High demand remains as sales dip again; some price declines

Mid-summer activity in the Fraser Valley’s housing market remains hot but with some cooling again this past June. The Valley’s 2,247 sales total last month was a 31% increase over the same period one year ago and 22% above the ten-year average. But the month-over-month decline seen in the last few months continued into June as sales showed a 24% decline from the preceding May. While demand is still high for Valley homes, the record-setting sales volumes reached each month since last fall may have possibly peaked. Last month was notably the first after a ten-month surge that did not break a historical record for Fraser Valley home sales. Prospective buyers can now see some relief from the frenetic bidding experienced in the extreme sellers’ market previously, and some price reductions as market activity begins to move to more normal levels. However, as low interest rates continue, demand remains high and new listings will be needed to ease the upward pressure on prices. While 3.108 new listings appeared in June, this was a decline of 21% from May’s new listings. The inventory of active Fraser Valley properties at the end of June totalled 5,474, down 7.0% from the preceding month, and 22.5% lower than the same period one year ago. Prospective sellers can take advantage of the current high demand by listing now for a summer sale. Across all property types listed, the length of time for sales was short: single-family detached homes were on the market for an average of 17 days; townhouses for an average of 12 days; and condominiums on average sold within 21 days. The combined benchmark price for all Valley properties at the end of June was $1,051,400, an increase of 0.7% from the preceding month.   

The composite benchmark price for a Fraser Valley home moved above the $1-million mark for the first time in April this year. At the end of June, the composite benchmark price in the Fraser Valley was $113,700 less than in Metro Vancouver. While many home buyers have chosen the Fraser Valley for its quality lifestyle in a semi-urban setting, the benchmark price comparison has also played a role in selecting a Valley home, particularly for first time home buyers and young families. The pandemic has also played a role in Valley housing demand, as many homeowners elected to migrate from more densely populated areas to the more spacious Fraser Valley properties. With the combined benchmark prices in both of the lower mainland’s major markets now over the psychological threshold of $1-million, I encourage clients to carefully examine the prices for specific property types. While the composite benchmark prices are averages for comparable properties, it is worth noting that for both townhouses and condominiums, the benchmark prices are still under $1-million. Below, I have a selection of benchmark prices for specific property types showing their one-month price change in different municipalities in the Fraser Valley. This will provide a guide for home shoppers to see where they may best locate for their budget and desired area. For a more detailed analysis please feel free to contact me for the most up-to-date information to assist you.      

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of June was $1,324,400, an increase of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,731,600 and Mission at $925,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,377,200, an increase of 1.1% from the preceding month; Cloverdale at $1,381,200, a decrease of 0.6% from the preceding month; and Langley at $1,383,000, an increase of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,311,100, an increase of 0.2% from the preceding month; North Delta at $1,198,400, an increase of 1.6% from the preceding month; and Abbottsford at $1,140,100, a decrease of 0.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of June was $678,400, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $810,000 and Abbotsford at $575,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $691,400, an increase of 1.6% from the preceding month; Surrey at $692,100, an increase of 1.0% from the preceding month; and Cloverdale at $732,600, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $665,400, a decrease of 1.5% from the preceding month; North Surrey at $643,300, an increase of 0.9% from the preceding month; and Mission at $579,400, an increase of 3.9% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of June was $493,500, an increase of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $567,400 and Abbotsford at $378,100. Only two municipalities were on the higher side of the average: Cloverdale at $533,700, an increase of 0.4% from the preceding month; and South Surrey/White Rock at $567,400, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $466,600, an increase of 2.3% from the preceding month; Langley at $470,600, an increase of 2.5% from the preceding month; and North Surrey at $458,400, a decrease of 0.3% from the preceding month. 

I can help

Please do not 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.

Summer sales still hot but cooling; some price decreases

For a third consecutive month, Metro Vancouver’s residential market cooled slightly in June from its previous blistering pace. But while the dip appears to be trending on a month-over-month comparison, sellers’ market conditions continue with low interest rates still driving strong demand across all property types. The overall decline in June’s home sales was 11.9% from the preceding month, but on an historical basis, total home sales this past June were 54% higher than the same period one year ago, and 18% over the 10-year average. Condominiums led in June with a total of 1,744 sales, a 60.5% increase over the same month one year ago. Detached home followed with a June total of 1,262 sales, a 45.7% from one year earlier; and townhouse sales reached a total of 776 for the month, 53.8% over one year ago. Overall new listings last month also declined, down 17.9% from May, but close to last year with a 1.1% increase over May 2020. June’s new listings of 5,849 across all property types this year brought the total inventory at the end of the month to 10,839, a drop of 5.1% from one year ago, and a 1.2% decrease from the preceding month of May. The current combination of lower supply and continuing high demand is generally exerting upward pressure on prices: the composite benchmark price for a residential property in Metro Vancouver at the end of June was $1,175,100, an increase of 0.2% from May, and a 14.5% increase from one year ago. However, I highly recommend looking closely at current monthly fluctuations in home prices in different geographical areas across Metro Vancouver. Price declines in some areas can still be found in this dynamic market.

Below are benchmark prices in each property type for the most recent month-over-month price changes. This selection of benchmark prices is based on homes clustered around the average price in different areas of Metro Vancouver. Using this a guide for your budget and desired living area, you will be able to see what the extremes of the averages are, and to get a general idea of comparable prices in the area of your choice. Monthly price fluctuations result from a number of factors, primarily the price set by sellers which is usually based on comparable homes in the area, and the active bidding by buyers based on their level of desire to make a purchase. As mentioned, a sellers market currently exists, which means demand is often high enough to cause buyer to bid above the seller’s listed price. In such conditions, prices normally move upwards; however, there are always exceptions in individual cases. This past June, for example, benchmark prices for single family homes in Metro Vancouver showed 0.0% change from the preceding month, meaning that among the prices increases there were also price decreases, some particularly notable: Burnaby East showed a monthly benchmark decrease of 2.0%, and Richmond had a benchmark decrease of 1.1%. Please examine the selection I have provided below and if you would like a more detailed information on your desired area and property type, I will be more than happy to advise you with the most up-to-date information.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $1,801,100, an increase of 0.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,458,300 and Sunshine Coast at $834,100. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,850,300, an increase of 1.6% from the preceding month; Richmond at $1,910,500, a decrease of 1.1% from the preceding month; and North Vancouver at $1,914,100, 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 South $1,758,200, a decrease of 0.6% from the preceding month; Burnaby North at $1,727,100, an increase of 0.9% from the preceding month; and Vancouver East at $1,696,500, a decrease of 0.8% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $946,900, an increase of 1.1% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,288,800 and Pitt Meadows at $747,900. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1.013,100, an increase of 2.1% from the preceding month; North Vancouver at $1,116,200, an increase of 1.0% from the preceding month; and Vancouver West (not West Vancouver) at $1,288,800, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $923,500, an increase of 1.3% from the preceding month; Tsawwassen at $855,500, an increase of 1.4% from the preceding month; and New Westminster at $843,600, an increase of 1.0% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of June was $737,600, an increase of 0.1% the from the preceding month. The extremities of this average were West Vancouver at $1,135,400 and Maple Ridge at $428,200. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $836,900, an increase of 0.1% from the preceding month; and West Vancouver at $1,135,400, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $724,800, an increase of 1.8% from the preceding month; Burnaby North at $719,100, an increase of 0.6% from the preceding month; and Richmond at $718,300, an increase of 0.5% from the preceding month. 

Let me 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 neighbourhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates. 

FRASER VALLEY

Second consecutive monthly dip in sales; demand remains high for Valley homes

The Fraser Valley residential market saw its second consecutive month of cooling sales volume in May, decreasing slightly by 2.0% from the preceding month. April was the first month to show decreased sales after a lengthy run of nine months of rising sales a record period of pandemic period buying. The May sales dip is substantially lower than April’s 9.0% drop, and the current two-month downward direction may be welcomed by buyers who have been subjected to demand-driven purchase bidding for several months. However, the current demand for housing in the Valley remains historically high with a sales level 267% greater than the same period one year ago. Supply, therefore, will be a primary factor in continuing price increases, particularly as the summer season typically sees more active buyers. While May experienced a 22% decline in new listings from the preceding month, the overhang of new inventory from the previous three-month surge plus May’s 3,926 new listings has left the Valley with its second-highest volume of new listings ever, 78% higher than one year ago. Despite the modest two-month slowing in sales, however, the ongoing high demand for Valley homes will require more new listings to have a moderating effect on price rises. The total inventory of active listings in the Fraser Valley at the end of May was 3.0% lower than the preceding the month and 9.0% less than at the end of May one year ago. Even if the federal government’s revised stress test for mortgage qualification, effective June 1, eliminates some potential buyers from the market at this time, Valley prices are likely to continue upwards with the projected continuing high demand for the popular region.

The composite benchmark price for a Fraser Valley property at the end of May was $1,044,500, a one-month increase of 2.3%. Having surpassed the $1-million mark in April for the first time, this average price across all Fraser Valley housing types is now 128,000 under Metro Vancouver’s composite benchmark. Many home buyers have been attracted to the Valley’s spacious properties and semi-urban lifestyle during the pandemic and Valley homes offer many amenities for young families as well as first time home buyers. In my monthly selections below, you can find a comparison of benchmark prices in the geographical areas closest to overall benchmark price for each property type. This selection is meant simply as a guide for your shopping or listing considerations. Remember that benchmarks are average prices for comparable properties. If you are an interesting in a more detailed analysis of a particular neighbourhood, please let me know and I will be happy to provide you with additional information. If you are thinking of listing, I can prepare a customized Comparative Market Analysis for your home and can also be able to advise you on the best range for your listing price in this dynamic market. Currently, the average length of time to sell a single family detached home in the Fraser Valley is 14 days; townhouses remain on the market for an average of 12 days; and condominiums for an average of 20 days. Please feel free to contact me. I am happy to help with any of your real estate needs.     

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of May was $1,323,300 an increase of 2.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,731,600 and Mission at $925,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,361,800, an increase of 3.1% from the preceding month; Langley at $1,79,000, an increase of 2.5% from the preceding month; and Cloverdale at $1,389,600, 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 $1,308,700, an increase of 1.6% from the preceding month; North Delta at $1,217,600, an increase of 0.8% from the preceding month; and Abbottsford at $1,143,600, an increase of 2.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $670,00, an increase of 2.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $805,800 and Mission at $557,600. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $675,700, an increase of 3.1% from the preceding month; Langley at $680,600, an increase of 2.9% from the preceding month; and Surrey at $685,500, an increase of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $675,700, an increase of 3.1% from the preceding month; Abbotsford at $561,600, an increase of 3.9% from the preceding month; and Mission at $557,600, an increase of 4.7% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $488,500, an increase of 2.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $565,100 and Abbotsford at $371,600. Only two municipalities were on the higher side of the average: Cloverdale at $531,400, an increase of 1.9% from the preceding month; and South Surrey/White Rock at $565,100, 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 $475,700, an increase of 1.8% from the preceding month; North Surrey at $459,600, an increase of 1.5% from the preceding month; and Langley at $459,100, an increase of 2.7% 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. 

METRO VANCOUVER

Month-over-month sales decline; sellers’ market remains with high demand  

The pace of Metro Vancouver’s residential market activity slowed again in May, the second consecutive month-over-month dip following a 10-month surge reaching record high sales for the region. Still, May’s 13% decrease in sales volume from the preceding month registered more than 187% higher than one year ago and was nearly 28% above the 10-year average. Spring and summer are normally higher sales periods, but it remains to be seen if the federal government’s stricter mortgage qualification rules, which came into effect June 1, will have a further dampening effect on the market. While demand appears to be declining somewhat from its previous intensity, Metro Vancouver remains a seller’s market with demand continuing to exert upward pressure on prices. On the supply side, new listings in May reached 7,125 across all property types, a 93.4% increase in new listings for the same period one year ago, but nonetheless a 10.2% decrease in new listings in April 2021. Notably, this was the second month-over-month decline in new listings since a spike that was spurred at the top of demand cycle in March. The total Metro Vancouver inventory at the end of May was close to the seasonal supply, 10.5% above May 2020 and 7.1% higher than April this year. However, new listings will have to increase across all housing types to moderate price rises in the current market conditions. The relatively small recent dips in demand may be slowing the rate of prices rises, but overall prices are still going up.

The composite benchmark price for all residential properties in Metro Vancouver at the end May was $1,172,800, a 1.5% increase from April, and a 14% increase for the same period one year ago. Over the previous 12-month period, highest in sales volume last month were condominiums, with a total of 2.049 sales, an increase of 213% over the same period one year earlier. Second in sale volume were detached homes, with a total of 1,430 sales, an increase of 166% over the previous year; and third were townhouses with 800 sales, an increase of 168% over May one year ago. Below is my monthly selection of benchmark prices for each property type in municipalities ranked according to their clustering around their overall benchmark price in Metro Vancouver. You will see that prices have increased over the last month typically from less than 1.0% to as high as 2.6%. One notable decrease is for townhouses in Vancouver East, down 0.9% from the preceding month. The monthly rate fluctuations are snapshot of market sales for one month and do not indicate a trend by themselves. However, the monthly comparison can be helpful for anyone actively looking to buy or thinking of listing soon. This selection is intended only a general guide, allowing buyers to see current prices and the most recent price changes for properties that are within their budget and desired neighborhood. Prospective sellers may also get a general idea for listing price in their area. However, remember that benchmarks are only average prices; there are often excellent bargains to be had on a specific property. I would encourage you to call me for a more detailed information if you have a price and area in mind. If you considering listing your property for sale, I will be happy to prepare a customized Comparative Market Analysis showing recent sales prices for comparable properties in your neighborhood. I will also be able to advise you on the optimal listing price in this dynamic market. Please feel free to call me with any questions you may have.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of May was $1,800,600, an increase of 1.7% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,383,100 and Sunshine Coast at $838,300. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,820,500, an increase of 0.4% from the preceding month; North Vancouver at $1,902,600, an increase of 1.2% from the preceding month; and Richmond at $1,931,300, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,765,100, an increase of 2.1% from the preceding month; Burnaby North at $1,712,100, an increase of 0.2% from the preceding month; and Vancouver East at $1,709.700, an increase of 1.7% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of May was $936,300, an increase of 1.8% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,274,700 and Maple Ridge at $678,300.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $992,700, a decrease of 0.9% from the preceding month; North Vancouver at $1,104,900, an increase of 1.6% from the preceding month; and Vancouver West (not West Vancouver) at $1,274,700, an increase of 2.6% from the preceding month (Whistler was excluded here as it is too far out for my clients.) The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $911,600, an increase of 1.5% from the preceding month; Tsawwassen at $843,900, an increase of 0.4% from the preceding month; and Coquitlam at $833,900, an increase of 1.4% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of May was $737,100, an increase of 1.2% the from the preceding month. The extremities of this average were West Vancouver at $1,131,000 and Port Coquitlam at $527,200. The two municipalities closest to the benchmark on the higher side of the average were: Vancouver West at $836,100, an increase of 0.8% from the preceding month; and West Vancouver at $1,131,000, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $714,800, an increase of 0.8% from the preceding month; Port Moody at $714,600, an increase of 0.9% from the preceding month; and Burnaby North at $714,500, an increase of 1.7% from the preceding month. 

Let me 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 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. 

FRASER VALLEY

Fraser Valley composite benchmark price surpasses $1-million; new listings seen to be moderating price surge.

The Fraser Valley residential market is continuing to set new records in monthly sales volumes. Last month sales totalling 3,016 set a new record for April transactions, a 338% increase over the same month one year ago. While this year April sales showed a slight decrease of 9.0% from the preceding month of March, it is important to note that March sales set a record high, surpassing the previous high five years ago. By any measure, the Valley continues at present as a seller’s market but with some indications that the region’s rapidly rising prices over recent months may be starting to slow. While spring is normally a higher sales season, the April dip could be a sign that soaring prices may have reached a limit for buyers. In addition, new listings are continuing to replenish the inventory of available homes, providing a much-needed moderating effect on the high demand that has been pushing prices upwards. April’s new listings reached 5.018, an increase of 254% over April 2020, and a very slight decrease of 1.0% from the preceding month of March this year. However, as with the record sales volume in March, new listings were also at an all time high for the month. April’s intake brought the total supply of available homes to 6.030, 20% higher than at the close of March, and to highest level in six months. Nonetheless, this current ample supply may see some depletion during May as Valley buyers may want to close purchases before a possible rise in the mortgage rate stress test on June 1. A rate increase is being considered by the federal government to safeguard against mortgage defaults in the event of higher interests down road. The current low interest regime has been the underlying cause of the current sales boom, and the rise in prices associated with the high demand.

The composite benchmark price for a residential property in the Fraser Valley at the end of April was $1,020,700, a 4.0% increase from the preceding month. This is the first time the composite benchmark price for a Valley home has gone above the $1-million mark. However, Valley homes are still on average about 32,000 less than a comparable Metro Vancouver property. You may look at the comparison of benchmark prices I have selected for you below in the geographical areas closest to overall benchmark price for each property type. This selection is meant simply as a guide for your shopping or listing considerations. Remember that benchmarks are average prices for comparable properties. If you are a interesting in a more detailed analysis of a particular neighbourhood, please let me know and I will be happy to provide you with additional information. If you are thinking of listing, I will also be able to advise you on the best range for your listing price in this dynamic market. At present, single family detached homes are selling in the Fraser Valley on average within 13 days on the market; townhouses within 10 days; and condominiums within 22 days. Please feel free to contact me. I am always happy to help my clients with their real estate needs.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of April was $1,293,300 an increase of 4.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,683,900 and Mission at $902,900. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,288,100, an increase of 6.2% from the preceding month; Langley at $1,345,100; an increase of 5.1% from the preceding month; and Cloverdale at $1,371,300, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,288,100, an increase of 6.2% from the preceding month; Langley at $1,145,100, an increase of 5.1% from the preceding month; and Cloverdale at $1,371,300, an increase of 2.5s% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of April was $652,400, an increase of 4.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $792,100 and Mission at $532,600. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $655,500, an increase of 6.8% from the preceding month; Langley at $661,500, an increase of 4.1% from the preceding month; and Surrey at $669,600, an increase of 4.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $618,800, an increase of 2.9% from the preceding month; Abbotsford at $540,700, an increase of 5.0% from the preceding month; and Mission at $532,600, an increase of 5.9% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of April was $478,700, an increase of 2.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $553,700 and Abbotsford at $362,700. Only two municipalities were on the higher side of the average: Cloverdale at $521,700, an increase of 3.4% from the preceding month; and South Surrey/White Rock at $553,700, an increase of 3.7 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $452,800, an increase of 2.2% from the preceding month; North Surrey at $452,800, an increase of 2.2% from the preceding month; and Langley at $447,200, an increase of 3.0% from the preceding month. 

I can help

I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you.  My experience in banking and finance will assist you in your mortgage planning. Or you if are already settled in your home and are thinking of renovations, I can recommend reputable tradespeople who provide quality work at reasonable rates. It gives me great pleasure to help my clients in any way I can.

METRO VANCOUVER

Dip in April sales volume prompts speculation on market; upward price pressure continues

After the lengthy trend of escalating sales volume in Metro Vancouver’s hot housing market over many months, the slight drop recorded at the end of April has raised the question of whether it is the beginning of downward trend. Certainly, a single dip does not indicate a trend, but there are several factors that could influence the psychology of the buyers and sellers in the current market. So, let’s look at the broader context. First, April’s decline of 14% is measured from the preceding March which happened to be the highest recorded level for any month in Metro Vancouver’s history. Second, the actual number of sales in April reached 4,908, the highest total ever for the month of April, nearly 343% higher than the same period one year ago, and 56% above the 10-year average for April sales. Last but not least, compare the one-month decline of 23% in January sales this year, and then recall the 56% increase in the next month. In short, in the absence of any other signs of an ongoing downturn in the current level of activity in Metro Vancouver’s residential sales, the prospect of continuing strong demand in likely. There may actually be a significant increase in sales volume recorded at the end of this month in anticipation of the federal government’s new mortgage qualification rule proposed to take effect June 1. We will have to wait until May 24 for the government’s decision on whether banks must raise the minimum stress interest threshold by about 50 percentage points – a market cooling measure which may cause some home buyers to make their home purchases before the end of May. For many buyers, however, the more significant issues are rising prices and the pace of new listings which still needs to increase to keep up with demand.

 The total inventory of available residential properties in Metro Vancouver at the end of April was 10,245, up 12% from March, but 11% below the 10-year April average. This April’s total included 7,938 new listings across all property types, a decrease of 4.2% from new listings in the preceding month. While new listings have been increasing in recent months, there has still been considerable upward pressure on housing prices across the region. The composite benchmark price at the end of April was $1,152,600, a 2.6% increase from the preceding month, and a 12% increase over the same period one year ago. Over the 12-month period leading to April 2021, the greatest number of sales has been in condominiums with a 355% increase since April 2020; second was in detached home with a 327% increase; and third was townhouses with a 342% increase over the same period. Below is my monthly comparison of benchmark prices for each of the three property types in the geographical areas closest to the overall benchmark price for Metro Vancouver. This selection is meant simply as a guide to average prices for comparable properties to assist you in your search for a home in the range of your budget and desired location. If you would like a more detailed market comparison, please let me know and will be happy to provide you with more specific information for your housing budget. I can also advise you on the optimal listing price if you are interested in selling you home.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $1,755,500, an increase of 3.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,363,400 and Sunshine Coast at $821,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,798,900, an increase of 2.2% from the preceding month; Port Moody at $1,814,000, an increase of 4.3% from the preceding month; and North Vancouver at $1,880,400, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,728,000, an increase of 1.9% from the preceding month; Burnaby North at $1,709,000, an increase of 4.7% from the preceding month; and Vancouver East at $1,681,900, an increase of 2.2% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of April was $900,900, an increase of 3.3% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,242,600 and Maple Ridge at $664,300.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,002,100, an increase of 2.2% from the preceding month; North Vancouver at $1,080,300, an increase of 2.7% from the preceding month; and Vancouver West (not West Vancouver) at $1,242,600, an increase of 4.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $888,800, an increase of 2.8% from the preceding month; Burnaby South at $842,200, an increase of 2.7% from the preceding month; and New Westminster at $816,200, an increase of 1.8% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of April was $729,600, an increase of 1.9% the from the preceding month. The extremities of this average were West Vancouver at $1,160,000 and Maple Ridge at $413,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $752,000, an increase of 0.7% from the preceding month; Vancouver West at $829,600, an increase of 1.6% from the preceding month; and West Vancouver at $1,160,000, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $710,300, an increase of 2.1% from the preceding month; Port Moody at $708,400, an increase of 1.5% from the preceding month; and Burnaby South at $696,400, an increase of 2.0% from the preceding month. 

Let me 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. 

Fraser Valley has hottest market in 100 years; new listings spur increased sales  

Fraser Valley real estate activity last month blew past its highest levels in 100 years. With the extreme demand for Valley properties, the blistering pace of home sales has been spurred on with record new listings in this sizzling sellers’ market. More than 3,300 sales were processed in March, 18% higher than the preceding month and pushing beyond the previous record set five years ago. New listings also rose steeply with a total of 5,087 in March, 56% more than the preceding month, and a 91% increase over the same period one year ago. March’s new listings set a new record for the month, surpassing by 14% the last record high in 2008. The spike in new listings was welcomed by prospective home buyers who have been trying to purchase in the Fraser Valley during several months of escalating prices amid declining supply. However, while the active inventory at the end of March was 5,012 properties, the pace of new listings is not keeping up with the increasing demand. Although the current inventory is 22% higher than in February, it is 18% below the same period one year ago. Without a substantial increase in new listings, the current sellers’ market will continue to see purchase offers often bid beyond listed prices. The anticipation of price escalation is driving up prices at an even faster rate, as buyers want to make purchases as quickly as possible. Nonetheless, the Fraser Valley still offers greater affordability overall compared with Metro Vancouver. At the end of March, the composite benchmark price for a Valley residence was $981,200, an increase of 4.9% from the preceding month, but still under the $1-million threshold surpassed in Metro Vancouver in January 2020.  

Much of the current residential sales boom in the Fraser Valley is driven by the desire to locate in more spacious surroundings at a more affordable price. While the Covid-19 pandemic has persuaded some homeowners to migrate from denser urban settings to the Valley’s suburban and semi-rural communities, the Fraser Valley is also the place where singles and young families often choose to start with their first home purchase. Below is my monthly comparison of property types clustered around the benchmark price in different geographical areas. By examining the month-over-month changes in the benchmark prices, you can gain an insight into the price trends in each area for the property type of your choice. However, it is important to remember that while benchmarks serve as guide for your budget, there can be significant price differences among properties with the same area. I am always happy to provide you with a more detailed market analysis to meet your specific purchase needs. And if you are interested in listing your home for sale, I can advise you on the optimal range fore your listing price in this current high demand market. Across the Fraser Valley last month, single family detached homes sold on average within 15 days; townhouses remained on the market for an average of 14 days; and condominiums for an average of 31 days.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,237,900, an increase of 6.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,625,300 and Mission at $887,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,260,500, an increase of 5.9% from the preceding month; Langley at $1,279,600; an increase of 5.7% from the preceding month; and Cloverdale at $1,338,900, an increase of 7.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,213,200, an increase of 6.1% from the preceding month; North Delta at $1,134,000, an increase of 6.1% from the preceding month; and Abbotsford at $1,068,300, an increase of 6.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $624,500, an increase of 4.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $744,300 and Mission at $503,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $635,500, an increase of 3.9% from the preceding month; Surrey at $638,500, an increase of 4.7% from the preceding month; and Cloverdale at $696,100, an increase of 5.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $613,700, an increase of 3.7% from the preceding month; North Surrey at $601,700, an increase of 3.2% from the preceding month; and Abbotsford at $515,000, an increase of 2.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $465,400, an increase of 3.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $531,500 and Abbotsford at $354,100. Only two municipalities were on the higher side of the average: Cloverdale at $504.800, an increase of 3.0% from the preceding month; and South Surrey/White Rock at $531,500, an increase of 3.7 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $456,000, an increase of 1.9% from the preceding month; North Surrey at $440,200, an increase of 1.7% from the preceding month; and Langley at $434,100, an increase of 4.5% from the preceding month. 

Let me 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. 

New records set in Metro Vancouver home sales; new listings rise steeply

Residential sales soared across Metro Vancouver this past March, reaching the highest recorded level ever. Total sales in March were 5,708, a 53% increase over February, and 126% increase over the same period one year ago. While low interest rates have been driving high demand for months, the recent surge in sales was also fueled by a sharp increase in new listings in March. Many homeowners who have been sitting on the sidelines watching rising prices for some time jumped into the Spring sales activity to reap the benefits of the current sellers’ market. With purchase-offers now often exceeding the listing price, new listings in March rose steeply to 8,287 across all property types, a record number for the month of March – an increase of more than 64% over new listings in the preceding month, and 87% higher than one year ago. This brought the total available inventory at the end of March to 9,145, 9.4% more than the preceding February; however, this is a slim increase to meet the current high demand and almost 5% lower than one year ago. With such high demand and relatively low supply, upward pressure on prices is increasing, and March saw some of the biggest month-over-month benchmark price rises since the current sales boom began. The composite benchmark price for all residential properties in Metro Vancouver at the end of March was $1,123,300, a 3.6% increase from the preceding month and a 9.4% increase from one year ago.

While detached home benchmark prices saw the biggest overall jump last month, this property type was second in sales volume at 1,965 homes sold across Metro Vancouver. Yet, it was a significant sales volume increase of 131% over March 2020.  The largest proportion of residential sales was in condominiums, with a total of 2,697 units sold during March, a 129% increase over the same period one year ago. Townhouses followed third with 1,046 sales, an increase of 112% over the March one year ago. Benchmark prices at the end of March for each property type are listed below in my monthly comparison of price changes closest to the upper and lower sides of the benchmark average in different geographical areas in Metro Vancouver. I encourage prospective home buyers to look at these benchmark comparisons to gain an insight into what property type and area may best fit your budget, while at the same time keeping in mind there may be considerable differences in specific listings making up the benchmark average. I am happy to provide you with a more detailed market analysis for the area of your choice. I keep a close eye on market listings and can advise you on particular property prices in different areas. There are often significant differences in the extremities of benchmark averages. For example, the March benchmark price increases for a townhouse in Burnaby North and in Port Coquitlam were 1.1% and 8.0% respectively, yet both benchmarks are within $25,000 of each other, and both are beyond the cluster closest to overall benchmark shown below.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March $1,700,200, an increase of 4.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,268,200 and Sunshine Coast at $765,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,739,300, an increase of 5.0% from the preceding month; Richmond at $1,747,800, an increase of 5.8% from the preceding month; and North Vancouver at $1,853,100, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,696,200, an increase of 4.1% from the preceding month; Vancouver East at $1,644,800, an increase of 5.0% from the preceding month; and Burnaby North at $1,632,500, an increase of 3.8% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of March was $872,200, an increase of 3.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,188,300 and Maple Ridge at $634,400.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $980,100, an increase of 7.7% from the preceding month; North Vancouver at $1,053,300, an increase of 1.5% from the preceding month; and Vancouver West at $1,188,300, an increase of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $864,800, an increase of 1.8% from the preceding month; Burnaby South at $819,800, an increase of 1.7% from the preceding month; and New Westminster at $801,800, an increase of 2.8% from the preceding month.

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of March was $715,800, an increase of 2.6% the from the preceding month. The extremities of this average were West Vancouver at $1,143,300 and Maple Ridge at $403,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $747,100, an increase of 1.1% from the preceding month; Vancouver West at $816,700, an increase of 2.8% from the preceding month; and West Vancouver at $1,143,300, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $697,800, an increase of 3.9% from the preceding month; Richmond at $695,800, an increase of 1.8% from the preceding month; and Burnaby South at $682,700, an increase of 2.7% from the preceding month. 

I can help

I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you.  My experience in banking and finance will assist you in your mortgage planning. Or, you if are thinking about listing your home for sale, I can advise you on price trends in your specific area, as well as how to set an optimal price range for your particular property. Please feel free to call me for whatever your real estate needs may be.

Fraser Valley’s home sales volume highest in 100 years; detached home prices spike in some areas.

Fraser Valley home sales shattered another record this past February, reaching the highest recorded volumes in 100 years. The extraordinary market activity is a continuation of a surging trend since last fall. The total of 2,815 Valley sales last month was 108% more than the same period one year ago, and 64% higher than the preceding month of January. On the 10-year comparison, February’s 88% increase was also significantly higher than January’s 10-year comparison of 72% higher.  Market watchers can monitor this newsletter over coming months to track this ongoing trend. The boom in the Fraser Valley’s real estate sales has been gaining momentum since last September as the country’s low mortgage rate regime gains more traction during the prolonged Covid-19 period. Last month, Bank of Canada Governor, Tiff Macklem, recognized that Canada is relying on its real estate sector during this pandemic-weakened economy. “We need the growth we can get,” said Mr. Macklem, and Fraser Valley home buyers are certainly doing their part. As part of the pandemic-driven shift away from denser urban living to larger homes in semi-rural areas, new home buyers are discovering what Valley residents have known for a long time. The region’s family-oriented communities provide quality lifestyles at prices considerably lower than Metro Vancouver. Affordability has been attracting many first-time home buyers among young single persons and young families for some time. However, with spring just around the corner, prospective new buyers should not delay their decisions. The current unseasonably high demand is causing prices to jump in several areas across the price spectrum. Notably for detached homes, South Surrey/White Rock saw a one- month benchmark spike in of 8.2%, while Abbotsford saw a jump of 6.7%.   

The composite benchmark price for a Fraser Valley property at the end of February was $935,400. an increase of 3.9% from the preceding month. This is by far the Valley’s largest month-over-month composite benchmark increase in a long time, although notably the Valley’s composite benchmark is still below the $1-miilion mark, long since surpassed in Metro Vancouver.  But at the present rate of increase, it will only be a couple of months before the $1-million threshold is exceeded in the Valley as well. While high demand is the primary driver of the upward price pressure, it is important to factor in the declining number of new listings in recent months. The Valley’s total available inventory at the end of February was at its lowest level ever for this month, with 4,210 listings. Potential home sellers may be waiting for even higher prices, but this is an unnecessary measure in seller’s market. Competition among buyers for a listed home can often drive the price offer above the asking price. So, if you are considering listing your home, I encourage you to do it now. Below you will be able to see my monthly selection of benchmark prices for each property type in a comparison of different geographical areas. Prospective home buyers and sellers will find this a useful guide to observe month-over-month average price changes across the Valley. Notably, prices are increasing for all property types, but the rate of increase is not as steep for townhouses and condominiums yet. Single family detached homes and attached townhouses are selling fastest, both remaining on the market for an average of only 21 days. Condominiums are selling on average in 35 days. In these current exceptional market conditions, I am urging my clients to contact me to receive a detailed market comparison for a specific property. I am happy to help you make the wisest decision for your circumstances at this time.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,163,400, an increase of 5.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,546,700 and Mission at $822,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,190,300, an increase of 4.4% from the preceding month; Langley at $1,210,600; an increase of 4.1% from the preceding month; and Cloverdale at $1,245,900, an increase of 8.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,143,200, an increase of 5.3% from the preceding month; North Delta at $1,068,500, an increase of 5.7% from the preceding month; and Abbotsford at $988,800, an increase of 6.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $600,300, an increase of 3.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $718,100 and Mission at $495,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $610,100, an increase of 3.3% from the preceding month; Langley at $611,600, an increase of 3.1% from the preceding month; and Cloverdale at $658,500, an increase of 4.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $592,100, an increase of 2.7% from the preceding month; North Surrey at $583,100, an increase of 0.7% from the preceding month; and Abbotsford at $501,900, an increase of 2.9% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $450,900, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $512,400 and Abbotsford at $415,600. Only two municipalities were on the higher side of the average: Cloverdale at $489,800, an increase of 3.7% from the preceding month; and South Surrey/White Rock at $512,400, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $447,400, an increase of 3.3% from the preceding month; North Surrey at $433,000, an increase of 3.6% from the preceding month; and Langley at $415,600, an increase of 2.3% 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.

Prices rising across all residential types in Metro Vancouver; high demand creates seller’s market

Metro Vancouver’s residential market saw an increased rate of price rises last month, as high demand continues to trend upwards. The higher-than-normal seasonal sales activity has created a seller’s market, with competition among home buyers intensifying. Where recent months have seen average monthly price changes sill fluctuating with both increases and decreases, February’s changes (see selected comparisons below) see only increases in each housing type across every municipal area – except one – in Greater Vancouver. The sole exception was Burnaby East where modest average price declines of 0.2% for single family detached homes and 0.9% for townhouses were the only anomalies. Factoring into the wide-spread prices rises is the lag in new listings. At the end of February, the total inventory of listed homes in Metro Vancouver was 8,358, a mere 0.6 increase from the preceding month. In a broader historical comparison this was a decrease of more than 9.0% from one year ago, and more than a 21% below the 10-year average. Rising prices may be causing some potential sellers to wait on the sidelines for even higher price levels before listing. However, this strategy may pose some unnecessary risk to sellers when the current market conditions can push the sale price above the listed price, owing to competition among buyers. I would encourage anyone contemplating selling their home at this time to contact me. I will be able to advise you on an optimal listing price in the present market conditions. For prospective buyers, I will help you break down the market segment of primary interest to you.

The composite residential benchmark price for the Greater Vancouver area at the end of February was $1,084,000, an increase of 2.6% from the preceding month.  While observing the historical 10-year change, it is notable that February’s 10-year rise of 86.0% has moved up from January’s 10-year rise of 83.5%. This is particularly significant in a winter month when sales are normally slower than in the spring. Market analysts still point to Canada’s historically low interest rates, put in place during the Covid-19 pandemic, as the primary driver of the current high demand. However, it is important to distinguish between the composite benchmark and the average price levels of each of the three property types. As noted by the Governor of the Bank of Canada commenting recently on Canada’s housing market overall: “The housing market is not one market – we’re seeing a lot of strength in single family homes.” Indeed, in Metro Vancouver during the past month of February, single family detached homes reached a total of sales of 1,231, close to 80% more than for the same period one year earlier. However, in the Metro Vancouver market, sales of condominiums were actually higher in actual sales, with 1,759 sold in February, although with a lower annual increase of close to 66.0%.  Townhouses followed with a total of 737 sales last month, but with a significantly higher increase of just over 84% from one year ago. Below is my monthly selection of month-over-month comparisons with benchmarks prices in the geographical areas closest to overall property type benchmark in Metro Vancouver. These comparisons are selected as a general guide for home shoppers searching for homes in their desired price range., or for sellers wondering about a listing price in their local area. For a more detailed market comparison, please do not hesitate to call me. I will be happy to provide you with customized market comparison for your property.   

   
Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February $1,621,200, an increase of 1.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,203,200 and Maple Ridge at $972,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,629,300, an increase of 2.1% from the preceding month; Richmond at $1,651,800, an increase of 3.3% from the preceding month; and Port Moody at $1,655,900, an increase of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North $1,572,500, an increase of 1.7% from the preceding month; Vancouver East at $1,565,800, an increase of 1.2% from the preceding month; and Coquitlam at $1,363,000, an increase of 3.2% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of February was $839,800, an increase of 2.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,167,700 and Maple Ridge at $594,300.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $849,900, an increase of 3.2% from the preceding month; Vancouver East at $910,000, an increase of 1.8% from the preceding month; and North Vancouver at $1,036,300, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $806,200, an increase of 0.5% from the preceding month; New Westminster at $779,700, an increase of 45.3% from the preceding month; and Burnaby North at $769,400, an increase of 1.4% from the preceding month. (Squamish was excluded here as it is too far out for my clients.)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of February was $697,500, an increase of 3.9% the from the preceding month. The extremities of this average were West Vancouver at $1,114,810 and Maple Ridge at $373,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $739,000, a decrease of 1.2% from the preceding month; Vancouver West at $794,500, an increase of 4.2% from the preceding month; and West Vancouver at $1,114,800, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $683,200, an increase of 3.0% from the preceding month; Port Moody at $671,900, an increase of 1.9% from the preceding month; and Burnaby South at $664,700, an increase of 1.1% 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.