sibo zhang real estate

Notable Price Drops, New Listings Jump Dramatically in January

With the first month of the year behind us, I want to point out something interesting that typically happens during the month of January. I call it a belated Christmas present to home buyers. I have noticed that home sellers tend to drop their asking price at this time of year and current market data appear to support this. As you scan the sample benchmark price comparisons below, you can see some higher than usual price declines from the previous months. Where we have been seeing one-month price declines typically around 1.0 per cent, there are several decreases around 2.0 per cent this past month. And in some particularly notable cases the one-month decline is over 3.0 per cent. Take for example the one-month price decrease of 3.4 for condominiums in Burnaby East or the 2.6 per cent decrease for townhouse in Ladner. Of course, we have been tracking a trend of month-over-month decreases in all residential properties since the middle of last summer when several financial constraints for buyers came into effect, but I suspect the post-Christmas effect has also contributed to some of these exceptional price drops during January. I highly recommend that anyone eager to make a deal with a good purchase price at this time of year take a close look at the benchmarks across all property types listed below.

COMBINED BENCHMARKS

The combined benchmark for all property types in Metro Vancouver at the end of January 2019 was $1,019,600, a decrease of 4.5 per cent from one year earlier, and a 1.2 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 $821,100, a decrease of 0.8 per cent from one year earlier and 1.6 per cent decrease from the previous month.

METRO VANCOUVER

Big increase in new property listings

In Metro Vancouver new property listings increased dramatically during January, another excellent reason to look consider a home purchase at this time. There were over 10,000 residential properties on the market at the end of last month. The new listings this past January were an extraordinary 244.6 per cent higher than listings in the preceding month.

Detached Homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $1,453,400, a decrease of 1.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3.049,700 and the Sunshine Coast at $600,000. (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: Port Moody at $1,454,500, a decrease of 2.1 per cent from the previous month; North Vancouver at $1,512,200, a decrease of 1.9 per cent from the preceding month; and Burnaby South at $1,533,700, a decrease of 2.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,428,700, a decrease of 1.3 per cent from the preceding month; Burnaby North at $1,415,300, a decrease of 2.3 per cent from the previous month; and Coquitlam at $1,195,000, a decrease of 1.5 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of January was $800,600, a decrease of 1.1 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,216,600 and Maple Ridge at $538,700. The three municipalities closest to the benchmark of the higher side of the average were: Richmond at $808,200, a decrease of 1.4 per cent from the preceding month; Vancouver East at $848,200, a decrease of 0.2 per cent from the preceding month; and North Vancouver at $979,900, a decrease of 1.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $792,800, an increase of 0.3 per cent from the preceding month; Ladner at $740,500, a decrease of 2.6 per cent from the preceding month; and Tsawwassen $732,200, a decrease of 2.2 per cent from the preceding month. (Note: I have not included Whistler in this comparison as it is too far out for my clients)

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of January was $658,600, a decrease of 0.8 per cent from the preceding month. The extremities of this average were West Vancouver at $1,108,800 and Maple Ridge at $359,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $687,900, an increase of 0.3 per cent from the preceding month; Burnaby East at $743,900, a 3.4 per cent decrease from the preceding month; and Vancouver West (not West Vancouver) at $783,400, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $657,500, a decrease of 1.6 per cent from the preceding month; Port Moody at $629,400, an increase of 0.3 per cent from the preceding month; and Burnaby North at $606,400, a decrease of 2.0 per cent from the preceding month.

FRASER VALLEY

Even bigger Increase in new listings

New listings in the Fraser Valley in January made an even bigger jump than in Metro Vancouver. Fraser Valley new listings hit a 266.7 per cent increase over new listings in the preceding month. This brought the total Fraser Valley residential listings to nearly 6,000, making it an ideal time for buyers to look at the market and take advantage of the current month-over-month price drops. Keep in mind that newly listed properties in the Fraser Valley typically do not stay on the market for a long time. During this past January, single family homes remained on the market for an average of 55 days. Townhouses averaged 44 days and condominiums 45 days. It’s also notable that last month, for the first time, condominiums outsold detached homes in the Valley. The Fraser Valley remains a highly desirable area for young families and singles making their first home purchase. I highly recommend taking a look for a good deal at this time.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of January was $954,100, a decrease of 1.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,351,300 and Mission at $662,700. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $956,400 a decrease of 1.8 per cent from the preceding month; Cloverdale at $978,700, a decrease of 0.4 per cent from the preceding month; and Langley at $980,300, a decrease of 2.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $879,600, a decrease of 0.9 per cent from the preceding month; Abbotsford at $777,900, a decrease of 1.9 per cent from the preceding month; and Mission at $662,700, an increase of 1.7 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of January was $522,100, a decrease of 1.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $669,000 and Abbotsford at $377,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $532,400, a decrease of 3.3 per cent from the preceding month; North Surrey at $569,200, a decrease of 1.5 per cent from the preceding month; and Surrey at $569,900, a decrease of 1.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $485,000, a decrease of 2.0 per cent from the preceding month; Mission at $451,500, a decrease of 1.0 per cent; and Abbotsford at $377,100, a decrease of 1.6 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of January was $409,000, a decrease of 2.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $481,000 and Abbotsford at $307,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $417,900, a decrease of 2.4 per cent from the preceding month; Cloverdale at $454,400, a decrease of 2.9 per cent from the preceding month; and South Surrey/White Rock at $481,000, a decrease of 3.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $408,800, a decrease of 1.0 per cent from the preceding month; North Surry at $400,800, a decrease of 2.1 per cent from the preceding month; and North Delta at $391,000, a decrease of 2.2 per cent from the preceding month.

I can help

Please feel free to call me if you need help with any decision making, or if you just want to chat about market conditions in general. If you need specific information on a particular property or neighbourhood, I am more than happy to do an analysis of the area of you. I also have professional experience in banking and finance and will gladly guide you through your mortgage requirements.

Thanks for reading!

Sibo Zhang, REALTOR®

Declining Prices Continue Into the New Year

A new year is upon us, and I welcome you back from the holiday season just past.

Everyone is wondering of course, what the residential market will do in the year ahead of us. It’s natural to want to gaze into the proverbial crystal ball to predict the future. And while I’m afraid I don’t have such a fortune telling device, I can advise you on the trend that is continuing from the end of last year.

In general, average home prices (benchmarks) are showing slight declines each month, although there are still minor upticks here and there, which is normal in any active market. Looking back at 2018 we can see the skyrocketing prices that had been occurring since 2016 suddenly peaked at the end of June last year. They have been declining in small increments each month since. We can safely surmise that this dramatic reversal resulted from government measures to cool the market: provincial foreign ownership and speculation taxes combined with new federal rules for stricter mortgage qualification.

Add to all this, higher variable mortgage rates pushed up by Canada’s central bank’s rising interest rates and it’s easy to see why prices are dropping. In the last six months of 2018, the cumulative decline was 6.5 per cent.

Forecasts and current trends

The first thing I will say about this trend is that there is no reason to think it will not continue into the near future. But exactly how long is anybody’s guess. I want to be very upfront with you about this. I will not tell anyone to list or buy at a specific time based solely on market statistics for two reasons: First, even an educated guess is still a guess, and two (more importantly), there are many personal and individual factors that need to be taken into consideration in such an important transaction. What I am able to do for my clients during a period of indecision is to help them evaluate what their needs are, both financial and for living accommodations, and how to develop a sound strategic plan based on their individual circumstances. This may be something like setting a threshold or target price to wait for, or a preparing a comparative market analysis on a property you are considering at the present time. I have also been able to assist clients in deciding on renovations that will help to maximize their value when they decide to sell; or to help prospective buyers with the features they want for their individual tastes.

Newsletter in 2019

I will continue to provide a monthly snapshot of benchmark prices for all property types across the Lower Mainland based on the latest statistics. I know readers like to watch these monthly changes in average prices. The cooling market has shifted from a sellers’ market to a buyers’ market since July last year, meaning that buyers don’t have to make offers frantically, as they did when the prices were soaring. A couple of statistics that I will include in this new environment are one-year and ten-year comparisons so you can get some idea of what the current benchmarks mean during this current period.

Combined Benchmark

The combined benchmark for all property types in Metro Vancouver at the end of December 2018 was $1.032,400, a decrease 2.7 per cent decrease from one year earlier, and a 0.9 decrease from the preceding month. This benchmark price is 102.5 per cent higher than 10 years ago. In the Fraser Valley the combined benchmark for all property types at the end of 2018 was $834,700, an increase of 2.5 per cent from one year earlier and a 0.8 per cent decline from the previous month. This benchmark price is 97.0 per cent higher than 10 years ago.

METRO VANCOUVER BENCHMARKS

Detached Homes

The benchmark price for a single family detached home in Metro Vancouver at end of December 2018 was $1,479,7000, a decrease of 1.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,138,400 and the Sunshine Coast at $613,700. (Note I include the 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 with benchmarks closest on the higher side of the average were: Port Moody at $1,485,300, a decrease of 0.9 per cent from the preceding month; North Vancouver at $1,569,800, a decrease of 2.6 per cent from the preceding month; and Burnaby South at $1,569,800, a decline of 2.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,448,900, a decrease of 1.4 per cent from the preceding month; Vancouver East at $1,447,300, a decrease of 1.6 per cent from the preceding month; and Coquitlam at $1,214,300, a decrease of 1.3 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of December 2018 was $809,700, a decrease of 1.1 per cent from the preceding month. The extremities of the average were Vancouver West (not West Vancouver) at $1,140,900 and Maple Ridge at $360,800. The three municipalities closest on the higher side of this average were: Richmond at $819,800, a decrease of 2.4 per cent from the preceding month; Vancouver East $850,000, an increase of 2.3 per cent from the preceding month; and North Vancouver at $994,300, a decrease of 2.0 per cent from the preceding month. The three municipalities closest on the lower side of this average were: Burnaby South at $790,800, a decrease of 0.9 per cent from the preceding month; Ladner at $760,500, a decrease of 1.2 per cent from the preceding month; and Tsawwassen at $748,800, an increase of 1.3 per cent from the preceding month.

Condominiums

The benchmark price for condominium in Metro Vancouver at the end of December 2018 was $664,100, a decrease of 0.6 per cent from the previous month. The extremities of the average were West Vancouver at $1,140,900 and Maple Ridge at $360,800. The three municipalities closest on the higher side of this average were: Richmond at $668,500, an increase of 1.5 per cent from the preceding month; Burnaby South at $685,700, a decrease of 0.6 per cent from the preceding month; and Burnaby East at $770,300, an increase of 1.0 per cent from the preceding month. The three municipalities closest on the lower side of this average were: Port Moody at $627,300, a decrease of 2.9 per cent from the preceding month; Burnaby North at $619,100, a decrease of 2.1 per cent from the preceding month; and North Vancouver at $567,300, a decrease of 1.2 per cent from the preceding month.

FRASER VALLEY BENCHMARKS

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December was $965,300, a decrease of 1.1 per cent from the previous month. The extremities of this average were South Surrey/White Rock at $674,100 and Mission at $651,900. The three municipalities closest on the higher side of this average were North Surrey at $973,500, a decrease of 0.6 per cent from the preceding month; Cloverdale at $982,200, an increase of 0.1 per cent from the preceding month; and Langley at $1,003,000, a decrease of 0.6 per cent from the preceding month. The three municipalities closest on the lower side of this average were: North Delta at $887,800, a decrease of 2.8 per cent from the preceding month; Abbotsford at $792,600, a decrease of 1.3 per cent from the preceding month; and Mission at $651,900, a decrease of 0.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December was $531,900, a decrease of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $572,100 and Abbotsford at $314,000. The three municipalities closest on the higher side of this average were: Cloverdale at $550,400, a decrease of 0.9 per cent from the preceding month; North Surrey at $577,600, a decrease of 1.9 per cent from the preceding month; and Surrey at $581,000, an increase of 0.5 per cent from the preceding month. The three municipalities closest on the lower side of this average were: Langley at $494,700, a decrease of 0.4 per cent from the preceding month; Mission at $455,900, an increase of 2.7 per cent from the preceding month; and Abbotsford at $383,400, a decrease of 2.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December was $418,300, a decrease of 1.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $500,100 and Abbotsford at $314,000. The three municipalities closest on the higher side of this average were: Surrey at $428,200, a decrease of 0.9 per cent from the preceding month; Cloverdale at $468,100, a decrease of 0.7 per cent from the preceding month; and South Surrey/ White Rock at $500,100, a decrease of 1.2 per cent from the preceding month. The three municipalities closest on the lower side of this average were: Langley at $413,100, a decrease of 0.9 per cent from the preceding month; North Surrey at $409,600, a decrease of 1.0 per cent from the preceding month; and North Delta at $400,000, a decrease of 0.8 per cent from the preceding month.

QUESTIONS? PLEASE LET ME KNOW

Please remember, I make my family home in Surrey and we are proud to see our city grow with the neighbourhood amenities that make for a wonderful life here. I am here to help with whatever your real estate needs may be. As a consistently recognized top-tier realtor, and with experience in finance, banking and real estate sales, I am happy to advise you, without pressure, so you can make a choice that will lead to your long-term happiness. Please let me know if I can help.

With my wife and two children, we wish you the very best for 2019.

Halloween Events in Surrey

Halloween is nothing if not popular. Last year in this blog space I wrote about the history of this annual celebration, which is a favourite time for scary costumes and “trick or treating” kids collecting candy with door to door visits in their neighbourhoods. As mentioned before, I like this event because it has adapted to new customs throughout many countries since its origin in ancient times. It is now a mix of popular themes from the many ideas that make up the Canadian cultural mosaic. For families with children there are special events on Halloween in areas throughout Metro Vancouver. Whatever your favourite Halloween costume or party theme might be, I’m sure you will be able to find some fun for your whole family this October 31. Here is selection of some of Surrey events to choose from:

Bear Creek Park Train

Children can enjoy the Pumpkin Express at Bear Creek Park. This little train offers a thrilling ride through a forest decorated specially for Halloween. And kids will get a small pumpkin as a treat on the platform to remember the event. If you can’t make it on Halloween, or if you want to keep that day for your own door-to-door trick or treating, you can still catch Woo Woo the train on days leading up to Halloween. enjoy. Here are dates and address: Each day leading to and including Halloween from 10:00 am to 4:30 pm at Bear Creek Park. There is a ticket price of $10. (Address below)

There is also a more frightening train ride for older children called the Scream Train at Bear Creek. On this ride you will experience Chain Saw Charlie and other ghoulish characters. The special effects and sounds along the route through the forest will be just what a thrill-seeking person is looking for on Halloween, but it’s too much for younger kids so keep in mind you have choice depending on the age of your children. Tickets for the Scream Train are $13 per person. The Scream train runs between 6:30 pm and 10 om each day leading up to and including Halloween. Bear Creek Part is at 13759 88th Avenue in Surrey. For more information online: www.bctrains.com/halloween

Potter Houses of Horror

Another Surrey favorite is Potter’s House of Horrors. Once again, these will be two haunted houses to explore. The long-time favorite, Monstrosity 2.0 will be open again with its gothic scariness. This can be a lot of fun for older kids and adults, but I wouldn’t recommend it for young toddlers who could be too frightened by the creatures inside. For youngsters under 10 years old I would recommend the L’il Haunters. However, for the very young even this might be a bit too spooky so I suggest you check it out first before taking in your very young children.

The second haunted house at Potter’s is Devil’s Descent, which opened for the first time last year. This is a more rugged design into mine shafts with rotting wood and machines, along with zombies and other scary monsters. You will need separate tickets for both haunted houses. These are available online which is recommended to avoid line-ups. The Potter Haunted Houses are also open on days leading up to and including Halloween. They are open each day from 4:00 pm to 6:30 pm (this time is recommended for younger kids as it is less scary) and from 7:00 pm to 10:00 pm (for the full frightening version). Located at Potters House, 12530 72nd Avenue, Surrey. You can find more details online at www.pottershouseofhorrors.com.

Not everything on Surrey’s Halloween agenda is just for kids. For teenagers and even adults there are great activities to enjoy on October 31.

Halloween for Teens

At the Surrey Centre Library from 3:30 pm to 5:30 pm teens from 13 to 18 years of age are invited to the free workshop where you can explore the spooky history of Halloween’s ancient origins. This is a free event so teens can enjoy learning about Halloween before they head out for an evening’s fun on October 31.

Halloween for Adults

For older adults 55 and older, there is a Halloween Tea at the Guildford Recreation Centre on October 31 from 1:00 pm to 2:30 pm The cost is only $15 and will get you tea and a light lunch of soup, sandwich and treats complete with live entertainment. And don’t be shy about coming in a costume. There will be prizes for the best ones. Register online at Guildford Recreation Centre with the registration code: 4632039.

Also in the afternoon on October 31, adults 55 and older are invited to the Fleetwood Community Centre for a Halloween Costume Party. This is a costume contest so get your best ideas on and show up between noon and 2:00 pm. There will be lots of fun with halloween music, games and entertainment as well as light food and refreshments. Tickets are $20 and can be purchased online at Fleetwood Community Centre with registration code 4626683.

However, you choose to enjoy Halloween this year, remember that there will be young children on our streets and we need to be extra careful as we drive on October 31. Wishing everyone a safe and fun Halloween 2018.

Thanks for reading!

Sibo Zhang, REALTOR®

Prices continue down, inventory up

The trend I have been reporting for several months is continuing. Residential prices are continuing their overall decline across the lower mainland. With the astronomical price increases prior to this current period, even a relatively small price drop of 1.0 per cent can be attractive to a buyer who would surely enjoy a $10,000 savings on a $1-million property with just one month’s change. Nonetheless, many prospective buyers are holding off as they hope to see the downward trend continue. This may prove beneficial or not; it’s still a guessing game how long the trend will continue. There could be quick change in buyer psychology that creates a spurt in demand any time, which would send prices upward again. From the seller’s point of view, it is important to note that new listings are actually increasing at this time. While this might be seen as seller concern that prices will continue to drop, it is also providing a high supply of available properties on the market, which has a further dampening effect on prices. In short, it’s a buyer’s market right now so if you are seriously wanting to get into a home this is a good time to make an offer. The combined benchmark price for all property types in the Lower Mainland at the end of September was $1,003,500, a decrease of 1.2 per cent from the preceding month. Below is my monthly review of benchmark prices for each property type.

METRO VANCOUVER

Detached homes

The benchmark price for a single family detached home in Metro Vancouver at the end of September was $1,540,900, a decrease of 1.3 per cent from the preceding month. This average had the extremities of Vancouver West (not West Vancouver) at $3,254,200 and Maple Ridge at $864,500. The three municipalities with benchmark prices closest on the higher side of the Metro average were: South Burnaby at $1,589,600, a decline of 1.9 per cent from the preceding month; North Vancouver at $1,620,300, a decline of 1.8 per cent from the preceding month; and Richmond at $1,662,600, a decline of 0.4 per cent from the preceding month. Closest to the Metro Benchmark on the lower side of the average were: Port Moody at $1,504,300, a decline of 1.9 per cent from the preceding month; Vancouver East at $1,502,900, a decline of 1.7 per cent from the preceding month; and North Burnaby at $1,498,100, a decline of 0.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $837,600, a decrease of 1.0 per cent from the preceding month. This average had the extremities of Vancouver West (not West Vancouver) at $1,229,300 and Maple Ridge at $558,800. The three municipalities with benchmark prices closest to the higher side of the Metro average were: Richmond at $862,400, a decrease of 0.4 per cent from the preceding month; Vancouver East at $873,400, a decrease of 2.3 per cent from the preceding month; and North Vancouver at $1,021,900, a decrease of 0.8 per cent from the preceding month. Closest to the Metro benchmark on the lower side of the average were: South Burnaby at $822,700, a decrease of 2.2 per cent from the preceding month; Ladner at $786,300, a decrease of 3.9 per cent from the preceding month; and Tsawwassen at $770,500, a decrease of 2.9 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of September was $687,300, a decrease of 1.2 per cent from the preceding month. This average had the extremities of West Vancouver at $1,213,900 and Maple Ridge at $364,100. The three municipalities with benchmark prices closest to the higher side of the Metro average were: Richmond at $690,600, a decrease of 0.7 per cent from the preceding month; South Burnaby at $709,800, a decrease of 1.1 per cent from the preceding month; and Vancouver West (not West Vancouver) at $804,800, a decrease of 2.5 per cent from the preceding month. Closest to the Metro benchmark on the lower side of the average were: Port Moody at $666,400, a decrease of 0.4 per cent from the preceding month; North Burnaby at $644,600, a decrease of 1.0 per cent from the preceding month; and North Vancouver at $595,700, a decrease of 0.1 per cent from the preceding month.

 FRASER VALLEY

The trend in declining prices across the lower mainland is in all respects very much the same in the Fraser Valley. As in Metro Vancouver buyers are exercising the same hesitation as they watch monthly price declines, unsure when demand may suddenly surge again. My sense is that there is considerable pent-up demand by prospective buyers, so it’s likely going to be some price point in each property type that triggers a resurgent buying spree. In the mean time, as in Metro Vancouver, the inventory of Fraser Valley properties continues to grow, a sign that more sellers are wanting to get the best price possible in the current downward price trend. In fact, the overall supply at present is at its highest point for the year, so there’s a good choice for buyers right now. New Fraser Valley listings during the month of September reached nearly 3,000, which was more than a 14 per cent increase from the number of listings made in August. This brings the end of September inventory of properties on the market in the Fraser Valley to a total of 7,647. The combined benchmark price for all Valley-listed properties at the end of September was $860,300, a decrease of 1.3 per cent from the preceding month. Below is my monthly review of Fraser Valley benchmark prices in each property type at the end of September.

Detached homes

The benchmark price for a single family detached home in the Fraser Valley at the end of September was 988,900, a decrease of 2.0 per cent from the preceding month. This average had the extremities of South Surrey/White Rock at $1,397,400 and Mission at $668,300. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: Cloverdale at $1,004,500, a decrease of 0.6 per cent from the preceding month; Langley at $1,027,000, a decrease of 2.2 per cent from the preceding month; and Surrey at $1,035,600, a decrease of 0.9 per cent from the preceding month. Closest to the Valley benchmark on the lower side of the average were: North Surrey at $969,300, a decrease of 2.7 per cent from the preceding month; North Delta at $931,000, a decrease of 2.0 per cent from the preceding month; and Abbotsford at $810,800, a decrease of 2.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $546,100, decrease of 0.1 per cent from the preceding month. This average had the extremities of South Surrey/White Rock at $679,900 and Abbotsford at $407,300. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: North Delta at $571,900, a decrease of 4.5 per cent from the preceding month; Surrey at $583,500, a decrease of $583,500, a decrease of 0.9 per cent; and Cloverdale at $593,000, a decrease of 0.5 per cent from the preceding month. Closest to the Valley benchmark on the lower side of the average were: Langley at $509,100, a decrease of 1.7 per cent from the preceding month; Mission at $444,100, a decrease of 0.4 per cent from the preceding month; and Abbotsford at $407,300, a decrease of 1.0 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $438,700, a decrease of 1.0 per cent from the preceding month. This average had the extremities South Surrey/White Rock at $502,700 and Abbotsford at $333,200. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: Surrey at $456,100, a decrease of 2.0 per cent from the preceding month; Cloverdale at $494,900, a decrease of 2.4 per cent from the preceding month; and South Surrey/White Rock at $502,700, a decrease of 0.7 per cent from the preceding month. Closest to the Valley benchmark of the lower side of the average were: Langley at $431,900, a decrease of 1.6 per cent from the preceding month; North Surrey also at $431,900, a decrease of 0.3 per cent from the preceding month; and North Delta at $429,700, a decrease of 0.6 per cent from the preceding month.

I am here to help

I hope my review of residential prices this month is helpful to both buyers and sellers across the lower mainland. As I mentioned above, the trending decline in prices across all property types is being accompanied by a trend in the opposite direction, namely an increasing number of new listings each month. This current market is therefore a buyers’ market. With the high number of listed properties at this time, making an offer is much less likely to create a bidding war driving up the price. This makes your financial planning more predictable and less stressful, particularly when you have negotiated a mortgage ahead of time and know what monthly payments can be managed within your budget. I highly recommend for these reasons that if you really want to get into a home, this is an excellent time to make the move. Please feel free to give me call to ask for any further information for any area you are thinking about. I am happy to help in any way I can.

Thanks for reading!

Sibo Zhang, REALTOR®

Surrey Election

Surrey’s election day is coming later this month and I encourage everyone to familiarize themselves with the important issues being championed by the various slates as well as independent candidates. If you can’t make it to the poll on October 20, you can find six advance polling stations on October 6, 10, 11 and 13 by clicking here on the voting location map.

All voting locations are open from 8:00 am to 8:00 pm on Saturday, October 20th. Surrey voters will be electing a mayor and eight city councillors as well as six school trustees for School District No. 36.

Surrey’s LRT Debated – Again!

I normally wouldn’t provide my own opinion on how to vote, but in the forthcoming election there is one issue that has been raised recently by a couple of mayoral candidates, and I feel compelled comment to on it. It is the re-opening of a debate that has not only been completed, decided, and finalized, but for which funding from the federal and provincial governments as well as Translink has been secured, allocated and announced, namely plans for the city’s Light Rail Transit (LRT) system. In fact, preliminary construction along some corridors has already begun, and finally after years of consultations and planning, we are poised to get going with a much-needed transportation system for our region. To me it nothing short of irresponsible for politician to sow seeds of dissent at this time for their own political agenda, particularly politicians who previously supported the LRT. The two mayoral candidates who are trying to turn the clock back on this issue should be ashamed of themselves. Both Bruce Hayne, leader of the Integrity Now slate and Doug McCallum leader of the Safe Surrey Coalition, have made a 180-degree turnaround from their former positions supporting the LRT when they were previously in political office in Surrey. What kind of integrity does this show? There has been so much consultation and planning on this issue, years being examined by Translink’s Mayor’s Council and in Surrey City Hall, it is truly amazing that any politician should have the audacity to try to stir it all up again. Now they are prepared to reverse their positions just to satisfy their political ambitions, to create publicity through controversy, even it causes a setback to Surrey’s critical transportation for many more years.

Last May I wrote in my blog about the benefits of the LRT system for Surrey, including reduced congestion, increased traffic capacity, time savings and as a catalyst to local development including attracting and creating more jobs. In cities all over the world, LRT is generally considered more aesthetically pleasing to trains elevated by massive concrete pylons. An LRT creates more a sense of community as it can be boarded easily at street level and encourages people to leave their cars at home for many short trips, reducing GHG emissions as well. Surrey is the fastest growing urban municipality in Canada and is earning a great reputation as a culturally diverse and sophisticated centre recognized for its international character. An LRT transportation system can only enhance our civic environment as it has in beautiful cities around the world like Adelaide, Dublin, Rio de Janeiro and Edinburgh.

One of the problems with planning public transportation systems is that big budget projects are often poorly executed because the political bodies that make the decisions have much shorter in their terms in office than the length of the completed project. Financial decisions are too often forced into the short-term expediency or a political agenda or budget. While I fully support an open and democratically governed society, there are sometimes when I see the advantages of a centrally planned economy like China. The tremendous transportation systems that work for very heavily populated cities there could only be achieved with the kind of long-term projects that keep to a plan once it is settled. We almost need a transportation Czar here to get things done.

Let’s keep moving forward, not backwards.

Thanks for reading!

Sibo Zhang, REALTOR®

Image via Surrey Now-Leader

August Events in Surrey

Last month I provided a list of things to do in Surrey during the month of July. In this first blog for the month of August, I am doing another list for this month. Our summer weather is encouraging families with kids love to get outside and enjoy activities during the summer vacation, so here are some of Surrey’s fun activities. There are also a number of excellent musical events this month. I have listed their dates and locations for you as well.

Learn to Fish

I often select activities at Green Timbers Urban Forest. It’s one of my favourite places in North Surrey. A quiet park and a lovely lake provide a respite from the traffic and bustle of the city centre and there’s lots of room for the kids to hike or run for healthy exercise. Now there is a instructional program which is a really great activity for parents together with their children aged 5 to 15 Through the efforts of the Freshwater Fisheries Society of BC, you can take their Learn How to Fish lesson. A two-hour session will be beheld on in the evening of August 3 from 6:00 pm to 89:00 pm. The session is great for beginners and will cover the basics of freshwater fishing including hatchery roles, fish identification, tackle, rod rigging, casting and hands-on fishing. You don’t need to come with your own rod because a fishing rods are provided. The lessons will take place rain or shine, but remember that children must be accompanied by their parents. There is no fee, but the program gratefully accepts cash donations. You can meet in Green Timbers Park at the south end of the lake where there will be a blue tent. You must, however, pre-register. Call 604-502-6065 or register online at: https://webreg.surrey.ca/webreg/Activities/ActivitiesAdvSearch.asp

Fun Fridays in Surrey Parks

Surrey’s neighbourhood parks have weekly events each Friday until August 24 from 10:00 am to 1:00 pm. These days are called “Fun Fridays” and the activities for kids are completely free. The activities are designed for young children and each week there is a different theme. There will be special guests and surprises each Friday so your youngster will be eager to attend. Here is where the Fun Fridays are happening: August 3: Theme: Farm Life: Location: Bear Creek Park, 13820 88 Avenue, and Sunnyside Park 15455 26 Avenue.

August 10: Theme: Go Green: Location: A.J. McLellan Park, 16584 62A Avenue, and M.J. Norris Park, 6539 128A Street.

August 17: Theme: Safety: Location: Forsyth Park, 10632 139 Street, And Fun Fun Park, 1472 128 Street.

August 24: Theme: Teddy Bear Picnic: Location: Holly Park, 10706 148 Street, (You may want to bring your favorite stuffed toy.) This is the final wrap up event for the summer.

For more information you can call: 604-501-5050 or email: partnersinparks@surrey.ca

Sounds of Summer Music Series

Free musical events continue throughout August and you can enjoy a variety of music styles at these free outdoor concerts. The music ranges from Bluegrass to New Orleans Jazz all in the beautiful setting of Surrey’s parks. Bring your own folding chair and a blanket if the evening is cool. You can find the performances on the dates below at their respective locations.

August 8: David Sinclair and Keith Bennett. Roots and Blues. 6:30 pm to 8:00 pm. Location: Sullivan Park, 6272 152nd Street.

August 15: Flint and Feather. Rocky Mountain Folk/Pop. 6:30 pm to 8:00 pm. Location: Surrey Nature Centre. 14225 Green Timbers Way.

August 17: True North Troubadours. Peter, Paul and Mary Tribute/60s Folk. 1:00 pm to 2:30 pm. Location: Francis Park. 15951 83 Avenue.

August 22: The Wheat in the Barley. Folk Fusion/Roots. 6:30 pm to 8:00 pm. Location: Historic Stewart Farmhouse, 13723 Crescent Road (additional parking west of 136 St. Crescent Road)

Note: All pets must be on leash  For more information: phone 604-501-5050 or email: partnersinparks@surrey.ca

Music on the Plaza

Here is a series of musical performances that will allow you to enjoy the civic plaza at Surrey’s City hall during August. These Tuesday evening performances are free of charge and feature Jazz, Cuban, Country, and Swing music from 6:30 pm to 8:00 pm. Here’s the performance schedule for the rest of this month:

August 7: Kutapira

August 14: Paul Filek Duo

August 21: Sean Michael Simpson Duo

August 28: Taylor Rae & the Backseat Drivers

Bring your own folding chai and perhaps a blanket to enjoy these free evening performances. For more information contact: Briana Barone at 604-591-4012 or email: BBarone@surrey.ca

Lunch and Lyrics

Another series at the Surrey City Hall civic plaza this month is the daytime concert series from 12:00 pm to 2:00 pm on the following Mondays

August 13 – Bruce Coughlan

August 20 – Bruce Coughlan Duo

August 27 – Beauty Shop Dolls

Bring your lunch or try one of the different food trucks that will be on hand each week.

For more information contact: Briana Barone at 604-591-4012 or email: BBarone@surrey.ca

photo via dailyhive.com

Thanks for reading!

Sibo Zhang, REALTOR®

Your Market Update for July 2018

With the Bank of Canada’s recent announcement of an interest rate rise of 0.25 per cent, we are already seeing some commercial banks raise their prime mortgage rates. This is not a surprise and is in fact the fourth such interest rate increase by the Bank of Canada in the last 12 months. For anyone with a variable rate mortgage, their monthly payments will increase accordingly. For those who have not yet negotiated a mortgage and were hoping to do so soon, the rate will be slightly higher. But the effect of these rate increases is not all negative.

METRO VANCOUVER

I reported last month, various factors including higher interest rates and stricter mortgage requirements appear to be dampening demand for home sales in Metro Vancouver, and the latest figures show a decline in sales activities is continuing. The upside is that for prospective home buyers, the inventory of available homes at the end of June was at a three-year high. At the end of June, the total number of homes listed for sale in Metro Vancouver was 11,947, of which over 5,000 were listed in June alone. Yet, sales at the end of last month were close to 30 per cent below the ten-year average. So, I am encouraging anyone who is seriously looking for a home to take advantage of the big selection on the market now. With the reduced demand, you are less likely to get into a bidding war for a property you want. In fact, the overall Benchmark price of $1.093,600 for a residential property in Metro Vancouver at the end of June remained unchanged from the previous month. Anyone who has been watching prices escalate for several years will recognize the significance of the current price stability. It is a buyer’s market currently. Below I have selected areas for each of property type which are closest to the Metro benchmark on both the higher and lower sides of this average.

Detached Properties

The benchmark price for a detached home in Metro Vancouver at the end of June was $1,598,200, a decrease of 0.6 per cent from the preceding May. This benchmark average was made of benchmark prices between the extremities of the Sunshine Coast at $628,000 and Vancouver West at $3,392,500. (Note this is not West Vancouver which was at $2,944,900.) I have selected three areas which are closest on both sides for the Metro benchmark. On the higher side of the benchmark were: Richmond at $1,648,600, a decrease of 1.0 per cent from the preceding month; North Vancouver at $1,683,680, a decrease of 1.5 per cent from the preceding month; and Burnaby South at $1,712,400, an increase of 2.5 per cent from the preceding month. Closest to the Metro Benchmark on the lower side of the average were: Port Moody at $1,551,900, an increase of 1.5 per cent from the preceding May; Vancouver East at $1,541,400, a decrease of 0.1 per cent from the preceding May; and Burnaby North at $1,538,900, a decrease of 2.3 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $859,800, which was unchanged from the preceding month. This benchmark average was made of benchmark prices between the extremities of Maple Ridge at $574,300 and West Vancouver at $1,303,600. I have selected three areas which are closest on both sides for the Metro benchmark. (I have excluded from this selection the areas of Squamish and Whistler which are too far out for most of my clients.) On the higher side of the benchmark were: Vancouver East at $923,400, a decrease of 0.3 per cent from the preceding May; North Vancouver at $1,049,900, an increase of 1.4 per cent from the preceding May; and Vancouver West at $1,303,600, a decrease of 0.1 per cent from the preceding May. Closest to the Metro benchmark on the lower side of the average were: Burnaby South at $856,400, an increase of 1.8 per cent from the preceding May; Richmond at $854,800, an increase of 1.0 per cent from the preceding May; and Ladner at $778,000, a decrease of 1.2 per cent from the preceding May.

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of June was $704,200, an increase of 0.4 per cent from the preceding May. This benchmark average was made of benchmark prices between the extremities of Pitt Meadows at $480,300 and West Vancouver at $1,286,500. I have selected three areas which are closest on both sides for the Metro benchmark. On the higher side of the average were: Burnaby South at $737,000 and increase of 1.1 per cent from the preceding May; Vancouver West at $842,600, a decrease of 0.3 per cent from the preceding May; and West Vancouver at $1,286,500, an increase of 0.5 per cent from the preceding May. Closest to the Metro benchmark on the lower side of the average were: Burnaby East at $701,400, a decrease of 2.0 per cent from the preceding May; Port Moody at $699,200, an increase of 0.9 per cent from the preceding May; and Richmond at $683,800, an increase of 2.0 per cent from the preceding May.

FRASER VALLEY

As it the case in Metro Vancouver, the inventory of residential properties in the Fraser Valley continued to increase. The total number of listings across all property types rose to 7,141 at the end of June, an increase of 6 per cent from the preceding May, providing an excellent selection for prospective home buyers this summer. If you haven’t yet found the residence you’ve been looking for in the Valley, then I strongly recommend you look at some newly listed properties this month. There were over 3,100 new listings in June alone. Prices are holding steady at present with a slight decrease in some cases – the average across all property types at the end of June decreased 4.9 per cent from the preceding May — so if you eager to buy this appears to be one a favourable time for buyers. Sales activity is still brisk, however, and properties can sell quite soon after they are listed. Last month the average time for a single family detached home was on the market in the Fraser Valley was 26 days; townhouses sold on average after 19 days, and condominiums after 21 days. As has been the case for some time, townhouses and condominiums make up just over 50 per cent of all sales, but detached properties are still a favourite for many families who want to enjoy Valley life with their children. Below is my selection this month for the three property types with benchmark prices at then end June in areas where I think you will find some excellent value.

Detached Homes

The benchmark price for a detached property in the Fraser Valley at the end June was $1, 018,900, a 0.2 per cent decrease from the preceding May. The extremities of this average were $1,073,700 in Langley and $692,300 in Mission. Here is my selection for the three closest benchmark prices on both the higher and lower sides of this Valley benchmark. On the higher side of the average were: Cloverdale at $1,036,600, a 1.1 per cent decrease from the preceding May; Surrey at $1,53,600, a 0.3 per cent increase from the preceding May; and Langley at $1,73,700, a 0.4 per cent increase from the preceding May. Closest to Fraser Valley benchmark on the lower side of the average were: North Surrey at $998,900, a 0.5 per cent decrease from the preceding May; North Delta at $957,800, a 0.1 per cent decrease from the preceding May; and $840,700, a 0.5 per cent increase from the preceding May.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of June was $558,000, an increase of 0.4 per cent from the preceding May. The extremities of this average were $680,800 in South Surrey/White Rock and $409,400 in Abbotsford. Here is my selection of the three closest benchmark prices on both the higher and lower sides of this Valley benchmark. On the higher side of the average were: North Surrey at $589,400, a decrease of 0.7 per cent from the preceding May; Surrey at $598,000, an increase of 0.9 per cent from the preceding May; and Cloverdale at $618,300, an increase of 0.2 per cent from the preceding May. Closest to the Valley benchmark on the lower side of the average were: Langley at $527,900, a decrease of 0.2 per cent from the preceding May; Mission at $441,800, a decrease of 1.8 per cent from the preceding May; and Abbotsford at $409,400, an increase of 3.5 per cent from the preceding May.

Condominiums

The benchmark price for condominium in the Fraser Valley at the end of June was $453,500, an increase of 0.1 per cent from the preceding May. The extremities of this average were $516,000 in South Surrey/White Rock and $356,800 in Abbotsford. Here is my selection of the three closest benchmark prices on both the higher and lower sides of this Valley benchmark. On the higher side of the average were: Surrey at $464,300, a decrease of 0.5 per cent from the preceding May; Cloverdale at $513,000, an increase of 0.6 per cent from the preceding May; and South Surrey/White Rock at $516,000, a decrease of 1.4 per cent from the preceding May. Closest to the Valley benchmark on the lower side of the average were: Langley at $448,500, a decrease of 1.2 per cent from the preceding May; North Surrey at $443,800, an increase of 1.0 per cent from the preceding May; and North Delta at $433,200, a decrease of 0.1 per cent.

The summer weather is now making it enjoyable to take a drive around the community where you would like to locate your new residence. I encourage you to view some of the open houses that you see and compare their features to what find properties priced close to the benchmark prices I have mentioned above. Remember that a benchmark price is an average based on home with similar characteristics, so be sure to note any features that you really want in your new home. I am always happy to provide you with more information in any property type in whatever area you are interested in, so please feel free to give me a call, whether you are just curious about the market or are at the stage of planning on buying or listing.

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New Veteran’s Village Development in Whalley

An exciting development project in the Whalley area of North Surrey is back on again! A new Legion Veteran’s Village has been struggling to get launched for a few years now, but this time, the $66-million project is expected to break ground this fall at Whalley Legion property. Surrey City Council gave its approval to the $66-million Legion Veterans Village project on Monday, June 25th. The location of the proposed $66-million project is listed officially as: 110630 City Pkwy., 13525 106th Ave. and 10647 135A Street, and the first phase of the project is to be a 20-story mixed-use tower that will house the Whalley Legion on the main floor, along with a medical clinic, coffee shop and cadet training centre. On the higher floors, the tower would also have 148 rental apartments with 48 affordable rental units for veterans and first responders, along with 10 transitional units which for short-term housing for individuals needing short-term housing upon discharge from a hospital. All of this is great news, not only for the needed space for veterans as well as more affordable rental units for others, but for the overall development of the area.

Project to include Centre of Excellence

One of the great things about this for the veterans is that they will have access to the best and long over-due treatment that the country has to offer. The plans for the building are to house Canada’s first “Centre of Excellence” for treatment of Post-Traumatic Stress Disorder and mental health, along with research and rehabilitation for injured vets. A national centre of excellence is major part of any specialized science or research discipline. It would bring together the best of researchers in their field and generate spin-off developments in technologies and industry, so being a driver of other economic development as well. The centre will focus on robotics and devices to help amputees and other modern neuroscience applications for these highly deserving individuals.

Revitalization and beautification for area

This area of Surrey is rapidly shedding its worn-out look and is being revitalized and beautified with modern buildings all around the Gateway Skytrain station. On City Parkway close to the location of the proposed new tower, there is already new food market, bank, and drug store very convenient for the condo towers and townhouses surrounding the area. The new legion tower will be a great enhancement to the Whalley area and a boost to the living standard for everyone in the neighborhood.

There is also a second phase planned for the Veteran’s Village which will include a second tower beside to be built beside the first one. The proposed second tower would be 26 stories with 14 ground-level townhouses and 311 apartments, all to be available as market residential units.

The latest plans

The architecture of the latest design for the buildings will be very modern, but it is planned to keep with theme for the Canadian war veterans by resembling the famous Vimy Ridge war memorial in Europe. The planned design shows the exterior of the building which faces City Parkway with sun shades that run up the tower to look like the twin towers of the Vimy Ridge monument. The exterior of building will be coloured red in the theme of the annual Remembrance Day poppy that Canadians wear in November. On the other sides of the tower there will also be red shares but in simpler fashion along with silver panels and clear glass walls. In short, the planned building will be a lovely, modern addition to the neighborhood, and a major boost in both use and beautification.

The process

The Veteran’s Village project has been on Surrey’s agenda before. The first design plan was unveiled in 2015 and at that time the project was for two towers to be 20 to 28 floors high. Then in 2016 the design concept was changed to a single tower during the first phase of development and the number of floors was still undetermined. The latest design proposed two phases with one of the two towers to be built in each phase. Following the approval by city council last month, let’s hope it proceeds without delay this time. It will be a great improvement to the neighbourhood and would serve to be a value booster. In addition to serving the deserving veterans it will provide some much-needed market rental units as well. If it goes ahead as planned the developers expect they can break ground this fall, the project could then be completed by 2020 if all goes as expected.

Thanks for reading!

Sibo Zhang, REALTOR®

April’s Market Update for Metro Vancouver and the Fraser Valley

OUR CURRENT RESIDENTIAL MARKET

As we move into the second quarter of 2018, I’m sure everyone is looking forward to more sunshine and fewer rainy days. The weather can be a factor in our outlook and affect our decision-making even on major transactions like buying or selling a residential property. That’s a good reason to pay close attention to some key market trends occurring in local prices and inventories. With so much recent news on new government regulations and taxes on property, it’s easy to develop negative views that are not wholly informed by the facts of the marketplace. Another thing that can contribute to unnecessary pessimism is an over-emphasis on longer term historical comparisons. Regular readers of my monthly newsletter get a picture of the marketplace which is as up-to-date as available statistics make possible, allowing them to understand the where and why of prevailing prices in a context that is relevant to current circumstances. I will continue to breakdown the market segments for each property type in the following geographical regions of Metro Vancouver and the Fraser Valley.

METRO VANCOUVER

In the past month of March there were total of 4,450 new listings in Metro Vancouver which was increase of 5.4 per cent over the preceding February. That’s good news for the active home seeker; yet, it’s fewer than the 4,762 listings that occurred in the same month one year ago. The latter statistic might be of interest in broader academic analysis of the Vancouver residential market, but it’s probably not going to affect a decision to buy or sell at the current time because the prevailing market psychology doesn’t believe that prices are going to move backwards in time. 00 For that reason, I am always talking to my clients to understand what they really want to know for the decisions that are important to them. And what I hear is that you wish to know about what is happening now, and in a context of what it points to in the near term. So here are my selected key metrics based on market activity tabulated on the end of last month.

Across all residential property types in Metro Vancouver there were 2,517 sales at the end of March. This was 14 per cent higher than the preceding month of February, so we can see there is still upward pressure on based on demand and the relatively low increase in new listings. At the end of March, the total inventory of listed homes in Metro Vancouver was 8,380. Breaking down the demand in each property type, we see 14.2 per cent for detached homes; 39.9 per cent for townhouses; and 61.6 per cent for condominiums. The composite Benchmark price for all Metro Vancouver residential properties at the end of March was $1,084,000, an increase of 1.1 per cent over one month. Below I will look at each property type in more detail.

Detached Properties

The Benchmark price for a detached residential property in the Greater Vancouver area at the end of March was $1,608,500, more than half a million dollars above the composite benchmark price for the region. This may give you an idea of a general price level. However,it needs to be considered in relationship to the property types factored into the composite benchmark, which we can look at under their individual headings below. For Single Family Detached homes, the Benchmark price is an average between price extremities of $3,449,000 in Vancouver West (noteworthy: higher than West Vancouver at $3,115,400.) and $606,000 on the Sunshine Coast. I have selected three municipalities closest on the upper side of the Benchmark, and three which are closest on the lower side, where you can see the price change in the past month. On the higher side of the Benchmark were South Burnaby at $1,673,700, a decline of 0.5 per cent in one month; Richmond at $1,708,400, an increase of 0.6 per cent in one month; and North Vancouver at $1,723,200, an increase of 2.2 per cent in one month. On the lower side of the Benchmark are North Burnaby at $1,544,100, an increase of 0.7 per cent in one month; Vancouver East at $1,553,100, a decrease of 0.5 per cent in one month; and Port Moody at $1,484,800, an increase of 0.1 per cent in one month.

Townhouses

The Benchmark price for townhouses in the Greater Vancouver area at the end of March was $835,300, an increase of 2.0 per cent over one month. This average had extremities of $1,271,000 in Vancouver West, and increase of 1.7 per cent in one month; and $575,100 in Maple Ridge, an increase of 4.3 per cent in one month. Excluding Squamish and Whistler for their distance from Metro Vancouver, I have selected three municipalities closest on each side of the Benchmark. On the upper side are Vancouver East at $908,200, an increase of 4.5 per cent in one month; North Vancouver at $1,005,400, an increase of 0.7 per cent in one month; and Vancouver West at $1,271,000, an increase of 1.7 per cent in one month.

Condominiums

The Benchmark price for condominiums in the Greater Vancouver areas at the end of March was $693,500, an increase of 1.6 per cent in one month. The extremities for this average were West Vancouver at $1,278,600 and Ladner at $459,300. Again, excluding Squamish and Whistler because of their distance for Metro Vancouver buyers, here are three municipalities with closest prices on the upper and lower side of the Benchmark, along with their month over month price change: South Burnaby at $727,300, an increase of 2.4 per cent in one month; East Burnaby at $727,800, an increase of 3.0 per cent in one month; and Vancouver West at $844,700, an increase of 1.1 per cent in one month. Closest to the Benchmark on the lower side were Port Moody at $675,000, an increase of 1.0 per cent in month; Richmond at $659,700, an increase of 0.3 per cent in one month; and North Burnaby at $641,600, a decrease of 0.1 per cent in one month.

FRASER VALLEY

The Valley continues to be a very active market which shows no sign of slowing. With Spring around the corner, I urge anyone who is seriously contemplating a purchasing a Valley residence of any type to take advantage of open houses in their desired category. There were 2,865 new listings in March which was a close to a 25 per cent increase from February’s new listings. Keep in mind that new property listings in an active market can attract more prospective buyers, especially as the weather invites more viewers. Even with an increased inventory, demand is still very strong putting upward pressure on prices. At the end of last month there was a total inventory almost 5,000 properties overall. Townhouses and condominiums made up just over 50 per cent of all Valley sales and were the fastest to sell after their listing, on average 16 days for a townhouse and 13 days for a condominium. Single detached homes sold on average in 30 days after listing. Below I examine at each property type by their current Benchmark prices and make some recommendations on which municipalities you might wish to look.

Single Family Detached

A major milestone has been reached in the Fraser Valley. The million-dollar mark for a single detached residence was reached for the first time at the end of March with a Benchmark price $1,001,400, an increase of 0.9 per cent in one month. We have been waiting for several months to see this threshold reached. It now remains to be seen if this will be a psychological threshold as well, both for buyers and sellers. For the former, some prospective buyers may decide they are now priced out of a single detached home and begin to look for a home of another property type. For sellers, we will have to see if the new price level encourages more listings. Focusing on prices closest to this Benchmark average, along with their month-over-month price change, here is my standard selection of three areas above and below the Benchmark. On the upper side of the Benchmark were: Langley at $1.026,600, a decrease of 0.2 per cent in one month; Surrey at $1,031,500, an increase of 1.2 per cent in one month; and Cloverdale at $1,045,400, an increase of 0.8 per cent in one month. Closest on the lower side of the Benchmark price were: North Surrey at $980,100, an increase of 0.8 per cent in one month; North Delta at $950,200, an increase of 0.6 per cent in one month; and Abbotsford at $814,000, an increase of 1.3 per cent in one month.

Townhouses

The Benchmark price for a Fraser Valley townhouse at the end of March was $541,800, an increase of 2.0 per cent in one month. The extremities of this average were South Surrey/White Rock at $678,000 and Abbotsford at $383,000. Municipalities with prices closest to the Benchmark were: On the upper side, North Surrey at $573,800, an increase of 2.4 per cent in one month; Surrey at $577,800, an increase of 1.6 per cent in one month; and North Delta at $591,300, an increase of 1.8 per cent in one month; closest on the lower side of the Benchmark were: Langley at $514,900, an increase of 1.3 per cent in one month; Mission at $446,500, an increase of 3.0 per cent in one month; and Abbotsford at $383,000, an increase of 3.1 per cent in one month.

Condominiums

The Valley Benchmark at the end of March for condominiums was $440,400, an increase of or 4.3 per cent in one month. The extremities for this average were South Surrey/White Rock at $524,100 and Mission at $329,500. Municipalities with prices closest on the upper side of this Benchmark were: Langley at $444,500, an increase of 4.8 per cent in one month; Surrey at $452,300, an increase of 5.8 per cent in one month; and Cloverdale at $507,100, an increase of 3.9 per cent in one month. On the lower side of the Benchmark, the closest prices were in North Delta at $425,900, an increase of 8.1 per cent in one month; North Surrey, at $424,900, an increase of 3.5 per cent in one month; and Abbotsford at $336,600, an increase of 6.6 per cent in one month.

AFTERWORD

In closing, I suggest you pay close attention to any trends you may spot in the month-over-month increases in Benchmark prices that I mention in each newsletter. This may help you see where prices are driven by demand and as you become familiar with increases – or decreases – in the short term, this may assist your decision making. However, keep in mind that there may be other factors that cause price changes which is out of the usual range. If you have any questions and need specific information on any housing type in any of the areas in the lower mainland, please don’t hesitate to call me. I keep an close eye on the residential market, and I want to help my clients find what they are looking for, or to make a listing decision when the time is right.

Thanks for reading!

Sibo Zhang, REALTOR®