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20 Apr

Greater Vancouver Home Sales and Listings Market Report

General

Posted by: Robyn McLean

Always great insight from Kevin Skipworth from Dexter & Associates.  

“Never lose hope. Storms make people stronger and never last forever.”

Roy T. Bennet

Sales and listings stats are attached as of April 15, 2021. While the beat carries on, the tune is a little different this month. Perhaps the volume has come down a little on Greater Vancouver’s real estate market. Given marginal increases in interest rates, significant increases in COVID-19 cases and more restrictions imposed, it shouldn’t be a surprise to see attention drawn away from how high to offer while in competition for a home. And listings continue to come on market in abundance, finally adding to the active listing count which is up to 10,301 from when we had 9,467 at mid-month in March.

So far there have been 4,078 new listings in Greater Vancouver – while slightly off the pace of March at mid-month, it will likely be over 8,000 for a second month in a row and only the second time on record. So, while there are more properties available, where that growth has occurred confirms the multifamily strata market continues to pick up steam this month – in some areas, but not all. And mostly in the townhouse segment of the market.

Active listings for detached houses have grown by 19% in the last 30 days while attached listings (townhouses and condos) are down 1% in the last 30 days. Active listings for detached houses in Vancouver’s East Side are up 28%; while active listings for attached properties are up 2%. In Vancouver’s West Side, the number of active listings for detached houses is up 26% while the number of attached active listings is up 3.5%. Total detached homes in Whistler are down 21% in the last 30 days though as there continues to be a push for space and less density. Looking at the absorption of new listings so far in April, the sales to listings ratio for detached houses is at 50% while at 69% for townhouses and 68% for apartments. New listings for the latter two are being consumed quicker.

So far there have been 2,402 properties sold in Greater Vancouver in April, which similarly to the pace of new listings, is off from the mid-point of March when there were 2,663 properties sold at that time last month. Will we reach over 5,000 for the second month in a row? If all things are equal to the first two weeks of the month, we’ll need a strong push to get there. But there has been nothing usual about real estate during this last year, so stay tuned. Even if we don’t reach 5,000 sales, it still may be a record for the total number of sales and new listings in the month of April. With more listings that could fuel more sales – as demand continues to be strong. With a potential increase to the qualifying rate for mortgages i.e. the stress test, buyers may be on the hunt to purchase before this change potentially comes into place on June 1st.

Some notable numbers so far in February: North Vancouver sales so far in April are keeping pace with March but more so because of townhouses and apartments which are on pace to be ahead of March sales, Port Moody townhouses and condos are on pace to exceed total sales in March and so far, the sales to listings ratio for apartments in Port Moody are at 100% – a more affordable product being taken up by strong demand. The number of new listings in Ladner and Tsawwassen are on pace to be significantly less compared to March – once again starving an already significantly undersupplied market.

Here’s a summary of the numbers:

Greater Vancouver – 2,402 units sold at mid-month in April 2021 compared to 2,663 units sold at mid-month in March 2021, 564 sold at mid-month in April 2020 and 856 sold at mid-month in April 2019. Total new listings so far in April are 4,078 compared to 4,267 at this point in March 2021 and 1,105 at this point in April 2020. Total active listings are at 10,301 compared to 10,027 at this time last year and 9,467 at mid-month in March 2021. Sales to listings ratio is at 59% compared to 62% at March 15, 2021.

Vancouver West – 369 units sold at mid-month in April 2021 compared to 394 units sold at mid-month in March 2021, 96 sold at mid-month in April 2020 and 154 sold at mid-month in April 2019. Total new listings so far in April are 767 compared to 736 at this point in March 2021 and 196 at this point in April 2020. Total active listings are at 2,273 compared to 1,726 at this time last year and 2,059 at mid-month in March 2021. Sales to listings ratio is at 48% compared to 49% at March 15, 2021.

Vancouver East – 263 units sold at mid-month in April 2021 compared to 304 units sold at mid-month in March 2021, 58 sold at mid-month in April 2020 and 94 sold at mid-month in April 2019. Total new listings so far in April are 537 compared to 500 at this point in March 2021 and 124 at this point in April 2020. Total active listings are at 1,174 compared to 830 at this time last year and 981 at mid-month in March 2021. Sales to listings ratio is at 49% compared to 61% at March 15, 2021.

North Vancouver – 232 units sold at mid-month in April 2021 compared to 205 units sold at mid-month in March 2021, 48 sold at mid-month in April 2020 and 71 sold at mid-month in April 2019. Total new listings so far in April are 338 compared to 356 at this point in March 2021 and 89 at this point in April 2020. Total active listings are at 610 compared to 622 at this time last year and 547 at mid-month in March 2021. Sales to listings ratio is at 69% compared to 58% at March 15, 2021.

West Vancouver – 54 units sold at mid-month in April 2021 compared to 70 units sold at mid-month in March 2021, 13 sold at mid-month in April 2020 and 27 sold at mid-month in April 2019. Total new listings so far in April are 147 compared to 153 at this point in March 2021 and 43 at this point in April 2020. Total active listings are at 528 compared to 573 at this time last year and 480 at mid-month in March 2021. Sales to listings ratio is at 37% compared to 46% at March 15, 2021.

Richmond – 318 units sold at mid-month in April 2021 compared to 359 units sold at mid-month in March 2021, 78 sold at mid-month in April 2020 and 80 sold at mid-month in April 2019. Total new listings so far in April are 513 compared to 555 at this point in March 2021 and 109 at this point in April 2020. Total active listings are at 1,490 compared to 1,380 at this time last year and 1,402 at mid-month in March 2021. Sales to listings ratio is at 62% compared to 65% at March 15, 2021.

Burnaby East – 26 units sold at mid-month in April 2021 compared to 32 units sold at mid-month in March 2021, 7 sold at mid-month in April 2020 and 10 sold at mid-month in April 2019. Total new listings so far in April are 53 compared to 62 at this point in March 2021 and 16 at this point in April 2020. Total active listings are at 118 compared to 99 at this time last year and 103 at mid-month in March 2021. Sales to listings ratio is at 49% compared to 52% at March 15, 2021.

Burnaby North – 146 units sold at mid-month in April 2021 compared to 150 units sold at mid-month in March 2021, 18 sold at mid-month in April 2020 and 37 sold at mid-month in April 2019. Total new listings so far in April are 255 compared to 235 at this point in March 2021 and 56 at this point in April 2020. Total active listings are at 518 compared to 386 at this time last year and 483 at mid-month in March 2021. Sales to listings ratio is at 57% compared to 64% at March 15, 2021.

Burnaby South – 126 units sold at mid-month in April 2021 compared to 158 units sold at mid-month in March 2021, 29 sold at mid-month in April 2020 and 33 sold at mid-month in April 2019. Total new listings so far in April are 221 compared to 232 at this point in March 2021 and 48 at this point in April 2020. Total active listings are at 597 compared to 457 at this time last year and 541 at mid-month in March 2021. Sales to listings ratio is at 57% compared to 68% at March 15, 2021.

New Westminster – 102 units sold at mid-month in April 2021 compared to 113 units sold at mid-month in March 2021, 37 sold at mid-month in April 2020 and 56 sold at mid-month in April 2019. Total new listings so far in April are 153 compared to 171 at this point in March 2021 and 45 at this point in April 2020. Total active listings are at 353 compared to 336 at this time last year and 348 at mid-month in March 2021. Sales to listings ratio is at 67% compared to 66% at March 15, 2021.

Coquitlam – 159 units sold at mid-month in April 2021 compared to 207 units sold at mid-month in March 2021, 46 sold at mid-month in April 2020 and 77 sold at mid-month in April 2019. Total new listings so far in April are 307 compared to 335 at this point in March 2021 and 93 at this point in April 2020. Total active listings are at 653 compared to 696 at this time last year and 597 at mid-month in March 2021. Sales to listings ratio is at 52% compared to 62% at March 15, 2021.

Port Moody – 71 units sold at mid-month in April 2021 compared to 71 units sold at mid-month in March 2021, 10 sold at mid-month in April 2020 and 25 sold at mid-month in April 2019. Total new listings so far in April are 87 compared to 102 at this point in March 2021 and 28 at this point in April 2020. Total active listings are at 165 compared to 199 at this time last year and 149 at mid-month in March 2021. Sales to listings ratio is at 82% compared to 70% at March 15, 2021.

Port Coquitlam – 83 units sold at mid-month in April 2021 compared to 90 units sold at mid-month in March 2021, 22 sold at mid-month in April 2020 and 31 sold at mid-month in April 2019. Total new listings so far in April are 232 compared to 155 at this point in March 2021 and 37 at this point in April 2020. Total active listings are at 232 compared to 189 at this time last year and 195 at mid-month in March 2021. Sales to listings ratio is at 61% compared to 58% at March 15, 2021.

Ladner – 39 units sold at mid-month in April 2021 compared to 53 units sold at mid-month in March 2021, 6 sold at mid-month in April 2020 and 15 sold at mid-month in April 2019. Total new listings so far in April are 46 compared to 63 at this point in March 2021 and 17 at this point in April 2020. Total active listings are at 115 compared to 171 at this time last year and 101 at mid-month in March 2021. Sales to listings ratio is at 85% compared to 84% at March 15, 2021.

Tsawwassen – 39 units sold at mid-month in April 2021 compared to 49 units sold at mid-month in March 2021, 14 sold at mid-month in April 2020 and 9 sold at mid-month in April 2019. Total new listings so far in April are 62 compared to 62 at this point in March 2021 and 20 at this point in April 2020. Total active listings are at 177 compared to 210 at this time last year and 159 at mid-month in March 2021. Sales to listings ratio is at 63% compared to 79% at March 15, 2021.