Greetings!

I hope you and your family enjoyed a safe and healthy Canada Day 🇨🇦.

The supply of westside detached homes in June was 483, up slightly from 450 in May and down 35% compared to 745 last year in June 2019. 
 
Westside detached home sales this June increased 40% from May (73 vs 52) and were 22% higher than June 2019. Detached home sales are still down 46% from the June 10 year average of 135 sales.
Months of Supply, (MOS) in June was down 24% from last month to 6.6 from 8.7 and down 47% from June 2019. (A balanced market used to be in the range between 4-7 MOS with prices rising below 4 MOS and falling above 7 MOS but in the last couple of years that seems to have shifted and now appears to be 8 to 10 MOS). The June average price was up 6% from May to $3.528M and the median detached home price was relatively unchanged at $3.158M. Current prices are down 22% on average & 18% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in June was $12.5M. It was on the market for 334 days before it sold. The lowest price was $1.48M. It was on the market for 41 days. Of the 52 May sales, 13 received the asking price or more and 39 sold below the asking price. 
Westside apartment supply increased 18% in June to 1499 vs 1268 in May but this is down 10% from the 1674 listings we had in June 2019. At the same time, demand increased 58% to 282 sales v. 178 sales in May and this is up 11% from 254 sales in June 2019. Apartment sales are still down 39% from the 10 year average of 399 sales.

MOS in June decreased to 5.3 from 7.1 in May and is down 19% from 6.6 MOS last June 2019.
 
The average price in June was relatively unchanged at $927 v $918K in May 2020 and was up 7% from June 2019. The median price was also relatively unchanged from May ($750 v $740) and is up 6% from last June. Average and median prices are still down by 23% & 15% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 16% in June (232 vs 199) from May but that's down 30% from 332 in June 2019. Demand in June is up 31% to 46 sales from 35 in May and that is up 12% from 41 sales last June 2019. Attached home sales are still down 26% from the 10 year average of 63 sales.
 
With supply up and demand up, current MOS decreased to 5 from 5.7 in May. That is down 38% from 8.2 in June 2019.
 
Townhouse average prices in June were up 21% to $1.53M from May and were up 20% from $1.28M last June 2019. Median prices increased 12% to $1.3M from $1.2M in May & are up 12% from June 2019. Average prices are still down 15% from the peak of $1.8M in January 2018. Median prices are down 13% from the peak of $1.519M in January 2018.
While listing supply in June has increased, it is still down from the 10 year average by 35% (det), 1% only (apt) and 26% (att) and all areas are improved from May. 
Home prices are up from May but off from the peak, by, on average, 22% for Detached homes, 23% for Apartments and 15% for Attached Homes so all property types still appear to be good value for Buyers. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 17.6% to 2443 this June from 2077 sales in May 2019. This is a 64.5% increase from the 1485 homes sold in May 2020. 

June 2020 sales were 21.9% below the 10-year May sales average. (Regional stat)

The total number of properties currently offered on the MLS® system in Metro Vancouver is 11424, down 23.7% from 14968 in June 2019. This is up 15.1%% from last month.

For all property types, the sales-to-active listings ratio for June 2020 is 21.4%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.

Regional numbers are below historical 10 year averages, so westside properties, even further below the the 10 year averages are better relative value. Except for apartments current supply is down dramatically and that is keeping prices stable even in the face of reduced demand.

Many people who were holding off listing their homes because of Covid have gradually been coming back to the market. Buyers in the market today are still frustrated by the lack of good homes to buy and sharply priced homes are receiving multiple offers and increased selling prices. The short supply and increasing demand will make it harder for buyers and prices continue to strengthen. Current prices are still well below the peak and are therefore good value. 

This is still a Buyers market so if you have been thinking of making a purchase you should do so while the market factors are in your favour.


Be kind and be careful.

Best regards,

Stuart