METRO VANCOUVER

New listings expand inventory; prices still declining, with exceptions

The Metro Vancouver residential market showed positive signs in its replenishment of housing stock in September, even as home sales continued to decline under the ongoing central bank regime of interest rate hikes. With the 4,329 new listings across all properties types last month, the net available inventory, after sales, expanded to 9,971 homes, a 3.2% increase from the previous month. This ample selection of homes in Metro Vancouver provides an attractive range for buyers, who now have a comfortable purchasing environment, and a composite benchmark price still close to 30% higher than three years ago. While the market continues to cool from its previously overheated  pace, the present conditions present excellent purchase opportunities. Despite the ongoing decline in sales volumes as many prospective buyers face greater challenges in mortgage financing, it is important to remember that the rate of sales decline in each of the past six months has been measured against the extraordinary surge in home buying during the pandemic’s low interest period. Last month, Metro Vancouver sales dropped by 9.8% from the preceding month, and notably this was a 46.4% decrease from the homes sold in the same period one year ago. Nonetheless, last month’s sales were 35.7% below the 10-year September average, an indication of the impact of the current mortgage rate increases. Along with declining sales and the increasing stock of properties, home prices dropped again in September, which can seen in the selection of comparative home benchmarks below. However, it is worth noting that even with a decline this past month, the composite benchmark price for Metro Vancouver home last month was still 3.9% higher than it was one year ago.  

The composite benchmark price for residential property in Metro Vancouver at the end of September was 1,155,300, a decline of 2.1% from the preceding month. In the following selection for one-month benchmark price changes, I show the most recently published  figures at the end of September for different geographical areas of Metro Vancouver. Each comparison shows the benchmarks clustered around the overall benchmark for a particular property category, along with the extremities of the average in order to inform you of the range of prices within the benchmark.  While price declines have predominated in most areas, one notable exception last month was in Burnaby East where the benchmark price for a detached family home increased by 3.2% from the preceding month. I would therefore encourage prospective buyers to examine these changes in this regular section of our monthly newsletter. While monthly fluctuations do not necessarily signal a trend, they do provide insight in the sales activity that can drive price changes. Last month, among the three property types, condominiums were the lead sellers, with 888 sales; detached home followed with 525 sales; and townhouses sold in third place with 274 sales. As you peruse these prices, keep in mind that benchmark are averages for comparable homes and are only a guideline for your home shopping. If you would like details on any area please don’t hesitate to call me. I can provide buyers with the most current details for their area of choice, and for sellers, I can prepare a Customized Market Analysis for your property. 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 Metro Vancouver at the end of September was $1,906,400, a decrease of 2.4% from the preceding month. The extremities of this average were West Vancouver at $3,264,900 and Sunshine Coast at $946,500.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,957,400, a decrease of 3.3% from the preceding month; Port Moody at $2,079,400 a decrease of 1.2% from the preceding month; and Burnaby South at $2,111,300, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side  of the average were: Burnaby East at $1,784,800, an increase of 3.2% from the preceding month; Coquitlam at $1,779,200, a decrease of 0.9% from the preceding month; and Vancouver East at $1,741,300, a decrease of 3.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $1,048,900, a decrease of 1.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,455,700 and Sunshine Coast at $723,400. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,051,500, a decrease of 0.7% from the preceding month; Vancouver East at $1,069,800, a decrease of 3.4% from the preceding month; and North Vancouver at $1,220,700, a decrease of 5.3% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $710,200, a decrease of 1.3% from the preceding month; Ladner at $708,900, a decrease of 0.7% from the preceding month; and Burnaby North at $707,700, a decrease of 1.4% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of September was $728,500, a decrease of 1.8% the from the preceding month. The extremities of this average were West Vancouver at $1,193,200 and Sunshine Coast at $542,000. The three municipalities on the higher side of the average were: Tsawwassen at $733,000, a decrease of 1.2% from the preceding month; Burnaby South at $750,300, a decrease of 3.4% from the preceding month;  and Burnaby East at $766,400, a decrease of 3.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $710,200, a decrease of 1.3% from the preceding month; Ladner at $708,900, a decrease of 0.7% from the preceding month; and Burnaby North at $707,700, a decrease of 1.4% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, 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.  

FRASER VALLEY

Balanced market, but still cooling; new listings sell quickly

Home sales in the Fraser Valley in September continued the downward trend seen over the past six months, showing a decrease of 11.8% from August. While the market’s cooling is still primarily attributable to the higher mortgage interest regime that has seen rate hikes ongoing since last spring, Valley prices also fell with the declining sales volume as demand by prospective buyers lessened under more onerous mortgage qualification requirements. However, a rise in new listings in September appears to signal that prospective home buyers are again becoming comfortable with the new price levels taking shape. Recent new listings increased more than 11% over August’s figures, bringing the Valley’s available inventory to over 5,800 properties at the end of September. With the rising available housing supply, just 1.1% below the preceding month of August, the Valley’s residential market had an overall sales-to-active ratio of 15%. This is squarely in the mid-range of a what is called a balanced market, defined with the ratio between 12% and 20%. The current inventory level offers prospective buyers an excellent selection with a wide variety of homes, notably over 53% higher than in the same period one year ago. September’s demand for a Valley home translated into 897 sales transacted in the month, with purchases fairly evenly distributed across all property types, and new listing being sold with relatively little time on the market. Single family detached homes sold on average within 34 days; townhouses on average within 32 days; and condominiums within an average of 30 days. Some further slowing in sales is expected while the market continues to settle into a state of normal upward price movement; however, there are still excellent purchase opportunities at this time for buyers eager to get into a Valley home.

The combined benchmark price for residential property in the Fraser Valley at the end of September was $1,011,100, a decline of 3.0% from the preceding month. Notably, the biggest declines were seen in detached homes, with benchmark prices in this category now at levels recorded one year ago. In the section below, you will find the benchmark prices for each property type in Fraser Valley at the end September along with the high and low ends of the average as an indicator of the range of prices composing the benchmark. Clustered around each benchmark are the closest prices for comparable properties in different areas of the Fraser Valley. Each price shows the average price change from the previous month, a general indicator of the current demand in a particular area. It is important to remember that benchmarks are average prices for comparable homes and can be useful as a general guide to a price in a specific area. However, I encourage you to call me if you would like more detailed information on a neighborhood of your choice. I am also able to prepare a Customized Market Analysis for your home if you are considering selling. Please don’t hesitate to call.  I want to help my clients in any way I can.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of September was $1,462,000, a decrease of 3.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,897,500 and Mission at $993,900. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,298,200, a decrease of 3.5% from the preceding month; Langley at $1,556,000, a decrease of 4.1% from the preceding month; and South Surrey/White Rock at $1,897,500, a decrease of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,449,300, a decrease of 3.5% from the preceding month; North Delta at $1,462,000, a decrease of 3.4% from the preceding month; and Abbotsford at $1,150,500, a decrease of 6.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $822,400, a decrease of 2.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $924,900 and Abbotsford at $446,500. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $871,700, a decrease of 1.9% from the preceding month; North Delta at $554,500, a decrease of 2.2% from the preceding month; and South Surrey/White Rock at $924,900, a decrease of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $815,900, a decrease of 2.0% from the preceding month; Cloverdale at $808,500, a decrease of 1.8% from the preceding month; and North Surrey at $735,600, a decrease of 4.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $530,400, a decrease of 2.2% from the preceding month. The extremities of this average were Langley at $599,800 and Mission at $465,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $538,000, a decrease of 2.3% from the preceding month; North Delta at $554,500, a decrease of 2.2% from the preceding month; and Cloverdale at $555,300, a decrease of 3.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $486,500, a decrease of 1.3% from the preceding month; Mission at $465,300, a decrease of 2.2% from the preceding month; and Abbotsford at $446,500, a decrease of 1.2% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, 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. 

FRASER VALLEY

Home sales uptick in Fraser Valley; excellent purchase opportunities.

Fraser Valley residential sales increased slightly in August, up 2.4% from the preceding month. While total sales volume continues around half of what it was a year ago, the current upward sales tick, along with an ample inventory nearing 6,000 listings, signals the return to a balanced market, with an overall sales-to-active ratio of 17%. The Fraser Valley Real Estate Board identifies a balanced market when the ratio is between 12% and 20%. Home sales have been in steady decline since spring when the Bank of Canada began its series of policy rate increases in its current inflation-fighting effort. With mortgage interest rates rising in tandem with the central bank’s rate increases, many buyers have been sidelined by the mortgage stress test which is now set at 2.0% higher than their actual mortgage interest rate. Last week the BoC announced its latest rate increase of 75 basis points, raising the policy rate to 3.25% which is expected to push commercial bank mortgage borrowing to around 4.35% for variable mortgages, while five-year fixed rate mortgages are expected to rise to around 5.0%. Along with the declining sales for several months, Fraser Valley home prices have also declined, with benchmark prices across all property types now roughly in line with prices one year ago. However, it should be remembered that the overheated market during the pandemic period was largely produced by record low interest rates during that period. The sellers’ market created during this time saw record price levels which are now returning to more historical levels. 

The combined benchmark price for residential property in the Fraser Valley at the end of August was 1,042,600, a decline of 4.5% from the preceding month. However, the current combined benchmark is still over 11% higher than one year ago, and buyers are encouraged now to look at excellent purchase opportunities in a region that promises long term value for home investment. Prospective buyers can find in the selection of comparative benchmark prices below, the month-over-month changes in the benchmarks for different areas of the Valley. This will help you to locate where you might find a property in the price range you are seeking. It is important, however, to remember that benchmarks are averages and specific properties can vary in prices significantly between the extremities of the average, which is also provided for each property type. I would therefore encourage you to examine the selection below and call me for details on any area you are interested in. I am able to provide you with up to date information on any particular listing, And if you are considering listing your property, I can develop a customised Comparative Market Analysis for your home and advise you on the optimal listing price at this time. Newly listed properties sell average quite quickly in the Fraser Valley. Last month single family detached homes sold on average within 33 days; townhouses were on the market for an average of 26 days; and condominiums sold on average within 35 days of their listing. Please feel free to  call me for any of your real estate needs. I am always happy to help my clients with any of their questions.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,513,500, a decrease of 5.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,954,000 and Mission at $1,001,000. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,534,800, a decrease of 6.2% from the preceding month; Surrey at $1,561,000, a decrease of 4.9% from the preceding month; and Langley at $1,622,100, a decrease of 5.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,501,100, a decrease of 4.8% from the preceding month; North Delta at $1,345,700, a decrease of 4.7% from the preceding month; and Abbotsford at $1,228,500, a decrease of 6.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $841,900, a decrease of 3.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $939,300 and Mission at $704,700. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $886,100, a decrease of 5.9% from the preceding month; Langley at $888,900, a decrease of 4.0% from the preceding month; and South Surrey/White Rock at $939,300, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $832,700, a decrease of 4.9% from the preceding month; Cloverdale at $823,200, a decrease of 3.5% from the preceding month; and North Surrey  at $770,2300, a decrease of 2.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $542,000, a decrease of 2.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $609,800 and Abbotsford at $451,800. The three municipalities closest on the higher side of the average were: Surrey at $550,600, a decrease of 3.3% from the preceding month; North Delta at $550,600, a decrease of 2.1% from the preceding month; and Cloverdale at $574,300, an increase of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $492,900, a decrease of 1.2% from the preceding month; Mission at $475,800, an increase of 3.8% from the preceding month; and Abbotsford at $451,800, a decrease of 4.2% from the preceding month. 

Let me help

These are challenging times for many home buyers and homeowners. With Bank of Canada interest rates now rising, 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. 

METRO VANCOUVER

Rate of sales decline slows; long-term home value holds in Metro Vancouver

Home sales showed a marked reduction in the rate of decline for the month of August in Metro Vancouver compared to recent months. While sales showed a decline of 22.8% decline from June to July, the drop from July to August was a mere  0.9%. Although it is too early to tell if sales activities are levelling off under the Bank of Canada’s current interest rate increases, the latest monthly sales data suggests a rebalanced  market may already exist in Metro Vancouver. The market’s total sales volume for August was 40.7% below the same period one year ago, and 29.2% below the 10-year average.  The central  bank rate increases, which began in March, are aimed at stemming Canada Consumer Price Index inflation, which remains above 7.0%. However, the central bank has noted that even though CPI inflation has eased a bit since the interest hikes began, the country’s core inflation continues to move up, reaching 5.5% in July. The BoC will therefore likely need to raise its policy rate still higher in order to bring inflation down to its target level of 2.0%. Thus, home buyers will see even higher thresholds to qualify under the mortgage stress test which is at least 2.0% higher than their actual mortgage interest rate. Variable mortgage rates will also have to rise, as some experts predict to around 4.35%, while five-fixed mortgage rates will peak around 5.0%. Prices have also dropped during this period of  market cooling, as have new listings.

The composite benchmark price for a residential property in Metro Vancouver at the end of August was $1,180,500, a 2.2% decrease from the preceding month. However, this benchmark price is still 7.4% higher than one year ago, an indication of the long-term value in Metro Vancouver’s residential market. And while new listings saw a 16% decrease from the previous month, the total inventory of available homes at the end of August was 9,662, a 7.1% increase over the same period last year. This provides buyers a good selection across all property types in a climate of reduced prices. The my monthly selection below of benchmark prices, you can compare the month-over-month price changes in different areas in Metro Vancouver. During the past month of August, sales of condominiums saw the highest volume among the three property types, reaching a total 998 units sold, an increase of 8.7 % over the same month one year ago. Detached home sales totalled 517, a 7.9% increase over August last year; and townhouse sales reached a total of 355, a 2.5% increase over one year ago. These notable year-over-year increases show a continuing confidence in the Metro Vancouver market even in the current sales downturn. It is important to place the current rate of decreases in the context of the incentivised buying of record low interest rates set during the pandemic period. Please feel free to contact me for additional information on properties in your preferred area. Benchmarks can be used a guides, but these averages are made up of a wide range of specific prices between the extremities of each benchmark noted here.     

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $1,945,100 a decrease of 2.3% from the preceding month. The extremities of this average were West Vancouver at $3,340,400 and Sunshine Coast at $957,200.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,962,000, a decrease of 5.5% from the preceding month; Burnaby South at $2,105,200 a decrease of 0.2% from the preceding month; and Richmond at $2,111,300, a decrease of 0.9% from the preceding month. (Squamish is excluded here because it is too far out for my clients.) The three municipalities closest to the benchmark on the lower side  of the average were: Coquitlam $1,794,700, a decrease of 3.2% from the preceding month; Vancouver East also at $1,794,700, a decrease of 1.6% from the preceding month; and Burnaby East at $1,730,000, a decrease of 4.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of August was $1,069,100, a decrease of 2.5% from the preceding month. The extremities of this average were Whistler at $1,487,800 and Sunshine Coast at $749,400. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,096,600, an increase of 2.3% from the preceding month; Vancouver East at $1,108,000, a decrease of 3.7% from the preceding month; and North Vancouver at $1,288,800, a decrease of 3.6% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,059,100, a decrease of 1.9% from the preceding month; Coquitlam at $1,058,500, a decrease of 2.1% from the preceding month; and Burnaby South at $964,300, a decrease of 2.6% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of August was $740,100, a decrease of 2.0% the from the preceding month. The extremities of this average were West Vancouver at $1,234,700 and Sunshine Coast at $600,700. The three municipalities on the higher side of the average were: Tsawwassen at $741,800, a decrease of 1.3% from the preceding month; Burnaby South at $776,300, a decrease of 0.3% from the preceding month;  and North Vancouver at $782,700, a decrease of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $719,600, a decrease of 0.9% from the preceding month; Burnaby North at $717,300, a decrease of 2.4% from the preceding month; and Ladner at $714,200, an increase of 1.4% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With Bank of Canada interest rates now rising, 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.  

METRO VANCOUVER

Home sales continue to slow; prices decline

Residential market activity in Metro Vancouver is continuing to slow under the Bank of Canada’s inflation fighting measures. At the end of July, the region’s home sales for the month reached a total of 1,887, a 22.8% decline from the previous month. It was also 43.3% lower than the same period one year ago, and 35.2% below the 10-year average. Last month the Bank of Canada’s policy interest rate was hiked by 100 basis points, the largest rate increase in over two decades,  bringing the key interest rate to 2.5%. With Canada’s consumer inflation rate still above 8%, the BoC’s rate is cooling the country’s housing market as higher mortgage rates have also ensued. The next Bank of Canada rate announcement is scheduled for September 7 and the Bank’s inflation outlook will be published in October. At the present time, Metro Vancouver’s rebalanced pace of activity provides home buyers an opportunity to transact sales in a more relaxed environment and the supply of homes for sale is gradually being restored. July saw 3,960 new listings across all property types, bringing the total inventory at the end of last month to 10,288. While new listings last month were 9.5 % lower than the same period one year ago, and 24.7% down from the preceding month, the rebalanced market following the Covid period provides a plentiful selection for home buyers at this time.  Price declines also make this an attractive time for buyers with sufficient down payments for mortgage qualification.

The composite benchmark price for a Metro Vancouver residential property at the end of July was $1,207,400, a decline of 2.3% from the preceding month. This is the third consecutive month of a composite benchmark price decline in Metro Vancouver, and the biggest month-over-month decrease since the Bank of Canada’s rate increases began last March. The composite benchmark represents the combined average price for all property types in the market. Below, you will find benchmark prices for each property type in a selection of areas across Metro Vancouver. The selection of these municipalities is based on the three benchmarks on each side of the average price for each property types. Each benchmark price shows the month-over-month price change which is usually indicative of the sales activity for comparable homes in the area. These comparisons are intended only as guide for both home shoppers and prospective sellers. It is important to remember that benchmarks are averages so  one should also look at the extremities of the averages also noted below, in order to get an idea of the range of prices for properties in the area. I am able to provide clients with more detailed information on any listed property. if you are contemplating selling you home, I can also provide assistance in determining your optimal listing price in the current market, and produce a Customized Market Analysis for your home. I am happy to help in any way with whatever your real estate transaction may be. Please don’t hesitate to call me.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $2,000,600, a decrease of 2.8% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,381,800 and Sunshine Coast at $997,000.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,076,700, a decrease of 2.4% from the preceding month; Burnaby South at $2,108,600 a decrease of 7.2% from the preceding month; and Richmond at $2,129,600, a decrease of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam $1,853,500, a decrease of 1.1% from the preceding month; Vancouver East at $1,823,500, a decrease of 4.2% from the preceding month; and Burnaby East at $1,805,400, a decrease of 4.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of July was $1,096,500, a decrease of 1.7% from the preceding month. The extremities of this average were Whistler at $1,536,400 and Sunshine Coast at $773,700. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,122,000, an increase of 0.5% from the preceding month; Vancouver East at $1,149,800, an increase of 1.7% from the preceding month; and North Vancouver at $1,336,400 a decrease of 0.8% from the preceding month;  The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,080,700, a decrease of 0.5% from the preceding month; Richmond at $1,079,900, a decrease of 2.6% from the preceding month; and Burnaby South at $990,500, a decrease of 4.9% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of July was $755,000, a decrease of 1.5% the from the preceding month. The extremities of this average were West Vancouver at $1,243,300 and Maple Ridge at $558,300. The three municipalities on the higher side of the average were: Burnaby South at $778,600, a decrease of 2.0% from the preceding month; North Vancouver at $803,300, a decrease of 2.6% from the preceding month;  and Burnaby East at $814,700, 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 North at $734,800, a decrease of 0.8% from the preceding month; Tsawwassen at $731,900, a decrease of 4.1% from the preceding month; and Port Moody at $726,300, a decrease of 2.8% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With Bank of Canada interest rates now rising, 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.  

FRASER VALLEY

Home sales, prices continue to decline; excellent purchase opportunities

While inflation fighting measures continue with rising mortgage interest rates, Fraser Valley home sales declined again in July. The total number of sales at the end of the month reached 993, a decrease of 22.5% from the preceding month, and 50.5% drop from the same period one year earlier. The continuing decline is evidence that the Bank of Canada’s schedule of policy rate increases is working to cool the housing market after its lengthy run of low-interest fuelled purchasing during the pandemic period. With the central bank’s key rate now at 2.25% following its latest hike of 1.0% last month, the Fraser Valley’s residential market has seen a drop in sales transactions for each of the last four consecutive months. New listings also declined month over month, with July’s totalling 2,385, a 28.4% drop from new listings recorded in June. However, it should be noted that the  decline in the rate of new listings from the same period one year ago was 1.9%, an indicator of the rebalancing of the market in the current post covid period. The available inventory at the end of July was 6,413 across all property types, an increase of 30.9% over the July stock one year ago. This supply provides an excellent selection of homes for prospective buyers and newly listed properties are still selling quickly across the Valley. During July, a single family detached home sold on average within 24 days on the market; townhouses within an average of 19 days; and condominiums on average within 21 days. Along with the slowing demand, prices have also continued to drop, providing many excellent opportunities for buyers at this time.

The combined benchmark price for a Fraser Valley residential property at the end of July was $1,091,800, a drop of 3.2% from the preceding month. For a month-over-month comparison of benchmark prices for each property type, look at the selection of benchmarks in the categories below. While you will see average one month decreases of 2.0% to 3.5% across each property category, it is worth noting that the overall benchmark for the Valley is still over 18% higher than one year ago, a good indicator of the long-term value of a Valley home. The benchmarks selected below are based on the average price for the property type across the Valley, with a cluster of prices on both sides of the average to serve as a guide to different geographical areas. It is also important to note the extremities making up the average since average prices may conceal considerable differences in specific actual prices. If you would like more detailed information for homes for sale in any particular area, please don’t hesitate to call me. I can also advise anyone who is thinking about selling on the optimal price to list your property in this current market, and can prepare a customized market analysis for your home with comparable homes sold in area. I am happy to assist you with whatever real estate questions you may have.       

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,594,400, a decrease of 3.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,011,800 and Mission at $1,073,600. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,635,900, a decrease of 3.3% from the preceding month; Surrey at $1,642,000, a decrease of 3.0% from the preceding month; and Langley at $1,720,700, a decrease of 3.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,576,300, a decrease of 4.0% from the preceding month; North Delta at $1,412,500, a decrease of 7.1% from the preceding month; and Abbotsford at $1,313,700, a decrease of 4.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $876,500, a decrease of 2.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $960,900 and Abbotsford at $746,600. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $925,300, a decrease of 0.9% from the preceding month; North Delta at $942,000, a decrease of 3.2% from the preceding month; and South Surrey/White Rock at $960,900, a decrease of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $875,100, a decrease of 1.8% from the preceding month; Cloverdale at $853,300, a decrease of 3.6% from the preceding month; and North Surrey  at $787,300, an increase of 1.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $553,400, a decrease of 2.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $620,100 and Abbotsford at $471,600. The three municipalities closest on the higher side of the average were: Cloverdale at $564,600, a decrease of 2.3% from the preceding month; Surrey at $569,300, a decrease of 3.7% from the preceding month; and North Delta at $593,400, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $499,100, a decrease of 2.9% from the preceding month; Mission at $494,600, an increase of 0.1% from the preceding month; and Abbotsford at $471,600, a decrease of 2.5% from the preceding month. 

Let me help

These are challenging times for many home buyers and homeowners. With Bank of Canada interest rates now rising, 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.  

METRO VANCOUVER

Market rebalancing sees prices decline, supply increase

As Metro Vancouver’s residential market continues to adjust the Canada’s changing mortgage environment, higher borrowing costs have served to quell home sales significantly. June sales dropped to 2,444, a decline of more than 16% from the preceding month, and 35% down from the same period one year ago. This was also a 23.3% below the 10-year average. Notably, as part of the market’s current rebalancing, the decline in sales is improving the inventory of available homes which had previously shrunk to its lowest levels in years. The total supply of home in Metro Vancouver at the end of June reached 10,425, a 4.1% increase over May this year. However, while new listings this past June were still almost 18% lower than in May, and just over 10% less than one year ago, these declines may indicate many potential sellers are holding on to their properties during this period of high inflation, as payments on existing mortgages may be seen by some as benefitting from inflated dollar values at the current time. In late June, the Bank of Canada reported that consumer price inflation had risen to 7.7%, up from 6.8% in April and the biggest yearly increase since 1983. A further Bank of Canada policy rate increase is scheduled for today. (Our newsletter was produced ahead of today’s announcement.) Today’s rate increase, as speculated widely by many economists, will be the largest in the BoC’s current series of increases, adding 75 basis points to bring the policy rate to 2.25%, the highest in the last five months.  

The composite benchmark price for a residential property in Metro Vancouver at the end of June was $1,235,900, a decline of 2.0% from the previous month. This is the second consecutive monthly decrease in the composite benchmark since the Bank of Canada rate increases began in March this year. The composite benchmark decrease in May of 0.3% was significantly less  than the June decrease, suggesting that the Bank of Canada’s higher rates are working to cool  Metro Vancouver market from the overheated pandemic period. In the selection of benchmarks below for each property type in different areas of Metro Vancouver at the end of June, you will see the average price for comparable homes along with the one month price change. In almost all instances, the benchmark prices shows a decrease from the preceding month. In terms of sales volumes for each property type in June, the most sales were in Condominiums, reaching total sales of 1,326, a 25.3%  decrease compared with the same period one year ago. Sales of detached homes followed with June’s total reaching 683, a 48.3% decrease from one year ago. Townhouse sales for June totalled 465, a 36% decrease from June one year ago. The benchmark prices are meant as a guide to the current prices and price changes in different areas for both buyers and sellers. It is important to remember, however, that benchmarks are average prices and individual property prices may vary significantly. Please feel free to call me if you would like more detailed information for any property type in any region. I keep a close eye on the market and can advise you on making an offer for a listed home, or on the optimal asking price if you are thinking of selling.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $2,058,600, a decrease of 1.7% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,497,700 and Sunshine Coast at $1,025,600.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,128,000, an increase of 0.5% from the preceding month; Richmond at $2,160,500 a decrease of 0.8% from the preceding month; and Coquitlam at $1,874,100, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East $1,904,000, a decrease of 2.2% from the preceding month; Burnaby East at $1,888,500, an increase of 0.5% from the preceding month; and Port Moody at $2,201,300, a decrease of 1.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $1,15,600, a decrease of 2.2% from the preceding month. The extremities of this average were Whistler at $1,531,100 and Sunshine Coast at $770,500. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,126,500, a decrease of 1.9% from the preceding month; Vancouver East at $1,130,800, a decrease of 1.3% from the preceding month; and North Vancouver at $1,347,200 a decrease of 3.7% from the preceding month;  The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,108,200, a decrease of 1.7% from the preceding month; Coquitlam at $1,086,500, a decrease of 3.1% from the preceding month; and Burnaby South at $1,041,500, a decrease of 2.2% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of June was $766,300, a decrease of 1.7% the from the preceding month. The extremities of this average were West Vancouver at $1,255,800 and Maple Ridge at $564,300. The three municipalities on the higher side of the average were: Burnaby South at $787,300, a decrease of 2.7% from the preceding month; Burnaby East at $816,700, a decrease of 2.6% from the preceding month;  and North Vancouver at $819,600, a decrease of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Tsawwassen at $763,500, a decrease of 1.9% from the preceding month; Port Moody at $747,300, a decrease of 1.4% from the preceding month; and Richmond at $746,200, an increase of 1.0% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With Bank of Canada interest rates now rising, 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.  

FRASER VALLEY

Fraser Valley sees price declines; total available inventory is up.

Home sales continued to decline for the third consecutive month as the Fraser Valley residential market shows signs of rebalancing under the current regime of rising interest rates in Canada. The Valley’s sales  for the month of June  decreased by 5.8% from the previous month, reaching a total of 1,281. This was also a decline of 43% from sales in the same period one year ago. Many prospective buyers are now facing the challenges in mortgage qualification as commercial banks raise their lending rates with each Bank of Canada (BoC) key rate increase. However, the BoC’s objective of slowing the hot pace of home buying over the past two years of pandemic-era low interest rates appears to taking effect. The rapid escalation of home prices seen before the interest rates increases has now begun to slow down, with benchmark prices in all property types showing declines in June. New listings also dropped in June, down 8.2% from May. June’s total of 332 new listings, nonetheless, was an increase of 7.2% over June one year ago, and brought the total active inventory for the Fraser Valley to 6,474, up 4.7% from May and 18.3% over one year ago. This provides an good selection for home buyers at this time and current price drops offer some excellent buying opportunities. Last month’s drop in the rate of new listings may be linked to prospective sellers holding on their properties during this high inflation period. Payments on existing mortgages my be seen by some as benefitting from inflated dollar values at current time.The Bank of Canada is scheduled to announce its latest inflation-fighting rate increase today (July 13), which many economists have predicted will the as much 75 basis points, bringing the central bank’s policy rate to the 2.25%, the highest it has been in five years. (Our newsletter was produced ahead of today’s announcement.)  Canada’s consumer index price shows inflation is now at 7.7%, up from 6.8% in April.

The combined benchmark price for a residential property in the Fraser Valley at the end of June was $1,128,400, a decrease of 3.3% from the preceding month. This is the second consecutive month showing a decline in the combined benchmark since the pandemic began in 2019. The combined benchmark monthly decline for the Fraser Valley in May was 2.1%. In this month’s selection of benchmark prices below, you will find current monthly declines in benchmarks in each property types for different areas of the Fraser Valley. Remember that benchmarks are average prices for comparable properties and serve as guide for home seekers as well as prospective sellers. The Fraser Valley real estate market remains very active during this current period of rebalancing prices. Last month, a newly listed single family detached home sold on average within 21 days on the market; townhouses remained on the market for an average of 19 days; and condominiums sold on average within 17 days. For more details on individual properties for sale in any particular area, or advice on setting the optimal asking price for listing a property under current market conditions, please give me a call. I keep a close eye on market activity and can provide you with up-to-date information on homes in the area of your choice.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of June was $1,653,000, a decrease of 3.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,053,100 and Mission at $1,123,000. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,691,600, a decrease of 1.4% from the preceding month; Surrey at $1,641,400, a decrease of 3.4% from the preceding month; and Langley at $1,789,600, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,641,400, a decrease of 5.5% from the preceding month; North Delta at $1,519,600, a decrease of 4.4% from the preceding month; and Langley at $1,789,600, a decrease of 2.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of June was $894,300, a decrease of 2.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $983,100 and Mission at $762,400. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $938,400, a decrease of 0.9% from the preceding month; North Delta at $972,500, a decrease of 5.1% from the preceding month; and South Surrey/White Rock at $983,100, a decrease of 4.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $891,200, a decrease of 3.4% from the preceding month; Cloverdale at $885,200, a decrease of 4.5% from the preceding month; and North Surrey  at $514,200, an increase of 3.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of June was $568,700, a decrease of 2.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $640,100 and Abbotsford at $483,400. The three benchmarks closest on the higher side of the average were: Cloverdale at $577,800, a decrease of 7.6% from the preceding month; Surrey at $591,400, a decrease of 4.4% from the preceding month; and North Delta at $619,700, a decrease of 3.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $514,200, a decrease of 3.6% from the preceding month; Mission at $488,700, an increase of 1.1% from the preceding month; and Abbotsford at $483,400, a decrease of 1.4% from the preceding month. 

Let me help

These are challenging times for many home buyers and homeowners. With Bank of Canada interest rates now rising, 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.  

METRO VANCOUVER

Mortgage rates up, sales down; prices decline

Home sales in Metro Vancouver declined again last month as mortgage interest rates continue to rise. The total of 2,918 residential sales in May was 9.7% down from the preceding month, and a 31.6% decrease from the same period one year ago. While the impact on home sales is seen as cooling the over-heated market pace after two years of low borrowing rates, last month’s sales volume in Metro Vancouver was actually 12.9% below the 10-year average. On June 1, the Bank of Canada announced another 0.50% increase, bringing its key policy rate to 1.5%. Commercial bank mortgage rates  are moving up in tandem with the central bank’s inflation-fighting policy rate increases, scheduled to continue at least until the end of this year. Yet, for prospective buyers feeling sidelined during this current period, there is another market dynamic they should watch. Price reductions are beginning to appear in all property types (see bolded decreases noted in my monthly selection below). A price drop may serve to lessen the impact of a higher mortgage rate, so I encourage clients to watch the market place carefully. The housing supply in Metro Vancouver is also trending upwards, with 6,377 new homes across all property types listed in May, a 4.4% increase from the preceding month. The total inventory at the end of May was 10,010, still down almost 9.0% from last year at this time, but close to 14% above the available stock 2 months ago. This is an ample supply for an excellent choice in the current market. And increasing new listings will also help to moderate price increases as the market moves back to typical levels in a post-pandemic period.

The composite benchmark price for home in Metro Vancouver at the end of May was $1,261,100, a 0.3% decrease from the preceding month. This month the Real Estate Board of Vancouver announced its updated methodology for determining benchmark prices. Under the new methodology, the benchmark will be based on the rolling average of comparable homes in the past five-year period. This is a change from the previous method of linking prices to historical benchmark attributes. The new methodology will mean a “typical” home is based on the features of homes that sold the most in the past five years, thus keeping the benchmark up to date. In my monthly selection of benchmark prices for all property types, I provide a general guide to price changes on a monthly basis in different areas on Metro Vancouver.  This month I encourage clients to note the price decreases occurring now. The benchmarks listed below here are simply to help you determine where you may wish to conduct your home search based on your purchasing budget. Please feel free to contact me for more detailed information on any neighborhood you are interested in. And if you are thinking about listing your home for sale, I can prepare a Custom Market Analysis for your property and advise you on an optimal listing price in this current market.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of May was $2,093,600, a decrease of 0.4% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,490,000 and Sunshine Coast at $1.045,400.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,117,600, a decrease of 0.9% from the preceding month; Richmond at $2,178,300, a decrease of 0.9% from the preceding month; and Port Moody at $2,231,100, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East $1,963,700, a decrease of 0.7% from the preceding month; Coquitlam at $1,950,800, a decrease of 0.9% from the preceding month; and Vancouver East at $1,947,000, an increase of 0.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of May was $1,141,200, a decrease of 0.6% from the preceding month. The extremities of this average were Whistler at $1,543,300 and Sunshine Coast at $774,700. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,145,700, a decrease of 0.7% from the preceding month; North Vancouver at $1,399,000, an increase of 0.9% from the preceding month; and Vancouver West (not West Vancouver) at $1,530,200, 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 $1,138,500, an increase of 0.1% from the preceding month; Richmond at $1,127,800, no change from the preceding month; and Coquitlam at $1,121,400, a decrease of 2.4% from the preceding month.  

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of May was $779,700, an increase of 0.4% the from the preceding month. The extremities of this average were West Vancouver at $1,267,100 and Maple Ridge at $574,600. The three municipalities on the higher side of the average were: Burnaby South at $809,200, an increase of 0.1% from the preceding month; Burnaby East at $838,800, a decrease of 0.5% from the preceding month; (  and North Vancouver at $841,600, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Tsawwassen at $757,600, an increase of 0.3% from the preceding month; Port Moody at $757,600, an increase of 0.3% from the preceding month; and Burnaby North at $757,800, an increase of 0.8% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With Bank of Canada interest rates now rising, 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.  

FRASER VALLEY

New listings on upswing; market cooling and prices declining

Amid a continuing drop in Fraser Valley home sales in May, now accompanied by  declining prices in all property types, new listings are on the rise, more than tripling the supply of available home since the end of 2021. Valley sales volume for the month of May dipped nearly 17% from the preceding month, and was down close to 54% lower than the same period one year ago. The overall cooling of the Valley market is the aim of the Canada’s current inflation-fighting effort, which saw the Bank of Canada raise its key policy interest rate to 1.5% on June 1. With more rate hikes to come this year, causing commercial mortgage lenders to raise their rates in tandem, housing sales have moved off the frenzied pace seen during the pandemic for the past two years. With the end of the sellers’ market, home buyers now not only have a more relaxed environment when making a purchase offer, but a larger inventory from which to choose as well. The total supply of available Fraser Valley homes at the end of May reached 6,183, an increase of 14.8% from the preceding month, and up 5.4% from the same period one year ago. As the market rebalances to more typical pre-pandemic levels, home buyers are also welcoming the price declines currently being seen. With higher mortgage rates impacting their capacity to borrow, prospective buyers can now find market corrections that help to off-set higher mortgage rates. I encourage clients to look at my monthly selection (below) of comparative benchmark prices for all property types across the Fraser Valley. You will find (bolded) significant price benchmark price decreases in each category.

The combined benchmark price for a Fraser Valley home at the end of May was $1,167,300, a 2.1% decline from the previous month. It was also the first time  that Fraser Valley benchmark prices for all three property types decreased month-over-month since September 2019. In May, the methodology for benchmark prices was also updated to better reflect home features of a “typical” home comparison. The new methodology is based on the rolling average of prices for comparable homes that sold the most in the past five year. The change from the previous method of linking prices to historical benchmark attributes will keep benchmark comparisons up to date in years to come. In my monthly selection below of benchmark prices for all property types, I provide a general guide for home shoppers by comparing aa cluster of benchmarks around the average price for each property type in different areas of the Fraser Valley. This moth the  number of price decreases in each category is noteworthy. The selected clusters are intended as guide for your purchase budget, or your listing price if you are thinking about selling. Please feel free to contact me for more details on any property type and neighborhood you are considering. I can advise prospective home buyers on excellent listings; and if you are thinking of listing your home for sale, I can advise you on an optimal listing price in the current market, and prepare a Customized Market Analysis for your property. Please don’t hesitate to call if I can help in any way.        

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of May was $1,712,500, a decrease of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,133,400 and Mission at $1,193,600. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,714,700, a decrease of 2.6% from the preceding month; Cloverdale at $1,737,800, a decrease of 3.2% from the preceding month; and Surrey at $1,753,100, a decrease of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Abbotsford at $1,420,200 a decrease of 3.3% from the preceding month; North Delta at $1,589,200, a decrease of 3.1% from the preceding month; and Langley at $1,838,900, a decrease of 1.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $918,900, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,030,700 and Abbotsford at $751,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $922,800 a decrease of 3.4% from the preceding month; Cloverdale at $927,100, a decrease of 3.1% from the preceding month; and Langley at $946,500, an increase of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $835,100, a decrease of 2.9% from the preceding month; Mission at $762,000, an increase of 1.6% from the preceding month; and Abbotsford at $751,000, an increase of 1.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $581,400, a decrease of 1.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $642,900 and Mission at $488,700. The three benchmarks closest on the higher side of the average were: Surrey at $618,600, a decrease of 1.1% from the preceding month; Cloverdale at $625,200, a decrease of 2.3% from the preceding month; and both Langley and North Delta at $640,500, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $533,600, a decrease of 1.4% from the preceding month; Abbotsford at $490,300, a decrease of 1.6%from the preceding month; and Mission at $488,700, an increase of 3.1% from the preceding month. 

Let me help

These are challenging times for many home buyers and homeowners. With Bank of Canada interest rates now rising, 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.