September 2022 Lower Mainland Monthly Market Update

September 2022 Lower Mainland Monthly Market Update

September 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales are at their lowest in over 10 years.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales in August fell to their lowest level in over 10 years, as buyers took a breather to adjust to the new interest rate environment.

Cumulative Year-to-date Sales

Despite the low summer sales, 2022 YTD sales (34,406) are still close to the 10-year average (36,193)

Inventory

August inventory (15,533 active listings) actually fell from the previous month, and remain 20% below the 10-year average (19,958 average).

Sales to Active Listings

Despite the low sales, low inventory kept the Sales to Active Listing Ratio above 18%, indicating stabilizing prices.

Months of Inventory

Similarly, Months of Inventory fell to 5.4 MOI, indicating a balanced market.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

Greater Vancouver Market Statistics – September 2022

Greater Vancouver Market Statistics – September 2022

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in August 2022. Find all the infographics by visiting the Facebook Album.

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

*Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Check out the infographics of Squamish, Sunshine Coast and Whistler, HERE.

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Ladner

Maple Ridge

New Westminster

North Vancouver

Pitt Meadows

Coquitlam

Port Coquitlam

Port Moody

Richmond

Tsawwassen

Vancouver East

Vancouver West

West Vancouver

Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver.  Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.

This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org

August 2022 Lower Mainland Monthly Market Update

August 2022 Lower Mainland Monthly Market Update

August 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales have cooled off considerably.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales in July fell to their lowest level in over 10 years, as buyers took a breather to adjust to the new interest rate environment.

Cumulative Year-to-date Sales

Despite the low summer sales, 2022 YTD sales (31,519) are still just below the 10-year average (32,022)

Inventory

July inventory (16,701 active listings) actually fell from the previous month, and remain 20% below the 10-year average (20,620 average).

Sales to Active Listings

Despite the low sales, low inventory kept the Sales to Active Listing Ratio above 17%, indicating stabilizing prices.

Months of Inventory

Similarly, Months of Inventory rose to 5.8 MOI, indicating a balanced market for the first time since the pandemic.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

July 2022 Lower Mainland Monthly Market Update

July 2022 Lower Mainland Monthly Market Update

July 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales have continued to decelerate. 

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales fall to 25% below the 10-year average, making it the 2nd slowest June in a decade.

Cumulative Year-to-date Sales

YTD Sales are still above the 10-year average, but are trending downwards. It is expected that we will be below the 10-year average by next month.

Inventory

Inventory has and will continue to remain low by historical standards. It is likely this low inventory will prevent prices from falling in any dramatic fashion.

Sales to Active Listings

 SAL remains above 22%, indicating stabilizing prices. Low inventory will continue to keep prices in check.

Months of Inventory

MOI rose to 4.5 months, indicating stabilizing prices. This is the highest Months of Inventory since the start of the Pandemic.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

June 2022 Lower Mainland Monthly Market Update

June 2022 Lower Mainland Monthly Market Update

June 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales have continued to decelerate. 

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales in the Lower Mainland continue to decelerate. Monthly sales fell below the 10-year average (4,278 sales vs 5,269 average)

Cumulative Year-to-date Sales

Year-to-Date sales remain above the 10-year average (24,914 sales vs 22,266 average)

Inventory

 Inventory remains stubbornly low, coming in at 20% below the 10-year average (16,193 listings vs 20,465 average)

Sales to Active Listings

Sales to Active Listings continues to drop, and now sits at 26%, indicating stabilizing prices.

Months of Inventory

Months of Inventory continues to grow, and now sits at 3.8, but still below the 10-year average of 4.4.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

May 2022 Lower Mainland Monthly Market Update

May 2022 Lower Mainland Monthly Market Update

May 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales have moderated.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales have moderated in April and are now at the 10-year average (4,869 sales in April vs 4,969 average).

Cumulative Year-to-date Sales

Year-to-Date, we are still 20% above the 10-year average (20,636 sales vs 16,997 average).

Inventory

Inventory in April is no longer the lowest on record, but is still 25% below the 10-year average (14,183 listings vs 19,466 average).

Sales to Active Listings

SAL has dropped from 56% in March to 34% in April. Typically, a SAL of 34% would indicate rising prices, but given the trajectory, it likely means moderating prices.

Months of Inventory

Similarly to SAL, MOI has grown from 1.8 months to 2.9 months (a balanced market is 5.5 – 6.5 months), indicating a still tight, but moderating market.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!