October 2018 Westside Market Update

Posted on Oct 04, 2018 in Market Update

The supply of Westside detached homes in September is down 1.3% from August (755 from 765) and down 10% compared to September 2017. Westside detached home sales (demand) this September were down 31% from August (38 from 52) and down 46% compared to 70 sales in September 2017. September sales are down 64% from the 10 year September average of 106 sa...

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Sept 2018 Westside Market Update

Posted on Sep 13, 2018 in Market Update

The supply of Westside detached homes in August is down 5% from July (765 from 804) but up 4% compared to August 2017. Westside detached home sales this August were up 6% from July (52 to 55) and up 8% compared to 51 sales in August 2017. A typical July - August sales volume is 120 to 150 homes so 52 and 55 is very slow.
The decrease in supply and i...

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Major Price Correction Underway

Posted on Aug 20, 2018 in Market Update

Some realtors believe major price correction underway in Metro Vancouver

The number of detached homes selling in Metro Vancouver has been dropping for more than six months, but only recently has there been signs of easing of the city's stratospheric prices.

A number of Vancouver realtors believe a significant decline is happening in Metro Vancouver h...

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August 2018 Westside Market Update

Posted on Aug 15, 2018 in Market Update

The supply of Westside detached homes in July is down 4% from June (804 from 840) but up 10% compared to July 2017. Westside detached home sales this July were down 31% from June (75 to 52) and down 30% compared to 74 sales in July 2017. This year, sales volumes are off 82% from sales in Apr. 2016 (pre foreign buyer tax). July and August are usuall...

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July 2018 Westside Market Update

Posted on Aug 15, 2018 in Market Update

Typically, the 2nd quarter is the busiest time of the year and that is the case so far this year. The supply of Westside detached homes listed in June is down 1% from May (840 from 850) but up 20% compared to June 2017. Westside detached home sales this June were down 16% from May (89 to 75) and down 33% compared to 112 sales in June 2017. This yea...

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New Taxes Digging Metro Deeper Into Housing Affordability Crisis

Posted on Jun 12, 2018

There is an old Yiddish curse that warns that you better be careful what you wish for as you might just get it!

Many believe that the series of new taxes recently announced by the British Columbia's NOP government are designed to make housing more affordable in Greater Vancouver; however, it is much more likely that these measures will only kill job...

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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 SalesNov 2016Nov 2017
% Change

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. 

Nov 2016
Nov 2017 % Change
Detached (M)   
Attached (M)
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 SupplyNov 2016Nov 2017
% Change

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
26             34
38%     42%   
28             2942%      36%
11             16
  16%      20%   
>$10M3             24%          2%
68           81

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,