Greetings!

The supply of westside detached homes in April was 685, up 13% from 605 in March and up 6% compared to 643 last year in April 2021. 
 
Westside detached home sales this April decreased 25% from March (91 vs 122) and were 35% lower than April 2021. This is 28% lower than the April 10 year average of 126 sales.
Months of Supply, (MOS) in April is up 52% from last month to 7.5 from 5 in March and up 63% from April 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The April average price was up 8% from March to $4.43M and the median detached home price increased 8% to $3.8M. Current prices are down 2.3% on average & 1.2% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in April was $10.2M. It was on the market for 208 days before it sold. The lowest price was $2.015M. It was on the market for 7 days. Of the 91 sales, 34 received the asking price or more and 57 sold below the asking price.
Westside apartment supply increased 10% in April to 1359 from 1239 in March and decreased 10% from the 1508 listings we had in April 2021. At the same time, demand decreased 22% from 600 sales in Mar 2022 to 465 sales and this is down 9% from 512 sales in April 2021. Apartment sales are up 20% from the 10 year average of 387 sales.

MOS in April increased 42% to 2.9 from 2.1 in March and this unchanged from 2.9 in April 2022.
 
The average price in April decreased 1.3% ($1068 v $1082K) from March 2022 and was up 10% from April 2021. The median price was up 2.4% from March ($888 v $867) and is up 9% from April 2021. Average prices are still down by 11% from the peak of $1.199M and median prices are down slightly (1%) from the peak in January 2018.
Westside townhouse supply increased 17% in April from March (244 vs 209), and was down 7% from April 2021 (244 v 209). Demand in April is down 23% from March (58 vs 75 sales) and down 47% from last April 2021 (58 v 110). Attached home sales are down 13% from the 10 year average of 67 sales.
 
With supply up and demand down, current MOS increased 51% to 4.2. That is up 77% from 2.4 in April 2021.
 
Townhouse average prices in March were relatively unchanged from March at $1.67M and were up 10% from $1.52M last February 2021. Median prices were relatively unchanged in April (1.633M v 1.625M) and are up 16% from April 2021. The average price is down 7% from the peak of $1.8M. The median price is up 6% from the peak of $1.519M in January 2018.
The April west side detached home listing supply was down 2% from the 10 year average, apartment supply was up 3% from the 10 year average and townhome supply was up 9% from the 10 year average.

Demand in April was down from the 10 year average by 28% for detached homes, up .9% for apartments and down 13% for townhomes.

Median home prices in April are off from the peak, by 1.2% for detached homes, are off 2% from the peak for apartments and up 6% for attached homes.

Detached homes are selling below peak prices, apartments are almost at the peak and attached homes have surpassed the peak.

The question is, given increasing interest rates, increasing supply and falling demand, are those prices sustainable?

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 34.1% to 3,232 this Apr. from 4,908 sales in Apr. 2021. This is a 25.6% decrease from the 4344 homes sold in Mar. 2022.

Apr 2022 sales were 1.5% above the 10-year Apr. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 8,796, down 14.1% compared to Apr. 2021 and up 15.3% from 7628 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,374,500 which is a 18.9% increase over Apr. 2021 and is up 1% over last month.

For all property types, the sales-to-active listings ratio for Apr. 2022 is 36.7%. For detached homes it is 25.3%, attached homes are 47.1% and apartments are 45%.

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.

Westside supply peaked in June 2021 and demand is down since the peak in March so prices were softening until Nov. when they peaked and subsequently came off. Demand was on the way up until March and has come off 25% in April. Supply is increasing but unique & sharply priced homes are still receiving multiple offers with prices over the ask.

The Westside supply is coming on and current prices for detached homes and apartments are almost at the peak while attached home prices are 6% higher than the peak. However, interest rates are rising and we will see what that does in concert with more supply.

It will be difficult to sustain prices in the face of rising supply and falling demand.

We will see how that shakes out over the next month.

Happy Mothers Day! 💖

Best regards,

Stuart