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Vancouver Real Estate Market Report

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Listings? What Listings?The time for debate is long gone, MetroVancouver’s housing market needs supply,and it needs it sooner rather than later. Themore we debate the cause of how we got tothe current housing crisis, the more we fallbehind being able to provide homes. Afterstarting the year at the lowest level on recordfor active listings, we are not seeing asignificant increase so far in 2022 continuingthe trend of an ultra-competitive market forbuyers.When we began January, the number ofactive listings were just shy of 5,000 inGreater Vancouver. Take away those listingsthat are land only and we were sitting withapproximately 4,700 listings that could beoccupied. And of course there are a numberof land assembly properties in this numberthat aren’t going to be transformed intoliveable homes for many years to come –therein lies a significant part of the problem.The time it takes to approve and develop in

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our region, from single family homes intomultifamily keeps the supply from coming tomarket to purchase or rent.British Columbia Housing Minister David Ebyhas come out saying that more housingtaxes won’t help, it’s supply that is needed,going so far as to say “We need a massivehousing boom in rental housing and inhousing for purchase, and we need our citieson side for that.”For now, this supply is not coming from theresale market. As of mid-month, there werestill only 5,427 active listings of all propertytypes, including land only, available for salein Greater Vancouver. And while Januarytypically sees a slow start in the market, it’sbeen slower more so on the listing side. Withonly 1,639 new listings so far in GreaterVancouver, this number is lower than the2,185 ad mid-month in January 2021, and1,900 at mid-month in 2020 and 2019. Thislack of resale supply is keeping competitionamongst buyers strong as demand has not

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waned from where 2021 finished. While the788 properties sold in Greater Vancouverhave been fewer at mid-month so farcompared to January last year at 977, it isstill much higher than what we saw at thistime in January of 2020 and 2019 with 583and 396 respectively.The lack of new listings coming on is holdingbuyers back from being able to purchase.And the competition shows with two thirds ofall sales so far in 2022 being purchased atthe list price or above.So far, the story in 2022 continues to be thesame for real estate, it is a struggle forbuyers. Will we see a rush of new listingscome on the market? So far in January it hasnot been the case. Let’s hope that changes.But as said last month, coming from such alow level, significant increases in the supplyof listings will be a challenge. Afterimmigration was held in check due to thepandemic since March 2020, there has beena significant increase in the last part of 2021.

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And they will need homes – whether topurchase or rent. While there has been aconcerted effort by the government to buildrentals, private sector rental units will beneeded as well. And is the answer to limitimmigration to lessen the pressure onhousing? Think about all the businesses andindustries struggling to find workers. B.CFerries is having to cancel runs becausethere is a shortage of mariners available.Labour is an integral part of economicgrowth, and that comes from immigration. Ifyou were to take out immigration, Canadawould have a negative population growthand with that so too would be our economicgrowth. So, it’s time to look at housing as wemove forward, with more housing andbuilding to meet the needs of a growingpopulation and hopefully Minister Eby’scomments come to fruition.

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Areas of note so far in January:Vancouver’s West Side is seeing sales at thesame levels as last January and Richmond,New West, Port Moody and Ladner areseeing sales so far in January above that oflast January.North Vancouver continues to be starved oflistings with half the number of new listingsso far in January compared to the same timelast year which explains why there are only233 active listings currently compared to 443at this time last year.Sales to listings ratios are all above wherethey were at this point last year, meaning thelistings coming on are being bought up at ahigher rate. Again, it’s the lack of listings inthe market that is keeping sales in check.But unfortunately, that is what is going tocause prices to increase. Hopefully the onlyintrusion into the real estate market by thegovernment is to encourage more supply ina significant way!

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Here’s a summary of the numbers:Greater Vancouver788 units sold at mid-month in January2022, compared to:977 sold at mid-month in January 2021583 sold at mid-month in January 2020396 sold at mid-month in January 20191,639 new listings so far in Januarycompared to:2,185 at mid-month in January 20211,924 at mid-month in January 20201,940 at mid-month in January 2019Total active listings are at 5,427 compared to8,593 at mid-month in January 2021, and8,870 at mid-month in January 2020.Sales to listings ratio is at 48% compared to45% at January 15, 2021 and 19% atmid-month in January 2020.

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Vancouver West152 units sold at mid-month in January2022, compared to:154 sold at mid-month in January 202189 sold at mid-month in January 202057 sold at mid-month in January 2019395 new listings so far in January comparedto:426 at mid-month in January 2021178 at mid-month in January 2020193 at mid-month in January 2019Total active listings are at 1,637 compared to1,864 at mid-month in January 2021, and1,649 at mid-month in January 2020.Sales to listings ratio is at 38% compared to36% at January 15, 2021 and 24% atmid-month in January 2020.

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Vancouver East88 units sold at mid-month in January 2022,compared to:97 sold at mid-month in January 202148 sold at mid-month in January 202041 sold at mid-month in January 2019153 new listings so far in January comparedto:236 at mid-month in January 2021178 at mid-month in January 2020193 at mid-month in January 2019Total active listings are at 652 compared to853 at mid-month in January 2021, and 737at mid-month in January 2020.Sales to listings ratio is at 58% compared to41% at January 15, 2021 and 24% atmid-month in January 2020.

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North Vancouver49 units sold at mid-month in January 2022,compared to:55 sold at mid-month in January 202130 sold at mid-month in January 202031 sold at mid-month in January 201982 new listings so far in January comparedto:155 at mid-month in January 2021163 at mid-month in January 2020151 at mid-month in January 2019Total active listings are at 233 compared to443 at mid-month in January 2021, and 474at mid-month in January 2020.Sales to listings ratio is at 60% compared to35% at January 15, 2021 and 18% atmid-month in January 2020.

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West Vancouver11 units sold at mid-month in January 2022,compared to:20 sold at mid-month in January 202110 sold at mid-month in January 20207 sold at mid-month in January 201952 new listings so far in January comparedto:96 at mid-month in January 202191 at mid-month in January 202059 at mid-month in January 2019Total active listings are at 337 compared to434 at mid-month in January 2021, and 476at mid-month in January 2020.Sales to listings ratio is at 21% compared to21% at January 15, 2021 and 11% atmid-month in January 2020.

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Richmond130 units sold at mid-month in January2022, compared to:127 sold at mid-month in January 202192 sold at mid-month in January 202049 sold at mid-month in January 2019266 new listings so far in January comparedto:277 at mid-month in January 2021264 at mid-month in January 2020293 at mid-month in January 2019Total active listings are at 722 compared to1,305 at mid-month in January 2021, and1,373 at mid-month in January 2020.Sales to listings ratio is at 49% compared to46% at January 15, 2021 and 35% atmid-month in January 2020.

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Burnaby East6 units sold at mid-month in January 2022,compared to:5 sold at mid-month in January 20218 sold at mid-month in January 20203 sold at mid-month in January 201911 new listings so far in January comparedto:19 at mid-month in January 202121 at mid-month in January 202022 at mid-month in January 2019Total active listings are at 29 compared to 67at mid-month in January 2021, and 106 atmid-month in January 2020.Sales to listings ratio is at 55% compared to26% at January 15, 2021 and 38% atmid-month in January 2020.

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Burnaby North36 units sold at mid-month in January 2022,compared to:61 sold at mid-month in January 202138 sold at mid-month in January 202022 sold at mid-month in January 201983 new listings so far in January comparedto:130 at mid-month in January 202199 at mid-month in January 202091 at mid-month in January 2019Total active listings are at 236 compared to454 at mid-month in January 2021, and 307at mid-month in January 2020.Sales to listings ratio is at 43% compared to47% at January 15, 2021 and 38% atmid-month in January 2020.

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Burnaby South54 units sold at mid-month in January 2022,compared to:72 sold at mid-month in January 202141 sold at mid-month in January 202023 sold at mid-month in January 2019116 new listings so far in January comparedto:136 at mid-month in January 2021106 at mid-month in January 2020105 at mid-month in January 2019Total active listings are at 264 compared to528 at mid-month in January 2021, and 435at mid-month in January 2020.Sales to listings ratio is at 47% compared to53% at January 15, 2021 and 39% atmid-month in January 2020.

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New Westminster38 units sold at mid-month in January 2022,compared to:36 sold at mid-month in January 202118 sold at mid-month in January 202027 sold at mid-month in January 201962 new listings so far in January comparedto:100 at mid-month in January 202165 at mid-month in January 202075 at mid-month in January 2019Total active listings are at 145 compared to312 at mid-month in January 2021, and 255at mid-month in January 2020.Sales to listings ratio is at 61% compared to36% at January 15, 2021 and 28% atmid-month in January 2020.

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Coquitlam64 units sold at mid-month in January 2022,compared to:104 sold at mid-month in January 202157 sold at mid-month in January 202027 sold at mid-month in January 201991 new listings so far in January comparedto:161 at mid-month in January 2021140 at mid-month in January 2020144 at mid-month in January 2019Total active listings are at 255 compared to521 at mid-month in January 2021, and 526at mid-month in January 2020.Sales to listings ratio is at 70% compared to64% at January 15, 2021 and 41% atmid-month in January 2020.

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Port Moody19 units sold at mid-month in January 2022,compared to:17 sold at mid-month in January 202116 sold at mid-month in January 202010 sold at mid-month in January 201925 new listings so far in January comparedto:34 at mid-month in January 202131 at mid-month in January 202025 at mid-month in January 2019Total active listings are at 81 compared to142 at mid-month in January 2021, and 121at mid-month in January 2020.Sales to listings ratio is at 76% compared to50% at January 15, 2021 and 52% atmid-month in January 2020.

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Port Coquitlam19 units sold at mid-month in January 2022,compared to:25 sold at mid-month in January 202121 sold at mid-month in January 202016 sold at mid-month in January 201944 new listings so far in January comparedto:80 at mid-month in January 202165 at mid-month in January 202067 at mid-month in January 2019Total active listings are at 66 compared to154 at mid-month in January 2021, and 196at mid-month in January 2020.Sales to listings ratio is at 43% compared to31% at January 15, 2021 and 32% atmid-month in January 2020.

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Ladner9 units sold at mid-month in January 2022,compared to:7 sold at mid-month in January 202112 sold at mid-month in January 20201 sold at mid-month in January 201916 new listings so far in January comparedto:15 at mid-month in January 202137 at mid-month in January 202024 at mid-month in January 2019Total active listings are at 34 compared to 65at mid-month in January 2021, and 143 atmid-month in January 2020.Sales to listings ratio is at 56% compared to47% at January 15, 2021 and 32% atmid-month in January 2020.

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Tsawwassen13 units sold at mid-month in January 2022,compared to:16 sold at mid-month in January 20217 sold at mid-month in January 20202 sold at mid-month in January 201933 new listings so far in January comparedto:43 at mid-month in January 202137 at mid-month in January 202037 at mid-month in January 2019Total active listings are at 74 compared to167 at mid-month in January 2021, and 188at mid-month in January 2020.Sales to listings ratio is at 39% compared to37% at January 15, 2021 and 19% atmid-month in January 2020.

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