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Lots of information and as always, fabulous insight from Kevin Skipworth, Partner/Broker and Chief Economist from Dexter Realty. 

“Courage doesn’t always roar. Sometimes courage is the quiet voice at the end of the day saying ‘I will tray again tomorrow’.”
Mary Anne Radmacher

It’s More Like Cooling Off Supply Will Happen With More Government Measures

Real estate statistics and opinions on the market mean little at a time like this while so many are suffering due to the catastrophic rains and floods experienced in British Columbia this past weekend. During events like this, take the time to help those in need, provide support where possible and understand how many are having absolutely heart-breaking days. In the coming days and weeks, there will be ways to help or provide for those that need us, I encourage you to do what you can.

In looking at the real estate market, at the start of September active listings in Greater Vancouver were at 9,239 and by mid-October that had dropped slightly to 9,161. We are now at 8,125 total active listings. The lowest we’ve seen at this time of year was in 2003 when there were 8,700 active listings in November. So not only is the supply of homes for sale showing no signs of growth it is decreasing, and quite dramatically. The question is: where will it be when we start 2022.

There continues to be a hesitation for sellers to come on the market as finding the next home when you sell continues to be the bigger challenge. And while there are options of renting back the home you sell or longer completion dates, those options are few and far between. Those looking for detached homes don’t have the luxury of more product coming from developers. This is and will continue to be a dwindling stock. Townhouses are not much better. Too few and far between, and for what is available, it is a race to see who can find it first. Even in Tsawwassen, a release of 34 presale apartments were all under contract within a morning last weekend. Real estate in Metro Vancouver isn’t like the Field of Dreams where it was “If you build it they will come” more so it is “we need to build it, they are here.”

So far in November there have been 1,582 properties sold in Greater Vancouver, compared with 1,767 at the mid-point of October and slightly up from 1,505 at mid-month last November. Pretty remarkable considering there were 12,482 active listings in the market at this time last year. Demand is proving to continue to be strong despite less and less being available for buyers to search for. Areas with dwindling inventories are starting to see the effects of less sales as buyers simply cannot find enough to purchase. Areas such as Vancouver East, Richmond, and more so Burnaby, New Westminster, Coquitlam and beyond to the east. In Pitt Meadows there are on 34 active listings available for sale – that for a population of over 18,000 people. It’s not any better in Port Coquitlam that has a population of over 58,000 people and only 123 active listings currently. As more people join these communities, where are they going to live?

New listings so far in November are at 2,142 which is down from the 2,231 at the mid-point of October and down from 2,211 at the mid-point of November last year. And while demand continues to be a strong, the supply of listings in the market will continue to dwindle. At least for those wanting to come on the market now, you know you’ll have an engaged audience of buyers competing for your home.

In order to “help” buyers in British Columbia’s real estate landscape, the provincial government announced a cooling off period for all real estate sales to be legislated in 2022. While the details of this cooling off period were not given, it will be difficult to see how this will help. Essentially what it will do is make every offer about price first and foremost as it will allow a buyer to submit an offer and have a period of time to simply walk away from the accepted offer. There won’t be a need to perform due diligence ahead of time and provide a competitive offer based on that. And while there were some details released that there may be some kind of penalty if a buyer walks away during the cooling off period, this kind of legislation puts the advantage in the buyer’s favour. This will not increase supply; in fact, it will likely choke it as more properties will be under contract with less clarity as to whether the transaction will move forward. And what if a buyer takes advantage of this and enters into multiple accepted offers so they can decide which one they want to move forward on and walk away from the others? Or decides at the last minute to try and renegotiate the price as an enticement to the seller to not see the buyer walk away. This leaves more questions than answers. Such as whether this legislation will apply to transactions not done by licensed individuals. Will private transactions require a cooling off period, and if not, will that lead sellers and buyers avoiding the protections of regulated real estate transactions and the security that affords them so they can offer without conditions. Input will be needed by all parties and consumers to ensure this reflects the needs of everyone.

Here’s a summary of the numbers:Greater Vancouver

1,582 units sold at mid-month in November 2021, compared to:
1,767 at mid-month in October 2021
1,477 at mid-month in September 2021
1,393 at mid-month in August 2021
1,505 sold at mid-month in November 2020.
2,142 new listings so far in November compared to:
2,231 at mid-month in October 2021
2,897 at mid-month in September 2021,
1,967 at this point in August 2021
2,211 at this point in November 2020

Total active listings are at 8,125 compared to 9,161 at mid-month in October 2021, and 12,482 at mid-month in November 2020.

Sales to listings ratio is at 74% compared to 79% at October 15, 2021 and 68% at mid-month in November 2020.

Vancouver West

312 units sold at mid-month in November 2021, compared to:
295 at mid-month in October 2021
254 at mid-month in September 2021
246 at mid-month in August 2021
209 sold at mid-month in November 2020.
480 new listings so far in November compared to:
534 at mid-month in October 2021
730 at mid-month in September 2021,
453 at this point in August 2021
431 at this point in November 2020

Total active listings are at 2,323 compared to 2,498 at mid-month in October 2021 and 2,731 at mid-month in November 2020

Sales to listings ratio is at 65% compared to 55% at October 15, 2021 and 48% at mid-month in November 2020.

Vancouver East

150 units sold at mid-month in November 2021, compared to:
204 at mid-month in October 2021
162 at mid-month in September 2021
135 at mid-month in August 2021
161 sold at mid-month in November 2020.
279 new listings so far in November compared to:
255 at mid-month in October 2021
361 at mid-month in September 2021,
226 at this point in August 2021
265 at this point in November 2020

Total active listings are at 988 compared to 1,043 at mid-month in October 2021, and 1,341 at mid-month in November 2020.

Sales to listings ratio is at 54% compared to 80% at October 15, 2021 and 61% at mid-month in November 2020.

North Vancouver

124 units sold at mid-month in November 2021, compared to:
118 at mid-month in October 2021
87 at mid-month in September 2021
98 at mid-month in August 2021
120 sold at mid-month in November 2020.
149 new listings so far in November compared to:
160 at mid-month in October 2021
203 at mid-month in September 2021,
119 at this point in August 2021
188 at this point in November 2020

Total active listings are at 421 compared to 487 at mid-month in October 2021, and 781 at mid-month in November 2020.

Sales to listings ratio is at 77% compared to 74% at October 15, 2021 and 64% at mid-month in November 2020.

West Vancouver

42 units sold at mid-month in November 2021, compared to:
49 at mid-month in October 2021
33 at mid-month in September 2021
25 at mid-month in August 2021
46 sold at mid-month in November 2020.
59 new listings so far in November compared to:
87 at mid-month in October 2021
115 at mid-month in September 2021,
61 at this point in August 2021
64 at this point in November 2020

Total active listings are at 470 compared to 529 at mid-month in October 2021, and 601 at mid-month in November 2020.

Sales to listings ratio is at 71% compared to 56% at October 15, 2021 and 72% at mid-month in November 2020.

Richmond

213 units sold at mid-month in November 2021, compared to:
234 at mid-month in October 2021
203 at mid-month in September 2021
191 at mid-month in August 2021
163 sold at mid-month in November 2020.
266 new listings so far in November compared to:
284 at mid-month in October 2021
317 at mid-month in September 2021,
247 at this point in August 2021
273 at this point in November 2020

Total active listings are at 1,081 compared to 1,252 at mid-month in October 2021, and 1,674 at mid-month in November 2020.

Sales to listings ratio is at 80% compared to 82% at October 15, 2021 and 60% at mid-month in November 2020.

Burnaby East

15 units sold at mid-month in November 2021, compared to:
23 at mid-month in October 2021
22 at mid-month in September 2021
14 at mid-month in August 2021
20 sold at mid-month in November 2020.
20 new listings so far in November compared to:
70 at mid-month in October 2021
27 at mid-month in September 2021,
26 at this point in August 2021
14 at this point in November 2020

Total active listings are at 51 compared to 70 at mid-month in October 2021, and 106 at mid-month in November 2020.

Sales to listings ratio is at 75% compared to 110% at October 15, 2021 and 143% at mid-month in November 2020.

Burnaby North

86 units sold at mid-month in November 2021, compared to:
87 at mid-month in October 2021
72 at mid-month in September 2021
78 at mid-month in August 2021
73 sold at mid-month in November 2020.
117 new listings so far in November compared to:
102 at mid-month in October 2021
167 at mid-month in September 2021,
127 at this point in August 2021
131 at this point in November 2020

Total active listings are at 338 compared to 419 at mid-month in October 2021, and 607 at mid-month in November 2020.

Sales to listings ratio is at 74% compared to 85% at October 15, 2021 and 56% at mid-month in November 2020.

Burnaby South

102 units sold at mid-month in November 2021, compared to:
103 at mid-month in October 2021
106 at mid-month in September 2021
84 at mid-month in August 2021
71 sold at mid-month in November 2020.
122 new listings so far in November compared to:
126 at mid-month in October 2021
154 at mid-month in September 2021,
148 at this point in August 2021
107 at this point in November 2020

Total active listings are at 400 compared to 506 at mid-month in October 2021, and 717 at mid-month in November 2020.

Sales to listings ratio is at 84% compared to 82% at October 15, 2021 and 66% at mid-month in November 2020.

New Westminster

89 units sold at mid-month in November 2021, compared to:
90 at mid-month in October 2021
56 at mid-month in September 2021
64 at mid-month in August 2021
72 sold at mid-month in November 2020.
106 new listings so far in November compared to:
86 at mid-month in October 2021
123 at mid-month in September 2021,
149 at this point in August 2021
87 at this point in November 2020

Total active listings are at 286 compared to 318 at mid-month in October 2021, and 496 at mid-month in November 2020.

Sales to listings ratio is at 84% compared to 105% at October 15, 2021 and 83% at mid-month in November 2020.

Coquitlam

133 units sold at mid-month in November 2021, compared to:
162 at mid-month in October 2021
117 at mid-month in September 2021
140 at mid-month in August 2021
113 sold at mid-month in November 2020.
167 new listings so far in November compared to:
151 at mid-month in October 2021
189 at mid-month in September 2021,
149 at this point in August 2021
193 at this point in November 2020

Total active listings are at 420 compared to 493 at mid-month in October 2021, and 833 at mid-month in

November 2020.
Sales to listings ratio is at 80% compared to 107% at October 15, 2021 and 59% at mid-month in November 2020.

Port Moody

28 units sold at mid-month in November 2021, compared to:
36 at mid-month in October 2021
36 at mid-month in September 2021
29 at mid-month in August 2021
40 sold at mid-month in November 2020.
39 new listings so far in November compared to:
39 at mid-month in October 2021
57 at mid-month in September 2021,
36 at this point in August 2021
43 at this point in November 2020

Total active listings are at 131 compared to 144 at mid-month in October 2021, and 234 at mid-month in November 2020.

Sales to listings ratio is at 72% compared to 92% at October 15, 2021 and 93% at mid-month in November 2020.

Port Coquitlam

39 units sold at mid-month in November 2021, compared to:
58 at mid-month in October 2021
43 at mid-month in September 2021
48 at mid-month in August 2021
54 sold at mid-month in November 2020.
54 new listings so far in November compared to:
68 at mid-month in October 2021
76 at mid-month in September 2021,
45 at this point in August 2021
43 at this point in November 2020

Total active listings are at 123 compared to 152 at mid-month in October 2021, and 224 at mid-month in November 2020.

Sales to listings ratio is at 72% compared to 85% at October 15, 2021 and 93% at mid-month in November 2020.

Ladner

17 units sold at mid-month in November 2021, compared to:
14 at mid-month in October 2021
14 at mid-month in September 2021
14 at mid-month in August 2021
19 sold at mid-month in November 2020.
19 new listings so far in November compared to:
24 at mid-month in October 2021
23 at mid-month in September 2021,
16 at this point in August 2021
19 at this point in November 2020

Total active listings are at 55 compared to 66 at mid-month in October 2021, and 104 at mid-month in

November 2020.
Sales to listings ratio is at 89% compared to 58% at October 15, 2021 and 100% at mid-month in November 2020.

Tsawwassen

22 units sold at mid-month in November 2021, compared to:
31 at mid-month in October 2021
28 at mid-month in September 2021
28 at mid-month in August 2021
31 sold at mid-month in November 2020.
27 new listings so far in November compared to:
39 at mid-month in October 2021
39 at mid-month in September 2021,
28 at this point in August 2021
47 at this point in November 2020

Total active listings are at 115 compared to 133 at mid-month in October 2021, and 268 at mid-month in November 2020.

Sales to listings ratio is at 81% compared to 79% at October 15, 2021 and 66% at mid-month in November 2020.