It’s Not All Bad in The Vancouver Real Estate Market

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Vancouver Real Estate Market Update April 12th 2019

We have each heard the story; I think there is more to it. The media is taking all price ranges and types of housing under one umbrella to analyze the data for the Vancouver real estate market. It works but it’s not accurate and it ultimately defaults to the same negative headline that we read in the news “Vancouver Real Estate Sales at a 30 Year Low.” The upper price categories have very little activity and this can distort how the lower price categories are performing if you group them together. When you separate the type of housing and price ranges, the data shows a different story. The results shift to an active market in the lower price ranges for condos and townhouses. The activity also increases for detached houses in specific neighbourhoods and price ranges, therefore it’s not all bad out there.

 

Below is the most recent sales data that shows a much more positive side to our current real estate market.

(0 to 14% Buyers Market      15% to 20% Balanced Market       21% Sellers Market)

 

Downtown, Coal Harbour, West End & Yaletown Condos and Townhouses For Sale

Price Range Listings Sales Sales Ratio
$300,000 – $1.250,000 509 104 20%

 

Vancouver West Side Condos and Townhouses For Sale

Price Range Listings Sales Sales Ratio
$300,000 – $1.250,000 507 118 23%

 

Vancouver East Side Condos and Townhouses For Sale

Price Range Listings Sales Sales Ratio
$300,000 – $1.250,000 407 100 24%

 

Vancouver West Side Detached Houses For Sale

Price Range Listings Sales Sales Ratio
$1.5 mil – $2.25 million 32 17 53%

 

Vancouver East Side Detached Houses For Sale

Price Range Listings Sales Sales Ratio
$0 – $1.250,000 42 16 23%

 

North Vancouver Detached Houses For Sale

Price Range Listings Sales Sales Ratio
$1 mil – $2 million 189 56 29%

 

North Vancouver Condos and Townhouses For Sale

Price Range Listings Sales Sales Ratio
$0 – $900,000 237 72 30%

 

The above sales data is a small portion of the market but this small portion is the affordability sector. The sales to active listing percentages range from 20% to 53% which says that it is a Sellers market, but this is not the case. Buyers are taking their time and continue to be very cautious. If a listing is slightly overpriced or in need of repairs it will sit on the market and not sell. Interest rates remain low and there are good opportunities out there for both buyers and sellers.

Please call me or email me if you would like more specific information. I am always happy to hear from you.

Written by Don Urquhart      604 787 1210