Drop in BC Home Sales Should be Followed by Recovery: BCREA

Posted on Apr 08, 2020

Sharp drop in B.C. home sales should be followed by steady recovery: BCREA

Ban on open houses foreshadows short- to mid-term trouble for property sales, as COVID-19 infects all aspects of the market

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Photo Dan Toulgoet

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April 20 Westside Market Update

Posted on Apr 05, 2020 in Market Update

I hope this blog finds you and your family safe and healthy.

The supply of Westside detached homes in March was 486, down 7% from 521 in February and down 30% compared to 694 in March 2019.

Westside detached home sales this March increased 77% from February (106 vs 60) and were 71% higher than March 2019. Detached home sales are down 28% from the...

RE/MAX Rates Vancouver Real Estate on Affordability Scale

Posted on Feb 12, 2020

RE/MAX Rates Vancouver Real Estate on Affordability Scale

February 12th, 2020

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Vancouver real estate prices have been on a decline, but expected price increases this year and the already high real estate prices rank the city’s housing market at #16 of 16 Canadian cities when it comes to housing affordability, according to the 2020 R...

Jan 20 Westside Market Update

Posted on Feb 05, 2020 in Market Update

The supply of Westside detached homes in January was 528, down 5% from 555 in December and down 19% compared to 652 in January 2019.

Westside detached home sales this January decreased 41% from December (34 vs 58) but were unchanged from January 2019. Detached home sales are down 58% from the 10 year January average of 81 sales.

Months of Supply...

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Posted on Jan 11, 2020

Four multi-million dollar Canadian homes perfect for the Sussexes

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Dec 2019 Westside Market Update

Posted on Jan 04, 2020 in Market Update

The supply of Westside detached homes in December was 555, down 13% from 637 in November and down 15% compared to 652 in December 2018.

Westside detached home sales this December decreased 12% from November (58 vs 66) but were up a whopping 81% compared to 32 sales in December 2018. Detached home sales are down 23% from the 10 year December average...

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The highest sales price for a Westside detached home in November was $15.5M in Point Grey. The lowest sales price was $1.5M in Dunbar.

Compared to 68 sales in November 2016, detached home sales were up 19% to 81 in November 2017. Of those sales, 17 received the asking price or more and 64 sold below the asking price. November 2017 supply increased 39% to 738 homes from 530 in November 2016.

No. of Sales	Nov 2016	Nov 2017	% Change
Detached	68	81	19%
Attached	44	42	-4.5%
Apartments	296	380	28.4%

Compared to October 2017, November detached west side home sales, decreased 24% from 106 to 81 while Months of Supply (MOS) increased to 9.1, from 7.3. Prices finally showed the drop we were expecting, down 13%, from $4.54M to $3.93M on average while median prices decreased 13% from $3.8M to $3.30M.

Average/Median Price	Nov 2016	Nov 2017	% Change
Detached (M)	$3.96/$3.4	$3.9/$3.3	-1.5%/-3%
Attached (M)	$1.28/$1.17	$1.43/$1.36	12%/16%
Apartment (K)	$851/$663	$986/$780	16%/18%

November Westside apartments supply & demand both decreased very little leaving MOS down to 1.8 vs 1.9 in October. Median prices are down 5% from $818K to $780K while average prices are down 2% from $1004K to $987K. Overall, prices have been quite flat since April 2017.

Townhouse supply in November is up 2% from 159 in October to 162, while demand is down 22% from 54 to 42 units in November. This gives us 3.9 MOS, up 34% from 2.9 MOS in October. This resulted in prices decreasing 3% on median from $1.399M to $1.360M and 8% on average from $1.56M in October to $1.436.

Mths of Supply	Nov 2016	Nov 2017	% Change
Detached	7.8	9.1	-6%
Attached	2.9	3.9	-44%
Apartments	2.7	1.8	-37%

Detached home price reductions are creating a good buying opportunities. Apartment and townhouse prices remain stable and reflect strong demand and continued short supply.

Price range Detached	No. sales Nov 2016 2017	% sales 2016 2017
$<3M	26 34	38% 42%
$3M-$5M	28 29	42% 36%
$5M-$10M	11 16	16% 20%
>$10M	3 2	4% 2%
Total	68 81	100

Government regulations both here and in China continue to make it difficult for foreign buyers to bring money here to purchase real estate and that is which creating opportunities for local buyers. Interest rates, currency exchange and lending restrictions will continue to be dampen sales.

We are currently in a buyers market for detached homes.

Click on the link at the top right for Westside Graphs.

Please call me at any time for a considered response to any and all of your real estate questions.

Merry Christmas and all the best for 2018!

Best regards,

Stuart

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Drop in BC Home Sales Should be Followed by Recovery: BCREA

Sharp drop in B.C. home sales should be followed by steady recovery: BCREA

Ban on open houses foreshadows short- to mid-term trouble for property sales, as COVID-19 infects all aspects of the market

April 20 Westside Market Update

RE/MAX Rates Vancouver Real Estate on Affordability Scale

RE/MAX Rates Vancouver Real Estate on Affordability Scale

RE/MAX Rates Vancouver Real Estate on Affordability Scale

Jan 20 Westside Market Update

The Sussexes and I

Four multi-million dollar Canadian homes perfect for the Sussexes

Dec 2019 Westside Market Update