Metro Vancouver residential market remains busy; possible price rises seen for new year. 

Metro Vancouver’s residential market continued to see bustling activity throughout November. While showing a decline from the previous month’s sales, it should be remembered that the sales level in October this year was that month’s second-highest historical record. Even with a monthly sales volume decline, November’s total of 3,064 sales was close to 23% higher than one year ago, above the historical average with more than 3,000 sales for the first time in five years, and also nearly 25% higher than 10-year average. Prospective home buyers can still take advantage low mortgage interest rates while able to shop among the current inventory of over 11,118 properties in the Greater Vancouver area. However, I would encourage anyone eager to get make a purchase to act now as new listings have slowed recently. Although the current total supply of listed homes is over 3.0% higher than this time last year, November’s new listings decreased 27% from the previous month, bringing the current number down 10.5% from October’s inventory of 12,416. If supply continues to drop behind demand, it is likely that we will see a sharper increase in prices in the new year. Although the composite benchmark price for all property types across Metro Vancouver at the end of November showed a slight decrease of 0.1% from October, it was nonetheless almost 6.0% higher than one year ago. Home buyers, however, should keep an eye on the monthly price changes (see below) among different property types in various regions as the composite benchmark is an average that may not reflect more substantial price changes in specific cases.

While the current composite benchmark price in Metro Vancouver of $1,044,000, it is important to note that the benchmarks for both townhouses and condominiums still remain well under the $1-million mark. However, I would advise prospective buyers looking for townhouses that it is this category where the highest demand appeared this past November. Townhouses sales in Metro Vancouver totalled 632 in November, an increase of over 40% compared with the same month one year ago. Corresponding to this rise in townhouse sales, the benchmark price for this property type was 5.6% higher than for November 2019. Sales of detached homes in November showed the second highest property type demand with a 28.6% increase in sales volume compared with November 2019. Corresponding to the rise in detached home sales, the benchmark price for this property type was 9.4% higher than for November 2019. In the condominium category, sales this past November increased 12.2% over November 2019, and the corresponding benchmark price increased 3.4% for the same period.  Below, you can find the one-month average price changes for each property type above and below the benchmark in a comparative selection in geographical areas in Metro Vancouver. There are some decreases as well as increases that are worth noting. These contrasting price fluctuations show that while there appears to be upward pressure on prices in the near future, there are still some excellent opportunities right now. Please let me know if you would like more detailed information for any property type you are seeking. I can prepare detailed market analysis for you in the area of your choice showing recent sale prices and other market information that will help you in your decision making. I am always happy to help my clients in any way I can.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of November was $1,538,900, an increase of 1.0 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,122,100 and Sunshine Coast at $688,200. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,544,300, an increase of 1.9 % from the preceding month; Burnaby South at $1,573,400, an increase of 0.6 % from the preceding month; and North Vancouver at $1,671,500, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,533,600, an increase of 1.7 % from the preceding month; Burnaby North at $1,153,400, an increase of 1.4 % from the preceding month; and Coquitlam at $1,272,900, an increase of 0.9 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of November was $814,800, an increase of 0.2 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,150,600 and Maple Ridge at $558,500.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $821,500, an increase of 0.5 % from the preceding month; Vancouver East at $901,200, a decrease of 0.1 % from the preceding month; and North Vancouver at $1,031,400, an increase of 0.5 % from the preceding month. (Whistler was excluded here as it is too far out for my clients.) The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $803,600, a decrease of 0.3% from the preceding month; New Westminster at $755,700, a decrease of 0.1 % from the preceding month; and Burnaby North at $742,800, a decrease of 0.5 % from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

                                                                            

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of November was $676,500, a decrease of 1.0 % the from the preceding month. The extremities of this average were West Vancouver at $1,092,100 and Maple Ridge at $367,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $732,500, an increase of 1.0 % from the preceding month; Vancouver West at $764,300, a decrease of 2.5 % from the preceding month; and West Vancouver at $1,092,100, a decrease of 0.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $658,300, a decrease of 0.4 % from the preceding month; Port Moody at $658,300, an increase of 1.3 % from the preceding month; and Richmond at $651,900 an increase of 0.7 % from the preceding month. 

 

I can help

 

Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning.  In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates.