Market Statistics - August 2018




We hope that everyone had an enjoyable summer and that those with children are not letting them see their relief that September is finally here. :^)

August of 2018 has now consolidated the trend of lower sales of the last few months. Here's a sampling of the headlines from different sources in the Vancouver area from most alarmist to the calmest:

Huffington Post: "Vancouver Real Estate is starting to look like a disaster"

The Globe and Mail: "Vancouver housing sales hit six-year low in August"

Vancouver Sun: "Metro Vancouver pre-sale condo market sees slowdown and flattening of prices"

Global News: "Housing market calmer in August: Real Estate Board of Greater Vancouver"

The prices of attached homes (townhouses and condos) have finally started to fall in almost every area. Single family homes have had several months of price reductions since the beginning of the summer.

Here are a few tables to better show what the most recent market statistics are doing.

Note that most of the numbers are going down (red): total sales, % of sales over asking, and percent of asking price. As well, the average days on the market are growing in most categories. (Numbers in blue)

As an example of reading the statistics below: for one bedroom units in Metro Vancouver, 10 of the 45 sales (22%) were at or above the asking price (97.4% of the asking price, on average) and were on the market for an average of 27 days in the last week of August.

Red numbers means the number is lower than the previous month.
Blue numbers mean that the number is higher than the previous month.
Green numbers mean that the number is the same as last month.

Metro Vancouver Attached Property Sales in the last week of August
# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
% of
Asking Price
Avg Days
on Market
020%Studio (no separate bdrm)98.1%21
104522%One bedroom97.4%27
146920%Two bedroom97.8%24
417
24%
Three or more bedrooms96.7%31
2813321%Total of all types97.5%26


Fraser Valley Attached Property Sales in the last week of August

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
Avg Paid
over Asking
Avg Days
on Market
00 -Studio (no separate bdrm)--
214 14%One bedroom98.3%22
53116%Two bedroom97.3%38
42914%Three or more bedrooms98.8%34
117415%Total of all types98.1%
33

 

Metro Vancouver Detached Property Sales in the last week of August
# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
     Sale Price of Home   
% of
Asking Price
Avg Days
on Market
1813%$0 to $999,99996.9%27
52520%$1M to $1.999M94.8%54
21414%$2M and up89.8%65
84717%
Totals
92.4%52


Fraser Valley Attached Property Sales in the last week of August

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
     Sale Price of Home   
% of
Asking Price
Avg Days
on Market
2356%$0 to $999,99997.3%39
31323%$1M to $1.999M96.2%50
1250%$2M and up97.7%36
65012%Totals97.0%41

From the REBGV's August Stats: (I've added the text within the brackets)

For all property types, the sales-to-active listings ratio for August 2018 is 16.3% (July was 17.1%, June was 20.3%, and May was 25.1%, so the trend is towards a buyer's market). By property type, the ratio is 9.2% for detached homes (July was 9.9%, June was 11.7, and May was 14.7%), 19.4% for townhomes (July was 20.2%, June was 24.9%, and May was 30.8%), and 26.6% for condominiums (July was 27.3%, June was 33.4%, and May was 41.7%).

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Just like last few months, August's sales-to-active ratios are all heading the right direction if you are a buyer. 


Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.

Click on the links (in blue) below for the statistics package for your area:

(The links each take a few second to open as they are files stored on my Google Drive.) 

BURNABY/NEW WEST  

Burnaby East

Burnaby North

Burnaby South

New Westminster

    
TRI-CITIES  

Coquitlam

Port Coquitlam

Port Moody

 
    
VANCOUVER  

Metro Vancouver

Vancouver East

 
    
NORTH SHORE  

North Vancouver

West Vancouver

  
    
SOUTH FRASER/RICHMOND  

Ladner

Tsawwassen

Richmond

 
    
RIDGE MEADOWS   

Pitt Meadows

Maple Ridge

  
    
UP THE COAST/ISLAND  

Bowen Island

Squamish

Sunshine Coast

Whistler


Here are the full statistic packages for Greater Vancouver and the Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)

Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph

Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.