Dear Stuart,

Westside detached home sales and listing activity in June continues to trend below the long term averages.

Compared to the 10 year average, the westside supply was down 17% for detached homes, up 3% for apartments and up 4% for townhomes.

Compared to the 10 year average, the westside demand was down 42% for detached homes, down 20% for apartments and down 2% for townhomes.

Median home prices in June are down 8.4% for detached homes (from the peak Oct.2017), 3.3% for apartments (peak Jan.2018) and up 1.9% (peak Feb.2022) for attached homes.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 21.1% to 2988 in June from 2467 sales in June 2022. This is down 8.6% from the 10 year June sales average.

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,203,000 which is a 2.4% decrease from June 2022, and a 1.3% increase from last month.

The total number of properties currently offered for sale on the MLS system in Metro Vancouver is 9990, down 7.9% compared to 10,842 in June 2022 and still 17.4% below the 10 year seasonal average of 12,091 listings.

Low inventory levels are creating competitive conditions where almost any level of demand translates to price increases despite higher interest rates. said Andrew Lis, REBGV’s director of economics and data analytics. Below average sales and slow listing activity suggests sellers are waiting for more favourable market conditions but prices projected to be up 2% at year end are already up about 6%.

The fundamental reason prices continue to increase is that there have been more buyers than sellers in the market and that is keeping the supply of resale homes down. April has been the peak month for activity over the last couple of years but May this year jumped up closer to historical averages despite the mortgage rates and slow listing activity. 

June sales dropped dramatically as expected for the summer and combined with the interest rate increase, the market is slowing. Now that we are over 1 year since the rates started to increase we are seeing some sellers having to sell in the face of mortgage renewals and increased mortgage payments.

Have a great summer! 🦋🌿🌞🧃⛱🌊🍦

Stay safe and healthy.

Best regards,

Stuart

The supply of westside detached homes in June was 575, up 8.5% from 530 in May and down 15.3% compared to 679 last year in June 2022. 

Sales of westside detached homes this June were down 39% from May at 65 and were 38% higher than May 2022. This is 42% lower than the Mayl ten year average of 113 sales.

Months of Supply, (MOS) in June is up 77% from last month to 8.8 from 5 in May and down 39% from June 2022. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The June average price was up from May at $4.349M and the median detached home price decreased 5.5% to $3.525M. Current prices are down 4.1% on average & 8.4% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in June was $15M. It was on the market for 643 days before it sold. The lowest price was $1.85M. It was on the market for 242 days. Of the 65 sales, 26 received the asking price or more and 39 sold below the asking price.

Westside apartment supply was up 6.2% in June at 1404 from 1322 in May and was down 8.9% from June 2022. At the same time, demand decreased 13% to 390 sales from 447 sales in May and this is up 21% from 322 sales in June 2022. Apartment sales are down 20% from the ten year average of 404 sales.

MOS in June increased 22% to 3.6 from 3 in May and this is down 25% from 4.8 in June 2022.

The average price in June decreased 2% ($1036 v $1057K) from May 2023 and was up 4.7% from June 2022. The median price was down 2.2% from May ($851 v $870) and is up 2.7% from June 2022. Average prices are still down by 13.5% from the peak of $1.199M and median prices are down 3.3% from the peak in January 2018.

Westside townhouse supply increased 1.3% in June from May (243 vs 240), and was down 3.6% from June 2022 (252). Demand in June is down 8.8% from May (62 vs 68 sales) and up 15% from last June 2022 (62 v 54). Attached home sales are slighlty from the 10 year average of 63 sales.

With supply up and demand down, current MOS increased 11% to 3.9. That is down 16% from 4.7 in May 2022.

Townhouse average prices at $1.8M in June were up 4% from May and were up 9% from $1.652M last June 2022. Median prices are up 17% from May (1.834M v 1.734M) and are up 30.5% from June 2022. The average price is down 2.9% from the peak of $1.854M in Nov. 2021. The median price is up 1.9% from the peak of $1.799M in February 2022.