Following the post-Christmas effect that I described last month with its phenomenal spike in listings in January, February’s overall inventory closed with 7.2 per cent more listings than the previous month in Greater Vancouver, and 6.9 per cent more in the Fraser Valley. This means both areas continue to have a strong base of listings to maintain the current buyers’ market – good news especially for home hunters getting over the winter doldrums. Monthly price fluctuations levelled somewhat in February which was expected. There were some quite large price reductions in January which weren’t expected to continue, but the residual effect means that buyers can make some good deals at this time. You can check the monthly changes in the benchmark comparisons I make below. Where there are any month-over-months increases, they are quite small and reflect normal market activity. On the whole, the sliding monthly price declines are encouraging more listings, so buyers should take advantage of this. The higher inventories mean you will be able to make a good offer and not face severe competition in a bidding war.
COMBINED BENCHMARKS
The combined benchmark for all property types in Greater Vancouver at the end of February 2019 was $1,016,600, a decrease of 6.1 per cent from one year earlier, and a 0.3 per cent decrease from the preceding month. In the Fraser Valley the combined benchmark for all property types at the end of January 2019 was $822,100 a decrease of 2.8 per cent from one year earlier and a 0.1 per cent increase from the previous month.
METRO VANCOUVER
Total inventory hits 11,590 in February; 7.2 % increase over January
New listings across all property types reached 3.892 in February, not quite as high as January’s listings of 4,848, but still strong for the month to keep up a substantial inventory considering February’s sales were almost 35 per cent higher than in January.
Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of February was $1,443,100, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3.029,200 and the Sunshine Coast at $603,700. (Note I include the Sunshine Coast region only as a factor in the average, but I do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,492,400, a decrease of 1.3 per cent from the preceding month; South Burnaby at $1,542,100, a decrease of 0.5 per cent from the preceding month; and Richmond at $1,546,500, a decrease of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,412,900, a decrease of 1.1 per cent from the preceding month; Port Moody at $1,404,100, a decrease of 3.5 per cent from the preceding month; and North Burnaby at $1,400,800, a decrease of 1.0 per cent from the preceding month.
Townhouses
The benchmark price for a townhouse in Greater Vancouver at the end of February was $789,300, a decrease of 1.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,208,500 and Maple Ridge at $525,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $798,400, a decrease of 1.5 per cent from the preceding month; South Burnaby at $807,300, an increase of 1.8 per cent from the preceding month; and Vancouver East at $823,800, a decrease of 2.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Ladner at $727,300, a decrease of 1.8 per cent from the preceding month; North Burnaby at $715,300, a decrease of 1.2 per cent from the preceding month; and Tsawwassen at $703,200, a decrease of 4.0 per cent from the preceding month.
Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of February was $660,300, a decrease of 0.3 per cent from the preceding month. The extremities of this average were West Vancouver at $1,103,800 and Maple Ridge at $353,800. The three municipalities closest to the benchmark on the higher side of the average were: South Burnaby at $689,400, a decrease of 0.2 per cent from the preceding month; East Burnaby at $718,900, a decrease of 3.4 per cent from the preceding month; and Vancouver West (not West Vancouver) at $784,300, an increase of 0.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $660,100, an increase of 0.4 per cent from the preceding month; Port Moody at $622,500, a decrease of 1.1 per cent from the preceding month; and North Burnaby at $599,900, a decrease of 1.1 per cent from the preceding month.
FRASER VALLEY
Total February Inventory Reaches 6,406; 6.9 per cent Over January
Even with the 25 per cent increase in overall Valley sales over January, February’s inventory closed strongly with 2,216 new listings. The turnover of inventory continues to be relatively fast in this region, with single family detached homes on the market for an average of 43 days; townhouses averaging 39 days, and condominiums 40 days. The total number sales for al property types In February was 982. This represented 354 detached homes, 236 townhouses, and 288 condominiums. The Valley market continues as a sold buyers’ market at this time. Month-over-month increases in benchmarks for detached homes and condominiums very slight, 0.5 per cent and 0.2 per cent respectively; while the townhouse benchmark dropped 1.2 per cent for the month.
Detached Homes
The benchmark price for a single-family detached home in the Fraser Valley at the end of February was $958,900, an increase of 0.5 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,382,800 and Mission at $652,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $983,900, an increase of 0.4 per cent from the preceding month; Cloverdale at $995,300, an increase of 1.7 per cent from the preceding month; and Surrey at $1,003,000, an increase of 0.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $952,300, a decrease of 0.4 per cent from the preceding month; North Delta at $882,400, an increase of 0.3 per cent from the preceding month; and Abbotsford at $782,000, an increase of 0.5 per cent from the preceding month.
Townhouses
The benchmark price for a townhouse in the Fraser Valley at the end of February was $516,000, a decrease of 1.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $646,400 and Mission at $447,200. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $547,700, an increase of 2.9 per cent from the preceding month; Surrey at $551,200, a decrease of 3.3 per cent from the preceding month; and North Surrey at $565,000, a decrease of 0.7 per cent from the preceding month. The three municipalities on the lower side of the benchmark were: Langley at $486,100, an increase of 0.2 per cent from the preceding month; Mission at $447,200, a decrease of 1.0 per cent from the preceding month; and Abbotsford at $378,000, an increase of 0.2 per cent from the preceding month.
Condominiums
The benchmark price for a condominium in the Fraser Valley at the end of February was $409,700, an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $488,800 and Abbotsford at $303,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $415,200, an increase of 1.6 per cent from the preceding month; Cloverdale at $456,700, an increase of 0.5 per cent from the preceding month; and South Surrey/White Rock at $488,800, an increase of 1.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $408,400, a decrease of 2.3 per cent from the preceding month; North Surrey at $403,300, an increase of 0.6 per cent from the preceding month; and North Delta at $376,700, a decrease of 3.7 per cent from the preceding month.
I can help
Please let me know if you need specific information for a market comparison in any property type. I am happy to prepare a customized market analysis for your home if you may be thinking of selling. And don’t forget, if you preparing you home for a listing, or just making renovations to enjoy yourself, I can recommend excellent and trustworthy trades people for whatever your needs, whether plumbing, electrical work, carpentry, or general renovations. I am also able to advise you on what your optimal investment should be to maximize your home’s value in the event you are planning to sell. And for prospective buyers, I have the financial experience to advise you on mortgages and fees associated with a home purchase. I am always happy to help in any way I can.
Thanks for reading!
Sibo Zhang, REALTOR®