REBGV March 2019: Total Inventory

Total Inventory movement was typical for the month of March but is expected to pick up fast during the next 2 months when New Listings are expected to peak in April and May for the year.  You can expect to see Total Inventory in the mid-14,000 at the end of April and above 16,000 at the end of May.

REBGV March 2019: Sales

Sales have tanked in March, 2019 in REBGV territory.  While the sales ran parallel to 10-year lows very consistently for the last 12 months, this is the first month where the monthly sales have completely separated itself from any other recent comparable data points.  This one is for the record books and will be talked about for a long time.

REBGV March 2019: New Listings

New Listings have recovered in March after a snowy February but it was still lower than 10-year average.  There was a significant jump in New Listings last April and you can expect to see a significant jump this year also.  Expect to see New Listings over 6,000 during the upcoming month of April.  If sales are unable to keep up with huge influx of New Listings during the next 2 months, we will see significant rise in Total Inventory.

REBGV March 2019: Months of Inventory

Months of Inventory has now reached the highest point when compared to years dating back to 2008. Although the actual value has dropped in March, this is very typical of March which is supposed to be a seller's month.  This year, however, this has not been a seller's month.  Sales continue to struggle and the MOI is expected to remain steady for the next 2 months before rising for the remainder of the year (much like in 2008 and 2012).

< 5 months: Seller's market
5-8 months: Balanced market
> 8 months: Buyer's market

REBGV March 2019: De-Listings

De-Listings have been high (highest compared to other recent month of March).  This is one of the hallmark signs of a seller frustration as listings remain unsold for extended period of time.  It's expected to remain high for at least several months this year and can climb as high as it did in 2008 or 2012 during the fall months.

February 2019 Construction Stats

Housing Starts nearly doubled the number of Completions in February.  Year-to-date, Housing Starts is leading completions meaning the number of construction has now gone up for the year so far.  The active housing under construction is now at 41,453.  Expect this number to drop over the course of the year as Completions eventually overtake Housing Starts.

REBGV February New Listings

New Listings plummeted in February which is likely attributable to the poor weather condition across Vancouver in February.  If sellers were holding their new listings until the weather warms up, we should expect a significant rise in New Listings in March.  However, another low New Listings month in March could signify that there won't be a huge rise in Total Inventory (eg. 20k+) this year.

In March, New Listings may be one of the more important indicators to watch to see if sellers are starting to panic.

REBGV February De-Listings

February is by far the lowest de-listings month of all months.  De-listings have dropped appropriately month-over-month this year and sits slightly higher than middle of the pack over other months of February.  There shouldn't be any surprises in the upcoming March as de-listings should stay within the neutral range.