sibo zhang

Covid-19 conditions still dampen activity, prices stable; condos show price reductions

As to be expected, home sales across Metro Vancouver showed a steep decline in April due to Covid-19. However, that is not to say that the market is dormant. In fact, considering the impact on normal home shopping activity at this time of year, prices across all property types show a remarkable robustness. The one-month overall decline of 56 per cent in residential ales since March still correlated with a 0.2 per cent increase in the composite benchmark price for the same period. At the end of April the benchmark price rose to $1,035,000. On a one-year comparison, this is 2.5 per cent higher than April 2019 and is line with the steadily increasing prices in an otherwise stable market since October 2019. One persistent decrease, however, is the number of new listings in Metro Vancouver. As reported in this newsletter at the end of last year, there has been a steady decline in the rate of new listings for several years. It is difficult to analyse the factors for the decline in new listings in the current conditions. The basic reason may well be that sellers expect prices to rise significantly from their current level in the foreseeable future. There is still an ample supply to provide a good choice with over 9,300 homes currently listed. But it’s worth watching the supply side. With nearly a 60 per cent decrease in new listings compared with one year ago, and a 50 per cent decrease month-over-month decrease in April 2020, a diminishing supply could be a factor if prices begin to rise more rapidly. However, I would remind anyone who is thinking about selling now that prices have been relatively stable for many months, so by listing now you can get readily noticed. I can advise you from direct market experience how to set an optimal for you home. Please give me call if you want chat.


I am also encouraging anyone who is home shopping to take advantage of the many new online tools to facilitate your search, your financing, and even the purchase process. Online innovations can assist you greatly. Please take a look at the resources included for you on my website at: www.liveincentralcity.ca


If you would like to remain active in your home searching while remaining at home, this one-stop-shop has everything you will need. Here you can easily conduct a search for any property type across Metro Vancouver, with updates loaded every 15 minutes. You will be able to locate the available listed property, its listed price. its street address, and find its location quickly on the interactive map along with a clear picture of the property. You can also create your own custom market comparison and quickly see what sales activity has recently occurred in the neighborhood with data on price changes and comparable properties recently sold. Below I have listed my monthly comparison of benchmark prices for each property type in selected areas of the greater Vancouver region. By comparing benchmark prices provided by the Greater Vancouver Real Estate Board, you can get a good idea of what comparable homes cost in different areas. The selection I have made for you is based on geographical areas immediately above and below the benchmark price to give you a good idea of where prices may most closely match your budget. You will also be able see the most up to date change in prices, whether an increase or decrease since last month’s newsletter. This month I draw your attention to condominium prices, which have decreased in every example.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of May was $1,462,100, an increase of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,975,400 and Maple Ridge at $844,500. The three municipalities closest to the benchmark on the higher side of the average were: at $1,453,100 an increase of 1.2 per cent from the preceding month; Burnaby South at $1,502,400, an increase of 0.6 per cent from the preceding month; and Richmond at $1,530,500, 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: Port Moody at $1,443,600 an increase of 1.8 per cent from the preceding month; Vancouver East at $1,430,100, an increase of 0.3 per cent from the preceding month; and Burnaby East at $1,220,400, a decrease of 0.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of April was $796,800, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,131,800 and Maple Ridge at $544,800. The three municipalities (excluding Whistler which is too far out more most of my clients) closest to the benchmark on the higher side of the average were: Richmond at $802,300 an increase of 0.9 per cent from the preceding month; Vancouver East at $909,300, a increase of 1.8 per cent from the preceding month; and North Vancouver at $986,100 an increase of 2.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $780,000, an increase of 1.5 per cent from the preceding month; New Westminster at $759,700, an increase of 1.4 per cent from the preceding month; and Burnaby North at $727,100, a decrease of 0.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $685,500, a decrease of 0.2 per cent from the preceding month. The extremities of this average were West Vancouver at $995,200 and Maple Ridge at $360,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $750,400, a decrease of 2.4 per cent from the preceding month; Vancouver West (not West Vancouver) at $805,900 a decrease of 0.6 per cent from the preceding month; and West Vancouver at $995,200, an decrease of 3.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $673,700, a decrease of 0.2 per cent from the preceding month; Port Moody at $670,900, a decrease of 0.1 per cent from the preceding month; and Richmond at $652,600, a decrease of 0.4 per cent from the preceding month.

Let me help
By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call: 1 (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®

Despite Covid-19, housing prices and new listings move upwards

What a difference a month can make! As every sector of our economy is trying to cope with COVID-19 disruptions, there are many sources of pressure on the housing market. At the beginning of March, we were beginning to see a resurgence in demand for residential properties in Greater Vancouver. A stifled market after a lengthy period of onerous mortgage rules that had reduced demand had come to end. Buyers who had been waiting to see how low prices would go were now rapidly making offers in an optimal period of low interest and eased mortgage lending requirements. In the first two weeks of March, before the full COVID-19 effect was felt, residential sales across Metro Vancouver jumped over 17 per cent from the preceding month, reaching over 46 per cent higher than one year earlier. Then, just as quickly, a decline set in for the last half of the month – undoubtedly attributable to the precautions necessitated by the epidemic. At present, this unprecedented situation can only be monitored for its impact on the real estate market in the short term. While sophisticated statistical models can provide us with best- and worst-case scenarios, the spread of the virus is ultimately dependent on the behavior of people. However, there is optimism across our region that we are making progress in slowing the rate of infections through social distancing and other safety measures. Of course, this has impacted the ability of home seekers to attend open houses but there is still much you can do online and by phone. For this reason, I want to provide you with information that is useful during this challenging time.

If we are to consider the effect of the coronavirus on our housing market, we must focus on the timing of events. With the surge in demand in early March, we can see some larger than usual price increases beginning to take place. There was also a close to an 11 per cent increase in new listings in Metro Vancouver in March compared with February. This may be interpreted as a shift from a lengthy period of being a “buyers’ market” now transitioning to a “sellers’ market.” What this means is that the underlying demand of housing is pushing upwards and encouraging more people to put their property up for sale as prices rise. I have been advising home buyers to move quickly for the past couple of months, and I still encourage you to keep this market shift in mind. While Covid-19 may slow a rapid increasedue to the practical problems of visiting properties, it will not eliminate the underlying demand which has been pent up for a couple of years. Even with the slowing effect in the last half of March, the composite benchmark price for all residential properties in Metro Vancouver at the beginning of March was $1,033,700, a 1.3 per cent increase from February.  Broken down to each property type, there month-over-month increase across the board: 1.2 per cent increase for detached homes; 0.9 per cent increase for townhouses; and 1.4 per cent increase for condominiums. In the comparative benchmarks below, you can see that prices in the past month far exceed the number of decreases.  

 Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of March was $1,450,700, an increase of 1.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,942,200 and Maple Ridge at $835,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,453,100 an increase of 2.4 per cent from the preceding month; Burnaby South at $1,493,500, an increase of 1.1 per cent from the preceding month; and Richmond at $1,522,800, an increase of 0.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,426,500, an increase of 1.3 per cent from the preceding month; Port Moody at $1,420,300, an increase of 0.6 per cent from the preceding month; and Vancouver East at $1,225,300, an increase of 2.5 per cent from the preceding month.  

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of March was $791,800 an increase of 0.9 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,133,500 and Maple Ridge at $535,100.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $795,000 an increase of 1.4 per cent from the preceding month; Vancouver East at $893,300, a decrease of 1.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,133,500, an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $768,400, a decrease of 0.6 per cent from the preceding month; New Westminster at $749,000, an increase of 0.7 per cent from the preceding month; and Burnaby North at $727,700, no change from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $687,000, an increase of 1.4 per cent from the preceding month.  The extremities of this average were West Vancouver at $1,027,600 and Maple Ridge at $359,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $678,900, an increase of 4.8 per cent from the preceding month; Vancouver West (not West Vancouver) at $810,800, an increase of 1.9 per cent from the preceding month; and West Vancouver at $1,027,600, an increase 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 $674,900, a decrease of 0.5 per cent from the preceding month; Port Moody at $671,900, an increase of 3.8 per cent from the preceding month; and Richmond at $655,200, an increase of 2.3 per cent from the preceding month.   

Let me help

I am working hard to help my clients during this challenging time. I know many of you want to find a home while prices are still within your budget; if you need help navigating the new rules for eased mortgage stress testing; or if you are looking for the best mortgage for your financial capacity, please give me call. There is a lot we can do online and by telephone. I encourage you to visit my website for an extensive list of properties, prices, and areas. Together we can meet the challenges we are facing with COVID-19 and still manage your housing needs.   

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®


Sales increase while prices still below one year ago; signs of prices now inching upward monthly.

November ushered in lots of sunshine for Vancouverites. And that wasn’t the only bright spot. For home hunters the more than 4,000 new listings in October makes for a great selection across all detached homes, townhouses and condominiums. Added to the existing supply, the total inventory of available properties rose to well over 12,000 in Metro Vancouver. October also saw a significant increase in home sales: over 22 per cent higher than September. This current upward movement in sales activity is a very positive indicator of buyer confidence in the Greater Vancouver market. Compared to sales one year ago, the volume is more than a 45 per cent increase. Prices overall can be described as stable, allowing sales transactions to take place without undue stress for both seller and buyer. Over the past six months, prices have decreased 1.7 per cent on average. But there are signs that prices may have begun inching upwards. For anyone wanting the current monthly comparison, take a look at the detailed comparisons I make for each of the property type below.


The composite benchmark price for all residential properties in Metro Vancouver at the end of October was $992,900, up slightly by 0.2 per cent above September. It is still 6.4 per cent below the benchmark price at this time one year ago so I still strongly recommend making an offer on a home now , especially if you have been waiting for an opportune time. With the recent increase in sales volume, we may begin to see prices edge upwards in the coming months, even though they have dropped below price levels one year ago. Take a look at the comparisons across the property types below and you will notice that there are more increases than decreases in the last one-month comparison. This cannot be construed as a trend yet, but I suggest market watchers take notice of the short-term variations each month. For example, each of the benchmark prices for detached homes, townhouses, and condominiums in Metro Vancouver this month has increased slightly over the preceding month. If you want a deeper dive into these benchmarks for prices in different municipalities, I have selected six areas for each property type. This allows you to watch the monthly change for any area, and you can stay abreast of the monthly changes in this newsletter.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of October was $1,410,500, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,912,000 and Sunshine Coast at $598,300. (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: North Vancouver at $1,465,700, an increase of 0.2 per cent from the preceding month; Burnaby South at $1,473,100, an increase of 1.0 per cent from the preceding month; and Richmond at $1,501,600, an increase of 1.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,394,300, a decrease of 1.0 per cent from the preceding month; Burnaby North at $1,366,200, an increase of 1.6 per cent from the preceding month; and Vancouver East at $1,360,500, an increase of 0.1 per cent from the preceding month.

Townhouses
The benchmark price for a townhouse in Greater Vancouver at the end of October was $$771,600, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,113,400 and Maple Ridge at $528,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $773,400, an increase of 0.8 per cent from the preceding month; Burnaby South at $776,600, an increase of 2.6 per cent from the preceding month; and Vancouver East at $852,800, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: New Westminster at $724,800, and increase of 2.6 per cent from the preceding month; Burnaby North at $723,900, a decrease of 0.8 per cent from the preceding month; and Burnaby East at $653,000, an increase of 1.1 per cent from the preceding month.


Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of October was $652,500, an increase of 0.2 per cent from the preceding month. The extremities of the average were West Vancouver at $1,048,800 and Maple Ridge at $350,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $711,300, a decrease of 0.4 per cent from the preceding month; Vancouver West at $754,100, a decrease of 0.1 per cent from the preceding month; and West Vancouver at $1,048,800, an increase of 2.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $645,300, a decrease of 1.4 per cent from the preceding month; Port Moody at $630,600, an increase of 0.6 per cent from the preceding month; and Richmond at $625,500, a decrease of 0.3 per cent from the preceding month.


I can help in many ways
I bring extensive experience in banking and finance so let me know how I can help. I am happy to share my expertise with you for mortgage planning or determining the optimal listing pricing for your property. If you are thinking of adding value to their home with renovations, I can also recommend reliable tradespeople who provide quality work at reasonable rates. Please don’t hesitate to ask. It gives me great pleasure to help my clients.

Thanks for reading!

Sibo Zhang, REALTOR®

Sales move up while new listings drop; composite residential benchmark still below $1-million

There are several market dynamics occurring at this time which reinforce what I have been saying for the last couple of months. If you are watching the housing market with the intention of buying, then I highly recommend you make that decision now. July sales in the Greater Vancouver region showed a sharp rise over June, an increase of more than 23 per cent in one month. I would normally not pay the as much attention to one month’s activity except that July is typically a slower month for real estate sales. Add to this current activity two other metrics to see what’s emerging. First, the number of new listings in July went down almost 5.0 per cent compared with June; and second, the composite benchmark price is just under the psychological threshold of $1-million. Together, these three figures suggest that buyers are realizing prices could begin rising against a declining inventory, and that once the $1-million mark is surpassed again, pent up demand can keep it going upwards. This can also cause potential sellers to delay their listing while hoping to get a higher price, which further move prices up on supply -demand basis.

In actual numbers, there is still a sizable inventory across all housing types so the selection remains very good with a total 14,240 homes available at the end of July. You can find a sample of benchmarks for each property type below with my latest comparisons of month-over-month prices. The composite benchmark price for Metro Vancouver at the end of July was $995,200, a slight decrease of 0.2 per cent from June. As I mentioned last month, this benchmark dropped below $1-million for the first time since 2017, brought down by market cooling measures taken by two levels of government. During this time, a lot of potential buyers have been waiting on the sidelines to make a purchase. As it did in 2017, this benchmark price jumped over $1-million quickly. I will be watching it for you in this newsletter next month. In the meantime, I encourage you to take advantage of the lovely summer weather and check out some of the great listings available to you now.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of July was $1,417,000, a decrease of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,885,400 and Sunshine Coast at $596,300. (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: Port Moody at $1,442,000, an increase of 1.0 per cent from the preceding month; Richmond at $1,474,800, a decrease of 0.7 per cent from the preceding month; and Burnaby South at $1,477,300, a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,373,400, a decrease of 1.9 per cent from the preceding month; Vancouver East at $1,352,800, an increase of 0.2 per cent from the preceding month; and Burnaby East at $1,181,900, and increase of 0.1 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of July was $770,000, a decrease of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,114,700 and Maple Ridge at $524,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $770,900, a decrease of 1.1 per cent from the preceding month; Vancouver East at $847,400, a decrease of 1.6 per cent from the preceding month; and West Vancouver at $1,114,700, a decrease of 1.0 per cent from the preceding month. (Note I have excluded Whistler in third place here because it is too far away for my clients.) The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $760,600, a decrease of 0.3 per cent from the preceding month; New Westminster at $713,900, a decrease of 1.1 per cent from the preceding month; and Port Moody at $656,900, an increase of 0.4 per cent from the preceding month. (Note I have excluded Squamish in third place here because it is too far away for my clients.)

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of July was $653,200, a decrease of 0.2 per cent from the preceding month. The extremities of the average were West Vancouver at $1,085,700 and Maple Ridge at $347,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $653,500, a decrease of 1.9 per cent from the preceding month; Burnaby East at $721,200, a decrease of 2.0 per cent from the preceding month; and Vancouver West (not West Vancouver) at $752,300, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at 628,700, an increase of 1.4 per cent from the preceding month; Richmond at $652,500, a decrease of 1.0 per cent from the preceding month; and Burnaby North at $609,500, an increase of 0.3 per cent from the preceding month.

How can I help?

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable and reasonable in their rates. It gives me pleasure to help my clients. Please don’t hesitate to call me for any real estate advice you may need.

Thanks for reading!

Sibo Zhang, REALTOR®

July Market Update for Metro Vancouver

Composite residential benchmark price drops below $1-million – back to 2017 mark.
Readers may recall a contest in my newsletter in July 2017. The composite benchmark price for residential properties in Greater Vancouver had been moving upwards – getting close to the $1-million mark for a couple months. I offered a prize to anyone who could guess which month it would surpass $1-million. That happened by the end of that July when it reached $1,019,400. It had hit $998,700 in the preceding June, a jump of $92,000 over $906,700 at the beginning of May 2017. I referred then to the $1-million price as an important psychological threshold. I noticed a shift after that with clients choosing townhouses or condominiums instead of detached homes, which were becoming increasingly beyond the budgets of many customers. So, just two years later, the composite benchmark price at the end of June 2019 is again below $1-million – and of particular note – at $998,700 it is exactly where it was two years ago!

I wouldn’t put too much stock in the adage that what goes up, must come down. While the current decline in prices might seem to confirm this saying, when it comes to real estate it’s better to understand the forces behind the price movement. For this I return again to the market cooling measures adopted by the federal and provincial governments – stiffer mortgage qualification and additional taxes have been effective in bring down prices overall. The steady price decline for over a year has prompted many homeowners to list their property for sale in the hope of getting the best price before a further decline. This has resulted in a great selection of homes to choose from (14,968 total inventory at the end of June), but a lot of prospective buyers are still waiting to see if prices go lower. I understand this decision predicament. However, I urge buyer clients to weigh their priorities carefully. If you are eager to get into a home, don’t gamble unnecessarily by trying to beat the market. With the psychological threshold price now below $1-million again, demand can increase rapidly just as it did in 2017. This is an excellent time to find a great home for a price that is again in an affordable range. Take at look at the comparative benchmark prices I have selected for you across each of property types below.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of June was $1,423,500, an increase of 0.1 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,912,000 and Sunshine Coast at $599,100. (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: Port Moody at $1,427,400, an increase of 1.5 per cent from the preceding month; Richmond at $1,484,600, a decrease of 1.3 per cent from the preceding month; Burnaby South at $1,496,100, a decrease of 0.8 per cent from the preceding month. The three municipalities closest to benchmark on the lower side of the average were: Burnaby North at $$1,399,800, a decrease of 0.6 per cent from the preceding month; Vancouver East at $1,350,100, an increase of 0.2 per cent from the preceding month.

Townhouses
The benchmark price for townhouse in Greater Vancouver at the end of June was $774,700, a decrease of 1.4 per cent from the preceding month. The extremities of this average were Vancouver West at $1,125,800 and Maple Ridge at $529,900. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $779,200, an increase of 0.3 per cent from the preceding month; Vancouver East at $861,500, a decrease of 1.4 per cent from the preceding month, Note: I excluded Whistler here at $881,000, because it is to far way for my clients); and North Vancouver at $946,600, a decrease of 0.7 per cent from the preceding month. The three municipalities closest to benchmark on the lower side of the average were: Burnaby South at $762,600, a decrease of 2,4 per cent from the preceding month; Burnaby North at $725,500, a decrease of 0.7 per cent from the preceding month; and New Westminster at $721,500, an increase of 0.9 per cent from the preceding month.

Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of June was $654,700, a decrease of 1.4 per cent from the preceding month. The extremities of this average were West Vancouver at $1.034, 500 and Maple Ridge at $355,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $666,200, a decrease of 1.5 per cent from the preceding month; Burnaby East at $736,100, a decrease of 1.6 per cent from the preceding month; and Vancouver West (not West Vancouver) at $744,300, a decrease of 1.9 per cent form the preceding month. The three municipalities closest to benchmark on the lower side of the average were: Richmond at $628,500, a decrease of 1.5 per cent from the preceding month; Port Moody at $619,800, a decrease of 1.7 per cent from the preceding month; and Burnaby North at $607,800, a decrease of 1.2 per cent from the preceding month.

I can help in other ways
I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you. My experience in banking and finance will assist you in your mortgage planning. Or you if are already settled in your home and are thinking of renovations, I can recommend reputable tradespeople who provide quality work at a reasonable rates. It gives me great pleasure to help my clients in any way I can.

Please contact me with any questions you may have.

Thanks for reading!

Sibo Zhang 

Buyers’ Market Continues: Total Inventory Rises

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®

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.

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®

How Homeowners Can Keep (and Properly Care for) Tropical Fish

A lot of people enjoy fishing for relaxation. I’ve never been one of them, that is someone who stands with hip waders in a river casting a line with hook for hours, or even sitting patiently in a boat drifting for an afternoon waiting for a bite. However, I have discovered a way of enjoying fish. I must admit that watching the tropical fish in my son’s fish tank can be very calming. Warren took up this hobby last year and it came with a lot of responsibility for him. I’m proud of his conscientious care for his fish, and I get to enjoy them while he does everything required to give them the proper care.

Warren did a lot a research before he started his hobby. What kind of fish did he want to care for? What size of tank did he need? What temperature did the water need to be? How would he keep it clean? What did the fish need to eat? What kind of environment did he need create for them inside the tank? These are just some of the questions for which he had to know the correct answers, and he took on the task very seriously.

Like anything that involves looking after some living thing, there are important issues to take into consideration. I recently came across a 2017 article called “The Ethical Issues of Keeping Tropical Fish.” One of the first things the article said was that goldfish were first made pets in China as long ago as 800AD. Of course, being from China, I knew goldfish had been kept in domestic ponds for a long time, but I didn’t realize exactly how ancient this hobby was. The article went on to say that some goldfish have been know to live longer than 40 years. I found that amazing! And in one recorded case, a goldfish grew to be over one and half feet long. Now that opens up the discussion about how big a tank should be. A very large tank, or perhaps an even larger pond, would be needed to grow a goldfish to that size. Of course, there are many different kinds of tropical fish besides goldfish – I will have to ask my son as this is something he knows more about now than me – but he knows exactly how much water they need to have a healthy environment.

His tank is small, and perhaps some day, if he keeps enjoying his hobby as he grows older, he will get a larger one and keep larger fish. But for now, he’s got a number of chores to keep his little fish happy in his bedroom tank. It’s really creates a nice ambience in his room, peaceful and calming. The lighting of the tank can also make a big difference so if you are planning to put a fish tank into a room in your home, keep in mind what kind of lighting will enhance the colour of your room and create the mood you like. Something read in another article on energy consumption was that some fish tank lights can consume a lot of energy and therefore be somewhat expensive to maintain. Of course it depends on the size of the tank. The article said a large tank with live coral and several species of fish could consume several thousand KWh a year, so if you are a major hobbiest this could get expensive since electricity rates are steadily going up. But the editor also said that a small fish tank could consume a little as 150kWh per year.

However, some solutions to this issue have been offered by Matt Clarke, editor of Practical Fishkeeping magazine, who suggested that modern LED lights can help fishkeepers by reducing energy costs. The LED bulbs allow you to replace fluorescent and metal halide lamps which are high wattage and save substantially on your energy bill. All that is good for energy savings, but remember it’s still important to keep in mind what is best for the species of fish you are keeping. Some tropical fish species will require that you create an environment that closely resembles their natural habitat, so it’s something that you need to research before picking up whatever is on your pet store shelf.

Well, as I said at the beginning of the Blog, I get to enjoy the fish and my son gets to do all the research and work necessary to care properly for the fish. He is great with his responsibilities and enjoys the lessons that his tropical fish hobby teaches. And this includes those important moments when he can just gaze into his fish tank and let his mind relax and enjoy the beauty he has nurtured. This is a great arrangement.

If you want to start a tropical fish tank, I highly recommend you encourage your children to enjoy the hobby with you.