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!

Feb. 9, 2021

January 2021 Fraser Valley Real Estate Market Update

 

Fraser Valley home sales set new January record. Notable price declines in Condominiums

Setting a new record, Fraser Valley residential sales soared to an historical high in the opening month of 2021. January’s sales across all property types closed at a total 1,718, 72% above the 10-year average, and 28% higher than the previous record set five years ago. While winter months typically record slower activity, and Valley sales did decline by 18% from the preceding month, demand is currently higher than usual, as home buyers continue as they have since last summer to take advantage of Canada’s low mortgage rates. With Covid-19 protocols firmly established for enhanced safety in property viewing, many home buyers are also looking to the Fraser Valley for lifestyle features not available in denser urban areas. Affordability is also a key attraction, and the Valley continues to draw first-time home buyers and young families to spacious, quality homes at prices within their budgets. The composite benchmark price for a Valley home at the end of January was $900,600, still well below the comparable benchmark in Greater Vancouver by difference of $156,000. The Fraser Valley’s high demand, however, is accelerating the rise in prices and many home buyers are acting now, not waiting until Spring as they have typically done in previous years. For example, the composite benchmark price rose by 1.4% in last month in the Valley, compared with a rise of 0.6% in Greater Vancouver in the same period. On the supply side, new listings in January increased to 2,784, a sharp increase of 85% over the preceding month’s total of 1,502. However, despite this one-month uptick, the total inventory of available Valley properties at the end of January was 4,210. This is an ample supply to provide a good selection for home buyers, but notably supply is not keeping up with demand. In historical terms, the supply of available housing is down 18% from last year’s active listings at this time, and 30% below the 10-year average. A ‘seller’s market’ is therefore in effect at present with an overall price rise occurring. However, it is important to note some unevenness in price changes among different housing types.

Price increases for single family detached homes have been the highest among the three property types compared below. This detached home category has been the main driver in the composite benchmark price rise, but it is important to look at benchmarks for townhouses and condominiums within this overall increase. Townhouse prices have also increased, but not nearly at the rate of detached homes. And most notably, you will find a number of decreases in condominium prices, making them particularly good buys at this time. While monthly price fluctuations are not necessarily indicative of a trend, they can serve as aid to understand the composite benchmark which has been trending upwards for several months. Prospective sellers may also be interested in how long their newly listed property will take to sell. Across the Fraser Valley in January, single family detached homes sold on average within 35 days; townhouses within 28 days; and condominiums within 37 days. Please take a look at the comparative benchmark prices for each property type in different areas of the Fraser Valley below. Each shows the one-month price change for properties clustered around the benchmark price for its type. I will be happy to provide you with more detailed comparison of any specific property in a neighbourhood of your choice.    

 Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of January was $1,106,500, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,476,500 and Mission at $795,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,140,400, an increase of 2.2% from the preceding month; Cloverdale at $1,151,800; an increase of 2.1% from the preceding month; and Langley at $1,163,100, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,086,100, an increase of 2.5% from the preceding month; North Delta at $1,010,900, an increase of 1.9% from the preceding month; and Abbotsford at $927,000, an increase of 3.4% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of January was $580,800, an increase of 0.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $681,500 and Mission at $482,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $590,500, a decrease of 0.6% from the preceding month; Langley at $593,200, an increase of 1.1% from the preceding month; and Cloverdale at $631,400, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $578,900, an increase of 3.2% from the preceding month; Langley at $593,200, an increase of 1.1% from the preceding month; and Abbotsford at $487,800, no change from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of January was $439,800, an increase of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $510,000 and Abbotsford at $327,300. Only two municipalities were on the higher side of the average: Cloverdale at $472,300, a decrease of 0.9% from the preceding month; and South Surrey/White Rock at $510,000, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $432,900, an increase of 2.5% from the preceding month; North Surrey at $418,100, a decrease of 0.4% from the preceding month; and Langley at $406,100, an increase of 1.5% from the preceding month. 

 

I can 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
Feb. 9, 2021

January 2021 Greater Vancouver Real Estate Market Update

 

January home sales higher than normal. New listings decline; prices rising

Home sales across Metro Vancouver during the month of January remained higher than normal although declining somewhat from their blistering pace at the close of 2020. While winter months are not usually the busiest time for real estate activity, January’s sales were more than 52% higher than the same period one year ago, and 36% above the 10-year average. Prospective home buyers should expect this seasonally higher-than-normal demand will continue to push prices upwards as competition for home purchases increases. Price increases can be moderated with a sufficient number of new listings, but it is important to compare sales against monthly new listings to obtain an accurate picture of the upward price pressure.  January saw 4,480 new listings for all property types, an 86% increase over new listings in December 2020, and for historical comparison a 15.7% increase over new listings in January one year ago. However, current sales are continuing to outpace new listings. Even with January’s 22.8 % decline in sales from December 2020, the total supply of available homes in Metro Vancouver at the end of January was 8,306, a 2.7% decrease from December 2020. With this sales volume figure, the current inventory of listed homes can be seen as down 3.6% from one year ago.

The composite benchmark price for all residential properties in Metro Vancouver at the end of January was $1,056,600, a 0.9% increase from the preceding month. By historical comparison, the current composite benchmark price has increased by 91% over the past 10 years. The benchmark price for each of the three different property types with month-over-month increases for each type in a comparative sample of areas is shown below. It has been generally observed that during the Covid-19 period a significant shift to single detached homes purchases has occurred over several months. Some of this shift may be attributed to a life-style preference arising from the pandemic. However, historically low mortgage interest rates have also created an opportunity for some homeowners to move up to more spacious properties. Detached homes showed the biggest gains in sales volume this past January, close to 69% above one year ago. Condominiums showed the second largest year-over-year increase in sales at nearly 47% higher than January last year. Townhouse sales increased by almost 43% over one year ago. If you are contemplating the purchase of a Metro Vancouver home while interest rates remain low, I would encourage you to move soon as even relatively small price rises can increase your monthly payments considerably. For anyone thinking about listing their home for sale, you can expect it sell quickly with the current high demand. And if you are thinking about a more spacious home or moving up to a detached home from a condominium or townhouse, I will be able to advise you on an optimal listing price as well as assist in your purchase negotiations with a detailed market value comparison of neighboring homes. Please consult my selection of property benchmarks below. The benchmarks are clustered around the overall benchmark price for homes in Metro Vancouver at the end of January. However, keep in mind that benchmarks are average prices for comparable properties. There often exceptional prices for home sales when sellers are seeking to move quickly to another property. I am happy to provide you with more detailed information for a home in the area of your choice and within your financial budget. 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $1,576,800, an increase of 1.4% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,172,600 and Sunshine Coast at $715,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,596,400, an increase of 1.1% from the preceding month; Richmond at $1,599,200, an increase of 0.9% from the preceding month; and Port Moody at $1,602,300, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East $1,546,700, an increase of 0.1% from the preceding month; Burnaby North at $1,546,200, an increase of 0.6% from the preceding month; and Burnaby East at $1,321,000, an increase of 0.7% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of January was $815,800, an increase of 1.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,142,100 and Maple Ridge at $561,800.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $823,700, an increase of 0.8% from the preceding month; Vancouver East at $893,600, a decrease of 0.4% from the preceding month; and North Vancouver at $1,020,700, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $802,100, an increase of 0.7% from the preceding month; Burnaby North at $759,000, an increase of 1.1% from the preceding month; and New Westminster at $747,500, an increase of 0.3% 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 January was $680,800, an increase of 0.6% the from the preceding month. The extremities of this average were West Vancouver at $1,072,9100 and Maple Ridge at $373,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $730,400, a decrease of 1.5% from the preceding month; Vancouver West at $762,500, an increase of 0.4% from the preceding month; and West Vancouver at $1,072,900, a decrease of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $659,200, an increase of 0.4% from the preceding month; Burnaby South at $657,500, an increase of 0.3% from the preceding month; and Burnaby North at $619,800, an increase of 0.3% from the preceding month. 

 

Let me help

 

One of the ways I work hard for my clients is to stay abreast of the most recent events in the real estate market. By watching price changes each month for all property types, I am able to give you the most up-to-date advice for both buying and selling. I am always happy to chat with you about any of your real estate questions. The is no obligation and no pressure. I am here to help. Please feel free to call me.

 

Posted in Market Updates
Jan. 12, 2021

December 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

New year sees single detached home prices rise; attached home prices decline

The start of the new year saw the upward trend in the composite benchmark price continue for residential properties in Metro Vancouver, as we forecast last month. Reaching $1,047,400, this average price across all housing types at the end of December 2020 was an increase 0.3% from the preceding month. More significantly, it was a 5.4% increase from December 2019. However, the rise in the composite benchmark was led primarily by the single detached home market segment, while condominium prices at the end of December 2020 were on average the same as the preceding month, showing an increase of only 2.6% from one year ago. The divergence in the two price trends will be important to follow in coming months. The combination of low interest rates and shifting home preferences because of Covid-19 appear to be the main factors driving the opposite price directions of the two market segments, while accelerating the demand for single detached homes. Overall home sales in December 2020 totalled 3,093, a 53.4% increase over December 2019, and the highest total for the month on record, 57.7% above the 10-year average. Detached homes led in sales with a total of 1,026 in the month of December, a 71.3% increase over the same period one year ago. Condominium sales were the second highest in total sales volume with 1,474 units sold in December, a 40% increase over December 2019. Townhouse sales totalled 593 in December 2020; however, this was notably almost 63% higher than sales in the same period one year ago. (The benchmark price for each property type is listed below along with their month-over-month price changes.) The higher-than-usual seasonal demand is expected to continue as the pandemic persists, and price escalation may accelerate even faster if supply does not keep pace with demand.  

The total inventory of homes in Metro Vancouver at the end of December 2020 was 8,538, a decrease of 23.2% from the preceding month. New listings were also down from the preceding month, with 2,409 listings across all property types for the month of December 2020. This was more than a 40% decrease from the preceding month. And Metro Vancouver’s total listings at the end of 2020 were 2.7% below the 10-year average. However, it is important to note that even with the upward pressure on prices that can be expected with the combination of all factors at present, the composite benchmark price for Metro Vancouver residential properties is actually 0.2% lower than it was three years ago. In other words, the residential market is still recovering its value from earlier price declines brought about by government measures to cool the overheated Metro Vancouver bubble. The long-term investment value in Metro Vancouver housing is still high and the market’s resilience is demonstrating itself at the present time. If you are looking to buy a single family detached home, you should move as quickly as you can in this current upward price trend; and if you are a prospective condominium or townhouse buyers, it is an excellent time to find a good price. Please consult my comparative benchmark prices in the selected geographical areas below. There you will be able to see the month-over-month price changes for comparable homes in areas clustered around the overall Metro Vancouver benchmark. If you would like more information on any specific area or property type, please don’t hesitate to call me. I will be happy to advise you with a more detailed market comparison.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of December was $1,554,600, an increase of 1.0% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,161,700 and Sunshine Coast at $702,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,584,700, an increase of 0.3% from the preceding month; Port Moody at $1,569,300, an increase of 1.6% from the preceding month; and Burnaby South at $1,579,700, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East $1,545,400, an increase of 0.6% from the preceding month; Burnaby North at $1,536,300, an increase of 0.8% from the preceding month; and Burnaby East at $1,312,100, an increase of 2.1% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of December was $813,900, a decrease of 0.1% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,141,600 and Maple Ridge at $557,700.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $817,00, a decrease of 0.6% from the preceding month; Vancouver East at $897,400, a decrease of 0.4% from the preceding month; and North Vancouver at $1,010,000, a decrease of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $796,600, a decrease of 0.9% from the preceding month; Burnaby North at $751,000, an increase of 1.1% from the preceding month; and New Westminster at $745,400, a decrease 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 December was $676,500, no change the from the preceding month. The extremities of this average were West Vancouver at $1,092,100 and Maple Ridge at $367,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $732,500, an increase of 1.0% from the preceding month; Vancouver West at $764,300, a decrease of 2.5% from the preceding month; and West Vancouver at $1,092,100, a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $656,300, no change from the preceding month; Burnaby South at $655,500, a decrease of 0.4% from the preceding month; and Richmond at $652,600 an increase of 0.1% from the preceding month. 

 

Let me 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
Jan. 12, 2021

December 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

New year opens with ongoing strong home sales in Fraser Valley

The surge of residential sales in the Fraser Valley showed no signs of abating as the new year rolled in on the heels of the busiest December on record. Closing the sixth consecutive month of record sales in 2020, December’s sales volume reached 2,086, over 81% higher than normal for this usually slower winter month. The strong demand for a Fraser Valley property has been ongoing since the market’s recovery began after the slowdown produced by Covid-19 last spring. Low mortgage interest rates, implemented as way of stimulating home purchases during the Covid-19 recovery, have contributed to the current demand and prospective buyers can benefit greatly by taking advantage of this current borrowing climate. The Fraser Valley’s attractive price-levels for more spacious properties comparable to Metro Vancouver has spurred many home buyers to make purchases in the Valley, particularly of single family detached homes, while also remaining high for other property types. Sales of detached homes in 2020 shot up by 41.7% over 2019; townhouses sales rose by 31.2% and condominiums by 5.9%. The Valley’s total sales volume in 2020 reached 19,926, an increase of nearly 29% over 2019, and the fourth highest annual sales since 2011. New listings were also notably strong, with December’s total of 1,502 reaching the second highest level on record for the month. However, even with a ‘seller’s market’ conditions now in effect, the exceptionally high demand reduced the Valley’s active inventory below typical levels, closing at 3,949 home at the end of December. Notably, however, although prices overall are rising with the high demand, the acceleration of the increase has been relatively moderate. Prospective buyers can still find affordable properties as this new year gets underway.  

The combined benchmark price for all property types in the Fraser Valley at the end of December 2020 was $888,100, an increase of 1.1% from the preceding month. Still well below the Metro Vancouver combined benchmark which exceeds the $1-million mark, Fraser Valley homes have long been sought for their affordability while offering quality living conditions in  semi-rural communities. With high demand expected to continue in 2021, Covid-19 protocols have been firmly established to accommodate prospective buyers in a safe shopping environment, and at the same time working so as not to inhibit new listings. If you are contemplating listing your home at this time, please give me call, I can advise you on the best pricing strategy for the current market. Please examine the comparative prices in my selection of geographical areas below. Each area has a cluster of prices around the benchmark for a specific property type, with their most recent monthly price changes. This will give you a general idea of the current market value of your home in a particular area, or what your home buying budget can afford. By examining month-to-month benchmark price changes in this current dynamic market, you can often see areas where the price is responding to a surge in demand. This can also produce declines in other areas, which can indicate an opportune time to purchase. I can assist your search with more detailed market information for any particular area and property type. Please don’t hesitate to give me a call, even if you are not yet ready to make a listing or purchase. I am always happy to advise you with your best interests in mind.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December was $1,079,500, an increase of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,450,900 and Mission at $765,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,115,600, an increase of 1.7% from the preceding month; Cloverdale at $1,128,300; an increase of 1.7% from the preceding month; and Langley at $1,136,800, an increase of 1.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,059,900, an increase of 2.3% from the preceding month; Abbotsford at $896,500, an increase of 1.7% from the preceding month; and Mission at $765,900, an increase of 3.7% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of December was $576,200, an increase of 1.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $672,900 and Mission at $481,300. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $579,700, a decrease of 0.4% from the preceding month; Langley at $579,200, an increase of 0.5% from the preceding month; and Surrey at $586,800, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $561,200, an increase of 0.1% from the preceding month; Abbotsford at $487,600, an increase of 1.3% from the preceding month; and Mission at $481,300, an increase of 0.9% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of December was $438,300, an increase of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $514,600 and Abbotsford at $325,300. Only two municipalities were on the higher side of the average: Cloverdale at $422,300, a decrease of 1.2% from the preceding month; and South Surrey/White Rock at $514,600, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $422,300, a decrease of 1.2% from the preceding month; Langley at $400,300, an increase of 0.6% from the preceding month; and North Surrey at $419,700, an increase of 1.0% from the preceding month. 

 

I can help

Please feel free to call me if you need help with any decision making, or if you just want to chat about market conditions in general. If you need specific information on a particular property or neighborhood, I am more than happy to do an analysis of the area of you. I also have professional experience in banking and finance and will gladly guide you through your mortgage requirements.  

 

Posted in Market Updates
Dec. 8, 2020

November 2020 Fraser Valley Real Estate Market Update

 

Demand in Fraser Valley remains strong; slowing new supply may push prices up in new year

Cooler fall weather has had little effect on the temperature of The Fraser Valley’s residential market. Valley homes remained in hot demand during the month of November, the fifth consecutive month of record-breaking activity. Both sales and new listings reflect the ongoing demand for a Fraser Valley home. November sales across all property types reached a total of 2, 173, an increase of nearly 55% over the same month one year ago. Similarly, November’s 2,217 new listings were over 18% higher than for November 2019. While both sales and new listings did decline compared to the previous month of October –  8.3% for sales and 28% for new listings – the comparison is to one of the busiest Octobers ever in the Valley market. The current inventory of close to 6,000 homes at the end November still provides a good selection of homes across all property types. Much of November’s sales volume was driven by demand for single family detached homes and townhouses where the sales to active listings ratio was more than 50%. The Valley has always been a favorite location for young families and the November sales in family homes reached its highest level in the Fraser Valley Real Estate Board’s 99-year history. Several reports indicate that the Covid-19 epidemic has created a renewed desire among many families wanting to live outside of densely populated rural areas. The current regime of low mortgage rates is also making it possible for families to sell their urban home and migrate to a more spacious property at an affordable price in the Fraser Valley.

The combined benchmark price across all property types in the Fraser Valley at the end of November was $878,100, an increase of 0.7% from the preceding month.  Still well under the $1-million benchmark price in Metro Vancouver, an affordable home for families and first-time home buyers continues to attract buyers, along with the Valley’s many family- oriented communities and quality modern lifestyle. Below, you can find a monthly comparison of average sales prices for each property type in my selection of geographical areas. The comparison shows the price changes for homes which are above and below the local benchmark price based on recent sales activity. It is important to remember that a benchmark is an average price and only a general guide. By examining the particular prices in your desired area, you may often discover a good price that meets your budget requirements more precisely. I am always happy to provide a detailed market comparison for any property you my be interested in. Please feel free to call me for assistance in your decision making, or even if you are just interested in exploring opportunities in the Fraser Valley real estate market. I have extensive experience in all aspect of real estate and am happy to help you in any way I can.         

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November was $1.061,500, an increase of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,447,700 and Mission at $739,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,109,300, an increase of 2.0% from the preceding month; Langley at $1,115,200; an increase of 2.2% from the preceding month; and South Surrey/White Rock at $1,447,700, 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 $1,035,900, an increase of 2.0% from the preceding month; Cloverdale at $1,109,300, an increase of 2.0% from the preceding month; and North Delta at $983,800, an increase of 1.2% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of November was $570,100, an increase of 0.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $674,800 and Mission at $476,800. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $579,200, an increase of 0.5% from the preceding month; North Delta at $581,800, an increase of 0.2% from the preceding month; and Surrey at $586,000, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $560,400, an increase of 0.2% from the preceding month; Abbotsford at $480,900, an increase of 1.0% from the preceding month; and Mission at $476,800, an increase of 1.3% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of November was $435,900, an increase of 0.3 % from the preceding month. The extremities of this average were South Surrey/White Rock at $507,200 and Abbotsford at $398,000. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $469,400, a decrease of 1.1% from the preceding month; and South Surrey/White Rock at $507,200, an increase of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $427,600, no change from the preceding month; North Surrey at $415,500, an increase of 0.3% from the preceding month; and Langley at $398,000, an increase of 0.1% from the preceding month. 

 

How can I help?

Please let me know if you need specific information for a market comparison in any property type. I am happy to prepare a customized market analysis for your home if you may be thinking of selling. And don’t forget, if you are preparing your home for a listing, or just making renovations to enjoy yourself, I can recommend excellent and trustworthy trades people for whatever your needs, whether plumbing, electrical work, carpentry, or general renovations. I am also able to advise you on the optimal investment to maximize your home’s value in the event you are planning to sell. And for prospective buyers, I have the financial experience to advise you on mortgages and fees associated with a home purchase. I am always happy to help in any way I can. 

 

Posted in Market Updates
Dec. 8, 2020

November 2020 Greater Vancouver Real Estate Market Update

 

Metro Vancouver residential market remains busy; possible price rises seen for new year. 

Metro Vancouver’s residential market continued to see bustling activity throughout November. While showing a decline from the previous month’s sales, it should be remembered that the sales level in October this year was that month’s second-highest historical record. Even with a monthly sales volume decline, November’s total of 3,064 sales was close to 23% higher than one year ago, above the historical average with more than 3,000 sales for the first time in five years, and also nearly 25% higher than 10-year average. Prospective home buyers can still take advantage low mortgage interest rates while able to shop among the current inventory of over 11,118 properties in the Greater Vancouver area. However, I would encourage anyone eager to get make a purchase to act now as new listings have slowed recently. Although the current total supply of listed homes is over 3.0% higher than this time last year, November’s new listings decreased 27% from the previous month, bringing the current number down 10.5% from October’s inventory of 12,416. If supply continues to drop behind demand, it is likely that we will see a sharper increase in prices in the new year. Although the composite benchmark price for all property types across Metro Vancouver at the end of November showed a slight decrease of 0.1% from October, it was nonetheless almost 6.0% higher than one year ago. Home buyers, however, should keep an eye on the monthly price changes (see below) among different property types in various regions as the composite benchmark is an average that may not reflect more substantial price changes in specific cases.

While the current composite benchmark price in Metro Vancouver of $1,044,000, it is important to note that the benchmarks for both townhouses and condominiums still remain well under the $1-million mark. However, I would advise prospective buyers looking for townhouses that it is this category where the highest demand appeared this past November. Townhouses sales in Metro Vancouver totalled 632 in November, an increase of over 40% compared with the same month one year ago. Corresponding to this rise in townhouse sales, the benchmark price for this property type was 5.6% higher than for November 2019. Sales of detached homes in November showed the second highest property type demand with a 28.6% increase in sales volume compared with November 2019. Corresponding to the rise in detached home sales, the benchmark price for this property type was 9.4% higher than for November 2019. In the condominium category, sales this past November increased 12.2% over November 2019, and the corresponding benchmark price increased 3.4% for the same period.  Below, you can find the one-month average price changes for each property type above and below the benchmark in a comparative selection in geographical areas in Metro Vancouver. There are some decreases as well as increases that are worth noting. These contrasting price fluctuations show that while there appears to be upward pressure on prices in the near future, there are still some excellent opportunities right now. Please let me know if you would like more detailed information for any property type you are seeking. I can prepare detailed market analysis for you in the area of your choice showing recent sale prices and other market information that will help you in your decision making. I am always happy to help my clients in any way I can.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of November was $1,538,900, an increase of 1.0 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,122,100 and Sunshine Coast at $688,200. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,544,300, an increase of 1.9 % from the preceding month; Burnaby South at $1,573,400, an increase of 0.6 % from the preceding month; and North Vancouver at $1,671,500, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,533,600, an increase of 1.7 % from the preceding month; Burnaby North at $1,153,400, an increase of 1.4 % from the preceding month; and Coquitlam at $1,272,900, an increase of 0.9 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of November was $814,800, an increase of 0.2 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,150,600 and Maple Ridge at $558,500.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $821,500, an increase of 0.5 % from the preceding month; Vancouver East at $901,200, a decrease of 0.1 % from the preceding month; and North Vancouver at $1,031,400, an increase of 0.5 % 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: Burnaby South $803,600, a decrease of 0.3% from the preceding month; New Westminster at $755,700, a decrease of 0.1 % from the preceding month; and Burnaby North at $742,800, a decrease of 0.5 % 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 Greater Vancouver at the end of November was $676,500, a decrease of 1.0 % the from the preceding month. The extremities of this average were West Vancouver at $1,092,100 and Maple Ridge at $367,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $732,500, an increase of 1.0 % from the preceding month; Vancouver West at $764,300, a decrease of 2.5 % from the preceding month; and West Vancouver at $1,092,100, a decrease of 0.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $658,300, a decrease of 0.4 % from the preceding month; Port Moody at $658,300, an increase of 1.3 % from the preceding month; and Richmond at $651,900 an increase of 0.7 % from the preceding month. 

 

I can 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 neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates. 

 

 

 

Posted in Market Updates
Nov. 11, 2020

October 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley home sales volume continues to soar; prices remain stable

Residential sales continue to reach record levels in the Fraser Valley. Home sales volume at the end of October reached a total of 2,370, a 6.2% increase over sales in September and 48.9% higher than the same period one year ago. The hot pace of the Valley’s market activity marked the fourth consecutive month for record sales and listings where many home seekers are finding lower priced properties than comparable homes in the Metro Vancouver. While the Valley’s October new listings reached 3,081, close to 29% higher than it was for the same period last year, this was nonetheless a decline of 12.3% from the intake seen in September this year. The overall inventory at the end of October this year across all property types was 6,872, down by almost 7% from September and close to 12% below the ten-year average. While the high demand for homes is outpacing new listings at present, the available inventory still provides a good selection for prospective buyers. Importantly, prices have been remaining relatively stable overall with approximately the same consistent and moderate monthly increases seen over recent months. The price advantage offered by the Fraser Valley market continues to attract many young families and other first-time buyers seeking a quality residential investment.     

The combined residential benchmark price for the Fraser Valley at the end of October was $871,800, a 0.5% increase over September. Still well below the comparable benchmark in Greater Vancouver, which reached $1,045,100 for the same period, the Fraser Valley provides many first-time buyers to opportunity of an affordable home while still having the amenities and space required for a comfortable lifestyle. Our country’s current low mortgage rates also provide an excellent opportunity to make a purchase that may have been out of reach just one year ago. I highly recommend that prospective home buyers examine this historical opportunity to obtain a mortgage with payments that fit their budget and allow them to gain equity in their property over the long term. In my comparative benchmark selections below, you will find a guide to average prices in geographical areas clustered around the combined benchmark for the property type you are seeking. Remember that benchmark prices are for comparable homes. The average prices I have selected for you are shown along with their monthly change. You will find that current price fluctuations are typically moderate increases or decreases which result from recent market activity. For the most part, the monthly change is in the neighborhood of 1.0%. However, it is always worthwhile to look for bargains hidden among the averages. For example, prospective townhouse buyers should note this month shows an average 2.8% decrease in townhouse prices in North Surrey. I am happy to provide you with a more detailed markets analysis for the property type and areas you would like to live in. It’s also a good idea to watch here for latest market update. New listings in the Fraser Valley do not take long to sell. In October, a single family detached home sold pm average within 30 days; townhouses within 27 days; and condominiums within 36 days. Please feel free to giver me a call if you would like any kind of assistance in your real estate planning and decision making. I am always happy to help.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1.046,900, an increase of 1.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,443,500 and Mission at $726,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,086,300, an increase of 0.9 % from the preceding month; Cloverdale at $1,087,400; an increase of 1.8 % from the preceding month;  and Langley at $1,090,800, an increase of 1.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,015,700, an increase of 0.9 % from the preceding month; North Delta at $972,500, an increase of 2.7 % from the preceding month; and Abbotsford at $873,600, an increase of 0.6 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of October was $569,200, an increase of 0.3 from the preceding month. The extremities of this average were South Surrey/White Rock at $678,300 and Mission at $470,700. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $576,400, a decrease of 0.1 % from the preceding month; North Delta at $580,800, an increase of 2.9 % from the preceding month; and Surrey at $585,100, an increase of 0.5 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $555,800, a decrease of 2.8 % from the preceding month; Abbotsford at $476,300, an increase of 1.7 % from the preceding month; and Mission at $470,700, am increase of 0.2 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of October was $434,600, a decrease of 0.5 % from the preceding month. The extremities of this average were South Surrey/White Rock at $493,900 and Abbotsford at $323,400. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $474,500, an increase of 0.7 % from the preceding month; and South Surrey/White Rock at $493,900, an increase of 1.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $427,600, a decrease of 1.6 % from the preceding month; North Surrey at $414,200, a decrease of 0.1 % from the preceding month; and Langley at $387,500, a decrease of 1.6 % from the preceding month. 

 

How can I 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 and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable and reasonable in their rates. It gives me pleasure to help my clients. Please don’t hesitate to call me for any real estate advice you may need.  

 

 

Posted in Market Updates
Nov. 11, 2020

October 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Residential market remains robust; sales and new listings continue to balance for price stability

Even as autumn leaves began to fall, home sales and new listings continued to rise in Metro Vancouver. The robust housing market had its second-highest record for the month of October with sales reaching a total of 3,687. This was an increase of 1.2% over sales in September and 29% higher than the same period one year ago. It is also close to 35% above the 10-year average. New listings were up as well on a year-over-year comparison, with nearly a 37% increase over listings made in October 2019. However, the 5,571 new home listings across all property types this October represented a 13% decrease from the preceding month of September. At the end of October, the total inventory of homes listed for sale in Metro Vancouver was down 5.2% from the preceding month to 12,416, but it should be noted this was higher by 1.5% than for the same period last year.  The total supply therefore still provides an excellent selection for home buyers, and the volume of new listings continues to be a factor in moderating price increases in what is still a high demand market. Nonetheless, is it worthwhile to examine market activity for the property type located in the specific living area of your interest and to observe price fluctuations at this time. For the most part, monthly price changes continue in the same manner as they have for several months, which is an increase around 0.5% to just over 1.0%. However, there have been a few more significant price reductions over 2.0% which are worth keeping an eye on.  Please look the property types I have compared below for a guide to monthly price fluctuations in a selection of areas.

The composite benchmark price for all residential properties in Metro Vancouver at the end of October was $1,045,100, a 0.4% increase over September, and a 6.0% increase over the same period one year ago. With the considerable amount of speculation on Canada’s real estate markets in recent months, market watchers should note that Metro Vancouver’s current composite benchmark price is close to 90% higher than it was ten years ago. The Metro Vancouver market has remained very strong throughout the Covid period and continues to represent a sound long-term investment. With our historically low mortgage interest rates, market activity is continuing to be strong and it remains an opportune time for both home buyers and sellers of any of the three property types. This past October, condominiums led in sales reaching a total of 1,570, a 13.4% increase over the same month last year. Detached family home sales followed closely reaching a total of 1,335, an increase of 42.3% over October last year. Sales of attached homes also remained strong, reaching a total of 782 which was a 46% increase over the same month last year. Among the monthly comparisons provided below you will find average prices in different regions clustered around the overall benchmark price for each property type in selected areas of Greater Vancouver.  This will provide you with general guide based on monthly price fluctuations. I would point out this month that there are some larger than benchmark price changes in a few areas. For example, the 3.2% average increase for condominiums in West Vancouver, and the 2.7% increase for townhouses in Burnaby South may be of interest to anyone considering listing their home there; and in Vancouver East the 2.8% average decrease for townhouses there should be noted by prospective buyers in that area. I will be happy to provide more detailed market comparison to anyone interested in a particular geographical area. Please let me know if I can help.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of October was $1,523,800, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,118,200 and Sunshine Coast at $671,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,564,000, a decrease  of 0.9 % from the preceding month; Richmond at $1,581,600, an increase of 1.1 % from the preceding month; and North Vancouver at $1,665,100, an increase of 1.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,581,600, an increase of 2.1 % from the preceding month; Tsawwassen at $1,153,300, an increase of 0.4 % from the preceding month; and Burnaby North at $1,502,200, an increase of 0.1 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of October was $813,300, an increase of 0.4 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,158,300 and Maple Ridge at $554,000.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $817,600, an increase  of 1.5 % from the preceding month; Vancouver East at $902,100, a decrease of 2.8 % from the preceding month; and North Vancouver at $1,026,400, an increase of 1.7 % 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: Burnaby South $805,600, an increase 2.7 % from the preceding month; New Westminster at $756,500, a decrease of 0.2 % from the preceding month; and Coquitlam at $699,800, an increase of 0.5 % 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 Greater Vancouver at the end of October was $683,500, no change from the from the preceding month. The extremities of this average were West Vancouver at $1,094,600 and Maple Ridge at $369,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $725,200, a decrease of 0.9 % from the preceding month; Vancouver West at $783,700, am increase of 0.2 % from the preceding month; and West Vancouver at $1,094,600, an increase of 3.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $661,000, an increase of 0.2 % from the preceding month; Richmond at $656,600, an increase of 0.2 % from the preceding month; and Port Moody at $648,100 an increase of 1.1 % from the preceding month. 

 

I can help

 

Please let me know if you have any questions about real estate matters.  I love to help clients and can provide experienced advice for any of your real estate needs. If you are wondering about mortgage rates and your budget, I have a strong background in banking and finance. Or if you would like to find a great tradesperson to carry out renovations on your home, I can recommend reputable and reliable tradespeople with fair and reasonable rates. Please call me if you have any questions at all. 

 

 

Posted in Market Updates
Oct. 14, 2020

September 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Record breaking home sales, new listings in Fraser Valley. Single family home in high demand. Prices still stable.

The residential market in the Fraser Valley has seen another month of record-breaking transactions. September sales set an all-time record high with an increase of more than 66% over the same month last year. Total sales for September 2020 reached 2,231. This was the fourth consecutive month of remarkable sales growth in the Fraser Valley which showed a 9.4% increase over the preceding August. Yet the combined benchmark price across all property types is still well below the $1-million mark. At $867.700, which was a modest 0.6% increase over the preceding month, this benchmark makes the Valley particularly attractive when compared to similar properties in Metro Vancouver where the comparable benchmark is almost $175,000 higher. A record number of new Fraser Valley listings was also seen in September which were 27% higher than for the same period one year ago. New listings for the month finished at 3,315. This brought the total inventory of active listings at the end of September to 7,377, creating an excellent choice for home buyers, while at the same time softening the upward demand pressure on prices. Under the current high demand conditions, prices have remained remarkable stable although there is some early indication of overall upward price movement. Low interest rates are still helping many buyers move into the market and rates are expected to remain low for a long while as part of the country’s post-covid recovery. This will promote home purchases for the foreseeable future to stay strong, but prices can be pulled up with demand. It is therefore necessary that ample supply be maintained and this will depend on new listings. September’s new listings decreased slightly by 0.4% from the preceding month of August, and the current inventory is lower than normal. It is therefore a good time to list if you have been sitting on the fence trying to decide.     

It is particularly apparent that the Valley is continuing as an ever more desirable location for families. In September, single family detached homes reached close to half of the sales across all property types. Family life in the Valley has always been a strong attraction, featuring wholesome lifestyles, neighborhood communities and schools, and scenic country drives. Its affordable housing also caters to first time buyers with an excellent selection of condominiums and townhouses. When a new listing arrives on the market, it does not take long for a sale. In September, single family detached homes sold on average within 28 days; townhouses within an average of 25 days; and condominiums on average 35 days. Below is a detailed monthly change in benchmark prices for each property type compared across a selection of municipalities in the Fraser Valley. This will guide you in your initial search for the type of home you are looking for with a general comparison of prices in different areas. The month-over-month price change may provide you with some idea of the market activity which affects monthly fluctuations. However, it’s important to keep in mind that benchmarks are just averages for comparable properties. To look at a particular area with more specific information, please give me a call. I will be able to give you detailed market comparison of the property and neighborhood you are interested in. There are often excellent deals to found by exploring with a deeper analysis of the area. If you are interested in listing, I can also provide you with a price range based on recent sales and the best listing price to optimize your sale.           

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of September was $1.032,700, an increase of 1.3 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,068,400 and Mission at $711,700. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,064,200; an increase of 0.2 % from the preceding month; Surrey at $1,076,200, an increase of 1.1 % from the preceding month; and Langley at $1,078,100, an increase of 1.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,004,900, an increase of 0.2 % from the preceding month; North Delta at $946,800, an increase of 1.3 % from the preceding month; and Abbotsford at $868,300, an increase of 2.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of September was $567,300, an increase of 0.6 from the preceding month. The extremities of this average were South Surrey/White Rock at $675,700 and Abbotsford at $468,500. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $571,900, am increase of 0.6 % from the preceding month; Langley at $576,900, an increase of 0.1 % from the preceding month; and Cloverdale at $609,500, an increase of 1.3 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $564,500, a decrease of 2.2 % from the preceding month; Mission at $470,000, an increase of 1.0 % from the preceding month; and Abbotsford at $468,500, an increase of 0.7 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of September was $436,900, a decrease of 0.1 % from the preceding month. The extremities of this average were South Surrey/White Rock at $487,200 and Abbotsford at $324,500. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $471,300, an increase of 1.0 % from the preceding month; and South Surrey/White Rock at $487,200, a decrease of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $434,700, an increase of 0.5 % from the preceding month; North Surrey at $414,400, a decrease of 0.7 % from the preceding month; and Langley at $404,100, an increase of 0.8 % from the preceding month. 

 

How can I 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 and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable, and reasonable in their rates. It gives me pleasure to help my clients. Please do not hesitate to call me for any real estate advice you may need.  

 

Posted in Market Updates
Oct. 14, 2020

September 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Home sales hit record high in Metro Vancouver; new listings also increase. Prices still stable.  

Residential transactions in Greater Vancouver’s blistering market set a new record in September – the highest recorded level ever for the month! The total number of home sales jumped to over 56% higher than the same period last year, reaching a total of more than 3,600. This was close to 20% higher than the preceding month of August this year, and nearly 45% above the 10-year average. Continuing to build each month since recovering from the epidemic-related slowdown in the spring, buyers appear to be taking advantage of low interest rates while prices are still showing only modest monthly increases in this high demand period. New listings also rose significantly in September, increasing 31.6% over September 2019. This pushed up new listings in September by more than 10% than in August, with a total of 6,402 across all property types. The aggregate available supply in the market at the end of September was then close to 14,000, providing excellent choice for buyers in all categories. There is some early inclination of upward price movement, but for the most part the average monthly increases have remained about the same as they have been over the summer months. A steady rise in new listings will help to ease the upward price pressure from high demand, but prospective buyers are not advised to rely on new listings to keep prices down at this time. Demand as been strong for close to six consecutive months and a general price stability level is still drawing many buyers at this time.

The composite benchmark price for all residential properties in Greater Vancouver at the end of September was $1.041,300, a 0.3 increase over the preceding month, and a 5.8 increase from one year ago.  Sales increased in each of the property types (see breakdowns below) in September. Detached homes led in the number of sales with 1,317. This was a 77% higher than for this period one year earlier. Condominium sales volume was next highest with September sales reaching 1,596, a 37% increase over the same period last year. Townhouses also rose significantly, surpassing 2019 volumes by 73%, reaching a total of 730 for the month of September. It is notable, however, that the year-over-year substantial increase in sales volumes across all property types, while illustrating a high demand at this present time, does not correlate yet with a general spike in prices. In the breakdown of benchmark prices provided below, you can see modest increases in the month to month comparisons typically in the range of 1.0 % to 2.0 %, with the exception of the notable increase of 5.9 % in West Vancouver condominiums. In several areas, there were decreases from the preceding month, for example condominiums in Vancouver West; townhouses in North Vancouver, Richmond, and New Westminster; and even detached homes in Vancouver East and North Vancouver. Please take a moment to look over benchmark prices among the property types listed below and their selected geographical areas. This will give you a good overview of what the various price ranges and areas of availability that best suit your budget. However, keep in mind there often excellent prices that are not shown in benchmarks. I am able to provide you with a more detailed analysis for your desired home. Please feel free to give me call. I am always happy to help in any way I can.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of September was $1,507,500, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,084,600 and Sunshine Coast at $651,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,564,800, an increase of 1.2 % from the preceding month; Burnaby South at $1,577,600, an increase  of 1.4 % from the preceding month; and North Vancouver at $1,647,300, a decrease of 2.0 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,501,200, an increase of 1.6 % from the preceding month; Port Moody at $1,484,800, an increase of 1.2 % from the preceding month; and Vancouver East at $1,499,100, a decrease of 0.2 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of September was $809,900, an increase of 0.4 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,164,300 and Maple Ridge at $562,900.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $926,000, a decrease  of 2.5 % from the preceding month; North Vancouver at $1,009,100, a decrease of 0.6 % from the preceding month; and Vancouver West (not West Vancouver) at $1,164,300, a increase of 0.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $805,400, a decrease of 0.2 % from the preceding month; Burnaby South at $784,100, a decrease of 2.3 % from the preceding month; and New Westminster at $758,200, a decrease of 0.9 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of September was $683,500, a decrease of 0.3 % from the preceding month.  The extremities of this average were West Vancouver at $1,060,600 and Maple Ridge at $358,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $731,700, an increase of 1.5 % from the preceding month; Vancouver West at $782,200, a decrease of 2.2 % from the preceding month; and West Vancouver at $1,060,600, an increase of 5.9 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Burnaby South at $659,500, an increase of 0.5 % from the preceding month; Richmond at $654,900, a decrease of 0.5  from the preceding month; and Port Moody at $641,200 an increase of 1.1 % from the preceding month. 

 

I can help

 

I am active in many areas of real estate so please do not 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