Fraser Valley Real Estate News & Market Updates

You’ll find our blog to be a great resource of latest market information, covering everything from local market statistics, home values, and building development to community events. Being local experts, we really care about the community and living environment, and want to help you find your dream home in it. Please reach out if you have any questions and feedback. We’d love to talk with you!

Sept. 14, 2021

August 2021 Fraser Valley Real Estate Market Update

 

Sales remains robust; housing inventory shrinks as new listings decline

Fraser Valley sales continued robustly in August as home purchases reached a total of 2.087, an increase of 4.0% over the preceding month and 2.4% higher than one year ago. However, new listings took another dip last month, dropping 13.3% from new listings in July. This was a decrease of over 36% for the same period last year. With the 2.107 new listings in August, the Fraser Valley’s total active inventory at the end of the month was 4.077, 16.8 per cent lower than July, and close to 45% lower than the same period one year ago. Predictably, the high demand and lower supply is being seen in the rate of price rises. The combined residential benchmark price across all properties at the end of August was $1.066,800. This was an increase of 1.2% over the preceding month. Notably, this monthly increase was a full percentage point higher than the increase for the month before it. While the country’s low mortgage rate continues to fuel demand, housing affordability will continue to be exacerbated. Demand for Valley homes will continue to be high owing to the region’s livability, but housing development must increase to keep rising prices in check. There will need to be public policy solution soon, but for the present I would encourage home seekers to follow month-over-month fluctuations that can sometimes result in price declines in some areas, depending on relative sales activity. Since the Valley’s composite benchmark price surpassed the $1-million mark several months ago, the gap between the Fraser Valley benchmark and the Metro Vancouver benchmark has been consistently closing. There is now a mere $10,000 difference between the two markets, and many buyers are still seeking to purchase in less densely populated areas due to the pandemic.

In my selection of benchmark prices for the three property types below, I show the monthly price changes for homes in different areas clustered around the overall benchmark for the Fraser Valley. By examining these comparisons, you will have a guide to where you may find a home that fits your budget and desired living area. It is important to remember, however, that benchmarks are averages, for which I include the extremities to better represent the range of prices. This month you will see that increases in each property type from the preceding month are typically highest for single family detached homes, and for which the demand remains strong in the Valley.  I would encourage home buyers not to sit on the sidelines if you are eager to make a purchase as you don’t want to be priced out of your budget while supply continues to shrink. And if you are considering listing your home for sale, please feel call me for assistance in determining your optimal asking price. I keep a close eye on market activity and can advise you on selling in this high demand environment. Last month, single family detached homes sold on average within 28 days; townhouses sold within 19 days; and condominiums were on the market for an average of 29 days. Please don’t hesitate to let me know how I can help for whatever your residential needs may be.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,335,800, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,713,800 and Mission at $955,700. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,381,800, an increase of 0.4% from the preceding month; Cloverdale at $1,403,500, an increase of 2.0% from the preceding month; and Surrey at $1,405,400, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,319,200, an increase of 0.5% from the preceding month; North Delta at $1,208,700, an increase of 1.4% from the preceding month; and Abbotsford at $1,152,700, an increase of 1.5% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of August was $697,500, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $822,700 and Abbotsford at $598,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $707,800, an increase of 0.9% from the preceding month; Langley at $723,100, an increase of 2.4% from the preceding month; and Cloverdale at $731,100, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $680,400, an increase of 1.1% from the preceding month; North Surrey at $668,900, an increase of 0.4% from the preceding month; and Mission at $604,800, an increase of 1.1% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of August was $498,800 an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $575,200 and Abbotsford at $386,000. Only two municipalities were on the higher side of the average: Cloverdale at $530,800, an increase of 0.3% from the preceding month; and South Surrey/White Rock at $575,200, an increase of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $486,700, an increase of 0.2% from the preceding month; Langley at $473,700, an increase of 0.3% from the preceding month; and North Surrey at $465,500, an increase of 1.4% from the preceding month. 

 

How can I help?

I am always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning.  And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me to help you

 

 

 

 

Posted in Market Updates
Sept. 14, 2021

August 2021 Greater Vancouver Real Estate Market Update

 

Market activity slows again but still above historical average; new listings down, some price declines

The Metro Vancouver residential market slowed for another month in August, both in sales activity and new listings. While outpacing new listings for the month, sales are still strong at 20% above the 10-year average and 3.4% over sales for the same period one year ago. However, on a month-over-month comparison, August sales, which reached a total of 3,152 across all property types, were down a total of 5.2% from the preceding month of July. On an annual comparison, sales of detached homes and townhouses showed decreases, while condominium sales were higher: the number of sales of detached homes in August was 945, a decrease of 13.7% from the same month one year ago; townhouse sales reached 576 in August, down 7.1% from one year earlier; and August condominium sales totalled 1,631, an increase of 22.4% over the same month last year. On the basis of individual property types, sales-to-active listings breaks down as 25.3% for detached homes; 51.8% for townhouses; and 39.2% for condominiums. New listings in August reached 4,032 across all property types, a 7.9% decrease from new listings in July, and a 30.6% decrease for the same month one year ago. This brought the total inventory available for Metro Vancouver properties at the end of August to 9,005, nearly 30% lower than one year earlier, and almost 9.0% down from the preceding month this year. It is worth noting that despite the declining inventory, the composite benchmark price for a Metro Vancouver home at the end of August rose only 0.1% from the preceding month, reaching $1,175,000.    

In each of the property categories listed below, I have selected my monthly comparison of benchmark prices in different geographical areas clustered around the overall benchmark price for the specific property type. These benchmarks are meant as a guide to prices on comparable properties in different neighbourhoods and may assist you in your search for home that meets your budget requirements. However, remember that benchmarks are averages, and monthly fluctuations are based on recent market activity. With the modest increase in the overall benchmark increase mentioned above, there are some recent decreases to note in some areas. For example, the benchmark price for single family detached homes in North Vancouver decreased by 1.6% and in Port Moody by 0.4% in August. On the other hand, townhouses jumped by 2.7% in Vancouver East and in Tsawwassen by 1.6% in the same period. It is likely that with the continuing decline in new listings, prices will increase under current inventory conditions. As such, housing affordability in the Metro Vancouver region will require a public policy solution. I would advise prospective buyers needing to find a home not to delay purchases as other factors can come into play in the future such as a rise in the base rate for mortgages and more stringent mortgage qualification measures. Please feel free to contact me if you have any questions in your home search and I will be happy to provide you with detailed information for your preferred area. If you are thinking of listing at this time, I keep an close eye on market developments and can advise you on an optimal listing price in this dynamic market.  

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $1,807,100, a 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,462,200 and Sunshine Coast at $847,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,855,700, a decrease of 0.4% from the preceding month; North Vancouver at $1,865,800, a decrease of 1.6% from the preceding month; and Richmond at $1,920,400, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North $1,761,800, an increase of 0.9% from the preceding month; Burnaby South at $1,788,100, an increase of 0.8% from the preceding month; and Vancouver East at $1,689,700, a decrease of 0.2% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of August was $952,600, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,286,600 and Sunshine Coast at $601,400. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,021,300, an increase of 2.7% from the preceding month; North Vancouver at $1,140,100, an increase of 1.3% from the preceding month; and Vancouver West (not West Vancouver) at $1,286,600, a decrease of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $938,400, an increase of 0.6% from the preceding month; Tsawwassen at $850,300, an increase of 1.6% from the preceding month; and Coquitlam at $848,900, an increase of 0.2% from the preceding month. (Squamish and Whistler were excluded here because they are too away for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of August was $735,100, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,102,400 and Maple Ridge at $427,800. Only two municipalities were closest to the benchmark on the higher side of the average were: Vancouver West at $825,000, a decrease of 0.5% from the preceding month; and West Vancouver at $1,102,400, a decrease of 3.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $730,800, an increase of 0.3% from the preceding month; Port Moody at $723,000, an increase of 1.5% from the preceding month; and Richmond at $713,400, a decrease of 0.2% from the preceding month. 

 

Let me help

Please don’t hesitate to call me for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing. I can advise on what will make for the most optimal return on your investment. I can also refer you to reliable tradespeople who do quality work at reasonable rates.

Posted in Market Updates
Aug. 11, 2021

July 2021 Fraser Valley Real Estate Market Update

 

Home sales strong but further slowing seen in July; low inventory could push prices up

The Fraser Valley residential market showed another month of cooling activity this past July while still remaining a sellers’ market with above average demand for all property types. Total sales for the month declined by 11% from June and were also down 4.5% from the same month one year ago. However, the 2.006 sales transactions were still above the 10-year average by 15%, and a sellers’ market remains with steady demand in the Valley. While mid-summer often sees slower activity as families typically take vacations, the Fraser Valley continues to see many buyers this year who are showing an interest across all property types. The rapid escalation of prices that has been attributed largely to the county’s low mortgage interest rates held in place during the pandemic has also shown a welcome slowing by prospective buyers in the Valley in recent months. This month I would encourage prospective buyers to think about the distinct possibility of rising prices coming the Fraser Valley as a result of declining home inventories. July marks the fourth consecutive month that new listings have continued to decline in the Valley. July’s new listings were a decrease of 22% from new listings in the preceding month, and 31.5% lower than new listings for the same period one year ago. With the 2,431 new listings received in July the total inventory at the end of the month was 4,901, the lowest active inventory in the Fraser Valley in four decades. With demand remaining high, the supply factor may soon be seen in rising price levels. At present, there are some price declines to be found in specific properties as they drop from the previous extreme demand period that pushed prices upward, often above the asking price.    

The combined residential benchmark price for a Fraser Valley home at the end of July was 1,053,900, a 0.2% increase over the preceding month. In my monthly selection of benchmark price comparisons below, you will find for each property type a cluster of benchmarks around the overall benchmark for each property type. This will serve as a guide for home shoppers to see the month-over-month price changes in different geographical areas of the Fraser Valley. Please keep in mind that benchmarks are averages based on comparable homes in similar neighbourhoods. The extremities of these averages are also provided to better understand the range of prices in the benchmark average. This month you can find some areas where the benchmark price has decreased. For example, Cloverdale, Langley, North Delta and Abbotsford all show decreases for single family detached homes; and decreases in condominiums in Cloverdale, White Rock, Langley and Surrey. For prospective sellers, benchmark averages can give you a general idea of price levels for listing prices. However, I will be happy prepare a custom market analysis for your specific property and advise you on the optimal listing price in the current market. On average, properties listed for sale in the Fraser Valley sell quite quickly. In July, a single family detached home remained on the market for 26 days; townhouses for 15 days, and condominiums for 24 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,319,200, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,689,70000 and Mission at $929,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,376,500, a decrease of 0.3% from the preceding month; Langley at $1,377,000, a decrease of 0.4% from the preceding month; and Surrey at $1,384,300, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,312,500, an increase of 0.1% from the preceding month; Abbotsford at $1,136,100, a decrease of 0.4% from the preceding month; and North Delta at $1,191,600, a decrease of 0.6% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of July was $688,400, an increase of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $809,700 and Abbotsford at $587,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $701,400, an increase of 0.5% from the preceding month; Langley at $706,100, an increase of 2.1% from the preceding month; and Cloverdale at $736,000, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $673,200, an increase of 1.2% from the preceding month; North Surrey at $666,000, an increase of 3.0% from the preceding month; and Mission at $598,300, an increase of 3.3% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of July was $494,000 an increase of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $559,300 and Abbotsford at $383,800. Only two municipalities were on the higher side of the average: Cloverdale at $530,400, a decrease of 0.5% from the preceding month; and South Surrey/White Rock at $559,300, a decrease of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $485,900, a decrease of 0.4% from the preceding month; North Surrey at $459,100, an increase of 0.2% from the preceding month; and Langley at $472,400, a decrease of 0.3% from the preceding month. 

 

I can help

 

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call. 

Posted in Market Updates
Aug. 11, 2021

July 2021 Greater Vancouver Real Estate Market Update

 

Home sales still cooling, but remain above average; some prices decrease   

Residential market activity In Metro Vancouver continued to slow as July recorded the fourth consecutive month of moving off the frenetic pace seen over the preceding year. Yet, July home sales were over 6.0% higher than in the same month last year, and the market’s current vibrancy is historically evident with sales at 13.3% above the 10-year average. Looking at the current month-over-month comparison, however, July’s 3,128 sales were a decline of 11.6% from the preceding June. New listings also dropped in July with the month’s total of 4,377 across all property types down by 25% from new listings recorded in June this year, and 26% lower than new listings in June in 2020. On the 10-year average, July’s new listings were down by 12.3%. The total inventory at the end of July was 9,850 across all property types, 9.1% lower than the preceding month of June and a decrease of 18.5% from one year ago. The overall decline in market activity is providing a reprieve for buyers, many of whom saw rapid price rises over previous months as competitive bidding for home purchases often pushed prices above the asking price. With the current moderation in sales, there is a somewhat more relaxed purchasing environment at present, and prices are generally settling down. Notably, the composite benchmark price for a residential property in Metro Vancouver at the end of July ($1,175,500) showed no change from the preceding month. This will be welcome news by prospective buyers who have watched this benchmark increase by nearly 14% from one year ago, but with a declining inventory upward pressure on prices can be expected. However, I recommend that prospective buyers keep in mind that the composite benchmark price is an average with variance that can be quite broad, In the Metro Vancouver market, there are some exceptionally high property prices so it is important to look carefully for individual price listings. There can often be excellent listing prices that fit you budget.

In the selection of benchmark prices for specific property types below, I have compared the month-over-month price change in different areas of Metro Vancouver. Each property type includes a cluster of average prices around the overall benchmark for the property type. This can serve as guide to general price levels in different geographical areas, and also give you an idea of recent price fluctuations. Remember that a benchmark price is based on homes with similar features in comparable neighbourhoods. This month, I want to point out that with the composite benchmark for all properties showing no change since June that there are some areas where decreases in prices can be found. For example, the benchmark price in July for a detached family home in North Vancouver decreased by nearly 1.0 per cent; the benchmark for townhouses decreased by over 2.0 per cent in Tsawwassen; and for condominiums in Port Moody a decrease of 0.5%.  Please feel free to ask me for more detailed information on prices and property features in a neighbourhood of your choice. I am happy to help you in your search for home that meets your personal preferences and budget. And if you are thinking of listing, I can advise you on an optimal asking price and prepare a detailed market comparison for your property.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $1,801,100, no change from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,466,200 and Sunshine Coast at $833,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,863,800, an increase of 0.7% from the preceding month; North Vancouver at $1,896,300, a decrease of 0.9% from the preceding month; and Richmond at $1,910,000, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,774,500, an increase of 1.1% from the preceding month; Burnaby North at $1,746,800, an increase of 1.1% from the preceding month; and Vancouver East at $1,692,500, a decrease of 0.2% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of July was $949,400, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,291,800 and Sunshine Coast at $611,600. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $949,900, a decrease of 1.8% from the preceding month; North Vancouver at $1,125,500, an increase of 0.8% from the preceding month; and Vancouver West (not West Vancouver) at $1,291,800, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $932,600, an increase of 1.0% from the preceding month; Coquitlam at $847,300, an increase of 0.5% from the preceding month; and Tsawwassen at $837,200, a decrease of 2.1% from the preceding month. (Squamish was excluded here because it is too far out for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of July was $736,900, a decrease of 0.1% the from the preceding month. The extremities of this average were West Vancouver at $1,142,300 and Sunshine Coast at $521,500. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $829,300, a decrease of 0.2% from the preceding month; and West Vancouver at $1,142,300, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $728,600, an increase of 0.5% from the preceding month; Richmond at $714,800, an increase of 0.5% from the preceding month; and Port Moody at $712,200, a decrease of 0.5% from the preceding month. 

 

Let me help

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.

Posted in Market Updates
July 13, 2021

June 2021 Fraser Valley Real Estate Market Update

 

High demand remains as sales dip again; some price declines

Mid-summer activity in the Fraser Valley’s housing market remains hot but with some cooling again this past June. The Valley’s 2,247 sales total last month was a 31% increase over the same period one year ago and 22% above the ten-year average. But the month-over-month decline seen in the last few months continued into June as sales showed a 24% decline from the preceding May. While demand is still high for Valley homes, the record-setting sales volumes reached each month since last fall may have possibly peaked. Last month was notably the first after a ten-month surge that did not break a historical record for Fraser Valley home sales. Prospective buyers can now see some relief from the frenetic bidding experienced in the extreme sellers’ market previously, and some price reductions as market activity begins to move to more normal levels. However, as low interest rates continue, demand remains high and new listings will be needed to ease the upward pressure on prices. While 3.108 new listings appeared in June, this was a decline of 21% from May’s new listings. The inventory of active Fraser Valley properties at the end of June totalled 5,474, down 7.0% from the preceding month, and 22.5% lower than the same period one year ago. Prospective sellers can take advantage of the current high demand by listing now for a summer sale. Across all property types listed, the length of time for sales was short: single-family detached homes were on the market for an average of 17 days; townhouses for an average of 12 days; and condominiums on average sold within 21 days. The combined benchmark price for all Valley properties at the end of June was $1,051,400, an increase of 0.7% from the preceding month.   

The composite benchmark price for a Fraser Valley home moved above the $1-million mark for the first time in April this year. At the end of June, the composite benchmark price in the Fraser Valley was $113,700 less than in Metro Vancouver. While many home buyers have chosen the Fraser Valley for its quality lifestyle in a semi-urban setting, the benchmark price comparison has also played a role in selecting a Valley home, particularly for first time home buyers and young families. The pandemic has also played a role in Valley housing demand, as many homeowners elected to migrate from more densely populated areas to the more spacious Fraser Valley properties. With the combined benchmark prices in both of the lower mainland’s major markets now over the psychological threshold of $1-million, I encourage clients to carefully examine the prices for specific property types. While the composite benchmark prices are averages for comparable properties, it is worth noting that for both townhouses and condominiums, the benchmark prices are still under $1-million. Below, I have a selection of benchmark prices for specific property types showing their one-month price change in different municipalities in the Fraser Valley. This will provide a guide for home shoppers to see where they may best locate for their budget and desired area. For a more detailed analysis please feel free to contact me for the most up-to-date information to assist you.      

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of June was $1,324,400, an increase of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,731,600 and Mission at $925,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,377,200, an increase of 1.1% from the preceding month; Cloverdale at $1,381,200, a decrease of 0.6% from the preceding month; and Langley at $1,383,000, an increase of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,311,100, an increase of 0.2% from the preceding month; North Delta at $1,198,400, an increase of 1.6% from the preceding month; and Abbottsford at $1,140,100, a decrease of 0.3% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of June was $678,400, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $810,000 and Abbotsford at $575,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $691,400, an increase of 1.6% from the preceding month; Surrey at $692,100, an increase of 1.0% from the preceding month; and Cloverdale at $732,600, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $665,400, a decrease of 1.5% from the preceding month; North Surrey at $643,300, an increase of 0.9% from the preceding month; and Mission at $579,400, an increase of 3.9% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of June was $493,500, an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $567,400 and Abbotsford at $378,100. Only two municipalities were on the higher side of the average: Cloverdale at $533,700, an increase of 0.4% from the preceding month; and South Surrey/White Rock at $567,400, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $466,600, an increase of 2.3% from the preceding month; Langley at $470,600, an increase of 2.5% from the preceding month; and North Surrey at $458,400, a decrease of 0.3% from the preceding month. 

 

I can help

 

Please do not hesitate to call me for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing. I can advise on what will make for the most optimal return on your investment. I can also refer you to reliable tradespeople who do quality work at reasonable rates.

 

 

 

Posted in Market Updates
July 13, 2021

June 2021 Greater Vancouver Real Estate Market Update

 

Summer sales still hot but cooling; some price decreases

For a third consecutive month, Metro Vancouver’s residential market cooled slightly in June from its previous blistering pace. But while the dip appears to be trending on a month-over-month comparison, sellers’ market conditions continue with low interest rates still driving strong demand across all property types. The overall decline in June’s home sales was 11.9% from the preceding month, but on an historical basis, total home sales this past June were 54% higher than the same period one year ago, and 18% over the 10-year average. Condominiums led in June with a total of 1,744 sales, a 60.5% increase over the same month one year ago. Detached home followed with a June total of 1,262 sales, a 45.7% from one year earlier; and townhouse sales reached a total of 776 for the month, 53.8% over one year ago. Overall new listings last month also declined, down 17.9% from May, but close to last year with a 1.1% increase over May 2020. June’s new listings of 5,849 across all property types this year brought the total inventory at the end of the month to 10,839, a drop of 5.1% from one year ago, and a 1.2% decrease from the preceding month of May. The current combination of lower supply and continuing high demand is generally exerting upward pressure on prices: the composite benchmark price for a residential property in Metro Vancouver at the end of June was $1,175,100, an increase of 0.2% from May, and a 14.5% increase from one year ago. However, I highly recommend looking closely at current monthly fluctuations in home prices in different geographical areas across Metro Vancouver. Price declines in some areas can still be found in this dynamic market.

Below are benchmark prices in each property type for the most recent month-over-month price changes. This selection of benchmark prices is based on homes clustered around the average price in different areas of Metro Vancouver. Using this a guide for your budget and desired living area, you will be able to see what the extremes of the averages are, and to get a general idea of comparable prices in the area of your choice. Monthly price fluctuations result from a number of factors, primarily the price set by sellers which is usually based on comparable homes in the area, and the active bidding by buyers based on their level of desire to make a purchase. As mentioned, a sellers market currently exists, which means demand is often high enough to cause buyer to bid above the seller’s listed price. In such conditions, prices normally move upwards; however, there are always exceptions in individual cases. This past June, for example, benchmark prices for single family homes in Metro Vancouver showed 0.0% change from the preceding month, meaning that among the prices increases there were also price decreases, some particularly notable: Burnaby East showed a monthly benchmark decrease of 2.0%, and Richmond had a benchmark decrease of 1.1%. Please examine the selection I have provided below and if you would like a more detailed information on your desired area and property type, I will be more than happy to advise you with the most up-to-date information.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $1,801,100, an increase of 0.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,458,300 and Sunshine Coast at $834,100. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,850,300, an increase of 1.6% from the preceding month; Richmond at $1,910,500, a decrease of 1.1% from the preceding month; and North Vancouver at $1,914,100, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,758,200, a decrease of 0.6% from the preceding month; Burnaby North at $1,727,100, an increase of 0.9% from the preceding month; and Vancouver East at $1,696,500, a decrease of 0.8% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of June was $946,900, an increase of 1.1% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,288,800 and Pitt Meadows at $747,900. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1.013,100, an increase of 2.1% from the preceding month; North Vancouver at $1,116,200, an increase of 1.0% from the preceding month; and Vancouver West (not West Vancouver) at $1,288,800, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $923,500, an increase of 1.3% from the preceding month; Tsawwassen at $855,500, an increase of 1.4% from the preceding month; and New Westminster at $843,600, an increase of 1.0% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of June was $737,600, an increase of 0.1% the from the preceding month. The extremities of this average were West Vancouver at $1,135,400 and Maple Ridge at $428,200. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $836,900, an increase of 0.1% from the preceding month; and West Vancouver at $1,135,400, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $724,800, an increase of 1.8% from the preceding month; Burnaby North at $719,100, an increase of 0.6% from the preceding month; and Richmond at $718,300, an increase of 0.5% from the preceding month. 

 

Let me help

 

Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning.  In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighbourhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates. 

 

 

 

Posted in Market Updates
June 15, 2021

May 2021 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Second consecutive monthly dip in sales; demand remains high for Valley homes

The Fraser Valley residential market saw its second consecutive month of cooling sales volume in May, decreasing slightly by 2.0% from the preceding month. April was the first month to show decreased sales after a lengthy run of nine months of rising sales a record period of pandemic period buying. The May sales dip is substantially lower than April’s 9.0% drop, and the current two-month downward direction may be welcomed by buyers who have been subjected to demand-driven purchase bidding for several months. However, the current demand for housing in the Valley remains historically high with a sales level 267% greater than the same period one year ago. Supply, therefore, will be a primary factor in continuing price increases, particularly as the summer season typically sees more active buyers. While May experienced a 22% decline in new listings from the preceding month, the overhang of new inventory from the previous three-month surge plus May’s 3,926 new listings has left the Valley with its second-highest volume of new listings ever, 78% higher than one year ago. Despite the modest two-month slowing in sales, however, the ongoing high demand for Valley homes will require more new listings to have a moderating effect on price rises. The total inventory of active listings in the Fraser Valley at the end of May was 3.0% lower than the preceding the month and 9.0% less than at the end of May one year ago. Even if the federal government’s revised stress test for mortgage qualification, effective June 1, eliminates some potential buyers from the market at this time, Valley prices are likely to continue upwards with the projected continuing high demand for the popular region.

The composite benchmark price for a Fraser Valley property at the end of May was $1,044,500, a one-month increase of 2.3%. Having surpassed the $1-million mark in April for the first time, this average price across all Fraser Valley housing types is now 128,000 under Metro Vancouver’s composite benchmark. Many home buyers have been attracted to the Valley’s spacious properties and semi-urban lifestyle during the pandemic and Valley homes offer many amenities for young families as well as first time home buyers. In my monthly selections below, you can find a comparison of benchmark prices in the geographical areas closest to overall benchmark price for each property type. This selection is meant simply as a guide for your shopping or listing considerations. Remember that benchmarks are average prices for comparable properties. If you are an interesting in a more detailed analysis of a particular neighbourhood, please let me know and I will be happy to provide you with additional information. If you are thinking of listing, I can prepare a customized Comparative Market Analysis for your home and can also be able to advise you on the best range for your listing price in this dynamic market. Currently, the average length of time to sell a single family detached home in the Fraser Valley is 14 days; townhouses remain on the market for an average of 12 days; and condominiums for an average of 20 days. Please feel free to contact me. I am happy to help with any of your real estate needs.     

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of May was $1,323,300 an increase of 2.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,731,600 and Mission at $925,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,361,800, an increase of 3.1% from the preceding month; Langley at $1,79,000, an increase of 2.5% from the preceding month; and Cloverdale at $1,389,600, an increase of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,308,700, an increase of 1.6% from the preceding month; North Delta at $1,217,600, an increase of 0.8% from the preceding month; and Abbottsford at $1,143,600, an increase of 2.4% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of May was $670,00, an increase of 2.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $805,800 and Mission at $557,600. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $675,700, an increase of 3.1% from the preceding month; Langley at $680,600, an increase of 2.9% from the preceding month; and Surrey at $685,500, an increase of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $675,700, an increase of 3.1% from the preceding month; Abbotsford at $561,600, an increase of 3.9% from the preceding month; and Mission at $557,600, an increase of 4.7% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of May was $488,500, an increase of 2.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $565,100 and Abbotsford at $371,600. Only two municipalities were on the higher side of the average: Cloverdale at $531,400, an increase of 1.9% from the preceding month; and South Surrey/White Rock at $565,100, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $475,700, an increase of 1.8% from the preceding month; North Surrey at $459,600, an increase of 1.5% from the preceding month; and Langley at $459,100, an increase of 2.7% from the preceding month. 

 

I can help

 

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call. 

 

 

Posted in Market Updates
June 15, 2021

May 2021 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Month-over-month sales decline; sellers’ market remains with high demand  

The pace of Metro Vancouver’s residential market activity slowed again in May, the second consecutive month-over-month dip following a 10-month surge reaching record high sales for the region. Still, May’s 13% decrease in sales volume from the preceding month registered more than 187% higher than one year ago and was nearly 28% above the 10-year average. Spring and summer are normally higher sales periods, but it remains to be seen if the federal government’s stricter mortgage qualification rules, which came into effect June 1, will have a further dampening effect on the market. While demand appears to be declining somewhat from its previous intensity, Metro Vancouver remains a seller’s market with demand continuing to exert upward pressure on prices. On the supply side, new listings in May reached 7,125 across all property types, a 93.4% increase in new listings for the same period one year ago, but nonetheless a 10.2% decrease in new listings in April 2021. Notably, this was the second month-over-month decline in new listings since a spike that was spurred at the top of demand cycle in March. The total Metro Vancouver inventory at the end of May was close to the seasonal supply, 10.5% above May 2020 and 7.1% higher than April this year. However, new listings will have to increase across all housing types to moderate price rises in the current market conditions. The relatively small recent dips in demand may be slowing the rate of prices rises, but overall prices are still going up.

 

The composite benchmark price for all residential properties in Metro Vancouver at the end May was $1,172,800, a 1.5% increase from April, and a 14% increase for the same period one year ago. Over the previous 12-month period, highest in sales volume last month were condominiums, with a total of 2.049 sales, an increase of 213% over the same period one year earlier. Second in sale volume were detached homes, with a total of 1,430 sales, an increase of 166% over the previous year; and third were townhouses with 800 sales, an increase of 168% over May one year ago. Below is my monthly selection of benchmark prices for each property type in municipalities ranked according to their clustering around their overall benchmark price in Metro Vancouver. You will see that prices have increased over the last month typically from less than 1.0% to as high as 2.6%. One notable decrease is for townhouses in Vancouver East, down 0.9% from the preceding month. The monthly rate fluctuations are snapshot of market sales for one month and do not indicate a trend by themselves. However, the monthly comparison can be helpful for anyone actively looking to buy or thinking of listing soon. This selection is intended only a general guide, allowing buyers to see current prices and the most recent price changes for properties that are within their budget and desired neighborhood. Prospective sellers may also get a general idea for listing price in their area. However, remember that benchmarks are only average prices; there are often excellent bargains to be had on a specific property. I would encourage you to call me for a more detailed information if you have a price and area in mind. If you considering listing your property for sale, I will be happy to prepare a customized Comparative Market Analysis showing recent sales prices for comparable properties in your neighborhood. I will also be able to advise you on the optimal listing price in this dynamic market. Please feel free to call me with any questions you may have.

 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of May was $1,800,600, an increase of 1.7% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,383,100 and Sunshine Coast at $838,300. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,820,500, an increase of 0.4% from the preceding month; North Vancouver at $1,902,600, an increase of 1.2% from the preceding month; and Richmond at $1,931,300, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,765,100, an increase of 2.1% from the preceding month; Burnaby North at $1,712,100, an increase of 0.2% from the preceding month; and Vancouver East at $1,709.700, an increase of 1.7% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of May was $936,300, an increase of 1.8% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,274,700 and Maple Ridge at $678,300.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $992,700, a decrease of 0.9% from the preceding month; North Vancouver at $1,104,900, an increase of 1.6% from the preceding month; and Vancouver West (not West Vancouver) at $1,274,700, an increase of 2.6% from the preceding month (Whistler was excluded here as it is too far out for my clients.) The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $911,600, an increase of 1.5% from the preceding month; Tsawwassen at $843,900, an increase of 0.4% from the preceding month; and Coquitlam at $833,900, an increase of 1.4% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of May was $737,100, an increase of 1.2% the from the preceding month. The extremities of this average were West Vancouver at $1,131,000 and Port Coquitlam at $527,200. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $836,100, an increase of 0.8% from the preceding month; and West Vancouver at $1,131,000, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $714,800, an increase of 0.8% from the preceding month; Port Moody at $714,600, an increase of 0.9% from the preceding month; and Burnaby North at $714,500, an increase of 1.7% from the preceding month. 

 

Let me help

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me. It gives me great pleasure to help my clients. 

 

 

Posted in Market Updates
May 11, 2021

April 2021 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley composite benchmark price surpasses $1-million; new listings seen to be moderating price surge.

The Fraser Valley residential market is continuing to set new records in monthly sales volumes. Last month sales totalling 3,016 set a new record for April transactions, a 338% increase over the same month one year ago. While this year April sales showed a slight decrease of 9.0% from the preceding month of March, it is important to note that March sales set a record high, surpassing the previous high five years ago. By any measure, the Valley continues at present as a seller’s market but with some indications that the region’s rapidly rising prices over recent months may be starting to slow. While spring is normally a higher sales season, the April dip could be a sign that soaring prices may have reached a limit for buyers. In addition, new listings are continuing to replenish the inventory of available homes, providing a much-needed moderating effect on the high demand that has been pushing prices upwards. April’s new listings reached 5.018, an increase of 254% over April 2020, and a very slight decrease of 1.0% from the preceding month of March this year. However, as with the record sales volume in March, new listings were also at an all time high for the month. April’s intake brought the total supply of available homes to 6.030, 20% higher than at the close of March, and to highest level in six months. Nonetheless, this current ample supply may see some depletion during May as Valley buyers may want to close purchases before a possible rise in the mortgage rate stress test on June 1. A rate increase is being considered by the federal government to safeguard against mortgage defaults in the event of higher interests down road. The current low interest regime has been the underlying cause of the current sales boom, and the rise in prices associated with the high demand.

The composite benchmark price for a residential property in the Fraser Valley at the end of April was $1,020,700, a 4.0% increase from the preceding month. This is the first time the composite benchmark price for a Valley home has gone above the $1-million mark. However, Valley homes are still on average about 32,000 less than a comparable Metro Vancouver property. You may look at the comparison of benchmark prices I have selected for you below in the geographical areas closest to overall benchmark price for each property type. This selection is meant simply as a guide for your shopping or listing considerations. Remember that benchmarks are average prices for comparable properties. If you are a interesting in a more detailed analysis of a particular neighbourhood, please let me know and I will be happy to provide you with additional information. If you are thinking of listing, I will also be able to advise you on the best range for your listing price in this dynamic market. At present, single family detached homes are selling in the Fraser Valley on average within 13 days on the market; townhouses within 10 days; and condominiums within 22 days. Please feel free to contact me. I am always happy to help my clients with their real estate needs.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of April was $1,293,300 an increase of 4.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,683,900 and Mission at $902,900. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,288,100, an increase of 6.2% from the preceding month; Langley at $1,345,100; an increase of 5.1% from the preceding month; and Cloverdale at $1,371,300, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,288,100, an increase of 6.2% from the preceding month; Langley at $1,145,100, an increase of 5.1% from the preceding month; and Cloverdale at $1,371,300, an increase of 2.5s% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of April was $652,400, an increase of 4.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $792,100 and Mission at $532,600. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $655,500, an increase of 6.8% from the preceding month; Langley at $661,500, an increase of 4.1% from the preceding month; and Surrey at $669,600, an increase of 4.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $618,800, an increase of 2.9% from the preceding month; Abbotsford at $540,700, an increase of 5.0% from the preceding month; and Mission at $532,600, an increase of 5.9% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of April was $478,700, an increase of 2.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $553,700 and Abbotsford at $362,700. Only two municipalities were on the higher side of the average: Cloverdale at $521,700, an increase of 3.4% from the preceding month; and South Surrey/White Rock at $553,700, an increase of 3.7 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $452,800, an increase of 2.2% from the preceding month; North Surrey at $452,800, an increase of 2.2% from the preceding month; and Langley at $447,200, an increase of 3.0% from the preceding month. 

 

I can help

 

I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you.  My experience in banking and finance will assist you in your mortgage planning. Or you if are already settled in your home and are thinking of renovations, I can recommend reputable tradespeople who provide quality work at reasonable rates. It gives me great pleasure to help my clients in any way I can.

 

 

 

 

Posted in Market Updates
May 11, 2021

April 2021 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Dip in April sales volume prompts speculation on market; upward price pressure continues

After the lengthy trend of escalating sales volume in Metro Vancouver’s hot housing market over many months, the slight drop recorded at the end of April has raised the question of whether it is the beginning of downward trend. Certainly, a single dip does not indicate a trend, but there are several factors that could influence the psychology of the buyers and sellers in the current market. So, let’s look at the broader context. First, April’s decline of 14% is measured from the preceding March which happened to be the highest recorded level for any month in Metro Vancouver’s history. Second, the actual number of sales in April reached 4,908, the highest total ever for the month of April, nearly 343% higher than the same period one year ago, and 56% above the 10-year average for April sales. Last but not least, compare the one-month decline of 23% in January sales this year, and then recall the 56% increase in the next month. In short, in the absence of any other signs of an ongoing downturn in the current level of activity in Metro Vancouver’s residential sales, the prospect of continuing strong demand in likely. There may actually be a significant increase in sales volume recorded at the end of this month in anticipation of the federal government’s new mortgage qualification rule proposed to take effect June 1. We will have to wait until May 24 for the government’s decision on whether banks must raise the minimum stress interest threshold by about 50 percentage points – a market cooling measure which may cause some home buyers to make their home purchases before the end of May. For many buyers, however, the more significant issues are rising prices and the pace of new listings which still needs to increase to keep up with demand.

 The total inventory of available residential properties in Metro Vancouver at the end of April was 10,245, up 12% from March, but 11% below the 10-year April average. This April’s total included 7,938 new listings across all property types, a decrease of 4.2% from new listings in the preceding month. While new listings have been increasing in recent months, there has still been considerable upward pressure on housing prices across the region. The composite benchmark price at the end of April was $1,152,600, a 2.6% increase from the preceding month, and a 12% increase over the same period one year ago. Over the 12-month period leading to April 2021, the greatest number of sales has been in condominiums with a 355% increase since April 2020; second was in detached home with a 327% increase; and third was townhouses with a 342% increase over the same period. Below is my monthly comparison of benchmark prices for each of the three property types in the geographical areas closest to the overall benchmark price for Metro Vancouver. This selection is meant simply as a guide to average prices for comparable properties to assist you in your search for a home in the range of your budget and desired location. If you would like a more detailed market comparison, please let me know and will be happy to provide you with more specific information for your housing budget. I can also advise you on the optimal listing price if you are interested in selling you home.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $1,755,500, an increase of 3.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,363,400 and Sunshine Coast at $821,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,798,900, an increase of 2.2% from the preceding month; Port Moody at $1,814,000, an increase of 4.3% from the preceding month; and North Vancouver at $1,880,400, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,728,000, an increase of 1.9% from the preceding month; Burnaby North at $1,709,000, an increase of 4.7% from the preceding month; and Vancouver East at $1,681,900, an increase of 2.2% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of April was $900,900, an increase of 3.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,242,600 and Maple Ridge at $664,300.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,002,100, an increase of 2.2% from the preceding month; North Vancouver at $1,080,300, an increase of 2.7% from the preceding month; and Vancouver West (not West Vancouver) at $1,242,600, an increase of 4.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $888,800, an increase of 2.8% from the preceding month; Burnaby South at $842,200, an increase of 2.7% from the preceding month; and New Westminster at $816,200, an increase of 1.8% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of April was $729,600, an increase of 1.9% the from the preceding month. The extremities of this average were West Vancouver at $1,160,000 and Maple Ridge at $413,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $752,000, an increase of 0.7% from the preceding month; Vancouver West at $829,600, an increase of 1.6% from the preceding month; and West Vancouver at $1,160,000, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $710,300, an increase of 2.1% from the preceding month; Port Moody at $708,400, an increase of 1.5% from the preceding month; and Burnaby South at $696,400, an increase of 2.0% from the preceding month. 

 

Let me help

 

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call. 

 

 

Posted in Market Updates