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!

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
April 13, 2021

March 2021 Fraser Valley Real Estate Market Update

 

Fraser Valley has hottest market in 100 years; new listings spur increased sales  

Fraser Valley real estate activity last month blew past its highest levels in 100 years. With the extreme demand for Valley properties, the blistering pace of home sales has been spurred on with record new listings in this sizzling sellers’ market. More than 3,300 sales were processed in March, 18% higher than the preceding month and pushing beyond the previous record set five years ago. New listings also rose steeply with a total of 5,087 in March, 56% more than the preceding month, and a 91% increase over the same period one year ago. March’s new listings set a new record for the month, surpassing by 14% the last record high in 2008. The spike in new listings was welcomed by prospective home buyers who have been trying to purchase in the Fraser Valley during several months of escalating prices amid declining supply. However, while the active inventory at the end of March was 5,012 properties, the pace of new listings is not keeping up with the increasing demand. Although the current inventory is 22% higher than in February, it is 18% below the same period one year ago. Without a substantial increase in new listings, the current sellers’ market will continue to see purchase offers often bid beyond listed prices. The anticipation of price escalation is driving up prices at an even faster rate, as buyers want to make purchases as quickly as possible. Nonetheless, the Fraser Valley still offers greater affordability overall compared with Metro Vancouver. At the end of March, the composite benchmark price for a Valley residence was $981,200, an increase of 4.9% from the preceding month, but still under the $1-million threshold surpassed in Metro Vancouver in January 2020.  

Much of the current residential sales boom in the Fraser Valley is driven by the desire to locate in more spacious surroundings at a more affordable price. While the Covid-19 pandemic has persuaded some homeowners to migrate from denser urban settings to the Valley’s suburban and semi-rural communities, the Fraser Valley is also the place where singles and young families often choose to start with their first home purchase. Below is my monthly comparison of property types clustered around the benchmark price in different geographical areas. By examining the month-over-month changes in the benchmark prices, you can gain an insight into the price trends in each area for the property type of your choice. However, it is important to remember that while benchmarks serve as guide for your budget, there can be significant price differences among properties with the same area. I am always happy to provide you with a more detailed market analysis to meet your specific purchase needs. And if you are interested in listing your home for sale, I can advise you on the optimal range fore your listing price in this current high demand market. Across the Fraser Valley last month, single family detached homes sold on average within 15 days; townhouses remained on the market for an average of 14 days; and condominiums for an average of 31 days.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,237,900, an increase of 6.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,625,300 and Mission at $887,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,260,500, an increase of 5.9% from the preceding month; Langley at $1,279,600; an increase of 5.7% from the preceding month; and Cloverdale at $1,338,900, an increase of 7.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,213,200, an increase of 6.1% from the preceding month; North Delta at $1,134,000, an increase of 6.1% from the preceding month; and Abbotsford at $1,068,300, an increase of 6.0% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of March was $624,500, an increase of 4.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $744,300 and Mission at $503,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $635,500, an increase of 3.9% from the preceding month; Surrey at $638,500, an increase of 4.7% from the preceding month; and Cloverdale at $696,100, an increase of 5.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $613,700, an increase of 3.7% from the preceding month; North Surrey at $601,700, an increase of 3.2% from the preceding month; and Abbotsford at $515,000, an increase of 2.6% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of March was $465,400, an increase of 3.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $531,500 and Abbotsford at $354,100. Only two municipalities were on the higher side of the average: Cloverdale at $504.800, an increase of 3.0% from the preceding month; and South Surrey/White Rock at $531,500, 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 $456,000, an increase of 1.9% from the preceding month; North Surrey at $440,200, an increase of 1.7% from the preceding month; and Langley at $434,100, an increase of 4.5% 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
April 13, 2021

March 2021 Greater Vancouver Real Estate Market Update

 

New records set in Metro Vancouver home sales; new listings rise steeply

Residential sales soared across Metro Vancouver this past March, reaching the highest recorded level ever. Total sales in March were 5,708, a 53% increase over February, and 126% increase over the same period one year ago. While low interest rates have been driving high demand for months, the recent surge in sales was also fueled by a sharp increase in new listings in March. Many homeowners who have been sitting on the sidelines watching rising prices for some time jumped into the Spring sales activity to reap the benefits of the current sellers’ market. With purchase-offers now often exceeding the listing price, new listings in March rose steeply to 8,287 across all property types, a record number for the month of March – an increase of more than 64% over new listings in the preceding month, and 87% higher than one year ago. This brought the total available inventory at the end of March to 9,145, 9.4% more than the preceding February; however, this is a slim increase to meet the current high demand and almost 5% lower than one year ago. With such high demand and relatively low supply, upward pressure on prices is increasing, and March saw some of the biggest month-over-month benchmark price rises since the current sales boom began. The composite benchmark price for all residential properties in Metro Vancouver at the end of March was $1,123,300, a 3.6% increase from the preceding month and a 9.4% increase from one year ago.

While detached home benchmark prices saw the biggest overall jump last month, this property type was second in sales volume at 1,965 homes sold across Metro Vancouver. Yet, it was a significant sales volume increase of 131% over March 2020.  The largest proportion of residential sales was in condominiums, with a total of 2,697 units sold during March, a 129% increase over the same period one year ago. Townhouses followed third with 1,046 sales, an increase of 112% over the March one year ago. Benchmark prices at the end of March for each property type are listed below in my monthly comparison of price changes closest to the upper and lower sides of the benchmark average in different geographical areas in Metro Vancouver. I encourage prospective home buyers to look at these benchmark comparisons to gain an insight into what property type and area may best fit your budget, while at the same time keeping in mind there may be considerable differences in specific listings making up the benchmark average. I am happy to provide you with a more detailed market analysis for the area of your choice. I keep a close eye on market listings and can advise you on particular property prices in different areas. There are often significant differences in the extremities of benchmark averages. For example, the March benchmark price increases for a townhouse in Burnaby North and in Port Coquitlam were 1.1% and 8.0% respectively, yet both benchmarks are within $25,000 of each other, and both are beyond the cluster closest to overall benchmark shown below.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March $1,700,200, an increase of 4.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,268,200 and Sunshine Coast at $765,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,739,300, an increase of 5.0% from the preceding month; Richmond at $1,747,800, an increase of 5.8% from the preceding month; and North Vancouver at $1,853,100, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,696,200, an increase of 4.1% from the preceding month; Vancouver East at $1,644,800, an increase of 5.0% from the preceding month; and Burnaby North at $1,632,500, an increase of 3.8% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of March was $872,200, an increase of 3.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,188,300 and Maple Ridge at $634,400.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $980,100, an increase of 7.7% from the preceding month; North Vancouver at $1,053,300, an increase of 1.5% from the preceding month; and Vancouver West at $1,188,300, an increase of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $864,800, an increase of 1.8% from the preceding month; Burnaby South at $819,800, an increase of 1.7% from the preceding month; and New Westminster at $801,800, an increase of 2.8% from the preceding month.

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of March was $715,800, an increase of 2.6% the from the preceding month. The extremities of this average were West Vancouver at $1,143,300 and Maple Ridge at $403,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $747,100, an increase of 1.1% from the preceding month; Vancouver West at $816,700, an increase of 2.8% from the preceding month; and West Vancouver at $1,143,300, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $697,800, an increase of 3.9% from the preceding month; Richmond at $695,800, an increase of 1.8% from the preceding month; and Burnaby South at $682,700, an increase of 2.7% 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 thinking about listing your home for sale, I can advise you on price trends in your specific area, as well as how to set an optimal price range for your particular property. Please feel free to call me for whatever your real estate needs may be.

Posted in Market Updates
March 9, 2021

February 2021 Fraser Valley Real Estate Market Update

 

Fraser Valley’s home sales volume highest in 100 years; detached home prices spike in some areas.

Fraser Valley home sales shattered another record this past February, reaching the highest recorded volumes in 100 years. The extraordinary market activity is a continuation of a surging trend since last fall. The total of 2,815 Valley sales last month was 108% more than the same period one year ago, and 64% higher than the preceding month of January. On the 10-year comparison, February’s 88% increase was also significantly higher than January’s 10-year comparison of 72% higher.  Market watchers can monitor this newsletter over coming months to track this ongoing trend. The boom in the Fraser Valley’s real estate sales has been gaining momentum since last September as the country’s low mortgage rate regime gains more traction during the prolonged Covid-19 period. Last month, Bank of Canada Governor, Tiff Macklem, recognized that Canada is relying on its real estate sector during this pandemic-weakened economy. “We need the growth we can get,” said Mr. Macklem, and Fraser Valley home buyers are certainly doing their part. As part of the pandemic-driven shift away from denser urban living to larger homes in semi-rural areas, new home buyers are discovering what Valley residents have known for a long time. The region’s family-oriented communities provide quality lifestyles at prices considerably lower than Metro Vancouver. Affordability has been attracting many first-time home buyers among young single persons and young families for some time. However, with spring just around the corner, prospective new buyers should not delay their decisions. The current unseasonably high demand is causing prices to jump in several areas across the price spectrum. Notably for detached homes, South Surrey/White Rock saw a one- month benchmark spike in of 8.2%, while Abbotsford saw a jump of 6.7%.   

The composite benchmark price for a Fraser Valley property at the end of February was $935,400. an increase of 3.9% from the preceding month. This is by far the Valley’s largest month-over-month composite benchmark increase in a long time, although notably the Valley’s composite benchmark is still below the $1-miilion mark, long since surpassed in Metro Vancouver.  But at the present rate of increase, it will only be a couple of months before the $1-million threshold is exceeded in the Valley as well. While high demand is the primary driver of the upward price pressure, it is important to factor in the declining number of new listings in recent months. The Valley’s total available inventory at the end of February was at its lowest level ever for this month, with 4,210 listings. Potential home sellers may be waiting for even higher prices, but this is an unnecessary measure in seller’s market. Competition among buyers for a listed home can often drive the price offer above the asking price. So, if you are considering listing your home, I encourage you to do it now. Below you will be able to see my monthly selection of benchmark prices for each property type in a comparison of different geographical areas. Prospective home buyers and sellers will find this a useful guide to observe month-over-month average price changes across the Valley. Notably, prices are increasing for all property types, but the rate of increase is not as steep for townhouses and condominiums yet. Single family detached homes and attached townhouses are selling fastest, both remaining on the market for an average of only 21 days. Condominiums are selling on average in 35 days. In these current exceptional market conditions, I am urging my clients to contact me to receive a detailed market comparison for a specific property. I am happy to help you make the wisest decision for your circumstances at this time.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,163,400, an increase of 5.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,546,700 and Mission at $822,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,190,300, an increase of 4.4% from the preceding month; Langley at $1,210,600; an increase of 4.1% from the preceding month; and Cloverdale at $1,245,900, an increase of 8.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,143,200, an increase of 5.3% from the preceding month; North Delta at $1,068,500, an increase of 5.7% from the preceding month; and Abbotsford at $988,800, an increase of 6.7% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of February was $600,300, an increase of 3.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $718,100 and Mission at $495,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $610,100, an increase of 3.3% from the preceding month; Langley at $611,600, an increase of 3.1% from the preceding month; and Cloverdale at $658,500, an increase of 4.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $592,100, an increase of 2.7% from the preceding month; North Surrey at $583,100, an increase of 0.7% from the preceding month; and Abbotsford at $501,900, an increase of 2.9% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of February was $450,900, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $512,400 and Abbotsford at $415,600. Only two municipalities were on the higher side of the average: Cloverdale at $489,800, an increase of 3.7% from the preceding month; and South Surrey/White Rock at $512,400, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $447,400, an increase of 3.3% from the preceding month; North Surrey at $433,000, an increase of 3.6% from the preceding month; and Langley at $415,600, an increase of 2.3% from the preceding month. 

 

I can 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
March 9, 2021

February 2021 Greater Vancouver Real Estate Market Update

 

Prices rising across all residential types in Metro Vancouver; high demand creates seller’s market

Metro Vancouver’s residential market saw an increased rate of price rises last month, as high demand continues to trend upwards. The higher-than-normal seasonal sales activity has created a seller’s market, with competition among home buyers intensifying. Where recent months have seen average monthly price changes sill fluctuating with both increases and decreases, February’s changes (see selected comparisons below) see only increases in each housing type across every municipal area – except one – in Greater Vancouver. The sole exception was Burnaby East where modest average price declines of 0.2% for single family detached homes and 0.9% for townhouses were the only anomalies. Factoring into the wide-spread prices rises is the lag in new listings. At the end of February, the total inventory of listed homes in Metro Vancouver was 8,358, a mere 0.6 increase from the preceding month. In a broader historical comparison this was a decrease of more than 9.0% from one year ago, and more than a 21% below the 10-year average. Rising prices may be causing some potential sellers to wait on the sidelines for even higher price levels before listing. However, this strategy may pose some unnecessary risk to sellers when the current market conditions can push the sale price above the listed price, owing to competition among buyers. I would encourage anyone contemplating selling their home at this time to contact me. I will be able to advise you on an optimal listing price in the present market conditions. For prospective buyers, I will help you break down the market segment of primary interest to you.

 

The composite residential benchmark price for the Greater Vancouver area at the end of February was $1,084,000, an increase of 2.6% from the preceding month.  While observing the historical 10-year change, it is notable that February’s 10-year rise of 86.0% has moved up from January’s 10-year rise of 83.5%. This is particularly significant in a winter month when sales are normally slower than in the spring. Market analysts still point to Canada’s historically low interest rates, put in place during the Covid-19 pandemic, as the primary driver of the current high demand. However, it is important to distinguish between the composite benchmark and the average price levels of each of the three property types. As noted by the Governor of the Bank of Canada commenting recently on Canada’s housing market overall: “The housing market is not one market – we’re seeing a lot of strength in single family homes.” Indeed, in Metro Vancouver during the past month of February, single family detached homes reached a total of sales of 1,231, close to 80% more than for the same period one year earlier. However, in the Metro Vancouver market, sales of condominiums were actually higher in actual sales, with 1,759 sold in February, although with a lower annual increase of close to 66.0%.  Townhouses followed with a total of 737 sales last month, but with a significantly higher increase of just over 84% from one year ago. Below is my monthly selection of month-over-month comparisons with benchmarks prices in the geographical areas closest to overall property type benchmark in Metro Vancouver. These comparisons are selected as a general guide for home shoppers searching for homes in their desired price range., or for sellers wondering about a listing price in their local area. For a more detailed market comparison, please do not hesitate to call me. I will be happy to provide you with customized market comparison for your property.   

   
Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February $1,621,200, an increase of 1.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,203,200 and Maple Ridge at $972,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,629,300, an increase of 2.1% from the preceding month; Richmond at $1,651,800, an increase of 3.3% from the preceding month; and Port Moody at $1,655,900, an increase of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North $1,572,500, an increase of 1.7% from the preceding month; Vancouver East at $1,565,800, an increase of 1.2% from the preceding month; and Coquitlam at $1,363,000, an increase of 3.2% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of February was $839,800, an increase of 2.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,167,700 and Maple Ridge at $594,300.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $849,900, an increase of 3.2% from the preceding month; Vancouver East at $910,000, an increase of 1.8% from the preceding month; and North Vancouver at $1,036,300, 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 at $806,200, an increase of 0.5% from the preceding month; New Westminster at $779,700, an increase of 45.3% from the preceding month; and Burnaby North at $769,400, 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 February was $697,500, an increase of 3.9% the from the preceding month. The extremities of this average were West Vancouver at $1,114,810 and Maple Ridge at $373,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $739,000, a decrease of 1.2% from the preceding month; Vancouver West at $794,500, an increase of 4.2% from the preceding month; and West Vancouver at $1,114,800, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $683,200, an increase of 3.0% from the preceding month; Port Moody at $671,900, an increase of 1.9% from the preceding month; and Burnaby South at $664,700, an increase of 1.1% 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
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