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Vancouver Real Estate Market Report

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Sales and listings stats are attached as ofJune 15, 2021. So, while this is the thirdstraight month the number of propertiessold is less than the previous month atthe midpoint, likely meaning June salesvolume will be less than May, less thanApril and less than March. Make nomistake though, there is still significantactivity happening in the real estatemarket. There could be more than 4,000properties sold in the month again,which would be the fourth straightmonth at that level. Something that’sonly ever happened 3 previous times. It’sreally a tempered decline and it couldhave more to do with what is coming out

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of as opposed to what we are going into.Freedom is on the horizon and for manythis will be a distraction from one of thefew things that has been able to garnerthe attention of society over the last 15months. What is important tounderstand about Metro Vancouver’sreal estate market is the diversity inactivity between areas, product typesand price ranges. Townhomes are stillthe most competitive segment in themarket currently, due to the limitedamount of product and their popularity.This is the prolific missing middle andwill continue to be the sought-after typeof home going forward and the mostundersupplied type of home for years to

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come. Apartments under $1M are stillseeing more multiple offers in themarket as well, although the number ofactive listings for this type of propertyhas been increasing. Not enough tomake a difference on pricing though.And that’s not likely to change either.Active listings for detached houses havegrown by only 2% since the mid-point ofMay compared to being up 13% betweenmid-April and mid-May and 19%between mid-March and Mid-April. Sothat broadening supply of detachedhomes that was helping release thepressure in that part of the market,could come down again. The number of

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attached listings (townhouses andcondos) are up 5% in the last 30 daysafter being up 8% between mid-April tomid-May and down 1% betweenmid-March and mid-April. After seeingthe growth in total active listings fordetached houses in Vancouver be up17% between the mid-April to mid-May,the increase in total active listings frommid-May to mid-June was only 5%. Andthis is likely to continue to drop as weget into the summer months. And inmany other areas around GreaterVancouver, that is already the case. InNew Westminster there are 16% lessdetached houses on the market over thelast 30 days, in Coquitlam the number of

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detached houses is down 12%. And theneighbourhoods of Burnaby, MapleRidge, Pitt Meadows, Port Coquitlam,Tsawwassen and Ladner, there aresimilarly fewer active listings in this sameperiod of time. North Vancouver andWest Vancouver have seen growth in thenumber of detached house activelistings, similar to Vancouver. Perhapsshowing a slowing in the higher end ofthe market.So far in June there have been 2,028properties sold in Greater Vancouver,and with 3,405 new listings so far in themonth, both are off from the midpoint ofMay when there were 2,183 properties

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sold and 3,758 new listings, and Aprilwhen there were 2,402 properties soldand 4,078 new listings and off from2,663 properties sold at the midpoint ofMarch with 4,267 new listings. There arefew listings coming on which is stallingthe growth in active listings and will keepprices from adjusting lower with thedecrease in activity. Although to call4,000 property sales in GreaterVancouver in a month a decrease inactivity is very much a fallacy in terms.As we move into the summer months,expect to see activity in real estatedecline – as we would typically in anysummer season. But with the easing of

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pandemic restrictions, more travel locallyand the promise of travel abroad,attention will wane from real estate overthe next two months. Just in time forback to school and the fall market tobegin. As borders open, post secondaryschools’ welcome students back inperson, immigration will be starting upand the jewel that is Canada is attractingthose from beyond our borders, demandnot seen in the real estate market sincepre-COVID will emerge. Our growing techsector and jobs in the downtown corewill call workers back and offeropportunities to others. What had beena more challenging market downtown,will see the benefits it sorely lacked as

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will the business sector. But what aboutthat summer? As with any absence, thereis opportunity. Those buying canperhaps take solace in less competitionand those selling, similarly – less comingon the market. But the look and price ofwhat comes on will need to be carefullyconsidered. The heady days of Marchand April it won’t be, so standing out willbe important.

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Here’s a summary of the numbers:Greater Vancouver – 2,028 units sold atmid-month in June 2021, compared to2,183 at mid-month in May 2021,compared to 2,402 units sold atmid-month in April 2021, and 1,064 soldat mid-month in June 2020. Total newlistings so far in June are 3,405 comparedto 3,758 at this point in May 2021, 4,078at this point in April 2021 and 3,043 atthis point in June 2020. Total activelistings are at 11,659 compared to 11,555at this time last year and 11,198 atmid-month in May 2021. Sales to listingsratio is at 60% compared to 58% at May15, 2021.

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Vancouver West – 341 units sold atmid-month in June 2021, compared to372 at mid-month in May 2021,compared to 369 units sold atmid-month in April 2021, and 167 sold atmid-month in June 2020. Total newlistings so far in June are 732 comparedto 775 at this point in May 2021, 767 atthis point in April 2021 and 637 at thispoint in June 2020. Total active listingsare at 2,728 compared to 2,136 at thistime last year and 2,579 at mid-month inMay 2021. Sales to listings ratio is at 47%compared to 48% at May 15, 2021.

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Vancouver East – 227 units sold atmid-month in June 2021, compared to241 at mid-month in May 2021,compared to 263 units sold atmid-month in April 2021, and 121 sold atmid-month in June 2020. Total newlistings so far in June are 406 comparedto 423 at this point in May 2021, 537 atthis point in April 2021 and 349 at thispoint in June 2020. Total active listingsare at 1,377 compared to 1,008 at thistime last year and 1,296 at mid-month inMay 2021. Sales to listings ratio is at 56%compared to 57% at May 15, 2021.

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North Vancouver – 173 units sold atmid-month in June 2021, compared to177 at mid-month in May 2021,compared to 232 units sold atmid-month in April 2021, and 106 sold atmid-month in June 2020. Total newlistings so far in June are 273 comparedto 285 at this point in May 2021, 338 atthis point in April 2021 and 279 at thispoint in June 2020. Total active listingsare at 677 compared to 783 at this timelast year and 651 at mid-month in May2021. Sales to listings ratio is at 63%compared to 62% at May 15, 2021.

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West Vancouver – 48 units sold atmid-month in June 2021, compared to 55at mid-month in May 2021, compared to54 units sold at mid-month in April 2021,and 28 sold at mid-month in June 2020.Total new listings so far in June are 109compared to 127 at this point in May2021, 147 at this point in April 2021 and117 at this point in June 2020. Totalactive listings are at 616 compared to569 at this time last year and 565 atmid-month in May 2021. Sales to listingsratio is at 44% compared to 43% at May15, 2021.

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Richmond – 239 units sold atmid-month in June 2021, compared to248 at mid-month in May 2021,compared to 318 units sold atmid-month in April 2021, and 101 sold atmid-month in June 2020. Total newlistings so far in June are 417 comparedto 430 at this point in May 2021, 513 atthis point in April 2021 and 324 at thispoint in June 2020. Total active listingsare at 1,650 compared to 1,549 at thistime last year and 1,570 at mid-month inMay 2021. Sales to listings ratio is at 57%compared to 58% at May 15, 2021.

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Burnaby East – 19 units sold atmid-month in June 2021, compared to 26at mid-month in May 2021, compared to26 units sold at mid-month in April 2021,and 4 sold at mid-month in June 2020.Total new listings so far in June are 35compared to 36 at this point in May2021, 53 at this point in April 2021 and30 at this point in June 2020. Total activelistings are at 125 compared to 128 atthis time last year and 114 at mid-monthin May 2021. Sales to listings ratio is at54% compared to 72% at May 15, 2021.

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Burnaby North – 114 units sold atmid-month in June 2021, compared to122 at mid-month in May 2021,compared to 146 units sold atmid-month in April 2021, and 42 sold atmid-month in June 2020. Total newlistings so far in June are 170 comparedto 211 at this point in May 2021, 255 atthis point in April 2021 and 132 at thispoint in June 2020. Total active listingsare at 535 compared to 442 at this timelast year and 529 at mid-month in May2021. Sales to listings ratio is at 67%compared to 58% at May 15, 2021.

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Burnaby South – 115 units sold atmid-month in June 2021, compared to121 at mid-month in May 2021,compared to 126 units sold atmid-month in April 2021, and 33 sold atmid-month in June 2020. Total newlistings so far in June are 206 comparedto 212 at this point in May 2021, 221 atthis point in April 2021 and 140 at thispoint in June 2020. Total active listingsare at 685 compared to 510 at this timelast year and 646 at mid-month in May2021. Sales to listings ratio is at 56%compared to 57% at May 15, 2021.

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New Westminster – 73 units sold atmid-month in June 2021, compared to 97at mid-month in May 2021, compared to102 units sold at mid-month in April2021, and 47 sold at mid-month in June2020. Total new listings so far in June are141 compared to 146 at this point in May2021, 153 at this point in April 2021 and129 at this point in June 2020. Totalactive listings are at 379 compared to399 at this time last year and 376 atmid-month in May 2021. Sales to listingsratio is at 52% compared to 66% at May15, 2021.

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Coquitlam – 176 units sold atmid-month in June 2021, compared to173 at mid-month in May 2021,compared to 159 units sold atmid-month in April 2021, and 110 sold atmid-month in June 2020. Total newlistings so far in June are 259 comparedto 306 at this point in May 2021, 307 atthis point in April 2021 and 218 at thispoint in June 2020. Total active listingsare at 759 compared to 795 at this timelast year and 749 at mid-month in May2021. Sales to listings ratio is at 68%compared to 57% at May 15, 2021.

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Port Moody – 55 units sold atmid-month in June 2021, compared to 52at mid-month in May 2021, compared to71 units sold at mid-month in April 2021,and 33 sold at mid-month in June 2020.Total new listings so far in June are 82compared to 93 at this point in May2021, 87 at this point in April 2021 and81 at this point in June 2020. Total activelistings are at 187 compared to 229 atthis time last year and 194 at mid-monthin May 2021. Sales to listings ratio is at67% compared to 56% at May 15, 2021.

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Port Coquitlam – 74 units sold atmid-month in June 2021, compared to 82at mid-month in May 2021, compared to83 units sold at mid-month in April 2021,and 39 sold at mid-month in June 2020.Total new listings so far in June are 86compared to 120 at this point in May2021, 132 at this point in April 2021 and82 at this point in June 2020. Total activelistings are at 244 compared to 214 atthis time last year and 250 at mid-monthin May 2021. Sales to listings ratio is at86% compared to 68% at May 15, 2021.

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Ladner – 30 units sold at mid-month inJune 2021, compared to 25 at mid-monthin May 2021, compared to 39 units soldat mid-month in April 2021, and 14 soldat mid-month in June 2020. Total newlistings so far in June are 34 compared to38 at this point in May 2021, 46 at thispoint in April 2021 and 29 at this point inJune 2020. Total active listings are at 107compared to 157 at this time last yearand 122 at mid-month in May 2021.Sales to listings ratio is at 88% comparedto 66% at May 15, 2021.

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Tsawwassen – 41 units sold atmid-month in June 2021, compared to 49at mid-month in May 2021, compared to39 units sold at mid-month in April 2021,and 21 sold at mid-month in June 2020.Total new listings so far in June are 53compared to 72 at this point in May2021, 62 at this point in April 2021 and51 at this point in June 2020. Total activelistings are at 182 compared to 251 atthis time last year and 187 at mid-monthin May 2021. Sales to listings ratio is at77% compared to 68% at May 15, 2021.

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