"Our greatest weakness lies in giving up.” -  Thomas A. Edison 

 

Attached are the Sales and Listings Stats updated to the end of June 2018. As is typically the case, June sales volumes were less than that of May as consumers’ attentions shift towards graduations and summer vacations. The total number of homes sold in June is below the 10 year average, as we’ve seen in 2018 so far but on the inventory side the amount of new listings coming on market in June was below the ten year average. So while one would expect a rapid rise in active listings in a slower market, that’s not been the case to any great degree, and less so in June.

 

There were 2,467 homes sold of all types in Greater Vancouver in June this year compared with 3,953 sales in June last year and 4,502 homes sold in June 2016. This was 29 per cent below the 10 year average for June and the lowest amount of sales in June since 2012. The first six months of 2018 saw 14,626 homes sold in Greater Vancouver, the lowest amount for the first half of the year since 2013, and just above the amount for 2012 at 15,230. The 10 year average for the first 6 months of the year is 17,976. So clearly, the market is underperforming, to no one’s surprise. There were 771 Detached Houses sold in June 2018 down from 936 (down 18 per cent) in May in Greater Vancouver, but down from 1,372 in June 2017. For townhouses there were 419 sales in June 2018 compared to 476 in May (down 12 per cent) and for condos there were 1,240 sales, a decrease in sales in June 2018 compared to 1,431 in May (down 13 per cent).

 

As for supply in the market, there was a decrease in the amount of new listings in June compared to last month. There were 5,433 new listings in June in Greater Vancouver, down 8 per cent from June last year and down 10 per cent from June 2016. The amount of new listings in June 2018 were 4.5 per cent below the 10 year average for June. Active Listings are at 12,652 for month end (up 37.5 per cent compared to June 2017). While the rise of active listings continued in June, the rate of growth slowed and that is likely to continue into July and August. So while we may see a summer of discontent, it could lead to a fall of new beginnings as pent up demand reengages to take advantage of perceived increases in inventory levels and slowness in the market. But while the inventories are higher, the growth has been to a greater degree in the higher end of the market and a larger number of land assembly properties that are a fast growing trend in the market. So for the average and lower end buyer, there hasn’t been as much of an increase in supply as they would like or as is needed.

 

What needs to be looked at is to compare the sales and listings statistics to the growth in housing stock and population in Greater Vancouver. Comparing numbers over the last 20 years may well show the performance against those years, but with an increased housing stock there should be more product coming to market and should be a greater degree of selling activity. But there is a lack of supply keeping both at bay. More to come on this.

 

“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, Real Estate Board of Greater Vancouver president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today. With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”

 

 

East of the Fraser River, the Fraser Valley Real Estate Board processed 1,452 sales of all property types on its Multiple Listing Service® in May, a decrease of 43.5 per cent compared to 2,571 sales in June of last year, and a 17.4 per cent decrease compared to the 1,758 sales in May 2018. Of the 1,452 sales processed last month 364 were townhouses and 392 were apartments, together representing 52 per cent of all transactions in June. Active inventory for the Fraser Valley finished at 7,141, increasing 6 per cent month-over-month and 30.1 per cent when compared to June 2017. “Demand is shifting back towards typical levels for our region, and market activity is reflecting that,” said John Barbisan, Board President. “This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape. One thing that isn’t changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement.”

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in June 2018 was 2,467 – down from 2,890 (15%) in May 2018, down from 3,953 (38%) in June 2017, down from 4,502 (45%) in June 2016; Active Listings are at 12,652 compared to 9,198 (up 38%) at this time last year; New Listings in June 2018 were down 8% compared to June 2017 and down 10% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 45% compared to 67% in June 2017.

 

Vancouver Westside Residential: Total Units Sold in June 2018 was 458 – down from 504 (9%) in May 2018, down from 644 (29%) in June 2017, down from 816 (44%) in June 2016; Active Listings are at 2,346 compared to 1,544 (up 52%) at this time last year; New Listings in June 2018 were down 11% compared to June 2017 and down 14% compared to June 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 47% compared to 59% in June 2017.

 

Vancouver Eastside Residential: Total Units Sold in June 2018 was 282 – down from 364 (23%) in May 2018, down from 451 (37%) in June 2017, down from 407 (30%) in June 2016; Active Listings are at 1,375 compared to 1,119 (up 23%) at this time last year; New Listings in June 2018 were down 3% compared to June 2017 and up 5% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 45% compared to 71% in June 2017.

 

North Vancouver Residential Total Units Sold in June 2018 was 199 – down from 238 (16%) in May 2018, down from 298 (33%) in June 2017, down from 346 (42%) in June 2016; Active Listings are at 800 compared to 510 (up 57%) at this time last year; New Listings in June 2018 were down 3% compared to June 2017 and down 5% compared to June 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 48% compared to 70% in June 2017.

 

West Vancouver Houses: Total Units Sold in June 2018 was 54 – down from 63 (14%) in May 2018, down from 92 (41%) in June 2017, down from 109 (51%) in June 2016; Active Listings are at 784 compared to 578 (up 36%) at this time last year; New Listings in June 2018 were up 3% compared to June 2017 and up 8% compared to June 2016; Month’s Supply of Total Residential Listings is up to 15 Month’s Supply (Extreme Buyer’s Market for Detached and Balanced for Attached) and a Sales to Listings Ratio of 23% compared to 40% in June 2017.

 

Richmond Residential: Total Units Sold in June 2018 was 308 – down from 356 (13%) in May 2018, down from 563 (37%) in June 2017, down from 637 (52%) in June 2016; Active Listings are at 1,787 compared to 1,294 (up 38%) at this time last year; New Listings in June 2018 were down 18% compared to June 2017 and down 19% compared to June 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 44% compared to 58% in June 2017.

 

Burnaby East: Total Units Sold in June 2018 was 26 – down from 29 (10%) in May 2018, down from 36 (28%) in June 2017, down from 46 (43%) in June 2016; Active Listings are at 143 compared to 91 (up 57%) at this time last year; New Listings in June 2018 were flat to June 2017 and down 34% compared to June 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 52% compared to 72% in June 2017.

 

Burnaby North: Total Units Sold in June 2018 was 2,467 – down from 2,890 (15%) in May 2018, down from 3,953 (38%) in June 2017, down from 4,502 (45%) in June 2016; Active Listings are at 12,652 compared to 9,198 (up 38%) at this time last year; New Listings in June 2018 were down 8% compared to June 2017 and down 10% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 45% compared to 67% in June 2017.

 

Burnaby South: Total Units Sold in June 2018 was 121 – down from 127 (5%) in May 2018, down from 207 (42%) in June 2017, down from 248 (51%) in June 2016; Active Listings are at 576 compared to 437 (up 32%) at this time last year; New Listings in June 2018 were down 21% compared to June 2017 and down 25% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 49% compared to 66% in June 2017.

 

New Westminster: Total Units Sold in June 2018 was 141 – up from 132 (7%) in May 2018, down from 196 (28%) in June 2017, down from 191 (26%) in June 2016; Active Listings are at 370 compared to 249 (up 49%) at this time last year; New Listings in June 2018 were down 5% compared to June 2017 and up 11% compared to June 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 61% compared to 80% in June 2017.

 

Coquitlam: Total Units Sold in June 2018 was 178 – down from 200 (11%) in May 2018, down from 323 (45%) in June 2017, down from 375 (53%) in June 2016; Active Listings are at 888 compared to 563 (up 57%) at this time last year; New Listings in June 2018 were down 6% compared to June 2017 and down 14% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 67% in June 2017.

 

Port Moody: Total Units Sold in June 2018 was 48 – down from 64 (25%) in May 2018, down from 90 (47%) in June 2017, down from 101 (52%) in June 2016; Active Listings are at 219 compared to 149 (up 53%) at this time last year; New Listings in June 2018 were up 2% compared to June 2017 and up 5% compared to June 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 40% compared to 76% in June 2017.

 

Port Coquitlam: Total Units Sold in June 2018 was 108 – up from 104 (5%) in May 2018, down from 177 (39%) in June 2017, down from 155 (30%) in June 2016; Active Listings are at 292 compared to 174 (up 68%) at this time last year; New Listings in June 2018 were up 9% compared to June 2017 and up 9% compared to June 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 50% compared to 90% in June 2017.

 

Ladner: Total Units Sold in June 2018 was 38 – up from 36 (1%) in May 2018, down from 45 (15%) in June 2017, down from 57 (33%) in June 2016; Active Listings are at 171 compared to 139 (up 23%) at this time last year; New Listings in June 2018 were up 18% compared to June 2017 and up 77% compared to June 2016; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 54% compared to 75% in June 2017.

 

Tsawwassen: Total Units Sold in June 2018 was 42 – down from 35 (20%) in May 2018, down from 54 (23%) in June 2017, down from 55 (24%) in June 2016; Active Listings are at 252 compared to 185 (up 36%) at this time last year; New Listings in June 2018 were down 15% compared to June 2017 and down 14% compared to June 2016; Month’s Supply of Total Residential Listings is down to 6 Month’s Supply (Balanced to Buyer’s Market with Attached still showing some signs of multiple offers) and a Sales to Listings Ratio of 60% compared to 66% in June 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker