Not much is changing in the market in relation to sales numbers, we are seeing total number of homes sold consistently below 2,000 since July of 2018. But on a positive note, it was the 4 straight increase months over month. Rome wasn’t built in a day nor is the Greater Vancouver housing market. The pent-up demand continues to build as a result. There were 1,850 sales in Greater Vancouver in March 2019, the lowest total for the month of April since 1995. The standoff continues between buyers and sellers as both sides are waiting for the other to blink. Increasingly sellers are starting to blink first as buyers are being very selective on what they are willing to offer on and jumping on properties that are priced well in today’s market. An opportunity that has been long sought after from buyers in Metro Vancouver.

The 1,850 homes sold in Greater Vancouver in April were up from 1,745 (6%) from March this year. This was compared with 2,631 sales (down 30%) in April last year and...

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The 1,743 homes sold in Greater Vancouver in March were up from 1,512 (15%) from February this year. This was compared with 2,551 sales (down 35%) in March last year and 3,632 sales in March 2017. This was 45 per cent below the 10-year average for March. In looking around Greater Vancouver, both Vancouver’s Westside and North Vancouver saw the most significant increases in sales month over month at 33 per cent and 35 per cent respectively. While West Vancouver, Port Coquitlam and Tsawwassen had sales in March lower than February. In Burnaby East there were zero detached house sales in March. Regional markets are different in their make up and activity, but we typically see Vancouver be a leading indicator in the market. So again, let’s move into April.

On the other side of the equation, there were 5,057 new listings in March in Greater Vancouver, up from 4,557 in March last year and up from 3,974 in February 2019. The number of new listings in March were 12 per cent below the...

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New Year, a similar mentality to start the year with a wait and see attitude in the market with both buyers and sellers. But the feeling is one of some growth of opportunity in the market with prices coming off lofty highs and some multiple offers occurring. Call it tempered optimism. There were 1,120 home sales in Greater Vancouver in January this year, the third-lowest total since 2000 (771 in 2009 and 1,062 in 2000). With only 1,094 home sales in December, it is curious that only twice since 2000 have sales in January been higher than the preceding December as January is typically a slow month to start the year. Sales in January were 35 percent below the 10-year average for January, not surprising after the year we had in 2018. With 4,980 new listings in January this year, it was 27 percent up from January 2018 and only up 3 percent from the 10-year average. Total sales for Greater Vancouver in January were 1,864 – up 6.5 percent from January 2017 and up 6.4 percent on the ten-year...

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Categories:   Market Update
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