Residential sales at record highs; new listings still in decline

Home sales in the Fraser Valley continue to rise even as temperatures drop, reaching well beyond typical seasonal norms. The past month of November saw the second highest sales volume across all property types on record for the Valley. November’s 1,922 home sales, while down by 9.2% from the same month last year, increased by 1.8% over the preceding October this year. The November volume is a strong sign of the continuing high demand for a home in this region. Normally, sales begin to taper off as fall turns into winter, and home shoppers turn their attention to festive activities and other types of purchases for the holidays. Low mortgage rates continue to make home purchases an attractive investment for many buyers, but the high demand also continues to push prices upward. The combined benchmark price for a residential property in the Fraser Valley at the end of November was $1,143,600, a 3.3% increase over the preceding month. This is one of the largest monthly jumps in recent times.

Recent comments from the Bank of Canada suggesting that interest rates may rise in the new year are also fuelling the current high demand. From the perspective of Canada’s economic recovery from its Covid 19 induced contraction, the ongoing demand in the housing has been favourable to overall GDP measurement, but for Canadian home shoppers it is now the challenge of affordability that confronts many looking to find a home within normal budgetary constraints. Add to the demand-driven price escalation that new listings have been declining in the Fraser Valley for several months and the upward pressure on prices increases even more. November’s new  listings across all property types in the Fraser Valley decreased by 11.6% from October, with a resulting total inventory of 3,048 at the end of November, a decrease of nearly 48% from one year ago. In the current high demand market, the average number of days to sell a newly listed single family detached home in the Fraser Valley was 24 days; townhouses were on the market for an average of 16 days; and condominiums for an average of 24 days. In my monthly selection below of benchmark prices for the three property types around the Fraser Valley, I created a guide for buyers to search for homes within their budget and desired geographical area. However, it is important to remember that Benchmarks are simply average prices for comparable homes. These averages are shown with their high and low extremities which often have a wide range. With some of the biggest benchmark price jumps in recent months, it is notable to see one-month  increases such a 6.6% for a detached home in North Delta; a 4.6% one-month increase for a townhouse in North Surrey, and a one-month increase of 4.2% for a condominium in Langley. If you need assistance in your home buying for any reason, please contact me.I will be happy to provide you with more detailed information on any property type in a particular neighbourhood. I can also advise prospective sellers on the optimal price for their listing.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November was $1,48,000, an increase of 3.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,8228,200 and Mission at $1,027,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,499,600, an increase of 3.9% from the preceding month; Langley at $1,519,890, an increase of 4.3% from the preceding month; and Cloverdale at $1,527,300, an increase of 1.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,438,300, an increase of 3.3% from the preceding month; Abbotsford at $1,252,200, an increase of 3.6% from the preceding month; and Mission at $1,027,400, an increase of 2.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $740,100 an increase of 2.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $889,400 and Abbotsford at $617,300. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $753,000, an increase of 2.6% from the preceding month; Surrey at $755,700, an increase of 3.0% from the preceding month; and Cloverdale at $781,100, 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 $726,400, an increase of 4.6% from the preceding month; North Delta at $725,700, an increase of 3.6% from the preceding month; and Mission at $618.300, an increase of .1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $530,400 an increase of 3.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $607,600 and Abbotsford at $415,300. Only two municipalities were on the higher side of the average: Cloverdale at $558,600, an increase of 2.4% from the preceding month; and South Surrey/White Rock at $607,600, an increase of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $527,000, an increase of 4.1% from the preceding month; Langley at $506,900, an increase of 4.2% from the preceding month; and Mission at $443,720, an increase of 2.6% from the preceding month. 

How can I help?

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. If you are thinking about selling, I can also advise you on the optimal listing price in this high demand market. Please feel free to call. 

Home sales well above seasonal average; new listings not keeping pace

Residential sales in Metro Vancouver at the end of November continued to run well above the seasonal average. As has been the case in recent months, demand continues to outstrip supply and the number of new listings is not keeping pace with demand. The total number of active listings across all property types in Metro Vancouver at the end of November was 7,144, a 35.7% decrease from the same period one year ago, and a decrease of 11.1% from October this year. This monthly decline translates in nearly 1,000 fewer homes for sale in November than in October. While there were close to 4,000 new homes listed last month, in itself close to the seasonal norm and only a small decrease of 2.6% for the same month last year, it is not a sufficient volume to ease the current upward pressure on prices in this high demand market. Affordability in the region has therefore become to primary challenge for many home buyers. Low interest rates are continuing to encourage buyers across all property types and the month-over-month benchmark price increases have been similar for each type. However, the ratio of sales to active listings has favoured townhouses with a ratio of 74.3%. Condominium sales have followed with a ratio of 53.7% and single family detached homes with ratio of 35.7%. The overall composite benchmark price for a residential property in Metro Vancouver at the end of November was $1,211,200, a 1.0% increase from the preceding month and a 21.3% increase over the same month one year ago.

In the selection of benchmark prices in each of the individual property types below, you will find a guide to current prices and their recent month-over-month change for different geographical areas in Metro Vancouver. I encourage you to examine these benchmark prices, which are average prices based on comparable homes in an area, and see what property type and area best matches your purchasing capacity. It’s important to note, however, that an average prices often has a wide range between its upper and lower bounds. Therefore, I have shown the highest and lowest price extremities for each benchmark average. The monthly price change is also noteworthy as it often reflects the current demand in a particular area. You may want to take note of the two highest monthly increases, both 1.8%, occurring for single family homes in Port Moody and Richmond. The much lower rates of increase of 0.4% in Landner and 0.6% for Burnaby South is also of interest. For townhouses, the one month price increase of 3.5% in North Vancouver is one of the biggest jumps in recent months, while condominiums in East Vancouver remained almost the same with a 0.3% increase. Please feel free to call me for if you would like a more detailed summary of any particular area. There are often some excellent buys that do not show up in the averages and I will be happy to assist you with any questions you may have for your home buying plans. And if you are considering listing, please let me know. I will be able to provide you with an optimal listing price in this dynamic market.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of November was $1,870,500, a 1.1% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,413,800 and Sunshine Coast at $863,700. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,981,400, an increase of 1.8% from the preceding month; Port Moody at $1,955,300, an increase of 0.8% from the preceding month; and North Vancouver at $1,950,600, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,827,800, an increase of 1.5% from the preceding month; Burnaby North at $1,769,000, an increase of 1.5% from the preceding month; and Vancouver East at $1,743,700, an increase of 1.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of November was $990,300, an increase of 1.8% from the preceding month. The extremities of this average were Whistler at $1,382,100 and Sunshine Coast at $658,400. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,070,700 an increase of 1.8% from the preceding month; North Vancouver at $1,216,900, an increase of 3.5% from the preceding month; and Vancouver West (not West Vancouver) at $1,296,900, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $870,100, an increase of 0.9% from the preceding month; Coquitlam at $607,00, an increase of 0.6% from the preceding month; and New Westminster at $870,300, an increase of 0.7% 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 November was $752,800, an increase of 0.9% the from the preceding month. The extremities of this average were West Vancouver at $1,116,700 and Maple Ridge at $461,800. Only two municipalities were closest to the benchmark on the higher side of the average: Vancouver West at $835,200, an increase of 1.5% from the preceding month; and West Vancouver at $1,116,700, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $742,400, an increase of 0.3% from the preceding month; Port Moody at $741,200, an increase of 1.1% from the preceding month; and Burnaby North at $738,300, an increase of 0.7% from the preceding month.

Let me help

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.

METRO VANCOUVER

High demand outpaces new listings; declining supply exerts upward price pressure

The Metro Vancouver housing market continued to see home sales push upwards in October despite a declining overall supply of available homes across all property types. October’s dip in new listings dampened the optimism of a resurgence of new listings seen with September’s 28% monthly increase reported here last month. The short-lived new listing infusion was not able to keep pace with Metro Vancouver’s 3,494 home sales in October’s, 11% increase from the 3,149 homes sold in the preceding September. Even with last month’s new listings totalling 4,049 across detached homes, townhouses, and condominiums, October’s inventory dropped to the lowest level in three years at 8,034, 13% down from September and a 35.3% decrease compared to the same period one year ago. With last month’s sales volume over 22% higher than the 10-year average, the ongoing upward pressure on prices is continuing to press the urgency of completing purchases for home shoppers wishing to find a home within their planned home-buying budgets. Declining supply relative to demand has been a persistent problem for many months and is a significant factor in increasing prices in the Metro Vancouver market. Recent Bank of Canada announcements indicate that a rise in interest rates is on the nearby horizon. This may bring about a market cooling in price rises but the underlying issue of supply will have to be addressed through government housing policies. At the end of October, the composite benchmark price for a residential property in Metro Vancouver was $1,199,400, a 1.1% increase from the preceding month, and a 14.7% over the same month one year ago.

In my selection of benchmark prices below, you will find a cluster of prices around benchmark for different geographical areas in Metro Vancouver. These Benchmarks are averages of the prices that comparable homes in the area have sold for in the past month. For each benchmark I have included the extremes of the average as well as the nearest average prices above and below the benchmark. This will serve as a guide for home shoppers whose first consideration in price. You can then determine the area where you may find a home within your budget, However, it’s important to remember that averages are merely guidelines; there may be excellent bargains based on individual selling conditions. The benchmarks below also show the month-over-month price change in the area. This has become more significant in the current dynamic, high demand Metro Vancouver market. This month I draw your attention to some of the biggest one-month price changes since September: there was notable decrease of 3.3% that occurred in the average price of condominiums in West Vancouver. The largest average increases in average prices for townhouses were in Tsawwassen at 2.2% and in North Vancouver at 1.9%. For detached homes, there were very moderate increases in both North and South Burnaby at 0.2% for each. Please feel free to call me for me for more a more detailed analysis for a specific property type in an area you would like to live. I keep a close eye on housing availability and will be happy to advise you on specific homes in the area of your choice. And, if you are thinking of listing, I can advise you on your optimal asking price in this dynamic market and can prepare a Customized Market Analysis for a specific property showing recent sale prices in the neighbourhood.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of October was $1,850,500, a 1.2% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,450,400 and Sunshine Coast at $882,900. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,878,400, an increase of 1.0% from the preceding month; North Vancouver at $1,939,500, an increase of 1.4% from the preceding month; and Richmond at $1,950,600, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,816,300, an increase of 0.2% from the preceding month; Burnaby North at $1,743,700, a decrease of 0.2% from the preceding month; and Vancouver East at $1,717,400, an increase of 0.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of October was $975,000, an increase of 1.2% from the preceding month. The extremities of this average were Whistler at $1,308,100 and Sunshine Coast at $574,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,053,700, an increase of 0.6% from the preceding month; North Vancouver at $1,175,300, an increase of 1.9% from the preceding month; and Vancouver West (not West Vancouver) at $1,300,300, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $961,200, an increase of 1.1% from the preceding month; Tsawwassen at $648,800, an increase of 2.2% from the preceding month; and Coquitlam at $878,100, an increase of 1.7% 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 October was $746,400, an increase of 1.0% the from the preceding month. The extremities of this average were West Vancouver at $1,124,100 and Maple Ridge at $451,000. Only two municipalities were closest to the benchmark on the higher side of the average: Vancouver West at $823,200, an increase of 0.8% from the preceding month; and West Vancouver at $1,124,100, a decrease of 3.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $740,100, an increase of 1.5% from the preceding month; Port Moody at $732,800, a decrease of 0.4% from the preceding month; and Burnaby East at $740,100, an increase of 1.5% from the preceding month.

I am here to help you

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

Fraser Valley

Home sales still at record highs; new listings drop below average

Fraser Valley home sales again soared to record heights for the month of October, reaching the third highest recorded volume for this period. The persistent high demand for a Valley home, however, is not being met with a sufficient number of new listings – indeed new home listings have dropped below average for this time of year – and stronger upward pressure on prices can be expected across all property types if the situation does not improve. As these market conditions continue in the Valley, home buyers need to collaborate closely with their realtor to maximize their opportunities to locate a home as expeditiously as possible. The total of 1,938 home sales in October was 3.9% higher than the preceding month. Although the yearly statistics show this past October had about 18% fewer sales than one year ago, it is important to put this is the correct context and remember that there was an enormous surge in in home buying in the initial stages of the low mortgage interest regime driven by Covid-19. New listings did reach 2,188 in October and brought the total inventory to 3,447 at the end of the month. down 9.6% from September, but close to a 50% lower than one year ago. Newly listed properties are selling quickly. The average number of days for single family detached home to sell after listing was 28 days in October; townhouses sold even quicker, within 18 days; and condominiums remained on the market on average for 27 days. It is important, therefore, for eager home buyers to remain actively involved in their search. I am happy to help you with detailed information on property types in your desired living area. Please feel free to call me and let me know what you are looking for by way of price and location. My banking experience will also be helpful in assisting you with your budget and home buying plans. Prices will continue to rise under the current market conditions, so it is best not to delay your purchase if you can find a home suited to your needs.

The combined benchmark price for a residential property in the Fraser Valley at the end of October was $1,107,200, a 2.2% increase from the preceding month. In my selection of benchmark’s prices for comparable homes in each property type below, you can find a guide to the geographical areas with homes in your general price range. Remember, however, that benchmarks are simply averages, so note the extremities listed for each benchmark below. This will help you gain a better insight into more specific prices you may expect to find in your search. And, if you are considering listing you home, I can prepare a Customized Market Analysis for your property with comparative recent selling prices in the same neighbourhood. This month I draw your attention to the largest month-over-month increases which can help you see where there was some of the strongest demand last month. For example, the biggest monthly average price increases were for single family detached homes in North Delta at 3.2% and in Abbotsford at 3.1%. The lowest increases occurred for townhouses in Langley at 0.6% and for condominiums in North Surrey at 0.9%. Please consult the monthly changes below as a guide but be sure to call me if you would like more detailed information. I am eager to help my clients in the challenging period.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1,396,700, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,787,200 and Mission at $999,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,442,900, an increase of 1.8% from the preceding month; Langley at $1,767,200, an increase of 1.8% from the preceding month; and Cloverdale at $1,498,400, an increase of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,393,000, an increase of 2.8% from the preceding month; North Delta at $1,269,000, an increase of 3.2% from the preceding month; and Abbotsford at $1,208,900, an increase of 3.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of October was $720,500, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $870,900 and Abbotsford at $611.400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $733,700, an increase of 2.0% from the preceding month; Cloverdale at $763,300, an increase of 3.0% from the preceding month; and Langley at $733,700, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $706,600, an increase of 1.7% from the preceding month; North Surrey at $733,700, an increase of 2.0% from the preceding month; and Mission at $617.900, an increase of 1.1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of October was $514,200 an increase of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $590,300 and Abbotsford at $408,700. Only two municipalities were on the higher side of the average: Cloverdale at $545,700, an increase of 2.1% from the preceding month; and South Surrey/White Rock at $590,300, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $506,200, an increase of 2.8% from the preceding month; Langley at $486,500, an increase of 2.2% from the preceding month; and North Surrey at $474,100, an increase of 0.9% from the preceding month.

Let me help 

I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning.  And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me when I can help you.

FRASER VALLEY

Fraser Valley home sales volume steady, still historically high; new listings up in September

Fraser Valley home sales continued at a brisk pace in September, while slowing somewhat again as has been the trend for several months. However, on a historical comparison, Valley sales are still reaching some of the highest levels ever in the history of the Fraser Valley Real Estate Board. September home sales reached a total of 1,866, a decrease of 10.6% from the preceding month of August, and a 16.4% decrease compared with the same period one year ago. However, these comparisons are showing expected declines from the extraordinary demand fueled by low interest and a desire to relocate to the Fraser Valley in the earlier stages of Covid-19. But looking at the sales volume across the Valley’s peak periods in the past 100 year, this September’s sales reached extraordinary heights, being the second highest level ever. September also brought a welcome increase in new Valley listings, which increased by 11.2% over new listings made in the preceding month of August. Prospective buyers who have been watching prices increase owing in part to lessening supply in the Valley will be happy to see an indication that sellers again see the fall as an opportune time put their homes on the market. With September’s new listings reaching 2,342, the Fraser Valley’s total active inventory at the end of the month closed at 3,812. However, I would caution prospective buyers not to count on new listings returning to their historically high numbers this fall in order to completely remove upward price pressure in the Valley’s housing market. The inventory level at the end of September is still 6.5% lower than the preceding August, and 48.3% lower than it was at this time last year. There is still a need for more residential development to meet the high demand for a Valley home, and this is a need that must be addressed by all levels of government. For home seekers wanting to buy, the fall appears to be shaping up with an good selection across all property types.

The combined benchmark price for a Fraser Valley home at the end of September was $1.083,400, an increase of 1.6% over the preceding month of August. Market watchers reading this monthly newsletter will notice that this month-over-month increase is significantly higher than the 0.2% increase noted in last month’s newsletter. Fraser Valley prices are now on average within $100,000 of the Metro Vancouver benchmark, a clear indication of how much demand for Valley homes has increased over the past year. The Metro Vancouver combined benchmark was $1,038,700 in September 2020. In my monthly selection of comparative benchmarks for each property type around the Fraser Valley, you will find the most recent month-over-month price changes. Notably, some of the biggest price jumps are in detached homes, for example, with a 3.0% increase in Langley and a 3.3% increase in Cloverdale. However, equally notable was the decrease of 1.3% in the average price of a townhouse in Cloverdale for the same period. Please let me know if I can help in your Fraser Valley home search. I will be happy to provide you with more detailed information on homes in any of areas of the Fraser Valley. And if you are considering listing your home for sale, please feel call me for assistance in determining your optimal asking price. I keep a close eye on market activity and can advise you on selling in this high demand environment. Valley homes sell on the whole rather quickly. In September, on average, single family homes sold within 26 days on the market; townhouses sold with 19 days of listing; and condominiums within 26 days.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of September was $1,362,200, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,736,800 and Mission at $968,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,418,100, an increase of 0.9% from the preceding month; Langley at $1,422,800, an increase of 3.0% from the preceding month; and Cloverdale at $1,449,100, an increase 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 $1,355,400, an increase of 2.8% from the preceding month; North Delta at $1,362,200, an increase of 1.9% from the preceding month; and Abbotsford at $1,172,200, an increase of 1.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $707,300, an increase of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $841,900 and Abbotsford at $604,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $719,400, an increase of 1.6% from the preceding month; Langley at $729,100, an increase of 0.8% from the preceding month; and Cloverdale at $740,200, a decrease of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $689,100, an increase of 1.4% from the preceding month; North Surrey at $677,500, an increase of 1.3% from the preceding month; and Mission at $611.300, an increase of 1.1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $505,500 an increase of 1.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $578,000 and Abbotsford at $395,800. Only two municipalities were on the higher side of the average: Cloverdale at $539,500, an increase of 1.4% from the preceding month; and South Surrey/White Rock at $578,000, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $492,300, an increase of 1.1% from the preceding month; Langley at $476,000, an increase of 0.5% from the preceding month; and North Surrey at $469,700, an increase of 0.9% 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 and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable and reasonable in their rates. It gives me pleasure to help my clients. Please don’t hesitate to call me for any real estate advice you may need.  

METRO VANCOUVER

Home sales continue at above average pace; new listings increase

The pace of residential sales in Metro Vancouver remained steady this past September, the negligible decrease of 0.1% from the preceding month of August still part of slowing seen over recent months but, historically for this period, well above average. While September’s total sales volume of 3,149 was down 13.6% compared to the same month one year ago, it was nonetheless close to 21% above the 10-year average. There was good news with September’s new listings moving up from declines in recent months, reaching 5,171 new listings across all property types. This was over 28% more than new listings in the preceding month, and provides some relief on the upward pressure on prices seen earlier this year. However, I would encourage prospective buyers not to rely on an abundance of new listings to bring prices down. September’s new listings, while replenishing the inventory in Metro Vancouver to 9,236 for all property types, were a modest drop of 1.2% below the 10-year average. The total available supply at present is ample to provide a good selection and to moderate the upward price pressure, but it may not last. The current inventory is still close to 30% less than the same month one year ago, and 27.7% below the 10-year average. The larger picture on the supply side continues to be the need for more housing overall to maintain affordability in the Metro Vancouver region, and this will require public policy action by all levels of government. The combined benchmark price for a residential property at the end of September was $1,186,100, a 13.8% increase over the same month last year, and a 0.8% increase over the month of August this year.  The biggest month-over-month price increases in September occurred for single family detached homes and townhouses, both increasing by 2.2% from August. Condominiums showed an average increase of 1.2% for the month. In each of the property types below, my monthly selection of comparable benchmark prices in different geographical areas of Metro Vancouver will give you an insight into price changes in September over the preceding month.

The benchmark prices below are meant as a guide to locate find homes within a desired neighborhood within your budget. However, it is important to keep in mind that benchmarks are averages that may have a significant difference in the price range between the upper and lower bounds of the average. Also, it is important to look carefully each month at the price fluctuations as current sales may move the average in either a plus or a minus direction. For each of the three property types, I have chosen prices which are clustered closely on both sides of the overall benchmark price for the different municipalities in the Metro Vancouver region. Some notable decreases this past month of September can be found for single family detached homes in Burnaby North with a decrease of 0.8% from August, and for condominiums in Burnaby East with a decrease of 0.2% in the same period. On the other hand, there were some relatively large month-over-month increases of note, for example, detached homes in North Vancouver jumped 2,6% in September; townhouses in Coquitlam were up 1.7% in the same period; and condominiums in West Vancouver jumped 3.5% in September. Please feel free to contact me if you have any questions in your home search. I am always happy to help and can provide you with more detailed information for your preferred area. If you are thinking of listing at this time, I keep a close eye on market developments and can advise you on an optimal listing price in this dynamic market. 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of September was $1,828,200, a 1.2% increase from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,494,900 and Sunshine Coast at $867,700. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,859,500, an increase of 0.2% from the preceding month; North Vancouver at $1,913,400, an increase of 2.6% from the preceding month; and Richmond at $1,950,600, an increase of 1.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,812,700, an increase of 1.4% from the preceding month; Burnaby North at $1,747,300, a decrease of 0.8% from the preceding month; and Vancouver East at $1,707,900, an increase of 1.1% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $963,800, an increase of 1.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,292,200 and Sunshine Coast at $604,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,047,100, an increase of 2.5% from the preceding month; North Vancouver at $1,153,900, an increase of 1.2% from the preceding month; and Vancouver West (not West Vancouver) at $1,292,200, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $950,900, an increase of 1.3% from the preceding month; Coquitlam at $863,600, an increase of 1.7% from the preceding month; and Tsawwassen at $856,700, an increase of 0.8% 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 September was $738,600, an increase of 0.5% the from the preceding month. The extremities of this average were West Vancouver at $1,163,000 and Maple Ridge at $441,000. Only two municipalities were closest to the benchmark on the higher side of the average: Vancouver West at $816,700, a decrease of 1.0% from the preceding month; and West Vancouver at $1,163,000, an increase of 3.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $729,700, an increase of 0.9% from the preceding month; Burnaby East at $729,300, a decrease of 0.2% from the preceding month; and Burnaby North at $725,000, an increase of 0.5% from the preceding month. 

I can help

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

Sales remains robust; housing inventory shrinks as new listings decline

Fraser Valley sales continued robustly in August as home purchases reached a total of 2.087, an increase of 4.0% over the preceding month and 2.4% higher than one year ago. However, new listings took another dip last month, dropping 13.3% from new listings in July. This was a decrease of over 36% for the same period last year. With the 2.107 new listings in August, the Fraser Valley’s total active inventory at the end of the month was 4.077, 16.8 per cent lower than July, and close to 45% lower than the same period one year ago. Predictably, the high demand and lower supply is being seen in the rate of price rises. The combined residential benchmark price across all properties at the end of August was $1.066,800. This was an increase of 1.2% over the preceding month. Notably, this monthly increase was a full percentage point higher than the increase for the month before it. While the country’s low mortgage rate continues to fuel demand, housing affordability will continue to be exacerbated. Demand for Valley homes will continue to be high owing to the region’s livability, but housing development must increase to keep rising prices in check. There will need to be public policy solution soon, but for the present I would encourage home seekers to follow month-over-month fluctuations that can sometimes result in price declines in some areas, depending on relative sales activity. Since the Valley’s composite benchmark price surpassed the $1-million mark several months ago, the gap between the Fraser Valley benchmark and the Metro Vancouver benchmark has been consistently closing. There is now a mere $10,000 difference between the two markets, and many buyers are still seeking to purchase in less densely populated areas due to the pandemic.

In my selection of benchmark prices for the three property types below, I show the monthly price changes for homes in different areas clustered around the overall benchmark for the Fraser Valley. By examining these comparisons, you will have a guide to where you may find a home that fits your budget and desired living area. It is important to remember, however, that benchmarks are averages, for which I include the extremities to better represent the range of prices. This month you will see that increases in each property type from the preceding month are typically highest for single family detached homes, and for which the demand remains strong in the Valley.  I would encourage home buyers not to sit on the sidelines if you are eager to make a purchase as you don’t want to be priced out of your budget while supply continues to shrink. And if you are considering listing your home for sale, please feel call me for assistance in determining your optimal asking price. I keep a close eye on market activity and can advise you on selling in this high demand environment. Last month, single family detached homes sold on average within 28 days; townhouses sold within 19 days; and condominiums were on the market for an average of 29 days. Please don’t hesitate to let me know how I can help for whatever your residential needs may be.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,335,800, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,713,800 and Mission at $955,700. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,381,800, an increase of 0.4% from the preceding month; Cloverdale at $1,403,500, an increase of 2.0% from the preceding month; and Surrey at $1,405,400, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,319,200, an increase of 0.5% from the preceding month; North Delta at $1,208,700, an increase of 1.4% from the preceding month; and Abbotsford at $1,152,700, an increase of 1.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $697,500, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $822,700 and Abbotsford at $598,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $707,800, an increase of 0.9% from the preceding month; Langley at $723,100, an increase of 2.4% from the preceding month; and Cloverdale at $731,100, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $680,400, an increase of 1.1% from the preceding month; North Surrey at $668,900, an increase of 0.4% from the preceding month; and Mission at $604,800, an increase of 1.1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $498,800 an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $575,200 and Abbotsford at $386,000. Only two municipalities were on the higher side of the average: Cloverdale at $530,800, an increase of 0.3% from the preceding month; and South Surrey/White Rock at $575,200, an increase of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $486,700, an increase of 0.2% from the preceding month; Langley at $473,700, an increase of 0.3% from the preceding month; and North Surrey at $465,500, an increase of 1.4% from the preceding month. 

How can I help?

I am always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning.  And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me to help you

Market activity slows again but still above historical average; new listings down, some price declines

The Metro Vancouver residential market slowed for another month in August, both in sales activity and new listings. While outpacing new listings for the month, sales are still strong at 20% above the 10-year average and 3.4% over sales for the same period one year ago. However, on a month-over-month comparison, August sales, which reached a total of 3,152 across all property types, were down a total of 5.2% from the preceding month of July. On an annual comparison, sales of detached homes and townhouses showed decreases, while condominium sales were higher: the number of sales of detached homes in August was 945, a decrease of 13.7% from the same month one year ago; townhouse sales reached 576 in August, down 7.1% from one year earlier; and August condominium sales totalled 1,631, an increase of 22.4% over the same month last year. On the basis of individual property types, sales-to-active listings breaks down as 25.3% for detached homes; 51.8% for townhouses; and 39.2% for condominiums. New listings in August reached 4,032 across all property types, a 7.9% decrease from new listings in July, and a 30.6% decrease for the same month one year ago. This brought the total inventory available for Metro Vancouver properties at the end of August to 9,005, nearly 30% lower than one year earlier, and almost 9.0% down from the preceding month this year. It is worth noting that despite the declining inventory, the composite benchmark price for a Metro Vancouver home at the end of August rose only 0.1% from the preceding month, reaching $1,175,000.    

In each of the property categories listed below, I have selected my monthly comparison of benchmark prices in different geographical areas clustered around the overall benchmark price for the specific property type. These benchmarks are meant as a guide to prices on comparable properties in different neighbourhoods and may assist you in your search for home that meets your budget requirements. However, remember that benchmarks are averages, and monthly fluctuations are based on recent market activity. With the modest increase in the overall benchmark increase mentioned above, there are some recent decreases to note in some areas. For example, the benchmark price for single family detached homes in North Vancouver decreased by 1.6% and in Port Moody by 0.4% in August. On the other hand, townhouses jumped by 2.7% in Vancouver East and in Tsawwassen by 1.6% in the same period. It is likely that with the continuing decline in new listings, prices will increase under current inventory conditions. As such, housing affordability in the Metro Vancouver region will require a public policy solution. I would advise prospective buyers needing to find a home not to delay purchases as other factors can come into play in the future such as a rise in the base rate for mortgages and more stringent mortgage qualification measures. Please feel free to contact me if you have any questions in your home search and I will be happy to provide you with detailed information for your preferred area. If you are thinking of listing at this time, I keep an close eye on market developments and can advise you on an optimal listing price in this dynamic market.  

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $1,807,100, a 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,462,200 and Sunshine Coast at $847,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,855,700, a decrease of 0.4% from the preceding month; North Vancouver at $1,865,800, a decrease of 1.6% from the preceding month; and Richmond at $1,920,400, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North $1,761,800, an increase of 0.9% from the preceding month; Burnaby South at $1,788,100, an increase of 0.8% from the preceding month; and Vancouver East at $1,689,700, a decrease of 0.2% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of August was $952,600, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,286,600 and Sunshine Coast at $601,400. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,021,300, an increase of 2.7% from the preceding month; North Vancouver at $1,140,100, an increase of 1.3% from the preceding month; and Vancouver West (not West Vancouver) at $1,286,600, a decrease of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $938,400, an increase of 0.6% from the preceding month; Tsawwassen at $850,300, an increase of 1.6% from the preceding month; and Coquitlam at $848,900, an increase of 0.2% from the preceding month. (Squamish and Whistler were excluded here because they are too away for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of August was $735,100, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,102,400 and Maple Ridge at $427,800. Only two municipalities were closest to the benchmark on the higher side of the average were: Vancouver West at $825,000, a decrease of 0.5% from the preceding month; and West Vancouver at $1,102,400, a decrease of 3.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $730,800, an increase of 0.3% from the preceding month; Port Moody at $723,000, an increase of 1.5% from the preceding month; and Richmond at $713,400, a decrease of 0.2% from the preceding month. 

Let me help

Please don’t hesitate to call me for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing. I can advise on what will make for the most optimal return on your investment. I can also refer you to reliable tradespeople who do quality work at reasonable rates.

Home sales strong but further slowing seen in July; low inventory could push prices up

The Fraser Valley residential market showed another month of cooling activity this past July while still remaining a sellers’ market with above average demand for all property types. Total sales for the month declined by 11% from June and were also down 4.5% from the same month one year ago. However, the 2.006 sales transactions were still above the 10-year average by 15%, and a sellers’ market remains with steady demand in the Valley. While mid-summer often sees slower activity as families typically take vacations, the Fraser Valley continues to see many buyers this year who are showing an interest across all property types. The rapid escalation of prices that has been attributed largely to the county’s low mortgage interest rates held in place during the pandemic has also shown a welcome slowing by prospective buyers in the Valley in recent months. This month I would encourage prospective buyers to think about the distinct possibility of rising prices coming the Fraser Valley as a result of declining home inventories. July marks the fourth consecutive month that new listings have continued to decline in the Valley. July’s new listings were a decrease of 22% from new listings in the preceding month, and 31.5% lower than new listings for the same period one year ago. With the 2,431 new listings received in July the total inventory at the end of the month was 4,901, the lowest active inventory in the Fraser Valley in four decades. With demand remaining high, the supply factor may soon be seen in rising price levels. At present, there are some price declines to be found in specific properties as they drop from the previous extreme demand period that pushed prices upward, often above the asking price.    

The combined residential benchmark price for a Fraser Valley home at the end of July was 1,053,900, a 0.2% increase over the preceding month. In my monthly selection of benchmark price comparisons below, you will find for each property type a cluster of benchmarks around the overall benchmark for each property type. This will serve as a guide for home shoppers to see the month-over-month price changes in different geographical areas of the Fraser Valley. Please keep in mind that benchmarks are averages based on comparable homes in similar neighbourhoods. The extremities of these averages are also provided to better understand the range of prices in the benchmark average. This month you can find some areas where the benchmark price has decreased. For example, Cloverdale, Langley, North Delta and Abbotsford all show decreases for single family detached homes; and decreases in condominiums in Cloverdale, White Rock, Langley and Surrey. For prospective sellers, benchmark averages can give you a general idea of price levels for listing prices. However, I will be happy prepare a custom market analysis for your specific property and advise you on the optimal listing price in the current market. On average, properties listed for sale in the Fraser Valley sell quite quickly. In July, a single family detached home remained on the market for 26 days; townhouses for 15 days, and condominiums for 24 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,319,200, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,689,70000 and Mission at $929,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,376,500, a decrease of 0.3% from the preceding month; Langley at $1,377,000, a decrease of 0.4% from the preceding month; and Surrey at $1,384,300, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,312,500, an increase of 0.1% from the preceding month; Abbotsford at $1,136,100, a decrease of 0.4% from the preceding month; and North Delta at $1,191,600, a decrease of 0.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $688,400, an increase of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $809,700 and Abbotsford at $587,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $701,400, an increase of 0.5% from the preceding month; Langley at $706,100, an increase of 2.1% from the preceding month; and Cloverdale at $736,000, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $673,200, an increase of 1.2% from the preceding month; North Surrey at $666,000, an increase of 3.0% from the preceding month; and Mission at $598,300, an increase of 3.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $494,000 an increase of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $559,300 and Abbotsford at $383,800. Only two municipalities were on the higher side of the average: Cloverdale at $530,400, a decrease of 0.5% from the preceding month; and South Surrey/White Rock at $559,300, a decrease of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $485,900, a decrease of 0.4% from the preceding month; North Surrey at $459,100, an increase of 0.2% from the preceding month; and Langley at $472,400, a decrease of 0.3% from the preceding month. 

I can help

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call. 

Home sales still cooling, but remain above average; some prices decrease   

Residential market activity In Metro Vancouver continued to slow as July recorded the fourth consecutive month of moving off the frenetic pace seen over the preceding year. Yet, July home sales were over 6.0% higher than in the same month last year, and the market’s current vibrancy is historically evident with sales at 13.3% above the 10-year average. Looking at the current month-over-month comparison, however, July’s 3,128 sales were a decline of 11.6% from the preceding June. New listings also dropped in July with the month’s total of 4,377 across all property types down by 25% from new listings recorded in June this year, and 26% lower than new listings in June in 2020. On the 10-year average, July’s new listings were down by 12.3%. The total inventory at the end of July was 9,850 across all property types, 9.1% lower than the preceding month of June and a decrease of 18.5% from one year ago. The overall decline in market activity is providing a reprieve for buyers, many of whom saw rapid price rises over previous months as competitive bidding for home purchases often pushed prices above the asking price. With the current moderation in sales, there is a somewhat more relaxed purchasing environment at present, and prices are generally settling down. Notably, the composite benchmark price for a residential property in Metro Vancouver at the end of July ($1,175,500) showed no change from the preceding month. This will be welcome news by prospective buyers who have watched this benchmark increase by nearly 14% from one year ago, but with a declining inventory upward pressure on prices can be expected. However, I recommend that prospective buyers keep in mind that the composite benchmark price is an average with variance that can be quite broad, In the Metro Vancouver market, there are some exceptionally high property prices so it is important to look carefully for individual price listings. There can often be excellent listing prices that fit you budget.

In the selection of benchmark prices for specific property types below, I have compared the month-over-month price change in different areas of Metro Vancouver. Each property type includes a cluster of average prices around the overall benchmark for the property type. This can serve as guide to general price levels in different geographical areas, and also give you an idea of recent price fluctuations. Remember that a benchmark price is based on homes with similar features in comparable neighbourhoods. This month, I want to point out that with the composite benchmark for all properties showing no change since June that there are some areas where decreases in prices can be found. For example, the benchmark price in July for a detached family home in North Vancouver decreased by nearly 1.0 per cent; the benchmark for townhouses decreased by over 2.0 per cent in Tsawwassen; and for condominiums in Port Moody a decrease of 0.5%.  Please feel free to ask me for more detailed information on prices and property features in a neighbourhood of your choice. I am happy to help you in your search for home that meets your personal preferences and budget. And if you are thinking of listing, I can advise you on an optimal asking price and prepare a detailed market comparison for your property.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $1,801,100, no change from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,466,200 and Sunshine Coast at $833,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,863,800, an increase of 0.7% from the preceding month; North Vancouver at $1,896,300, a decrease of 0.9% from the preceding month; and Richmond at $1,910,000, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,774,500, an increase of 1.1% from the preceding month; Burnaby North at $1,746,800, an increase of 1.1% from the preceding month; and Vancouver East at $1,692,500, a decrease of 0.2% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of July was $949,400, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,291,800 and Sunshine Coast at $611,600. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $949,900, a decrease of 1.8% from the preceding month; North Vancouver at $1,125,500, an increase of 0.8% from the preceding month; and Vancouver West (not West Vancouver) at $1,291,800, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $932,600, an increase of 1.0% from the preceding month; Coquitlam at $847,300, an increase of 0.5% from the preceding month; and Tsawwassen at $837,200, a decrease of 2.1% from the preceding month. (Squamish was excluded here because it is too far out for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of July was $736,900, a decrease of 0.1% the from the preceding month. The extremities of this average were West Vancouver at $1,142,300 and Sunshine Coast at $521,500. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $829,300, a decrease of 0.2% from the preceding month; and West Vancouver at $1,142,300, 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 at $728,600, an increase of 0.5% from the preceding month; Richmond at $714,800, an increase of 0.5% from the preceding month; and Port Moody at $712,200, a decrease of 0.5% from the preceding month. 

Let me help

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.