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Vancouver condo

Over 40% of Vancouver Condos Sold Over Asking Price in April

Steve Saretsky -

Tightening Inventory Keeps Condo Market Competitive

This is a follow up to the Vancouver Condo Report April 2017 which outlined much of what you need to know about the current market. However, I’m always looking to provide more value, and more in depth analysis for you. In this post i’ll cover the average days on market, the sales/actives ratio, and the percentage of multiple offers.

Here’s what we know so far, Vancouver condo sales fell by 21% year over year, new listings plopped by 24%, while prices continued to trend upwards.

Days On Market

The median days on market for Vancouver West condos was 9 days in April. That’s down from the 10 days in March. This is historically very low and highlights just how favourable it is for sellers right now. The typical procedure of hosting weekend open houses followed by offer dates is alive and well. See the chart below for a breakdown of each area.

Sales/Actives Ratio

As I always like to explain, the sales/actives ratio is a key indicator of the temperature of a market. It’s basically how many sales are happening in a given month divided by new listings. Anything above 20% is considered a sellers market. As you can see the sales/actives ratio for Vancouver West condos currently reads 68%, this indicates a very hot sellers market. These types of levels are completely out of the norm, and should not be expected long term.

Number of Multiple Offers

Multiple offers continue to run rampant amidst a flurry of buyers competing for the little inventory available. In April, 44% of Vancouver West condos sold over asking price. This is down slightly from a year ago when it was 56%. However, the trend appears to be up, which is partly seasonal.

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The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

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The Saretsky Report. December 2022