Dear Stuart,

In March, the sales and listings activity for detached homes on the Westside remained below the long-term averages. 

Compared to the 10-year average, the supply of detached homes decreased by 11%, while apartments increased by 32%, and townhomes increased by 37%.

Similarly, demand, when compared to the 10-year average, decreased by 31% for detached homes, apartments decreased by 31%, and townhomes decreased by 14%.

In March, the westside Detached Home median price is down 14.9% from the peak in August 2023. The Apartment median price decreased by 4.2% from the peak in January 2018, and the Attached Home median price declined by 5% from the peak in February 2022.

Our spring market started off slowly this year with inventory down for detached homes but up for apartments and townhomes. Sales in March were even lower for detached homes and apartments but slightly up for townhomes. The ratio of demand to supply known as “months of supply”. MOS, is a driver of prices with a high MOS causing prices to decline and a low MOS causing prices to rise.

In January, the MOS, for westside detached homes, was 11.9 months which is too high to sustain prices but February MOS dropped to 7.2 which encourages price increases but March is up again to 8.5 which slows down those rising prices. Townhouse MOS was 12 in Jan., 5.6 in Feb. & Mar. is 4.9. Apartment MOS was 6.9 in Jan., 5.3 in Feb. & 5.0 in March. So apartment prices remain the most stable and detached prices without the highs & lows are fairly consistent but townhomes are quite up & down.

The seasonal market cycle is; quiet in Dec & Jan, busy February through June, slowing down in July & August and picking up a little in October. So now is the time to be on the market for a spring sale.

The Bank of Canada did not change the rates and that is seen as a conservative move to forestall any backsliding in the inflation rate due to an energized spring housing market.

Rate cuts if they come later this year will encourage buying but we are also further into the mortgage renewal cycle and now, many owners who purchased with favourable rates are forced into renewals at much higher rates. For owners unable to access funds from other sources to pay down their mortgages, the question is whether they will be forced to sell?

Even with high rates, Vancouver seems set for an optimistic spring market. 

Happy Spring! ⏰☀️👒🌷🌸💗

Best regards

Stuart

Detailed information on the Westside detached homes market in March. Here's a summary of the key points:

• Supply:
• In March, the supply of Westside detached homes increased by 9% compared to February, with a total of 528 homes available, up from 485.
• This is an increase of 5% compared to March 2023 when there were 503 homes on the market.
• Demand:
• Sales of Westside detached homes in March were down 7.5% from February, with 62 homes sold.
• Sales were down 33.3% compared to March 2023, which had 93 sales.
• The number of sales remains 47% lower than the ten-year average of 117 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in March increased by 18% from the previous month, with a current MOS of 8.5 compared to 7.2 in February.
• This represents an 58% increase from March 2023.
• A MOS between 7 to 10 is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average and median detached home prices in March decreased 16% and 15% from August 2023's peak.
• The average price is $3.97 million, and the median price is $3.6 million.
• Current prices are down 12% on average and down 6.4% on median from their previous peaks in October 2017 and July 2017, respectively.
• High and Low Sale Prices:
• The highest sale price for a Westside detached home in March was $9.5 million, which spent 131 days on the market before selling.
• The lowest price for a detached home was $2.05 million, selling after 257 days on the market.
• Of the 62 sales, 26 received the asking price or more, while 36 homes sold below the asking price.

These statistics provide a comprehensive overview of the Westside detached homes market in February shedding light on changes in supply, demand, pricing, and notable sale prices.

Detailed information on the Westside apartment market in March. Here's a summary of the key points:

• Supply:
• In March, the supply of Westside apartments increased 8% compared to February, with a total of 1,508 apartments available for sale.
• This number is up by 21% from March 2023.
• Demand:
• Demand for Westside apartments increased by 15% in March, with 302 sales compared to 262 sales in February.
• The number of sales in March was down 4% from the same month last year, which had 314 sales.
• Apartment sales are down 31% from the ten-year average of 438 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in March decreased by 6% compared to February, to 5.
• This is an increase of 26% from the MOS of 4 in March 2023.
• Prices:
• The average price of Westside apartments in March is down 4% from February, with the average price at $982,000.
• It was up 3% from March 2023.
• The median price was relatively unchanged at $843K and is up 1% from March 2023.
• Both average and median prices are down from their respective peaks, with average prices down by 18% from the peak of $1,199,000, and median prices down 4% from the peak in January 2018.

These statistics provide a comprehensive picture of the Westside apartment market in February, highlighting changes in supply, demand, pricing, and their respective trends over time.

Detailed information on the Westside townhouse market in February. Here's a summary of the key points:

• Supply:
• In February, the supply of Westside townhouses increased by 17% compared to January, with a total of 252 townhouses available for sale.
• The supply was up 22% from February 2023, which had 207 townhouses on the market.
• Demand:
• The demand for townhouses in January decreased by 22%, with 18 sales.
• The number of sales in January decreased by 10% from the same month last year, which had 20 sales.
• Attached home sales are 39% below the ten-year average of 30 sales.
• Months of Supply (MOS):
• With the increase in supply and decrease in demand, the current Months of Supply (MOS) for townhouses increased by 31%, reaching 12.
• This is 18% higher than the MOS of 10.2 in January 2023.
• Prices:
• The average price of townhouses in January was $1.79 million, showing a 8% increase from December.
• It decreased slightly from January 2023 when the average price was $1.82 million.
• The median price in January was $1.73 million, a 9% increase from December ($1.59 million), and relatively unchanged from January 2023.
• Both average and median prices for townhouses are down from their respective peaks, with the average price decreasing by 3% from the peak of $1.854 million in November 2021, and the median price down 4% from the peak of $1.799 million in February 2022.

These statistics provide a comprehensive overview of the Westside townhouse market in February, indicating changes in supply, demand, pricing, and their respective trends over time.