Market Update - July

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WHILE THE STORY MIGHT BE THAT SALES IN JUNE HAVE DROPPED OFF FROM MAY, THE MARKET IS BACK IN DECLINE – THE ACTUAL FACT IS JUNE HAS ONLY OUTPERFORMED MAY 7 TIMES IN THE LAST 25 YEARS. WE SHOULDN’T BE SURPRISED TO SEE THE MARKET IN GREATER VANCOUVER PERFORM ANY DIFFERENTLY THIS YEAR.

The first six months of 2019 saw 10,992 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 1998. There were 751 Detached Houses sold in June 2019 (36% of total sales) compared to 771 in June 2018 (31% of total sales); 390 townhomes sold in June 2019 (19%) compared to 419 in June 2018 (17%); and 941 apartments sold in June 2019 (45%) compared to 1,240 in June 2018 (50%). Detached homes made up a larger percentage of homes sold, continuing a trend that is showing price adjustments in detached homes are attracting buyers into that part of the market. Richmond was one of the best performing markets in June, with sales matching those of June, and detached and townhouse sales exceeding the numbers for May.

Supply decreased in June compared to May and continues to be an issue as many Sellers are reluctant to come to market knowing that prices are adjusting and that buyers are more conscious of the advantage they currently have. Properties priced for today’s market are selling and, in some situations, we are seeing multiple offers. Also limiting the current 15,770 active listings supply, are the land assembly properties and many long-standing listings that are not priced according to today’s market conditions. Demand continues to build up as buyers and sellers hold off on making moves that they want or need to make, not for investment reasons but lifestyle changes. It’s almost as if the efforts to stem “speculation” in the market have created speculators out of all buyers and sellers!

GREATER VANCOUVER – Total Units Sold in June 2019 was 2,098 – down from 2,669(21%) in May 2019, down from 2,467 (15%) in June 2018, down from 3,953 (47%) in June 2017; Active Listings are at 15,770 compared to 12,652 (up 25%) at this time last year; New Listings in June2019 were down 19% to May 2019, down 11% compared to June 2018 and down 17% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 43% compared to 45% in June 2018.

VANCOUVER WEST - Total Units Sold in June 2019 was 355 – down from 460 (23%) in May 2019, down from 458 (23%) in June 2018, down from 644 (45%) in June 2017; Active Listings are at 2,779 compared to 2,346 (up 18%) at this time last year; New Listings in June 2019 were down 15% to May 2019, down 9% compared to June 2018 and down 18% compared to June 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 47% in June 2018.

VANCOUVER EAST – Total Units Sold in June 2019 was 215 – down from 328 (34%) in May 2019, down from 282 (24%) in June 2018, down from 451 (52%) in June 2017; Active Listings are at 1,435 compared to 1,375 (up 4%) at this time last year; New Listings in June 2019 were down 21% to May 2019, down 22% compared to June 2018 and down 24% compared to June 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 44% compared to 45% in June 2018.

NORTH VANCOUVER – Total Units Sold in June 2019 was 202 – down from 257 (21%) in May 2019, up from 199 (2%) in June 2018, down from 298 (32%) in June 2017; Active Listings areat 1,030 compared to 800 (up 29%) at this time last year; New Listings in June 2019 were down 20% to May 2019, down 1% compared to June 2018 and down 3% compared to June 2017;Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 49% compared to 48% in June 2018.

WEST VANCOUVER – Total Units Sold in June 2019 was 43 – down from 71 (39%) in May 2019, down from 54 (20%) in June 2018, down from 92 (47%) in June 2017; Active Listings are at 764 compared to 784 (down 3%) at this time last year; New Listings in June 2019 were down 23% to May 2019, down 24% compared to June 2018 and down 22% compared to June 2017; Month’s Supply of Total Residential Listings is up to 18 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 24% compared to 23% in June 2018