METRO VANCOUVER

Spring sees spurt in sales and prices; new listings lag pace

Metro Vancouver’s residential market saw a spurt in spring sales as well as home prices last month, while new listings still lag but did push up the available inventory slightly over the preceding month. In the face of challenging mortgage rates, there was still a 40% increase in the number of properties sold in March compared with the previous month. March’s sales volume reached a total of 2,535, an increase of 727 sales over February’s total of 1808. It should be noted, however, that the Greater Vancouver Real Estate Board’s March statistics include for the first-time multifamily homes and land sales in monthly report of sales, and land listings in its new listings tally. The Real Estate Board noted, however, that the new categories typically account for less than 1% to 2% of sales recorded for detached, attached, and condominium properties. The month-over-over month uptick in sales in the current high interest regime no doubt signals strong pent-up demand in the region as seen in the longer-term comparison: 42.5% below the same period one year ago, and 28.4% down on the 10-year seasonal average. New listings across all property types in Metro Vancouver last month totalled 4,317, a 24.5% increase over new listings in the preceding month. However, the pace of new listings continues to lag historical averages. March’s new listings were down 35.5% from the same month one year ago, and 22.3% below the 10-year seasonal average. Last month’s new listings raised the available inventory of homes to 8,617, just under 1.0% more than February’s total. While this total represents an ample selection for prospective buyers, it still not sufficient to keep prices from moving up at present. The composite benchmark price for a residential property in Metro Vancouver at the end March was $1,143,900, still down 9.5% from one year ago but up 1.8% from the preceding month this year.

In my monthly selection below of benchmark prices for different areas of Metro Vancouver, you will find a guide to the month-over-month changes for comparable homes in each property type. Each of the benchmarks is an average between its highest and lowest prices (extremities) for the area, and around each benchmark I have clustered the three closest prices on each side of the average. Minor fluctuations in monthly prices are normal, but by noting the most recent increases or declines you can gain an insight into the current relative demand for a home in your area of choice. However, it is important to remember that benchmarks are averages and that there are often significant prices differences in specific properties. I am happy to provide you with the most up to date listing and asking prices for any area you may be interested in. And if you are interested in listing your home for sale, I can produce a Customized Market Analysis for you home and advise you on the optimal asking price in the current market. Please don’t hesitate to call. I love to help my clients with any of the real estate needs.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March was $1,861,800 an increase of 2.7% from the preceding month. The extremities of this average were West Vancouver at $3,019500 and Sunshine Coast at $8660,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,878,200, an increase of 2.0% from the preceding month; Port Moody at $2,017,400, an increase of 2.4% from the preceding month; and Burnaby South at $2.071,100, an increase of 3.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,735,300, an increase of 2.4% from the preceding month; Burnaby East at $1,727,900, a decrease of 0.1% from the preceding month; and Vancouver East at $1,717,300, an increase of 2.1% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,055,400, an increase of 1.7% from the preceding month. The extremities of this average were Whistler at $1,443,700 and Sunshine Coast at $730,000. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,079,600, an increase of 2.6% from the preceding month; Richmond at $1,103,200, an increase of 1.9% from the preceding month; and North Vancouver at $1,304,600, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,016,900, an increase of 1.7% from the preceding month; Richmond at $1,103,200, an increase of 1.9% from the preceding month; and Tsawwassen at $1,000,400, a decrease of 0.1 % from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of March was $737,400, an increase of 0.7% the from the preceding month. The extremities of this average were West Vancouver at $1,213,300 and Sunshine Coast at $576,700. The three municipalities closest to the benchmark on the higher side of the average were: Tsawwassen at $740,600, a decrease of 1.3% from the preceding month; Burnaby South at $774,900, an increase of 1.0% from the preceding month; and North Vancouver at $782,800, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Richmond at $726,300, a decrease of 1.3% from the preceding month; Ladner at $714,300, an increase of 0.6% from the preceding month; and Burnaby North at $713,800, an increase of 1.6% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have 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.