BUYER AWARE

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By: Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

Wait, are those listings we see?

For the first time in a while, there is a noticeable increase in the number of new listings coming on market compared to the previous month and the same period as last year. Word has caught on; it is time to list homes for sale and it appears that might be catching steam as we see the number of new listings increasing this month and the total active listing count showing the largest month over month increase since May of 2021.

When we began January, the number of active listings were just shy of 5,000 in Greater Vancouver. We are now at 6,477. And while that seems like a significant increase, it is still well below the 8,983 active listings that were available in the middle of February 2021. It’s a positive trend though to see more listings coming, but we have to come out of a big hole to ease any pressure there is on the market from the current level of demand. And considering how many of those listings are land assemblies and listings that have been on the market longer than 30 days, there is still a shortage of resale homes and as a result we are seeing competing offers occur at a high rate still. At mid-month in Greater Vancouver there have been 3,010 new listings.

At this pace we could see just over 6,000 new listings for the month of February – well above the 5,191 new listings in February 2021. The only time we’ve seen over 6,000 new listings in the month of February was back in 1995. With 1,889 home sales so far in February in Greater Vancouver, we are likely to eclipse the 3,852 homes sold in February 2021 as the number of sales appears to be increasing week by week.

As predicted, if we had more homes to sell, the total number of sales would increase. It is conceivable that there could be over 4,000 homes sold in February, which would be the second highest number of sales for the month of February on record.

The Canadian Census data is out and it shows how much the population is growing in Metro Vancouver. And with housing starts having declined in the last 4 years on a year-over-year basis, supply continues to be the issue. We cannot continue to expect price increases to level off when we cannot meet the demand for homes. And with immigration targets at all-time highs in the years ahead, this will only be more of a challenge as less housing starts lead to less completions and therefore less supply of resale homes in the market. Tinkering with demand will continue to be a focus of government policy, but it will not help and only exacerbate the issue.
 
Looking around Greater Vancouver, overall sales so far in February are up 8% at mid-month compared to the same period as February 2021 while the number of new listings is up 19% in that same half-month span. Vancouver’s Westside has seen sales up 27% for the first half of February compared to that same period last year, with the number of new listings up 19%. Vancouver’s East side has only seen an increase in sales of 4% while new listings are up 26%. Both North Vancouver and West Vancouver have had fewer sales in the first half of February compared to that period in 2021. Richmond while having 9% more sales in the first half of February compared to last year, has seen an increase of 40% more listings in that period. Port Coquitlam and Ladner have seen the number of sales and new listings both decrease in the first half of February compared to last year, again without more listings this will inhibit sales. In Tsawwassen there were 50 sales in the first half of February this year, compared to 30 last year with almost the same number of new listings.

As we move through February into the spring market, the question is will this increase in listings carry forward? As the real estate market typically goes, we should continue to see more listings coming on, but again will it be enough?

With interest rates relatively stable for now, that isn’t impacting the market. But should we see a rise in the Bank of Canada rate on March 2nd, that could create a wave of buyers wanting to purchase before any further rate increases. Similarly with fixed rate increases that are have been occurring. And with more homes starting to become available, the number of homes sold will increase, and possibly even more so than the record numbers we are already seeing. The question is: how competitive will each sale be?
 

Here’s a summary of the numbers:

Greater Vancouver

1,889 units sold at mid-month in February 2022, compared to:
788 units sold at mid-month in January 2022,
1,753 sold at mid-month in February 2021
1,039 sold at mid-month in February 2020
782 sold at mid-month in February 2019

3,010 new listings so far in February compared to:
1,639 at mid-month in January 2022
2,604 at mid-month in February 2021
1,935 at mid-month in February 2020

Total active listings are at 6,477 compared to 8,983 at mid-month in February 2021, and 5,427 at mid-month in January 2022.

Sales to listings ratio is at 63% compared to 48% at January 15, 2022 and 67% at mid-month in February 2021.
 
Vancouver West

355 units sold at mid-month in February 2022, compared to:
152 units sold at mid-month in January 2022,
280 sold at mid-month in February 2021
154 sold at mid-month in February 2020
167 sold at mid-month in February 2019

593 new listings so far in February compared to:
395 at mid-month in January 2022
497 at mid-month in February 2021
330 at mid-month in February 2020

Total active listings are at 1,847 compared to 1,963 at mid-month in February 2021, and 1,637 at mid-month in January 2022.

Sales to listings ratio is at 60% compared to 38% at January 15, 2022 and 56% at mid-month in February 2021.
 
Vancouver East

205 units sold at mid-month in February 2022, compared to:
88 units sold at mid-month in January 2022,
197 sold at mid-month in February 2021
111 sold at mid-month in February 2020
87 sold at mid-month in February 2019

348 new listings so far in February compared to:
153 at mid-month in January 2022
276 at mid-month in February 2021
185 at mid-month in February 2020

Total active listings are at 812 compared to 872 at mid-month in February 2021, and 652 at mid-month in January 2022.

Sales to listings ratio is at 59% compared to 58% at January 15, 2022 and 71% at mid-month in February 2021.
 
North Vancouver

125 units sold at mid-month in February 2022, compared to:
49 units sold at mid-month in January 2022,
133 sold at mid-month in February 2021
55 sold at mid-month in February 2020
92 sold at mid-month in February 2019

218 new listings so far in February compared to:
82 at mid-month in January 2022
203 at mid-month in February 2021
183 at mid-month in February 2020

Total active listings are at 348 compared to 478 at mid-month in February 2021, and 233 at mid-month in January 2022.

Sales to listings ratio is at 57% compared to 60% at January 15, 2022 and 66% at mid-month in February 2021.
 
West Vancouver

44 units sold at mid-month in February 2022, compared to:
11 units sold at mid-month in January 2022,
47 sold at mid-month in February 2021
20 sold at mid-month in February 2020
25 sold at mid-month in February 2019

137 new listings so far in February compared to:
52 at mid-month in January 2022
83 at mid-month in February 2021
77 at mid-month in February 2020

Total active listings are at 348 compared to 478 at mid-month in February 2021, and 233 at mid-month in January 2022.

Sales to listings ratio is at 32% compared to 21% at January 15, 2022 and 57% at mid-month in February 2021.
 
Richmond

218 units sold at mid-month in February 2022, compared to:
130 units sold at mid-month in January 2022,
200 sold at mid-month in February 2021
127 sold at mid-month in February 2020
116 sold at mid-month in February 2019

400 new listings so far in February compared to:
266 at mid-month in January 2022
292 at mid-month in February 2021
236 at mid-month in February 2020

Total active listings are at 851 compared to 1,378 at mid-month in February 2021, and 722 at mid-month in January 2022.

Sales to listings ratio is at 55% compared to 49% at January 15, 2022 and 68% at mid-month in February 2021.
 
Burnaby East

15 units sold at mid-month in February 2022, compared to:
6 units sold at mid-month in January 2022,
19 sold at mid-month in February 2021
10 sold at mid-month in February 2020
7 sold at mid-month in February 2019

27 new listings so far in February compared to:
11 at mid-month in January 2022
30 at mid-month in February 2021
18 at mid-month in February 2020

Total active listings are at 42 compared to 73 at mid-month in February 2021, and 29 at mid-month in January 2022.

Sales to listings ratio is at 56% compared to 55% at January 15, 2022 and 63% at mid-month in February 2021. 
 
Burnaby North

128 units sold at mid-month in February 2022, compared to:
36 units sold at mid-month in January 2022,
93 sold at mid-month in February 2021
58 sold at mid-month in February 2020
46 sold at mid-month in February 2019

170 new listings so far in February compared to:
83 at mid-month in January 2022
132 at mid-month in February 2021
90 at mid-month in February 2020

Total active listings are at 253 compared to 445 at mid-month in February 2021, and 236 at mid-month in January 2022.

Sales to listings ratio is at 75% compared to 43% at January 15, 2022 and 70% at mid-month in February 2021.
 
Burnaby South

117 units sold at mid-month in February 2022, compared to:
54 units sold at mid-month in January 2022,
94 sold at mid-month in February 2021
52 sold at mid-month in February 2020
47 sold at mid-month in February 2019

140 new listings so far in February compared to:
116 at mid-month in January 2022
128 at mid-month in February 2021
91 at mid-month in February 2020

Total active listings are at 279 compared to 536 at mid-month in February 2021, and 264 at mid-month in January 2022.

Sales to listings ratio is at 84% compared to 47% at January 15, 2022 and 73% at mid-month in February 2021.
 
New Westminster

94 units sold at mid-month in February 2022, compared to:
38 units sold at mid-month in January 2022,
76 sold at mid-month in February 2021
40 sold at mid-month in February 2020
34 sold at mid-month in February 2019

124 new listings so far in February compared to:
62 at mid-month in January 2022
115 at mid-month in February 2021
68 at mid-month in February 2020

Total active listings are at 163 compared to 340 at mid-month in February 2021, and 145 at mid-month in January 2022.

Sales to listings ratio is at 76% compared to 61% at January 15, 2022 and 66% at mid-month in February 2021.
 
Coquitlam

138 units sold at mid-month in February 2022, compared to:
64 units sold at mid-month in January 2022,
145 sold at mid-month in February 2021
92 sold at mid-month in February 2020
75 sold at mid-month in February 2019

230 new listings so far in February compared to:
91 at mid-month in January 2022
204 at mid-month in February 2021
165 at mid-month in February 2020

Total active listings are at 359 compared to 540 at mid-month in February 2021, and 255 at mid-month in January 2022.

Sales to listings ratio is at 60% compared to 70% at January 15, 2022 and 71% at mid-month in February 2021.
 
Port Moody

41 units sold at mid-month in February 2022, compared to:
19 units sold at mid-month in January 2022,
36 sold at mid-month in February 2021
18 sold at mid-month in February 2020
17 sold at mid-month in February 2019

77 new listings so far in February compared to:
25 at mid-month in January 2022
54 at mid-month in February 2021
50 at mid-month in February 2020

Total active listings are at 107 compared to 146 at mid-month in February 2021, and 81 at mid-month in January 2022.

Sales to listings ratio is at 53% compared to 76% at January 15, 2022 and 67% at mid-month in February 2021.
 
Port Coquitlam

55 units sold at mid-month in February 2022, compared to:
19 units sold at mid-month in January 2022,
60 sold at mid-month in February 2021
46 sold at mid-month in February 2020
25 sold at mid-month in February 2019

79 new listings so far in February compared to:
25 at mid-month in January 2022
86 at mid-month in February 2021
55 at mid-month in February 2020

Total active listings are at 88 compared to 158 at mid-month in February 2021, and 66 at mid-month in January 2022.

Sales to listings ratio is at 70% compared to 43% at January 15, 2022 and 70% at mid-month in February 2021.
 
Ladner

13 units sold at mid-month in February 2022, compared to:
9 units sold at mid-month in January 2022,
27 sold at mid-month in February 2021
20 sold at mid-month in February 2020
13 sold at mid-month in February 2019

30 new listings so far in February compared to:
16 at mid-month in January 2022
42 at mid-month in February 2021
33 at mid-month in February 2020

Total active listings are at 49 compared to 95 at mid-month in February 2021, and 34 at mid-month in January 2022.

Sales to listings ratio is at 43% compared to 56% at January 15, 2022 and 64% at mid-month in February 2021.
 
Tsawwassen

50 units sold at mid-month in February 2022, compared to:
13 units sold at mid-month in January 2022,
30 sold at mid-month in February 2021
18 sold at mid-month in February 2020
11 sold at mid-month in February 2019

56 new listings so far in February compared to:
33 at mid-month in January 2022
52 at mid-month in February 2021
26 at mid-month in February 2020

Total active listings are at 87 compared to 178 at mid-month in February 2021, and 74 at mid-month in January 2022.

Sales to listings ratio is at 89% compared to 39% at January 15, 2022 and 58% at mid-month in February 2021.

Looking for more specific details or statistics on your area or another? 

Contact us and we can assist you by providing these details, statistics and/or

answering any questions you may have. 

Sue 604-355-7968 or sue@key2key.ca   

Looking for more specific details or statistics on your area or another? 

Contact us and we can assist you by providing these details, statistics and/or

answering any questions you may have. 

Sue 604-355-7968 or sue@key2key.ca   

Looking for more specific details or statistics on your area or another? 

Contact us and we can assist you by providing these details, statistics and/or

answering any questions you may have. 

Sue 604-355-7968 or sue@key2key.ca