October saw recent trends continue...going against what we often see at this time of year. Demand continued to rise, while supply shrank, further pressuring prices.
The real story here is demand. It's been unusually high all year (remember those record setting months in the spring?). While we are no longer setting records, the numbers remain unseasonably high.
October had 986 sales. That was about 5% over last month and over last year. But it was an astoishing 22% over the 10-year average.
Meanwhile, supply has been shrkinking.
In October there were 1,446 new listings. That was down 22% from the month before as well as the previous year. It was SLIGHTLY over the 10-year average (+2%).
Total active listings fll to 3,423. 10% lower than September and 22% below the previous year. It was also 8% below the 10-year average.
That combination means that there's continued upward pressure on prices throughout the city. The one exception is Westside houses (-1.3% month-to-month)...which makes sense given that's the weakest sub-market in the city (although it's been improving).
The strongest sub-markets continue to be East Vancouver. Specifically, condos and townhouses...but houses don't lag too far behind.
It's really the "affordable" and "local" markets that are seeing the highest demand and the shortest amount of supply.
Why are we seeing so much demand right now? Great question!
I think it has a lot to do with the pandemic. Low, low interest rates play a huge role of course (and no, that won't last forever.
But, so does the fact that the people buying and selling real estate in Vancouver have not been adversely affected. And many of us have reevaluated our lives...wanting more or less, but often different from what we currently have.