Dear Stuart,

Supply in Metro Vancouver continued its upward trend in March as sellers eagerly enter the market. Demand in March, on the other hand, was the lowest since March 2019 and is 36.8% 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 51% for detached homes, down 30% for apartments and down by 22% for townhomes.

Compared to the 10-year average, supply is up 12% for Westside detached homes, while apartment supply is up 65%, and townhomes are up 87%.

Westside detached home sales in March were 49 sales compared to 33 sales last month. The supply of listings was up 7.7% above last month.

In March, the westside Detached Home average price was down 26% from the peak in August 2023. The Attached home average price was down 10% from the peak in Dec 2024 and 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 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. Therefore a range between 12% and 20% is considered a balanced market.

The ratio can vary significantly depending on the type of property. Market conditions are dynamic and can change rapidly due to various economic factors. Currently the SAL for Westside detached is 7.4%, attached is 11.5% and apartments is 14.8%.

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 sitting on their hands.

There seems to be a high level of dissatisfaction with all levels of government and their policies that ignore the wishes of the constituents in a “we know what is best for you” kind of governance. These including zoning encouraging higher 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 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 of them and is not creating affordable housing for our young working professionals including fire, police, teachers nurses and service industry workers.

Uncertainty is detrimental to demand and last fall the elections and rates dropping caused some buyers to wait and see. Our current whirlwind of economic uncertainty is still clouding the waters.

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

The listing supply has shown up and now we have a buying opportunity.

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 Easter!

Best regards

Stuart 🐰🐇🐣🌷

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

• Supply:
• In March, the supply of Westside detached homes was up 7.7% compared to February, with a total of 659 homes available, up from 612.
• This is an increase of 25% compared to Marcj 2024 when there were 528 homes on the market.
• Demand:
• Sales of Westside detached homes in March were up 48% from February, with 49 homes sold.
• Sales were down 21% compared to March 2024, which had 62 sales.
• The number of sales remains 51% lower than the ten-year average of 100 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in March increased by 38% from the previous month, with a current SAL of 7.4% compared to 5.4% in February.
• This represents a 37% decrease from March 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 March decreased 26% and median decreased 22% from August 2023's peak.
• The average price is $3.524 million, and the median price is $3.3 million.
• Current prices are down 7% on average and down 9% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in March ranged from a low of $2.06 million to a high of $6.7 million. The most expensive property took 431 days to sell, while the least expensive sold in 8 days.
• Of the 49 homes sold, only 9 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 March shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In March, the supply of Westside apartments was up 12% compared to February, with a total of 1,976 apartments available for sale.
• This number is up by 31% from March 2024.
• Demand:
• Demand for Westside apartments increased by 24% in March, with 292 sales compared to 236 sales in February.
• The number of sales in March was down 3% from the same month last year, which had 302 sales.
• Apartment sales are down 30% from the ten-year average of 417 sales.
• Sales to Active Listings (SAL):
• The SAL in February increased by 11% compared to February, to 10.8%.
• This is an decrease of 26% from the SAL of 20% in March 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 March increased 8% from February, with the average price at $1014K
• It was up3.3% from March 2024.
• The median price was up 2.1% to $835K and is down slightly% from March 2024.
• Average prices are down 15% 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 March, highlighting changes in supply, demand, pricing, and their respective trends over time.

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

• Supply:
• In March, the supply of Westside townhouses increased by 16% compared to February, with a total of 418 townhouses available for sale.
• The supply was up 48% from March 2024, which had 282 townhouses on the market.
• Demand:
• The demand for townhouses in March increased by 46%, with 48 sales.
• The number of sales in March decreased by 17% from the same month last year, which had 58 sales.
• Attached home sales are 22% below the ten-year average of 62 sales.
• Sales to Active Listings (SAL):
• With the increase in supply and demand, the current SAL for townhouses increased by 26%, to 11.5%
• This is 44% lower than the SAL of 21% in March 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 March was $1.699 million, down 4% from February.
• It was relatively unchanged from March 2024 when the average price was $1.7 million.
• The median price in March was $1.695 million, a 7% increase from February ($1.585 million), and relatively unchanged from March 2024.
• Average prices for townhouses are down 10% from its peak. Median prices down 9% 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 March, indicating changes in supply, demand, pricing, and their respective trends over time.