As Vancouver home listings dwindle, report asks: where have all the sellers gone?

As Vancouver home listings dwindle, report asks: where have all the sellers gone?


 

 
  • This eight-year-old Vancouver home at 2551 West 36th Avenue came on the market on July 16 with a price tag of $7,480,000.

Home sellers appear to have fled the market as if by collective instinct.

This comes in the face of less intense demand and fewer buyers willing to go into bidding wars and offer over-asking prices.

 
 

Sellers are stepping back to await more auspicious times to list their properties.

“Where have all the sellers gone?” Dexter Realty asks.

 

The Vancouver realty company used the same question to headline its mid-month report, which it released Friday (July 16).

“With this trend likely to continue, we could see total active listings drop below 10,000 to start September for only the second time in the last 25 years,” states the report prepared by Kevin Skipworth.

 

Skipworth is a partner, managing broker and chief economist with Dexter Realty.

The report noted that from July 1 to July 15, realtors with the Real Estate Board of Greater Vancouver (REBGV) sold 1,692 properties.

Meanwhile, only 2,491 new listings of homes for sale came on the market during the same period.

“That number of new listings is a stark contrast from where we were at the mid-point of June,” Skipworth wrote.

The realty executive noted that as of June 15, there were 2,028 properties sold and 3,405 new listings.

“So, while sales are only down 17% compared to the mid-point of last month, new listings are down 27% leading to a decrease in the number of active listings in the market,” Skipworth noted.

Also, in the mid-point of May 2021, 2,183 properties were sold and 3,758 new listings came on the market.

Total active listings as of July 15 are at 10,958 compared to 12,458 on July 15, 2020.

Also, the report noted that there were 11,659 of total active listings at mid-month in June 2021.

Real-estate associations have also flagged the drop in home listings.

In a July 12, 2021 report, the B.C. Real Estate Association stated that total active residential listings were down 23.4 percent year-over-year in June.

The BCREA report by chief economist Brendon Ogmundson also noted that listings have “continued to fall on a monthly seasonally adjusted basis”.

Meanwhile, the REBGV reported on July 5 that there were 5,849 detached, attached, and apartment properties newly listed for sale in June 2021.

The board said that the number of new listings represents a 17.9 percent decrease compared to May 2021 when 7,125 homes were listed.

Also, the total number of homes listed for sale was 10,839, a 5.1 percent decrease compared to June 2020 (11,424) and a 1.2 percent decrease compared to May 2021 (10,970).

Also on July 5, the Fraser Valley Real Estate Board (FVREB) reported that it received 3,108 new listings in the month of June.

The new listings represent a 10 percent decline compared to last year, and a decrease of 21 percent compared to May 2021.

The FVREB noted that June 2021 ended with total active inventory of 5,474, a seven percent decrease compared to May, and 22.5 percent less than June 2020.

Going to the Dexter Realty report, Skipworth wrote that while sales have declined again in July, the “bigger decline is in the number of new listing coming on the market”.

“This is depleting an already low active listing count in Metro Vancouver and keeping competition amongst buyers going,” the report noted.

Moreover, there are “still buyers looking to take advantage of continued low interest rates”.

“All things considering, there is still strong activity in the real estate market but that could be hampered by the lack of listings as we move through the next month and a half,” the report stated.

 
Follow Carlito Pablo on Twitter at @carlitopablo
 

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Taking a hike to academic success: Vancouver organization empowers B.C. youth through outdoor education

Better Together is a collaboration between Coast Capital and the Georgia Straight to celebrate programs, partnerships, and individuals making positive change in our communities.

 

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  • COAST CAPITAL SAVINGS

(This story is sponsored by .)

Martha Batke found Take a Hike at a pivotal moment in her life. Struggling with the format of the mainstream school system, Martha was skipping classes and close to dropping out of Kitsilano Secondary in her Grade 10 year. As a result, she fell through the cracks of the mainstream school system and began looking for alternative options.

 

Her search led her to a life-changing opportunity to step outside of her comfort zone in a program—Take a Hike—that uses the outdoors, adventure, and mental health and emotional well-being support to engage vulnerable youth in schoolDespite her apprehension and self-proclaimed lack of athletic ability, Martha took a leap of faith.

 

Since 2000, Take a Hike has been leading the way in alternative high school education models—combining intensive and continual clinical counselling, adventure-based learning, outdoor experiences, and a tight-knit community to support British Columbia’s vulnerable youth. Partnering with five public school districts across the province, the program empowers youths with the skills and resilience they need to graduate high school, build healthy relationships, and navigate their own path to success. The program has transformed the lives of hundreds of youth in B.C. like Martha, along with their families, resulting in a 97 percent graduation rate among its 690+ youth and alumni—14 percent higher than the graduation rate for mainstream public education in 2019.

“Take a Hike helps vulnerable youth who are scared, angry, hurt, and have fallen through the cracks of the system. They don’t trust anybody, they don’t feel safe. Take a Hike embraces them, provides them with clothes and food, and builds them up through outdoor adventures and trust exercises,” Martha shares.

COAST CAPITAL SAVINGS

At the heart of Take a Hike’s success is a unique program structure. Every aspect of its model is built on a foundation of safe and caring relationships, inclusive environments, tailored strategies, and high expectations for student success. It’s through this model that Martha found herself. Thanks to counsellors and teachers who continually go above and beyond, Martha’s outlook on life and on the world changed dramatically.

Before joining the program, Martha had never left the Vancouver city limits. Through Take a Hike, Martha was able to experience rowing in Deep Cove, climbing the Grouse Grind, mountaineering in Pemberton, and much more. It provided her with access to a completely different world, just an hour or two away from home.

Take a Hike also helped her to build a strong set of foundational core values. It taught her strength and resilience in the face of adversity; how to develop meaningful, trusting connections and relationships with her peers and teachers; and discipline in her pursuit of success. “You wouldn’t recognize me after the two years that I was there. I went from wanting to fade into the walls to avoid people to a very outgoing, confident young woman,” says Martha.

Now, Martha is living in the Kootenays, a mother to three children, and has been running a farm on her property for the last five years. In addition to valuable life skills, the program gave Martha a deep appreciation for nature that she has carried with her through to adulthood. Because of her experience with Take a Hike, Martha has made it a priority to connect with her community through activism and volunteering, working with local food security projects, and community halls.

COAST CAPITAL SAVINGS

Take a Hike has continued to grow, building its services in communities across British Columbia, and offering long-term programming with the support of donors and partners like Coast Capital, to reach and empower students across the province. Martha also hopes to give back to the foundation directly by donating and volunteering her time at Take a Hike’s West Kootenay location so she can help to positively impact youth to achieve their full potential.

As her children approach school age, Martha wishes programming like Take a Hike was a standard option as she firmly believes students from every walk of life would benefit from it. “Take a Hike is what school should be: it’s a healthy, accountable, respectful, rewarding interaction with the world.”

 

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