"We build too many walls and not enough bridges." - Isaac Newton
This is the Sales and Listings Report updated to the end of May 2016. Greater Vancouver real estate activity remained very strong through May, with sales levels at the same levels as April – stalling a drop in sales that we saw from March to April. Sales were up 18% year over year in Greater Vancouver. New Listings were up 12% in May 2016 compared to May 2015 and up 3% compared to April 2106. House price index is up 30% year over year, and up 16.6% this year. Overall market conditions remain in an under supplied state with 2 month’s supply of homes being all that are available in Greater Vancouver. North Vancouver, New Westminster, Coquitlam, Port Moody and Port Coquitlam all remain at one month supply of properties on the market. And what we are seeing now is that strata is becoming the new detached in terms of activity, bidding wars and price increases. Townhouses and half duplexes seeing the highest gains in prices in the strata market. The key problem is supply, and that’s not improving.
“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” Dan Morrison, REBGV president said.
“Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity.”
With housing starts not high enough to meet demand over the last 5 years and completions far below levels in the peak of the market during 2003 to 2007, undersupply in the market will continue through the next 3 to 5 years at least. With consistent demand in the resale and trade up and down market, population growth expected to continue at high levels and concentrations of the population wanting to be close to the urban centres, Metro Vancouver should continue to see strong market conditions through 2016. Debates will continue on how to control the market, but with little focus on the supply side it will be like wrestling a rocket.
Sales and Listings Report All Residential May 2016
Sales and Listings Report Houses Townhouses Condos May 2016
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in May 2016 was 4,910 – up slightly from 4,898 in April 2016, up from 4,145 (18%) in May 2015, up from 3,331 (47%) in May 2014; Active Listings are at 8,431 compared to 13,385 at this time last year; New Listings in May 2016 were up 12% compared to May 2015, up 3% from April 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 76% compared to 72% in May 2015 and 78% in April 2016.
Vancouver Westside Residential: Total Units Sold in May 2016 was 851 – down slightly from 878 (3%) in April 2016, up from 812 (5%) in May 2015, up from 675 (26%) in May 2014; Active Listings are at 1,337 compared to 2,401 at this time last year; New Listings in May 2016 were down 2% compared to May 2015, down 3% from April 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 76% compared to 72% in May 2015 and 77% in April 2016.
Vancouver Eastside Residential Total Units Sold in May 2016 was 447 – up from 429 (4%) in April 2016, up from 446 in May 2015, up from 369 (21%) in May 2014; Active Listings are at 729 compared to 923 at this time last year and 630 at the end of April; New Listings in May 2016 were up 10% compared to May 2015, up 18% from April 2016; Month’s Supply of Total Residential Listings is up to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 67% compared to 74% in May 2015 and 76% in April 2016.
North Vancouver Residential: Total Units Sold in May 2016 was 346 – down from 359 (4%) in April 2016, up from 333 in May 2015 (4%), up from 280 (24%) in May 2014; Active Listings are at 383 compared to 749 at this time last year; New Listings in May 2016 were up 18% compared to May 2015, up 22% from April 2016; Month’s Supply of Total Residential Listings remains at 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 69% compared to 78% in May 2015 and 69% in April 2016.
West Vancouver Houses: Total Units Sold in May 2016 was 150 – up from 141 (6%) in April 2016, up from 141 (6%) in May 2015, up from 106 (42%) in May 2014; Active Listings are at 453 compared to 615 at this time last year and 437 at the end of April; New Listings in May 2016 were up 8% compared to May 2015, up 2% from April 2016; Month’s Supply of Total Residential Listings remains at 3 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 56% compared to 57% in May 2015 and 54% in April 2016.
Richmond Residential: Total Units Sold in May 2016 was 634 – up from 617 (3%) in April 2016, up from 547 (16%) in May 2015, up from 405 (57%) in May 2014; Active Listings are at 1,298 compared to 1,866 at this time last year and 1,225 at the end of April; New Listings in May 2016 were up 22% compared to May 2015, up 16% from April 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 67% compared to 70% in May 2015 and 76% in April 2016.