Adlaw Appraisals WEEKLY sales to listing ratio update (September 2, 2022)

Looking at 50 different market areas, for both single family and multi family (townhomes and apartments) in the GVA, Fraser Valley and Okanagan regions. 

What is a sales to listing ratio? The ratio between the number of homes sold in the last 30 days versus the number of total listings in the market.

Why is it important? It is a point in time indicator of demand and supply of housing in a specific area and provides excellent information for buyer’s, seller’s, realtors and valuation experts who cannot afford to wait 3-4 weeks until monthly stats are available. Generally speaking, a downward market (buyer’s market)  is when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure (seller’s market)  when it surpasses 20 per cent over several months.

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Fraser Valley, Greater Vancouver and Central Okanagan  (Single Family)

Fraser Valley, Greater Vancouver and Central Okanagan (Townhomes and Apartments)

*Statistics based on sales from July 12 to August 12, 2022 and active listings as of September 2, 2022.

Where are Prices Going? (Fraser Valley and GVA)

Single Family:

August was another month of downward prices for all single family, from 2-4% on average. Sales were down a massive 40.67% from last year and listings were down only 0.90% from last year. As sales volume decline faster than listings this will lead to a continued downward pace for values throughout the Province. The most hurting areas this week for sales to listing ratios are Chilliwack at 6.25%, Mission at 4.60% and North Surrey at 5.92%. Tsawwassen and West Vancouver are also showing a lack of demand for housing at 4.55% and 4.81% respectively. Ladner and Port Moody are also way down at 6.41% and 3.39% respectively. Areas showing a more balanced market include: Cloverdale, North Delta, Burnaby North & South, Coquitlam and Port Coquitlam. There are no areas in either Greater Vancouver or Fraser Valley that show a seller’s market. Most areas are under 12% with only some being balanced (12-20%) .

Townhouse / Apartments:

Multi Family units are fairing much better across the board with many areas showing a balanced market. The only areas of the Fraser Valley and GVA showing a seller’s market in the multi family space is Burnaby North and South, Ladner, New Westminster, North Vancouver, Port Coquitlam , Tsawwassen. The remaining areas are either balanced or a buyer’s market. Some areas showing low demand at this time include: Mission at 5%, as well as Squamish and Sunshine Coast with 6.52% and 6.98% respectively.

In summary, single family is hurting across the board and there will be lots of buying opportunities for those who have cash, and have a strong negotiating position. Any areas under 5-10% are areas one would want to make low-ball offers and find a good deal. Sales of single family in the more expensive neighbourhoods are way down and there seems to be some buying happening in the cheaper areas as well as areas of the Okanagan. Multi Family is showing stronger signs with demand matching supply in most areas, as buyer’s are shifting towards more affordable housing types (and more affordable locations) across the two regions.

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Thank you for reading!

Adam Lawrenson, AACI

Owner, Adlaw Appraisals