METRO VANCOUVER

Market activity continues upward; excellent supply; global oil prices could push up borrowing costs  

Metro Vancouver’s residential market posted optimistic increases in both sales and new listings in March. A total of 2,032 home sales represented a 23% month-over-month increase, and new listing hit a 22% rise over the preceding month. Although fulfilling expectations from February’s reversal after a lengthy sales slump, the normal increase in seasonal sales with spring officially around the corner may not reach historical levels. Global events continue to overshadow buyer decision-making, with key sectoral price inflation causing more economic uncertainty. As oil prices soar with the war in the Middle East, and grocery prices continue to increase with higher transportation costs added to trade tariff effects, there is still considerable hesitancy among many prospective home buyers. The Metro Vancouver home market remains down about 3% from last year, and 32% below the 10-year seasonal average. According to Ratehub.ca, the lowest 5-year fixed mortgage rate in Canada is currently 4.09% and variable rates are stable with the lowest 5-year rate at 3.35%. The site advises anyone shopping for a mortgage rate should strongly consider getting a pre-approval and rate hold up to 120 days.to secure access to current pricing.  Many economists expect a wave of inflation from global oil prices could impact Canadians within the next six weeks. In that scenario, fixed-term mortgage rates, tied to bond rates, will likely rise. This means a small window is open now for prospective home buyers looking for a fixed-term mortgage if they move quickly. The current inventory offers excellent choices with 5,792 new listings in March contributing to a total supply of 14,774 homes across all property types. This is higher by 9% over the preceding month, as well as 1.6% higher than one year ago and 38% above the 10-year seasonal average. Overall home prices are now inching up after a lengthy slide. At the end of March, the composite benchmark price for residential property in Metro Vancouver was $1,104,300, a 0.4% increase over the preceding month.

I invite you to review my monthly guide to benchmark prices across Metro Vancouver in the section below. Each selected benchmark represents the average home price for a comparable property across Metro Vancouver. On each side of the benchmark average you will find the three closest average prices for homes in different neighbourhoods. The monthly price changes are typical fluctuations arising from the relative market activity in a particular area. The range of prices making up the average price will also provide some insight into how the area may fit your purchase budget. If you are interested in exploring a particular area, please call me. I can provide you with the most up-to-date information on current listings. And if you are thinking about selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market. Please don’t hesitate 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 March was $1,854,800, an increase of 1.1% from the preceding month. The range of this average extended from $3.096,500 in West Vancouver to $848,200 on the Sunshine Coast.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North $1,922,100, an increase of 2.3% from the preceding month; Richmond at $1,974,200, a decrease of 0.7% from the preceding month; and Port Moody at $1,976,200, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,699,600, an increase of 0.5% from the preceding month; Coquitlam at $1,624,700, an increase 0.9% from the preceding month; and New Westminster at $1,470,900, a decrease of 0.4% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,047,100, an increase of 0.1% from the preceding month. The range of this average extended from $1,622,400 in Whistler to $720,500 on Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,255,800, an increase of 0.2% from the preceding month; Vancouver West at 1,396,800, a decrease of 1.9% from the preceding month; and Whistler at $1,622,400, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,044,000, an increase of 0.3% from the preceding month; Richmond at $1,037,500, a decrease of 0.6% from the preceding month; and Coquitlam at $1,007,500, an increase of 0.9% from the preceding month.

Condominiums           

The benchmark price for a condominium in Metro Vancouver at the end of March was $706,700, a decrease of 0.2% from the preceding month. The range of this average extended from $1,114,100 in West Vancouver to $453,200 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $722,500, an increase of 0.1% from the preceding month; Burnaby South at $764,900, an increase of 0.5% from the preceding month; and Vancouver West at $779,100, a decrease of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $702,100, an increase of 0.9% from the preceding month; Vancouver East at $669,700, an increase 2.5% from preceding month; and Coquitlam at $668,300, an increase of 0.4% 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.