METRO VANCOUVER

Residential market remains robust; sales and new listings continue to balance for price stability

Even as autumn leaves began to fall, home sales and new listings continued to rise in Metro Vancouver. The robust housing market had its second-highest record for the month of October with sales reaching a total of 3,687. This was an increase of 1.2% over sales in September and 29% higher than the same period one year ago. It is also close to 35% above the 10-year average. New listings were up as well on a year-over-year comparison, with nearly a 37% increase over listings made in October 2019. However, the 5,571 new home listings across all property types this October represented a 13% decrease from the preceding month of September. At the end of October, the total inventory of homes listed for sale in Metro Vancouver was down 5.2% from the preceding month to 12,416, but it should be noted this was higher by 1.5% than for the same period last year.  The total supply therefore still provides an excellent selection for home buyers, and the volume of new listings continues to be a factor in moderating price increases in what is still a high demand market. Nonetheless, is it worthwhile to examine market activity for the property type located in the specific living area of your interest and to observe price fluctuations at this time. For the most part, monthly price changes continue in the same manner as they have for several months, which is an increase around 0.5% to just over 1.0%. However, there have been a few more significant price reductions over 2.0% which are worth keeping an eye on.  Please look the property types I have compared below for a guide to monthly price fluctuations in a selection of areas.

The composite benchmark price for all residential properties in Metro Vancouver at the end of October was $1,045,100, a 0.4% increase over September, and a 6.0% increase over the same period one year ago. With the considerable amount of speculation on Canada’s real estate markets in recent months, market watchers should note that Metro Vancouver’s current composite benchmark price is close to 90% higher than it was ten years ago. The Metro Vancouver market has remained very strong throughout the Covid period and continues to represent a sound long-term investment. With our historically low mortgage interest rates, market activity is continuing to be strong and it remains an opportune time for both home buyers and sellers of any of the three property types. This past October, condominiums led in sales reaching a total of 1,570, a 13.4% increase over the same month last year. Detached family home sales followed closely reaching a total of 1,335, an increase of 42.3% over October last year. Sales of attached homes also remained strong, reaching a total of 782 which was a 46% increase over the same month last year. Among the monthly comparisons provided below you will find average prices in different regions clustered around the overall benchmark price for each property type in selected areas of Greater Vancouver.  This will provide you with general guide based on monthly price fluctuations. I would point out this month that there are some larger than benchmark price changes in a few areas. For example, the 3.2% average increase for condominiums in West Vancouver, and the 2.7% increase for townhouses in Burnaby South may be of interest to anyone considering listing their home there; and in Vancouver East the 2.8% average decrease for townhouses there should be noted by prospective buyers in that area. I will be happy to provide more detailed market comparison to anyone interested in a particular geographical area. Please let me know if I can help.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of October was $1,523,800, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,118,200 and Sunshine Coast at $671,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,564,000, a decrease  of 0.9 % from the preceding month; Richmond at $1,581,600, an increase of 1.1 % from the preceding month; and North Vancouver at $1,665,100, an increase of 1.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,581,600, an increase of 2.1 % from the preceding month; Tsawwassen at $1,153,300, an increase of 0.4 % from the preceding month; and Burnaby North at $1,502,200, an increase of 0.1 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of October was $813,300, an increase of 0.4 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,158,300 and Maple Ridge at $554,000.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $817,600, an increase  of 1.5 % from the preceding month; Vancouver East at $902,100, a decrease of 2.8 % from the preceding month; and North Vancouver at $1,026,400, an increase of 1.7 % 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 $805,600, an increase 2.7 % from the preceding month; New Westminster at $756,500, a decrease of 0.2 % from the preceding month; and Coquitlam at $699,800, an increase 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 October was $683,500, no change from the from the preceding month. The extremities of this average were West Vancouver at $1,094,600 and Maple Ridge at $369,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $725,200, a decrease of 0.9 % from the preceding month; Vancouver West at $783,700, am increase of 0.2 % from the preceding month; and West Vancouver at $1,094,600, an increase of 3.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $661,000, an increase of 0.2 % from the preceding month; Richmond at $656,600, an increase of 0.2 % from the preceding month; and Port Moody at $648,100 an increase of 1.1 % from the preceding month. 

 

I can help

 

Please let me know if you have any questions about real estate matters.  I love to help clients and can provide experienced advice for any of your real estate needs. If you are wondering about mortgage rates and your budget, I have a strong background in banking and finance. Or if you would like to find a great tradesperson to carry out renovations on your home, I can recommend reputable and reliable tradespeople with fair and reasonable rates. Please call me if you have any questions at all.