The supply of westside detached homes in January was 514, down from 535 in December and up 25% compared to 413 last year in January 2021. 
Westside detached home sales this January decreased 16% from December (64 vs 76) and were 3% lower than January 2021. This is 11% lower than the January 10 year average of 72 sales.
Months of Supply, (MOS) in January is up 14% from last month to 8 from 7 in December and up 28% from January 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The January average price was up 9% from December to $4.05M and the median detached home price decreased 10% to $3.205M. Current prices are down 11% on average & 17% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in January was $13.98M. It was on the market for 574 days before it sold. The lowest price was $1.925M. It was on the market for 10 days. Of the 64 sales, 19 received the asking price or more and 45 sold below the asking price.
Westside apartment supply increased 5% in January to 1057 from 1003 in December and decreased 18% from the 1283 listings we had in January 2021. At the same time, demand decreased 3.5% from 344 sales in Dec 2021 to 332 sales and this is up 17% from 284 sales in January 2021. Apartment sales are up 39% from the 10 year average of 239 sales.

MOS in January increased 9% to 3.2 from 2.9 in December and this is down 30% from 4.5 in January 2021.
The average price in January increased 6% ($$1019 v $963K) from December 2021 and was up 9% from January 2021. The median price was relatively unchanged from December ($858 v $854) and is up 14% from January 2021. Average and median prices are still down by 15% & 3% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 7% in January from December (181 vs 170, and was down 15% from January 2021 (181 v 213). Demand in January is up 12% from December (49 vs 44 sales) and up 29% from last January 2021 (49 v 38). Attached home sales are up 56% from the 10 year average of 32 sales.
With supply and demand up, current MOS decreased 4% to 3.7. That is down 34% from 5.6 in January 2021.
Townhouse average prices in January were up 1% from December at $1.6M and were up 14% from $1.41M last January 2021. Median prices were down 2% in January (1.6M v 1.62M) and are up 9% from January 2021. The average price is down 11% from the peak of $1.8M. The median price is up 3.9% from the peak of $1.519M in January 2018.
The January west side detached home listing supply was down 12% from the 10 year average, apartment supply was down 1% from the 10 year average and townhome supply was up 2% from the 10 year average.

Demand in January was down from the 10 year average by 11% for detached homes, up 39% for apartments and up 56% for townhomes.

Median home prices in January are off from the peak, by 17% for detached homes, 15% for apartments and up 4% for attached homes. Detached homes and apartments are all selling below peak prices and are still good value for Buyers but attached homes have surpassed the peak. 

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 4.4% to 2,688 this Jan. from 2,389 sales in Jan. 2021. This is a 15% decrease from the 2688 homes sold in Dec. 2021.

Jan. 2022 sales were 25.3% above the 10-year Jan. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 5,663, down 31.8% from 8306 in Jan. 2021 and up 8.2%% from 5,236 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,255,200 which is an 18.5% increase over Jan. 2021 and is up 2% over last month.

We know what $1.255M will buy on the west side so detached westside homes (avg. $3.72M) are not getting that level of heat but west side apartments and townhome sales are.

For all property types, the sales-to-active listings ratio for Jan. 2022 is 40.3%. For detached homes it is 28%, attached homes are 51.6% and apartments are 49.7%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.

Westside supply peaked in June and demand is down since the peak in March so prices have been softening, however Oct. & Nov. demand is up and supply is down so unique & sharply priced homes are still receiving multiple offers with prices over the ask.

The westside remains under supplied and while current prices for detached and apartment homes are still below the peak, attached home prices are higher than ever. 

Recent news reports speak to the BC Attorney General talking about getting tough with municipalities (read Vancouver) about stimulating & expediting applications for more new housing. I hope that does come to pass.

As always, supply and demand will determine prices!

Happy Valentine's Day ✨💖✨

Best regards,