METRO VANCOUVER

Home sales continue at above average pace; new listings increase

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

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

Detached homes

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

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of September was $963,800, an increase of 1.2% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,292,200 and Sunshine Coast at $604,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,047,100, an increase of 2.5% from the preceding month; North Vancouver at $1,153,900, an increase of 1.2% from the preceding month; and Vancouver West (not West Vancouver) at $1,292,200, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $950,900, an increase of 1.3% from the preceding month; Coquitlam at $863,600, an increase of 1.7% from the preceding month; and Tsawwassen at $856,700, an increase of 0.8% from the preceding month. (Squamish was excluded here because it is too far away for my clients.)

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of September was $738,600, an increase of 0.5% the from the preceding month. The extremities of this average were West Vancouver at $1,163,000 and Maple Ridge at $441,000. Only two municipalities were closest to the benchmark on the higher side of the average: Vancouver West at $816,700, a decrease of 1.0% from the preceding month; and West Vancouver at $1,163,000, an increase of 3.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $729,700, an increase of 0.9% from the preceding month; Burnaby East at $729,300, a decrease of 0.2% from the preceding month; and Burnaby North at $725,000, an increase of 0.5% from the preceding month. 

 

I can help

 

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