Dear Stuart,

Supply in Metro Vancouver reached another 10 year high in May, 45.9% above the 10 year seasonal average while sales were down 30.5% below the 10 year seasonal average. This confirms 2025 is among the slowest starts to the year in the past decade. 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 54% for detached homes, down 27% for apartments and down by 4% for townhomes.

Compared to the 10-year average, supply is up 19% for Westside detached homes, while apartment supply is up 52%, and townhomes are up 81%.

We had 48 Westside Detached home sales in May, compared to 51 sales last month.

We had 290 Westside Apartment sales in May, compared to 324 sales last month.

We had 65 Westside Attached home sales in May, compared to 51 sales last month.

In May, the westside Detached Home average price was down 23% from the peak in August 2023.

The Attached home average price was down 18% from the peak in Dec 2024.

The Apartment average price was down 15% from the peak in January 2018.

The Sales to Active Listings ratio (SAL) is a key indicator of market balance and 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 6%, attached is 14% and apartments is 14%.

So the most expensive segment, detached homes are selling the slowest and the cheaper apartments and townhomes are selling more actively. This increased townhouse activity is a product of expanding the multi property zoning that is encouraging builders to make more and larger (3 br) townhomes in previously single family areas. Because they are cheaper than detached single family homes young families can sometimes get a foothold in that market.

The Bank of Canada did not reduce interest rates the last two opportunities it had to do that which is not helping to stimulate our real estate markets and we will see if it impedes our economy the next time rates are established July 30th. The expectation is that the bank will cut 2 more times in 2025 bringing the rate down another 50 basis points which should help our market.

While there are emerging signs that sales activity may be turning a corner, global economic uncertainty is still keeping buyers from jumping into the market while more sellers are coming into the market and that continues keep the Sales to Active Listings ratio down which in turn keeps prices down.

Unique and well priced homes are selling and homes under $3M are selling. With the increases in supply there are buying opportunities and if the market turns, buyers will rush in, so now is a good time to buy while we have lots of supply and little competition

June is prime time for a summer rally and strategic pricing will be key to sellers 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 Father's Day!

Best regards

Stuart ⛳ 🎾 🎣

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

• Supply:
• In May, the supply of Westside detached homes was up 6% compared to April, with a total of 780 homes available, up from 736.
• This is an increase of 22% compared to May 2024 when there were 639 homes on the market.
• Demand:
• Sales of Westside detached homes in May were down 6% from April, with 48 homes sold.
• Sales were down 50% compared to May 2024, which had 95 sales.
• The number of sales remains 54% lower than the ten-year average of 104 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in May decreased by 11% from the previous month, with a current SAL of 6.2% compared to 6.9% in April.
• This represents a 59% decrease from May 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 May decreased 23% and median decreased 19% from August 2023's peak.
• The average price is $3.649 million, and the median price is $3.4 million.
• Current prices are up 6% on average and on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in May ranged from a low of $1.75 million to a high of $6.78 million. The most expensive property took 287 days to sell, while the least expensive sold in 74 days.
• Of the 48 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 May shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In May, the supply of Westside apartments was up 2% compared to April, with a total of 2,110 apartments available for sale.
• This number is up by 9% from May 2024.
• Demand:
• Demand for Westside apartments decreased by 11% in May with 290 sales compared to 324 sales in April.
• The number of sales in May was down 17% from the same month last year, which had 349 sales.
• Apartment sales are down 11% from the ten-year average of 364 sales.
• Sales to Active Listings (SAL):
• The SAL in May decreased by 12% compared to April, to 14%.
• This is an decrease of 24% from the SAL of 18% in May 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 May decreased 2% from April, with the average price at $1019K
• It was down 3% from May 2024.
• The median price was down 4% to $820K and is down 3.4% from May 2024.
• Average prices are down 15% below the peak of $1,199,000 in January 2018, and median prices are 8% below the peak of June 2024.

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

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

• Supply:
• In May, the supply of Westside townhouses increased by 3% compared to April, with a total of 469 townhouses available for sale.
• The supply was up 31% from May 2024, which had 358 townhouses on the market.
• Demand:
• The demand for townhouses in May increased by 28%, with 65 sales.
• The number of sales in May increased by 16% from the same month last year, which had 56 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 increased by 24%, to 14%
• This is 11% lower than the SAL of 16% in May 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 May was $1.54 million, down 7% from April.
• It was down 17.5% from May 2024 when the average price was $1.87 million.
• The median price in May was $1.49 million, a 3% decrease from April ($1.448 million), and down 9% from May 2024.
• Average prices for townhouses are down 18% from its peak. Median prices down 20% 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 May, indicating changes in supply, demand, pricing, and their respective trends over time.