Kevin Banno - PREC* Dexter Associates Realty Yaletown

Cell 604-300-3165 | EMAIL kevin@kevinbanno.com |

 

Reluctance amongst Metro Vancouver home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.  Last month’s sales were 7.7 per cent below the 10-year February sales average.  “February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.  This is the lowest number of new listings registered in February since 2003.  The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).


The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.


Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.  Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.


Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

Post CommentComments: 0Read Full Story

Sales and listings stats are attached as of November 24, 2016. Steady as she blows, pretty much the theme of the last 3 months and continuing this month. Sales in those 3 months have averaged 2,380 homes sold in Greater Vancouver. November is likely to finish at around 2,200 sales for the month. Total number of Active Listings continues to be on the decline, currently sitting at 9,344 units. Both East Vancouver and West Vancouver – two of the areas that have showed a greater decline in sales, are likely to achieve more sales in November than in October. Similarly with Detached Houses on the West Side of Vancouver. Sales will be down from last year but we are still seeing multiple offers with some properties.

Here is a summary of the activity so far:

 

Greater Vancouver –1,625 Units Sold so far in November 2016. Total New Listings so far in September are 2,527. Total Active Listings are at 9,344 (down from 9,826 at the end of October 2016), Sales To Listings Ratio is at 64% compared to 56% at the end of October 2016.

 

Vancouver West - 295 Units Sold so far in November 2016. Total New Listings so far in September are 456. Total Active Listings are at 1,545 (down from 1,652 at the end of October 2016), Sales To Listings Ratio is at 65% compared to 54% at the end of October 2016.

 

Vancouver East – 183 Units Sold so far in November 2016. Total New Listings so far in September are 323. Total Active Listings are at 1,030 (down from 1,047 at the end of October 2016), Sales To Listings Ratio is at 57% compared to 40% at the end of October 2016.

 

North Vancouver – 120 Units Sold so far in November 2016. Total New Listings so far in September are 174. Total Active Listings are at 520 (down from 551 at the end of October 2016), Sales To Listings Ratio is at 69% compared to 54% at the end of October 2016.

 

West Vancouver – 32 Units Sold so far in November 2016. Total New Listings so far in September are 86. Total Active Listings are at 484 (down from 516 at the end of October 2016), Sales To Listings Ratio is at 37% compared to 25% at the end of October 2016.

Richmond – 179 Units Sold so far in November 2016. Total New Listings so far in September are 340. Total Active Listings are at 1,328 (down from 1,370 at the end of October 2016), Sales To Listings Ratio is at 53 compared to 57% at the end of October 2016.

 

Post CommentComments: 0Read Full Story

The sky isn’t falling, the beginning of the end isn’t upon us, nor is this the end of the world as we know it… The market is showing signs of what markets do, they adjust. So while there were 2,554 units sold in August, the average going back to 1989 for the month of August is actually 2,569. And with the market in the middle of an adjustment, the provincial government wanted to throw a little fertilizer on it as well… And sometimes when too much fertilizer is put on it causes a shock. With such a swift and sudden move, the impact on foreign buyers can be debated every which way, but what this did do was cause some local buyers and sellers in the market to sit back and want to see what was going to happen, especially buyers wanting to know exactly how this would affect their potential purchase. And most importantly, let’s not forget it is August, a time when the market is typically slower, well within the average for August.
 
There will be much discussion around pricing going forward. While it is too early to identify any effects with the change in sales activity, we have seen average prices decline in the past few months. Keep in mind though that average prices are simply a calculation – the total dollar volume of all sales divided by the number of units sold. Given that the detached market has shown a more significant decline then the strata market, this will account for less sales at higher dollar values. This will decrease the average price. It doesn’t necessarily mean that buyers are paying less for a particular home though. The focus has been more on the less expensive strata market, thus bringing down the average price.

I hope everyone has a great September, and as always please don't hesitate to contact me if you have any questions or comments!

Kevin Banno

Post CommentComments: 0Read Full Story

Sales and listings stats are attached as of March 14, 2016. The listings just ain’t a coming! So far March is on track with February sales, although with spring break upon us we could see that drop slightly. What’s apparent so far though is that the number of listings coming on market is on pace to be lower than February this year and March 2015. Demand and Supply are still very much at opposite ends of the spectrum. Here is a summary of the activity so far:

 

Greater Vancouver – 1,660 Units Sold so far in March 2016 compared to 1,649 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 2,187 compared to 6,168 total in March 2015. Total Active Listings are at 8,200. Sales To Listings Ratio is at 76% compared to 71% in February 2016.

 

Vancouver West - 318 Units Sold so far in March 2016 compared to 344 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 371 compared to 1,250 total in March 2015. Total Active Listings are at 1,396. Sales To Listings Ratio is at 86% compared to 71% in February 2016.

 

Vancouver East – 163 Units Sold so far in March 2016 compared to 139 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 200 compared to 523 total in March 2015. Total Active Listings are at 606. Sales To Listings Ratio is at 82% compared to 66% in February 2016.

 

North Vancouver – 132 Units Sold so far in March 2016 compared to 125 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 135 compared to 516 total in March 2015. Total Active Listings are at 378. Sales To Listings Ratio is at 98% compared to 71% in February 2016.

 

West Vancouver – 57 Units Sold so far in March 2016 compared to 66 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 87 compared to 300 total in March 2015. Total Active Listings are at 443. Sales To Listings Ratio is at 66% compared to 61% in February 2016.

 

Richmond – 208 Units Sold so far in March 2016 compared to 205 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 342 compared to 763 total in March 2015. Total Active Listings are at 1,184. Sales To Listings Ratio is at 61% compared to 70% in February 2016.

Post CommentComments: 0Read Full Story

Happy New Year! All the best for a successful 2016 ahead!

 

Attached are the end of December 2015 Sales and Listings Stats. And what a year it was! The true tale of the year statistically lies in Supply and Demand. Demand for real estate in Metro Vancouver was a pace not seen in 10 years and supply fell dramatically as less properties were listed and the strong demand bought up what was available. In Greater Vancouver there were 43,155 properties sold in 2015, the strongest year for sales on record, just eclipsing the previous high of 43,124 in 2005. With 33,693 properties sold in 2014, unit sales were up 28 per cent this year. Demand was consistent through the year while the number of properties listed declined as the year progressed. The result was a 39 per cent drop in Active Listings to start 2016 compared to the start of 2015. With 6,176 properties on market on market to start 2016, we are at record lows going back to the mid 80’s. Is it any wonder that we saw the price increases we did in 2015 with these kind of numbers? Most areas finished the year with 2 to 3 month’s supply of listings, with North Vancouver, Coquitlam and Tsawwassen finishing the year with 1 Month Supply of listings – meaning if there were no new listings, it would only take one month to completely sell out of all active listings!

 

While the detached market continued to lead price growth in 2015, the attached market experienced the strongest price growth in the last 7 to 8 years. Attached active listings are down 43% year over year compared to detached properties which were down 38%. Clearly the trend towards strata living is continuing to grow. For Greater Vancouver Detached Homes, the Benchmark Price is up 24.3% year over year, while Townhouses are up 13.6% and Apartments are up 14%.

 

What real factors impacted the property market this year? A review of some of the headlines shows that in January the Bank of Canada lowered the key interest rate – much to everyone’s surprise. This was repeated again in July with the government trying its best to avoid the “R” word – Recession. December saw the Bank of Canada hold the key interest rate at 0.5 per cent with the next announcement coming January 20, 2016 along with the government’s Monetary Policy Report. Most major banks see the rate remaining in check through 2016 and if the economy falters a further drop is not out of the question. Nationally we saw the price of oil dropping affecting markets in Alberta and Saskatchewan and with that sales levels falling in their real estate markets. The price of oil dropping significantly also had a major impact on Canada’s Economy. With stagnant rates and the drop in the price of oil, Canada’s Dollar fell against the U.S. Dollar. While this impact had nominal effects on U.S. buying trends in Metro Vancouver thus far, we’ll see what 2016 brings. Of course other types of foreign investment was very much the topic of pre and post-election discussions in Vancouver as affordability was on the lips of many concerned buyers. As of the start of 2016, government intervention much like accurate data on foreign purchasers remain hearsay. The bigger question remains, will city planners look at the supply side of the equation to tackle affordability.

 

So what might 2016 be like for the housing market in Metro Vancouver? One of the key factors which will affect the market is an economic fundamental – SUPPLY. Starting the year at the low levels we have and with demand remaining at an all-time high, without a significant increase in new listings the real estate will remain in Seller Market conditions. All indications are pointing to continued strength in the housing market but without increases in supply there could be a potential for continued pressure on prices and a stifling of buyers. Sellers want to sell and buyers want to buy, will the two come together in some kind of balance in 2016? Advantage Sellers to start! What can be said with certainty, Metro Vancouver has a finite amount of land available to develop. And what will be developed is multi-family homes. Single family homes will continue to decline in numbers – from 50 percent in 1991, to one third in 2011 and a projection of 10 per cent by 2040.

 

Here is a summary of the numbers:

 

Greater Vancouver: Total Units Sold in December 2015 was 2,905 – down from 3,603 in November 2015; up from 2,173 in December 2014 and 1,990 in December 2013. Total Active Listings are down 39% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 5 Months Supply at the end of 2014 and Sales to Listings Ratio was 140% in December 2015 compared to 112% in December 2014. Benchmark Price is up 18.9% since January 2015.

 

Vancouver Westside: Total Units Sold in December 2015 was 512 – down from 694 in November 2015; up from 415 in December 2014 and 393 in December 2013. Total Active Listings are down 42% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 141% in December 2015 compared to 112% in December 2014.  Benchmark Price is up 20.3% since January 2015.

 

Vancouver Eastside: Total Units Sold in December 2015 was 264 – down from 333 in November 2015; down from 266 in December 2014 and up from 236 in December 2013. Total Active Listings are down 49% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 3 Months Supply at the end of 2014 and Sales to Listings Ratio was 138% in December 2015 compared to 119% in December 2014. Benchmark Price is up 22.1% since January 2015.

 

North Vancouver: Total Units Sold in December 2015 was 210 – down from 274 in November 2015; up from 156 in December 2014 and 137 in December 2013. Total Active Listings are down 56% year over year, Month’s Supply of Total Residential Listings is at 1 Month (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 154% in December 2015 compared to 117% in December 2014. Benchmark Price is up 19.2% since January 2015.

 

West Vancouver: Total Units Sold in December 2015 was 86 – down from 108 in November 2015; up from 66 in December 2014 and 75 in December 2013. Total Active Listings are down 21% year over year, Month’s Supply of Total Residential Listings is at 4 Months (Seller’s Market) compared to 7 Months Supply at the end of 2014 and Sales to Listings Ratio was 110% in December 2015 compared to 94% in December 2014. Benchmark Price is up 28.7% since January 2015.

 

Richmond: Total Units Sold in December 2015 was 424 – down from 501 in November 2015; up from 302 in December 2014 and 249 in December 2013. Total Active Listings are down 36% year over year, Month’s Supply of Total Residential Listings is at 3 Months (Seller’s Market) compared to 6 Months Supply at the end of 2014 and Sales to Listings Ratio was 110% in December 2015 compared to 94% in December 2014. Benchmark Price is up 19.8% since January 2015.

 

Burnaby East: Total Units Sold in December 2015 was 35 – down from 49 in November 2015; up from 28 in December 2014 and 27 in December 2013. Total Active Listings are down 37% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 3 Months Supply at the end of 2014 and Sales to Listings Ratio was 206% in December 2015 compared to 122% in December 2014. Benchmark Price is up 17.3% since January 2015.

 

Burnaby North: Total Units Sold in December 2015 was 149 – down from 155 in November 2015; up from 122 in December 201 and 85 in December 2013. Total Active Listings are down 41% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 149% in December 2015 compared to 182% in December 2014. Benchmark Price is up 17.0% since January 2015.

 

Burnaby South: Total Units Sold in December 2015 was 203 – down from 227 in November 2015; up from 116 in December 2014 and 111 in December 2013. Total Active Listings are down 40% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 5 Months Supply at the end of 2014 and Sales to Listings Ratio was 165% in December 2015 compared to 130% in December 2014. Benchmark Price is up 14.7% since January 2015.

 

New Westminster: Total Units Sold in December 2015 was 103 – down from 161 in November 2015; up from 72 in December 2014 and 70 in December 2013. Total Active Listings are down 48% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 6 Months Supply at the end of 2014 and Sales to Listings Ratio was 178% in December 2015 compared to 78% in December 2014. Benchmark Price is up 14.8% since January 2015.

 

Coquitlam: Total Units Sold in December 2015 was 243 – down from 268 in November 2015; up from 166 in December 2014 and 152 in December 2013. Total Active Listings are down 40% year over year, Month’s Supply of Total Residential Listings is at 1 Month (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 147% in December 2015 compared to 108% in December 2014. Benchmark Price is up 19.3% since January 2015.

 

Port Moody: Total Units Sold in December 2015 was 51 – down from75 in November 2015; up from 42 in December 2014 and down from 55 in December 2013. Total Active Listings are down 44% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014 and Sales to Listings Ratio was 131% in December 2015 compared to 135% in December 2014. Benchmark Price is up 19.5% since January 2015.

 

Port Coquitlam: Total Units Sold in December 2015 was 98 – down from 117 in November 2015; up from 68 in December 2014 and 77 in December 2013. Total Active Listings are down 58% year over year, Month’s Supply of Total Residential Listings is at 1 Month (Extreme Seller’s Market) compared to 4 Months Supply at the end of 2014and Sales to Listings Ratio was 140% in December 2015 compared to 131% in December 2014. Benchmark Price is up 16.2% since January 2015.

 

Ladner: Total Units Sold in December 2015 was 22 – down from 26 in November 2015; down from 28 in December 2014 and up from 17 in December 2013. Total Active Listings are down 52% year over year, Month’s Supply of Total Residential Listings is at 2 Months (Extreme Seller’s Market) compared to 3 Months Supply at the end of 2014 and Sales to Listings Ratio was 116% in December 2015 compared to 140% in December 2014. Benchmark Price is up 23.5% since January 2015.

 

Tsawwassen: Total Units Sold in December 2015 was 50 – down from 52 in November 2015; up from 27 in December 2014 and 20 in December 2013. Total Active Listings are down 64% year over year, Month’s Supply of Total Residential Listings is at 1 Months (Extreme Seller’s Market) compared to 5 Months Supply at the end of 2014 and Sales to Listings Ratio was 161% in December 2015 compared to 117% in December 2014. Benchmark Price is up 25.8% since January 2015.

 

Have a great year ahead!

Post CommentComments: 0Read Full Story