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.