METRO VANCOUVER
Sales continue upward trend; prices rising, new listings lag.
Home sales across Metro Vancouver at the end of April showed a another month of renewed market confidence. Since the beginning of this year, Metro Vancouver has seen continual sales increases each month. April’s total sales volume of 2,741 was an increase of 8% over the preceding month, 52% over February, and 168% over January. While the rate of increase is decreasing at present, the number of sales is approaching levels in line with last spring when rising interest rates began the dampen market activity. However, the pandemic buying spree during a period of record low interest rates has set a high sales volume to measure against: current sales are still more than 16% below for the same period one year ago, and close to 16% below the 10 year average. What is needed at present to keep rising prices in check as sales increase is more new listings. April’s new listings reach a total of 4,307, close to 30% below new listings for the same period one year ago, and 22% down from the 10-year average. At the end of last month, Metro Vancouver’s total available inventory of homes across all property types was 8,790, 4.2% below the same month one year ago, and 20.9% below the 10-year average. With the combination of increasing sales and lagging new listings, prices are continuing to move upwards. Notably this past month, some of some biggest price increases were for single family homes just outside the Metro Vancouver area where prices moved up as high as 8% in the last month. Within Metro Vancouver, prices are typically inching upwards each month at lower rate, and this trend Is likely to continue as the market returns to normal activity. The composite benchmark price for residential property in Metro Vancouver at the end of April was $1,170,700, a 2.4% increase from the previous month, and 5.3% higher than three months ago.
In the selection below, comparative benchmark prices are presented for the different property types in various areas of Metro Vancouver. You may find this a useful guide to prices with the most recent one month change for neighborhoods you are interested in. Benchmark are averages of comparable homes. The upper and lower extremities of each benchmark are also provided to illustrate the range of prices making up the average. The selected neighborhoods are clustered on each side of the benchmark for a particular property type to show how the prices compare with the overall benchmark in Metro Vancouver. Along with the month-over-month price change, which can serve as a current indicator of demand, you can gain some insight into where you may best find a home within your budget. However, it is important to remember that averages do not necessarily capture particular property prices at a given time. I encourage you to call me if you have interest in a particular area for your desired property type. I am happy to provide you further details and the most up-to-date listings, and to answer any questions you may have. And if you are considering listing your home for sale, please also call. I will be happy to help you arrive at an optimal listing price for the current market conditions.
Detached homes
The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $1,915,800, an increase of 2.9% from the preceding month. The extremities of this average were Vancouver West at $3,313,200 and Sunshine Coast at $917,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,933,700, an increase of 3.0% from the preceding month; Port Moody at $1,981,400, a decrease of 1.8% from the preceding month; and Richmond at $2,137,600, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,757,200 an increase of 2.6% from the preceding month; Burnaby East at $1,749,700, an increase of 1.3% from the preceding month; and Coquitlam at $1,747,900, an increase of 0.7% from the preceding month.
Townhouses
The benchmark price for a townhouse in Metro Vancouver at the end of April was $1,078,400, an increase of 2.1% from the preceding month. The extremities of this average were Vancouver West at $1,481,900 and Sunshine Coast at $734,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,110,700, an increase of 2.9% from the preceding month; Richmond at $1,116,400, an increase of 1.2% from the preceding month; and North Vancouver at $1,314,400, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,037,600, an increase of 2.1% from the preceding month; Port Moody at $1,022,300, an increase of 1.5% from the preceding month; and Burnaby South at $997,800 an increase of 4.4 % from the preceding month.
Condominiums
The benchmark price for a condominium in Metro Vancouver at the end of April was $752,300, an increase of 2.0% the from the preceding month. The extremities of this average were West Vancouver at $1,239,800 and Maple Ridge at $525,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $790,800, a decrease of 2.1% from the preceding month; Burnaby East at $797,600, an increase of 0.4% from the preceding month; and Vancouver West at $848,000, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $751,200, an increase of 3.4% from the preceding month; Burnaby North at $734,600, an increase of 2.9% from the preceding month; and Tsawwassen at $724,900, a decrease of 2.1% from the preceding month.
Let me help
These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.