

New Listings also jumped from 401 to 477. Also a high for 2022 and the highest number since the second week of June 2021.

However, what changed very little was the Total Active Listings on the market. That rose to 2,688 from 2,685...so we had a significant increase in demand with very little change in supply.

The result was that we fell deeper into a Seller's Market with an astonishing 2.13 Months-of-Inventory across the City of Vancouver...the lowest number that I've recorded.

EVERY sub-market saw an increase in Sales in the last week...and...

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After revving up for the last two months, the last week in the Vancouver real estate market (Week 8 - February 20th - 26th, 2022) was a bit slower.

This was the first week of 2022 to break the trend of increasing activity.

Sales dipped for the first time in 2022, going from 281 to 238.

Meanwhile, New Listings also fell from 431 to 401...and overall the Total Active Listings rose once again to 2,685 (from 2,580).

The result was that the market backed-off slightly, but is still quite firmly in a Seller's Market with 2.82 MOI (up from 2.30).

There is water-cooler chatter amongst realtors that the market is "cooling off". That may be true...but I don't yet see that reflected in these numbers.

While the numbers did back off slightly, they are still at extremely high-levels of activity and a blazing hot Seller's Market in just about every sub-market.

The hottest continues to be East Vancouver condos at 2.05 MOI...but condos across the city continue to be a hotpoint with demand far outstripping...

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