Week 11 of the Vancouver real estate market saw the market take a bit of a breather (March 13th - 19th, 2022). Activity levels by and large edged to the downside after ramping up through the first 2.5 months of the year.

 

Sales dropped to 259 (from 300). New Listings also fell to 421 (from 479)...while Total Active Listings were up slightly to 2,800 (from 2,772).

 

Combined, these numbers found us still well within a very hot Seller's Market with a Months-of-Inventory of 2.7 (up from 2.31). I repeat...despite this past week being a bit softer in terms of activity, we are still in a red-hot Seller's Market in nearly EVERY SINGL sub-market.

 

The drop in activity was fairly evenly distributed amongst the sub-markets...although, it could be said that the slow-down was slighlty more pronounced in East Vancouver (across all property types).

 

The hottest sub-market remains East Van condos with 1.98 MOI. That's despite a big drop in sales over the last week (37 from 62). Condos...

The keyword for the last week of the Vancouver real estate market was CONSOLIDATION.

Leading into this week we had been a pretty regular and steady increase in market activity...both sales and new listings.

Sales edged slightly lower to 300 (from 316) while new listings rose slightly to 479 (from 477).

With total listing inventory rising to 2,772 (up from 2,688) we still find ourselves in an extremely strong Seller's Market with 2.31 MOI.

Condos continue to be the hottest market segment. Specifically, East Van condos where we had a red-hot 1.15 MOI this past week...but Westside (2.2 MOI) and Downtown (2.22 MOI) Condos were also hot.

Every sub-market is in a Seller's Market except for Westside houses. While that market has consistently trailed the rest of the city it HAS been strengthening. Not that long ago it languished in a strong Buyer's Market....but it's not moved to consistently be in a Balanced Market.

Tight market conditions continue. There is little choice in the market, but intense...

February 2022 continued the trend of high demand and low supply.

The month of February is usually a quieter month of activity. It's typically only in the latter half of the month that we start to see activity levels ramp up in anticipation of the Spring Market.

As we saw last month, however, the market appears to have anticipated spring early with sales and new listings hitting at a much higher pace than "normal".

Sales jumped to 1,027...a big 47% increase from the previous month, and just 3% higher than a year ago. But most significantly, that is 22% HIGHER than the 10-year average.

New Listings also rose to 1,715. The second highest number in this category we've seen in the last 10 years (the highest being 1,763 in 2015). This was 17% over the previous month and 15% above a year ago...and 14% over the 10-year average.

The Total Active Listings lagged, however. That number reached 2,760 which was up 6% from the previous month and down 8% from a year ago. BUT, it was 11% BELOW the 10-year...

The "weakness" in our market was short-lived.

While one week can just be an anomaly, the anomoly appears to have been the "slower" week.

It really does appear that any shift in our market was simply due to the Family Day Long Weekend as our market returned to it's torrid pace this last week. In fact, if anything, the pace has increased.

Sales jumped from 238 to 316. That's a high for 2022 and the highest number of sales that we've seen since May of 2021.

New Listings also jumped from 401 to 477. Also a high for 2022 and the highest number since the second week of June 2021.

However, what changed very little was the Total Active Listings on the market. That rose to 2,688 from 2,685...so we had a significant increase in demand with very little change in supply.

The result was that we fell deeper into a Seller's Market with an astonishing 2.13 Months-of-Inventory across the City of Vancouver...the lowest number that I've recorded.

EVERY sub-market saw an increase in Sales in the last week...and...

After revving up for the last two months, the last week in the Vancouver real estate market (Week 8 - February 20th - 26th, 2022) was a bit slower.

This was the first week of 2022 to break the trend of increasing activity.

Sales dipped for the first time in 2022, going from 281 to 238.

Meanwhile, New Listings also fell from 431 to 401...and overall the Total Active Listings rose once again to 2,685 (from 2,580).

The result was that the market backed-off slightly, but is still quite firmly in a Seller's Market with 2.82 MOI (up from 2.30).

There is water-cooler chatter amongst realtors that the market is "cooling off". That may be true...but I don't yet see that reflected in these numbers.

While the numbers did back off slightly, they are still at extremely high-levels of activity and a blazing hot Seller's Market in just about every sub-market.

The hottest continues to be East Vancouver condos at 2.05 MOI...but condos across the city continue to be a hotpoint with demand far outstripping...

The last week saw the market tighten up once again. We've been seeing unusually high levels of activity since the New Year began, and this past week continued that trend.

Sales rose to 281 from 270. That broke last week's record, once again the highest number of sales we've seen since back in May 2021.

New Listings (after declining last week) jumped to 431 (from 361). Total New Listings continued their consistent climb to 2,580 (from 2,511).

The result was that our market edged further into a Seller's Market with just 2.3 Months-of-Inventory (from 2.33).

The hottest sub-markets continue to be condos throughout Vancouver. Specifically, East Vancouver (1.49 MOI)...but also townhouses/duplexes in East Vancouver (1.68 MOI).

The sub-market that has lagged our market very consistently for the last couple of years has been Westside houses. This week marked a significant shift with a BIG jump in sales to 39 (from 21) and it moved into a Seller's Market (3.3 MOI) for the first time in nearly a year...

Another week in the books and another week of the Vancouver real estate market getting stronger and hotter.

What's that mean?

Sales rose to 270 (up from 240), and new listings dropped to 361 (from 408). Total Active Listings climbed slightly to 2,511 from 2,470 the week before.

That's the highest number of sales we've had in the city since way back in May of 2021...and the first time that we've had a DECLINE in New Listings since the beginning of the year.

As you may have guessed, increasing demand (Sales) and declining supply (New Listings) moved us deeper into a Seller's Market. This past week we had 2.33 MOI (dropping from 2.57 the week before).

Every sub-market in Vancouver is a Seller's Market, except one. The hottest sub-markets are condos from one end of the city to the other (1.41 MOI in East Van for example), followed closely by townhouses (1.43 MOI in East Van).

The sub-market that saw the sharpest improvement in the last week was for East Van houses. Sales jumped from 24 to 36...

January 2022 was an unusually active month in the Vancouver real estate market.

In a typical year, January is usually the slowest time. It's when we see the nadir of annual activity...and most years realtors take the opportunity to schedule their holidays in the month for that very reason.

As you probably know by now, the world is far from typical...and that has played havoc with all types of things, not the least of which is real estate.

There were 702 Sales (-7.99% Month-to-Month and +8.22% Year-to-Year). That's a whopping +34.5% higher than the 10-year average.

New Listings wer 1,461 (+138.24% M-to-M and +5.87% Y-to-Y)...down -7.7% from the 10-year average...and Total Active Listings were just 2,492 (-11.9 from the 10-year average).

The greatest activity is currently in condos and townhouses. Specifically, in East Vancouver but all across the city. Detached homes are lagging those markets...especially at the higher end of the market.

Generally speaking, the most active segments are the...

There was yet another bump up in activity levels in the last week of the Vancouver real estate market (Week 5 - January 30th - February 6th, 2022).

Sales rose to 240 (from 224), New Listings reached 408 (from 394) and Total Active Listings increased to 2,470 (from 2,324).

Overall, the market inched deeper into a Seller`s Market with 2.57 Months-of-Inventory (down from 2.59).

In fact, EVERY sub-market was in a Seller's Market this past week except for one. That lagard is (unsurprisingly) Westside Houses. However, even that sub-market is showing signs of life...

Sales for Westside Houses increased dramatically (from 18 to 27) moving it to just 4.74 MOI. That's a Balanced Market and the strongest showing since way back in April 2021.

Condos and Townhouses are at the forefront of this surging market. Specifically in East Vancouver with the sub-markets of Condos (1.52 MOI) and Townhouses (1.71 MOI) leading the way.

This amount of activity is unusual this early in the year. We are seeing action...