Dear Stuart,

Supply in Metro Vancouver rose 46% in January vs January 2024 as sellers appear eager to enter the market. Demand during the same period increased only 8.8% which is 11.3% 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 in January are down 30.4% compared to last month. The supply of listings was relatively unchanged at 1.1% above last month.

Compared to the 10-year average, supply is up 10% for detached homes, while apartment supply is up 52%, and townhomes are up 78%.

Demand, when compared to the 10-year averages, is down by 37% for detached homes, down 19% for apartments but townhomes are up by 25%.

In January, the westside Detached Home average price was down 23% from the peak in August 2023. The Attached home average price was down 8% from the peak in Apr 2024 and the Apartment average price was down 17% from the peak in January 2018.

We are seeing stable inventory levels and demand has been stable but low compared to the 10 year averages. The market has been expecting the higher interest rates to hurt demand and to drive more sellers into the market and we are now seeing that. 

Government policies including zoning encouraging higher density and bylaws compelling owners to rent or sell properties rather than leaving them vacant has resulted in more supply and some price relief for buyers.

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 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.

This ban is also putting a major dent in the sales of properties over $4 million dollars and is a lose lose proposition for taxpayers as our assets are depreciating and we are still not creating affordable housing for our working young professionals including fire, police, teachers, nurses & service industry workers.

Uncertainty is another detriment to demand and last fall the elections and rates dropping caused some buyers to wait and see. Our current whirlwind of economic uncertainty being created by the US president is clouding the waters even further for those buyers.

Unique and well priced homes under $4M are still getting multiple offers and prices over asking and further rate cuts if they come this year should encourage demand and bolster prices but it remains to be seen if the trend has really shifted from rising rates to more affordable homes for buyers.

The listing supply has shown up but now we need buyers to show up in numbers.

February to June is that 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 Valentine's Day! Hope you have a wonderful day filled with joy and connection

Best regards

Stuart 🌹💌🏹💋

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

• Supply:
• In January, the supply of Westside detached homes was relatively unchanged compared to December, with a total of 576 homes available, up from 570.
• This is an increase of 27% compared to January 2024 when there were 453 homes on the market.
• Demand:
• Sales of Westside detached homes in January were down 30% from December, with 32 homes sold.
• Sales were down 16% compared to January 2024, which had 38 sales.
• The number of sales remains 37% lower than the ten-year average of 51 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in January increased by 45% from the previous month, with a current MOS of 18 compared to 12 in December.
• This represents a 51% decrease from January 2024.
• A MOS between 7 to 10 is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in January decreased 23% and median decreased 23% from August 2023's peak.
• The average price is $3.65 million, and the median price is $3.24 million.
• Current prices are down 1.9% on average and down 8.8% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in January ranged from a low of $1.069 million to a high of $7.23 million. The most expensive property took 170 days to sell, while the least expensive sold in 123 days.
• Of the 32 homes sold, only 3 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 January shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In January, the supply of Westside apartments was up 7% compared to December, with a total of 1,586 apartments available for sale.
• This number is up by 24% from January 2024.
• Demand:
• Demand for Westside apartments decreased by 18% in January, with 182 sales compared to 221 sales in December.
• The number of sales in January was down 2.2% from the same month last year, which had 186 sales.
• Apartment sales are down 19% from the ten-year average of 224 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in January increased by 30% compared to December, to 8.7.
• This is an increase of 27% from the MOS of 6.9 in January 2024.
• Prices:
• The average price of Westside apartments in January decreased 10% from December, with the average price at $993K
• It was down 5.7% from January 2024.
• The median price was down 2.5% to $838K and is up 1.3% from January 2024.
• Average prices are down 17.2% below the peak of $1,199,000 in January 2018, and median prices are 5.5% below the peak of April 2022.

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

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

• Supply:
• In January, the supply of Westside townhouses increased by 13% compared to December, with a total of 342 townhouses available for sale.
• The supply was up 58% from January 2024, which had 216 townhouses on the market.
• Demand:
• The demand for townhouses in January decreased by 5%, with 37 sales.
• The number of sales in January increased by 106% from the same month last year, which had 18 sales.
• Attached home sales are 30% above the ten-year average of 30 sales.
• Months of Supply (MOS):
• With the increase in supply and decrease in demand, the current Months of Supply (MOS) for townhouses increased by 19%, to 9.2
• This is 23% lower than the MOS of 12 in January 2024.
• Prices:
• The average price of townhouses in January was $1.72 million, down 9% from December.
• It decreased 4% from January 2024 when the average price was $1.79 million.
• The median price in January was $1.57 million, a 15% decrease from December ($1.855 million), and 9% lower than January 2024.
• Average prices for townhouses are down 8% from its peak. Median prices down 14% from its peak. The average peak of $1.867 million in April 2024, and the median peak of $1.834 million in June 2023.

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