▲ 25 r/vancouver
Link to last months update: March Stats
Enjoy the read!
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Carrying over some comments from last month: Zealty is great for looking at up to date stats with detailed breakdowns, and House Sigma is a fantastic app for tracking and monitoring listings. (No I’m not paid by anyone to make these comments).
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Stats Summary:
*Months of Inventory historically is a sellers market when less than 4, and buyers market when greater than 6
Metro Van: $/sqft Y/Y decreases again, Inventory Y/Y down, New listings down Y/Y
Vancouver: $/sqft Y/Y decreases again, Inventory Y/Y down, New listings up Y/Y
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Detached:
Metro Van:
Vancouver:
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Condos:
Metro Van:
Vancouver:
Inventory, Historic, Metro Van: (changed to 6 years to adjust for covid):
Inventory, Historic, Vancouver:
Sold, Historic, Metro Van:
Sold, Historic, Vancouver:
We continue to sit in a strong buyers market!
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In Summary (some comments copied over from last months report):
- [Previous]: Y/Y $/sqft down across the board - this in my opinion is the key stat to track, especially in condos. Sales down, and inventory up. Interestingly - new listings has declined. I think this may be owners starting to realize they're never going to get the price they want and holding out for a better market. I predicted this is likely the outcome for 2026: people who need to sell will, and people who can sit on their property will. If you're not in financial strain - why take a $100k+ loss on a property?
- [New]: Y/Y - As I slightly predicted from earlier months - inventory is getting pulled down because people don't want to sell. Interestingly, there are some big discounts occurring. It appears that the demand for housing never disappeared, but rather the prices were too high that it made people sit on the sidelines. It seems the discounts over the last 6 months may have kicked up the activity a bit again. It's of course no frenzy like 2021/2022, but we're starting to see desirable places sell quicker again. If you're an investor, I'd still wait. If you're in it for a long term home, then now might be a good time to scan for deals.
- [Previous]: Looks like the federal government may be informally bailing out developers by pausing GST on new builds. We'll see how that shapes up soon!
- [Previous]: Properties with good layouts are continuing to sell - at definitely reduced prices from peak. Sellers holding onto 2021/2022 evaluation are a strong contributing factor to the inventory increases. New build market has come to a halt - there are going to be repercussions to this in 3/4/5 years from now - will be interesting to see how this plays out. Don't be afraid to drastically lowball as many of these developers desperately need proof of demand and revenue streams to support financing their next project starts.
- [Previous]: As inventory continues to pile up, be on the lookout for deals and consider coming in with lowball offers and keep your contingencies in place! This is not the frenzy market from the past couple years - avoid the FOMO especially as we face strong recessionary headwinds. With new tax rulings on secondary properties and short term rental ban, you will likely see lots of 1 beds and places requiring renovations (especially with current material costs!) sit on the market - good chance for a significant deal here! For new construction and places requiring renovations, we’ve seen articles come out over the past couple weeks with developers stating unprecedented issues with starting construction and securing financing. I’ve been a home owner for many years on the west side of Vancouver, an engineer for 25, a realtor in my twilight and now retired, but the last year of real estate activity has interested me with the unprecedented price increases followed by rate hikes.
- [Previous]: **BIG CHANGE** Federal gov introduced legislature to remove GST on new build home prices under $1.1M. Combine that with the provinces no transfer tax on new build homes under $1.1M and I think we might see a slight uptick in this range. If I was a first time home buyer I'd be scanning for new build condos/townhomes under $1.1M. Search for 2024/2025 build homes (or 1 year old), and filter below $1.1M. I think there are chances for some great deals here. The filter isn't perfect, but if you're a new home buyer I'd strongly recommend applying these filters in your new home search and go checkout these places: https://housesigma.com/bc/map/?status=for-sale&lat=49.264421&lon=-123.106683&zoom=12.3&page=1
- [Previous, but important!]: The best time to purchase is when you can afford it and you love the place. If you're willing to live in it long term and not see as an investment then go for it. Otherwise, and understandably so - you might be sitting on the sidelines for a bit longer as we watch what unfolds in this market. Inventory continues to pile up, and we definitely have seen drastic drops from peak, but I'm really uncertain how much further we'll go.
u/DataVariety1 — 16 days ago