vancouver real estate stats

July 2024 Market Update

July 3, 2024

Happy Canada Day everyone! And to all the families with kids out of school, enjoy the slow & sunny summer days ahead of you.

There was finally an interest rate decrease! Only 25 basis points, but it’s something, with another announcement in July, and then September, October and December so there are still quite a few opportunities for the bank to decrease rates again. I don’t expect them to drop the rate at each remaining announcement this year, but the potential is there for another decline.

In general I would describe the last month as being fairly steady, and it certainly feels like we’re in a balanced market, aside from Kitsilano 1 and 2 bedroom condos which has remained very competitive this year. Pricing strategy is all over the place, some properties listing low, some listing reasonably and some listing high. As always Buyers, don’t wait for a property to be the price you’re hoping for – start offering and you’ll find out which Sellers are more motivated than you think.

The market has definitely started to slow down for summer. We’re seeing fewer new listings hit the market overall and it seems as if Buyers aren’t as motivated as they were a few weeks ago (in part, because there aren’t as many listings to view!). I’m getting a lot of very green Buyers at my two listings: #710 756 Great Northern Way and #312 853 E 7th Ave. These units have a lot of appeal at their price point, which explains why I’m getting a lot of viewings, but most Buyers have told me that they have just started searching and don’t yet have an agent. I imagine a lot of these folks will be looking to buy in the Fall or Spring, so I anticipate next year to be pretty active. In the meantime, these are solid units in constantly improving Mount Pleasant – Buyers would be smart to get in now before the market starts to trend upwards with competition.

I have a lot of clients who are waiting to sell until their buy something, or waiting until they at least have the confidence to know that they will have options. At this point you can expect the Summer to be fairly slow with an uptick in activity in the Fall.

Here’s a snippet from the Real Estate Board’s Monthly Update:

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes, 21.1 per cent for attached, and 20.3 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.

Onto the stats:

Vancouver West Real Estate Stats up to and including June 2024

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including June 2024

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or neighbourhood, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale.

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are slowly going down. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates and can work quickly if the property you want ends up in a competitive situation. There are a lot of details to consider when it comes to a mortgage, especially if you’re buying and selling, so you need a broker who can guide you to the right option. Email me if you need a referral to a great mortgage broker.

Enjoy the sunny weekend we have coming up!

January 2022 Market Update

January 6, 2022

Happy New Year Everyone! I’ll keep this review short since the market will be all about what happens next.

Inventory has remained low, though in the grand scheme of things, inventory wasn’t at all time lows this past year despite feeling like it was – it was that was at an all time high. We will need to see a huge influx in inventory to curb the demand out there, and unfortunately I don’t see any inclination that we will see that needed increase in inventory. I have a handful of clients who will be listing their house for sale, but they will be buying as well, so we end up with a zero sum game. Many won’t sell until they buy, so the question becomes how long will it take them to buy?

Interest rates were expected to rise this year, though with the new strain of Covid leading to more restrictions, I don’t anticipate interest rates to rise as much or as quickly as we originally thought. With interest rates remaining low, you know there will be Buyers out there trying to take advantage of low rates given the increase in prices.

Multiple Offers are still common across all products and neighbourhoods, so you have to be willing to compete if you’re interesting in buying. There was a house in Burnaby that received 43 offers just after Christmas, if you can believe it, and it wasn’t priced obscenely low. Every now and then a property doesn’t receive any offers because it was priced too high, so if you can’t be competitive for some reason, look to these properties as your opportunity to submit a conditional offer.The market is going to be just as busy this coming year as it was last year, so be prepared to compete. Generally the earlier you buy in the year the better off you’ll be, knowing that you’ve secured your property while prices keep increasing for everyone else.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371.

Onto the stats:

From the Real Estate Board:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015. Last year’s sales total was 33.4 per cent above the 10-year sales average.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019. Last year’s listings total was 11 per cent above the 10-year average.
There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed.
For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent. By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 per cent for apartments
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Vancouver West Real Estate Stats up to and including December 2021

The Westside market is still not as busy as the Eastside market, but we’re still seeing increasing prices and plenty of activity. For HPI Price in Vancouver West – we’re up to $3,433,600 for detached houses (8.6% increase over the last 12 months and 0.58% increase over last month), $1,307,600 for townhouses (14.5% increase over the last 12 months), and $842,900 for condos (11% increase over the last 12 months and 1% over last month).

Inventory and the number of new listings dropped considerably in Vancouver West, though that was expected given the holidays. It will slowly increase as we get into the New Year, often starting with re-lists of older properties. All types of properties are showing a decrease in inventory compared to this time last year except for detached houses – there are 12% more listings compared to this time last year, which supports the thought that the Westside detached market has some opportunities for Buyers.

The sales to active ratio in Vancouver West has been really high: 16% for detached houses (this indicates a balanced market, further supporting the fact that there may be some good opportunities for Buyers), 31% for townhouses, 34% for 2 bedroom condos and 53% for 1 bedroom condos.

East Vancouver Real Estate Stats up to and including December 2021

HPI Price in East Vancouver increased again this past month – we’re up to $1,770,000 for detached houses (14.5% increase over the last 12 months and 1.45% increase over last month), $1,085,000 for townhouses (21% increase over the last 12 months and 1.41% increase over last month), and $647,600 for condos (8.8% increase over the last 12 months and 1.25% increase over last month).

Inventory and the number of new listings dropped considerably in East Vancouver, though that was expected given the holidays. It will slowly increase as we get into the New Year, often starting with re-lists of older properties.

The sales to active ratio in East Van has been really high: 29% for houses, 71% for townhouses, 47% for 2 bedroom condos and 93% for 1 bedroom condos – some REALLY strong numbers for this time of year.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

Now is a great time to check in with your mortgage broker about your existing pre-approval considering that fixed rates are going up. My preferred mortgage brokers have been great about detailing the difference between fixed and variable rates and how you may be better off going variable, so if you’re looking for a mortgage broker, please ask for a referral! Having a thoughtful, organized broker can make a big difference in the sale, and knowing where you stand from a financial perspective now can give you sometime to improve your file to be ready for the Spring market.

I hope you’re getting out to enjoy this Winter Paradise as we ease back into life after the holidays. All the best for a fantastic New Year. Here’s hoping this is the year life finally, consistently, gets back to normal.

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask.

April 2020 Vancouver Real Estate Update

April 6, 2020

Hi Everyone. So we’re into April now and a few weeks into our “Stay at Home” measure. This measure started about halfway into March, so the month of March tells two different stories. April’s numbers are going to be a much more realistic measure of the change in activity. As per the Real Estate Board, the first half of the month were “the busiest days of the year for our region with heightened demand and multiple offers becoming more common” and boy was that the truth. Anything good was getting multiple offers and a lot of Buyers were excited about the additional influx of inventory we were expecting to see in the Spring. Interest rates were good and Buyer confidence was back after a slow 2018-2019. This allowed Sellers to upgrade to a bigger home and produced a lot of activity and excitement.

As the province forced restaurants and bars to close, and asked anyone who could work from home to do so, the number of real estate transactions dropped quickly. There were still some people who needed to buy or sell and they continued on their quest, and I expect we’ll see more of that activity in the next few weeks as people have had time to consider their situation and needs. I would imagine that anyone who has their home listed for sale right now is pretty keen to sell and with an expected recession, there are going to be opportunities for Buyers to get into the market if they have retained their job and didn’t see a huge hit to their financial situation.

I wrote a longer blog post about some initial thoughts (from mid-March) on Covid-19 and the Real Estate Market in addition to a blog about Navigating a Slow Market.

Listing Agents are ensuring people are only viewing if they aren’t showing any symptoms, and are asking people to wash their hands before the viewing, using protective gear and cleaning units before and after all showings. Many realtors are also asking all parties involved in the showing to sign a waiver indicating that everyone is following proper procedure themselves, and are waiving liability in case anyone gets sick.

Mortgage interest rates have dropped (again!) and are expected to stay low for awhile. I’m on a variable rate mortgage and as of this week my rate dropped to 1.5% (thankfully that results in some much appreciated monthly savings, though rates will increase again in the future). A lot of Buyers are taking this opportunity to defer their mortgage or re-finance with these low rates as well, so check in with your mortgage broker for more information. As always, don’t hesitate to ask me if you need a referral to a great mortgage broker.

I have been spending a lot of my time researching economic cycles, recession and the Vancouver market over the last few decades in an effort to be prepared and knowledgeable from what we’re experiencing now. We just came out of a slow market in 2018-2019 so the memories of a slow market and how to attack it are still fresh. I had a lot of clients waiting for the market to drop during the slow market, only to miss the boat and end up in competing offer situations. This sentence remains true: “How do you know we’ve hit the bottom of the market? Prices have increased”. When the market is slow, you have to be an active Buyer negotiating with Sellers in order to find the deals. And in the excitement of finding a deal, don’t lose sight of the fact that you’re trying to find the right home. Good properties in good buildings in good locations will be a better option for you long term, and will always be an easier sell when it comes time to move.

Onto the stats.

The stats below are for the entire month of March, and can’t be split up into days or weeks, so it’s hard to see the difference this month. April’s numbers will be more interesting as that will likely be a full month indicating the impact on the market.

On the Westside of Vancouver:

– HPI Price remained steady this month, across the board. Prices in this market have been really consistent all year despite a huge decrease in median Days on Market and a huge increase in the Sales to Active Ratio. That tells me that Sellers hit a point where they weren’t willing to budge on price and waited for the market to improve.

– The detached house market has been really robust this year, and still, despite the pandemic. I have heard that there has been an increase in foreign buyers over the last few months which isn’t a surprise given how much the market has dropped over the last year or two. Not only does BC look like an amazing, well managed city during the pandemic, but the decline in price makes up for the extra foreign buyers tax that foreign buyers would have to pay. Check out the median Days on Market drop from January!

– Westside Condos saw a big increase in both inventory and new listings. I imagine a lot of this is attributed to downtown investor owned condos being listed for sale at the start of this pandemic. Sales were up as well so that was the extra boost in confidence many Sellers likely needed to list ASAP.

– Activity in the westside Townhouse market increased significantly in February like the detached market, and it has retained a steady HPI Price. Inventory is slightly down.

Vancouver Westside Real Estate Stats up to and including March 2020

HPI Price for Vancouver West

Median Percentage of Original Price for Vancouver West

New Listings for Vancouver West

Total Inventory for Vancouver West

Total Sales for Vancouver West

Sales to Active Ratio for Vancouver West

Median Days on Market for Vancouver West

On the Eastside of Vancouver:

– The HPI Price increased slightly this past month, across the board.

– The detached house market saw a drop in total inventory but an increase in new listings. I can imagine Sellers who already had their property for sale that wasn’t selling took their home off the market once this “stay at home” measure was in place, whereas a swath of new Sellers listed their home as the pandemic worsened in order to sell before things got really slow.

– Condo inventory slowed down this month, though sales continued. HPI and average sale price dropped ever so slightly. I find first time condo buyers to be the most nervous, so this market always slows the most whenever the general market slows, however, this was also a busy market so there is room to slow down.

– The townhouse market is generally the steadiest and smallest market. It saw fewer new listings and the smallest increase in sales.

East Vancouver Real Estate Stats up to and including March 2020

HPI Price for East Vancouver

Median Percentage of Original Price for East Vancouver

New Listings for East Vancouver

Total Inventory for East Vancouver

Total Sales for East Vancouver

Sales to Active Ratio for East Vancouver

Median Days on Market for East Vancouver

If you’d like to follow the ups and downs in the market, I can set you up on a Custom Real Estate Search. Contact me to get that started: kristi@realestatevancity.ca or 778-387-7371.

Sending you love and happiness during this crazy time!

Kristi

January 2020 Real Estate Market Update

January 9, 2020

Happy New Year Everyone! I hope you have a great holiday season filled with lots of holiday and family fun. The real estate market always slows down in December – full stop over Christmas – before gaining energy in January, so I’ll keep the stats review short this month, but instead offer a general recap of the market.

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