METRO VANCOUVER

Residential market cooling; price increases show downward trend

Showing the biggest single month decline in recent months, April’s home sales in the Metro Vancouver market were still 1.5% above the 10-year average, marking what appears to be a return to historical levels for what has been one of the hottest urban markets in Canada over the past two years. The total of 3,232 sales across all property types last month was a decline of nearly 26% from the previous month of March, and was more than 34% down from one year ago. The rapid cooling in the pace of sales can more likely be attributed to the Bank of Canada’s recently launched inflation fighting interest rate policy than to a reduced demand for housing in the region. With the resulting rise in mortgage interest rates, many prospective buyers are finding it more difficult to qualify for home mortgages and may be temporarily sidelined from making home purchases. However, this can only translate into increasing pent-up demand for housing in the region while home seekers await developments to increase the housing supply as promised in the recent federal government budget. One of the key highlights is the Rapid Housing Initiative, a $1.5-billion fund to create 6,000 new affordable housing units over the next two years. Meanwhile, new listings In Metro Vancouver last month showed a increase of 15.3% over the previous month, bringing the total of available homes in Metro Vancouver to 8,796 at the end of April. While this provides home shoppers with a very good selection, it is nonetheless down 14.1% from one year ago. But both prospective home buyers and sellers should be aware that the market is appears to be moving to a more a more balanced position, making for a less frenzied sales climate but with demand still exerting upward price pressure, although at a slower rate of increase.

The composite benchmark price for a residential property in Metro Vancouver at the end of April was $1,374,500, an increase of 1.0% from the preceding month. The monthly rate of increase is moderating significantly as can be seen in comparison with a 3.6% increase in March and a 4.6 increase in February. For the three property types shown below, the largest number of sales in April was in condominiums with a total of 1,692, a 26.1% decrease compared with the same period one year ago; sales of detached homes followed, reaching at total of 962 in April, a decrease of 41.9% for the same period one year ago; and April sales of townhouses totalled 578, a 40% decrease from the same month one year ago. In the selection of benchmark prices for each different property type, you will find a cluster of prices on the higher and lower side of the combined benchmarks for different geographical areas in Meto Vancouver at the end of April. The selected benchmarks are average prices for comparable homes in each area, and can serve as a guide for you purchase budget or planned listing. However, it is important to remember that benchmarks are average prices, and you should not rely on the benchmark alone. Among the prices composing any average, there are individual prices that I can provide to you. If you are interested in a finding a home within the range of prices shown, please don’t hesitate to call me. I am able to advise you on the most up-to-date prices for any neighborhood you may be interested in. And if you are thinking of selling, I can assist you in setting the optimal price in the current market dynamics.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $2,139,200, an increase of 1.0% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,380,200 and Sunshine Coast at $1.016,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $2,188,500, an increase of 0.3% from the preceding month; North Vancouver at $2,231,000, an increase of 0.2% from the preceding month; and Port Moody at $2,314,900, an increase of 1.8% from the preceding month.The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $2,127,700, an increase of 2.9% from the preceding month; Burnaby North at $2,048,300, an increase of 1.3% from the preceding month; and Vancouver East at $1,956,200, an increase of 1.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of April was $1,150,500, an increase of 1.1% from the preceding month. The extremities of this average were Whistler at $1,586,700 and Sunshine Coast at $739,800. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,182,600, an increase of 0.5% from the preceding month; North Vancouver at $1,384,400, an increase of 0.8% from the preceding month; and Vancouver West (not West Vancouver) at $1,417,500, an increase of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,120.100, an increase of 1.8% from the preceding month; Coquitlam at $1,064,000, an increase of 0.9% from the preceding month (Squamish is omitted here because it is too far our for my clients); and Port Coquitlam at $1,010,600, an increase of 3.2% from the preceding month

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of April was $844,700, an increase of 1.1% the from the preceding month. The extremities of this average were West Vancouver at $1,252,600 and Maple Ridge at $546,600. The three municipalities on the higher side of the average were: Burnaby East at $846,700, an increase of 0.9% from the preceding month; Vancouver West at $904,200, an increase of 0.6% from the preceding month;  and West Vancouver at $1,252,600, an increase 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 $840,600, an increase of 1.4% from the preceding month;  Burnaby North at $830,400, an increase of 1.5% from the preceding month; and Richmond at $829,700, an increase of 0.2% 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 drop dramatically; upward price pressure eases

Residential sales in the Fraser Valley plunged in April by more than 35% from the previous month, a dramatic decline in the home buying spree seen throughout the pandemic period over the past two years. The cool-down in the housing market follows on the heels of the latest interest rate hike by the Bank of Canada leading to higher mortgage rates while the economy wrestles with rising consumer price inflation. Dropping below the ten-year average for the first time since 2020, Valley home sales decreased 36.6% compared with March, and were 45.7% lower than in April 2021. The decline is even more notable as Valley sales in the spring are normally on the upswing. New listings were also down during April with 3,622, a decrease of nearly 21% from the preceding month and almost 28% lower than in the same period one year ago. However, owing to its earlier surge in new listings, the Fraser Valley’s  inventory is still nearly 15% higher than two  months ago, with 5,387 available properties at the end of April. This supply offers prospective buyers a good selection of homes across each property type, and the  slower pace seen now in market activity provides a more relaxed climate for home purchases. But both buyers and sellers should note that the current drop in market activity follows historically high and frenzied demand during the low interest regime for most of the pandemic period. Demand for a Valley home remains high even as the market appears to be re-balancing to pre-pandemic levels. While an increase in new listings will be welcomed by home shoppers, and aid in keeping prices from escalating rapidly with the continuing upward price pressure, it is generally agreed that additional supply in the housing stock is required. The federal government’s recent budget provisions to fund its Rapid Housing Initiative to assist Canadian municipalities to build 6,000 new affordable housing units over the next two years provides a hopeful measure for many home shoppers who now find it difficult to qualify for mortgages with rising interest rates. At present, however, home rate of price increases appear to be slowing along with the drop in sales.

The combined benchmark price for a Fraser Valley residential property at the end of April was $1,384,000, an increase of 0.9% from the preceding month. The rate of increase last month was significantly lower than the preceding two months. In March the benchmark price rose by 4.2% and by 6.4% in February, a welcome trend for many buyers who may now find properties within their purchasing budget. In the selection of benchmark prices for different property types below, you will find a cluster of prices on the higher and lower side of the combined benchmarks for different geographical areas in Meto Vancouver at the end of April. The selected benchmarks are average prices for comparable homes in each area, and can serve as a guide for you purchase budget or planned listing. However, it is important to remember that benchmarks are average prices, and you should not rely on the benchmark alone. Among the prices composing any average, there are individual prices that I can provide to you. If you are interested in a finding a home within the range of prices shown, please don’t hesitate to call me. I am able to advise with the most up-to-date prices for any neighborhood you may be interested in. And if you are considering listing your property for sale, I can assist you setting the optimal price in the current market.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of April was $1,731,000, a decrease of 0.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,147,000 and Mission at $1,252,500. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $1,731,000, an increase of 0.2% from the preceding month; Langley at $1,785,000, an increase of 0.9% from the preceding month; and Surrey at $1,813,000, an increase of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Abbotsford at $1,584,100 a decrease of 0.1% from the preceding month; North Delta at $1,511,200, a decrease of 0.7% from the preceding month; and Mission at $1,252,500, a decrease of 2.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of April was $902,500, an increase of 1.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,058,400 and Mission at $759,600. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $903,000 an increase of 0.1% from the preceding month; Langley at $914,200, an increase of 4.2% from the preceding month; and Surrey at $936,200, an increase of 1.3 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $882,200, an increase of 1.1% from the preceding month; Abbotsford at $763,300, an increase of 4.3% from the preceding month; and Mission at $759,600, an increase of 9.7% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of April was $649,500, an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $713,300 and Mission at $533,300. The three municipalities on the higher side of the average: Surrey at $666,500, an increase of 1.4% from the preceding month; Cloverdale at $678,500, an increase of 1.0% from the preceding month; and South Surrey/White Rock at $713,300, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $601,500, an increase of 1.4% from the preceding month; Langley at $599,600, no change from the preceding month; and North Delta $544,000, an increase of 1.3% 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.  

FRASER VALLEY

New listings spur Valley sales; upward price pressure continues

Fraser Valley property sales remained strong in March as the seasonally high sales activity continued to exert upward price pressure. While the Valley’s new listings continued to rise for the third consecutive month, home sales were spurred on by the month’s refreshing in the selection of homes available to buyers. March’s new Valley listings reached a total of 4,580, 24% higher than the number of newly listed homes in the preceding month. This brought the total active inventory of Valley homes at the end of March to 4,699, and while this ample selection was 24% higher than February’s inventory, and welcomed by homebuyers, it was nonetheless a decrease of 6.2% from active listings one year ago. Fraser Valley housing demand remains high as the region continues to be one the most desirable for first time home buyers, both singles and young families. Affordability remains the persistent problem for many as the Valley’s prices continue to climb. While some moderating effect on the upward price pressure is expected from the Bank of Canada’s incremental increases in its key policy rate for the rest of this year, the effect of variable rate mortgages is being seen in commercial bank mortgage rates now. For many fixed-rate mortgage holders, the interest rate increases may not be seen until later in the year. In either scenario, rate increases alone will likely not be enough to reduce the price increases that continue as a function of supply and demand. The federal government’s budget today promised increased housing supply for the country, but there will have to be substantial new building to begin reducing the market-driven price rises, and to move toward a more balanced market.    

The combined benchmark price for residential property in the Fraser Valley at the end of March was $1,372,100, a 4.2% increase from the preceding month. Valley homes are now slightly above (or almost at par for practical purposes) the average of Metro Vancouver home prices – an notable price phenomenon that has seen Valley prices rise more quickly than in Metro Vancouver during the pandemic period of the past two years. The upward trend in Valley home demand is likely to continue so I am recommending to prospective Fraser Valley homebuyers not to wait for price declines based on interest rate increases. The federal monetary policy is required to slow the inflation rate in Canada’s post pandemic economic recovery, but the demand for housing is so great that prices real estate prices will no doubt continue upwards for the foreseeable future. Please consult my monthly selection below of benchmark prices at the end of March for each property type across different geographical  areas of the Fraser Valley. These comparisons will provide guide for your home buying budget. However, remember that benchmarks are simply averages. I will be happy to provide specific details for any property you may be interested in. And if you art considering listing, I can provide you with a Customized Market Analysis for you property to help you list your property at an optimal price in this active market.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,726,900 an increase of 3.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,117,100 and Mission at $1,285,200. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,768,600, an increase of 2.5% from the preceding month;  Surrey at $1,784,100, an increase of 5.3% from the preceding month; and Cloverdale at $1,869,200, an increase of 3.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,722,600 an increase of 4.4% from the preceding month; North Delta at $1,586,100, an increase of 3.2% from the preceding month; and Abbotsford at $1,522,500, an increase of 1.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $886,400, an increase of 5.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,061,300 and Mission at $692,400. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $901,800 an increase of 4.6% from the preceding month; Surrey at $924,300, an increase of 5.7% from the preceding month; and Cloverdale at $968,600, an increase of 4.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $877,600,  an increase of 5.6% from the preceding month; North Surrey at $873,000, an increase of 10.1% from the preceding month; and Abbotsford at $732,100, an increase of 7.0% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $643,000, an increase of 4.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $703,100 and Mission at $4501,600. The three municipalities on the higher side of the average: Surrey at $567,500, an increase of 5.5% from the preceding month; Cloverdale at $671,500, an increase of 4.4% from the preceding month; and South Surrey/White Rock at $703,100, an increase of 5.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $599,800, an increase of 3.3% from the preceding month; North Delta at $593,500, an increase of 4.0% from the preceding month; and North Delta $536,900, an increase of 5.7% from the preceding month. 

Let me help

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and 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

Metro Vancouver home sales pace slowing; but prices still rising

Home sales in Metro Vancouver last month dipped from the record set for March 2021, but they remained high for the current season. A total of 4,344 residential properties sold across all property types during March this year, an increase of 26.9% over the sales volume for the preceding February. However, on the year-over-year comparison, March sales decreased close to 24%, an indicator of the market’s gradually slowing pace, partly dues perhaps the financial constraints on some buyers as interest rates rise and mortgage stress tests present more of a challenge.  Of the three property types, March sales of single family detached homes were highest with 1,291, a 34% decrease from one year earlier. Townhouses sales reached 743, a decrease of 29.0% from the one year earlier; and condominiums sales were 2,310, a 14.3% decrease from one year ago. The Bank of Canada earlier announced plans to make incremental increase to its key policy rate for at least through the remainder of this year. Another rate increase is scheduled to be announced today (Wednesday April 13). Commercial banks have already responded with rate increases for variable rate mortgages, and holders of fixed rate mortgages can also expect to pay more when they renew. Demand for Metro Vancouver housing nonetheless remains high, and new listings in March increased by 22% over new listings in the preceding month. The 6,673 new March listings brought the total inventory across all property types for Metro Vancouver to 7,628 at the end of the month, a 13.1% increase from the preceding February. This provides a good selection for home buyers at present, but it is not sufficient increase to significantly reduce the upward price pressure on home prices. Metro Vancouver requires approximately double the current supply to balance the market. Home buyers should therefore not expect a sudden price drop during this period and delaying a purchase will likely lead to paying more as interest rates rise.

The composite benchmark price for a Metro Vancouver residential property at the end of March was $1,360,500, a 3.6% increase from the preceding month. This is also a 20.7% increase from one year earlier. Below, you will find my monthly selection of property types with comparative benchmark prices for each of their geographical areas. The individual property type benchmarks are clustered around the combined benchmark for the area so you can see the prices closest on each side of the average, along with the price change from the preceding month. Remember, however, that benchmarks are simply averages so it is important to note the extremities in the prices making up the average. This will give you the range of prices that can guide you in your search for a home that meets your purchasing budget. And anyone who is considering listing their property for sale, it will give you an idea of the market activity in your area.  But I urge you to contact me so I can help you set an optimal price for you home in this active market. I can also produce a customize Comparative Market Analysis to illustrate your home’s value compared to similar recently sold properties in your neighbourhood. Please don’t hesitate to call me. I am truly happy when I help someone reach their goals.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March was $2,118,600, a 3.6% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,571,000 and Sunshine Coast at $995,600. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $2,181,700, an increase of 2.5% from the preceding month; North Vancouver at $2,226,500, an increase of 2.8% from the preceding month; and Port Moody at $2,273,700, an increase of 8.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $2,067,100, an increase of 4.2% from the preceding month; Burnaby North at $2,021,400, an increase of 4.9% from the preceding month; and Vancouver East at $1,932,600, an increase of 3.9% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,138,300, an increase of 4.4% from the preceding month. The extremities of this average were Whistler at $1,571,600 and Sunshine Coast at $741,700. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,176,300 an increase of 6.8% from the preceding month; North Vancouver at $1,373,500, an increase of 6.3% from the preceding month; and Vancouver West (not West Vancouver) at $1,383,700, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,100,600, an increase of 2.8% from the preceding month; Coquitlam at $1,054,200, an increase of 5.2% from the preceding month; and Tsawwassen at $1,014,100, an increase of 2.1% from the preceding month

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of March was $835,500, an increase of 3.4% the from the preceding month. The extremities of this average were West Vancouver at $1,189,100 and Maple Ridge at 541,900. The three municipalities on the higher side of the average were: Vancouver West at $853,400, an increase of 1.2% from the preceding month, and West Vancouver at $1,151,200, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $828,600, an increase of 5.6% from the preceding month. Richmond at $828,100, an increase of 3.5% from the preceding month; and Burnaby North at $818,200, an increase of 2.4% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and 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

Record new listings for February; Valley benchmark price surpasses Vancouver

For the second consecutive month in 2022 the Fraser Valley’s new listings continued to rise dramatically, injecting the potential for even greater unseasonal vitality in the Valley’s residential market. February saw the Valley’s new listings soar for all property types, increasing by 75% over the preceding month of January, and setting a new record for the month of February with a total 3,742 newly listed properties on the Fraser Valley Real Estate Board’s Multiple Listing Service. This surpassed the previous record set in 2016 by 459 new listings. February’s surge lifted the Valley’s available housing stock to 3,790, over 62% above January’s residential inventory, providing a significantly greater choice for home buyers. By the end of 2021, the Valley’s long-running heated market had seen the existing housing stock considerably reduced while prospective sellers held back from listing their properties in the latter part of the year. However, while this apparent trend is early, it bodes well toward a rebalancing of the Fraser Valley’s residential market this year and is particularly welcomed by prospective home buyers. However, new listings must continue to increase at a faster pace to meet the ongoing high demand. Fraser Valley home sales reached a total of 1,824 in February, nearly 40% higher than in the preceding month of January and 18% above the 10-year average. The unseasonably high demand during these winter months continues to exert upward pressure on prices, and with more buyers normally showing up in the spring, prices can be expected to rise at an even faster rate over the coming months. 

The combined benchmark price for a Fraser Valley residential property at the end of February was $1,316,300, a 6.4% increase from the preceding month. It is noteworthy that the Fraser Valley combined benchmark is now higher than the Metro Vancouver combined benchmark by $2,900, with the Fraser Valley surpassing Metro Vancouver in January 2022. The February benchmarks for different property types listed below provides a guide for comparable homes in a selection of geographical areas in the Fraser Valley. Each property type shows a cluster of average prices on both sides of the overall benchmark along with the month-over-month price change.  This will serve to show prospective home buyers where they may wish to look for homes within their financial plan. It is Important to remember that benchmarks are averages so the upper and lower extremities are also provided to show the range of prices making up the average. For a more detailed prices in a neighborhood of your choice, I will be happy to provide you with the most recent listings and prices. And if you are considering listing your home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal price to set in this dynamic market. During the month of February 2022, newly listed homes in the Fraser Valley have sold very quickly: townhouses sold on average within 11 days; condominiums sold on average within 12 days; and single family detached homes sold on average within 13 days.   

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,670,800 an increase of 6.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,040,100 and Mission at $1,253,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,695,100, an increase of 4.5% from the preceding month; Langley at $1,723,100, an increase of 5.0% from the preceding month; and Cloverdale at $1,800,500, an increase of 9.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,649,500, an increase of 6.4% from the preceding month; North Delta at $1,537,100, an increase of 5.4% from the preceding month; and Abbotsford at $1,503,700, an increase of 9.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $862,300, an increase of 6.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,044,000 and Mission at $655,300. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $862,300 an increase of 6.5% from the preceding month; Surrey at $874,400, an increase of 6.3% from the preceding month; and South Surrey/White Rock at $1,044,000, an increase of 8.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $831,200, an increase of 4.8% from the preceding month; Cloverdale at $924,800, an increase of 6.6% from the preceding month; and Mission at $655,300, an increase of 0.7% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $614,800, an increase of 7.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $665,600 and Mission at $482,300. The three municipalities on the higher side of the average: Surrey at $623,400, an increase of 7.0% from the preceding month; Cloverdale at $643,300, an increase of 5.9% from the preceding month; and South Surrey/White Rock at $665,600, an increase of 5.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $580,600, an increase of 8.5% from the preceding month; North Surrey at $571,000, an increase of 6.4% from the preceding month; and North Delta $614,800, an increase of 7.1% from the preceding month.

I can help

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and 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

New listings boost selection for buyers; upward price pressure remains

Metro Vancouver home buyers have a greater selection of residential properties following a 31.0% increase in new listings at the end of February compared with the previous month of January. The 5,471 newly listed properties across all property types in February is welcome news for home seekers who have seen the stock of available homes dwindle in recent months. However, the new listings are still not keeping up with the region’s extraordinary housing demand, which was almost 27% above the 10-year average. Despite an 8.1% decrease in sales volume compared with the same month last year, February sales this year jumped nearly 50% from the preceding month this year, leaving the total Metro Vancouver inventory of available properties at the end of February at 6,742, almost 20% higher than one month earlier. This provides a good selection for home buyers during this month of March, but more new listings will be needed to replenish the stock while demand is expected to remain unseasonably high. And, as to be expected, prices have continued to climb with the current demand. The composite benchmark price for a residential property in Metro Vancouver at the end of February was $1,313,400, a 4.6% increase from the preceding month, and a 20.7% increase from one year ago.

In the selection of benchmark prices for each property type below, you will find a cluster of prices around benchmarks at the end of February for different geographical areas in Meto Vancouver. The selected benchmarks are offered as guide and show the most recent monthly increase or decrease. Benchmarks are used to compare comparable homes in each area, but it is important to remember that benchmarks are averages composed of multiple selling prices each month. In this way, you can get a general idea of the current market value for the type of property you are seeking, and how it will fit with your financial capacity. However, you should not rely on the benchmark alone. Among the prices composing any average, there are the individual prices within the upper and lower of the extremities of the average (shown below) which do not appear specifically n the average. If you are interested in a finding a home with a range of average prices, please call me. I am able to provide you with the most up to date asking prices for any neighborhood you may be interested in. For each of the property types listed below representing Metro Vancouver sales in February, condominiums led with the greatest number of sales at 1,854, a 5.4% compared with one year ago.  Sales of detached homes followed with a total of 1,010, am 18% decrease from one year ago; and sales of townhouses reached a total of 560, a 24% decrease from one year ago. If you are considering listing your home for sale, I will be happy to assist you in setting the optimal price in this dynamic market. I can also prepare a customized Comparative Market Analysis for your specific property.  Please don’t hesitate to call me if I can help in any way.        

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February was $2,044,800, a 4.7% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,487,900 and Sunshine Coast at $973,900. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,102,100, an increase of 40% from the preceding month; Richmond at $2,127,400 an increase of 4.6% from the preceding month; and North Vancouver at $2,164,900, an increase of 6.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,983,000, an increase of 3.8% from the preceding month; Burnaby North at $1,927,300 an increase of 3.3% from the preceding month; and Vancouver East at $1,860,900, an increase of 3.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,090,000, an increase of 5.9% from the preceding month. The extremities of this average were Vancouver West at $1,371,300 and Sunshine Coast at $712,400. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,101,200 an increase of 4.5% from the preceding month; Vancouver West (not West Vancouver) at $1,371,300, an increase of 4.5% from the preceding month; and North Vancouver at $1,292,600, an increase of 4.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,070,500, an increase of 4.2% from the preceding month; Coquitlam at $1,002,100, an increase of 6.8% from the preceding month; and Tsawwassen at $992,800, an increase of 6.0% from the preceding month

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of February was $807,900, an increase of 4.1% the from the preceding month. The extremities of this average were West Vancouver at $1,181,200 and Maple Ridge at $520,100. Only two municipalities were on the higher side of the average: Vancouver West at $871,300, an increase of 2.1% from the preceding month, and West Vancouver at $1,121,200, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $801,400, an increase of 1.4% from the preceding month; Richmond at $800,300 an increase of 5.8% from the preceding month; and Burnaby North at $799,000, an increase of 4.5% from the preceding month.

Let me help

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and 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

Sales slower as new year begins; low inventory drives prices up

Residential sales in Metro Vancouver slowed in the opening month of this year, dipping slightly from December and a drop of over 4.0% for the same period one year ago. The January 2022 home sales total of 2, 285 was a 1.5% decline from the preceding month but still more than 25% above the 10-year January average. However, the year’s initial slow down from the extraordinary pace of 2021 has not reduced competition among buyers as the supply of available homes remains low. The total number of homes listed at the end of January was 5,663, down nearly 32% from one year earlier. New listings did improve somewhat in January compared with the severe downturn in 2021, and the 4,170 new homes listed in January represented a 114% increase compared with December 2021. Nonetheless, while winter normally sees slower sales, the low supply remains a critical factor on the upward price pressure in what continues to be a sellers’ market. Interest rates are still at historic lows with the Bank of Canada’s rate increase delayed from last month’s expected rate increase. The central bank has signalled that rate increases will likely come soon, which is expected to be accompanied by mortgage rates rising along with the base rate increase. While this may have a further dampening effect on the market, the supply of housing in Metro Vancouver will require public policy action to meet the high demand, and upward price pressure will likely continue. At the end of January, the composite benchmark price for a residential property in Metro Vancouver was $1,255,200, a 2.0% increase from the preceding month.

In my monthly selection of benchmark prices for each property type below, you will find a cluster of prices close the benchmark for comparable properties in different areas of Metro Vancouver. Please use this selection as a guide to the finding the type of residential property you are seeking within your financial capacity. Each of the benchmarks also shows the percentage of increase in the price from the preceding month. Benchmarks are averages of comparable homes within an area, so use as a general guide; however, remember there are often specific price fluctuations of particular properties that are unpredictable and do not reflect the benchmark average. For example, if you are looking for townhouse be sure to note the sole decrease in benchmark averages at the end of last month was in Vancouver East, which had a 3.0% decline from the preceding month. This is an atypical drop and may be of interest to buyers who at the margin of their spending capacity. Monthly fluctuations normally follow trends, which have been upward for some time, so any decreases may be of interest to home shoppers.  If you are interested in a specific area, please do not hesitate to call me. I will be happy to provide you more details for the neighborhood selected. For anyone interested in listing their home, I can also prepare a detailed Comparative Market Analysis on your property and help you determine the optimal listing price in the current market.          

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $1,953,000, a 2.2% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,445.400 and Sunshine Coast at $900,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,020,900, an increase of 3.7% from the preceding month; North Vancouver at $2.025,800, an increase of 2.9% from the preceding month; and Richmond at $2,033,600, an increase of 0.1 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,9098,800, an increase of 2.2% from the preceding month; Burnaby North at $1,866,200, an increase of 3.5% from the preceding month; and Vancouver East at $1,808100, an increase of 2.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of January was $1,029,500, an increase of 2.5% from the preceding month. The extremities of this average were Whistler at $1,371,000 and Sunshine Coast at $641,900. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,053,400 a decrease of 3.0% from the preceding month; North Vancouver at $1,237,600, an increase of 3.2% from the preceding month; and Vancouver West (not West Vancouver) at $1,311,900, an increase of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,027,300, an increase of 3.8% from the preceding month; Coquitlam at $938,300, an increase of 3.7% from the preceding month; and Tsawwassen at $936,900, an increase of 3.8% from the preceding month

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of January was $775,700, an increase of 1.8% the from the preceding month. The extremities of this average were West Vancouver at $1,151,200 and Maple Ridge at $488,600. Only two municipalities were on the higher side of the average: Vancouver West at $853,400, an increase of 1.2% from the preceding month, and West Vancouver at $1,151,200, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $764,800, an increase of 1.4% from the preceding month. Burnaby East at $762,700, an increase of 1.4% from the preceding month; and Richmond at $756,600, an increase of 2.1% from the preceding month.

I can help

One of the ways I work hard for my clients is to stay abreast of the most recent events in the real estate market. By watching price changes each month for all property types, I am able to give you the most up-to-date advice for both buying and selling. I am always happy to chat with you about any of your real estate questions. The is no obligation and no pressure. I am here to help. Please feel free to call me.

FRASER VALLEY

New year opens with slower sales pace; new listings increase

The Fraser Valley residential market saw early signs of rebalancing as the pace of January’s sales declined from December and new listings heated up. Seasonal cooling in overall market activity is common in the winter but the combination of a lower sales volume, down almost 28% from the preceding month, and a 67% increase in new listings for the same period is a warm welcome in a market that has been overheated for over a year. As inventory dwindled and prices soared in 2021, the 2,135 new listings received in January will help to ease the competition among Valley home buyers although the total inventory is still low by historical standards. The total inventory of available homes in the Fraser Valley at the end of January was 2,332, down close to 45% from one year ago, but up over 19% from December 2021. More new listings are still needed to meet the replenish the Valley’s plentiful supply of home listings to pre-pandemic levels. With the Bank of Canada’s low interest rate policy in place during most of the pandemic period, historically low mortgage rates have fuelled high demand and steadily rising prices for the past couple of years. Even with the current surge in new listings, the combined benchmark price for a Valley home at the end of January was $1,237,000, an increase of 4.5% from the preceding month. The current difference between the combined benchmark averages for the Fraser Valley and Metro Vancouver is shrinking each month. Metro Vancouver’s composite benchmark at the end of January was  $1,255,200, illustrating that the two markets are now close to each other on an overall average. For Fraser Valley benchmarks in each of the separate property types, see my selection below comparing average prices with the month-over-month price increases.

The following selection of comparative benchmarks in different areas of the Fraser Valley serves as a guide to home buyers to locate a desired property type within their purchase budget. Please keep in mind that benchmarks are averages, and that there are often specific fluctuations on particular homes that are not apparent from the benchmark alone. I am able to provide detailed information on any property listed in your desired neighborhood so please do not hesitate to call me. In addition, if you are thinking of listing your home for sale, I can prepare a detailed Comparative Market Analysis of your home, whatever the property type, and advise you on the optimal listing price for this dynamic market. During the month of January, single family detached homes in the Valley sold on average within 25 days of listing, 10 days faster than the same month one year ago; townhouses sold within 12 days on the market, 28 days faster than for the same period last year; and condominiums sold within 17 days, compared with 37 days in January one year ago. The comparative benchmarks below for January also show the month-over-month increase as a guide to the price pressure in each geographical area. This trend of increasing sales pace for each property type in the Fraser Valley suggests prices will also continue upwards under current market conditions. Spring sales also normally pick up, so if you are considering a purchase I recommend that you proceed without delay while competition for available homes is in its current slower period.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of January was $1,569,300 an increase of 4.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,927,000 and Mission at $1,159,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,622,300, an increase of 4.7% from the preceding month; Langley at $1,641,300, an increase of 5.2% from the preceding month; and Cloverdale at $1,647,600, an increase of 4.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,594,800, an increase of 4.1% from the preceding month; North Delta at $1,457,900, an increase of 4.3% from the preceding month; and Abbotsford at $1,375,600, an increase of 4.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of January was $796,500, an increase of 4.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $961,800 and Mission at $650,500. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $809,800 an increase of 5.7% from the preceding month; Surrey at $830,300 an increase of 5.7% from the preceding month; and Cloverdale at $867,200, an increase of 4.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $793,900, an increase of 2.9% from the preceding month; North Surrey at $747,200, an increase of 1.5% from the preceding month; and Abbotsford at $661,000, an increase of 2.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of January was $574,300, an increase of 4.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $633,200 and Abbotsford at $457,100. The three municipalities on the higher side of the average: Surrey at $562,800, an increase of 7.2% from the preceding month; and Cloverdale at $607,400, an increase of 3.1% from the preceding month; and South Surrey/White Rock at $633,200, an increase of 7.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $536,400, an increase of 5.4% from the preceding month; Langley at $534,400, an increase of 2.6% from the preceding month; and North Delta $480,000, an increase of 7.9% from the preceding month. 

Let me help

I am working hard to help my clients during this challenging time. I know many of you want to find a home while prices are still within your budget. If you are looking for the best mortgage for your financial capacity, I can refer you to a qualified mortgage broker who can find the best rates. I encourage you to visit my website for a extensive list of properties, prices, and areas. Together we can meet the challenges you are facing in your home purchase.  

FRASER VALLEY

Slight decline in Valley sales still strong for winter; new listings lag

Following the busiest year ever seen the Fraser Valley’s residential market, the new year continues with robust activity this winter, although December showed a modest seasonal decline in sales, down 8.3% from the preceding November. Total sales for December 2021 were also 13.3% lower than the same month one year ago. While sales in the winter are typically slower, last month’s sales total of 1,808 is not far behind the monthly average of 2,307 in the record setting 2021 year. Last year marked the highest number of home sales in the Fraser Valley’s 100-year history, 39% higher than the previous year and over 15% higher than the previous annual record set in 2016. As is well-known now, the home sales boom has been largely driven by the low interest rate regime maintained by the country’s central bank during the pandemic period. The Fraser Valley, moreover, has been a particularly attractive market for both first time home buyers as well as single families, many of which have migrated during the pandemic from denser urban areas to take advantage of the Valley’s more spacious residences in a semi-rural environment. However, the sustainability of the recent surge in Fraser Valley home buying is now in question as new listings are not keeping pace with the high demand. At the end of December 2021, the Valley’s active inventory was 60% below its 10-year average, and the lowest level in over four decades, with only 1,957 units listed at the beginning of the new year. Illustrating how rapidly the inventory has declined recently, the December figure can be compared to the preceding November which closed at 3,048 available units. The supply-demand relation is at its most critical point in recent years, and can be expected to exert even stronger upward pressure on home prices across the Valley this year without a significant boost in supply. 

The combined benchmark price for a Fraser Valley residential property at the end of December 2021 was $1,184,400, a 3.6% increase from the preceding month.  The Valley’s combined benchmark price surpassed the $1-million mark for the first time in April 2021. While the Fraser Valley has historically offered home buyers with quality life-style home at a lower cost than in Metro Vancouver, the gap between the two regions has now considerably smaller. The composite benchmark price for a Metro Vancouver residential property y at the end of December 2021 was 1,230,200, a difference of less than $50,000. Below you will find my monthly selection of benchmark comparisons for each property type in different geographical areas of the Fraser Valley. The prices show the one month per centage of change for each area which is a general indicator of the demand in the area. If you are interested in a particular area, please don’t hesitate to call me. I can provide you with more detailed information on the latest price changes, and new listings. And if you at considering selling your home, I can advise you on the optimal listing price in this dynamic market. Please let me know how I can help.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December 2021 was $1,549,900 an increase of 3.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,877,700 and Mission at $1,072,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,549,900, an increase of 3.4% from the preceding month; Langley at $1,560,600 an increase of 4.3% from the preceding month; and Cloverdale at $1,582,500, an increase of 3.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,488,100 an increase of 3.5% from the preceding month; North Delta at $1,397,900, an increase of 3.5% from the preceding month; and Mission at $1,072,400, an increase of 4.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December 2021 was $765,800 an increase of 3.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $921,600 and Mission at $636,800. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $766,300, an increase of 5.6% from the preceding month; Langley at $520,700, an increase of 1.3% from the preceding month; and Surrey at $785,500, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $735,900, an increase of 1.3% from the preceding month; Abbotsford at $644,200, an increase of 4.4% from the preceding month; and Mission at $636,800. an increase of 3.0% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December 2021 was $549,200 an increase of 3.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $619,500 and Abbotsford at $432,100. Only two municipalities were on the higher side of the average: Cloverdale at $589,000, an increase of 5.4% from the preceding month; and South Surrey/White Rock at $619,500 an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $543,400, an increase of 3.1% from the preceding month; Langley at $520,700, an increase of 2.7% from the preceding month; and North Surrey $508,800, an increase of 4.3% from the preceding month. 

How can I help?

I am here to help you, whatever your housing requirements. I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can also recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me. It gives me great pleasure to help my clients. 

METRO VANCOUVER

Vancouver home supply low, sales still strong as new year begins

Vancouver’s residential market closed with a all-time annual record for sales at the end of 2021, leaving the lowest inventory in decades. On a monthly basis, December sales dipped nearly 22% from the preceding month, but still remained high for winter sales, reaching a total of 2,688 across all property types. Compared with December one year ago, this was 13.1% decrease, but the successive declines in December sales have not translated into a slowing price escalation for the region over the same time period.  The residential composite benchmark price for Metro Vancouver property at the end of December 2021 was 1,230,200, an increase of 2.4% from the preceding November, and 23.3% higher than one year earlier. Average home prices have risen substantially over the past two years, largely because of the high demand fueled by low mortgage interest rates during the pandemic. However, the supply factor is now critical as new listings are not keeping pace with demand for housing. The inventory of available homes in Metro Vancouver at the end of December was 5,236 across all property types. This was down 26.7% from the preceding month of November, and a decline of close to 39% compared with the same period one year earlier. New listings during the month of December declined over 50% from new listings in the preceding month, more than double the decline in new listings for December one year ago. The issue of affordability has been a growing concern in Metro Vancouver and with high demand foreseen along with the shrinking supply, affordability must be addressed through urgently needed public policy measures. I am inviting home seekers who need to find housing during at this time to call me. With my banking experience I can advise on budgeting as well as connect you with mortgage brokers to assist you in your home buying effort.

Looking at a breakdown of sales for each property type in December 2021, condominium sales were well ahead with a total of 1,464, a 1.4 % decrease compared for the same month one year earlier. Sales of detached family homes reached a total of 794 in December, a 22.6% decrease from December one year ago. And townhouse sales totalled 430 for December, a 29.9% increase over the same month one year ago. For a month-over-month comparison of each property type, please look at the selection of property benchmark prices I have provided below for different geographical areas with Metro Vancouver. For each property type benchmark price for the end of December 2021, I have included a cluster of the closest prices on each side of average price. This will help you as general guide to finding your desired property type within you budget range. However, it is important to remember that benchmarks are averages for comparable properties in an area. For a more detailed analysis, please don’t hesitate to call me. I am able to provide you with specific prices for available properties, and can advise you on making you bid when you have chosen a home you want. I can also help prospective sellers make set an optimal price in this high demand market when you are listing you home for sale.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of December 2021 was $1,910,200, a 2.1% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,433,600 and Sunshine Coast at $890,300. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,948,800, an increase of 0.8% from the preceding month; North Vancouver at $1,968,000, and increase of 0.6% from the preceding month; and Richmond at $2,031,000, an increase of 2.5% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,868,000, an increase of 2.2% from the preceding month; Burnaby North at $1,082,600, an increase of 1.9% from the preceding month; and Vancouver East at $1,770,100, an increase of 1.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of December 2021 was $1,004,900, an increase of 1.5% from the preceding month. The extremities of this average were Whistler at $1,349,900 and Sunshine Coast at $636,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,085,800 an increase of 1.4% from the preceding month; North Vancouver at $1,199,100, a decrease of 1.5% from the preceding month; and Vancouver West (not West Vancouver) at $1,,307,600, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $989,800, an increase of 2.0% from the preceding month; Tsawwassen at $902,300, an increase of 3.4% from the preceding month; and New Westminster at $894,900, a decrease of 2.8% from the preceding month. (Squamish was excluded here because it is too far away for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of December 2021 was $761,800, an increase of 1.2% the from the preceding month. The extremities of this average were West Vancouver at $1,140,300 and Maple Ridge at $470,000. The three municipalities closest to the benchmark on the higher side of the average: Port Moody at $767,600, an increase of 3.6% from the preceding month; Vancouver West at $842,900, an increase of 0.9% from the preceding month, and West Vancouver at $1,140,300, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $754,300, an increase of 2.2% from the preceding month. Burnaby East at $750,200, an increase of 1.0% from the preceding month; and Richmond at $741,200, an increase of 0.6% from the preceding month.

Let me help

I love to help clients and I can assist in many different ways. I have a strong background in banking and finance and can offer expert advise on your mortgage and your budget. Some clients are thinking about renovations, either to add value to their home before listing it for sale, or simply for their living comfort. I can recommend reputable and reliable tradespeople who do quality work for reasonable rates. I can also provide you with a customized analysis of homes and prices in any area you may be interested in. Please let me know if you have any questions about anything to do with your real estate needs.