Weekly Vancouver Real Estate Update - Week 22

The last week saw a significant drop (once again) in all types of market activity.

Sales fell to 239 for the City of Vancouver (down from 295).  That's the lowest number of sales that we've seen since way back in mid-February (Week 8).

At the same time, new listings also fell to 433 from 497. That's the lowest number of new listings since Week 9 (late-February) when there were 381 new listings.

I believe that we are seeing the impact of the long weekend. The first significant long weekend as restrictions ease, the world opens up and the weather improves. As I noted last week, it's really typical we see an impact on activity for the week leading into and following a significant long weekend.

This rings true as the micro-markets that are most family-oriented were the hardest hit. Activity dropped the most for houses throughout the city, less so for townhouses and had no real impact on condos.

Westside houses are the weakest segment of the...

Weekly Vancouver Real Estate Update - Week 20

Weekly Vancouver Real Estate Update - Week 19

Sales (demand) remains high but it’s eased off a bit. Overall sales reached 299 in Vancouver this past week. That’s the first time we dropped below 300 sales in a week in the last 5 weeks (since 270 back in Week 14).

New Listings continue to come on strong. They edged higher from 563 to 578 in the past week. We’ve been flirting with 600 for the last month but have yet to hit that number.

Total active listings continued to rise going from 3,571 to 3,721. That now puts us at an overall Months-of-Inventory of 3.11…still a very hot seller’s market. But, the trend in recent weeks is moving us towards more of a balanced market.

The hottest micro-market remains East Vancouver condos. That market has a white-hot MOI of 1.67. Westside Townhouses/Duplexes also remain strong with 2.48 MOI.

East Van Townhouses/Duplexes saw the biggest decline in activity. Sales fell from 20 to 13, the lowest number of sales since late-January....

Week 18 – Weekly Vancouver Real Estate Update

Overall, the market remained in a strong seller’s market. We edged slightly lower in sales (from 317 to 313) and essentially flat in new listings (563 from 562 the previous week). Total active listings hit 3,571…and we find ourselves with 2.85 months-of-inventory.

It’s evident that there have been some pockets of relative weakness in our market. Specifically, westside houses are the only sub-market now in balanced territory (4.78 MOI). That’s mainly due to heightened levels of listings coming onto the market in the last six weeks…sales remain elevated.

At the same time, there are quite a few micro-markets that remain extremely hot. It’ll surprise no one that East Vancouver townhouses (1.91 MOI with 70% selling over asking price) and condos (1.57 MOI) continue to be the hotpoints in Vancouver.

There has been a lot of talk about a slowdown in our market in the last couple of weeks. I think it’s...

Week 17 – Weekly Vancouver Real Estate Update

Sales eased in the last week. Falling from 328 to 317. This was the 3rd week out of the last 5 that sales have fallen since hitting an all-time record (373) in Week 13.

New listings backed off a little from their peak of 599 in the previous week to 562 this past week. The result is that overall active listings rose to 3,485 (a high for 2021)…and months-of-inventory edged higher to 2.75 (from 2.55).

It’s clear that the overall market is seeing some easing off of the intensity that was present throughout the record-setting month of March. There are no signs of a correction at this point…it’s simply a normal shift in the market.

Make no mistake, the market remains (overall) a very strong seller’s market. We are seeing natural ebbs and flows from week to week when we look at each micro-market…but it’s the overall market direction that’s most important.

The hottest market in the last week was...

Week 16 – Market Update

Sales held steady from the previous week while overall listings increased. We had 328 sales vs 329 the week before. New listings jumped up to 599 from 550. And overall listings increased to 3,350 from 3,196.

Where does that leave us? Still in a very hot seller’s market. We have an overall months-of-inventory of 2.55 edging just slightly higher from a week before at 2.43.

The hottest area of the city continues to be East Vancouver (for all property types). However, it’s East Van condos (1.52 MOI) and townhouses (1.39 MOI) that are seeing the most demand of any micro-markets in the city.

Downtown Vancouver is seeing a little bit of a lull in demand. Both townhouses (6.38 MOI) and condos (3.29 MOI) saw the most substantial change in their months-of-inventory…but really, that’s mainly due to more listings coming online rather than a significant drop in demand.

…and that’s really a seasonal pattern that we can expect at this...

Week 15 – Market Update

Stability returned to the Vancouver real estate market in the last week.

As you’ll remember, we saw a very quick reversal in the previous week after hitting a record high number of sales. That reversal was very short-lived as we rebounded from 270 sales up to 329 (the 2nd highest number of sales in a week in the last two years).

At the same time new listings also shot up to a record 550. That pushed overall active listings up to 3,196…the highest number so far this year (which is fairly typical as we approach the typical spring listing season).

We moved deeper into an overall seller’s market with 2.43 months-of-inventory in Vancouver. As I suggested, it’s clear now that the weakness last week was related to the Easter long-weekend.

The hottest micro-markets continue to be in East Vancouver (condos, townhouses and houses) but it was Vancouver West condos and townhouses that saw the biggest improvements from the previous week.

Westside...

Week 14 – Market Update

Demand fell SIGNIFICANTLY in the last week.

For the first time in more than a month (5 weeks in fact) we saw a meaningful decline in the number of home sales in Vancouver. We dropped from a record high 373 down to 270 this past week (a 38% decline).

New listings also dropped from a high of 475 to 455. Supply edged higher with 3,071 total active listings (a minor drop of 1% from the previous week).

Overall, the market is still well in a seller’s market (2.84 months-of-inventory). East Vancouver continues to lead the way despite sales edging lower. The hotpoints in the city were East Van condos (1.41 MOI) and townhouses (1.85 MOI).

While almost all micro-markets saw a drop in sales from the week before, it was Westside houses that saw the biggest decline. Sales fell from 47 to 27 pushing that particular market back into a balanced market.

You are likely being inundated with news about just how hot our market is. After all, stats were just released about...