MAR 2020 vs MAR 2019 DETACHED - Faith Wilson Group...Videos of featured listings, deep data on every neighbourhood, a robust search engine, information on today’s low-rate mortgages

WES

TSIDE

DETACHED

TOWNHOME

CONDO

MAR 2020VANCOUVER

UNIT SALES

106 58.2%INVENTORY AT MONTH END

196 24.1%

HPI (combined total)

$2,942,200 0.97%

AVE. DAYS ON MARKET

51 30.3%

UNIT SALES

49 69.0%

UNIT SALES

308 23.2%

INVENTORY AT MONTH END

206 -19.2%

INVENTORY AT MONTH END

768 -28.6%


$810,800 1.86%


$1,133,500 0.19%

AVE. DAYS ON MARKET

29 1.9%

AVE. DAYS ON MARKET

29 7.2%

MAR 2020 vs MAR 2019

MA

R

PAGE 2Faith’s Exclusive Westside Analysis

MARCH- SINGLE FAMILY DETACHED HOMES

THE REAL NEIGHBOURHOOD RESULTS: MAR 2020

SALES AND BENCHMARK PRICES BY NEIGHBOURHOOD

BENCHMARK PRICE CHANGE (%)

LISTING AND SALES ACTIVITY BY PRICE SEGMENT

THE REAL WESTSIDE RESULTS: MAR 2020

January 42 35 -14.0%February 51 87 72.5%March 67 106 58.2%MayJuneJuly

Total 160 228 42.5%

2019 2020 CHANGEUNIT SALES (BY MONTH)

FAITH’S KEY INSIGHTS:■■ March came in like a lion as far as the Westside detached house market is concerned. The first weeks were already seeing the highest monthly transactions of the year and eclipsing the pace of March 2019 by nearly 60%. We were seeing multiple offers on prime listings. Then the entire world economy and Vancouver’s surging real estate market was interrupted by the coronavirus outbreak. Within days the home became the frontline in the largest pandemic battle in a century. People were ordered to stay home and keep distance when outside. Open houses were cancelled. Listings and sales were delayed and, across Metro Vancouver, the MLS residential sales pace dropped from 14 a day at the start of the month to an average of 9 during the last 10 days.

■■ What we must understand is that this crisis is temporary and it allows all buyers and sellers to take stock, do research and prepare for what will be a market to celebrate once it is over. This is the time to take advantage of technology to carefully search for the right house, the right financing and the right real estate agency to reach your goals. Faith Wilson Group has been recognized with having the best real estate web portal in Greater Vancouver and we continually improve our online service. Videos of featured listings, deep data on every neighbourhood, a robust search engine, information on today’s low-rate mortgages and insider tips for buyers and sellers are all available at your fingertips.

■■ The 106 Westside detached house sales in March represents the best start to the spring buying season in years. The benchmark price edged up 1% from a month earlier to $2.94 million and the sales-to-new-listing ratio reached 73%. This market is leashed for now but primed for a startling recovery.

SALES PRICE MONTHLY TREND

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etDAYS ON MARKET MONTHLY TREND

OCT NOV DEC JAN FEB

MAR

MAR

$2,000,000

$2,400,000

$2,800,000

$3,200,000

$3,600,000

$4,000,000

10

20

30

40

50

6070

80

$3,000,000$2,895,000

$3,752,101

$2,967,500$3,055,000 $3,074,000

$3,311,712 $3,176,634$3,435,925

$3,291,294 $3,370,864 $3,398,568

38 39

57

2327 27

79

60

73

6055

50

Price Segment ($) New Listings Added Unit Sales Sales-to-New-Listings Ratio

0 – 2,000,000 13 5 38%

2,000,001 – 2,250,000 8 11 138%

2,250,001 – 2,500,000 15 13 87%

2,500,001 – 2,750,000 11 10 91%

2,750,001 – 3,000,000 11 11 100%

3,000,001 – 3,250,000 12 14 117%

3,250,001 – 3,500,000 14 7 50%

3,500,001 – 3,750,000 9 6 67%

3,750,001 – 4,000,000 10 5 50%

4,000,001 – 4,500,000 9 7 78%

4,500,001 – 5,000,000 9 3 33%

5,000,001 – 6,000,000 8 9 113%

6,000,001 – 7,000,000 6 2 33%

7,000,001 – 8,000,000 1 0 0%

8,000,000 – 10,000,000 4 2 50%

10,000,001+ 4 0 0%

Totals 144 106 73%

MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months

Arbutus 4 3,193,600 2.14 1.20

Cambie 7 2,236,500 -0.34 -1.68

Dunbar 25 2,545,400 1.83 -1.46

Kerrisdale 5 2,989,200 1.89 3.23

Kitsilano 8 2,188,700 -1.19 -5.27

MacKenzie Heights 9 3,168,800 1.11 1.76

Marpole 4 2,012,500 4.00 4.58

Mount Pleasant VW 0 2,295,100 4.41 10.00

Oakridge VW 4 2,800,800 1.88 3.57

Point Grey 7 3,098,500 2.81 5.04

Quilchena 3 3,027,500 0.10 1.23

S.W. Marine 1 2,943,300 1.47 2.51

Shaughnessy 10 4,551,400 -2.87 -4.44

South Cambie 2 3,260,700 1.87 4.37

South Granville 9 3,609,100 -0.78 1.80

Southlands 5 3,194,700 2.18 2.31

University VW 2 4,627,200 0.35 3.58

West End VW 0 1,953,600 0.10 8.42

Vancouver West 2,942,200 0.97 0.73




THE REAL WESTSIDE RESULTS: MAR 2020 THE REAL NEIGHBOURHOOD RESULTS: MAR 2020

MARCH- TOWNHOUSES


January 17 25 47.1%February 24 37 54.2%March 29 49 69.0%AprilMayJuneTotal 70 111 58.6%


FAITH’S KEY INSIGHTS:■■ For a while there the March townhouse market on the Westside was looking very much like the boom period of five years ago. The 49 sales in the month were nearly 50% higher than in March 2019. The sales-to-new-listing ratio was 60% and it spiked to 87% for townhouses listed at from $1.4 million to $1.5 million. Open houses were drawing heavy traffic and some properties were attracting multiple offers. But nearly all the action was in the first two to three weeks of the month and what was shaping up as a stellar spring came to a sudden pause around March 18. A global pandemic can do that.

■■ By the end of March, of course, open houses were cancelled and a strange calm had descended on the entire housing market. We are now in an unprecedented period with plenty of pent-up demand for Westside townhouses but difficulty in buyers, sellers and agents getting together to consummate a transaction. The best advice is to keep calm. This period will pass. Sales will slow from the frenzied pace of February and early March but we do not expect Westside townhouse prices to decline, due to the very low inventory. In March, the benchmark price for a Westside townhouse was $1.33 million, 2.2% higher than in March of last year and 45% higher than in the spring of 2015 when the housing market was in a full boom.

■■ Townhouse buyers should take this pause in the market to arrange pre-approved financing.Five-year rate mortgages for eligible buyers are at decade lows and some lenders are offering variable rate mortgages below 2%. Faith Wilson Group has a mortgage professional as part of our award-winning team who can advise buyers on the best strategy today.


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OCT NOV DEC JAN FEB

MAR

MAR

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

$1,600,000

01020304050607080

$1,385,000

$1,209,000 $1,231,000

$1,380,000

$1,016,050

$1,250,000

$1,414,329

$1,228,854

$1,329,437$1,387,548

$1,296,410$1,320,915

20 21

33

18 21 19

3135

43 4538

29


0 – 400,000 0 0 0%

400,001 – 500,000 1 0 0%

500,001 – 600,000 1 0 0%

600,001 – 700,000 3 3 100%

700,001 – 800,000 6 2 33%

800,001 – 900,000 2 4 200%

900,001 – 1,000,000 10 5 50%

1,000,001 – 1,100,000 5 3 60%

1,100,001 – 1,200,000 14 3 21%

1,200,001 – 1,300,000 5 9 180%

1,300,001 – 1,400,000 9 1 11%

1,400,001 – 1,500,000 8 7 88%

1,500,001 – 1,750,000 7 6 86%

1,750,001 – 2,000,000 7 4 57%

2,000,001 – 3,000,000 3 0 0%

3,000,000+ 1 2 200%

Totals 82 49 60%


Cambie 4 1,125,300 -2.89 -2.52

Coal Harbour 1 1,718,100 3.74 1.24

Downtown VW 2 1,162,900 2.80 0.69

Fairview VW 10 1,015,100 -0.83 2.49

False Creek 2 918,800 3.34 0.70

Kerrisdale 0 1,385,700 -1.75 -2.97

Kitsilano 11 1,054,900 1.20 -0.55

Marpole 5 1,038,400 -2.50 -2.88

Mount Pleasant VW 2 1,202,300 3.99 -1.06

Oakridge VW 1 1,441,300 -1.58 -2.72

Point Grey 1 1,004,500 -2.58 -3.51

Quilchena 0 1,385,900 -2.31 -3.65

Shaughnessy 0 1,851,400 -5.36 -5.43

South Cambie 2 1,689,100 -3.28 -2.74

South Granville 0 1,532,400 -1.45 -2.70

University VW 4 1,567,000 -1.02 -2.37

West End VW 0 1,236,200 2.92 -0.47

Yaletown 4 1,629,800 3.22 2.23

Vancouver West 49 1,133,500 0.19 -0.19


THE REAL NEIGHBOURHOOD RESULTS: MAR 2020

MARCH- APARTMENTS /CONDOS




THE REAL WESTSIDE RESULTS: MAR 2020

January 151 229 51.7%February 211 290 37.4%March 250 308 23.6%AprilMayJune

Total 612 827 35.1%


FAITH’S KEY INSIGHTS:■■ Even with 596 new listings for Westside condos in March, the sales-to-new-listing ratio was 53% as sales reached the highest level this year at 308, up 23.6% from March of 2019. We expect sales to slow due to the coronavirus hampering transactions, but we are confident this market will, eventually, come back very strong.

■■ The current environment in Metro Vancouver’s housing market is scary for many and uncertain for most but for some condominium investors the onset of a global pandemic is a spur to become more active. I have talked to these investors and their reasoning, while counterintuitive, is understandable. First, they believe the coronavirus crisis will end likely sooner than most expect. Second, they can secure mortgages at extremely low rates with the Bank of Canada recently slashing its lending rate to 0.25% and banks offering deeply discounted mortgages. Third, they know the rental vacancy rate for Vancouver condos is 0.3% and rentals are at the highest price in history, at an average of $2,200 per month for a one-bedroom apartment. Also, unlike other types of housing, investors are confident shopping online for condominium investments because units are similar and leading real estate agencies provide virtual tours, online negotiations and advice on mortgage financing. Finally, the benchmark price of a Westside condo in March was $810,800, up 6.6% from three months ago, representing a $48,000 return so far this year. That kind of performance is hard for any investor to ignore.


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OCT NOV DEC JAN FEB

MAR

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$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$900,000

0

10

20

30

40

50

$744,000$764,500 $749,000 $755,000 $760,000

$790,000

$896,644

$964,893$918,297 $904,897

$927,332$978,035

2225 27

1916

19

3843 44

38

3229


0 – 350,000 2 0 0%

350,001 – 400,000 5 5 100%

400,000 – 450,000 6 5 83%

450,001 – 500,000 12 6 50%

500,001 – 550,000 19 14 74%

550,001 – 600,000 37 22 59%

600,001 – 650,000 36 26 72%

650,001 – 700,000 46 23 50%

700,001 – 750,000 31 28 90%

750,001 – 800,000 32 18 56%

800,001 – 900,000 46 31 67%

900,001 – 1,000,000 45 25 56%

1,000,001 – 1,250,000 50 28 56%

1,250,001 – 1,500,000 42 9 21%

1,500,000 – 2,000,000 46 14 30%

2,000,001 + 41 7 17%

Totals 496 261 53%


Cambie 8 699,600 1.36 4.37

Coal Harbour 21 1,008,700 1.88 9.99

Downtown VW 70 727,600 4.23 9.40

Dunbar 0 704,900 1.60 0.84

Fairview VW 24 834,600 2.88 10.23

False Creek 22 835,900 -1.21 5.16

Kerrisdale 10 900,600 2.60 2.12

Kitsilano 25 640,100 0.12 4.39

Marpole 10 611,900 2.22 5.24

Mount Pleasant VW 3 580,000 -1.12 6.37

Oakridge VW 3 1,074,200 0.83 3.85

Point Grey 1 615,800 3.70 1.86

Quilchena 1 1,079,200 0.74 0.39

S.W. Marine 3 499,600 2.26 -0.24

Shaughnessy 2 646,500 3.43 6.49

South Cambie 2 939,000 0.61 4.20

South Granville 2 981,000 -2.18 1.19

Southlands 0 790,300 1.74 -0.70

University VW 29 904,400 1.94 2.80

West End VW 37 673,500 2.67 6.53

Yaletown 35 842,500 -0.99 4.34

Vancouver West 308 810,800 1.86 6.65

Documents

MAR 2020 vs MAR 2019 DETACHED - Faith Wilson Group...Videos of featured listings, deep data on every neighbourhood, a robust search engine, information on today’s low-rate mortgages