METRO VANCOUVER

New listings boost selection for buyers; upward price pressure remains

Metro Vancouver home buyers have a greater selection of residential properties following a 31.0% increase in new listings at the end of February compared with the previous month of January. The 5,471 newly listed properties across all property types in February is welcome news for home seekers who have seen the stock of available homes dwindle in recent months. However, the new listings are still not keeping up with the region’s extraordinary housing demand, which was almost 27% above the 10-year average. Despite an 8.1% decrease in sales volume compared with the same month last year, February sales this year jumped nearly 50% from the preceding month this year, leaving the total Metro Vancouver inventory of available properties at the end of February at 6,742, almost 20% higher than one month earlier. This provides a good selection for home buyers during this month of March, but more new listings will be needed to replenish the stock while demand is expected to remain unseasonably high. And, as to be expected, prices have continued to climb with the current demand. The composite benchmark price for a residential property in Metro Vancouver at the end of February was $1,313,400, a 4.6% increase from the preceding month, and a 20.7% increase from one year ago.

In the selection of benchmark prices for each property type below, you will find a cluster of prices around benchmarks at the end of February for different geographical areas in Meto Vancouver. The selected benchmarks are offered as guide and show the most recent monthly increase or decrease. Benchmarks are used to compare comparable homes in each area, but it is important to remember that benchmarks are averages composed of multiple selling prices each month. In this way, you can get a general idea of the current market value for the type of property you are seeking, and how it will fit with your financial capacity. However, you should not rely on the benchmark alone. Among the prices composing any average, there are the individual prices within the upper and lower of the extremities of the average (shown below) which do not appear specifically n the average. If you are interested in a finding a home with a range of average prices, please call me. I am able to provide you with the most up to date asking prices for any neighborhood you may be interested in. For each of the property types listed below representing Metro Vancouver sales in February, condominiums led with the greatest number of sales at 1,854, a 5.4% compared with one year ago.  Sales of detached homes followed with a total of 1,010, am 18% decrease from one year ago; and sales of townhouses reached a total of 560, a 24% decrease from one year ago. If you are considering listing your home for sale, I will be happy to assist you in setting the optimal price in this dynamic market. I can also prepare a customized Comparative Market Analysis for your specific property.  Please don’t hesitate to call me if I can help in any way.        

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February was $2,044,800, a 4.7% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,487,900 and Sunshine Coast at $973,900. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,102,100, an increase of 40% from the preceding month; Richmond at $2,127,400 an increase of 4.6% from the preceding month; and North Vancouver at $2,164,900, an increase of 6.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,983,000, an increase of 3.8% from the preceding month; Burnaby North at $1,927,300 an increase of 3.3% from the preceding month; and Vancouver East at $1,860,900, an increase of 3.1% from the preceding month.

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,090,000, an increase of 5.9% from the preceding month. The extremities of this average were Vancouver West at $1,371,300 and Sunshine Coast at $712,400. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,101,200 an increase of 4.5% from the preceding month; Vancouver West (not West Vancouver) at $1,371,300, an increase of 4.5% from the preceding month; and North Vancouver at $1,292,600, an increase of 4.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,070,500, an increase of 4.2% from the preceding month; Coquitlam at $1,002,100, an increase of 6.8% from the preceding month; and Tsawwassen at $992,800, an increase of 6.0% from the preceding month

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of February was $807,900, an increase of 4.1% the from the preceding month. The extremities of this average were West Vancouver at $1,181,200 and Maple Ridge at $520,100. Only two municipalities were on the higher side of the average: Vancouver West at $871,300, an increase of 2.1% from the preceding month, and West Vancouver at $1,121,200, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $801,400, an increase of 1.4% from the preceding month; Richmond at $800,300 an increase of 5.8% from the preceding month; and Burnaby North at $799,000, an increase of 4.5% from the preceding month.

 

Let me help

 

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and 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.