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It looks as though the fall market has arrived. The 38th Week of 2021 (September 12th - 18th) was the first full week after the Labour Day long weekend...and with that we officially moved out of a traditionally slower period.
 
Sales rose for the first time in a month. Moving solidly over the 200 mark to 218 (from a low of 166). Overall active listings also rose for the second week in a row to 3,616 (from 3,487). New listings had a strong week but did dip from 492 to 440.
 
Our market found itself in a balanced market with 4.15 months-of-inventory...the lowest number we've seen in a month...and edging once more to a seller's market.
 
Nearly every sub-market saw increasing demand in the last week. The hottest sub-markets in the last week were townhouses across the city, but specifically East Van (2.3 MOI) and the Westside (2.69 MOI). The only sub-market to move in the opposite direction was Westside houses. That market wen from 9.03 MOI to 10.35 and saw just 18 sales.
 ...
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The last week in the Vancouver real estate market was another quiet one. That shouldn't be a surprise to anyone as it was the week of the Labour Day long weekend.
You'll have heard me talk about it before, but long weekends always have a significant impact on the market. And this is the biggest one of the year when just about everyone squeezes in their final summer holiday...and just about the last thing they are thinking about is buying real estate.
That would explain why total sales were down to just 166. That's the lowest number of sales we have seen since Week 3 way back in January of this year. 
Meanwhile, new listings rose dramatically to just shy of 500. Total active listings jumped to just shy of 3,500. Again, no surprise there as many agents and their clients are positioning themselves for the fall market...a time when we often see listings rise after the summer holidays are behind us.
The only sub-market that was still in seller's territory was East Van condos. Every other...
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Vancouver Real Estate – Monthly Market Update – Infographic – August 2021

August was characterized by unexpected demand in the Vancouver real estate market.

It's typically one of the quieter months of the year. Many Vancouverites (and their realtors) take their final holidays before the end of the summer. The result, is that August is typically more subdued than most months.

That pattern held true for the number of listings on the market. There were a total of 3,483 total active listings. A number that has been declining steadily from the high of 4,227 we hit back in May. This was marginally (3.8%) lower than the 10-year average and 7.8% below July's total.

And while the supply was low, demand was higher than usual. There were 892 sales in August which was just 4% below July's 939 sales and a whopping 11.7% over the 10-year average.

Unusually for this time of year, we found ourselves in a seller's market with 3.86 months-of-inventory. This was led by the townhouse market which saw the greatest strength (2.59 MOI) and the condo market (3.03 MOI).

Every indication...

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It's the calm before the storm.

As you've heard me say before, the last few weeks of summer are always quiet. It's Vancouver tradition to take time off through August. Spend time in the Okanagan, the Gulf Islands or on Vancouver Island...and away from buying/selling real estate.

Like clockwork, the past week followed that pattern. In general, market activity was subdued...BUT, there are some glimmers of what may be to come.

There were just 189 sales which was down slightly from 197 the week before. We've been flirting with the 200 sale level for the last few weeks...this being the 3rd time in the last 5 weeks under that bar (we were around 300 sales per week when the market was highly active back in the spring).

We did see new listings jump significantly...from 253 up to 330. That's a big jump and an indication of what's likely to come in the coming weeks. BUT, it's still well under the 500-odd new listings we saw hitting the market back in the spring.

We now have 3,306 active listings on...

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City of Vancouver – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

In the last week our real estate market showed signs of late summer fatigue. I've spoken before of the impact of long weekends but we are heading into the biggest long weekend of the year...Labour Day.

We saw a sharp drop in sales across the city from 285 (a high for the summer) down to 197. Meanwhile, new listings increased slightly from 243 to 253 pushing total active listings to 3,410.

As we've found ourselves for for much of the summer we are in a balanced market with 4.33 MOI.

The hottest sub-markets are for condominiums. All three areas (East Van, Westside and Downtown) are in fact in Seller's Markets. At the same time, detached homes (houses) on both sides of the city are in a buyer's market.

We will likely see a significant increase in listings come on the market AFTER Labour Day. Between now and then (eg next week) there's unlikely to be much activity as most of us are focusing on beaches, vactions and families (not to mention, back to school!).


Vancouver West (Westside)

Vancouver West – Houses – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

Vancouver West – Townhouses – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

Vancouver West – Apartments – Weekly Vancouver Real Estate Market Update – Week 35 (August 28th, 2021)

East Vancouver...

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Sales were strong in the last month. There were 930 homes sold in July. While it was 12.5% below the 1,063 sales we had in June, it was 8.8% over the 10-yr average.

At the same time, new listings dropped to 1,391 (-29.5% m-to-m and -8.2% below the 10-yr average). Total active listings were 3,754 which essentially matched the 10-yr average (-10.8% m-to-m).

The intense upward pressure on prices appears to have subsided. Most sub-markets edged slightly lower in price over the last month according to the REBGV.

Market activity is typically quieter through the summer months. July was no exception. However, it's interesting to see a divergence between supply (shrinking) and demand (growing).

The biggest impact on the market right now is a lack of supply. Buyers are frustrated that they aren't able to find the property that they want on the market right now.

As I said last month, this is an opportune time to buy without facing significant competition. The problem is actually finding a property...

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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...

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For the last month, we've been bouncing from week to week. One week there's an increase in activity, the next it falls. While overall activity has been subdued, we've been consistently inconsistent in direction.
 
This past week continues that trend. After the previous week where we saw a dramatic drop, things suddenly look more positive once again. While our overall market is still in balanced territory (4.23 MOI) sales jumped from 194 to 224.
 
At the same time, new listings fell for the second week in a row to 293 (from 330). And also for the second week in a row, active listings dropped to 3,792 from 3,857. That's the biggest drop in inventory on the market that we've seen since February of this year.
 
Every sub-market but one strengthened this past week. The biggest improvements were in East Van townhouses (2.28 MOI from 3.98), East Van houses (3.42 MOI from 5.06) and...wait for it...Westside houses (7.83 MOI from 10.44). All sub-markets outside of the downtown core...
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After a brief uptick in our market in Week 28, the last week returned to a summer theme. Activity in our market continues to slow as Vancouverites attention turns towards sun, sand and vacations.
 
In the last week sales dipped to 194 from 227. This was just the second time we saw sales fall below 200 since January of this year (and the second time in the last three weeks). New listings also fell to 330 from 399...pushing total active listings down slighly to 3,857 from 3,875.
 
The result is that our market find itself squarely in a balanced market with 4.97 months-of-inventory (MOI). That means that neither buyers nor sellers are at an advantage at the moment.
 
One market is still hot, and that's East Vancouver condos. That market was the only one to see an increase in sales in the last week (38 from 32). And, it's the only market to be fully in seller's market territory (2.56 MOI).
 
Every other market in Vancouver is balanced....except one. If you've been following...
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What happened in the Vancouver real estate market in the last week (Week 28 - July 3rd - 10th, 2021)?

After a significant dip in all market activity the week before, we saw a bit of a resurgence. It was the first time in more than a month (5 weeks) that the market moved more towards a seller's market.

We find ourselves in an overall balanced market with 4.27 MOI (from 5.32 MOI).

Sales rose to 227 after dipping down to 181 the week before. That's also the first significant increase in sales in the last month. New listings also propelled higher with 399 way up from 263 the week before.

Condos on the Westside took the crown for the hottest micro-market in the past week. They were in a seller's market with 2.92 MOI. East Van condos weren't far behind with 3.12 MOI...and even downtown condos had a great week (the 60 sales moved them to 4.12 MOI).

While westside houses led on the downside with 8.17 MOI, it was a big improvement from the previous week. The micro-market that had the biggest downward...

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Categories:   Weekly Vancouver Real Estate Update
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