Dear Stuart,

Supply in Metro Vancouver continued its upward trend in April, 29.7% above April 2024 and 47.6% above the 10 year seasonal average. Demand in April, on the other hand, was down 23.6% below April 2024 and is 28.2% below the 10 year seasonal average. These stats get a lot of press and are distinct from the west side market stats but we are facing similar trends here on the west side.

Westside detached home sales, when compared to the 10-year averages, are down by 53% for detached homes, down 11% for apartments and down by 13% for townhomes.

Compared to the 10-year average, supply is up 17% for Westside detached homes, while apartment supply is up 59%, and townhomes are up 83%.

We had 51 Westside Detached home sales in April, compared to 49 sales last month.

We had 324 Westside Apartment sales in April, compared to 292 sales last month.

We had 51 Westside Attached home sales in April, compared to 48 sales last month.

In April, the westside Detached Home average price was down 24% from the peak in August 2023.

The Attached home average price was down 12% from the peak in Dec 2024.

The Apartment average price was down 13% from the peak in January 2018.

The Sales to Active Listings ratio (SAL) is a key indicator of market balance and it serves the same purpose as months of supply (MOS) that I have been using to date. I am shifting to SAL because that is the stat used by the Real Estate Board to describe the market activity in Metro Vancouver. It helps determine whether the market favours Buyers or Sellers.

Generally, downward pressure on home prices occurs when the ratio dips below 12% for a period of time. Upward pressure on home prices occurs when the ratio surpasses 20% over several months. The range between 12% and 20% is considered a balanced market.

Market conditions are dynamic and can change rapidly due to various economic factors & the ratio can vary significantly depending on the property type.

Currently the SAL for Westside detached is 7%, attached is 11% and apartments is 16%.

Increasing inventory levels and lower demand has been softening prices. The uncertainty in the world economy has been dampening the positive effect of the declining interest rates and while more sellers are coming into the market the buyers are still sitting on their hands. Economic uncertainty is still clouding the waters and reducing demand & prices.

There seems to be a high level of dissatisfaction with all levels of government and policies that ignore the wishes of the constituents in a “we know what is best for you” kind of governance. These policies include zoning encouraging highrise density and bylaws with punitive taxation for owners of multiple properties. One beneficial piece of legislation encourages owners to rent or sell properties rather than leaving them vacant which has resulted in more available accommodation and a revitalization of some neighbourhoods.

On the other hand policies banning foreign buyers has had a hugely chilling effect on the resale and development of expensive homes and is discouraging construction and investment in many new multifamily projects. Large developments are in planning and permit stages for years and banning the end users for these projects in mid stream is bankrupting some developers and is still not creating affordable housing for our young working professionals, firemen, police, teachers nurses and service industry workers.

Unique and well priced homes under $3M are still getting multiple offers. With the increases in supply there are buying opportunities and rates have been coming down.

February to June is prime time and strategic pricing will be key to achieving best results.

Thinking of Selling? Let’s Talk!

📞 Call me today to discuss your options and make the most of the upcoming selling season.

Happy Mother's Day!

Best regards

Stuart 💝 💐❤️

Detailed information on the Westside detached homes market in April. Here's a summary of the key points:

• Supply:
• In April, the supply of Westside detached homes was up 12% compared to March, with a total of 736 homes available, up from 659.
• This is an increase of 21% compared to April 2024 when there were 607 homes on the market.
• Demand:
• Sales of Westside detached homes in April were up 4% from March, with 51 homes sold.
• Sales were down 40% compared to April 2024, which had 85 sales.
• The number of sales remains 53% lower than the ten-year average of 108 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in April decreased by 7% from the previous month, with a current SAL of 6.9% compared to 7.4% in March.
• This represents a 50% decrease from April 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in April decreased 27% and median decreased 24% from August 2023's peak.
• The average price is $3.4494 million, and the median price is $3.2 million.
• Current prices are down 2% on average and down 3% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in April ranged from a low of $1.95 million to a high of $8.56 million. The most expensive property took 216 days to sell, while the least expensive sold in 77 days.
• Of the 51 homes sold, only 12 sold at or above their asking price, indicating a buyer's market.

These statistics provide a comprehensive overview of the Westside detached homes market in April shedding light on changes in supply, demand, pricing, and notable sale prices.

Detailed information on the Westside apartment market in April. Here's a summary of the key points:

• Supply:
• In April, the supply of Westside apartments was up 5% compared to March, with a total of 2,077 apartments available for sale.
• This number is up by 16% from April 2024.
• Demand:
• Demand for Westside apartments increased by 11% in April, with 324 sales compared to 292 sales in March.
• The number of sales in April was up 3% from the same month last year, which had 315 sales.
• Apartment sales are down 11% from the ten-year average of 364 sales.
• Sales to Active Listings (SAL):
• The SAL in April increased by 6% compared to March, to 16%.
• This is an decrease of 11% from the SAL of 18% in Arpil 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Prices:
• The average price of Westside apartments in April increased 3% from March, with the average price at $1039K
• It was up 6% from April 2024.
• The median price was up 2% to $852K and is up slightly% from April 2024.
• Average prices are down 13% below the peak of $1,199,000 in January 2018, and median prices are 4% below the peak of June 2024.

These statistics provide a comprehensive picture of the Westside apartment market in April, highlighting changes in supply, demand, pricing, and their respective trends over time.

Detailed information on the Westside townhouse market in April. Here's a summary of the key points:

• Supply:
• In April, the supply of Westside townhouses increased by 96% compared to March, with a total of 457 townhouses available for sale.
• The supply was up 31% from April 2024, which had 348 townhouses on the market.
• Demand:
• The demand for townhouses in April increased by 6%, with 51 sales.
• The number of sales in April decreased by 23% from the same month last year, which had 66 sales.
• Attached home sales are 13% below the ten-year average of 59 sales.
• Sales to Active Listings (SAL):
• With the increase in supply and demand, the current SAL for townhouses decreased by 3%, to 11.2%
• This is 41% lower than the SAL of 19% in April 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Prices:
• The average price of townhouses in April was $1.699 million, down 4% from March.
• It was down 10.5% from April 2024 when the average price was $1.85 million.
• The median price in April was $1.45 million, a 15% decrease from March ($1.695 million), and down 19% from April 2024.
• Average prices for townhouses are down 120% from its peak. Median prices down 22% from its peak. The average peak of $1.885 million in Dec 2024, and the median peak of $1.855 million in Dec 2024.

These statistics provide a comprehensive overview of the Westside townhouse market in April, indicating changes in supply, demand, pricing, and their respective trends over time.