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Dexter Realty Market Report

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Highlights of Dexter’s January 2024 report● Buyers are back! Sales in GreaterVancouver were up 39% from January2023● Vancouver detached listings are at thelowest level since December 2015● The number of new listings were only up15% from January 2023● When will the Bank of Canada cut its rate?● The total number of sales in WestVancouver were the lowest by month since2008A new year, a new real estate market. Sortof. As 2024 took hold, buyers appeared toembrace home buying more so than they didwhen 2023 began. Sales were up 39% inGreater Vancouver and 52% in the FraserValley year-over-year. Anticipation of futurerate cuts were on the minds of many as theyawaited the Bank of Canada’s first interestrate announcement in late January. While arate cut wasn’t anticipated, the messaging offuture rate cuts was on the minds of many.And while some predicted the next Bank of

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Canada meetings in March and April couldbe the first rate cut since the spate ofincreases starting in 2022, sticky inflation anda Canadian economy sidestepping arecession could keep the current Bank rate incheck until June or July. Buyers don’t seemto want to wait though as market activity sofar is indicating the pent-up demand can onlyhold off for so long.There were 1,427 properties sold in GreaterVancouver in January this year. This was a 39%increase from the 1,030 properties sold lastyear in January. And this was the firstmonth-over-month increase in sales since Mayof last year. You can only keep a good marketdown for so long. Even with the deep freezeand snow event last month, buyers made theirway out to go through the limited supply oflistings, many surprised at how many were nolonger available. As the temperature in Januaryrose to finish the month, the real estate marketseemed to see its temperature rise as well. WillFebruary produce the first month with morethan 2,000 sales since August? Likely yes, butthat will require a few more sellers to join and

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jump into the market as well. With this increasein activity, sales in January were 22% below the10-year average after sales in December were37% below the 10-year average andNovember’s sales were at 35% below the10-year average. The trends and numberscertainly show an increase in buyer activity. Thestats don’t lie.With current sales, we continue to be in abalanced market with 6 months supply ofhomes overall in Greater Vancouver, fallingback from 7 months supply in December.Vancouver’s West Side was higher in the regionat 8 months supply and West Vancouver with itslowest monthly sales since December 2008clocked in at 21 months supply of homesavailable. A severe buyer’s market. While itsneighbour next door, North Vancouver,maintained its 4 months supply, doing its bestseller’s market imitation. Burnaby North andSouth, New Westminster, Port Coquitlam, andLadner all finished January with 4 monthssupply of listings. Ladner didn’t see any condosales in January, but then again there are only 8active listings and there were no new listings inDecember, proving you can’t buy what isn’t

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available. Pitt Meadows has the lowest supplyin the region with only 3 months worth of listingsavailable for buyers shopping in that city.With the precipitous drop in total listings we sawthrough the last two months of 2023, Januarysaw 3,875 new listings. This was the thirdlowest number of new listings for the month ofJanuary since the year 2000. This after therewere only 1,355 new listings in December after3,440 new listings in November, but it wasslightly higher than the number of new listings inJanuary last year at 3,384.The number of new listings in January were13% below the 10-year average, which is animprovement from December with the numberof new listings in that month being 25% belowthe 10-year average. But still below theaverages in the 3 months preceding December:3% below the 10-year average in November,5% above the 10-year average in October and6% above the 10-year average in September.There were 8,633 active listings in GreaterVancouver at the end of January after seeing8,802 active listings at the end of December. It’s

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rare to see the total number of active listingsend with less in January then in December, butafter several listings expired at the end ofDecember, January started with 7,828 activelistings. And with fewer new listings in Januarythan is typical, that hole is hard to dig out of.Perhaps it’s a signal to sellers that theopportunity to list their home on the market isbetter than we’ve seen over the last year.Buyers are shopping and hoping that moresellers will list. The detached market overallremains in buyer’s market territory with 8months supply of inventory, down from 9months in December. Townhomes slipped downto 4 months supply and condos continue to sitjust above 5 months supply of listings. Themissing middle known as townhomes had a42% absorption rate in January with sales up82% compared to January last year. This washigher than detached at 33% absorption andsales 28% higher than January 2023 andcondos at 37% absorption and sales 30%higher than January 2023. Perhaps theprovincial government’s small-scale, multi-unithousing plan should have focused more onbuilding more townhomes and row homes than

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3 to 6 unit buildings scattered throughout theregion.As we start February, Ground Hogs inCanada indicated that we would see anearly spring. Will we also see and earlyreal estate market? The thought was itwould depend on interest rates startingtheir decline, but with a little moreuncertainty when that might happen,buyers seem to be wanting to get onfinding their first or next home.January was an indication that buyers are back,but the question remains – where are thesellers? A slower decline in interest rates mayproduce a more balanced market, as long wesee more listings come on the market. Thesudden rise in interest rates is keeping supplyout of the real estate market, not just resale, butthe much-needed new product that will fuelbuyers in the years to come. Bank of Canadagovernor Tiff Macklem recently said thathigh-interest rates aren’t to blame for thehousing crisis and that it can’t solve the housingcrisis with interest rates. That seems to fly in the

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face of that fact that elevated interest rates arekeeping new development at bay as higherinterest rates add to the cost of housing and riskfor developers. The extension of the ForeignBuyer ban announced on February 4, which willbe until 2027 may also limit supply and notprovide more. The host of governmentregulations have not helped to build moresupply in the real estate market and is doing theopposite.

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Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in Januarywere 1,427 - up from 1,345 (6%) in December,down from 1,702 (16%) in November 2023, upfrom 1,030 (39%) in January 2023, down from2,329 (39%) in January 2022, down from 2,454(42%) in January 2021, down from 1,602 (11%) inJanuary 2020, up from 1,102 (29%) in January2019; Active Listings were at 8,633 at month endcompared to 7,862 at that time last year and 8,802at the end of December; New Listings in Januarywere up 186% compared to December 2023, up13% compared to November 2023, up 15%compared to January 2023, down 9% compared toJanuary 2022, down 16% compared to January2021, down 3% compared to January 2020, down22% compared to January 2019. Month’s supply oftotal residential listings is down to 6 month’ssupply (balanced market conditions) and sales tolistings ratio of 37% compared to 99% inDecember 2023, 30% in January 2023 and 55% inJanuary 2022. Month-over-month, the house priceindex is down 0.6% and in the last 6 months down4.6%.

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Vancouver Westside: Total Units Sold inJanuary were 245 - up from 235 (4%) inDecember, down from 315 (23%) in November2023, up from 194 (26%) in January 2023,down from 445 (45%) in January 2022, downfrom 393 (38%) in January 2021, down from275 (11%) in January 2020, up from 187 (31%)in January 2019; Active Listings were at 1,963at month end compared to 1,827 at that timelast year and 1,998 at the end of December(detached listings at 453 were the lowestamount since December 2015); New Listings inJanuary were up 244% compared to December2023, up 26% compared to November 2023, up18% compared to January 2023, down 16%compared to January 2022, down 5% comparedto January 2021, up 15% compared to January2020, down 13% compared to January 2019.Month’s supply of total residential listings isdown to 8 month’s supply (buyer’s marketconditions) and sales to listings ratio of 29%compared to 95% in December 2023, 27% inJanuary 2023 and 44% in January 2022.Month-over-month, the house price index isdown 0.9% and in the last 6 months down4.8%.

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Vancouver East Side: Total Units Sold inJanuary were 164 - up from 148 (11%) inDecember, down from 175 (6%) in November2023, up from 118 (39%) in January 2023,down from 257 (36%) in January 2022, downfrom 257 (36%) in January 2021, up from 161(2%) in January 2020, up from 105 (56%) inJanuary 2019; Active Listings were at 990 atmonth end compared to 867 at that time lastyear and 977 at the end of December; NewListings in January were up 240% compared toDecember 2023, up 23% compared toNovember 2023, up 40% compared to January2023, up 5% compared to January 2022, down2% compared to January 2021, up 40%compared to January 2020, up 10% comparedto January 2019. Month’s supply of totalresidential listings is down to 6 month’s supply(balanced market conditions) and sales tolistings ratio of 33% compared to 100% inDecember 2023, 33% in January 2023 and 54%in January 2022. Month-over-month, the houseprice index is down 0.6% and in the last 6months down 3.5%.

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North Vancouver: Total Units Sold in Januarywere 117 - up from 106 (10%) in December,down from 157 (25%) in November 2023, upfrom 82 (43%) in January 2023, down from 143(19%) in January 2022, down from 179 (35%) inJanuary 2021, up from 100 (17%) in January2020, up from 91 (29%) in January 2019; ActiveListings were at 414 at month end compared to416 at that time last year and 392 at the end ofDecember; New Listings in January were up171% compared to December 2023, up 1%compared to November 2023, up 17%compared to January 2023, up 3% compared toJanuary 2022, down 20% compared to January2021, down 27% compared to January 2020,down 38% compared to January 2019. Month’ssupply of total residential listings is steady at 4month’s supply (seller’s market conditions) andsales to listings ratio of 43% compared to 106%in December 2023, 35% in January 2023 and55% in January 2022. Month-over-month, thehouse price index is down 1.1% and in the last6 months down 4.3%.

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West Vancouver: West Vancouver saw thehouse price index increase 2.5% last month, butthat will likely drop over the next month as salesstall in one of the highest pricedneighbourhoods in the region.Total Units Sold in January were 23 - down from41 (44%) in December, down from 48 (52%) inNovember 2023, down from 28 (18%) inJanuary 2023, down from 45 (49%) in January2022, down from 45 (49%) in January 2021,down from 29 (21%) in January 2020, downfrom 26 (12%) in January 2019; Active Listingswere at 483 at month end compared to 408 atthat time last year and 487 at the end ofDecember; New Listings in January were up233% compared to December 2023, up 7%compared to November 2023, up 42%compared to January 2023, up 28% comparedto January 2022, down 7% compared toJanuary 2021, the same amount compared toJanuary 2020, down 22% compared to January2019. Month’s supply of total residential listingsis up to 21 month’s supply (buyer’s marketconditions) and sales to listings ratio of 13%compared to 76% in December 2023, 22% inJanuary 2023 and 32% in January 2022.

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Richmond: Total Units Sold in January were161 – down from 169 (5%) in December, downfrom 179 (10%) in November 2023, up from 120(34%) in January 2023, down from 340 (53%) inJanuary 2022, down from 277 (42%) in January2021, down from 227 (29%) in January 2020,up from 121 (33%) in January 2019; ActiveListings were at 1,014 at month end comparedto 942 at that time last year and 1,043 at theend of December; New Listings in January wereup 154% compared to December 2023, up 2%compared to November 2023, up 1% comparedto January 2023, down 26% compared toJanuary 2022, down 31% compared to January2021, down 22% compared to January 2020,down 46% compared to January 2019. Month’ssupply of total residential listings is steady at 6month’s supply (balanced market conditions)and sales to listings ratio of 39% compared to104% in December 2023, 29% in January 2023and 61% in January 2022. Month-over-month,the house price index is down 1.1% and in thelast 6 months down 4.0%.

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Burnaby East: Total Units Sold in Januarywere 17 - down from 18 (6%) in December, upfrom 13 (31%) in November 2023, up from 9(89%) in January 2023, down from 25 (32%) inJanuary 2022, down from 28 (39%) in January2021, down from 18 (6%) in January 2020, upfrom 11 (45%) in January 2019; Active Listingswere at 77 at month end compared to 87 at thattime last year and 75 at the end of December;New Listings in January were up 316%compared to December 2023, up 67%compared to November 2023, up 14%compared to January 2023, up 43% comparedto January 2022, up 16% compared to January2021, up 11% compared to January 2020, down9% compared to January 2019. Month’s supplyof total residential listings is up to 5 month’ssupply (balanced market conditions) and salesto listings ratio of 34% compared to 150% inDecember 2023, 20% in January 2023 and 71%in January 2022. One of the few areas to seesales decline in January compared toDecember. Month-over-month, the house priceindex is up 0.3% and in the last 6 months down3.5%.

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Burnaby North: Total Units Sold in Januarywere 88 - down from 91 (3%) in December,down from 119 (26%) in November 2023, upfrom 63 (40%) in January 2023, down from 142(39%) in January 2022, down from 144 (39%) inJanuary 2021, down from 96 (8%) in January2020, up from 65 (3%5) in January 2019; ActiveListings were at 387 at month end compared to389 at that time last year and 417 at the end ofDecember; New Listings in January were up137% compared to December 2023, down 1%compared to November 2023, down 8%compared to January 2023, down 23%compared to January 2022, down 24%compared to January 2021, down 12%compared to January 2020, down 15%compared to January 2019. Month’s supply oftotal residential listings is down to 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 48% compared to 117% inDecember 2023, 31% in January 2023 and 60%in January 2022. Month-over-month, the houseprice index is down 0.8% and in the last 6months down 3.5%.

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Burnaby South: Total Units Sold in Januarywere 102 - up from 79 (29%) in December, upfrom 83 (23%) in November 2023, up from 54(89%) in January 2023, down from 150 (32%) inJanuary 2022, down from 144 (29%) in January2021, up from 90 (13%) in January 2020, upfrom 55 (85%) in January 2019; Active Listingswere at 398 at month end compared to 352 atthat time last year and 395 at the end ofDecember; New Listings in January were up185% compared to December 2023, up 29%compared to November 2023, up 32%compared to January 2023, down 12%compared to January 2022, down 18%compared to January 2021, up 2% compared toJanuary 2020, down 24% compared to January2019. Month’s supply of total residential listingsis down to 4 month’s supply (seller’s marketconditions) and sales to listings ratio of 48%compared to 105% in December 2023, 33% inJanuary 2023 and 62% in January 2022.Month-over-month, the house price index isdown 0.1% and in the last 6 months down3.4%.

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New Westminster: Total Units Sold in Januarywere 54 - up from 46 (17%) in December, downfrom 65 (17%) in November 2023, up from 40(35%) in January 2023, down from 102 (47%) inJanuary 2022, down from 101 (47%) in January2021, up from 50 (8%) in January 2020, downfrom 75 (28%) in January 2019; Active Listingswere at 242 at month end compared to 220 atthat time last year and 240 at the end ofDecember; New Listings in January were up244% compared to December 2023, up 2%compared to November 2023, up 26%compared to January 2023, down 10%compared to January 2022, down 37%compared to January 2021, down 6% comparedto January 2020, down 32% compared toJanuary 2019. Month’s supply of totalresidential listings is down to 4 month’s supply(seller’s market conditions) and sales to listingsratio of 40% compared to 118% in December2023, 38% in January 2023 and 61% in January2022. Month-over-month, the house price indexis down 0.1% and in the last 6 months down3.7%.

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Coquitlam: Total Units Sold in January were112 - down from 119 (6%) in December, downfrom 159 (30%) in November 2023, up from 73(47%) in January 2023, down from 174 (36%) inJanuary 2022, down from 225 (50%) in January2021, down from 144 (22%) in January 2020,up from 87 (29%) in January 2019; ActiveListings were at 521 at month end compared to481 at that time last year and 527 at the end ofDecember; New Listings in January were up234% compared to December 2023, down 1%compared to November 2023, up 9% comparedto January 2023, up 9% compared to January2022, down 16% compared to January 2021,down 7% compared to January 2020, down23% compared to January 2019. Month’ssupply of total residential listings is up to 5month’s supply (balanced market conditions)and sales to listings ratio of 39% compared to138% in December 2023, 28% in January 2023and 66% in January 2022. Month-over-month,the house price index is down 0.7% and in thelast 6 months down 4.2%.

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Port Moody: Total Units Sold in January were31 - up from 25 (24%) in December, down from40 (22%) in November 2023, up from 23 (35%)in January 2023, down from 57 (46%) inJanuary 2022, down from 46 (33%) in January2021, down from 37 (16%) in January 2020, thesame as January 2019; Active Listings were at122 at month end compared to 188 at that timelast year and 128 at the end of December; NewListings in January were up 75% compared toDecember 2023, up 35% compared toNovember 2023, down 46% compared toJanuary 2023, down 30% compared to January2022, down 26% compared to January 2021,down 14% compared to January 2020, down33% compared to January 2019. Month’ssupply of total residential listings is down to 4month’s supply (seller’s market conditions) andsales to listings ratio of 55% compared to 78%in December 2023, 22% in January 2023 and71% in January 2022. Month-over-month, thehouse price index is down 2.3% and in the last6 months down 2.5%.

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Port Coquitlam: Total Units Sold in Januarywere 43 - up from 36 (19%) in December, downfrom 55 (22%) in November 2023, up from 34(26%) in January 2023, down from 77 (24%) inJanuary 2022, down from 88 (51%) in January2021, down from 60 (28%) in January 2020, upfrom 38 (13%) in January 2019; Active Listingswere at 155 at month end compared to 123 atthat time last year and 154 at the end ofDecember; New Listings in January were up87% compared to December 2023, down 19%compared to November 2023, down 6%compared to January 2023, down 30%compared to January 2022, down 54%compared to January 2021, down 43%compared to January 2020, down 49%compared to January 2019. Month’s supply oftotal residential listings is steady at 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 59% compared to 92% inDecember 2023, 44% in January 2023 and 73%in January 2022. Month-over-month, the houseprice index is down 0.4% and in the last 6months down 4.7%.

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Pitt Meadows: Total Units Sold in January were20 - up from 19 (5%) in December, down from21 (5%) in November 2023, up from 15 (33%) inJanuary 2023, down from 30 (33%) in January2022, down from 22 (9%) in January 2021, upfrom 19 (5%) in January 2020, up from 10(29%) in January 2019; Active Listings were at57 at month end compared to 61 at that timelast year and 59 at the end of December; NewListings in January were up 171% compared toDecember 2023, down 3% compared toNovember 2023, the same as January 2023,down 7% compared to January 2022, up 23%compared to January 2021, down 25%compared to January 2020, down 3% comparedto January 2019. Month’s supply of totalresidential listings is the same at 3 month’ssupply (seller’s market conditions) and sales tolistings ratio of 52% compared to 135% inDecember 2023, 39% in January 2023 and 73%in January 2022. Month-over-month, the houseprice index is up 1.6% and in the last 6 monthsdown 4.5%.

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Maple Ridge: Total Units Sold in January were106 - up from 100 (6%) in December, up from103 (3%) in November 2023, up from 65 (63%)in January 2023, down from 124 (15%) inJanuary 2022, down from 194 (45%) in January2021, down from 120 (12%) in January 2020,up from 82 (30%) in January 2019; ActiveListings were at 563 at month end compared to451 at that time last year and 579 at the end ofDecember; New Listings in January were up155% compared to December 2023, up 30%compared to November 2023, up 20%compared to January 2023, up 9% compared toJanuary 2022, up 4% compared to January2021, up 18% compared to January 2020, up4% compared to January 2019. Month’s supplyof total residential listings is down to 5 month’ssupply (balanced market conditions) and salesto listings ratio of 40% compared to 98% inDecember 2023, 30% in January 2023 and 51%in January 2022. Month-over-month, the houseprice index is down 0.4% and in the last 6months down 4.6%.

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Ladner: Total Units Sold in January were 21 -up from 12 (75%) in December, the same asNovember 2023, up from 16 (31%) in January2023, down from 22 (5%) in January 2022, upfrom 20 (5%) in January 2021, down from 35(40%) in January 2020, up from 16 (31%) inJanuary 2019; Active Listings were at 83 atmonth end compared to 81 at that time last yearand 86 at the end of December; New Listings inJanuary were up 229% compared to December2023, up 77% compared to November 2023, up7% compared to January 2023, down 28%compared to January 2022, down 12%compared to January 2021, down 37%compared to January 2020, down 26%compared to January 2019. Month’s supply oftotal residential listings is down to 4 month’ssupply (seller’s market conditions) and sales tolistings ratio of 46% compared to 86% inDecember 2023, 37% in January 2023 and 61%in January 2022. Month-over-month, the houseprice index is down 0.5% and in the last 6months down 5.6%.

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Tsawwassen: Total Units Sold in January were24 - up from 21 (14%) in December, down from27 (11%) in November 2023, up from 20 (20%)in January 2023, down from 42 (43%) inJanuary 2022, down from 54 (56%) in January2021, up from 21 (14%) in January 2020, upfrom 14 (71%) in January 2019; Active Listingswere at 139 at month end compared to 137 atthat time last year and 152 at the end ofDecember; New Listings in January were up183% compared to December 2023, up 13%compared to November 2023, down 11%compared to January 2023, down 35%compared to January 2022, down 43%compared to January 2021, down 27%compared to January 2020, down 30%compared to January 2019. Month’s supply oftotal residential listings is down to 6 month’ssupply (balanced market conditions) and salesto listings ratio of 47% compared to 117% inDecember 2023, 35% in January 2023 and 54%in January 2022. Month-over-month, the houseprice index is down 1.2% and in the last 6months down 2.6%.

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Fraser Valley: Sales in December were up16% from December but up 52% from January2023. New listings were up 163% fromDecember and up 30% from January 2023.While the average price was up 4.4%month-over-month, it is up 13% year-over-year.Active listings were down 4% to 4,132 from4,302 last month but up 6.5% from January2023. It was a very precipitous decline over thelast 3 months. Month-over-month, the houseprice index is down 0.4% and in the last 6months down 5.9%.“With January sales on the rise, we areseeing hopeful signs that optimism isreturning to the market,” said NarinderBains, Chair of the Fraser Valley Real EstateBoard. “Anticipating that we may be at theend of the Bank of Canada rate hike cycle, itappears that more buyers are consideringre-entering the market as we are starting tosee more traffic at open houses.”

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Download Jan Sales and ListingsStatistics All RegionalDownload Jan Sales and ListingsStatistics Houses TownhousesCondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? we'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.