Kitsilano real estate market retains demand amid pandemic April sales slow down

As the COVID 19 pandemic continues real estate sales across Metro Vancouver have decreased to levels not seen since 1982.  Sales for April decreased by 58%, inventory rose by 2%, and sale prices declined by 7% when compared to March. Despite these conditions some parts of the market have seen pockets of demand and Kitsilano is one of those areas.  

How do we know? List to Sales Ratio

A buyer’s market has a 0-12% list to sales ratio
A balanced market has a 12-20% list to sales ratio
A seller’s market has a 21% or greater list to sales ratio

In April Kitsilano had a 26% list to sales ratio, down from 63% month in March, resulting from 69 listings and 18 sales. The greatest demand remains for properties under $500K, which is primarily one bedroom condos. 

What does it mean?

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

For the full Kitsilano report and BIGGER picture visit our speciality website