Week 50 – Vancouver Real Estate Week in Review (December 5th, 2021 - December 11th, 2021)

We continue to see higher activity levels than are typical for this time of year...BUT, activity is falling overall.

Sales clung to the 200-level this week, dropping from 226 the week before. We haven't seen the weekly sales number drop below the 200-level since the fall market began (1st week of September).

New listings edged slightly higher from 207 to 213. I'd call that relatively flat over the week...and well below the high of 492 we hit in the second week of September.

As a result, total active listings dropped for the 4th week in a row to 2,817 (from 2,878). That's the lowest number of listings we've had since Week 10 (Feb 28 - Mar 6).

As we've seen for most of this year, demand is still outpacing supply as we have just 3.52 months-of-inventory. That's solidly seller's market.

The hottest sub-market is once again East Van condos with 1.87 MOI. East Van townhouses (2.59 MOI) and Westside condos (2.6 MOI) weren't too far behind.

It's Westside houses that are the weakest sub-market with 8.26 MOI. However, it was Westside townhouses that had the sharpest decline week-to-week with sales cut in half (6 from 13) the MOI shot up to 6.79.

We may have one more week of reasonable activity...but then I expect we will see all activity levels fall off a cliff as the holiday season decends upon us.