Dear Stuart,

Supply in Metro Vancouver rose 46% in January vs January 2024 and was up again in February as sellers appear eager to enter the market. Metro Vancouver demand during the same period decreased 11.7% from last year and is 28.9% 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 60% for detached homes, down 29% for apartments and down by 31% for townhomes.

Compared to the 10-year average, supply is up 8% for Westside detached homes, while apartment supply is up 57%, and townhomes are up 73%.

Westside detached home sales in February were 33 sales compared to 32 sales last month. The supply of listings was up 6.3% above last month.

In February, the westside Detached Home average price was down 20% from the peak in August 2023. The Attached home average price was down 7% from the peak in Dec 2024 and the Apartment average price was down 22% 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 5.4%, attached is 9.1% and apartments is 13.3%.

We are seeing increasing 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 and it is exacerbated by the uncertainty generated by the insanity coming from the White House.

Local 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 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. This is not creating affordable housing

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 a 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 buyers and sellers.

Unique and well priced homes under $3M are still getting multiple offers. That being said there are buying opportunities out there and rates have been coming down.

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 St Paddy's Day! Wishing you all the luck of the Irish.

Best regards

Stuart 🍀🌈

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

• Supply:
• In February, the supply of Westside detached homes was up 6.3% compared to January, with a total of 612 homes available, up from 576.
• This is an increase of 35% compared to February 2024 when there were 453 homes on the market.
• Demand:
• Sales of Westside detached homes in February were up slightly, 3.1% from January, with 33 homes sold.
• Sales were down 13% compared to February 2024, which had 38 sales.
• The number of sales remains 60% lower than the ten-year average of 82 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in February decreased by 3% from the previous month, with a current SAL of 5.4% compared to 5.6% in January.
• This represents a 29% decrease from February 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 February decreased 20% and median decreased 15% from August 2023's peak.
• The average price is $3.785 million, and the median price is $3.617 million.
• Current prices are up 3.7% on average and down 11.6% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in February ranged from a low of $1.93 million to a high of $6.88 million. The most expensive property took 472 days to sell, while the least expensive sold in 24 days.
• Of the 33 homes sold, only 6 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 February shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In February, the supply of Westside apartments was up 12% compared to January, with a total of 1,769 apartments available for sale.
• This number is up by 27% from February 2024.
• Demand:
• Demand for Westside apartments increased by 30% in February, with 236 sales compared to 182 sales in January.
• The number of sales in February was down 10% from the same month last year, which had 262 sales.
• Apartment sales are down 29% from the ten-year average of 334 sales.
• Sales to Active Listings (SAL):
• The SAL in February increased by 16% compared to January, to 13.3%.
• This is an decrease of 29% from the SAL of 18.8% in February 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 February decreased 6% from January, with the average price at $935K
• It was down 8.5% from February 2024.
• The median price was down 2.5% to $818K and is down 3.3% from February 2024.
• Average prices are down 22% 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 February, highlighting changes in supply, demand, pricing, and their respective trends over time.

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

• Supply:
• In February, the supply of Westside townhouses increased by 6% compared to January, with a total of 361 townhouses available for sale.
• The supply was up 43% from February 2024, which had 252 townhouses on the market.
• Demand:
• The demand for townhouses in February decreased by 11%, with 33 sales.
• The number of sales in February decreased by 27% from the same month last year, which had 45 sales.
• Attached home sales are 31% below the ten-year average of 48 sales.
• Sales to Active Listings (SA):
• With the increase in supply and decrease in demand, the current SAL for townhouses decreased by 16%, to 9.1%
• This is 49% lower than the SAL of 18% in February 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 February was $1.7612 million, up 3% from January.
• It decreased 2% from February 2024 when the average price was $1.79 million.
• The median price in February was $1.585 million, a 1% increase from January ($1.57 million), and 5% lower than February 2024.
• Average prices for townhouses are down 7% from its peak. Median prices down 15% 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 February, indicating changes in supply, demand, pricing, and their respective trends over time.