The first thing I want to point out this month is that there was very little change in the overall residential market price average in Metro Vancouver. At the end of May, the composite benchmark price for all residential homes in Metro Vancouver was $1,006,400, a slight increase of 0.4 per cent from April. In the same period, the total inventory of listed homes rose to 14,685, an increase of 2.3 per cent from one month earlier. In fact, the increase in the number of listings in the past month was 2.1 per cent higher than in the previous month. For prospective home buyers this signals an excellent time to make an offer on the home you have been waiting for. You have a big choice of properties, and the statistics tell us that prices overall are still reasonably stable. It also appears like others are beginning to recognize this is a good time to buy. The number of actual sales in Metro Vancouver in May was a 44.2 per cent increase of homes sold in April. So, I would encourage you to make a purchasing decision now if you have been sitting on the fence, or seriously start looking if you haven’t taken advantage of the summer-like weather upon us now.
The Greater Vancouver region has some very nice properties listed now, and at much more attractive prices than you would have seen a year ago. All this of course is due to the price declines following the multiple taxes and mortgage constraints launched in 2018. The desired effect to cool a hot market and dampen rapidly escalating prices has been achieved. With the general benchmark price hovering around $1,000,000 – a psychological price threshold I have always watched closely – it may be prudent to ask if a price bottom has been reached. Think about this when you take a look at a property you are interested in. You can use the $1-million benchmark to compare what you think of a particular property listed in any specific area of the city. Below you have the benchmark comparisons in my monthly selections for you.
Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of May was $1,006,400, a decrease of 0.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,927,600 and Sunshine Coast at $600,300. (Note I include the Sunshine Coast only as a factor in the average, but 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: Richmond at $1,503,700 a decrease of 1.8 per cent from the preceding month; Burnaby South at $1,508,100, a decrease of 1.5 per cent from the preceding month; and North Vancouver at $1,508,300, a decrease of 0.2 per cent from the preceding month. The three municipalities closest to benchmark on the lower side of the average were: Burnaby North at $1,407,600, an increase of 1.1 per cent from the preceding month; Port Moody at $1,405,700, an increase of 2.9 per cent from the preceding month; and Vancouver East at $1,347,000, a decrease of 0.7 per cent from the preceding month.
Townhouses
The benchmark price for a townhouse in Greater Vancouver at the end of May was $779,400, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,022,700 and Maple Ridge at $545,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $781,500, an increase of 1.7 per cent from the preceding month; Vancouver East at $873,700, an increase of 0.6 per cent from the preceding month; and North Vancouver at $953,200, an increase of 0.7 per cent from the preceding month;. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $776,700, an increase of 0.2 per cent from the preceding month; Burnaby North at $730,300, an increase of 3.0 per cent from the preceding month; and New Westminster at $715, a decrease of 2.3 per cent from the preceding month.
Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of May was $664,200, a decrease of 0.5 per cent from the preceding month. The extremities of the average were West Vancouver at $1,022,700 and Maple Ridge at $350,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $676,400, a decrease of 0.4 per cent from the preceding month; Burnaby East at $748,100, a decrease of 0.9 per cent from the preceding month; and Vancouver West (not West Vancouver) at $785,500, a decrease of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $637,900, a decrease of 0.2 per cent from the preceding month; Por Moody at $630,600, a decrease of 0.4 per cent from the preceding month; and Burnaby North at $615,100, an increase of 0.5 per cent from the preceding month.
Please ask how I can help
As I remind you in the space each month, I do enjoy seeing my clients achieve their goals in the housing market. For those of you who are thinking about renovating for your personal pleasure, or in preparation of listing your property for sale, it’s always important to maximize the value of your home. I have excellent contacts among reliable and honest tradespeople who can provide excellent workmanship for any renovation project. Let me know if I can help you in this way. I can also provide you with a comparative market evaluation of your home so you can determine the budget for your renovation most effectively.
Thanks for reading!
Sibo Zhang, REALTOR®
Please contact me for more information
604-779-7992
sibo.zhang@gmail.com
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