Greetings!

The total home supply in Metro Vancouver in August is up 17.6% year over year and that is 36.9% above the 10 year seasonal average while sales were up 2.9% over last year and that is down 19.2% below the 10 year seasonal average. Spring 2025 was unusually weak in the real estate market and the summer has seen no significant change in that trend. These Metro Vancouver 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 home sales, when compared to the 10-year averages, are down by 14% for detached homes, down 17% for apartments and up by 8% for townhomes.

Compared to the 10-year average, supply is up 11% for Westside detached homes, while apartment supply is up 36%, and townhomes are up 56%.

We had 52 Westside Detached home sales in August, compared to 61 sales last month.

We had 271 Westside Apartment sales in August, compared to 292 sales last month.

We had 54 Westside Attached home sales in August, compared to 42 sales last month.

In August the westside Detached Home average price was down 28% from the peak in August 2023.

The Attached home average price was down 12% from the peak in Dec 2024.

The Apartment average price was down 10% from the peak in January 2018.

The Sales to Active Listings ratio (SAL) is a key indicator of market balance and 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. The range between 12% and 20% is considered a balanced market.

Market conditions are dynamic and can change rapidly due to various economic factors & the ratio can vary significantly depending on the property type.

Currently the SAL for Westside detached is 7.1%, attached is 14% and apartments is 15%.

So demand is down from last month for detached homes, it is down for apartments and is is up for townhomes. Westside prices are down for Detached homes in August but they had a jump up for apartments and the townhomes have been on a slow but steady rise for the last three months. These increased apartment & townhouse prices are due to the steady 14 - 15% SAL putting upward pressure on house prices. The SAL has been steady because the supply is coming down not because the demand is rising. The supply cycle looks typical for this time of the year, it is the demand that we are lacking. An interest rate drop might help turn that around but generally the market feels poorer which is a reflection of our economy. The sense that the market may be cheaper in the future can also discourage buyers from jumping in.

The steady SAL in the apartment and townhouse markets are emerging signs that we may be turning a corner. Supply is still substantial so there are buying opportunities particularly for detached homes and if the market really turns up, buyers will rush in, so now is a good time to buy while we have good supply and little competition.

Here is a summary of an interesting article I read in Western Investor titled "Residential land demand slows as macroeconomic uncertainties continue"

"Summary

Despite government policies aimed at boosting housing supply, Western Canada’s residential land market is struggling, especially in Metro Vancouver. Listings are up, sales are down, and prices have dropped sharply, giving buyers the advantage.

• Metro Vancouver: Land sales have collapsed, with only 59 transactions in the first half of 2025 compared to 294 last year. Many sites, such as those in the Broadway Plan area, face long delays and rezoning challenges. Developers are wary of high holding costs (8–10% annually) and uncertain demand, leading to steep discounts and slow sales. Entitled single-family lots, which can quickly be redeveloped into four- and six-plexes, remain the strongest segment.
• Market Sentiment: Buyers are cautious due to economic uncertainty and lengthy municipal approval processes. Properties that are priced right, zoned properly, and ready to build sell more easily, while raw land requiring rezoning struggles.
• Alberta Comparison: Calgary and Alberta overall are faring better, with stronger job markets and less risk tied to municipal approvals. While high-density sites have lost value, suburban and lower-density parcels are appreciating. Investors from B.C. are shifting interest to Alberta.
• Outlook: The market reset has created opportunities for well-capitalized buyers. Developers focusing on small-scale, entitled projects (e.g., subdividing single-family lots) may find success, while large, rezoning-dependent projects remain stalled."

Sellers need to be the best value in their cohort to attract a buyer so strategic pricing is the key to achieving a sale.

Thinking of Selling? Let’s Talk!

📞 Call me today to discuss your options and make the most of the upcoming selling season.

Hope you had a start to September despite the smokey skies!

Best regards

Stuart ⛳ 🎾

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

• Supply:
• In August, the supply of Westside detached homes was down 4.5% compared to July, with a total of 737 homes available, down from 772.
• This is an increase of 12% compared to August 2024 when there were 657 homes on the market.
• Demand:
• Sales of Westside detached homes in August were down 15% from July, with 52 homes sold.
• Sales were up 16% compared to August 2024, which had 45 sales.
• The number of sales remains 14% lower than the ten-year average of 60 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in August decreased by 11% from the previous month, with a current SAL of 7.1% compared to 7.9% in July.
• This represents a 3% increase from August 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 August decreased 24% and median decreased 19% from August 2023's peak.
• The average price is $3.435 million, and the median price is $3.1 million.
• Current prices are down 5% on average and down 3% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in August ranged from a low of $1.68 million to a high of $8.2 million. The most expensive property took 91 days to sell, while the least expensive sold in 1 day.
• Of the 52 homes sold, only 7 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 August shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In August, the supply of Westside apartments was down 9% compared to July, with a total of 1,860 apartments available for sale.
• This number is up by 2% from August 2024.
• Demand:
• Demand for Westside apartments decreased by 7% in August with 271 sales compared to 292 sales in July.
• The number of sales in August was up 8% from the same month last year, which had 252 sales.
• Apartment sales are down 15% from the ten-year average of 345 sales.
• Sales to Active Listings (SAL):
• The SAL in August increased by 2% compared to July, to 14.6%.
• This is an increase of 6% from the SAL of 13.8% in August 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 August increased 11% from July, with the average price at $1074K
• It was up 3% from August 2024.
• The median price was unchanged at $830K and is down 2.3% from August 2024.
• Average prices are down 10% below the peak of $1,199,000 in January 2018, and median prices are 7% below the peak of June 2024.

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

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

• Supply:
• In August, the supply of Westside townhouses decreased by 11% compared to July, with a total of 385 townhouses available for sale.
• The supply was up 11% from August 2024, which had 348 townhouses on the market.
• Demand:
• The demand for townhouses in August increased by 29%, with 54 sales.
• The number of sales in August increased by 39% from the same month last year, which had 39 sales.
• Attached home sales are 8% above the ten-year average of 50 sales.
• Sales to Active Listings (SAL):
• With the decrease in supply and increase in demand, the current SAL for townhouses increased by 45%, to 14%
• This is 25% lower than the SAL of 11.2% in August 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 August was $1.65 million, up 2.3% from July.
• It was down 4.1% from August 2024 when the average price was $1.72 million.
• The median price in August was $1.62 million, a 5.4% increase from July ($1.54 million), and up 3% from August 2024.
• Average prices for townhouses are down 12% from its peak. Median prices down 13% 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 August, indicating changes in supply, demand, pricing, and their respective trends over time.