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.