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 Vancouver, but also on the Westside. And even downtown condos found themselves in a seller's market (for the first time since mid-May)
The market for houses remains the slower market segment. While Westside houses continue to show the most weakness (7.39 MOI) it's East Van houses that had the biggest slowdown in the past week (going from 3.42 MOI to 4.91).
We should continue to see things stay quiet through the coming weeks. The fact that sales are staying firm and active listings are dropping, though...are indicators to me that we may have a very active fall market.
Vancouver West (Westside)
East Vancouver (Eastside)