June 2020 Westside Market Update

Posted on Jun 03, 2020

I hope you and your family are continuing to stay safe and healthy and adjusting to the gradual relaxing of restrictions.

The supply of westside detached homes in May was 450, down slightly from 447 month in April and down 38% compared to 727 last year in May 2019. 
 
Westside detached home sales this May increased 40% from April (52 vs 37) and were 3...

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May 2020 Westside Market Update

Posted on May 06, 2020 in Market Update

I hope you and your family are continuing to stay safe and healthy and adjusting to the gradual relaxing of restrictions.

The supply of westside detached homes in April was 447, down 8% from 486 last month in March and down 39% compared to 737 last year in April 2019. 
 
Westside detached home sales this April decreased 65% from March (37 vs 106) and...

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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

Albert Van Santvoort Business in Vancouver
April 7, 2020





real estatePhoto Dan Toulgoet
As COVID-19 makes its way around the globe, it is also bulldozing its way throug...

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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...

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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
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