Dear Stuart,

In April, 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 is down by 3%, while apartments are up 45%, and townhomes are up 53%.

Similarly, demand, when compared to the 10-year averages, are down by 28% for detached homes, apartments are down 17%, while townhomes are up by 3%.

In April, the westside Detached Home median price is down 14% from the peak in August 2023. The Apartment median price is down by 4.8% from the peak in April 2022, and the Attached Home median price is down by 2.7% from the peak in June 2023.

The Bank of Canada has still not changed 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.

The market has been expecting higher inventory levels since the BoC started raising rates but the date is showing only a slower steady rise in supply. The surprise has been how strong the demand has remained in the face of those rate increases. The other positive takeaway has been how relatively few homeowners have been forced to sell in the face of the high borrowing costs.

Rate cuts if they come later this year should encourage buying but we are also further into the mortgage renewal cycle and now, many owners who purchased with favourable rates may be forced into renewals at much higher rates and this could bring on those forced sales we have not seen many of so far.

Happy Mother's Day! 🌺💐🙏🎁🛍️❤️

Best regards

Stuart

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

• Supply:
• In April, the supply of Westside detached homes increased by 15% compared to March, with a total of 607 homes available, up from 528.
• This is an increase of 24% compared to April 2023 when there were 491 homes on the market.
• Demand:
• Sales of Westside detached homes in April were up 37% from March, with 85 homes sold.
• Sales were down 9% compared to April 2023, which had 93 sales.
• The number of sales remains 28% lower than the ten-year average of 118 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in April decreased by 16% from the previous month, with a current MOS of 7.1 compared to 8.5 in March.
• 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 14% and 14% from August 2023's peak.
• The average price is $4.07 million, and the median price is $3.6 million.
• Current prices are down 10% on average and down 5.7% 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 April was $17 million, which spent 282 days on the market before selling.
• The lowest price for a detached home was $2.1 million, selling after 56 days on the market.
• Of the 85 sales, 23 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 April. Here's a summary of the key points:

• Supply:
• In April, the supply of Westside apartments increased 19% compared to March, with a total of 1,799 apartments available for sale.
• This number is up by 45% from April 2023.
• Demand:
• Demand for Westside apartments increased by 4.3% in April, with 315 sales compared to 302 sales in March.
• The number of sales in April was down 7% from the same month last year, which had 339 sales.
• Apartment sales are down 17% from the ten-year average of 380 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in April increased by 14.4% compared to March, to 5.7.
• This is an increase of 56% from the MOS of 3.7 in April 2023.
• Prices:
• The average price of Westside apartments in April is relatively unchanged from March, with the average price at $981,881.
• It was down 2% from April 2023.
• The median price was relatively unchanged at $845K and is up 2% from April 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 April. Here's a summary of the key points:

• Supply:
• In April, the supply of Westside townhouses increased by 237% compared to March, with a total of 348 townhouses available for sale.
• The supply was up 48% from April 2023, which had 236 townhouses on the market.
• Demand:
• The demand for townhouses in April increased by 14%, with 66 sales.
• The number of sales in April increased by 106% from the same month last year, which had 32 sales.
• Attached home sales are 3% below the ten-year average of 64 sales.
• Months of Supply (MOS):
• With the increase in supply and demand, the current Months of Supply (MOS) for townhouses increased by 8%, reaching 5.32.
• This is 28% lower than the MOS of 7.4 in April 2023.
• Prices:
• The average price of townhouses in April was $1.85 million, showing a 9 increase from March.
• It decreased slightly from April 2023 when the average price was $1.84 million.
• The median price in April was $1.78 million, a 4.5% increase from March ($1.71 million), and a 3.6% from April 2023.
• Both average and median prices for townhouses are relatively unchanged from their respective peaks. The average peak of $1.854 million in November 2021, and the median 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.