METRO VANCOUVER
Sales slide continues; condo market shows biggest slow down; robust inventory
Continuing the steady and significant decline in Metro Vancouver’s home sales in recent months, September saw an 8.1% drop from August, registering 1,717 sales. The slide has been about the same for each of the past three months. August sales reached 1,869 down 9.3% from July ‘s total of 2,061. On an annual comparison, September’s figure was an 8.4% decrease from the same month last year. It was also 25% below the 10-year seasonal average. A deeper dive into Metro Vancouver’s residential market has shown that has shown that the sales slump is not uniform across all property types. In particular, the condominium segment has shown the greatest contraction in sales volume, where the majority of all sales has been concentrated in recent years. As reported widely in the media, the previous high demand in the rental sector has fallen off with a notable drop in rental prices at the same time. Given a combination of the previous surge in condo building construction and the federal government’s constraint on Canada’s immigration, including a drop in permanent resident admissions, a drop in the non-permanent resident population as well as study permits, and an actual contraction in Canada’s overall population, this housing segment reflects an outsized part of the overall decline in residential sales. Beyond the condominium market, the Greater Vancouver Real Estate Board notes that sales of detached and attached home (townhouses) showed a slight increase from last September. In addition to the sales decline, new listings in September were also down from the previous month, a 10.3% drop from the same period one year ago. However, the 5,852 new listings in September were 5.7% above the 10-year season average, and left Metro Vancouver’s total inventory at the end of September at 16,394. This is 24.3% above the 10-year season average, offering prospective buyers an excellent choice of homes with prices generally down across all property types. At the end of September, the composite benchmark price for a residential property in Metro Vancouver was $1,075,900, a 0.5% decline from the previous month.
I invite you to review my monthly selection of comparative benchmark prices across Metro Vancouver in the section below. The month-over-month price change is also provided, as this is typically a reflection of the relative market activity in the neighborhood. For each property type, there is an overall benchmark price with a cluster of the closest average prices on each side of benchmark price. Remember that benchmarks are that averages so you may find an actual price listing that is closer to your budget. The range of prices making up the average will allow you to better assess if a specific price may be found that is more attractive to you. If you would like to explore a particular neighbourhood, please let me know. I can provide you with the most up-to-date information on current listings. And if you are considering selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price is the current market conditions. Please feel free 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 September was $1,784,700, a decrease of 0.8% from the preceding month. The range of this average extends from $2,916,100 in Vancouver West to $853,300 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,871,100, a decrease of 0.4% from the preceding month; Richmond at $1,887,800, a decrease of 2.8% from the preceding month; and Burnaby South at $1,894,600, 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 $1,694,900, no change from the preceding month; Vancouver East at $1,630,500, an increase of 0.6% from the preceding month; and Squamish at $1,614,600, an increase 1.4% from the preceding month.
Townhouses
The benchmark price for a townhouse in Metro Vancouver at the end of September was $1,016,700, a decrease of 1.2% from the preceding month. The range of this average extends from $1,695,400 in Whistler to $700,800 in Maple Ridge. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,025,000, an increase of 0.3% from the preceding month; North Vancouver at $1,230,400, a decrease of 1.4% from the preceding month; and Vancouver West at $1,298,500, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Squamish $1.01,200, an increase of 0.1% from the preceding month; Vancouver East at $980,400, a decrease of 0.5% from the preceding month; and Coquitlam at $976,600, a decrease of 1.2% from the preceding month.
Condominiums
The benchmark price for a condominium in Metro Vancouver at the end of September was $682,500, a decrease of 0.5% from the preceding month. The range of this average extends from $1,097,300 in West Vancouver to $461,000 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $708,100, an increase of 0.1% from the preceding month; Burnaby South at $723,000, a decrease of 1.2% from the preceding month; and Vancouver West at $761,800, a decrease of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $676,200, a decrease of 0.6% from the preceding month; Burnaby North at $662,400, a decrease 1.1% from preceding month; and Coquitlam at $646,100, a decrease of 0.9% from the preceding month.
Let me help
There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a 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.