VANCOUVER v2 CONDO

WESTSIDETOWNHOME DETACHED Q4 2019vs2018 $1,135,600 HPI (combinedtotal) 43 AVE. DAYSONMARKET 630 0% INVENTORY ATMONTHEND 30 UNIT SALES $2,920,800 HPI (combinedtotal) 73 AVE. DAYSONMARKET 1296 INVENTORY ATMONTHEND 59 UNIT SALES $760,300 HPI (combinedtotal) 44 AVE. DAYSONMARKET 3470 INVENTORY ATMONTHEND 260 UNIT SALES Q4 132.3% 30.3%

26.2% 76.5% 78.8% 34.7% -2%

1% -2.99%

-0.75% -6.73% Q4 2019 Opportunities open for downsizing and moving up

The residential real However, the overwhelming demand for Vancouver detached house was the same estate market is in movement in the housing market rolled in December as it was mid-year, allowing continuous motion fed over the policy barriers within months, owners the option to move up, down or by waves of economic driving year-end total housing sales 88% laterally. and demographic higher than in the same period a year If 2019 has proved anything it is that the change. A young first- earlier. desire for a home – and the ability for time buyer purchasing As we enter 2020, the opportunities buyers and sellers to move through any a condo sends a ripple through the market, for downsizing or moving up in Metro market – is a solid and defining thread in allowing the seller to now seek a better, Vancouver have actually improved. the fabric of Metro Vancouver. perhaps larger condo. That purchase in Condominium prices are slightly lower Our wish now is for a prosperous and less turn frees another owner to seek out a which allows more first-time buyers to dramatic new year for all our clients. townhouse, or perhaps a detached house purchase. A shortage of townhouses in a totally different community. Then has kept prices rising since June, which the seller of that home now traditionally allows more owners to sell and move up moves up to an even more substantial to a detached house. And, despite all the home. turmoil, the benchmark price of a Greater

In the aging demographic that now defines much of Metro Vancouver, where nearly a fifth of the population is age 65 or better Discover YOUR neighbourhood's for the first time in history, the cycle often real estate market activity, trends reverses. The owner of a detached house & benchmark pricing. sells and downsizes to a condominium, and so the cycle begins again. Finding the right home in the right neighbourhood The policy-induced downturn that entered can be a challenge. That is why we have our the Metro Vancouver in 2018 and carried exclusive Neighbourhood Profiles available for through to the first half of 2019 disrupted you on our web site. Each profile features: that cycle. • Information on the neighbourhood's schools, housing, recreation, shopping, restaurants, The mandatory mortgage stress test froze transportation and more. many first-time and other condominium • A summary of CURRENT active listings, arranged buyers out of the market. The so-called by property type and showing the number of units speculation tax and other measures stalled available and the median asking price. townhouses and detached house sales. • Up-to-date MLS® HPI Benchmark prices AND price By the end of the first quarter of 2019, changes from one month to five years - a rich residential transactions had plummeted resource to instantly see the price trend of the type 41% from a year earlier and 77% from the of home you are interested in, within your specific 2016 peak. neighbourhood. Visit FaithWilsonGroup.com and find out about Vancouver Westside, Eastside, Downtown, North Vancouver, South Surrey and Richmond neighbourhoods. With more coming soon.

The information included in this report is based on residential sales data and statistcal information sourced and compiled from the Real Estate Board of Greater Vancouver’s MLXchange database and the REALTOR Link® website. The information is current as of April 1st, 2019 and is subject to change by the REBGV. Faith Wilson Realty Group Inc., makes no guarantees as to the accuracy of the information provided and is not responsible for changes, errors or omissions to this information.

Faith’s Exclusive Westside Analysis PAGE 2 Moving on Up: Should You Buy or Sell First?

With British Columbia’s evolving real estate Here are some things to consider before up the closing dates to bridge the in-between market, both buying and selling a home are making a move: period. This isn’t always possible, as it depends very personal decisions. Add buying and Should I Sell First? on the market and whether the buyer/seller selling at the same time, and the process The upside of selling first is that you will know is willing to agree to an extended or reduced becomes both tricky and stressful, which is how much money you have to work with, period of time. more likely in a softer market where selling and it’s also easier to get new financing when Know the Markets your home might take longer than expected. you need it. However, if there are delays or Consult with a knowledgeable realtor. Research The path up the property ladder is different challenges finding the right new home for you, prices in the areas where you’re buying and for everyone and whether to buy or sell first you may incur additional rent and storage costs selling. Does the market favour buyers or depends on your unique circumstances. in the interim. sellers? This is the best way to decide which Add in other factors such as whether you move to make first. As a rule of thumb, you have a mortgage on the property, and Should I Buy First? In this case, you will have time to plan your want to sell first in a buyers’ market and do the whether that mortgage can be ported to the contrary in one that favours sellers. new home. What is the timing of the two move and get your current home ready to sell. property transactions? However, closing dates on both the purchase Consider Rental Revenue and sale may not line up, and if your home Research the rental market in your area and Do the two closing dates coordinate, or will doesn’t sell for a while, you’ll be stuck with calculate the cost versus profit ratio of renting you need interim temporary financing should two mortgages at once, making it a challenge to out your home to tenants, rather than selling your new possession date be prior to your qualify for the new mortgage and making two it. It could be financially advantageous, and existing home sale date? payments. An interim financing loan is also a real estate could be a great way to diversify “Buying and selling a home at the same time possibility if your existing home is sold but the your investment portfolio. is no small endeavour and involves extensive sale date is after your new home purchase date. research and a clear understanding of all the Kevin Lutz, steps involved,” explains Nicole Wells, vice- Add a Contract Contingency Regional Manager, Residential Mortgages president of home equity finance at RBC. Whether you’re buying or selling, try to add a contingency to your purchase contract that lines Follow Kevin on Twitter @RBCKevinLutz

Preparing for Closing Day

You found your dream home, you made the agreement between you and your lender On closing day, your lawyer or notary will an offer and it was accepted! Now, how regarding the terms and conditions of the handle the following remaining tasks: prepared are you for closing day? Are all your mortgage. You will also need to pay your • Arrange for delivery of closing funds to the mortgage documents in order and ready to be closing costs. Some of these costs are either seller’s lawyer signed? Do you have the final distribution of rolled into the principal balance of your new funds lined up to transfer to the seller? Who mortgage and some costs are out of pocket. • Registering the transfer and mortgage else needs to be there to help facilitate the Here are some of the major costs at closing: • Release keys to you for your new property transfer of ownership and purchase of your • Default (or High Ratio) Mortgage Insurance Other important information. Bring a bank new home? Did you do a walk through to Premium and PST (where applicable, this draft or proof of wire transfer for the amount of inspect the property and ensure it is in the might be added onto your mortgage) your closing balance (the buyer’s statement of same condition as what’s specified in the • Down Payment adjustments will provide you with the amount). contract? Closing day can be very stressful, You will also be required to bring two forms but knowing who to work with and how, can • Legal/Notarial Fees and Disbursements of ID and proof of property insurance. You’ll help. While general practices may vary, you • Title Insurance need to review all documents thoroughly and will work with a number of parties throughout • Land Transfer Tax ensure that you understand all the fees, the type the closing process. These may include: of mortgage, interest rate, payment amount and • Property Tax/Utility Bill Adjustments • Realtors for both you and the seller schedule. Are they what you were expecting? • Upgrades (applicable in new home • Your lawyer or notary or closing agent If not, then now is the time to confirm and ask construction) questions. It’s your right to fully understand any • The seller’s lawyer or notary Other costs after closing such as furniture, document before you sign it. • The lender’s representative or your title carpeting and appliances amongst many other Once you are comfortable with everything that insurance company potential items. you’ve reviewed with your lawyer or notary, At closing you’ll need to review and sign The final document review and signing will you can sign all of your closing documents and some legal and financial documents such as usually take place at your lawyer’s or notary’s receive your house keys. Congratulations, you the agreement between you and the seller office, sometimes a few days before closing. are a new home owner! transferring ownership of the property, and

Kathy Wu Nikki Voutsilakos Welcome our new Mortgage Specialist Mortgage Specialist RBC Royal Bank RBC Royal Bank Mortgage Specialists 604.649.1029 604.813.6466 [email protected] [email protected]

Faith’s Exclusive Westside Analysis PAGE 3 Q4 - SINGLE FAMILY DETACHED HOMES

THE REAL WESTSIDE RESULTS: Q4 2019 THE REAL NEIGHBOURHOOD RESULTS: Q4 2019

SALES PRICE QUARTERLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $3,750,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 3 Months 1 Year $3,500,000 $3,404,827 $3,299,167 Average Sales Price Arbutus 17 $3,155,800 -5.22 -6.42 $3,249,249 – $3,250,000 Cambie 11 $2,274,700 0.31 -4.38 $3,060,505 $3,116,391 $3,000,000 Dunbar 40 $2,583,000 6.46 -9.65 $2,990,000 $2,965,000 $2,900,000 Kerrisdale 5 $2,895,700 2.32 -5.91 $2,750,000 $2,765,000 $2,800,000

Kitsilano 19 $2,310,600 2.31 6.62 Median Sales Price

$2,500,000

– MacKenzie Heights 12 $3,114,100 3.64 -6.63 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Marpole 15 $1,924,500 -0.96 -10.75 Mount Pleasant VW 1 $2,086,400 -5.42 -3.9

DAYS ON MARKET QUARTERLY TREND Oakridge VW 2 $2,704,400 1.01 -4.73 80 Point Grey 27 $2,949,800 2.67 -7.92 71 70 Quilchena 10 $2,990,800 -7.1 -11.21 60 60 58 S.W. Marine 8 $2,871,300 -2.76 -10.52

Average Days on Market Shaughnessy 16 $4,763,000 -1.54 -11.65

50 46 45 – 51

Days South Cambie 1 $3,124,200 0.08 -4.61 40 42 30 South Granville 11 $3,545,300 1.67 -3.63 30 28 20 23 Southlands 6 $3,122,500 -1.1 -10.52 10 University VW 2 $4,467,100 -4.89 -11.19

Median Days on Market West End VW 1 $1,801,900 0.73 2.45

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 – Vancouver West 204 $2,920,800 0.91 -6.73

2018 2019 Change (%) Q1 Unit Sales 163 160 -1.8% Q2 Unit Sales 224 225 -7.8% FAITH’S KEY INSIGHTS: Unit Sales Q3 Unit Sales 150 192 28.0% (by Quarter) ■■ A look back on the last decade is informative for anyone contemplating Q4 Unit Sales 150 204 36.0% the purchase of a Westside detached house. Ten years ago the Metro YTD Totals 687 781 17.8% Vancouver housing market was surging as the region prepared to host the Winter Olympics two months later and the effects of the 2008-09 global financial crisis were waning. Metro’s benchmark detached house price had LISTING AND SALES ACTIVITY BY PRICE SEGMENT increased 18% from a year earlier by the fourth quarter (Q4) 2009. Buyers could find a nice house on the Westside for $1.6 million or less. In Q4 of Sales-to-New- Price Segment ($) New Listings Added Unit Sales Listings Ratio 2019 the same Westside house cost $2.92 million, an 80% increase in 10 0 – 2,000,000 24 32 133% years. I always advise my buyer clients to think of a Vancouver house as a long-term strategy. It has consistently been the most stalwart and sensible 2,000,001 – 2,250,000 10 16 160% investment for any family. 2,250,001 – 2,500,000 27 27 100% 2,500,001 – 2,750,000 14 8 57% ■■ While the benchmark price of a Westside house declined 6.7% in Q4 2,750,001 – 3,000,000 28 26 93% compared to Q4 2018, Kitisilano detached house prices increased 6.6% 3,000,001 – 3,250,000 15 17 113% from a year ago, to $2.31 million. It may be the SkyTrain affect. The long- awaited Broadway Corridor extension will likely have the biggest impact 3,250,001 – 3,500,000 36 13 36% in Kitsilano as developers buy residential land in preparation for higher 3,500,001 – 3,750,000 21 17 81% density. Rental investors are also converting detached houses into badly- 3,750,001 – 4,000,000 28 7 25% needed student housing. These buyers are eying potential multi-unit 4,000,001 – 4,500,000 28 19 68% houses that sell for $2.5 million or less. The first phase of the SkyTrain 4,500,001 – 5,000,000 23 3 13% extensions runs to Arbutus and Broadway, but will eventually link to the 5,000,001 – 6,000,000 31 8 26% University of B.C. campus. 6,000,001 – 7,000,000 17 5 29% ■■ Westside buyers are becoming active at the $3 million and higher price 7,000,001 – 8,000,000 10 3 30% point. This had been something of a slow zone earlier this year after the 8,000,000 – 10,000,000 15 0 0% school tax was increased on homes at that value or higher. But in Q4, 93 10,000,001+ 22 3 14% of Westside detached house sales were for more than $3 million, including Totals 349 204 58% 19 at $5 million or higher.

Faith’s Exclusive Westside Analysis PAGE 4 DECEMBER- SINGLE FAMILY DETACHED HOMES

THE REAL WESTSIDE RESULTS: DEC 2019 THE REAL NEIGHBOURHOOD RESULTS: DEC 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $3,752,101 $3,600,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $3,311,712 $3,163,834 $3,176,634 $3,200,000 $3,153,770 $3,435,925 Average Sales Price Arbutus 5 $3,155,800 -2.84 -5.22

$3,054,255 – Cambie 1 $2,274,700 -0.03 0.31 $2,800,000 $2,915,000 $3,000,000 $2,830,000 $2,895,000 Dunbar 12 $2,583,000 3.74 6.46 $2,707,500 $2,400,000 Kerrisdale 1 $2,895,700 1.62 2.32 Kitsilano 5 $2,310,600 -1.30 2.31

$2,000,000 Median Sales Price

– MacKenzie Heights 6 $3,114,100 2.96 3.64 JUL AUG SEP OCT NOV DEC Marpole 8 $1,924,500 -0.26 -0.96 DAYS ON MARKET MONTHLY TREND Mount Pleasant VW 0 $2,086,400 -0.71 -5.42 Oakridge VW 1 $2,704,400 4.88 1.01 79 80 73 Point Grey 8 $2,949,800 0.23 2.67 70 Quilchena 2 $2,990,800 -2.87 -7.10 62 62 60 60 56 S.W. Marine 1 $2,871,300 -0.90 -2.76 Average Days on Market

57 –

50

Shaughnessy 6 $4,763,000 0.03 -1.54 Days 49 40 43 South Cambie 0 $3,124,200 2.23 0.08 38 38 39 30 South Granville 1 $3,545,300 2.00 1.67 20 Southlands 2 $3,122,500 0.43 -1.10 10 University VW 0 $4,467,100 -3.28 -4.89 Median Days on Market

JULOAUG SEP CT NOV DEC – West End VW 0 $1,801,900 -0.83 0.73 Vancouver West 59 $2,920,800 0.57 0.91 UNIT SALES (BY MONTH) 2018 2019 CHANGE July 53 59 11.3% Aug 52 64 23.1% Sept 45 69 30.6% FAITH’S KEY INSIGHTS: Oct 68 73 7.4% ■■ The topsy-turvy world of Vancouver real estate in 2019 continued in Nov 49 72 46.9% December when more detached houses sold on the Westside than in Dec 33 59 78.8% May 2019, the exact opposite of a traditional sales pattern.There were Total 300 396 32.0% other dramatic differences between balmy May and blustery December: the sales-to-new listing ratio in May was just 20%, signally a buyer’s market, but by December the same listing ratio was 91%, a very strong LISTING AND SALES ACTIVITY BY PRICE SEGMENT seller’s market. And, while May sales were down 50% from May 2018, December sales were 78% higher than in the same month a year earlier. Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio In all my years in real estate, this is the most dramatic spring-to-winter 0 – 2,000,000 0 10 0% transformation I have ever seen. 2,000,001 – 2,250,000 0 3 0% ■■ The big change was not based on market fundamentals but on the 2,250,001 – 2,500,000 8 10 125% psychology of buyers. Back in May buyers were still coming to terms 2,500,001 – 2,750,000 2 2 100% with a blizzard of government policies meant to dampen demand. But by 2,750,001 – 3,000,000 3 5 167% December, even though Westside house prices had eased only slightly from 3,000,001 – 3,250,000 1 4 400% May, down about $50,000 to a benchmark of $2.92 million in December, pent-up demand had overcome the barriers meant to keep buyers at bay. 3,250,001 – 3,500,000 5 4 80% Buyers noticed that prices had stabilized - Westside detached house prices 3,500,001 – 3,750,000 5 7 140% were up 1% from a year earlier as of December, which eased buyer’s 3,750,001 – 4,000,000 5 2 40% concern. 4,000,001 – 4,500,000 7 3 43% ■■ 4,500,001 – 5,000,000 4 1 25% Other factors at play included a lack of new listings of Westside detached houses; zoning changes that allowed two or more housing units on most 5,000,001 – 6,000,000 6 3 50% single-detached lots; and continued low mortgage rates, with qualified 6,000,001 – 7,000,000 6 2 33% buyers able to lock in five-year rates below 3%. We are confident that 7,000,001 – 8,000,000 7 2 29% the strong sales performance that characterized the last few months of 8,000,000 – 10,000,000 3 0 0% 2019 will carry on into 2020, and we expect benchmark house prices to 10,000,001+ 3 1 33% move higher. Totals 65 59 91%

Faith’s Exclusive Westside Analysis PAGE 5 NOVEMBER- SINGLE FAMILY DETACHED HOMES

THE REAL WESTSIDE RESULTS: NOV 2019 THE REAL NEIGHBOURHOOD RESULTS: NOV 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$3,600,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $3,311,712 $3,192,700 $3,163,834 $3,200,000 $3,153,770 Average Sales Price Arbutus 6 $3,248,000 -2.59 0.90 $3,054,255 $3,015,047 – Cambie 5 $2,275,400 0.83 -0.18 $3,000,000 $2,800,000 $2,915,000 $2,860,953 $2,830,000 $2,895,000 Dunbar 13 $2,489,800 2.39 1.57 $2,707,500 $2,400,000 Kerrisdale 3 $2,849,500 0.62 2.78 Kitsilano 6 $2,341,000 -0.27 6.10

$2,000,000 Median Sales Price

– MacKenzie Heights 2 $3,024,700 1.16 1.61 JUNOJUL AUG SEP CT NOV Marpole 4 $1,929,500 -1.31 -0.68 DAYS ON MARKET MONTHLY TREND Mount Pleasant VW 1 $2,101,400 -1.93 -4.68 Oakridge VW 1 $2,578,600 -1.24 -4.62 70 69 Point Grey 8 $2,943,000 -1.53 -0.96 62 62 59 60 56 Quilchena 5 $3,079,200 -5.58 0.36 S.W. Marine 3 $2,897,300 -0.51 -1.21 50 46 Average Days on Market

49 –

Shaughnessy 2 $4,761,600 -1.68 -1.74 Days 40 43 38 38 South Cambie 0 $3,055,900 -0.91 -1.38 30 30 29 South Granville 6 $3,475,700 -0.46 1.20 20 Southlands 1 $3,109,200 0.46 -0.16 10 University VW 0 $4,618,500 1.57 2.12 Median Days on Market

JUNOJUL AUG SEP CT NOV – West End VW 0 $1,816,900 0.59 -2.77 Vancouver West 65 $2,904,200 -0.27 0.81 UNIT SALES (BY MONTH) 2018 2019 CHANGE June 86 72 -16.3% July 53 59 11.3% Aug 52 64 23.1% FAITH’S KEY INSIGHTS: Sept 45 69 30.6% ■■ Dunbar is back as the hottest detached housing market on the Westside, Oct 68 69 1.7% posting the highest sales, 13, and the biggest price increase in November Nov 49 65 34.7% with a 2.3% rise from a month earlier, than any other Westside Total 359 398 13.0% neighbourhood. During the peak of the market nearly four years ago this neighbourhood led the entire city in the number and rapidity of detached house sales, so this may be harbinger. The benchmark price of a Dunbar LISTING AND SALES ACTIVITY BY PRICE SEGMENT detached house in November was $2.48 million, while it was just above $3.1 million at the peak. Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio ■■ Westside detached house sales in November were up 32.7% from 0 – 2,000,000 11 9 82% November 2018 to 65, reflective of a year-over-year increase in detached 2,000,001 – 2,250,000 3 7 233% house sales seen right across Metro Vancouver, which experienced a near 2,250,001 – 2,500,000 7 6 86% 60% rise in transactions. With 123 new listings added to the Westside 2,500,001 – 2,750,000 6 1 17% in November, the sales-to-new-listing ratio was 54%, much higher than 2,750,001 – 3,000,000 10 14 140% the 17.2% ratio across the Metro region, however. A real estate sales 3,000,001 – 3,250,000 6 5 83% recovery often begins at the centre and radiates out so this is likely what we are seeing today. 3,250,001 – 3,500,000 10 7 70% 3,500,001 – 3,750,000 7 5 71% ■■ While most are hailing the return of a seller’s market on the Westside due 3,750,001 – 4,000,000 10 3 30% to the high sales-to-listing ratio, some caution is advised. It still takes an 4,000,001 – 4,500,000 14 6 43% average of 59 sales for a new listing of detached house to sell and buyers 4,500,001 – 5,000,000 9 1 11% remain hesitant when listing prices reach $3 million, making them subject to a higher “school tax.” The sales-to-new-listing ratio in November was 5,000,001 – 6,000,000 9 2 22% 100% for the 37 houses listed up to $3 million and 32% for the 86 houses 6,000,001 – 7,000,000 8 0 0% listed higher than $3 million. The ratio fell to 0% for houses priced at more 7,000,001 – 8,000,000 0 0 0% than $6 million. If you are a Westside detached house seller who has 8,000,000 – 10,000,000 5 0 0% doubts about your listing price, Faith Wilson Group is widely recognized for 10,000,001+ 8 0 0% its ability to set accurate market values. Totals 123 65 54%

Faith’s Exclusive Westside Analysis PAGE 6 OCTOBER- SINGLE FAMILY DETACHED HOMES

THE REAL WESTSIDE RESULTS: OCT 2019 THE REAL NEIGHBOURHOOD RESULTS: OCT 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $4,000,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$3,600,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $3,335,566 $3,222,345 $3,192,700 $3,200,000 $3,153,770 $3,163,834 $3,054,255 Average Sales Price Arbutus 6 $3,334,400 0.15 4.22 – Cambie 6 $2,256,600 -0.49 -0.70 $2,800,000 $2,950,000 $2,915,000 $3,044,444 $2,860,953 $2,830,000 Dunbar 15 $2,431,600 0.22 -1.20 $2,707,500 $2,400,000 Kerrisdale 6 $2,832,000 0.07 -0.97 Kitsilano 7 $2,347,400 3.94 6.59

$2,000,000 Median Sales Price

– MacKenzie Heights 4 $2,990,100 -0.48 -2.97 MAYJUN JUL AUG SEP OCT Marpole 5 $1,955,100 0.61 1.20 DAYS ON MARKET MONTHLY TREND Mount Pleasant VW 0 $2,142,700 -2.87 -4.36 Oakridge VW 0 $2,611,000 -2.48 -1.17 70 69 Point Grey 8 $2,988,700 4.02 0.35 62 62 60 56 Quilchena 2 $3,261,000 1.30 5.12 S.W. Marine 5 $2,912,000 -1.38 2.44 50 46 Average Days on Market

49 –

40 Shaughnessy 4 $4,842,900 0.12 -2.87 Days 40 43 38 38 South Cambie 1 $3,084,100 -1.20 1.32 30 30 South Granville 7 $3,491,700 0.13 -1.70 27 20 Southlands 1 $3,095,000 -1.97 0.70 10 University VW 0 $4,547,200 -3.19 0.74 Median Days on Market

MAYJUN JUL AUG SEP OCT – West End VW 1 $1,806,200 0.98 -5.15 Vancouver West 78 $2,912,000 0.61 0.57 UNIT SALES (BY MONTH) 2018 2019 CHANGE May 85 75 -11.8% June 86 72 -16.3% July 53 59 11.3% FAITH’S KEY INSIGHTS: Aug 52 64 23.1% ■■ The banker I talked to this week had seen a sudden increase in clients Sept 45 61 30.6% upsizing their homes, going from condos to townhouses, townhouses Oct 68 78 14.7% to houses, houses to better houses. He seemed surprised. I wasn’t. The Total 389 409 6.9% pent-up demand in Vancouver’s housing market has been building for months and after beginning to release this summer it virtually burst in October with a 45 per cent surge in overall sales compared to a year earlier LISTING AND SALES ACTIVITY BY PRICE SEGMENT across Greater Vancouver. Detached housing sales were up 47.3% from October 2018, the highest year-over-increase in 2019 with benchmark Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio prices up 7.5 per cent. The banker believes it is due to lower lending rates 0 – 2,000,000 13 6 46% – qualified buyers can seize five-year mortgages now at 2.9 per cent or less. Other say it is because benchmark prices are lower than a year ago. 2,000,001 – 2,250,000 6 9 150% I believe it is simply that people want to improve their lives and for many 2,250,001 – 2,500,000 11 9 82% that begins at home, a newer, better home. So it is no surprise that the 2,500,001 – 2,750,000 9 8 89% autumn uplift is so pronounced on the Westside, which has arguably the 2,750,001 – 3,000,000 13 7 54% best homes in the best neighbourhoods in all of Metro Vancouver. 3,000,001 – 3,250,000 9 9 100% ■■ Westside detached sales jumped 30.6% in September and a further 3,250,001 – 3,500,000 18 4 22% 14.7% in October from a year earlier. The overall Westside detached house 3,500,001 – 3,750,000 9 6 67% benchmark price was up from both a month earlier and three months 3,750,001 – 4,000,000 15 3 20% earlier, at $2.91 million. And even with 170 houses added, the sales-to- 4,000,001 – 4,500,000 8 10 125% new-listing ratio was 48% as close to balanced as we have seen this year. 4,500,001 – 5,000,000 10 1 10% The benchmark price of a Westside detached house is still down 10.7% 5,000,001 – 6,000,000 14 3 21% from a year ago, but prices will now likely to ascend. If you are a seller, this 6,000,001 – 7,000,000 5 2 40% is great time to list. If you are a detached house buyer, the combination of 7,000,001 – 8,000,000 3 0 0% falling mortgage rates and rising prices defines an opportunity. 8,000,000 – 10,000,000 7 0 0% 10,000,001+ 11 1 9% Totals 161 78 48%

Faith’s Exclusive Westside Analysis PAGE 7 Q4 - TOWNHOUSES

THE REAL WESTSIDE RESULTS: Q4 2019 THE REAL NEIGHBOURHOOD RESULTS: Q4 2019

SALES PRICE QUARTERLY TREND SALES AND BENCHMARK BENCHMARK PRICE PRICES BY NEIGHBOURHOOD CHANGE(%) $1,600,000

$1,500,000 MLS Neighbourhood Unit Sales HPI Benchmark Price 3 Months 1 Year

Average Sales Price

$1,400,000 – Cambie 6 $1,154,400 5.19 -2.1 $1,321,592 $1,327,848 $1,336,513 $1,260,788 Coal Harbour 1 $1,697,100 6.71 4.1 $1,300,000 $1,242,634 $1,262,000 Downtown VW 3 $1,154,800 6.86 1.73 $1,200,000 $1,270,000 Fairview VW 21 $990,400 1.89 -3.37 $1,136,000 $1,100,000 $1,117,000 $1,116,500 False Creek 7 $912,400 0.58 5.33 Median Sales Price

$1,000,000 – Kerrisdale 2 $1,428,100 4.24 -5.31 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Kitsilano 21 $1,060,700 1.28 4.4

Marpole 9 $1,069,300 4.72 -1.69 DAYS ON MARKET QUARTERLY TREND Mount Pleasant VW 4 $1,215,200 6.75 0.52 60 Oakridge VW 1 $1,481,600 4.23 -5.33 51 50 Point Grey 1 $1,041,000 3.41 -6.87 40 Quilchena 2 $1,438,400 4.28 -4.64 40 35 Average Days on Market

– Shaughnessy 2 $1,957,700 -1.67 -15.27 30 30

Days 30 31 South Cambie 9 $1,736,700 2.02 -4.19

20 22 21 South Granville 12 $1,574,900 4.59 -3.6 15 17 10 University VW 6 $1,605,100 3.65 -5.9 West End VW 1 $1,242,000 4.61 2.27 0 Median Days on Market Yaletown 1 $1,594,200 7.58 3.33 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 – Vancouver West 109 $1,135,600 3.35 -0.75

2018 2019 Change (%) Q1 Unit Sales 87 70 -19.5% Q2 Unit Sales 136 125 -8.9% FAITH’S KEY INSIGHTS: Unit Sales Q3 Unit Sales 99 105 6.0% (by Quarter) ■■ Westside townhouse benchmark prices are holding steadier than prices for Q4 Unit Sales 71 109 53.5% detached houses or condos, but townhouse prices appear poised for an YTD Totals 393 409 4.1% increase in 2020. As of Q4, the Westside townhouse benchmark was down 0.75% from Q4 2018 to $1.13 million, but up 3.3% from three months earlier. In Q4 59% of the 185 new listings sold, which is an indication of LISTING AND SALES ACTIVITY BY PRICE SEGMENT a seller’s market. Prices could increase significantly though because of a Sales-to-New- looming shortage of townhouses just as demand is accelerating. As of Q4, Price Segment ($) New Listings Added Unit Sales Listings Ratio not a single new townhouse had started construction in Kitsilano, Point 0 – 400,000 0 0 0% Grey, the Downtown or Kerrisdale and only 9 were under construction in 400,001 – 500,000 0 0 0% Marpole. It takes two to four years for a new townhouse project to go 500,001 – 600,000 3 2 67% through all the municipal hoops before it actually starts, so 2020 may see 600,001 – 700,000 1 2 200% no new townhouses completed at all on the Westside and those that are 700,001 – 800,000 7 4 57% built will be more expensive than the existing inventory because of higher land, servicing and construction costs. Right now Westside townhouse 800,001 – 900,000 10 14 140% values are relatively stable. I would advise buyers to take action soon 900,001 – 1,000,000 12 10 83% because current townhouse prices could look very low a year from now. 1,000,001 – 1,100,000 14 11 79% Faith Wilson Group offers the exclusive Peace of Mind Guarantee for 1,100,001 – 1,200,000 6 4 67% Buyers so you can purchase with confidence. 1,200,001 – 1,300,000 14 11 79% ■■ The most active neighbourhoods for Westside townhouse sales in Q4 were 1,300,001 – 1,400,000 11 7 64% Fairview and Kitsilano, each with 21 sales. In Fairview, the benchmark 1,400,001 – 1,500,000 13 9 69% price was $990,000, down 3.4% from a year earlier, while Kitsilano 1,500,001 – 1,750,000 41 20 49% townhouse prices were up 4.4% from last year, to $1.06 million. Other 1,750,001 – 2,000,000 23 6 26% neighbourhoods seeing year-over-year price increases include False 2,000,001 – 3,000,000 23 9 39% Creek, where the townhouse benchmark is up 5.3% to $912.000; Coal 3,000,000+ 7 0 0% Harbour, with 4.1% price rise to $1.69 million; and Yaletown where the Totals 185 109 59% Q4 townhouse price was 3.3% higher than a year ago at $1.59 million.

Faith’s Exclusive Westside Analysis PAGE 8 DECEMBER- TOWNHOUSES

THE REAL WESTSIDE RESULTS: DEC 2019 THE REAL NEIGHBOURHOOD RESULTS: DEC 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,600,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $1,500,000 $1,406,086 $1,414,329 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,400,000 $1,329,437 Average Sales Price $1,290,000 $1,311,044 – Cambie 2 $1,154,400 5.90 5.19 $1,300,000 $1,385,000 $1,228,854 $1,281,670 Coal Harbour 0 $1,697,100 0.95 6.71 $1,200,000 $1,297,500 $1,209,000 $1,231,000 Downtown VW 1 $1,154,800 0.07 6.86 $1,180,000 $1,100,000 Fairview VW 4 $990,400 -5.17 1.89

$1,000,000 Median Sales Price False Creek 2 $912,400 -1.60 0.58 – JUL AUG SEP OCT NOV DEC Kerrisdale 0 $1,428,100 3.91 4.24 Kitsilano 5 $1,060,700 -0.08 1.28 DAYS ON MARKET MONTHLY TREND Marpole 2 $1,069,300 5.19 4.72 Mount Pleasant VW 1 $1,215,200 2.27 6.75 60 53 Oakridge VW 0 $1,481,600 3.67 4.23 50 50 49 43 Point Grey 1 $1,041,000 2.71 3.41

40 43 35 Average Days on Market Quilchena 1 $1,438,400 5.37 4.28 –

37 36 31 Days 30 33 Shaughnessy 0 $1,957,700 2.92 -1.67 South Cambie 5 $1,736,700 1.19 2.02 20 20 21 South Granville 3 $1,574,900 2.81 4.59 10 University VW 2 $1,605,100 3.53 3.65 0 West End VW 1 $1,242,000 0.83 4.61 Median Days on Market

JULOAUG SEP CT NOV DEC – Yaletown 0 $1,594,200 0.04 7.58 UNIT SALES (BY MONTH) 2018 2019 CHANGE Vancouver West 30 $1,135,600 0.15 3.35 July 34 37 8.8% Aug 34 38 11.6% Sept 31 30 -3.2% FAITH’S KEY INSIGHTS: Oct 35 47 34.1% Nov 21 32 52.1% ■■ We have been cautioning for some months now that the supply of Westside Dec 17 30 76.5% townhouses is shrinking in the face of higher demand and the result would Total 172 216 24.4% be higher prices. December showed this in spades. With only 28 new listings added to the Westside, there were 30 sales, representing a sales- to-new listing ratio of 107%. Meanwhile, the benchmark priced had spiked LISTING AND SALES ACTIVITY BY PRICE SEGMENT 3.5% higher than it was three months earlier to end the year at $1.13 million. There are very few new townhouses under construction on the Price Segment ($) New Listings Added Unit Sales Sales-to-New- Westside, so the resale sector is being relied on for inventory. If you own a Listings Ratio townhouse and are considering a sale, right now would be a prime time to 0 – 400,000 0 0 0% be listing. There appears to specific townhouse shortages in False Creek, 400,001 – 500,000 0 0 0% Coal Harbour and Kerrisdale. 500,001 – 600,000 0 0 0% ■■ The Westside townhouse sector is seeing higher demand partly because 600,001 – 700,000 0 0 0% sales of both detached houses and condo apartments are also rising. This 700,001 – 800,000 1 1 100% allows some owners of detached houses, especially baby boomers, to 800,001 – 900,000 0 4 0% downsize to a townhouse, while it allows owners of condo apartments, 900,001 – 1,000,000 0 3 0% especially young families, to sell and upgrade to a townhouse for more 1,000,001 – 1,100,000 0 3 0% space. This partly explains why the December benchmark townhouse price 1,100,001 – 1,200,000 0 3 0% was just 0.7% lower than in December 2018, while detached house prices 1,200,001 – 1,300,000 4 3 75% were down 6.7% and condo apartment prices were 2.9% lower in the 1,300,001 – 1,400,000 1 1 100% same period. 1,400,001 – 1,500,000 4 1 25% ■■ The most popular price point for a Westside townhouse in December 1,500,001 – 1,750,000 11 7 64% was from $1.5 million to $1.75 million, which accounted for 7 of the 30 1,750,001 – 2,000,000 4 2 50% sales and a sales-to-new-listing ratio of 64%. Also, 4 of the 6 Westside 2,000,001 – 3,000,000 2 2 100% townhouses listed at from $1.75 to $3 million sold, showing that buyers 3,000,000+ 1 0 0% remain active at higher price points. It is a sign of buyer confidence that bodes well for townhouse sellers heading into a new year. Totals 28 30 107%

Faith’s Exclusive Westside Analysis PAGE 9 NOVEMBER- TOWNHOUSES

THE REAL WESTSIDE RESULTS: NOV 2019 THE REAL NEIGHBOURHOOD RESULTS: NOV 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,600,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $1,500,000 $1,414,329 $1,406,086 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,400,000 Average Sales Price

$1,290,000 $1,311,044 $1,385,000 – Cambie 2 $1,090,100 0.40 -3.09 $1,300,000 $1,297,500 $1,187,935 Coal Harbour 0 $1,681,100 2.12 0.00 $1,200,000 $1,158,855 $1,281,670 Downtown VW 1 $1,154,000 0.59 2.64 $1,180,000 $1,100,000 Fairview VW 4 $1,044,500 4.33 7.65 $1,080,000 $1,085,000

$1,000,000 Median Sales Price False Creek 2 $927,200 -0.30 1.27 – JUNOJUL AUG SEP CT NOV Kerrisdale 0 $1,374,400 1.91 -2.18 Kitsilano 7 $1,061,600 0.17 1.15 DAYS ON MARKET MONTHLY TREND Marpole 3 $1,016,500 -0.10 -1.61 Mount Pleasant VW 2 $1,188,200 2.51 -0.21 60 53 Oakridge VW 1 $1,429,100 2.01 -2.34 49 50 50 Point Grey 0 $1,013,500 1.99 -0.80

40 43 35 Average Days on Market Quilchena 0 $1,365,100 0.08 -2.27 –

30 37 36 31 Days 30 Shaughnessy 1 $1,902,100 1.63 -6.04 20 South Cambie 2 $1,716,200 3.19 -0.45 21 19 20 South Granville 3 $1,531,900 4.21 0.57 10 University VW 1 $1,550,300 2.12 -1.96 0

Median Days on Market West End VW 0 $1,231,800 2.52 2.67 JUNOJUL AUG SEP CT NOV – Yaletown 0 $1,593,600 1.07 2.25 UNIT SALES (BY MONTH) 2018 2019 CHANGE Vancouver West 29 $1,133,900 1.84 1.69 June 48 48 0% July 34 37 8.8% Aug 34 38 11.6% FAITH’S KEY INSIGHTS: Sept 31 30 -3.2% Oct 35 47 34.1% ■■ We have been cautioning about the lack of townhouse inventory on Nov 21 29 38.1% the Westside for months and the shortage became starkly apparent in Total 203 229 12.8% November. We can only hope the drop in new listings, down to 45 units as the lowest level for any month this year, is an anomaly. It may not be, though. With sales up 38% in November from year earlier – following a LISTING AND SALES ACTIVITY BY PRICE SEGMENT 34% year-over-increase in October – and prices increasing, logic would suggest that more, not less townhouse listings would appear. Don’t expect Price Segment ($) New Listings Added Unit Sales Sales-to-New- new construction to increase supply: townhouse starts have virtually Listings Ratio disappeared on the Westside this year. There are just 14 new townhouse 0 – 400,000 0 0 0% projects marketing in all of Vancouver and most of these are east of Quebec 400,001 – 500,000 0 0 0% Street, and all of them were started more than 12 months ago. 500,001 – 600,000 0 2 0% ■■ The lack of product had the expected result as Westside townhouse prices 600,001 – 700,000 1 1 100% increased nearly 2% in November from a month earlier and are now 1.6% 700,001 – 800,000 2 1 50% higher than six months ago at $1.13 million. The higher sales and lower 800,001 – 900,000 4 3 75% inventory resulted in a 64% sales-to-new-listing ratio in November, clearly 900,001 – 1,000,000 3 4 133% a seller’s market. 1,000,001 – 1,100,000 4 4 100% ■■ Sales are reflective of pent-up demand fuelled by continual low mortgage 1,100,001 – 1,200,000 3 0 0% rates and a surge in sales of both Westside detached house and 1,200,001 – 1,300,000 2 5 250% condominium apartments, which is allowing more buyers to downsize 1,300,001 – 1,400,000 3 1 33% or upsize into the townhouse sector. Right now Westside townhouse 1,400,001 – 1,500,000 4 4 100% prices are still down slightly (3%) from a year ago but if prices continue 1,500,001 – 1,750,000 6 2 33% to increase month-over-month as they have since July and the inventory 1,750,001 – 2,000,000 7 1 14% of townhouses continues to decline, we could be back to peak prices a 2,000,001 – 3,000,000 4 1 25% lot quicker than most believe. Townhouse owners who have considered 3,000,000+ 2 0 0% listing, especially in Coal Harbour, Kerrisdale, Yaletown and the Westend where the townhouse listing shortage is pronounced, could catch a rising Totals 45 29 64% wave of buyer demand before the year-end.

Faith’s Exclusive Westside Analysis PAGE 10 OCTOBER- TOWNHOUSES

THE REAL WESTSIDE RESULTS: OCT 2019 THE REAL NEIGHBOURHOOD RESULTS: OCT 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,600,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $1,499,709 $1,500,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,406,086 $1,400,000 $1,385,000 Average Sales Price Cambie 1 $1,085,700 -1.07 -6.09 $1,311,044 – $1,300,000 $1,290,000 $1,235,886 $1,297,500 Coal Harbour 1 $1,646,200 3.51 1.36 $1,200,000 $1,158,855 $1,281,670 Downtown VW 1 $1,147,200 6.16 2.88 $1,180,000 $1,100,000 $1,118,000 Fairview VW 15 $1,001,100 2.99 3.26 $1,080,000 False Creek 3 $930,000 2.52 3.72 $1,000,000 Median Sales Price – Kerrisdale 3 $1,348,600 -1.57 -6.42 MAYJUN JUL AUG SEP OCT Kitsilano 13 $1,059,800 1.20 3.00 DAYS ON MARKET MONTHLY TREND Marpole 3 $1,017,500 -0.35 -3.88 Mount Pleasant VW 0 $1,159,100 1.82 -1.93 60 53 Oakridge VW 0 $1,401,000 -1.44 -6.80 50 49 50 Point Grey 0 $993,800 -1.28 -6.01

40 36 43 35 Average Days on Market Quilchena 0 $1,364,000 -1.11 -5.32 –

30 37 36 Days 30 Shaughnessy 1 $1,871,500 -6.00 -9.72 20 South Cambie 0 $1,663,200 -2.30 -4.37 20 19 20 10 South Granville 4 $1,470,000 -2.38 -6.24 University VW 4 $1,518,200 -1.96 -6.18 0

Median Days on Market West End VW 0 $1,201,500 1.20 1.66 MAYJUN JUL AUG SEP OCT – Yaletown 1 $1,576,700 6.40 1.93 UNIT SALES (BY MONTH) 2018 2019 CHANGE Vancouver West 50 $1,113,400 1.32 -0.12 May 48 37 -22.0% June 48 48 0% July 34 37 8.8% FAITH’S KEY INSIGHTS: Aug 34 38 11.6% Sept 31 30 -3.2% ■■ Westside townhouse sales turned up sharply in October as sales increased Oct 35 51 45.1% 45% from the same month a year earlier. Now prices are rallying. Since Total 230 241 4.8% July the raw average price of a Westside townhouse has increased by $218,000, to just under $1.5 million. The most active price range in October was from $1.5 million to $1.7 million, with 10 transactions LISTING AND SALES ACTIVITY BY PRICE SEGMENT from 23 new listings. As we forecast here two months ago, the lack of townhouse inventory is putting increased pressure on buyers and on prices. Price Segment ($) New Listings Added Unit Sales Sales-to-New- Townhouses are recognized as an endangered sector on the Westside, Listings Ratio which has seen new townhouse construction come to a near complete 0 – 400,000 0 0 0% halt. Only 9 new townhouses have started on the Westside so far in 2019 400,001 – 500,000 0 0 0% and all of those were in Marpole. 500,001 – 600,000 3 0 0% ■■ Fortunately, October saw an increase in new listings with 122 townhouses 600,001 – 700,000 0 1 0% added, the highest monthly level since March, but buyers snapped up 700,001 – 800,000 4 1 25% 46% of these to set the highest sales for the year, at 51 transactions. 800,001 – 900,000 4 6 150% The benchmark price of a Westside townhouse continues to accelerate, 900,001 – 1,000,000 10 2 20% rising 1.3% from September to $1.13 million in October, but the increase 1,000,001 – 1,100,000 9 5 56% was more pronounced in the hottest neighbourhoods. In Fairview, where 1,100,001 – 1,200,000 5 3 60% 15 townhouses sold in October to lead the Westside, the benchmark was 1,200,001 – 1,300,000 8 3 38% up nearly 3% from a month earlier to just over $1 million. Kitsilano, with 1,300,001 – 1,400,000 6 6 100% 13 sales, has seen benchmark townhouse prices increase by more than $40,000 in the past three months to $1.34 million. The reason these two 1,400,001 – 1,500,000 5 3 60% neighbourhoods are leading the market is simple: that is where most of 1,500,001 – 1,750,000 23 10 43% the townhouse inventory is located. Increasingly, existing townhouses 1,750,001 – 2,000,000 15 4 27% represent all the inventory available. Breakout areas to watch include 2,000,001 – 3,000,000 16 6 38% Mount Pleasant , South Granville and Marpole where we expect listings 3,000,000+ 4 1 25% and sales to increase over the next two months. Totals 112 51 46%

Faith’s Exclusive Westside Analysis PAGE 11 Q4 - APARTMENTS /CONDOS

THE REAL WESTSIDE RESULTS: Q4 2019 THE REAL NEIGHBOURHOOD RESULTS: Q4 2019 SALES PRICE QUARTERLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,100,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$1,000,000 $962,768 MLS Neighbourhood Unit Sales HPI Benchmark Price 3 Months 1 Year $924,383 $893,437 $894,737 Cambie 25 $670,300 1.53 0.14 $900,000 $874,136 Average Sales Price – Coal Harbour 41 $917,100 1.93 -20.33 $800,000 Downtown VW 204 $665,100 -0.52 -3.77 $765,000 $749,000 $744,500 $750,050 $700,000 $720,000 Dunbar 1 $699,000 4.1 11.02 Fairview VW 77 $757,200 2.9 -2.67 $600,000 Median Sales Price

– False Creek 67 $794,900 1.64 -2.07 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Kerrisdale 18 $881,900 -0.13 7.27 Kitsilano 60 $613,200 1.26 3.38

DAYS ON MARKET QUARTERLY TREND Marpole 35 $581,500 0.94 1.53 50 Mount Pleasant VW 5 $545,200 1.39 -4.36 41 Oakridge VW 4 $1,034,500 1.33 -1.39 40 39 34 Point Grey 6 $604,500 1.9 9.56 31 32

30 Average Days on Market Quilchena 18 $1,075,000 1.23 7.81 – S.W. Marine 6 $500,800 1.1 10.27 Days 24 20 23 22 19 Shaughnessy 5 $607,100 1.38 -2.73 17 10 South Cambie 9 $901,200 2.63 -0.76 South Granville 22 $969,400 1.14 -2.57 0

Median Days on Market Southlands 2 $795,900 1.41 8.25

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 – University VW 42 $879,700 -2.99 -5.22 West End VW 96 $632,200 1.11 -3.1 2018 2019 Change (%) Yaletown 157 $807,500 0.5 -2.81 Q1 Unit Sales 965 612 -36.6% Vancouver West 900 $760,300 0.73 -2.99 Q2 Unit Sales 1029 838 -18.8% Unit Sales Q3 Unit Sales 778 966 24.2% (by Quarter) Q4 Unit Sales 678 900 32.7% YTD Totals 3450 3316 -3.9% FAITH’S KEY INSIGHTS: ■■ I know it is daunting for first-time buyers and others on a tight budget to consider that the benchmark price for a Westside condominium apartment LISTING AND SALES ACTIVITY BY PRICE SEGMENT is $769,300, but there are many lower-cost condos on the Westside. In Price Segment ($) New Listings Added Unit Sales Sales-to-New- Q4, with 900 condo sales, 65 buyers paid $500,000 or less; two-dozen Listings Ratio paid $450,000 or less and 19 bought a condo for less than $400,000. 0 – 350,000 11 10 91% At these levels, a condo purchase with just 5% down could provide an 350,001 – 400,000 10 9 90% apartment for the average cost of a one-bedroom rental. The benchmark price for a Westside condo has risen 2.2% in the past six months. 400,000 – 450,000 10 23 230% 450,001 – 500,000 26 33 127% ■■ Student rental housing is becoming a big problem in Vancouver. Recent studies show there is a shortage of 14,500 “beds” for students while the 500,001 – 550,000 31 50 161% city has a near-zero rental vacancy rate. But consider this: the benchmark 550,001 – 600,000 63 75 119% price of a Westside condo has increased 51% in the past five years, which 600,001 – 650,000 60 86 143% is about the average length of a degree study at the University of B.C., 650,001 – 700,000 101 69 68% which incidentally has 6.500 students on its waiting list for housing. But 700,001 – 750,000 83 95 114% a condo in Point Grey has increased in value by 10% in the past year to $604,000; the benchmark condo price in Kitisilano is up 3.3% in the 750,001 – 800,000 61 53 87% same period; and Dunbar condo prices have risen 11% since Q4 2018 to 800,001 – 900,000 129 115 89% $699,000. A condo investment would not only allow a student to live in one 900,001 – 1,000,000 88 65 74% of Canada’s best neighbourhoods, but could also pay for their university 1,000,001 – 1,250,000 98 86 88% education. A smart move. 1,250,001 – 1,500,000 99 51 52% 1,500,000 – 2,000,000 101 42 42% 2,000,001 + 119 38 32% Totals 1,090 900 83%

Faith’s Exclusive Westside Analysis PAGE 12 DECEMBER- APARTMENTS /CONDOS

THE REAL WESTSIDE RESULTS: DEC 2019 THE REAL NEIGHBOURHOOD RESULTS: DEC 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,100,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$1,000,000 $964,893 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $932,923 $896,644 $918,297 Cambie 8 $670,300 2.95 1.53 $900,000 $881,577 $875,585 Average Sales Price – Coal Harbour 13 $917,100 2.51 1.93 $800,000 Downtown VW 55 $665,100 3.68 -0.52

$757,500 $760,000 $760,000 $764,500 $700,000 $744,000 $749,000 Dunbar 1 $699,000 0.34 4.10 Fairview VW 22 $757,200 2.11 2.90

$600,000 Median Sales Price

– False Creek 16 $794,900 0.42 1.64 JUL AUG SEP OCT NOV DEC Kerrisdale 5 $881,900 -1.21 -0.13 Kitsilano 16 $613,200 0.35 1.26 DAYS ON MARKET MONTHLY TREND Marpole 14 $581,500 1.97 0.94 50 Mount Pleasant VW 0 $545,200 -1.19 1.39 43 44 Oakridge VW 1 $1,034,500 3.40 1.33 40 40 42 38 36 Point Grey 3 $604,500 -0.58 1.90 Average Days on Market

34 –

Quilchena 7 $1,075,000 -0.69 1.23

Days S.W. Marine 3 $500,800 0.37 1.10 26 26 27 24 24 25 Shaughnessy 2 $607,100 0.73 1.38 22 18 South Cambie 1 $901,200 3.41 2.63 10 South Granville 8 $969,400 2.10 1.14 Median Days on Market Southlands 1 $795,900 -0.95 1.41 JULOAUG SEP CT NOV DEC – University VW 15 $879,700 -3.16 -2.99 West End VW 29 $632,200 -0.43 1.11 UNIT SALES (BY MONTH) 2018 2019 CHANGE Yaletown 40 $807,500 0.78 0.50 July 297 339 13.1% Vancouver West 260 $760,300 1.31 0.73 August 237 325 37.1% Sept 244 302 23.4% Oct 227 348 53.0% Nov 207 292 41.9% FAITH’S KEY INSIGHTS: Dec 193 260 34.7% ■■ The Westside condominium apartment market ended 2019 on a very hot Total 1405 1866 32.8% pace that had really started back in July. December condo sales soared 34% higher compared to December 2018, with 260 sales in the month – a rare December average of nearly 9 transactions a day - and the sales- LISTING AND SALES ACTIVITY BY PRICE SEGMENT to-new-listing ratio was above 100%. There were sales in every Westside price category from less than $350,000 to more than $2 million. In fact Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio there were as many sales above $2 million (12) as there were for less than 0 – 350,000 2 1 50% $450,000. I love this type of market, which offers opportunities for buyers 350,001 – 400,000 2 3 150% at every price point. 400,000 – 450,000 1 9 900% ■■ December condo sales were reported in 20 of the 21 Westside 450,001 – 500,000 7 6 86% neighbourhoods we monitor, another indication of the broad-based 500,001 – 550,000 5 16 320% strength we are now experiencing in Metro’s most active condo market. 550,001 – 600,000 10 17 170% The most condo sales in December were seen in the downtown of the Westside, where 55 apartments sold for a benchmark price of $665,100, 600,001 – 650,000 10 32 320% while Yaletown was the second most active neighbourhood, with 40 sales 650,001 – 700,000 21 19 90% at a benchmark of $807,500, with prices in both areas up slightly from 700,001 – 750,000 12 29 242% November. Across the Westside the benchmark condo price in December 750,001 – 800,000 10 13 130% was $760,500, a price up 1.3% from November and 0.7% higher than 800,001 – 900,000 27 33 122% three months earlier. This means that, over the past three months alone, a 900,001 – 1,000,000 14 19 136% Westside condo buyer would have harvested a typical equity appreciation 1,000,001 – 1,250,000 13 31 238% of more than $50,000. With this type of performance, we expect to see 1,250,001 – 1,500,000 21 12 57% both higher listings and sales in the months ahead. 1,500,000 – 2,000,000 22 8 36% 2,000,001 + 24 12 50% Totals 201 260 129%

Faith’s Exclusive Westside Analysis PAGE 13 NOVEMBER- APARTMENTS /CONDOS

THE REAL WESTSIDE RESULTS: NOV 2019 THE REAL NEIGHBOURHOOD RESULTS: NOV 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,100,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$1,000,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $932,923 $950,951 $896,644 $900,000 $881,554 $881,577 $875,585 Average Sales Price Cambie 8 $651,100 -2.06 -2.83 – Coal Harbour 14 $894,600 1.05 0.62 $800,000 Downtown VW 69 $641,500 -0.11 -4.75 $757,500 $760,000 $760,000 $775,000 $700,000 $727,500 $744,000 Dunbar 0 $696,700 -0.71 2.37 Fairview VW 28 $741,500 -1.62 -0.72 $600,000 Median Sales Price – False Creek 20 $791,600 0.37 2.12 JUNOJUL AUG SEP CT NOV Kerrisdale 3 $892,700 0.08 1.01 DAYS ON MARKET MONTHLY TREND Kitsilano 25 $611,100 -0.26 2.07 Marpole 8 $570,300 -1.17 -1.77 50 Mount Pleasant VW 5 $551,800 1.54 3.66 43 40 40 42 38 Oakridge VW 1 $1,000,500 -2.16 -2.90 37 36 Average Days on Market Point Grey 0 $608,000 -0.41 2.40

34 –

Days Quilchena 4 $1,082,500 0.52 1.93 26 26 S.W. Marine 1 $498,900 -1.97 1.69 24 24 25 18 21 22 Shaughnessy 1 $602,700 3.03 -2.75 South Cambie 3 $871,400 -2.72 -0.17 10

Median Days on Market South Granville 6 $949,400 -2.87 -1.55 JUNOJUL AUG SEP CT NOV – Southlands 0 $803,500 1.93 2.39 UNIT SALES (BY MONTH) 2018 2019 CHANGE University VW 17 $908,500 0.36 -1.95 June 316 276 -13.3% West End VW 26 $635,000 -0.31 -1.04 July 297 339 13.1% Yaletown 65 $801,300 -1.57 3.35 August 237 325 37.1% Vancouver West 304 $750,400 -0.49 -0.73 Sept 244 302 23.4% Oct 227 346 53.0% Nov 207 304 46.9% KEY INSIGHTS: Total 1528 1892 23.7% FAITH’S ■■ With a 46.9% increase in November sales compared to the same month a year earlier, which followed a 52% increase year-over-year in October, LISTING AND SALES ACTIVITY BY PRICE SEGMENT the Westside condominium market is clearly on an upward trajectory. For the first 11 months of this year, sales are running 23.7% ahead of the Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio pace in 2018. With 304 condo transactions during November – about 10 0 – 350,000 5 4 80% sales every day – it must seem like a true boom is back for some sellers, 350,001 – 400,000 4 2 50% particularly in the centre of the city. 400,000 – 450,000 6 6 100% ■■ The Downtown, where 69 condos sold in November at a benchmark 450,001 – 500,000 9 7 78% price of $641,500 and Yaletown, which saw 65 sales in the month at 500,001 – 550,000 14 17 121% a benchmark of $801,300, led the Westside sales in November, but 550,001 – 600,000 26 22 85% the entire area was active with sales reported in 19 of the 21 Westside neighbourhoods we monitor. Sales were also seen through a wide price 600,001 – 650,000 22 24 109% range from less than $350,000 (4 sales from 5 new listings) to more than 650,001 – 700,000 30 25 83% $2 million, with 11 sales from 44 new listings. 700,001 – 750,000 35 30 86% 750,001 – 800,000 23 27 117% ■■ With 378 new listings added to the Westside, the sales-to-new-listing 800,001 – 900,000 39 39 100% ratio in November was a startling 80%, clearly a buyer’s market as it has been for the past four months. The Westside condo apartment benchmark 900,001 – 1,000,000 25 21 84% price remains fairly stable: at a benchmark of $750,000, the price was 1,000,001 – 1,250,000 39 24 62% down 0.5% from a month earlier and down 0.7% from three months ago. 1,250,001 – 1,500,000 30 23 77% Sellers can take comfort in accelerating action from buyers, while buyers 1,500,000 – 2,000,000 27 22 81% can rejoice in the increased in listings and stabilized prices. It still takes an 2,000,001 + 44 11 25% average of 43 days for a new listing to sell, so buyers also have more time Totals 378 304 80% to shop through the greater selection.

Faith’s Exclusive Westside Analysis PAGE 14 OCTOBER- APARTMENTS /CONDOS

THE REAL WESTSIDE RESULTS: OCT 2019 THE REAL NEIGHBOURHOOD RESULTS: OCT 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,100,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$1,000,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $932,923 $892,339 $900,000 $881,554 $881,577 $875,585 Average Sales Price Cambie 12 $664,700 0.69 -1.21 $852,235 – Coal Harbour 17 $885,300 -1.60 -3.69 $800,000 Downtown VW 82 $642,200 -3.94 -2.21 $757,500 $760,000 $760,000 $700,000 $735,000 $727,500 $728,000 Dunbar 1 $701,600 4.49 8.66 Fairview VW 39 $753,800 2.44 2.60 $600,000 Median Sales Price – False Creek 33 $788,700 0.84 0.80 MAYJUN JUL AUG SEP OCT Kerrisdale 13 $892,000 1.02 4.97 DAYS ON MARKET MONTHLY TREND Kitsilano 21 $612,700 1.18 2.24 Marpole 15 $577,000 0.16 -0.32 50 Mount Pleasant VW 0 $543,400 1.06 -1.68 40 40 42 38 Oakridge VW 3 $1,022,600 0.17 -0.17 37 36 Average Days on Market Point Grey 3 $610,500 2.91 6.54

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Days Quilchena 5 $1,076,900 1.40 3.96 26 26 S.W. Marine 1 $508,900 2.74 8.02 24 24 18 21 Shaughnessy 1 $585,000 -2.31 -2.46 18 18 South Cambie 6 $895,800 2.02 2.37 10

Median Days on Market South Granville 2 $977,500 1.99 3.16 MAYJUN JUL AUG SEP OCT – Southlands 1 $788,300 0.44 4.50 UNIT SALES (BY MONTH) 2018 2019 CHANGE University VW 13 $905,200 -0.18 -4.30 May 379 280 -26.4% West End VW 41 $636,900 1.86 -1.41 June 316 274 -13.3% Yaletown 56 $814,000 1.32 4.55 July 297 339 13.1% Vancouver West 363 $754,100 -0.08 0.25 August 237 323 36.3% Sept 244 301 23.4% Oct 227 363 60.0% KEY INSIGHTS: Total 1700 1880 10.7% FAITH’S ■■ The Westside condominium apartment market came roaring back in October, which is another anomaly in what has been a volatile year. LISTING AND SALES ACTIVITY BY PRICE SEGMENT October, traditionally a slower month for residential sales, saw Westside condo sales soar 70% from the same month a year earlier. The 363 Price Segment ($) New Listings Added Unit Sales Sales-to-New- Listings Ratio sales – an average of more than 11 every day – was the highest for any 0 – 350,000 4 7 175% month this year and drove the October sales-to-new-listing ratio to 70%, 350,001 – 400,0004 4 100% 17% signalling a strong seller’s market. 400,000 – 450,0001 5 500% 71% ■■ Despite the robust sales, benchmark prices for Westside condominiums 450,001 – 500,00012 25 208% 63% remained fairly stable, increasing a marginal 0.08% from September and 500,001 – 550,00011 16 145% 67% also virtually unchanged from three months earlier. This a reflection of a 550,001 – 600,00027 37 137% 52% high supply of both new and resale condo apartments on the Westside and near frantic demand for lower-and-mid-priced properties. In October all of 600,001 – 650,00026 36 138% 69% the 85 new listings of condos priced up to $650,000 sold and the sales- 650,001 – 700,00050 32 64% 43% to-new-listing ratio remained above 75% right up to $900,000. Let’s be 700,001 – 750,00038 37 97% 71% straight here: the recent downturn in the Westside condominium market 750,001 – 800,00026 17 65% 41% is over and the message to those expecting to see the bottom is that we 800,001 – 900,00063 46 73% 55% already experienced it four months ago. With near-record low mortgage 900,001 – 1,000,00053 30 57% 33% rates, the highest rental rates in the country and Vancouver condo prices 1,000,001 – 1,250,00044 30 68% 29% still 7% below last year, buyers realize that now is the time to act. Faith 1,250,001 – 1,500,00047 16 34% 19% Wilson Group provides the Peace of Mind Guarantee for Buyers and our 1,500,000 – 2,000,00053 12 23% 36% team can guide buyers to success in this rapidly moving Westside market. 2,000,001 + 52 15 29% Totals 511 363 70%

Faith’s Exclusive Westside Analysis PAGE 15 Faith and Our Family of Individual Agents & A MARKETING RELATIONSHIP THAT IS TERRIFIC FOR OUR CLIENTS.

As a homeowner on Vancouver’s Westside looking to sell in today’s market, you owe it to yourself to consider the formidable new alignment of Faith Wilson Group’s 25 year track record for outstanding client experiences, impeccable integrity, industry leading marketing & results with the worldwide reach, extraordinary history of luxury marketing, client focused value system with the impeccable reputation and 7 core values of Christie’s International Real Estate. As the Westside’s #1 Listing Agent* for 6 Years in a Row through 2017, Faith Wilson’s Group’s marketing expertise has just taken SHOWINGS SPECIALISTS another enormous step forward. In the first year of this relationship, LISTINGS MANAGEMENT Faith Wilson Group has earned the distinction as TOP AGENT ENHANCED for Vancouver Westside for Combined Listing & Buyer Transactions for 2018! PROVEN When looking to sell your home in today’s market, you are really FWG Marketing looking for your home to be marketed and as a result attract the relevant buyers who are in the market now… both locally and globally. Services Center The combination of Faith Wilson Group with it’s proven marketing WITH expertise, local knowledge and Christie’s International Real Estate is AWARD WINNING the smart choice for best results for you and your family. IN-HOUSE Drop by our new office at 1838 W 1st Ave. Vancouver MARKETING AGENCY WORLDWIDE REACH or Call for an appointment to 604.224.5277 *For 2012, 2013, 2014, 2015, 2016 & 2017 Faith Wilson has been the Top Agent by Units of Listing Ends in the District of VVW (Vancouver West). Certified by IMS Incorporated.