Fraser Valley Real Estate News & Market Updates

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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
Sept. 9, 2020

August 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley hits new highs in sales and listings; prices remain stable

The Fraser Valley is experiencing its hottest housing market activity in more than a decade.  Home sales are booming along with new listings – a combination that is keeping prices stable. The combined benchmark price for all property types across the Valley at the end of August was $862,400, a mere 0.5% increase from July, and still well under the $1-million threshold surpassed in Metro Vancouver last January. August’s 2,039 home sales chased the Valley’s 3,309 new listings for the month, and while both figures fell slightly from a very busy July, they represented levels not seen since the mid-2000’s. Total sales for the month were a 57% increase since one year ago, and almost 40 % higher than the 10-year average. On the supply side, bringing the Valley’s total inventory to 7,404, August’s new listings were more than 40% higher than for the same month one year ago, and almost 30% more than the 10-year average. While the market continues to perform extremely well, particularly with coronavirus precautions still in place, it is notable that prices across all property types have remained stable. No doubt new listings have contributed to the stability by easing the competitive demand for available properties. This makes the Fraser Valley a particularly attractive market for first-time buyers who may be young families or singles with greater budgetary constraints. Low interest rates and recently eased mortgage qualification rules are making it possible for many buyers to find their ideal home. With an overall benchmark price still under $1-million, the Valley offers exceptional value and an attractive lifestyle at the same time.

With summer soon coming to a close, September may bring out more home buyers while the sunny days remain. I would encourage home seekers to take advantage of the plentiful inventory of homes at this time.  If you are seriously wanting to find a Valley home, I encourage you not to delay looking. In this current market, new listings sell quite quickly. This past August, the average time to sell a single-family detached home was 31 days; townhouses were on the market for an average of 24 days; and condominiums for 36 days. The comparative benchmark prices below can help you locate a price range and area that is right for your budget and residential needs. Each property type listed here compares the overall Fraser Valley benchmark price with comparable homes above and below the benchmark average for selected municipalities in the same price range. I also show the one-month price change in each category to provide an insight into the relative price fluctuations that result from ongoing home sales negotiations This will assist you in your initial view of prices for comparable properties, but keep in mind that benchmarks are average prices. There are often wonderful discoveries to be made on specific homes at their actual price listings. Please call me if you would like a more detailed analysis for your search. And if you are thinking about selling your home, I can help you determine the optimal price for listing. I bring combined experience in finance, banking, and real estate, and am happy to assist you in any way I can.

 Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,019,600, an increase of 1.2 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,395,300 and Mission at $696,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,064,200; an increase of 0.9 % from the preceding month; Cloverdale at $1,066,000, an increase of 0.8 % from the preceding month; and Langley at $1,066,500, an increase of 0.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,002,800, an increase of 1.4 % from the preceding month; North Delta at $935,200, no change from the preceding month; and Abbotsford at $849,800, an increase of 2.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of August was $563,900, an increase of 0.2 from the preceding month. The extremities of this average were South Surrey/White Rock at $670,600 and Abbotsford at $465,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,200, a decrease of 1.1 % from the preceding month; Langley at $576,200, a decrease of 0.1 % from the preceding month; and North Delta at $577,000, an increase of 1.2 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Mission at $465,500, an increase of 2.1 % from the preceding month; and Abbotsford at $465,200, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of August was $437,300, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $489,000 and Abbotsford at $325,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $466,500, a decrease of 0.6 % from the preceding month; and South Surrey/White Rock at $489,000, an increase of 0.7 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $432,500, a decrease of 0.7 % from the preceding month; North Surrey at $417,200, a decrease of 0.4 % from the preceding month; and Langley at $400,900, an increase of 0.5 % from the preceding month. 

 

How can I 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
Sept. 9, 2020

August 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Prices remain stable, home sales and new listings continue strong showing 

Residential market activity across Metro Vancouver continues to be strong, showing much the same vibrance seen all summer. Despite a modest decrease of 2.6 % in home sales from July, the month of August closed nearly 37 % higher than for the same period one year ago, and 20 % above the 10-year average. This longer view provides a clearer focus on current buyers’ confidence at a time when financial uncertainty from the coronavirus is still prevalent. On the inventory side, there were more than 5,800 new listings last month, bringing the total supply across all property types to over 12,800 at the end of August. This is 6.0 % higher than the preceding month, and close to 35 % higher than the 10-year average. The balance between sales and new listings has been a stabilizing factor in prices with only slight increases in combined benchmark averages over one month. These stable prices combined with an ample supply of homes at present make for very favourable home shopping in September. While social distancing is still in place, the sunny weather that is still with us provides an opportunity to explore the market for the home you want at a time when interest rates are low and mortgage qualification has recently eased.  

The composite benchmark price for residential property in Metro Vancouver at the end of August was $1,038,700, a 0.7 % increase from July. Home values have remained strong in the Metro Vancouver market. Homeowners have invested for the long term in established neighborhoods and maintained their properties for appreciated returns after enjoying their homes for many years. There are also many new property developments that are high demand with Metro Vancouver’s ever-growing population. These choices of detached homes, townhouses, and condominiums make for a long-term secure real estate investment. The current composite benchmark price is almost 90 % higher than it was 10 years ago. Below I have made my monthly comparisons for each property type in municipal areas above and below the Greater Vancouver benchmark average. Each comparison shows the one-month change in the average price for its geographical area. While there are typically minor fluctuations both up and down based on sale prices negotiated each month, these average price changes can provide you with some insight into the relative current demand for comparable properties. This will make it easier for you to search for price levels that match your intended expenditure. However, I want to remind prospective buyers that benchmark price is an average based on the sale of home with comparable features. Benchmarks are therefore only a high-level guide to facilitate where you may want to generally look. There are, however, many excellent specific prices to be discovered in each area. Please give me call and I will be happy to help you with your home search requirements. If you are thinking of listing your home for sale, I will also be happy to help you determine the optimal listing price under current market conditions.  This includes a comparative market evaluation of your property based on recent sales of comparable homes in your area.  With my combined experience in finance, banking, and real estate, I will also be able to add personal insights to help you in your buying or selling decisions.        

 

 

 

 

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of August was $1,491,300, an increase of 1.0 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,084,60 and Sunshine Coast at $639,100. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,502,700, an increase of 1.0 % from the preceding month; Richmond at $1,545,500, an increase  of 2.4 % from the preceding month; and Burnaby South at $1,555,100, a decrease of 0.3 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,477,400, no change from the preceding month; Port Moody at $1,467,500, an increase of 1.8 % from the preceding month; and Burnaby East at $1,502,700, an increase of 1.0 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of August was $806,400, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,162,600 and Maple Ridge at $553,400.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $806,900, an increase  of 0.6 % from the preceding month; Vancouver East at $903,100, an increase of 1.7 % from the preceding month; and North Vancouver at $1,014,900 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  $802,400, an increase of 0.4 % from the preceding month; New Westminster at $765,000, an increase of 0.9 % from the preceding month; and Burnaby North at $732,500, a decrease of 0.4 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of August was $685,800, an increase of 0.5 % from the preceding month.  The extremities of this average were West Vancouver at $1,001,600 and Maple Ridge at $362,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $721,000, a decrease of 1.7 % from the preceding month; Vancouver West at $799,400  in increase of 0.7 % from the preceding month; and West Vancouver at $1,001,600, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $658,000, an increase of 1.0 % from the preceding month; Burnaby South at $656,300, a decrease of 2.7 % from the preceding month; and Port Moody at $634,200 a decrease of 4.0 % 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
Aug. 12, 2020

July 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Surging home sales in Fraser Valley; new listings provide wide selection

Residential sales activity across the Fraser Valley is in high gear this summer, with July sales over 22% higher than June and 44% higher than one year earlier. The surging demand is notably pushing prices upward: the combined benchmark price rose to $858,300, a 0.8% increase over June. As beautiful summer weather has beckoned more home shoppers to explore the lush region, home sales continued to build on the sharp increase seen since May when pent-up demand spiked following the market slowdown due to the Coronavirus. While demand is rising for all property types, family homes have seen the biggest increase. This Valley market segment has now seen an average price increase for a detached home more than 5% from one year ago, and for a townhouse of more than 3% for the same period. Because the Fraser Valley continues to attract many young families with its life-style amenities, it is expected that continued demand will continue to rise in the region. With prices still attractively below their Metro Vancouver counterparts, Fraser Valley properties remain an excellent investment, and current low interest rates are stimulating an increase in sales. The Valley is also a favourite venue for first time buyers, often where young singles find their perfect starter home with a condominium priced well below a comparable Metro Vancouver property. However, demand for Valley condos is also increasing, with the average price nearly 4% higher than one year ago. I would encourage eager home seekers to move quickly this summer as there are signs that increasing demand in some areas is shifting conditions from a buyers’ market to a sellers’ market. This can mean bidding on listed prices could push the prices higher.

New listings in the Valley also increased in July. This will help to keep prices from escalating too steeply during a high demand period. During the month of July, the Fraser Valley saw 3,549 new listings across all property types. This brought the total Valley inventory at the end of last month to 7,341, an ample supply providing an excellent selection. However, it should be noted that the current inventory of available properties across the Valley is still down about 12% from one year ago. The supply-demand ratio is therefore not as balanced as it could be, and this can add to the upward pressure on prices. For anyone wanting to sell their home, it is certainly an opportune time. The average length of time for single-family detached home to sell last month in the Fraser Valley was 34 days; for townhouses, 28 days; and for condominiums, 34 days. Below you can see my monthly selection of benchmark price comparisons across the Valley. This will give you a good indication of what range of price you might expect for your property in a particular geographical area. However, remember that benchmarks are simply averages. I can provide you with more detailed information on your specific preference. Please feel free to call me and discuss any of your real estate questions.   

 Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of July was $1.008,000 an increase of 1.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,370,700 and Mission at $658,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,054,400 an increase of 0.7 % from the preceding month; Cloverdale at $1,057,300, an increase of 1.4 % from the preceding month; and Langley at $1,061,700 an increase of 1.7 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $988,800, an increase of 1.4 % from the preceding month; North Delta at $934,800, a increase of 1.7 % from the preceding month; and Abbotsford at $831,600, an increase of 1.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of July was $563,200, an increase of 0.7 from the preceding month. The extremities of this average were South Surrey/White Rock at $660,700 and Abbotsford at $455,900. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $570,000, an increase of 3.0 % from the preceding month; North Surrey at $574,900, an increase of 1.2 % from the preceding month; and Langley at $576,900, an increase of 0.4 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Abbotsford at $462,800 an increase of 1.5 % from the preceding month; and Mission at $455,900, a decrease of 2.0 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of July was $437,300, an increase of 0.5 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,600 and Abbotsford at $322,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale, an increase of 0.6 % from the preceding month; Cloverdale at $469,100, an increase of 0.8 % from the preceding month; and South Surrey/White Rock at $485,600, a decrease of 0.1 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $435,600, an increase of 0.6 % from the preceding month; North Surrey at $418,600, an increase of 1.3 % from the preceding month; and Langley at $399,100, an increase of 0.1 % increase from the preceding month. 

 

Let me help

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Posted in Market Updates
Aug. 12, 2020

July 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Metro Vancouver home market heating up; early signs of upward price pressure

Mid-summer temperatures are not the only thing heating up Metro Vancouver. The residential market is the hottest it’s been in years. The strong rebound two months ago from the slowdown caused by the coronavirus continued to build in July. Home sales at the end of last month were almost 10% higher than the 10-year average. With buyers able to take advantage of low mortgage rates, the pent-up demand fuelled another significant increase in July – 28% over the number of sales one month earlier. Home sales across all property types totalled 3,128 during July. This total was distributed with 45% in condominiums; 36% in detached homes; and 19% in townhouses. New listings were also up during July, bringing the total inventory at the end of the month to 12,083. However, while this figure was an increase of almost 6% over June, it is still 15.1% lower than one year ago. Nonetheless, in terms of current selection, the available inventory is still a large number in itself, and provides an a great many homes to choose from during this low interest period, I highly recommend you take a look at the ideal buying opportunities at this time. Prices are relatively stable but with new listings still somewhat slow, and increased demand on the foreseeable horizon, there is already upward price movement – as I predicted last month – across all property types. The composite benchmark price for all residential properties in Metro Vancouver at the end of July was $1,031,400, a 0.6% increase over June compared with a 0.3% decrease one month earlier.

While we still want to remain cautious about the spread of COVID-19, there is an abundance of information that can be obtained online, and I encourage buyers to take a look at my website for details on available properties. We are continuing to keep up social distancing and mask-wearing practices so this will, of course, limit the number of live home views at any given time. However, the sunny summer weather is inviting people to get out more, so this is another contributing factor to the continued rising sales activity. July was the second consecutive month this year in the Metro Vancouver market that the sales-to-active listing ratio has surpassed 20%, rising from 15% in the month of May. As a rule of thumb, it is normally the case that home prices experience upward pressure when this ratio remains above 20% over several months. I encourage readers to pay attention to this metric which I will track in this newsletter in the coming months. In the benchmark comparisons of different property types below, you will still find several examples of monthly decreases in specific neighborhoods, so it appears a bit to too early to generalize about increases across the board. Nonetheless, a careful reading will show that most monthly decreases are considerably smaller than the monthly increases. Some of this may be a result of normal market fluctuations, but it is still worth watching to see if an overall trend to price increases is developing.  Please take a look at the comparisons I have selected for you below, and remember that benchmarks are simply averages, so it’s always a possible to find an unexpected price that may be the great fit for your budget. Please feel free to call me for any details you might like about a specific area.   

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of July was $1,477,800 an increase of 0.9 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,053,00 and Sunshine Coast at $625,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,478,4200, a decrease of 0.7 % from the preceding month; Vancouver East $1,487,300, an increase  of 1.9 % from the preceding month; and Richmond at $1,509,300, 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 $1,443,600 a decrease of 1.3 % from the preceding month; Burnaby East at $1,232,500, a decrease of 0.2 % from the preceding month; and Coquitlam at $1,228,300, an increase of 1.5 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of July was $797,700, an increase of 0.9 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,139,900 and Maple Ridge at $547,300.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $799,200 an increase  of 1.1 % from the preceding month; Richmond at $801,700, an increase of 1.3 % from the preceding month; and Vancouver East at $887,700 a decrease of 0.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: New Westminster at  $758,400, an increase of 1.3 % from the preceding month; Burnaby North at $736,000, an increase of 0.2 % from the preceding month; and Coquitlam at $693,300, a decrease of 0.1 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of July was $682,500, an increase of 0.3 % from the preceding month.  The extremities of this average were West Vancouver at $987,100 and Maple Ridge at $361,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $733,200, a decrease of 1.3 % from the preceding month; Vancouver West at $794,200  in increase of 0.6 % from the preceding month; and West Vancouver at $997,100, an increase of 1.6 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $674,500, an increase of 0.6 % from the preceding month; Port Moody at $660,900, an increase of 0.7 % from the preceding month; and West Vancouver at $997,100, an increase of 1.6 % 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
July 15, 2020

June 2020 Fraser Valley Real Estate Market Update

 

Fraser Valley housing market bounces back to life; new listings surge – sales up over 100 % in one month.

Summer’s sunshine has brought forth a flourishing housing market across the Fraser Valley since we noted the first vital signs at the end of May.  In a remarkable resurgence of market activity during the month of June, the Valley’s new crop of residential listings was 3,456, a 57 % increase over May’s new listings. With a total supply of over 7,000 active listings at the end of June, shoppers were treated to plentiful choice and home buyers responded to  sellers’ optimism with a surge in purchases more than doubling May sales, and 32 % higher than the same period one year ago. Yet, the Valley’s combined benchmark price for a residential property at the end of June was a mere 0.5 % increase over May, and still well below the $1-million mark at $851,400. This combination of steady prices, ample choice, and the release pent-up demand from several months of slowed activity from coronavirus impediments is making the Fraser Valley an exceptionally attractive market this July. I encourage anyone who has been thinking about a Valley home to take advantage of this post COVID-19 recovery period. The current market conditions are likely to start pushing prices upward by this fall or earlier. Home listings at present are generally priced competitively, and with some reduction in the number of bidders because of stricter mortgage qualifying rules in effect since July 1st , the purchasing experience is still not a frenzied affair. However, there are signs a seller’s market may be forming on the horizon, so this is an ideal time to act if you are serious about getting your new home before prices head steeply upwards.

The Fraser Valley continues to be a favored place for first-time home buyers, whether young families looking for a single-family home or townhouse, or singles starting out in a condominium with a spectacular view. Valley life offers rural beauty and relaxing lifestyle, while providing all the community comforts and conveniences or urban living. One of the Valley’s big drawing points is its comparative affordability. As Fraser Valley benchmark prices move ever closer to the $1-million mark of Metro Vancouver, the Valley’s property ownership continues to prove an excellent equity investment. Fraser Valley properties do not remain on the market for long once they are listed for sale. Currently, the average time on the market to sell single-family detached homes was 31 days; for townhouses, 30 days; and for condominiums, 37 days. Below, I have summarized benchmark prices for each property type across selected areas in the Fraser Valley with month-over-month price changes. This will provide you with insights into the market dynamics of current price fluctuations on comparable properties, and help you decide where you want to explore for homes in your price range. Please feel free to call me for more detailed information, or just to discuss your real estate questions, whether about selling or buying. I am happy to advise you on the optimal price range for a property, whether for listing for sale, or for making an offer to purchase.       

FRASER VALLEY

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of June was $994,500, a decrease of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,336,200 and Abbotsford at $322,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,042,600; a decrease of 0.3 % from the preceding month; Langley at $1,044,200, an increase of 1.6 % from the preceding month; and Surrey at $1,047,300, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $974,900, a decrease of 0.8 % from the preceding month; North Delta at $919,400, an increase of 0.3 % from the preceding month; and Abbotsford at $821,500, an increase of 0.7 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of June was $559,600, an increase of 0.8 from the preceding month. The extremities of this average were South Surrey/White Rock at $655,000 and Abbotsford at $456,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,100, a decrease of 0.2 % from the preceding month; Surrey at $574,200, an increase of 0.1 % from the preceding month; and Langley at $574,400, a decrease of 0.9 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $563,400, an increase of 1.7 % from the preceding month; Mission at $465,000, a decrease of 0.3 % from the preceding month; and Abbotsford at $456,100, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of June was $435,300, an increase of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,000 and Abbotsford at $322,100. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $465,700, an increase of 0.3 % from the preceding month; and South Surrey/White Rock at $485,000, no change from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $433,100, a decrease of 1.8 % from the preceding month; North Surrey at $413,400, an increase of 0.9 % from the preceding month; and Langley at $398,700, a decrease of 1.0 % 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. 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
July 15, 2020

June 2020 Greater Vancouver Real Estate Market Update

 

July is a window of opportunity with new listings and increasing sales; Prices steady – for now. 

The summer housing market in Metro Vancouver is responding with optimism as listings increased and sales took a sharp upward turn this past June. During the height of the COVID-19 outbreak in the region, many prospective home homebuyers turned to virtual shopping while postponing purchase decisions until they were able to visit their desired properties under safe social distancing guidelines. This may have accounted for considerable pent-up demand. Sales during the month of June shot up close to 65 % from the preceding month of May. The increased sales activity was accompanied with new listings across all property types, with 5,787 new June listings – a 57 % increase over May’s listings. After several months of prospective sellers delaying their listings, the current resurgence of activity by both buyers and sellers is a positive sign of market confidence. Even with the increased demand, overall prices remain stable. The composite benchmark price for all residential properties in Metro Vancouver at the end of June was $1,025,300, a slight decrease of 0.3 % from May. In a more detailed look at current benchmarks for each property type below, you will see similar minor one-month fluctuations. It is interesting to note, moreover, that the only type to show a benchmark increase was single detached homes, while townhouses and condominiums both had small decreases. Shoppers may want to look carefully at the benchmark price comparisons below and act quickly for some good deals during this post COVID-19 recovery period. 

With a total inventory of over 11,400 homes in Metro Vancouver, there is now a plentiful supply of residential properties. Prices are generally steady, and overall, they are still below the composite benchmark of three months ago. Since the composite benchmark price is still slightly less than what it was just over one month ago, market conditions appear poised for upward price movement later this summer, barring a second COVID-19 wave or some other unforeseen calamity. I would therefore recommend that home shoppers take advantage of these combined factors during this month of July. The sunny summer weather will also encourage more buyers to get out and look at listed homes, so there could be some additional upward price pressure by August.  In fact, there are some signs that the market is becoming a sellers’ market again, with multiple offers being made on competitively priced homes. In each of the property categories examined below, the number of sales in June had already increased significantly over the same period one year earlier: detached home sales were up more than 16 %; townhouse sales were up by 21 %; and condominium sales were up by more than 17 %. Take a moment to look at my comparisons of benchmark price changes for each property type below for selected areas of the Greater Vancouver region. This will give you with an insight into price fluctuations on comparable properties on a monthly basis. Providing this most up-to-date pricing will assist you in recognizing key changes in this dynamic marketplace. It can guide both sellers who are thinking of listing their homes and buyers interested in making an offer. I am, of course, available to discuss these market insights with you in more detail. Please feel free to call and discuss any specific questions about your residential plans, whether buying or selling. I am always happy to help        

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of June was $1,464,200 an increase of 0.5 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,076,700 and Sunshine Coast at $599,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,488,200 an increase of 1.1 % from the preceding month; Richmond at $1,511,400, a decrease  of 1.1 % from the preceding month; and Burnaby South at $1,559,300, an increase of 2.0 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,462,600 an increase of 0.6 % from the preceding month; Vancouver East at $1,459,100, an increase of 0.8 % from the preceding month; and Burnaby East at $1,488,200, an increase of 1.1 % from the preceding month. 

 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of June was $790,800, a decrease of 0.2 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,119,800 and Maple Ridge at $538,500.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $791,100 a decrease  of 0.3 % from the preceding month; Vancouver East at $888,600, a decrease of 1.8 % from the preceding month; and North Vancouver at $989,000 a decrease 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 $790,200, an increase of 2.2 % from the preceding month; New Westminster at $748,300, an increase of 0.4 % from the preceding month; and Burnaby North at $734,600, an increase of 2.1 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of June was $680,800, a decrease of 0.8 % from the preceding month.  The extremities of this average were West Vancouver at $981,900 and Maple Ridge at $365,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $743,100, a decrease of 0.5 % from the preceding month; Vancouver West (not West Vancouver) at $789,300 a decrease of 1.5 % from the preceding month; and West Vancouver at $981,900, a decrease of 2.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $670,500, a decrease of 1.2 % from the preceding month; Port Moody at $656,500, a decrease of 0.7 % from the preceding month; and Richmond at $650,700, a decrease of 1.2 % from the preceding month.  

 

I can help

 

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

Posted in Market Updates