METRO VANCOUVER

Home sales hit record high in Metro Vancouver; new listings also increase. Prices still stable.  

Residential transactions in Greater Vancouver’s blistering market set a new record in September – the highest recorded level ever for the month! The total number of home sales jumped to over 56% higher than the same period last year, reaching a total of more than 3,600. This was close to 20% higher than the preceding month of August this year, and nearly 45% above the 10-year average. Continuing to build each month since recovering from the epidemic-related slowdown in the spring, buyers appear to be taking advantage of low interest rates while prices are still showing only modest monthly increases in this high demand period. New listings also rose significantly in September, increasing 31.6% over September 2019. This pushed up new listings in September by more than 10% than in August, with a total of 6,402 across all property types. The aggregate available supply in the market at the end of September was then close to 14,000, providing excellent choice for buyers in all categories. There is some early inclination of upward price movement, but for the most part the average monthly increases have remained about the same as they have been over the summer months. A steady rise in new listings will help to ease the upward price pressure from high demand, but prospective buyers are not advised to rely on new listings to keep prices down at this time. Demand as been strong for close to six consecutive months and a general price stability level is still drawing many buyers at this time.

The composite benchmark price for all residential properties in Greater Vancouver at the end of September was $1.041,300, a 0.3 increase over the preceding month, and a 5.8 increase from one year ago.  Sales increased in each of the property types (see breakdowns below) in September. Detached homes led in the number of sales with 1,317. This was a 77% higher than for this period one year earlier. Condominium sales volume was next highest with September sales reaching 1,596, a 37% increase over the same period last year. Townhouses also rose significantly, surpassing 2019 volumes by 73%, reaching a total of 730 for the month of September. It is notable, however, that the year-over-year substantial increase in sales volumes across all property types, while illustrating a high demand at this present time, does not correlate yet with a general spike in prices. In the breakdown of benchmark prices provided below, you can see modest increases in the month to month comparisons typically in the range of 1.0 % to 2.0 %, with the exception of the notable increase of 5.9 % in West Vancouver condominiums. In several areas, there were decreases from the preceding month, for example condominiums in Vancouver West; townhouses in North Vancouver, Richmond, and New Westminster; and even detached homes in Vancouver East and North Vancouver. Please take a moment to look over benchmark prices among the property types listed below and their selected geographical areas. This will give you a good overview of what the various price ranges and areas of availability that best suit your budget. However, keep in mind there often excellent prices that are not shown in benchmarks. I am able to provide you with a more detailed analysis for your desired home. Please feel free to give me call. I am always happy to help in any way I can.

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of September was $1,507,500, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,084,600 and Sunshine Coast at $651,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,564,800, an increase of 1.2 % from the preceding month; Burnaby South at $1,577,600, an increase  of 1.4 % from the preceding month; and North Vancouver at $1,647,300, a decrease of 2.0 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,501,200, an increase of 1.6 % from the preceding month; Port Moody at $1,484,800, an increase of 1.2 % from the preceding month; and Vancouver East at $1,499,100, a decrease of 0.2 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of September was $809,900, an increase of 0.4 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,164,300 and Maple Ridge at $562,900.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $926,000, a decrease  of 2.5 % from the preceding month; North Vancouver at $1,009,100, a decrease of 0.6 % from the preceding month; and Vancouver West (not West Vancouver) at $1,164,300, a increase of 0.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $805,400, a decrease of 0.2 % from the preceding month; Burnaby South at $784,100, a decrease of 2.3 % from the preceding month; and New Westminster at $758,200, a decrease of 0.9 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of September was $683,500, a decrease of 0.3 % from the preceding month.  The extremities of this average were West Vancouver at $1,060,600 and Maple Ridge at $358,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $731,700, an increase of 1.5 % from the preceding month; Vancouver West at $782,200, a decrease of 2.2 % from the preceding month; and West Vancouver at $1,060,600, an increase of 5.9 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Burnaby South at $659,500, an increase of 0.5 % from the preceding month; Richmond at $654,900, a decrease of 0.5  from the preceding month; and Port Moody at $641,200 an increase of 1.1 % from the preceding month. 

 

I can help

 

I am active in many areas of real estate so please do not 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.