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Latest Market Update Video

Vancouver Real Estate Market Update - October 2019

The trend is continuing so far in October as we’ve seen over the last three months with the number of sales ahead year over year. But where are all the listings that were supposed to be coming to the market because of the various taxes imposed on the demand side? So far in October, the number of new listings is showing a much slower growth in compared to the last two years – a period of time that the opposite was supposed to happen. The total number of active listings are actually down from last year for the first time in over two years in Greater Vancouver, but the amount does vary depending on areas and product types. But the trend for supply overall is definitely downward.


There were 2,363 homes sold of all types in Greater Vancouver in September this year compared with 2,256 homes sold last month, 1,634 sales in September last year and 2,881 homes sold in September 2017. September sales were 7 per cent below the 10-year average for the month of September and marked a 45 per cent increase over September 2018. This was the largest year over year increase in sales in over 2 years and the third straight month that a year over year increase in sales has occurred. Buyers are engaging with offers, and the occurrence of multiple offers continues to be present in the market – even more so than we’ve seen in the last 3 months. While they tend to be happening more in the apartment and townhouse segment of the market, there was a detached listing on the Westside of Vancouver priced in the $3 Million range that attracted 12 offers. Showing that well priced properties will sell. There were 753 detached houses sold in September 2019 up from 509 (47 per cent) in September 2018 in Greater Vancouver, with a 8.6 per cent decrease in the benchmark price of these homes year over year. For townhouses there were 422 sales in September 2019 compared to 275 in September 2018 (up 53 per cent) with a 7.2 per cent decrease in the benchmark price year over year; and for condos there were 1,155 sales in September 2019, an increase in sales from 812 in September 2018 (up 43 per cent) with an 6.5 per cent decrease in the benchmark price year over year. In Greater Vancouver detached homes make up 32 per cent of all home sales, while apartments make up 50 per cent. If we move over to the Westside of Vancouver, detached homes make up only 15 per cent of sales, while apartments make up 75 per cent.


As for the supply homes in Greater Vancouver, there was a decrease in the number of new listings in September compared to September of last year. There were 4,989 new listings during September in Greater Vancouver, down 7 per cent from September last year and down 9 per cent from September 2017. The number of new listings in September 2019 were 6 per cent below the 10-year average for the month of September. Active Listings are at 14,242 at month end (up 3.5 per cent compared to September 2018). The number of homes on the market is shrinking as is the gap year-over-year. There continues to be a reluctance for sellers to engage in the current market, leaving fewer and fewer choices for buyers. Government policy aimed at creating affordability has not led to a significant increase in housing options but instead has left buyers continuing to fight over what comes on the market. With buyers adjusting to the Mortgage Stress Test enacted in January 2017 for conventional mortgages, those wanting to engage don’t have the options one would think in a quiet real estate market.


So where will the fall go? Well we have a federal election coming this month. Housing affordability is a main topic of several of the federal party’s platforms – all seemingly under the guise of taxing demand. While it’s recognized that supply needs to be brought forward, there is no clear plan to provide that. But what we do know is that buyers continue to be dealing with an under supplied housing market in Metro Vancouver. Foreign buyers have been taxed for 3 years now, Speculation and Vacancy Taxes have been in place for a year or more in the case of the City of Vancouver, but to what end? Local buyers’ purchasing power was reduced with the mortgage rule changes, and now that prices have adjusted to reflect that and buyer’s have adjusted their budgets, but the government is still looking at one side of the equation and looking to suppress demand – mostly local demand which will only lead to a continued build up of buyers and sellers wanting to transact. Where is the challenge to look at the supply side of the equation?

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashely Smith, Real Estate Board of Greater Vancouver president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”


East of the Fraser River, the Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® in September, a increase of 3.5 per cent compared to sales in August and a 29.8 per cent increase compared to the 1,035 sales in September of last year. Active listings for the Fraser Valley finished at 7,946, decreasing 1.2 per cent month-over-month and an increase of 3.9 per cent when compared to September 2018. There were 2,769 new listings in September, an 6 per cent decrease compared to September 2018. “The market’s return to balance is good news for both buyers and sellers, however it’s important to put the 30 per cent year-over-year increase in sales into context. September’s sales went from amongst the worth in 10 years to just above our 10-year average.” said Darin Germyn, President of the Fraser Valley Real Estate Board. “Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it’s been since April, which has had an impact on prices”


Here is a summary of the activity from September 1 to October 15, 2019 :


Greater Vancouver –1,132 Units Sold so far in October 2019 compared to 898 Units Sold by October 15, 2018 and 1,368 Units Sold by October 15, 2017. Total New Listings so far in October are 1,802 compared to 2,302 by the same time last year and 2,054 at this time on October 2017. Total Active Listings are at 13,627 (13,604 at the same time in October 2018), Sales To Listings Ratio is at 63% compared to 39% at this time in October 2018.


Total Units Sold in September 2019 was 2,363 – up from 2,256 (5%) in August 2019, up from 1,634 (45%) in September 2018, down from 2,881 (18%) in September 2017; Active Listings are at 14,242 compared to 13,760 (up 4%) at this time last year; New Listings in September 2019 were down 7% compared to September 2018 and down 9% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 47% compared to 30% in September 2018 and 59% in August 2019.


Vancouver West – 186 Units Sold so far in October 2019 compared to 164 Units Sold by October 15, 2018 and 255 Units Sold by October 15, 2017. Total New Listings so far in October are 363 compared to 459 by the same time last year and 441 at this time on October 2017. Total Active Listings are at 2,382 (2,450 at the same time in October 2018), Sales To Listings Ratio is at 51% compared to 36% at this time in October 2018.


Total Units Sold in September 2019 was 404 – down from 423 (4%) in August 2019, up from 280 (44%) in September 2018, down from 540 (25%) in September 2017; Active Listings are at 2,444 compared to 2,433(down 0.5%) at this time last year; New Listings in September 2019 were down 4% compared to September 2018 and down 6% compared to September 2017; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 41% compared to 27% in September 2018 and 67% in August 2019.


Vancouver East – 120 Units Sold so far in October 2019 compared to 107 Units Sold by October 15, 2018, and 125 Units Sold by October 15, 2017. Total New Listings so far in October are 180 compared to 228 by the same time last year, and 228 at this time on October 2017. Total Active Listings are at 1,239 (1,431 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 47% at this time in October 2018.


Total Units Sold in September 2019 was 293 – up from 235 (25%) in August 2019, up from 195 (50%) in September 2018, up from 268 (9%) in September 2017; Active Listings are at 1,295 compared to 1,494 (down 13%) at this time last year; New Listings in September 2019 were down 5% compared to September 2018 and up 2% compared to September 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 51% compared to 32% in September 2018 and 65% in August 2019.


North Vancouver – 96 Units Sold so far in October 2019 compared to 68 Units Sold by October 15, 2018, and 104 Units Sold by October 15, 2017. Total New Listings so far in October are 130 compared to 219 by the same time last year, and 189 at this time on October 2017. Total Active Listings are at 824 (940 at the same time in October 2018), Sales To Listings Ratio is at 74% compared to 31% at this time in October 2018.


Total Units Sold in September 2019 was 166 – down from 184 (10%) in August 2019, up from 120 (38%) in September 2018, down from 210 (20%) in September 2017; Active Listings are at 895 compared to 933 (down 4%) at this time last year; New Listings in September 2019 were down 18% compared to September 2018 and down 5% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 37% compared to 22% in September 2018 and 70% in August 2019.


West Vancouver – 32 Units Sold so far in October 2019 compared to 24 Units Sold by October 15, 2018, and 24 Units Sold by October 15, 2017. Total New Listings so far in October are 67 compared to 97 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 689 (748 at the same time in October 2018), Sales To Listings Ratio is at 48% compared to 25% at this time in October 2018.


Total Units Sold in September 2019 was 51 – up from 49 (4%) in August 2019, up from 34 (50%) in September 2018, down from 56 (9%) in September 2017; Active Listings are at 721 compared to 764 (down 6%) at this time last year; New Listings in September 2019 were down 5% compared to September 2018 and down 19% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 14 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 14% in September 2018 and 36% in August 2019


Richmond – 136 Units Sold so far in October 2019 compared to 111 Units Sold by October 15, 2018, and 195 Units Sold by October 15, 2017. Total New Listings so far in October are 232 compared to 270 by the same time last year, and 287 at this time on October 2017. Total Active Listings are at 2,041 (1,870 at the same time in October 2018), Sales To Listings Ratio is at 59% compared to 41% at this time in October 2018.


Total Units Sold in September 2019 was 283 – up from 250 (13%) in August 2019, up from 196 (44%) in September 2018, down from 379 (25%) in September 2017; Active Listings are at 2,127 compared to 1,915 (up 11%) at this time last year; New Listings in September 2019 were down 14% compared to September 2018 and down 22% compared to September 2017; Month’s Supply of Total Residential Listings is down to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 51% compared to 30% in September 2018 and 48% in August 2019.


Burnaby East - 11 Units Sold so far in October 2019 compared to 11 Units Sold by October 15, 2018, and 11 Units Sold by October 15, 2017. Total New Listings so far in October are 21 compared to 24 by the same time last year, and 28 at this time on October 2017. Total Active Listings are at 152 (140 at the same time in October 2018), Sales To Listings Ratio is at 52% compared to 46% at this time in October 2018.


Total Units Sold in September 2019 was 22 – down from 31 (29%) in August 2019, up from 11 (100%) in September 2018, down from 28 (21%) in September 2017; Active Listings are at 159 compared to 140 (up 14%) at this time last year; New Listings in September 2019 were up 8% compared to September 2018 and down 8% compared to September 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 39% compared to 21% in September 2018 and 58% in August 2019.


Burnaby North - 60 Units Sold so far in October 2019 compared to 39 Units Sold by October 15, 2018, and 71 Units Sold by October 15, 2017. Total New Listings so far in October are 86 compared to 107 by the same time last year, and 77 at this time on October 2017. Total Active Listings are at 550 (538 at the same time in October 2018), Sales To Listings Ratio is at 70% compared to 36% at this time in October 2018.


Total Units Sold in September 2019 was 138 – up from 129 (7%) in August 2019, up from 83 (66%) in September 2018, up from 129 (7%) in September 2017; Active Listings are at 577 compared to 533 (up 8%) at this time last year; New Listings in September 2019 were up 2% compared to September 2018 and down 6% compared to September 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 55% compared to 34% in September 2018 and 61% in August 2019.


Burnaby South - 62 Units Sold so far in October 2019 compared to 35 Units Sold by October 15, 2018, and 77 Units Sold by October 15, 2017. Total New Listings so far in October are 93 compared to 134 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 722 (671 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 26% at this time in October 2018.


Total Units Sold in September 2019 was 119 – down from 126 (6%) in August 2019, up from 82 (45%) in September 2018, down from 164 (27%) in September 2017; Active Listings are at 777 compared to 656 (up 18%) at this time last year; New Listings in September 2019 were down 4% compared to September 2018 and down 24% compared to September 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 34% in September 2018 and 51% in August 2019.


New Westminster - 51 Units Sold so far in October 2019 compared to 43 Units Sold by October 15, 2018, 57 Units Sold by October 15, 2017. Total New Listings so far in October are 80 compared to 114 by the same time last year, and 81 at this time on October 2017. Total Active Listings are at 473 (480 at the same time in October 2018), Sales To Listings Ratio is at 64% compared to 38% at this time in October 2018.


Total Units Sold in September 2019 was 110 – up from 97 (13%) in August 2019, up from 81 (36%) in September 2018, down from 155 (29%) in September 2017; Active Listings are at 502 compared to 460 (up 9%) at this time last year; New Listings in September 2019 were down 11% compared to September 2018 and down 16% compared to September 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market conditions in some areas and product types and price range) and a Sales to Listings Ratio of 51% compared to 33% in September 2018 and 58% in August 2019.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.