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...

Read More

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...

Read More

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...

Read More

June 2018 Westside Market Update

Posted on Jun 05, 2018 in Market Update

Westside detached house active listings this May are up 4% from April (850 from 817) and are up 45% compared to May 2017. Westside detached home sales this May were up 35% from April (66 to 89) but down 52% compared to 187 sales in May 2017. This year, sales volumes are off 60% from sales in Feb. 2016 (pre foreign buyer tax).


The increase in supply...

Read More

May 2018 Westside Market Update

Posted on May 05, 2018 in Market Update

Westside detached house active listings this April are up 6% from March (817 from 772) and are up 38% compared to April 2017. Westside detached home sales this April were up 24% from March (66 to 53) but down 41% compared to 111 sales in April 2017. This year, sales volumes are off 71% from sales in Feb. 2016 (pre foreign buyer tax).


The increase in...

Read More

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
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 SupplyNov 2016Nov 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             2942%      36%
$5M-$10M
11             16
  16%      20%   
>$10M3             24%          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