December Mid-Month Report

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The Sales and listings numbers are attached as of December 14, 2020. In Greater Vancouver, there have been 1,492 sales after the first two weeks while there were 1,505 sales at the same point in November this year. There have already been more sales than the 1,094 totals in December 2018 and with 2,046 sales in December 2019, we’ll again see more this month compared to last year. The question is just how many sales will there be? The ten-year average for December is 1,883, which will be eclipsed this week likely. Once again, 2020 is proving to be the most unusual year. Some areas are performing better in December than November as well. Vancouver’s Westside has seen more detached and condo properties sold so far compared to November after two weeks, similarly for all property types in Vancouver East and North Vancouver. In Coquitlam we are seeing a similar result, with 71 condo sales so far in December compared to 48 at the same time in November. Santa House is perhaps the theme of this holiday season. But with low record interest rates – with one major bank offering a 0.99% 5-year mortgage rate, reports showing consumer debt ratio levels below the peaks of last year and continued accumulation of savings, it’s not surprising to see the level of activity in the real estate market.

As we move through December it’s becoming clear that there again are just not enough properties available for sale. Multiple offers are still occurring and properties that had been on the market for longer periods of time are seeing offers and sales come their way for Christmas. At the mid-point in November there were 12,482 properties available for sale in Greater Vancouver. There are now 10,729 and that number is dropping quickly. The supply of properties available is beginning to look like the shelves that stores had Christmas decorations for sale, empty. Purchasing homes and decorating them, both very popular this holiday season. While the number of new listings so far in December at 1,566 is above the total for December 2018 at 1,455 its neck and neck with the total sales for the month. In some areas such as North Vancouver, Burnaby East, New Westminster, and Coquitlam there have been more sales than new listings. In Port Moody and Tsawwassen there have been 1.5 sales for every new listing so far in December. There will be less than 10,000 properties available for sale come the start of 2021, the question is how far below that mark will it be?

As we move through the last few weeks of 2020, optimism continues to grow with a vaccine now in use. The struggle with COVID-19 continues though and with more isolation at home required to get us through, once again our home has never been so important to us. Life will be looked at differently as we go through next year, in all forms of living, working, and socializing. And that again will impact activity in the real estate market.

Greater Vancouver Average Daily Listings and Sales:

First two weeks of March – 253 new listings, 138 sales

Last two weeks of March – 167 New Listings, 98 Sales

April – 120 new listings, 56 sales

May – 189 new listings, 75 sales

June – 274 new listings, 115 sales

July – 274 new listings, 147 sales

August – 299 new listings, 157 sales

September – 313 new listings, 176 sales

October – 272 new listings, 182 sales

November 2 to 6 – 236 new listings, 151 sales

November 9 to 13 – 253 new listings, 188 sales

November 16 to 20 – 191 new listings, 155 sales

November 23 to 27 – 166 new listings, 149 sales

November 30 to December 4 – 165 new listings, 163 sales

December 7 to 11 – 147 new listings, 140 sales

Here is a summary of the activity so far:

Greater Vancouver – 1,492 Units Sold so far after two weeks in December compared to 1,505 as of the same period in November 2020. There have been 1,566 New Listings so far in December compared to 2,211 at the same time in November. Total Active Listings are at 10,729 (10,511 at the same time in December 2019 and 12,482 at mid-November 2020), Sales To Listings Ratio is at 95% compared to 68% at this time in November 2020.

Vancouver West – 225 Units Sold so far after two weeks in December compared to 209 as of the same period in November 2020. There have been 277 New Listings so far in December compared to 431 at the same time in November. Total Active Listings are at 2,351 (1,897 at the same time in December 2019 and 2,731 at mid-November 2020), Sales To Listings Ratio is at 81% compared to 48% at this time in November 2020.

Vancouver East – 166 Units Sold so far after two weeks in December compared to 161 as of the same period in November 2020. There have been 184 New Listings so far in December compared to 265 at the same time in November. Total Active Listings are at 1,122 (913 at the same time in December 2019 and 1,341 at mid-November 2020), Sales To Listings Ratio is at 90% compared to 61% at this time in November 2020.

North Vancouver – 130 Units Sold so far after two weeks in December compared to 120 as of the same period in November 2020. There have been 111 New Listings so far in December compared to 188 at the same time in November. Total Active Listings are at 604 (579 at the same time in December 2019 and 781 at mid-November 2020), Sales To Listings Ratio is at 117% compared to 64% at this time in November 2020.

West Vancouver – 30 Units Sold so far after two weeks in December compared to 46 as of the same period in November 2020. There have been 44 New Listings so far in December compared to 64 at the same time in November. Total Active Listings are at 521 (571 at the same time in December 2019 and 601 at mid-November 2020), Sales To Listings Ratio is at 68% compared to 72% at this time in November 2020.

Richmond –160 Units Sold so far after two weeks in December compared to 163 as of the same period in November 2020. There have been 185 New Listings so far in December compared to 273 at the same time in November. Total Active Listings are at 1,546 (1,668 at the same time in December 2019 and 1,674 at mid-November 2020), Sales To Listings Ratio is at 86% compared to 60% at this time in November 2020.

Burnaby East –17 Units Sold so far after two weeks in December compared to 20 as of the same period in November 2020. There have been 14 New Listings so far in December compared to 14 at the same time in November. Total Active Listings are at 93 (123 at the same time in December 2019 and 106 at mid-November 2020), Sales To Listings Ratio is at 121% compared to 143% at this time in November 2020.

Burnaby North – 79 Units Sold so far after two weeks in December compared to 73 as of the same period in November 2020. There have been 88 New Listings so far in December compared to 131 at the same time in November. Total Active Listings are at 548 (392 at the same time in December 2019 and 607 at mid-November 2020), Sales To Listings Ratio is at 90% compared to 56% at this time in November 2020.

Burnaby South – 63 Units Sold so far after two weeks in December compared to 71 as of the same period in November 2020. There have been 84 New Listings so far in December compared to 107 at the same time in November. Total Active Listings are at 638 (539 at the same time in December 2019 and 717 at mid-November 2020), Sales To Listings Ratio is at 75% compared to 66% at this time in November 2020.

New Westminster – 72 Units Sold so far after two weeks in December compared to 72 as of the same period in November 2020. There have been 69 New Listings so far in December compared to 87 at the same time in November. Total Active Listings are at 419 (297 at the same time in December 2019 and 496 at mid-November 2020), Sales To Listings Ratio is at 104% compared to 83% at this time in November 2020.

Coquitlam – 148 Units Sold so far after two weeks in December compared to 113 as of the same period in November 2020. There have been 134 New Listings so far in December compared to 193 at the same time in November. Total Active Listings are at 700 (665 at the same time in December 2019 and 833 at mid-November 2020), Sales To Listings Ratio is at 110% compared to 59% at this time in November 2020.

Port Moody – 44 Units Sold so far after two weeks in December compared to 40 as of the same period in November 2020. There have been 28 New Listings so far in December compared to 43 at the same time in November. Total Active Listings are at 184 (158 at the same time in December 2019 and 234 at mid-November 2020), Sales To Listings Ratio is at 157% compared to 93% at this time in November 2020.

Port Coquitlam – 54 Units Sold so far after two weeks in December compared to 54 as of the same period in November 2020. There have been 59 New Listings so far in December compared to 58 at the same time in November. Total Active Listings are at 168 (235 at the same time in December 2019 and 224 at mid-November 2020), Sales To Listings Ratio is at 92% compared to 93% at this time in November 2020.

Ladner – 16 Units Sold so far after two weeks in December compared to 19 as of the same period in November 2020. There have been 22 New Listings so far in December compared to 19 at the same time in November. Total Active Listings are at 82 (143 at the same time in December 2019 and 104 at mid-November 2020), Sales To Listings Ratio is at 73% compared to 100% at this time in November 2020.

Tsawwassen – 36 Units Sold so far after two weeks in December compared to 31 as of the same period in November 2020. There have been 23 New Listings so far in December compared to 47 at the same time in November. Total Active Listings are at 216 (222 at the same time in December 2019 and 268 at mid-November 2020), Sales To Listings Ratio is at 157% compared to 66% at this time in November 2020.