Greetings!

The total home supply in Metro Vancouver in October is up 13.2% year over year and that is 35.9% above the 10 year seasonal average while sales were down 14.3% from October 2024 and that is down 14.5% below the 10 year seasonal average.

These Metro Vancouver 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 home sales, when compared to the 10-year averages, are down by 19% for detached homes, down 15% for apartments and up by 22% for townhomes.

Compared to the 10-year average, supply is up 16% for Westside detached homes, while apartment supply is up 25%, and townhomes are up 60%.

We had 66 Westside Detached home sales in October, up 22%, compared to 54 sales last month.

We had 272 Westside Apartment sales in October, up 20% compared to 226 sales last month.

We had 65 Westside Attached home sales in October, up 91% compared to 34 sales last month.

In October the Westside Detached Home average price was $3.583M, down 25% from $4.744M, the peak, in August 2023.

The Attached home average price was $1.49M, down 21% from $1.885M, the peak, in Dec 2024.

The Apartment average price was $980K, down 18% from $1.199M, the peak, in January 2018.

The Sales to Active Listings ratio (SALR) is a key indicator of market balance and it helps determine whether the market favours Buyers or Sellers. The range between 12% and 20% is considered a balanced market and prices are sustained.

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.

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 SALR for Westside detached homes is 8.5%, attached is 14.6% and apartments is 15%.

On a month to month basis, demand is up slightly from last month for detached homes, it is down for apartments and is down for townhomes. Westside median prices in October are up for detached homes & apartments but down for townhomes. Lower prices are the result of a decreasing SALR creating downward pressure. In October the SALR is on the upswing because the supply is flat and demand has increased across all property types.

October is usually the last month of the year that we see a sales upswing and the recent interest rate drop and the fact that sellers are accepting market value offers after a long year of sub par sales activity should help that. However, despite lower borrowing costs, lower prices and more supply, buyers still remain hesitant to enter the market as evidenced by lower than the 10 year average sales and higher than 10 year average supply on the Westside.

November, December & January are often the slowest months in real estate so we will see if the rate drop, soft prices and good supply overcome market uncertainty and the sense that prices could be cheaper in the future. There are buying opportunities particularly for detached & town homes and if the market really turns up, buyers will rush in, so now is a good time to buy while we have a good supply.

Sellers need to be the best value in their cohort to attract a buyer so strategic pricing is the key to achieving a sale.

Thinking of Selling? Let’s Talk!

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

Honouring all who served and continue to do so. 🌹🇨🇦🙏

Best regards

Stuart ⛳ 🎾

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

• Supply:
• In October, the supply of Westside detached homes was relatively unchanged compared to September, with a total of 780 homes available, up from 777.
• This is an increase of 18% compared to October 2024 when there were 664 homes on the market.
• Demand:
• Sales of Westside detached homes in October were up 22% from September, with 66 homes sold.
• Sales were down very slightly compared to October 2024, which had 67 sales.
• The number of sales remains 19% lower than the ten-year average of 81 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in October increased by 22% from the previous month, with a current SAL of 8.5% compared to 6.9% in September.
• This represents a 13% increase from September 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 October decreased 25% and median decreased 25% from August 2023's peak.
• The average price is $3.583 million, and the median price is $3.2 million.
• Current prices are down 2% on average and up 8% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in October ranged from a low of $1.5 million to a high of $9.4 million. The most expensive property took 32 days to sell, while the least expensive took 411 days!
• Of the 66 homes sold, only 7 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 October shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In October, the supply of Westside apartments was down 4% compared to September, with a total of 1,8537 apartments available for sale.
• This number is down by 6% from October 2024.
• Demand:
• Demand for Westside apartments increased by 20% in October with 272 sales compared to 226 sales in September.
• The number of sales in October was down 20% from the same month last year, which had 341 sales.
• Apartment sales are down 15% from the ten-year average of 319 sales.
• Sales to Active Listings (SAL):
• The SAL in October increased by 26% compared to September, to 15%.
• This is a decrease of 15% from the SAL of 17% in October 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 October increased 2.6% from September, with the average price at $980K
• It was down 4.2% from October 2024.
• The median price was up 3% at $838K and is down 3% from October 2024.
• Average prices are down 18% below the peak of $1,199,000 in January 2018, and median prices are 6% below the peak of June 2024.

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

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

• Supply:
• In October, the supply of Westside townhouses was relatively unchanged compared to September, with a total of 444 townhouses available for sale.
• The supply was up 7% from October 2024, which had 414 townhouses on the market.
• Demand:
• The demand for townhouses in October decreased by 91%, with 65 sales.
• The number of sales in October increased by 10% from the same month last year, which had 59 sales.
• Attached home sales are 22% above the ten-year average of 53 sales.
• Sales to Active Listings (SAL):
• With no change in supply and increase in demand, the current SAL for townhouses increased by 92%, to 14.6%
• This is 3% higher than the SAL of 14.3% in October 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 October was $1.49 million, down 7.7% from September.
• It was down 16% from October 2024 when the average price was $1.78 million.
• The median price in October was $1.52 million, a 2.1% decrease from September ($1.55 million), and down 11% from October 2024.
• Average prices for townhouses are down 21% from its peak. Median prices down 18% 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 October, indicating changes in supply, demand, pricing, and their respective trends over time.