Dear Stuart,

In July, the sales activity for detached homes on the Westside remained below the long-term average and the listing activity was slightly above the long term average.

Compared to the 10-year average, the supply of detached homes is up by 4%, while apartments are up 42%, and townhomes are up 52%.

Demand, when compared to the 10-year averages, is down by 21% for detached homes, 20% for apartments and townhomes are down by 8%.

Buyers are hesitant to buy and housing supply is rising. However, well priced homes are still selling quickly so astute buyers are able to spot value and act quickly.

In July, the westside Detached Home median price is down 21% from the peak in August 2023. The Apartment median price is down 2% the peak in April 2022, and the Attached Home median price is down by 113% from the peak in June 2023.

The two Bank of Canada rate drops of a quarter point each will save a borrower about $300 per month on a $1M mortgage is seen as a move to encourage buyers, spending and to stimulate the economy but it has so far done nothing for real estate on Vancouver’s west side.

The market has been expecting higher inventory levels since the BoC started raising rates and that along with zoning encouraging higher density has resulted in a steady rise in supply of apartments, attached and detached homes.

The change of use from single family to apartment and multi family developments has been bolstered by taxation that discourages ownership of real property over $3M in value. So single family homeowners are being encouraged to sell their homes into duplex & multi family developments which while they will be smaller, will supposedly be sold for more affordable prices. However, $2.7M for a new 1500 s.f. 3 br half duplex is now normal.

The CoV has allowed this increased density but it requires large developer expenditures to instal hydro infrastructure and outright payments for the increased square footage while maintaining lengthy wait times for permits through the tree bylaw and electrical oversight.

Demand has responded to higher interest rates by falling in all categories but the surprise has been how prices have remained steady in the face of those increasing costs & supply.

Further rate cuts if they come later this year should encourage demand but we are also further into the mortgage renewal cycle and many mortgage holders have yet to hit their renewal dates under the higher rates….

The market often picks up in mid Sept. so now is a good time to buy, ahead of the fall increase in activity.

Have a great rest of the summer! 🌸🍦🍉🏖️

Best regards

Stuart

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

• Supply:
• In July, the supply of Westside detached homes was relatively unchanged compared to June, with a total of 691 homes available, up from 688.
• This is an increase of 18% compared to July 2023 when there were 585 homes on the market.
• Demand:
• Sales of Westside detached homes in July were down 22% from June, with 64 homes sold.
• Sales were down 6% compared to July 2023, which had 68 sales.
• The number of sales remains 21% lower than the ten-year average of 82 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in July increased by 29% from the previous month, with a current MOS of 10.8 compared to8.4 in June.
• This represents a 26% decrease from June 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 July decreased 4% and 17% from August 2023's peak.
• The average price is $3.769 million, and the median price is $3.501 million.
• Current prices are down 17% on average and 5% on median from last month.
• High and Low Sale Prices:
• The highest sale price for a Westside detached home in July was $11.17 million, which spent 318 days on the market before selling.
• The lowest price for a detached home was $1.8 million, selling after 64 days on the market.
• Of the 64 sales, 19 received the asking price or more, while 45 homes sold below the asking price.

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

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

• Supply:
• In July, the supply of Westside apartments was relatively unchanged compared to June, with a total of 1,958 apartments available for sale.
• This number is up by 31% from July 2023.
• Demand:
• Demand for Westside apartments decreased by 9% in July, with 298 sales compared to 327 sales in June.
• The number of sales in June was down 9% from the same month last year, which had 326 sales.
• Apartment sales are down 20% from the ten-year average of 373 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in June increased by 9% compared to June, to 6.6.
• This is an increase of 44% from the MOS of 4.6 in July 2023.
• Prices:
• The average price of Westside apartments in July down 3% from June, with the average price at $1,023,309
• It was up 1% from July 2023.
• The median price was down 2% to $873K and is up 2% from July 2023.
• Average prices are at 15% below the peak of $1,199,000 in January 2018, and median prices are 2% below the peak of April 2022.

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

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

• Supply:
• In July, the supply of Westside townhouses decreased by 4% compared to June, with a total of 360 townhouses available for sale.
• The supply was up 36% from July 2023, which had 264 townhouses on the market.
• Demand:
• The demand for townhouses in July decreased by 12%, with 50 sales.
• The number of sales in July increased by 14% from the same month last year, which had 44 sales.
• Attached home sales are 8% below the ten-year average of 54 sales.
• Months of Supply (MOS):
• With the increase in supply and decrease in demand, the current Months of Supply (MOS) for townhouses increased by 9%, reaching 7.2.
• This is 20% higher than the MOS of 6 in July 2023.
• Prices:
• The average price of townhouses in July was $1.594 million, relatively unchanged from June.
• It decreased 9% from July 2023 when the average price was $1.742 million.
• The median price in July was $1.6 million, a 4.5% increase from June ($1.53 million), and a 5% decrease from July 2023.
• Average prices for townhouses are down 14% from its peak. Median prices decreased 13% from its peak. The average peak of $1.867 million in April 2024, and the median peak of $1.834 million in June 2023.

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