METRO VANCOUVER

Summer brings out buyers; general price declines; borrowing rates still steady

Summer sunshine has brought home buyers off the sidelines in Metro Vancouver with residential sales shooting up 11% from the previous month. June’s sales total was also a 10% over the same period last year. While the market is still lagging in its full recovery with the current volume still 12% below the 10-year seasonal average, June’s sales data suggested all property types fared well with the increased demand, auguring an optimistic outlook for a sustained upward trend in sales. However, new listings last month, while still strong with almost 6,000 across all property types, were a slight dip of close to 3% from the preceding month, prompting a question about this side of the sustainability trend. With June new listings down 6% from the same period last year, and 5.9% below the 10-year seasonal average, market watchers will be keeping an eye on the Metro Vancouver’s inventory going forward. At the end of June, the total supply of available homes across all property types was 17,017, a 3.1% decrease from the same month last year, although a robust 30.2% above the 10-year seasonal average. In the event of continued rising demand and diminishing new listings, home prices could respond to the basic supply and demand pressure, although for the past month continued to see the general price decline, with a few exceptions, across the market. It was good news for home buyers to hear the Bank of Canada’s announcement one week ago that it was holding steady at 2.25% on its key policy rate, where it has remained since December 2025. It was widely seen as a response to Canada’s economy that had contracted unexpectedly by 0.1% in the first quarter of this year, far below the Bank’s prediction of 1.5% growth made last April. However, with the resumption of hostilities in the Persian Gulf, rising oil prices can still put inflationary pressure on the Canadian economy. Canada’s best commercial mortgages at the time of this writing  were 4.09% and 3.94% for five-year fixed and 3.40% five-year variable mortgages. The composite benchmark price for residential property in Metro Vancouver at the end of June was $1,027,900, a decline of 0.1% from the preceding month.

Please review my monthly selection below of comparative benchmarks across Metro Vancouver for the past month. For each property type, you will find an overall benchmark price surrounded by the three closest average prices on each side of the benchmark average. The month-over-month price change is typically a reflection of the relative market activity in the neighborhood. Remember that benchmarks are averages, and a particular actual price may be a better fit for your budget. If you are interested in exploring any specific area, please let me know. I can provide you with the most up-to-date information on current listings. And if you are considering selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price is the current market conditions.  Pleas feel free to call. I love to help my clients in any way I can. 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $1,842,900, a decrease of 0.3% from the preceding month. The range of this average extended from $3,042,100 in Vancouver West to $851,200 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North $1,868,900, a decrease of 0.9% from the preceding month; Richmond at $1,933,900, a decrease of 1.4% from the preceding month; and Port Moody at $1,947,300, a decrease of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,771,000, a decrease of 1.3% from the preceding month; Squamish at $1,705,300, a decrease of 0.3% from the preceding month; and Vancouver East at $1,659,400, a decrease 1.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $1,046,200, a decrease of 0.2% from the preceding month. The range of this average extended from $1,690,300 in Whistler to $743,600 on Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,054,900, a decrease of 1.1% from the preceding month; North Vancouver at 1,259,600, a decrease of 1.9% from the preceding month; and Vancouver West at $1,351,600, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,025,100, an increase of 0.1% from the preceding month; Coquitlam at $1,016,200, a decrease of 0.7% from the preceding month; and Squamish at $1,005,600, a decrease of 1.1% from the preceding month.

Condominiums           

The benchmark price for a condominium in Metro Vancouver at the end of June was $695,200, a decrease of 0.4% from the preceding month. The range of this average extended from $1,046,900 in West Vancouver to $424,200 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were:  Port Moody at $698,300, a decrease of 0.7% from the preceding month; Burnaby East at $709,200, a decrease of 2.0% from the preceding month; and Burnaby South at $739,100, a decrease of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $678,700, a decrease of 1.5% from the preceding month; Coquitlam at $653,900, a decrease 0.5% from preceding month; and Richmond at $649,900, a decrease of 1.7% 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.