FRASER VALLEY

Valley home prices inching up after long chill; sales slump sees rising inventory.  

The Fraser Valley residential market in February saw its first month-over-month increase in the number of sales in four months. While still below the normal volume for the month, February’s total of 898 homes sold was an increase of 43.5% cover the preceding January. The sharp uptick comes while mortgage rates remain high while Canada’s central bank continues its high policy lending rate to commercial banks. In addition to sales moving upwards, Valley home prices also showed modest upward movement after the Bank of Canada’s market cooling effort has prices falling since last spring. Home prices for all property types across  each area of Fraser Valley beginning to sprout much like spring flowers trying to push up after a long chilling period. While the central bank held its current key interest rate at 4.5% in its most recent rate announcement last week, it was cold comfort for many prospective home buyers who have had to postpone a home purchase during the current regime of higher mortgage rates. However, last week’s holding steady of the current central bank rate is the first optimistic sign that the Bank of Canada’s fight against inflation is beginning to meet it objective. Canada’s core inflation rate has dropped to between and 3.0% and 4.0%. Although many consumers will not see this in their daily shopping for groceries and gasoline, it is an indicator that the bank’s monetary tightening is starting to gain traction. The central bank wants to reach an Consumer Price Index of around 2.0% which may not happen until next year. However, the current rate pause is a hopeful sign that that mortgage rates will plateau this year and begin to soften after that. In the meantime, while sales perked up significantly last month, the February increase was only about 50% of what it was a year ago. Nonetheless, with the lower sales volume at the present time, the Fraser Valley’s inventory is being restored. New listings in the Valley in February reached a total of 1,938, a 5.7% increase over the previous month, while still more than 48% lower than one year ago. Among the active listings in the Valley market now there are over 16% more available properties that there were for this period last year. For those buyers who are able to meet mortgage qualifications, at this time, I would recommend taking advantage of the growing selection of homes before prices begin moving up again more quickly.

The composite benchmark price for a residential property in the Fraser Valley at the end of February was $946,700,a mere increase of 0.5% from the preceding month. Notably, the Valley’s composite benchmark price is still under $1-million, which was surpassed before the price decline that flowed from slower sales occurred. In the selection of benchmark prices below, I have presented a guide for both prospective buyers and sellers to compare average prices in different areas of the Fraser Valley. I encourage you to examine the month-over-month price changes to gain an insight into which areas and property types are showing the highest demand currently. For each property type, you will find a cluster of comparative prices on each side of the average price. This will give you a snapshot of last month’s market activity, but please call me if you would like more detailed information on any property type in your preferred neighborhood. And if you are thinking of listing your home foe sale, I will be happy to prepared a Customized Market Analysis for your property showing recent sale prices for comparable home in your area. Please don’t hesitate to call with any questions you may have for your real estate interests. I am always happy to help my clients in any way  I can.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,364,300, an increase of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,776,300 and Mission at $884,200. The three municipalities closest to the benchmark on the higher side of the average were:  Cloverdale at $1,398,400, an increase of 0.4% from the preceding month; Surrey at $1,414.900, an increase of 0.3% from the preceding month; and Langley at $1,467,800, an increase of 3.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  North Surrey at $1,357,600, an increase of 1.1% from the preceding month; North Delta at $1,243,700, a decrease of 1.4% from the preceding month; and Abbotsford at $607,000, a decrease of 1.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $776,200, an increase of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $885,700 and Abbotsford at $394,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $783,500, an increase of 0.1% from the preceding month; Surrey at $784,400, an increase of 0.7% from the preceding month; and Langley at $801,300, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $707,100, an increase of 3.0% from the preceding month; Mission at $625,200, a decrease of 1.3% from the preceding month; and Abbotsford at $607,000, a decrease of 1.8% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $510,100, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $574,100 and Abbotsford at $394,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $534,500, a decrease of 0.4% from the preceding month; North Delta at $547,400, an increase of 0.6% from the preceding month; and Langley at $557,500, 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 $484,500, an increase of 1.5% from the preceding month; Mission at $435,400, a decrease of 0.5% from the preceding month; and Langley at $57,800, an increase of 1.5% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Prices beginning to move upwards;  slow sales allow inventory to replenish  

Metro Vancouver’s housing market continued its sluggish performance last month as many  home buyers remain sidelined by the country’s high mortgage rates. The Bank of Canada’s latest rate announcement one week ago (March 8) held the current policy rate at 4.5%  There are welcome signs that the national consumer index inflation rate is headed downwards. After Canada’s Consumer Price Index inflation reached over 8% last summer, the country’s core inflation is now around 3.5%, although certain segments of the economy are still much higher. However, it is unlikely that the Bank will announce a rate decrease until inflation is firmly under control.  Prospective home buyers face steep mortgage rates, which have risen as a result of the central bank’s higher lending rate to commercial banks. At present, five year fixed mortgages are running around 5.0%) and five year variable rates closer to 6.0%. Home sales in Metro Vancouver at the end of February were down by 33% from the 10-year average, closing at the end of last month with a total of 1,808, and a decrease of  47.2% for the same period one year ago. However, these retrospective figures are not as bad as they may first appear. There were some signs of vibrancy indicating that the market is beginning to recover. February’s sales were nearly 77% higher than in the preceding month, and in many segments it showing a rise in housing prices. New listings in February reached 3,467 across all property types, a 36.6% increase over the same month one year ago, and a 5.2% increase over the preceding January this year. The annual rate of increase in new listings for this winter month, a period when market activity is typically slower, can been seen as another sign of optimism in the marketplace despite slumping sales over the past several months. Buyers who are making purchases during the current period, do have a reasonably good selection of homes to choose from, despite the actual low number of new listings. With slower sales, inventory is being replenished, albeit slowly each month. At the end of February total number 7,868 homes listed for sale in Metro Vancouver, an increase of 16.7% over the same period last year, and a 5.2% increase over the preceding month of January.  As mentioned above, prices are moving upwards in many housing market segments, and this is reflected in the composite benchmark price of $1,123,400 for a residential property in Metro Vancouver at the end of February, a 1.1% increase over the preceding month.

I invite you to examine my monthly selection of benchmarks prices for each property type in different areas of Metro Vancouver in the section below. This will serve as guide for your purchasing or listing consideration. However, remember that benchmarks are averages for comparable homes in an area. They are often made up of a wide range of particular prices within the overall average. By noting the extremities given for each benchmark, you can gather a better understanding of the market in each area. The month-over-month rate of change will also provide you with some insight into the level of market activity in an area, which is typically reflected in the monthly fluctuations. If you would like additional information on any neighborhood in Metro Vancouver, please don’t hesitate to call me. I will  be happy to help you with the most-up-to-date market data on prices. And if you are thinking of selling, I can also develop a Customized Market Analysis for your home to guide you in selecting the optimal asking price in the current market. I love to help my clients. Please call if you have any questions at all.         

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February was $1,813,100 an increase of 0.7% from the preceding month. The extremities of this average were West Vancouver at $3,051,800 and Sunshine Coast at $868,100.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,841,100, an increase of 0.8% from the preceding month; Port Moody at $1,969,900, a decrease of 0.3% from the preceding month; and Burnaby South at $1,997,200, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,729,700, an increase of 0.5% from the preceding month; Coquitlam at $1,694,000, an increase of 0.3% from the preceding month; and Vancouver East at $1,677,300, an increase of 0.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,033,500, an increase of 1.8% from the preceding month. The extremities of this average were Whistler at $1,406,600 and Sunshine Coast at $709,800. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,052,500, an increase of 2.9% from the preceding month; Richmond at $1,083,100, an increase of 1.6% from the preceding month; and North Vancouver at $1,026,200, an increase of 4.1% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $999,900, an increase of 2.5% from the preceding month; Tsawwassen at $999,700, a decrease of 0.7% from the preceding month; and Port Moody at $984,700,  a decrease of 1.3 % from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of February was $732,200, an increase of 1.6% the from the preceding month. The extremities of this average were West Vancouver at $1,228,900 and Maple Creek at $507,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $735,800, an increase of 2.1% from the preceding month; North Vancouver at $763,700, an increase of 2.0% from the preceding month;  and Burnaby South at $788,800, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Tsawwassen at $730,100, an increase of 2.4% from the preceding month;  Port Moody at $705,400, an increase of 4.2% from the preceding month; and Burnaby North at $702,200, an increase of 0.8% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Sales cool in seasonal and high interest climate; inventory replenishing

Home sales in  the Fraser Valley dipped to their lowest point in 10 years in January with 626 transactions. The slow start to 2023 was expected as a continuation of the downward trend which started with interest rate hikes commencing last spring. January’s sales total was a 12.6% decline from the preceding month, and 52.2% lower than the same period one year ago. The normal seasonal slow-down no doubt also played a role in January’s slump. However, many prospective home buyers remain on the side lines during the current period of higher mortgage rates as Canada’s inflation rate remains above 6%. The Bank of Canada’s latest key lending rate of 4.50%, set in January, aims to bring the inflation rate down quickly over the coming month. With an ease in mortgage lending, Valley home sales should recover in the spring. In the meantime, a rise in new listings in January signals buying opportunities are on the immediate horizon. January’s new listings increased 128.3% over the preceding month, delivering a total of 1,833 new listing to the Fraser Valley home market. This brought the Valley’s inventory to 4,118 at end of January and while still at a 40 year low, the recent surge was 77% over the same period one year ago. With more new listings expected in the coming months, prospective home buyers are encouraged to watch the Valley market activity closely over the next few months. Fraser Valley home prices have dropped to pre-pandemic averages and buyers can find excellent purchase prices during the current period.

The composite benchmark price for a Fraser Valley residential property at the end of January was $942,200, a decline of 1.4% from the preceding month, and 15.1% lower than the same period one year ago. Notably, this benchmark is again below  its counterpart in Metro Vancouver where it is substantially higher than the $1-million mark. The Fraser Valley remains a desirable region for young families and first time home buyers and Valley homes will remain valuable long term investments despite the current inflation driven price declines. Notable, in this regard, however, is the strong demand for condominiums which saw an average increase of 0.8% in the past month, with exceptionally large increases of 7.6% in South Surrey/White Rock and 2.7% in North Surrey.  In the selection of benchmarks below, you will find comparative average prices at the end January for each property type in different areas of the Fraser Valley. Note the extremities of each benchmark to see the range of prices making of the average. And remember that benchmark averages, while useful as a general guide, do not illustrate specific prices on individual properties that may be offered as opportune purchases. If you would like the most up-to-date market information in any area, please call me. And for anyone interested in listing their home for sale, I can provide a Customized Market Analysis for your property showing recent sales of comparable homes in your area, and can advise you on the optimal listing price for current market conditions. I am always happy to help my clients in any way, so please don’t hesitate to call for whatever your real estate need may be. I love helping my clients.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of  January was $1,357,800, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,800,900 and Mission at $875,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,411,500, a decrease of 0.4% from the preceding month; Langley at $1,462,400, a decrease of 1.5% from the preceding month; and South Surrey/White Rock at $1,800,900, a decrease of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,350,800, a decrease of 1.3% from the preceding month; North Surrey at $1,342,700, a decrease of 1.4% from the preceding month; and North Delta at $1,226,900, a decrease of 2.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of January was $773,100, a decrease of 1.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $903,800 and Abbotsford at $625,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $779,100, a decrease of 1.3% from the preceding month; Cloverdale at $791,900, a decrease of 1.3% from the preceding month; and Langley at $800,600, a decrease of 1.8 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $686,900, a decrease of 3.7% from the preceding month; Mission at $633,400, a decrease of 0.9% from the preceding month; and Abbotsford at $618,100, a decrease of 1.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of January was $503,700, a decrease of 0.2% from the preceding month. The extremities of this average were Cloverdale at $558,200 and Abbotsford at $393,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $536,900, an increase of 3.1% from the preceding month; Langley at $549,400, a decrease of 3.2% from the preceding month; and North Delta at $550,400, 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 $477,400, an increase of 2.7% from the preceding month; Mission at $437,700, a decrease of 1.1% from the preceding month; and Abbotsford at $393,100, a decrease of 2.8% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Sales continue slow-down; new listings spike. Some price increases

Metro Vancouver’s residential sales for the first month of this year showed typical seasonal slowing while combined with the continuing effect of higher mortgage rates gaining more traction. Home sales in January dropped close to 43% below the 10-year average for the month. The 1,022 residential sales recoded during January were a 55.3% decline from the month’s 2,285 sales one year ago, and down 21.1% from homes sold in December 2022. However, the market showed signs of coming back to life with a sharp increase in new listings. While below new listings recorded for the same month last year by 21%, January’s new listings spiked more than 174% from the previous month reaching a total of  3,297 new listings across all property types. The was a considerable boost to Metro Vancouver’s inventory, rising to 7,498 available homes at the end of January. The new supply figure represents 32.1% more than the same month one year earlier, and a 1.3% increase over the inventory at end of 2022. However, Many prospective buyers remained side-lined at present while mortgage rates remain high. With the Bank of Canada’s most recent rate increase at the end of January, the key policy rate now stands at 4.50%. This is the highest borrowing rate the central bank has had in over 20 years. Commercial mortgage rates have been pushed up by the BoC rate since last spring, and current the slow down in residential sales has been expected. The Bank of Canada has now paused further  rate increases while expecting the rate of inflation to comes down sharply over the coming months. The housing market may see some price declines during this period, but buyers are reminded that any declines are measured against the peak prices reached last year. However, it is worth noting that despite predictions of general price declines, there are still some increases occurring in specific areas, most typically in townhouses and condominiums. For example, last month saw the townhouse benchmark price in Ladner increase by 5.3%; in Tsawwassen an increase  of 4.5%; and in Richmond by 1.5%.  Similarly, the benchmark for condominiums rose by 4.6% in Richmond and 3.1% in Ladner.

The benchmark price for a residential property in Metro Vancouver at the end of January was $1,111,400, down 0.3% from the preceding month.  In the selection below, benchmark prices for different areas of Metro Vancouver provide a useful guide for comparing prices in each property type closest to the benchmark for a geographical area. The month-over-month price change is also provided as a general indicator of relative price fluctuations typical of current market activity. It is important to remember that benchmark prices are average prices for similar home. The extremities of each average is also provided to show the range of prices making up the average. For more detailed information on any property type in an area of you choice, please call me. I can provide you with up-to-date details for any home you may have be interested in. And if you are considering listing your home, I can prepare a Customized Market Analysis to guide you in listing price. Let me know if I can help in any way. I love helping my clients.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $1,801,300 a decrease of 1.2% from the preceding month. The extremities of this average were West Vancouver at $3,074,400 and Sunshine Coast at $877,500.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,826,800, a decrease of 3.3% from the preceding month; Richmond at $1,965,700, a decrease of 0.6% from the preceding month; and Burnaby South at $1,988,600, a decrease of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side  of the average were: Coquitlam at $1,689,900, a decrease of 0.5% from the preceding month; Burnaby East at $1,673,400, a decrease of 0.1% from the preceding month; and Vancouver East at $1,664,900, a decrease of 0.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of January was $1,020,400, an increase of 0.8% from the preceding month. The extremities of this average were Whistler at $1,367,300 and Sunshine Coast at $691,100. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,022,800, a decrease of 1.7% from the preceding month; Richmond at $1,055,600, an increase of 1.5% from the preceding month; and North Vancouver at $1,235,400, an increase of 0.8% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $997,500, an increase of 1.1% from the preceding month; Coquitlam at $975,600, a decrease of 0.3% from the preceding month; and Burnaby South at $948,700,  no change from the preceding month. (Squamish is 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 January was $720,700, an increase of 1.0% the from the preceding month. The extremities of this average were West Vancouver at $1,196,600 and Sunshine Coast at $511,300. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $720,700, an increase of 4.6% from the preceding month; North Vancouver at $749,000, a decrease of 0.9% from the preceding month;  and Burnaby South at $758,800, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Burnaby North at $696,600, an increase of 0.6% from the preceding month;  Ladner at $791,100, an increase of 3.1% from the preceding month; and Port Moody at $677,200, a decrease of 0.4% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Home sales down 60% from one year ago; market declines flattening

As prospective home buyers and sellers watch what the new year will bring for the Fraser Valley, early indicators suggest the decline in market activity seen over the last half of 2022 is flattening out. While the Bank of Canada’s key policy rate, currently 4.25%, is not expected to increase in the Bank’s next scheduled announcement on January 25, mortgage costs will continue to dampen sales during 2023. However, the rapid decline in home sales since last spring is slowing, as indicated in the latest data, and a rebalanced market should start to see more listings emerge to meet the pent-up demand as market uncertainty eases. Annual home sales in the Valley at the end of 2022 closed at more than 60% down from one year ago, the lowest for December in 10 years, while the month of December was down nearly 15% from the previous month. New listings were also down, with 803 in December, a decrease of 52.8% from the preceding month, and 37.2% down from the same period one year ago. December’s new listings brought  the total available inventory in the Valley to 3,923, a decrease of 26.4% from the preceding month, but up 100% for the same period one year ago. More new listings or housing development will be needed this year to ease any upward pressure on prices from a low inventory as demand begins to increase; however, at present prices have continued their to decline. The Fraser Valley’s combined benchmark price across all property types at the end of December 2022 was $955,700, a decline of 2.0% from the previous month and 5.1% down from one year ago.  Notably, the current Fraser Valley combined benchmark is under the $1-million mark which was surpassed for the first time in the Fraser Valley in April 2021. This provides a comparative opportunity to find a Valley property when the Metro Vancouver composite benchmark is over $1-million, at $1,114,300.                   

For a current selection of benchmark prices in different areas of the Fraser Valley, please view the section below. For each property type you will find the overall benchmark price along with cluster of prices closest to the benchmark of each side of the average. By looking at the one month change in prices, you can glean some idea of the relative market activity for each property type in each area. The extremities of the overall benchmark will inform you of the range of prices making up the average. This can be used as guideline for home shoppers wanting to know the current comparative prices for similar homes across the Valley. However, remember that benchmarks are averages, and you may find a bargain by exploring areas in a more detailed manner. If you are interested in a particular area, please give me call. I keep a close eye on the market and will be happy to provide you with any specific information you desire. I can also develop a Customized Market Analysis for you current property if you are thinking of selling. Please don’t hesitate to ask. I am always happy to help my clients in any way possible.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of  December was $1,377,200, a decrease of 2.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,829,400 and Mission at $908,00. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,416,900, a decrease of 0.7% from the preceding month; Langley at $1,484,300, a decrease of 1.8% from the preceding month; and South Surrey/White Rock at $1,829,400, a decrease of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,368,000, a decrease of 2.2% from the preceding month; North Surrey at $1,361,300, a decrease of 4.5% from the preceding month; and North Delta at $1,259,300, a decrease of 1.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December was $787,300, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $903,800 and Abbotsford at $625,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $789,600, a decrease of 0.4% from the preceding month; Cloverdale at $791,900, a decrease of 1.3% from the preceding month; and North Delta at $813,600, a decrease of 1.7 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $713,200, a decrease of 3.3% from the preceding month; Mission at $625,500, a decrease of 2.2% from the preceding month; and Abbotsford at $625,500, a decrease of 2.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December was $504,800, a decrease of 2.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $571,400 and Abbotsford at $404,200. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $518,700, a decrease of 6.0% from the preceding month; Surrey at $520,900, a decrease of 1.6% from the preceding month; and North Delta at $537,200, 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 Surrey at $465,100, a decrease of 2.8% from the preceding month; Mission at $442,600, a decrease of 0.2% from the preceding month; and Abbotsford at $404,200, a decrease of 5.7% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

Metro Vancouver

New year begins with home sales at 10-year low; price declines slowing  

Residential market activity in Metro Vancouver at the close of 2022 continued below normal for the season, with December’s sales down nearly 38% on the 10-year average. Following last year’s series of central bank rate increases, higher mortgage costs appear to have reigned in the enthusiastic pace of sales during the peak of the pandemic period. However, Canada’s consumer inflation remained stubbornly high at 6.7% as the new year began. Although the next Bank of Canada rate announcement is two weeks away, there is a broad consensus among economists that the Bank will not increase its key rate at this time. Instead it is expected to keep the current rate of 4.25% for some time while the longer term effect is felt across the economy this coming year. Last month’s home sales in Metro Vancouver totalled 1.295, close to 20% lower than the preceding month, and 52% less than one year ago. New listings in December were also down 60.5% from the previous month, and 38% lower than the same period one year ago. However, Metro Vancouver’s available housing stock provides a ample selection with a good selection across all property types at present. last month’s 1,206 new listings brought the total inventory of available homes at the end of December to 7,384, 41% higher than one year earlier, while a 19.65 decrease from one month earlier in 2022. The composite benchmark price for a residential property in Metro Vancouver at the end of December was $1,114,300, a 3.3% decrease from one year earlier, and 1.5% decrease from November 2022. Over the last six months of 2022, the composite benchmark price has decreased by 9.8%.   

In the section below, you will find the latest bench benchmark price for each of the three property types along with the month-over-month price change in different areas of Metro Vancouver most closely clustered around the benchmark. The extremities of the benchmark are also noted to give you the range of prices making up the benchmark average. This will serve as guideline for shoppers looking for homes within their budget; however, it is important to remember that benchmarks are averages and there are often significant differences in specific prices within an particular area. The price changes are typically a refection of current market activity in an area. At present, the overall trend continues with declining prices (with a few exceptions) but it should be noted that the rate of decline is now slowing. This suggests the downward pressure on prices may be easing. Prospective home shoppers may wish to watch this space each month to track prices in the area you are interested in. Please feel free to contact me for the most up-to-date market information or any other questions you may have. I keep a close eye on home listings and prices and am happy to help anyone in the home search. If you are considering listing your home for sale, I can develop a Customized Market Analysis for  you property and advise you on the optimal listing price in this market. I love helping my clients so don’t hesitate to call for any reason.          

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of December was $1,823,300, a decrease of 1.6% from the preceding month. The extremities of this average were West Vancouver at $3,090,800 and Sunshine Coast at $912,000.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,889,600, a decrease of 1.7% from the preceding month; Port Moody at $1,955,900, a decrease of 1.2% from the preceding month; and Richmond at $2,978,200, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side  of the average were: Coquitlam at $1,698,400, a decrease of 1.7% from the preceding month; Vancouver East at $1,677,600, a decrease of 2.3% from the preceding month; and Burnaby East at $1,675,400, a decrease of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of December was $1,012,700, a decrease of 1.5% from the preceding month. The extremities of this average were Whistler at $1,347,900 and Sunshine Coast at $654,100. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,040,300, a decrease of 1.1% from the preceding month; Richmond at $1,049,800, an increase of 0.2% from the preceding month; and North Vancouver at $1,225,000, a decrease of 0.8% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $986,200, a decrease of 1.4% from the preceding month; Coquitlam at $978,400, a decrease of 1.6% from the preceding month and Burnaby South at $948,300, an increase of 0.4% from the preceding month. (Squamish is excluded here because it is too far our for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of December was $713,700, a decrease of 0.9% the from the preceding month. The extremities of this average were West Vancouver at $1,201,600 and Sunshine Coast at $477,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $752,100, no change from the preceding month; North Vancouver at $756,000, a decrease of 1.5% from the preceding month;  and Burnaby East at $7683,100, a decrease of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Tsawwassen at $695,100, a decrease of 3.2% from the preceding month;  Burnaby North at $792,500, a decrease of 1.7% from the preceding month; and Port Moody at $680,200, a decrease of 0.5% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

METRO VANCOUVER

Home sales slow, healthy inventory; potential price surge

The residential market in Metro Vancouver saw a significant overall slow-down last month. While the season of lower temperatures is typically accompanied by a cyclical decline in home sales activity, November’s figures suggest the market’s substantial cooling is also a response to rising interest rates driven by the Bank of Canada’s inflation-fighting efforts. Home sales across all property types for the month totalled 1,614, a drop of close to 53.0% from the same period one year ago, and over 15.0% down from October this year. Notably, the November sales volume was almost 40.0% below the 10-year average for the month. New listings were also down for the month, a 22.9% decrease compared with the same period one year ago and a 24.2% decrease from the previous month. However, the 3,055 newly listed homes in November brought the total available inventory at the end of the month to 9,179, which is nearly 30.0% higher than one year ago, while down 6.8% from October this year. While the available stock is still ample to provide a good selection for prospective buyers at this time, the current lower demand has continued to be a factor in price declines, although new listings alone are unlikely to keep prices from rising. New housing development is critical in all areas of Canada and particularly so in Metro Vancouver. The Government of Canada recently announced it’s new immigration targets with a plan for 465,000 new permanent residents in 2023, 485,000 in 2024 and 500,000 in 2025. A rising demand for housing will exert more upward pressure on prices, so prospective buyers may find current price drops attractive at present. The composite benchmark price for a residential property in Metro Vancouver at the end of November was $1,131,600, a decrease of 1.5% from the preceding month, and a 10.2% decrease from six months ago. (as well as being a 0.6% decrease from one year ago).                

Below is our monthly selection of homes in each property type showing the latest benchmark price for comparable homes in different areas of Metro Vancouver. The month-over-month price change for each benchmark helps as general indicator of price fluctuations typically resulting from the recent market activity. The extremities of each benchmark is also provided to give a better of idea of the range of prices making up the benchmark average. This may serve as a general guide, but for more specific information, please feel free to call me. I am happy to prospective buyers with the most up-to-date details on available homes in any neighborhood, and if you are considering listing your home for sale, I can develop a Customized Market Analysis to assist you in listing at the most optimal price in the current market. Please don’t hesitate to call. I love to help my clients in any way I can.  

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of November was $1,856,800, a decrease of 1.9% from the preceding month. The extremities of this average were West Vancouver at $3,127,800 and Sunshine Coast at $890,400.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,922,100, a decrease of 1.3% from the preceding month; Port Moody at $1,980,300, a decrease of 2.4% from the preceding month; and Burnaby South at $2,028,700, a decrease of 1.9% from the preceding month. The three municipalities closest to the benchmark on the lower side  of the average were: Burnaby East at $1,765,800, an increase of 3.4% from the preceding month; Coquitlam at $1,728,400, a decrease of 1.3% from the preceding month; and Vancouver East at $1,716,500, a decrease of 0.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of November was $1,027,900, a decrease of 1.5% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,428,200 and Sunshine Coast at $692,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,047,200, a decrease of 0.7% from the preceding month; Vancouver East at $1,051,700, an increase of 2.3% from the preceding month; and North Vancouver at $1,235,200, a decrease of 0.4% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,000,700, a decrease of 2.1% from the preceding month; Coquitlam at $658,200, a decrease of 1.0% from the preceding month (Squamish is not included here because it is too far our for my clients); and Burnaby South at $944,400, a decrease of 2.0% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of November was $720,500, a decrease of 0.9% the from the preceding month. The extremities of this average were West Vancouver at $1,252,500 and Sunshine Coast at $487,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $752,300, an increase of 0.1% from the preceding month; North Vancouver at $767,600, a decrease of 1.7% from the preceding month;  and Burnaby East at $778,300, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Tsawwassen at $7118,200, a decrease of 3.1% from the preceding month;  Burnaby North at $704,600, a decrease of 1.0% from the preceding month; and Port Moody at $695,200, a decrease of 0.5% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Home sales still slow, attractive prices; possible demand surge coming

Continuing the trend seen over the previous three months, the Fraser Valley experienced another decline in its residential market activity in November. The present downturn in sales and new listings, however, should not mask the Valley’s popularity as a highly attractive living region with excellent purchase opportunities at this time. The slowing pace of sales, which last month’s total of 839 represented a 6.9% decrease from the preceding month, was more significantly a 57.5% decline from one year ago. This has been the anticipated result of the Bank of Canada’s aggressive series of interest rate hikes since last Spring. Compounded now with the holiday season’s normal persuasion to other market activities, the current decline in home sales is not surprising. In fact, it offers an opportunity to assess the Valley’s residential market’s potential as it rebalances from its pandemic-period buying spree. To be sure, the central bank’s inflation-fighting program has sidelined many prospective buyers with challenging mortgage qualifications. However, price drops that have accompanied the market’s cooling pace of sales have created excellent purchase opportunities at this time. Similarly, the reduced sales volume has required fewer new listings to maintain an ample housing stock. For example, while the 1,703 new listings last month was a 5.0% decrease from the preceding month, the total inventory of  5,330 properties at the end of November was 75.0% greater than one year ago. The combined benchmark price for a residential property in the Fraser Valley at the end of November was $975,400, a decline of 2.0% from the preceding month, and  16.5% down from six months ago. Now that the its composite benchmark is again under $1-million, and more than $150,000 lower than Metro Vancouver’s current comparable benchmark, home buyers can find excellent price opportunities at this time. A surge in demand next year owing to Canada’s large immigration targets may well see upward prices in near future.

In the selection of comparative benchmark prices below, you will be able to month-over-month price changes for similar homes in different areas of the Fraser Valley. This selected areas are based on the three closest benchmarks on each side of the composite average. The extremities of each composite average is provided so you can get see the range of specific prices in the average. This is a guideline only, and home shoppers often find the home they are seeking at the particular price point that want. Please call me if you would like more detailed information on any neighborhood. I can provide you with the most up-to-date information for you home search. And for anyone wanting to list their home, I can provide a Customized Market Analysis to help you to determine your optimal asking price. The Fraser Valley remains a highly desirable living region for young families and first time home buyers. New listings normally sell quickly. Last month single family detached homes were sold on average within 34 days on the market; townhouses on average within 28 days; and condominiums within  27 days. Please don’t hesitate to call me if you even if you have not decided to buy or sell your home at this time. I am always happy to provide market insights and help my clients in any way.   

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of  November was $1,404,900, a decrease of 2.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,849,800 and Mission at $941,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,425,300, a decrease of 3.3% from the preceding month; Surrey at $1,426,200, a decrease of 3.9% from the preceding month; and Langley at $1,609,000, a decrease of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,399,000, a decrease of 0.9% from the preceding month; North Delta at $1,272,600, no change from the preceding month; and Abbotsford at $1,106,800, a decrease of 1.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $799,400, a decrease of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $917,000 and Abbotsford at $639,800. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $802,200, a decrease of 0.2% from the preceding month; North Delta at $827,900, a decrease of 2.2% from the preceding month; and Langley at $833,200, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $792,900, a decrease of  1.3% from the preceding month; North Surrey at $737,400, a decrease of 0.6% from the preceding month; and  Abbotsford at $636,800, a decrease of 1.7% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $518,400, a decrease of 1.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $578,000 and Abbotsford at $426,7000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $529,400, a decrease of 3.0% from the preceding month; North Delta at $544,000, a decrease of 2.3% from the preceding month; and Cloverdale at $551,500, a decrease of 4.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $478,500, a decrease of 2.4% from the preceding month; Mission at $443,300, a decrease of 1.9% from the preceding month; and Abbotsford at $443,300, a decrease of 1.9% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, you may need to adjust your financial strategy for your home purchase If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

FRASER VALLEY

Composite benchmark price again below $1-million; small uptick in sales

Residential market activity in the Fraser Valley in October showed little change from the preceding month, with a slight increase of 0.4% in sales over the preceding month. However, the sales total of 901 properties was 53.5% down from the same period one year ago, an indicator of the ongoing impact of higher  mortgage rates as the Bank of Canada continues its inflation-fighting policy with a series of key interest rate hikes. The most recent increase by the central bank with 50 basis points added in late October brought the central bank’s policy rate to 3.75%. the highest it has been in 16 years. As Canada’s consumer inflation rate is  still close to 7.0%, the bank is expected to make at least one more rate increase in December. The effect of these rates hikes has been slow in bringing Canada’s inflation rate to the 2.0% target, although it is has had major impact on the residential markets. Typical mortgage rates on five-year fixed terms are now around 5.0% and variable rate mortgages on 25- or 30-year terms around 4.75%. The slight sales uptick from last month is nonetheless an optimistic sign that buyers are still entering the market. Fraser Valley home prices over the past six months have dropped an average of 11.7% providing many good purchase opportunities, but many prospective sellers may be watching signs of upward price movements again. New listings in the Fraser Valley last month were down by 3.8% from the preceding month, with a total of 2,186 for October. However, with slower sales, the Valley’s inventory reached 5,646 properties at the end of the month, still providing a large choice for prospective buyers. The combined benchmark price for a residential property in the Fraser Valley at the end of October was $995,400, a decrease of 1.6% from the preceding month.   

In my monthly selection of price comparisons below, you will find the most recent benchmark changes for each property type in different areas of the Fraser Valley. Notably, the only increases occurred among townhouses and condominiums and these were in Surrey, North Surrey, and North Delta, where many of my clients are looking to live. While these monthly fluctuations cannot be seen as setting a trend at present, they do inform where recent activity has been strong. It is important to remember, however, that benchmarks are averages and it is useful to examine the extremities of each average to get a better idea of the range of prices for comparable homes in each area. If you would like more detailed information on a specific neighbourhood, please don’t hesitate to call. And if you are considering listing you home for sale, I can prepare a customized market analysis to guide you in setting your optimal asking price. Fraser Valley homes are still selling on average after only a relatively short time on the market. Last month detached home sold on average within 34 days; townhouses on average in 27 days; and condominiums on average in 31 days. If you have any questions about your housing needs, please call me. I love to help my clients in any way I can.     

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1,436,400, a decrease of 1.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,895,900 and Mission at $969,800. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,473,900, a decrease of 2.4% from the preceding month; Surrey at $1,483,700, a decrease of 2.1% from the preceding month; and Langley at $1,528,100, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,412,100, a decrease of 2.6% from the preceding month; North Delta at $1,273,100, a decrease of 2.0% from the preceding month; and Abbotsford at $1,121,300, a decrease of 2.54% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of October was $809,800, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $923.100 and Abbotsford at $650,800. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $846,500, a decrease of 3.7% from the preceding month; Langley at $852,600, a decrease of 2.2% from the preceding month; and South Surrey/White Rock at $925,100, a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $803,500, a decrease of 1.5% from the preceding month; Cloverdale at $800,700, a decrease of 1.0% from the preceding month; and North Surrey at $742,000, an increase of 0.9% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of October was $527,900, a decrease of 0.5% from the preceding month. The extremities of this average were Langley at $588,900 and Mission at $451,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $545,700, an increase of 1.4% from the preceding month; North Delta at $556,800, an increase of 0.4% from the preceding month; and Cloverdale at $574,900, a decrease of 3.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $490,400, an increase of 0.8% from the preceding month; Mission at $451,900, a decrease of 2.9% from the preceding month; and Abbotsford at $434,800, a decrease of 2.6% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, you may need to adjust your financial strategy for your home purchase If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Sales decline as rate hikes continue; early signs of rising prices

Metro Vancouver’s residential market saw another month of last month. Home sales this past October dropped 12.8% from the preceding September to a total of 1,904. This continues the downward trend seen since the current series of mortgage rate increases began last spring when the Bank of Canada’s inflation-fighting policy rates commenced in March. However, to put the past seven months of lower sales volume in perspective, it must be noted that the decline is relative to the record high volumes recorded last year as pandemic-induced low interest rates fuelled historically high sales levels. The Bank of Canada’s most recent policy rate increase of 50 percentage points in late October has now raised the key rate to  3.75%. Current mortgage rates based on the central bank rate are near 5.0% for fixed five-year mortgages with some variable rates about 25 percentage points lower. While the slowing of home sales is part of the Bank of Canada’s goal of cooling the overheated residential market, prices have generally dropped to levels attractive to buyers who are able to qualify for higher mortgage rates. Last month there were 4.033 new listings in Metro Vancouver, almost the same rate for new listings for the same period one year ago, although a 4.6% decline from the preceding month. With the lower sales volume, however, the available housing supply has been able to grow, reaching 9,852 available properties at the end of October. This is an ample supply providing an excellent selection of homes for buyers at this time, and there are now signs that prices are beginning to edge upwards again. The composite residential benchmark price in Metro Vancouver at the end of October was down 11.7% from six months ago. At the end of October this benchmark price was $1,148,900, a mere 0.6% down from the  preceding month.

For a comparison of benchmark prices across different geographical areas in Metro Vancouver, please view the month-over-month price changes in the selection below. In this month’s analysis, as mentioned above, there are some notable price increases, mainly in townhouses and condominiums. This may be a sign of prices now finding their floor after declines for several months. The selected municipalities show their closest average prices on the upper and lower sides of the benchmark for each property type. For each of the property types, October sales were led by condominiums with a total of 995 or 23.2% of listings in the category; detached homes followed with a total of 575 or 14.3% of the category listings; and townhouses with a total of 333 or 21.6% of the category listings. It is important to keep in mind when looking at the benchmarks that these are averages made up of a range of prices. There are often individual prices that represent excellent bargains concealed in the averages. If you would like more detailed information on your preferred neighbourhood, I am happy to provide you with the most up to-date information on the market for your purchase offer. And for anyone thinking about listing, I can prepare a customized market analysis of your property and advise you on the optimal listing price for the current market demand.  Please don’t hesitate to call. I am always eager to help my clients in any way I can.       

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of October was $1,882,100, a decrease of 0.7% from the preceding month. The extremities of this average were West Vancouver at $3,317,500 and Sunshine Coast at $917,000.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,946,300, a decrease of 0.6% from the preceding month; Port Moody at $2,029,800 a decrease of 2.1% from the preceding month; and Richmond at $2,053,800, a decrease of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side  of the average were: Burnaby East at $1,826,700, an increase of 2.3% from the preceding month; Coquitlam at $1,750,400, a decrease of 1.6% from the preceding month; and Vancouver East at $1,700,100 a decrease of 1.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of October was $1,043,600 a decrease of 0.5% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,477,700 and Sunshine Coast at $718,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,058,300, an increase of 0.8% from the preceding month; North Vancouver at $1,230,600, an increase of 3.4% from the preceding month; and Vancouver West at $1,477,700, an increase of 1.5% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,028,500 a decrease of 3.9% from the preceding month; Port Moody at $1.021,600 a decrease of 2.0% from the preceding month; and Coquitlam  at $1.014,600, a decrease of 1.7% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of October was $727,100, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,193,200 and Sunshine Coast at $506,100. The three municipalities on the higher side of the average were: Tsawwassen at $751,500, a decrease of 0.2% from the preceding month; Burnaby South at $751,600, a decrease of 0.2% from the preceding month;  and Burnaby East at $721,200, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Ladner at $717,100, an increase of 1.2% from the preceding month; Burnaby North at $711,900, an increase of 0.6% from the preceding month; and Richmond at $699,600, a decrease of 0.6% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With Bank of Canada interest rates still rising, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.