Dear Stuart,

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

Compared to the 10-year average, the supply of detached homes is up by 3%, while apartments are up 44%, and townhomes are up 54%.

Demand, when compared to the 10-year averages, are down by 21% for detached homes, apartments are down 17%, while townhomes are down by 21%.

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 June, the westside Detached Home median price is down 13% from the peak in August 2023. The Apartment median price is same as the peak in April 2022, and the Attached Home median price is down by 16.4% from the peak in June 2023.

The Bank of Canada rate drop of a quarter point which will save a borrower about $150 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 and attached properties while detached supply has gone down.

Some of this shift is a result of the change of use from single family to apartment and multi family developments but it 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.

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….

Have a great summer! 🌺🥥🌞🌊🐚

Best regards

Stuart

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

• Supply:
• In June, the supply of Westside detached homes increased by 7.7% compared to May, with a total of 688 homes available, up from 639.
• This is an increase of 20% compared to June 2023 when there were 575 homes on the market.
• Demand:
• Sales of Westside detached homes in June were down 14% from May, with 82 homes sold.
• Sales were up 26% compared to June 2023, which had 65 sales.
• The number of sales remains 21% lower than the ten-year average of 104 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in June increased by 25% from the previous month, with a current MOS of 8.4 compared to 6.7 in May.
• This represents a 5.2% decrease from May 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 June decreased 4% and 13% from August 2023's peak.
• The average price is $4.563 million, and the median price is $3.675 million.
• Current prices are up 18% on average and up 3% on median from last month.
• High and Low Sale Prices:
• The highest sale price for a Westside detached home in June was $44 million, which spent 52 days on the market before selling.
• The lowest price for a detached home was $2.2 million, selling after 20 days on the market.
• Of the 82 sales, 20 received the asking price or more, while 62 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 June. Here's a summary of the key points:

• Supply:
• In June, the supply of Westside apartments increased 2% compared to May, with a total of 1,973 apartments available for sale.
• This number is up by 41% from June 2023.
• Demand:
• Demand for Westside apartments decreased by 6% in June, with 327 sales compared to 349 sales in May.
• The number of sales in June was down 16% from the same month last year, which had 390 sales.
• Apartment sales are down 17% from the ten-year average of 392 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in June increased by 9.2% compared to May, to 6.
• This is an increase of 68% from the MOS of 3.6 in June 2023.
• Prices:
• The average price of Westside apartments in June was relatively unchanged from May, with the average price at $1,052,636
• It was up 1.6% from June 2023.
• The median price was up 4.6% to $888K and is up 4.4% from June 2023.
• Average prices are at 13.4% above the peak of $1,199,000 in January 2028, and median prices at the peak of April 2022.

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 June. Here's a summary of the key points:

• Supply:
• In May, the supply of Westside townhouses increased by 3% compared to April, with a total of 358 townhouses available for sale.
• The supply was up 49% from May 2023, which had 240 townhouses on the market.
• Demand:
• The demand for townhouses in May decreased by 15%, with 56 sales.
• The number of sales in May decreased by 18% from the same month last year, which had 68 sales.
• Attached home sales are 20% below the ten-year average of 70 sales.
• Months of Supply (MOS):
• With the increase in supply and decrease in demand, the current Months of Supply (MOS) for townhouses increased by 21%, reaching 6.4.
• This is 81% higher than the MOS of 3.5 in May 2023.
• Prices:
• The average price of townhouses in May was $1.867 million, relatively unchanged from April.
• It increased 8% from April 2023 when the average price was $1.734 million.
• The median price in May was $1.637 million, a 8.3% decrease from April ($1.78 million), and a 4% increase from May 2023.
• Average prices for townhouses are relatively unchanged from its peak. Median prices decreased 11% 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 February, indicating changes in supply, demand, pricing, and their respective trends over time.