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Home Buyer Competition Intensifies Across Metro Vancouver’s Housing Market

I borrowed this headline from the Real Estate Board’s latest market report.  Low inventory levels and intense Buyer activity is creating a Seller’s market across all housing types in all lower mainland markets.  The same holds true in North Vancouver as supply is not keeping up with demand.  Buyer activity is being driven by low interest rates and a desire for more space.  More people are working from home than ever before and Buyers are looking to move up to larger homes. 

The market is experiencing low inventory levels because new listings are selling as fast as they come on the market. Most active listings are attracting multiple offers and are selling for over the asking price.  You would think that this market would attract Sellers, however, there are still people reluctant to list because of concerns over COVID.  People don’t want Buyers coming through their homes and those potential Sellers aren’t interested in becoming Buyers and going through other people’s homes either.  The other factor that limits inventory levels in a Seller’s market is that Sellers are also Buyers and right now buying is a very difficult thing to do.  At this time you really have to buy before you can sell, otherwise you might become homeless.  A balanced market is really the best market for both Buyers and Sellers.

Detached Properties

We are currently at 169 active listings and normally we would be well above 300 at this time of the year and trending towards 400.  In February, 60% of houses sold were on the market 10 days or less.    We are seeing very few homes listing under $1,500,000 and the $2,000,000 - $2,999,999 has become very active as Buyers are looking to move up to bigger and newer space.  Well priced homes are attracting multiple offers.  The median sell price was up 10.35 in 2020 (see 2020 table).

Condos

In the fall, the condo market had good inventory levels with over 400 active listings.  The market was balanced for Buyers and Sellers.  Right now, the condo market is a Seller’s market with only 233 active listings. Like houses in February, 60% of condos sold in February sold in 10 days or less.  Demand is not keeping up with supply.  The median selling price was up 4.8% in 2020 (see 2020 table).

 Attached (Townhomes/Duplexes)

The attached market is crazy competitive right now.  We are seeing Buyers moving up from the condo market and we are also seeing affordability issues in the detached market driving these Buyers to explore the attached market.  In February, 74% of townhomes/duplexes sold were on the market 10 days or less.  There are 106 active listings and only 24 of those are under $1,000,000.  Townhomes are selling as fast as they come on the market.  The median selling price was up 7.9% in 2020 (see 2020 table).

For your most current North Vancouver market report.

Go to:  www.pixisites.com/sitefiles/1321/library/february_2021__north-vancouver.pdf

North Vancouver 2020 Market in Review

Buying, Selling or investing in residential real estate give me a call.  Friendly introductions always welcome.

COVID 19 and the North Vancouver Real Estate Market  - July 2020

I often cringe when I read articles about the real estate market in our local newspapers, especially articles about national real estate market forecasts.  The Canadian Mortgage and Housing Corporation (CMHC) recently forecasted the “Housing Market will see a historic recession in 2020”.  They cite a number of reasons related to COVID 19 including job losses, decreased immigration and lower housing starts.  They are calling for a decline in sales and prices and don’t anticipate a recovery until 2022.  In most cases what they say has little to do with what is actually happening especially when it comes to local real estate markets.

What is actually happening?

I spoke to a friend who worked for Immigration Canada and is now an immigration consultant.  I asked her how COVID 19 was impacting immigration to BC, and about the predicted decline in immigration. She sees no decline in immigration now or in the future.  The immigration application process is a 6 to 18 month process and people are not withdrawing applications.  BC remains a very attractive place to live and if anything has become more attractive because of BC’s COVID 19 health record.   Many of these immigrants are home buyers.  She could see a decline in short term work and student visas but most of these people are likely looking for rental accommodation.  She noted that any new immigrants must quarantine for 14 days.

Another factor is what is happening in Hong Kong.  There are currently 300,000 Canadian citizens living in Hong Kong.  Over the past year I have seen an increase in activity with Hong Kong Buyers in North Vancouver.  Based on the current situation in Hong Kong this trend is likely to continue.

The North Vancouver real estate market is alive and well.  Back in March I talked about how affordability was returning to the market place because of lower interest rates and prices dropping over the past 3 years.  We saw the market take a COVID pause from mid-March to the end of April.  Since then the market has really picked up, and June 2020 sales surpassed June 2019 sales despite lower inventory levels.   Go to link for your June 2020 North Vancouver Market Report:  https://www.pixisites.com/sitefiles/1321/library/june_2020___north-vancouver.pdf

Low interest rates are driving Buyer demand and we are seeing multiple offers at many price levels across all categories, especially in the $1 - $1.5 million North Vancouver housing market.  We are consequently seeing home prices increase across all categories (see table below).   Interest rates are forecast to continue to remain low for the next two years.  It has been my experience that low interest rates drive Buyer demand.  Buyers’ are still subject to the 2% stress test however, after being sidelined for two years young Buyers are back and driving the current real estate recovery.  A real estate article in the Province on July 6^th aptly described a robust Vancouver real estate market in June, and closed by saying “Steep price declines predicted by some pundits failed to materialize despite the disruption caused by COVID 19.”

Stay safe and healthy.

Buying, Selling or investing in residential real estate give me a call.  Friendly introductions always welcomeJ

Jeff Mulock    REALTOR®

Sutton Group West Coast Realty

www.jeffmulock.ca

(C)  604-512-2477

jeffmulock@shaw.ca

It is still early in the year, but we are seeing a different North Vancouver real estate market.  First time Buyers are back and Buyers who want to move up are back.  The lower end of all markets is very active and that hasn’t been the case for the past two years.  What has changed?  Mortgage rates have dropped significantly.  Clients are securing 5 year fixed rates at 2.5%.  Residential real estate prices have been dropping for the past 3 years, and Buyers are returning because they see value in the market.

 See link below for North Vancouver Market Update

 https://www.pixisites.com/sitefiles/1321/library/february_2020_-north-vancouver.pdf

North Vancouver sales are up in all categories over the same period last year.  We are actually starting to see multiple offers for houses priced under $1,500k and most are selling for over the asking price.  Part of the reason for this is affordability.  The other factor is a low supply of houses in the over-all market.  Right now there are 255 detached active house listings.  At this time last year there were 393 houses on market.  Why has the supply of homes dropped?  There may be two reasons.  Homes are selling fast holding inventory levels down.  The other reason may be that Sellers, after receiving their latest property assessment notice, are not listing because assessed home values are down significantly for two years in a row, and they think that now is not a good time to list.

Another change in the market is that we are starting to see is a return of foreign buyers.  The economic and political issues facing Hong Kong have resulted in a steady stream of Hong Kong Buyers at my open houses and other REALTORS are saying the same thing.  My website has also seen a huge increase in traffic since the CO-VID 19 outbreak.  In February 2020, I had 5,783 hits to my website and 85% of them originated in China.

How will CO-VID 19 impact the market?  I guess time will tell but this is what I have experienced so far.  Lower traffic at open houses and the “lookie-loo’s” are not bothering to go out, and some Buyers are taking a break because of job/income concerns and financial concerns related to the stock market and their investments.  Many REALTORS/Sellers are only working with Buyers on an “appointment only” basis.  Real Estate Boards are recommending no open houses.  I think many Buyers and Sellers will just put their plans on hold until their lives get back to normal.

 Stay safe and healthy.

 Buying, Selling or investing in residential real estate give me a call.  Friendly introductions always welcome!

 Jeff Mulock    REALTOR®

Sutton Group West Coast Realty

www.jeffmulock.ca

(C)  604-512-2477

jeffmulock@shaw.ca

Buyer’s Remaining Cautious in 2019

Through the first three months of 2019 one thing remains clear there is no urgency to buy.  Not long ago, prices in the North Vancouver market were growing 5 to 10% per year and buyer’s wanted to get into the market or they might not be able to afford to buy the next year.  We are now coming off 2018 where selling prices fell and buyers are now taking a cautious approach to the market in anticipation of prices continuing to fall.  Consequently, sales in all market segments are on the decline.  See chart below.

Affordability continues to impact buyers in all market segments.  At the top end of the market, the Foreign Buyer’s tax, the Speculation tax, and higher school taxes and property transfer taxes have impacted sales above $2 million.  At the lower end of the market higher interest rates and the 2% stress test have sidelined young buyers in all market segments.  Young  buyer’s are having difficulty getting the financing they need.

At some point, the market will turn.  This will happen when prices drop far enough that even with all the new taxes and rules, buyers can afford to purchase.  The buyer’s are out there, and they will buy once affordability and a sense of urgency returns to the market.

North Vancouver – average unit sales per month

West Vancouver – average unit sales per month

REBGV President Ashley Smith made the following statement this past week:

"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”

“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."

If you need a REALTOR to assist you with Buying, Selling or Investing, I am definitely someone you can rely on and trust.  Friendly introductions always welcome and very much appreciate.

Jeff Mulock

Sutton Group West Coast realty

604-512-2477

jeffmulock@shaw.ca

“Thank you so much for helping us find the perfect apartment!  We couldn’t have done it without you!  I appreciate all the time and effort you put into researching places for us and setting up viewings for all of them.  You have been so helpful through the entire process and very organized with all the documents, contacting lawyers, building managers, plumbers, electricians and anyone or anything else we needed to make the purchase happen.  If any of my other friends or family is looking for a place, I’ll be sure to refer them to you.” – Nicole (1^st Time Buyer)

Do you need help with your first purchase?  Conact me at  jeffmulock@shaw.ca  to receive my "First Time Buyer Package".