METRO VANCOUVER

Sales continue upward trend; large inventory; excellent purchase opportunities

Metro Vancouver residential market saw another month of gradual recovery with July’s sales reaching 2,285, 4.8% above the previous month, although 14 % below the 10-year seasonal average. The continuing upward trend, which started at the beginning of this year, is positive news even as sales lag with many purchasers remaining hesitant in the current economic climate. While the most recent figures are 2.0% below the same month one year ago, the current rise in purchases has taken advantage of the abundant inventory and the resulting price declines. Although new listings in July dropped 11% from the preceding month, they still registered strongly with an 0.8% rise above the same period last year. This brought the number of available homes across all property types at the end of July to a total of 17,168, almost 20% higher than last year at this time, and 12.4% above the 10-year seasonal average. At the end of July the Bank of Canada held its policy rate at 2.75%, the third consecutive hold on the rate after seven consecutive cuts. This key rate has produced mortgage rates at commercial banks around 4.0% for both five-year fixed and five-year variable rate mortgages at present. However, the Bank of Canada noted in its last announcement that while the Canadian economy has so far shown resilience to U.S. tariffs, the magnitude of the tariffs made it impossible for policymakers to offer guidance on the economy. The central bank, nonetheless, expects Canada’s Consumer Price inflation to remain near 2.0% for the medium term. The BoC’s next policy rate announcement is scheduled for September 17. The effect of uncertainty in the economy is no doubt keeping many potential buyers on the sidelines. Market watchers are therefor keeping an eye on prices, which are dropping, with few exceptions, for all property types across Metro Vancouver. Notable exceptions with significant price increases last month were for Single Family Detached home in Burnaby East up 4.5% and in New Westminster up 4.7%; and Townhouses in Ladner up 2.0%. At the end of July, the composite benchmark price for a residential property in Metro Vancouver was $1,165,300, a 0.7% decrease from the preceding month.

 

Please review my monthly selection below of comparative benchmark prices in different areas of Metro Vancouver. The overall benchmark for each property type is provided along with a cluster of the three closest prices on each side of the benchmark average. The extremities of each average is given so you can get an idea of the range of prices making up the average. Remember that benchmarks are averages, so there may be an actual price concealed in the average that is attractive to you. If you are interested in any particular neighbourhood, I can  provide you with the most up-to-date information on any area. And if you are thinking about listing your home for sale, I can prepare a Customized Market Analysis of your property and advise you on the optimal asking price in the current market conditions. Please don’t hesitate to call. I love to help my clients in anyway I can.           

 

Detached homes

 

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $1,974,400, a decrease of 1.0% from the preceding month. The extremities of this average were Vancouver West at $3,311,800 and Sunshine Coast at $885,100. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,083,000 a decrease of 1.6% from the preceding month; Richmond at $2,087,000, a decrease of 1.4% from the preceding month; and Burnaby North at $2,130,900, a decrease of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,854,000, an increase of 4.5% from the preceding month; Vancouver East at $1,794,500, a decrease of 2.0% from the preceding month; and Coquitlam at $1,737,100, a decrease of 0.8% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of July was $1,099,200, a decrease of 0.4% from the preceding month. The extremities of this average were Whistler at $1,6663,800 and Sunshine Coast at $752,600. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,117,900, an increase of 1.2% from the preceding month; North Vancouver at 1,314,500, a decrease of 2.8% from the preceding month; and Vancouver West at $1,417,400, a decrease of 1.0% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,093,800, a decrease of 0.2% from the preceding month; Richmond at $1,093,800, a decrease of 0.4% from the preceding month; and Burnaby South at $1,074,500, a decrease of 0.1% from the preceding month.

 

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of July was $743,700, a decrease of 0.6% from the preceding month. The extremities of this average were: West Vancouver at $1,300,500 and Sunshine Coast at $503,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $765,600, a decrease of 1.0% from the preceding month; Burnaby South at $808,700, a decrease of 0.3% from the preceding month; and North Vancouver at $818,500, an increase 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 $731,900, a decrease of 1.3% from the preceding month; Richmond at $709,800, an increase 0.1% from preceding month; and Coquitlam at $705,400, a decrease of 0.8% from the preceding month.

 

Let me help

 

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a 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.