Video Transcript

- I'm out here in Lion's Bay. I'm just at home doing a little bit of work. Sitting here with my closing partner. My main man, Leo, right there. Say what's up my friend? Just taking a look at some of the latest numbers here for North and West Vancouver.

Keeping up to date with the market. We've been keeping you guys up to date with some of the videos that we've been doing. This is an interesting one that I thought I'd share with you because things have taken quite the shift. A big 180 from some of the stuff we were saying in some of the other videos. In the past, while sales are down and activity is down due to the COVID-19 that we're going through right now.

We were still ticking along, we were still seeing some decent demand from buyers. Actually, North Vancouver, prior to this a third of the sales that came through were over the asking price. So that was quite interesting. But looking at the latest update of numbers, things have shifted drastically and sales are next to nothing for North and West Vancouver. The buyer demand seems to be out the door for the last week.

Listings also down at a time of the year when usually they are shooting up as we head into the peak of Spring. Usually the next six to eight weeks, we would be hitting our peak for supply in the market. And things are coming down right now. So sellers that don't have to sell are saying, "Well, we'll just sit back and wait and see what happens." So I just thought I'd show you some of what I'm taking a look at. Keep you up to date. I hope you enjoy it. Let's take a ride, let's look.

With you today, was a quick look at the supply and demand graphs for North and West Vancouver. So supply and demand is a very strong market indicator and something that we look at regularly that really just showcases a good indicator of where we feel things are and especially with these graphs in compared to the years in the past. So what you can see with these is taking a look down here, we've got the different years and the corresponding colors that go with these lines up on the graph.

And of course for 2020, here we are right now, is this red one with the dots. So what is quite interesting is we were actually on par for a very nice looking year. As you can see, we started off quite strong and things were really rising up early on in the year. Then COVID-19 came in which is right around here or so. And things have really started to take a trickle down since then. Now around this point is, as I was mentioning, we were still seeing a decent amount of demand.

And, actually, a third of the homes in North Vancouver selling over the asking price. But what has happened since that time frame is just a big drop off substantially and here we are to just about 20 sales for the week right there. So very, very low demand. Same story for West Vancouver except for one small, little blip up right here. But West Vancouver has been struggling for a few years now as you can see. So 2017, 2018, 2019, these have not been strong years for West Vancouver.

Majority of reason is because West Vancouver is just a higher price point and it's full of homes that are a lot more expensive than North Vancouver. There's always less demand overall in West Van. And a lot of luxury taxes have hit that market. And a lot of where the foreign buyers were buying there, that have maybe stopped. So very low demand in West Vancouver as well. Sub 10 sales for the last four weeks in a row. Extremely low right there.

But what's interesting is when we take a look over here and we look at the supply for the markets. So, as I mentioned, this is heading right into the peak of Spring where we are right now and as you can see from the past years is usually when we're just up, up, up and looking to hit our peak anywhere around these points right here. So what we're seeing right now is that the market and the listings is actually coming down right now.

So sellers are taking their home off the market because of the uncertainty as to what the future's gonna bring. And as you can see here, same thing for West Vancouver although inventory's been riding relatively flat for most the time but three weeks in a row, not much coming on at this point. So the good news that I feel comes out of this is while demand is clearly very low, we also have supply coming down as well. So what that means is there's gonna be less competition. If you're a seller, there's less competition on the market for you than of course if the supply was high. And if there's a lot of supply on the market and no demand then that is gonna make prices come down.

But if we continue to have supply riding low for a long time while the demand remains very, very low, I don't thing you're gonna be see too much coming off as far as prices coming down. We have, of course, already had the market and prices come down over the last couple of years. Be very interested to see if it actually was to come down even more. I personally don't think that that's going to happen. We're definitely seeing demand slow down, activity slow down.

Everyone is supposed to be staying in their house and not coming out so that makes total sense. I would not be surprised when things start to phase out and people are allowed to be back out, I wouldn't be surprised if you start to see the demand really pick back up. Maybe in the Fall around these times. Don't know for sure but that would be a pretty good guess. And along with the supply. As the demand comes up, you're probably gonna see people start putting their houses back on the market around these times as well. So there you got a chance to look at some of the supply and demand numbers for North and West Vancouver. Hope you found that information useful.

We plan to bring a little bit more of these numbers and topics and information for you through some more video as we all get used to staying at home a lot more, with a lot more video time on our hands. So thanks again for watching. Appreciate you taking the time. I hope that was some useful information for you and we'll see you next time.