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...

Summer has arrived...and with it, our summer real estate market.

The record-setting pace of the spring market is now well behind us. Overall, our market still finds itself in a seller's market (but edging towards balanced territory at 3.67 MOI)...with some pockets still hot, and others cooling more dramatically.

Total sales in the last month hit 1,064 (-12% from the previous month). That's nearly 50% lower than the all-time peak reached back in March...but it's still about 10% higher than the 10-year average (so, still a good month in terms of sales).

New listings have been slowing down as we had 1,971 in the past month. That's about 10% over the 10-year average, but a decline of 15% from the month before (and about a 25% drop from the highest levels of the spring).

Total active listings actually dropped this past month to 4,030. That's 7% higher than the 10-year average and 2.6% lower than the previous month.

The most demand has been in Townhouses and condos outside of the downtown core in...

After a few weeks of gently moving towards a balanced market, our market moved more significantly into a balanced market. Market activity dropped significantly in the last week, across the board...partially due to the onset of summer but most importantly yet another long-weekend.

Sales dropped to 181 from 234. That's the lowest we've seen demand since the beginning of the year...way back in late-January 2021.

263 new listings in the last week (down from 374) is the lowest number of new listings we've seen all year...and overall, total active listings fell from 3,989 to 3,855. After seeing listings rise steadily for months, that's the 3rd week in a row that inventory levels have dropped.

East Van condos remain the strongest micro-market with just 2.25 MOI. East Van Townhouses were the only other micro-market still in a seller's market with 3.33 MOI.

If there's one thing to be said about the westside house market it's that it's been quite consistent the last few months. Unfotunately, it's...

Overall, our market edged a little more into balanced market territory (4.26 MOI) in the last week. We've now been in this position for 4 of the last 5 weeks.

Sales dropped to 234 from 249. That's the lowest number of sales we've had since WAY back in Week 8 which was mid-February.

Listings are also slowing down. This past week we fell to 374 new listings from 436. As with sales, it's we haven't so few new listings coming onto the market since mid-February.

We are finally seeing total active listings decline as well. Not by much (3,989 from 4,000), but it's significant that it's happening at all (it's the first time since Week 9 that we've had decline in total listings).

The hottest micro-market was East Van condos (2.01 MOI). East Van townhouses (2.14 MOI) was a solid runner-up and saw a significant increase in sales week-to-week (14 to 21). Westside townhouses also had a significant increase in sales (22 from 13) resulting in a seller's market as well (2.53 MOI).

On the cooler side, we've been...

I'd characterize the last week of the Vancouver real estate market as stable.

Sales rose slightly from 246 to 249. This was the third week in the last four that sales in Vancouver remained below 250 (and the sixth of the last eight below 300).

New listings coming onto the market are slowing. We had 436 this past week which was down from 480 in the previous week. That's also just the second time in the last three months that new listings came in below 450.

The result was that overall listing inventory edged higher to 4,000. Listings have been increasing consistently over the course of the last couple of month...but the pace of that increase has been slowing in recent weeks.

We find ourselves once again (just barely) in a balanced market with 4.02 months-of-inventory. After being a seller's market for much of the spring, we have been in a balanced market for three of the last four weeks.

Once again the hottest market is for East Van condos. That's a market that has very consistently been a...

We've been getting a little whip-sawed by the market in recent weeks.

One week things are looking up, and the very next they don't. Consistent, strong trends are lacking at the moment.

This past week was a down week (after the previous week looked very promising).

Sales fell from 282 to 246. New listings dropped slightly from 488 to 480 and total active listings increased to 3,948 (from 3,893). Overall, the market edged into balanced territory going from 3.45 months-of-inventory to 4.01.

The biggest improvement in the last week was for townhouses both on the Westside and in East Van. East Van had 19 sales and moved from 3.83 MOI to 2.3. On the Westside there were also 19 sales that moved MOI from 4.46 to 2.91.

East Van condos didn't improve but they also remained in a seller's market. This has consistently been the strongest market but it was edged out slightly this past week with 2.31 MOI (and 42 sales).

The greatest weakness was once again for houses. This market is where we have seen...

Weekly Vancouver Real Estate Update - Week 23

What's to know about the last week in Vancouver real estate (Week 23 - May 29th - June 5th, 2021)?

Overall, activity levels increased....as we predicted. Once the May long weekend impact receded, market activity returned.

Sales were up for just the SECOND time in the last TWO months!?!?!?! Sounds crazy for the "hot" market that we've found ourselves in, but it's true!

Sales went from 239 in the previous week to 282 this week.

New listings rose from 433 to 488. That was the first time in a month that new listings increased.

Our listing inventory edged higher (barely) from 3,887 to 3,893 and that meant that our months-of-inventory fell to 3.45.

That's significant in that the previous week we'd found ourselves in a balanced market for the first time since mid-January. It was short-lived as we returned quickly to a seller's market.

The hottest micro-market was East Van condos. After a couple of slower weeks, that market bounced back to a MOI of just...

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So much has been impacted by the pandemic. Our local women's shelters perhaps more than most.⁠

COVID-19 hasn't eradicated domestic violence. If anything, it has amplified it. Stuck at home, behind closed doors it has given abusers more power...and victims less opportunity to escape.

It has also made fundraising far more challenging...and so .⁠

Through the Royal LePage Shelter Foundation I have supported local women's shelters for nearly 15 years. First through repeatedly breaking the record for the most ascents of the Grouse Grind in a day and in more recent years through bi-annual treks. ⁠

Over the years, I've been involved in helping to raise millions of dollars for women's shelters across Canada.

I'm happy to announce that I'm part of the next fundraising initiative, the Purcell Mountains Challenge for Shelter. We'll be hiking 100km over 6 days through rugged terrain in order to raise funds and awareness for women's shelters across Canada. No luxury facilities on this...

Moderation was the key for the month of May.

After setting records for activity in the months of March and April, our market eased this past month. Specifically, both Sales and New Listings came off their record-setting pace.

Make no mistake, we are still (predominantly) in a sellers market. The 1,209 sales in Vancouver last month are still over 20% above our 10-year average for the month. Yet, it was an 8.4% decline from the previous month.

The 2,320 new listings that came onto the market are nearly 28% higher than the 10-year average. However, that's 9% lower than the number of new listings that came on the market in April.

The result is that total active listings reached 3,962. That's 7.5% over the 10-year average and about the same amount (8%) over last month. 

Most micro-markets in Vancouver still find themselves in a very heated seller's market. Competition for desirable listings is high and sales over and above the asking price are still common.

That reality is playing out...