The Real Estate Board of Greater Vancouver Stats Report for May 2019 showed a significant increase in Greater Metro Vancouver homes Sales - up 44% from Sales in the region for April. May Sales were also up for Vancouver West Detached homes (+55%) and Vancouver East Detached homes (+88%) verses April, & other Market Stats are even more encouraging for those areas. While Greater Metro Vancouver MLS shows a 30% increase in MLS Listings compared to May 2018, Vancouver West and Vancouver East Detached shows a 15% decrease in Listings compared to May 2018. And, while Metro Vancouver May Stats show a 14.2% "Monthly Sales to Monthly Listings Ratio" for May across the region, Vancouver West registered a 39% S/L Ratio and Vancouver East a 54% S/L Ratio during the month - almost 3 to 4 times stronger!
Another Analysis Metric used by many Realtors to assess market strength is also encouraging. Called "# of Month's Supply", this is calculated by dividing the # of Active Listings at the end of a month by the # of Sales during the month, with the product being the theoretical time it would take for all inventory to be sold, if listing activity ceased. Typically a 6 Month "Supply" is considered a "Balanced Market", less than 6 Month supply favours Sellers, while a greater than 6 month Supply trends toward a "Buyers' Market". In the Hot markets of 2016, with its bidding wars, & rapidly escalating prices, Vancouver West & East often had "# of Months' Supply" of 2.5 to 4 months.
The market changed dramatically from there, and sales activity declined significantly through 2017 & 2018. January 2019 showed almost 20 "Months' Supply" for West Side Detached properties, and over 13 "Months' Supply" on the East Side. Things have improved since, however, and in May Vancouver West showed an 8.5 "Months' Supply" & Vancouver East registered 5.6 "Months' Supply" - basically a Balanced or "Normal" market.
Will this trend continue from now, and through a usually slower Summer market? That's hard to say for sure, but barring any further disruptive or disconcerting news or policies by governments, it appears that the latent strong confidence and demand for Vancouver Real Estate is cautiously re-emerging - with local & domestic Buyers taking the lead.
Please contact me to discuss your real estate strategies for selling, buying, or any aspect of Real Estate ownership. I sincerely appreciate any referrals for your family, friends & associates. Please feel free to "Bother" me.