Oakwyn Realty

At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.

For July 2021 statistics, we have Oakwyn agent Adam Chahl here for his statistics report.

Things are calming down. July 2021 saw 3,128 sales which is down 11.6% from June this year so a 10% drop in the number of sales. We’re starting to see prices level off. We’re no longer seeing that crazy increase that we’ve seen for the past 12, 13, 14 months since the Covid push.

Real estate is somewhat on the back burner for now and that’s seen in the number of sales decreasing. There are a number of reasons for this but Adam identifies his two main factors:

No. 1: The Covid push or the desire for people to move up, down, or even leave Vancouver has happened. That change in status, change in property uses already happened. If you wanted to move, you’ve probably already done so.

No. 2: Now, all we’re talking about is travel. Where we’re going to go next, and when can we travel internationally. The attention seems to have focused off homes and onto travel.

The number of listings has also decreased. Last month we had 4,377 new listings which was down 25% on June. Not only are people not purchasing as much real estate but they’re also not listing their homes for sale. Whether the inventory levels pick back up and we see more people putting their properties on the market by fall will be interesting to see.

Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.

To keep up with the latest market statistics and join the conversation, be sure to follow us on Instagram and Twitter, and visit our website.

Take a look at the current presale projects our agents are working on.

At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.

For June 2021 statistics, we have Oakwyn agent Jeff Appelbe here for his statistics report.

The past two months have shown a market that’s shifting towards more historically typical conditions. June 2021 statistics show sales have eased back from the record-setting pace of March and April, and are down another 12% from May. However, sales were still 18% above the 10-year average for the month of June. In any other year, sales 18% above the 10-year average would be the headline, but it’s not right now, because we’ve come out of such a crazy phase.

If we look at a few other things, inventory is down 17% across the board, while sales are only down 12%. Sales being down in June is historically normal as well. Typically June is never quite as busy as March, April, May.

If we look at the sales to active ratios in a couple of areas, there’s a few things that stand out. June 2021 statistics show the sales to active ratio in East Vancouver is at 53%. 53 homes out of 100 are selling in a month, which is a really strong sales to active ratio. Things are moving, there’s high demand.

If we look at Vancouver West, it’s 26%, it’s about half as strong. That includes Downtown. If we look further at Yaletown, the West End, and Gastown, those are 22%, 19%, and 23%. Those are straddling the balanced market and the seller’s market. So only 20 homes out of 100 are selling in a month. Jeff remains bullish on Downtown in the long-term. “I think it’s a great opportunity to buy still, because we’re not fully opened and that will change,” he concluded.

On the detached side, we have seen a bit more normalization. One area that stands out is North Vancouver. We still have really strong detached demand in North Van and a 45% sales to active ratio. We are having more upward pressure on pricing there.

Mount Pleasant condos are at a 56% sales to active ratio. Kits is at a 71% sales to active ratio. These markets are still moving really quickly. These are central, highly desirable areas, outside of the Downtown core, and that’s the trend we’re seeing there.

Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.

To keep up with the latest market statistics and join the conversation, be sure to follow us on Instagram and Twitter, and visit our website.