When it came to the real estate market in the City of Vancouver for the month of October, which neighbourhoods were the Most Favourable to Buyers and which neighbourhoods were the Most Favourable to Sellers?

In this market report, I will be answering that question by sharing the Top 3 Neighbourhoods for Buyers and the Top 3 Neighbourhoods for Sellers for the Condo, Townhome, and Detached Home Markets on the East Side and the West Side of Vancouver.

I'll also share some important tips that you need to keep in mind when analysing inventory and assessing neighbourhoods as buyers markets or sellers markets.

Basis of Assessment of Neighbourhoods

I will be assessing neighbourhoods as the most favourable to buyers or sellers based on the sales to active listings ratio. The sales to active listings ratio compares demand to inventory levels and tells us if we're in a buyer's market, a balanced market, or a seller's market.

For those of you who have already seen my videos, you are probably already familiar with the definition and details of this ratio and why it's one of the most important statistics that you should be monitoring.

For those of you who are not familiar with this ratio, please here to get detailed information.

With that being said, let's take a look at which neighbourhoods were the most favourable to buyers and which neighbourhoods were the most favourable to sellers.

East Side Condo Market

Top 3 Sellers Markets

Main       300%

Fraser     166%

Renfrew    80%

Top 3 Buyers Markets

South Vancouver   0%

Hastings                  0%

Killarney                  0%

West Side Condo Market

Top 3 Sellers Markets

East Side Townhome Market

Top 3 Sellers Markets

Top 3 Buyers Markets

Collingwood     0%

South Marine   0%

Strathcona        0%

West Side Townhome Market

Top 3 Sellers Markets

East Side Detached Homes Market

Top 3 Sellers Markets

West Side Detached Homes Market

Top 3 Sellers Markets

Mount Pleasant   25%

Kerrisdale             23%

Southlands           21%

Top 3 Buyers Markets

At this point, it should come as no surprise that there are plenty of neighbourhoods that are favourable to buyers. But as you can see, even though the real estate market has shifted dramatically over the last six months, there are still many neighbourhoods that are also favourable to sellers.

Now, that doesn't mean that sellers are getting multiple offers and prices that are above market, but what it does tell us is that many sellers are still able to sell at market prices and move forward with their plans.

Please keep in mind that these sales to active listings ratios can fluctuate from month to month. And there's three things that you need to keep in mind when assessing neighbourhoods as buyers markets or sellers markets when it comes to inventory.

Three Things to Keep in Mind When Assessing Buyers and Sellers Markets

Limited Inventory

One, some neighbourhoods will have very limited inventory, which will lead to larger fluctuations in the sales to active listings ratio. The reason for that is, with limited inventory, there's limited variety of options available to buyers.

In some months, those options will match exactly what a buyer is looking for, which will lead to higher sales to active listings ratios. But in other months, it will not match what buyers are looking for at all, which will lead to zero sales in a very low sales to active listings ratio.

Overpriced Inventory

Two, some neighbourhoods will have overpriced inventory. And even though demand exists, the lack of inventory that's priced at market will prevent buyers from moving forward and will make a neighbourhood look like a buyer's market, even though in reality it's an overpriced market.

Presale Inventory

And three, when it comes to the condo and townhome market specifically, there's another point that you need to keep in mind. In any given month, certain neighbourhoods can have a large portion of their inventory consisting of presale listings.

Since presale listings will not be ready to move into for at least a year to three years down the road, it may not be suitable for a lot of buyers that are looking to move in within the next six months.

Since it's not suitable for them, the number of sales can drop and lead to a lower sales to active listings ratio, making it seem like that neighbourhood is a buyer's market.

In Closing

It's really important to monitor your areas of interest for multiple months so you can account for the month to month fluctuations and properly assess the inventory.

Be Market Wise. Monitor What Matters so that you can Make Informed Decisions.

If you would like to be kept up to date with the real estate market in the City of Vancouver, along with tips and advice to help you make informed decisions, please click here to subscribe to my youtube channel. 

If you are thinking about buying or selling but don't know where to start, please click here for a complementary strategy session. 

If you are interested in knowing what your home is worth in today's market, please click here. 

Thanks for reading and have a great day!

***Neighbourhood rankings were based off of sales to active listings ratio data for the month of October 2022, as of November 4th 2022. Data provided by the Real Estate Board of Greater Vancouver. Data deemed reliable but not guaranteed.***