surrey bc real estate

One particular constant in Metro Vancouver’s residential market

There’s a single constant in the Greater Vancouver housing market that everyone should keep in mind. It can be expressed as simply as this: people want to live here. This includes families, singles, young people starting out in life, mid-career people with children, and retired seniors. Our region continues to grow in population size; not, however, in geographical size. It is to be expected, therefore, that residential housing will continue to rise in price over the long term. I think most people understand this, and those who see their lives as average and middle class are happy with a regulatory system that keeps prices to a moderate and somewhat predictable rate of increase. That is what we have been experiencing for several months now. What is a bit worrisome is that the supply side is not keeping pace, and if it continues to slow, as I have reporting here for the past few months, there is the looming fear that prices could we suddenly rise more rapidly than they are at present. The supply of housing can only increase with more listings from current owners, or from more residential building, which by necessity must be either with densification or with more towers. Let’s look at what the market statistics tell us now.

The composite benchmark price for all residential properties in Metro Vancouver at the end of January 2020 was $1,008,700. This was 0.8 per cent higher than the preceding month, and 1.4 per cent higher that six months ago. The average monthly increase has been relatively small but steady. It is possible that some homeowners may be using this rate to gauge when they will list their home for sale. And of course, if there is surge in prices, this may also trigger more listings, but the actual psychology of homeowners cannot be determined by this alone. It would be reasonable to guess that new listings may come from a market segment where age is an important determinant of selling one’s home. In the meantime, we must contend with currently low new listings, Last month’s new listings were over 17 per cent below the 10-year average. The total number of homes listed for sale in Metro Vancouver at the end of January was 8,617. This was a 20.3 per cent decrease compared with the same month one year ago. From these figures you can see that decreasing supply is occurring in the Metro Vancouver market place. In actual numbers, however, there is still an ample supply and at very good prices at present. Sales of detached homes and townhouses both increased by 0.5 per cent in the past month; and condominium sales increased 1.0 per cent in the same period. It’s an excellent time to make an offer on home. Check out the property types and areas below for comparative benchmark changes in the past month.

Detached Homes The benchmark price for a single-family detached home in Greater Vancouver at the end of January 2020 was $1,431,200, an increase of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,929,600 and Sunshine Coast at $564,900. (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 too far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,493,500, an decrease of 0.1 per cent from the preceding month; Richmond at $1,503,100, a decrease of 0.5 per cent from the preceding month; and North Vancouver at $1,536,800, 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: Burnaby North at $1,407,700, an increase of 1.3 per cent from the preceding month; and Port Moody at $1,399,800, no change from the preceding month.

Townhouses The benchmark price for a townhouse in Greater Vancouver at the end of January 2020 was $782,500, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,147,200 and Maple Ridge at $522,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $903,600, an increase of 2.6 per cent from the preceding month; North Vancouver at $478,400, an increase of 0.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,147,200, an increase of 1.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond, at $775,500, an increase of 0.7 per cent from the preceding month; Burnaby South at $768,100, an increase of 0.7 per cent from the preceding month; and New Westminster at $732,900, an increase of 1.2 per cent from the preceding month.

Condominiums The benchmark price for a condominium in Greater Vancouver at the end of January 2020 was $663,200, an increase of 1.0 per cent from the preceding month. The extremities of this average were West Vancouver at $996,600 and Maple Ridge at $342,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $714,500, a decrease of 0.1 per cent from the preceding month; Vancouver West at $775,700, an increase of 2.0 per cent from the preceding month; and West Vancouver at $996,600 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 South at $661,700, an increase of 1.5 per cent from the preceding month; Port Moody at $640,700, a decrease of 2.2 per cent from the preceding month; and Richmond at $634,100, an increase of 0.6 per cent from the preceding month.

How can I help? I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning. And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me to help you.

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

Thanks for reading!

Sibo Zhang, REALTOR®

Market conditions bode well for home buyers in the New Year

As we approach the end of 2019, it’s a natural time to wonder what the New Year will bring. Let’s look first at what the past year tells us. Over the past 12 months we’ve had a 4.0 per cent decline in the composite benchmark price for residential properties in Greater Vancouver, and an increase in sales. Total residential sales at the end of November were over 55 per cent higher than one year ago. At the same time, the number of listed homes at the end of November was 10,770, a drop of nearly 13 per cent from November 2018. With lower inventory but increased demand, one would think that prices would have moved up, not down. So how do we account for this peculiar phenomenon? I suggest the primary reason is the ongoing trend in declining prices has been mainly a function of the market correction since government measures were put in place in 2018. So, the question on everyone’s mind is when will prices begin moving upwards again? The answer is, they already have, in some areas. The composite benchmark in Burnaby East, for example, has seen an increase of 1.5 per cent in the past three months; in the same period, Port Coquitlam has increased 1.4 per cent and Vancouver East has increased 1.0 per cent.


Overall, market watchers generally agree that home prices in Greater Vancouver have returned to a level in line with typical prices for the region. Because composite benchmarks are comparative averages, it’s important to look at specific areas to track the monthly price fluctuations. And even here you will find some minor increases and decreases which can be due to the current demand in a particular area. One metric you may also want to keep your eye on at this time is the composite benchmark price for residential properties across all of Metro Vancouver. It is currently $993,700, still below the $1-million mark, which I have often pointed out is an important psychological threshold for both buyers and potential sellers. Over the past six months, this benchmark has declined 1.3 per cent, which may be a reason why new listings have also declined. Since the composite benchmark is made up of individual benchmarks in the region, it can begin moving upwards with slight changes in areas that have shown modest declines. If you are thinking about buying, it’s probably best to make an offer before this happens. The New Year appears to be ready to start with stable market prices, but there is always growing demand for homes we may see a broader range of price increases. If you are thinking of buying, it’s a good time. My selected benchmarks below can help you with the current prices in each property type.


Detached Homes


The benchmark price for a single-family detached home in Greater Vancouver at the end of November was $1,415,400, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,904,200 and Sunshine Coast at $588,000. (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: Burnaby South at $1,486,200, an increase of 0.3 per cent from the preceding month; Richmond at $1,490,800, a decrease of 0.7 per cent from the preceding month; and North Vancouver at $1,497,500, an increase of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,395,400, an in crease of 0.1 per cent from the preceding month; Burnaby North at $1,380,700, an increase of 1.1 per cent from the preceding month; and Vancouver East at $1,377,100, an increase of 1.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of November was $772,800, an increase of 0.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,133,900 and Maple Ridge at $529,200. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $861,200, an increase of 1.0 per cent from the preceding month; North Vancouver at $937,100, an in crease of 0.1 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,133,900, an increase of 1.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $789,600, a decrease of 0.6 per cent from the preceding month; Richmond, at $766,400, a decrease of 0.9 per cent from the preceding month; and New Westminster at $735,400, an increase of 1.5 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of November was $651,500, a decrease of 0.2 per cent from the preceding month. The extremities of this average were West Vancouver at $1,022,700 and Maple Ridge at $347,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $718,100, an increase of 1.8 per cent from the preceding month; Vancouver West at $750,400, a decrease of 0.5 per cent from the preceding month; and West Vancouver at $1.022.700, a decrease of 2.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $647,300, an increase of 0.3 per cent from the preceding month; Port Moody at $629,700, a decrease of 0.2 per cent from the preceding month; Richmond at $627,100, an increase of 0.3 per cent from the preceding month.

Merry Christmas and Happy New Year
Your home is a special place and even more appreciated when it can be enjoyed with friends and neighbors this festive season. My family and I wish you a safe and merry holiday season, and best wishes for the New Year.

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®

Overall Prices Remain Stable – Supply Has Increased, Big Sales Jump in May

The first thing I want to point out this month is that there was very little change in the overall residential market price average in Metro Vancouver. At the end of May, the composite benchmark price for all residential homes in Metro Vancouver was $1,006,400, a slight increase of 0.4 per cent from April. In the same period, the total inventory of listed homes rose to 14,685, an increase of 2.3 per cent from one month earlier. In fact, the increase in the number of listings in the past month was 2.1 per cent higher than in the previous month. For prospective home buyers this signals an excellent time to make an offer on the home you have been waiting for. You have a big choice of properties, and the statistics tell us that prices overall are still reasonably stable. It also appears like others are beginning to recognize this is a good time to buy. The number of actual sales in Metro Vancouver in May was a 44.2 per cent increase of homes sold in April. So, I would encourage you to make a purchasing decision now if you have been sitting on the fence, or seriously start looking if you haven’t taken advantage of the summer-like weather upon us now.

The Greater Vancouver region has some very nice properties listed now, and at much more attractive prices than you would have seen a year ago. All this of course is due to the price declines following the multiple taxes and mortgage constraints launched in 2018. The desired effect to cool a hot market and dampen rapidly escalating prices has been achieved. With the general benchmark price hovering around $1,000,000 – a psychological price threshold I have always watched closely – it may be prudent to ask if a price bottom has been reached. Think about this when you take a look at a property you are interested in. You can use the $1-million benchmark to compare what you think of a particular property listed in any specific area of the city. Below you have the benchmark comparisons in my monthly selections for you.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of May was $1,006,400, a decrease of 0.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,927,600 and Sunshine Coast at $600,300. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,503,700 a decrease of 1.8 per cent from the preceding month; Burnaby South at $1,508,100, a decrease of 1.5 per cent from the preceding month; and North Vancouver at $1,508,300, a decrease of 0.2 per cent from the preceding month. The three municipalities closest to benchmark on the lower side of the average were: Burnaby North at $1,407,600, an increase of 1.1 per cent from the preceding month; Port Moody at $1,405,700, an increase of 2.9 per cent from the preceding month; and Vancouver East at $1,347,000, a decrease of 0.7 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of May was $779,400, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,022,700 and Maple Ridge at $545,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $781,500, an increase of 1.7 per cent from the preceding month; Vancouver East at $873,700, an increase of 0.6 per cent from the preceding month; and North Vancouver at $953,200, an increase of 0.7 per cent from the preceding month;. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $776,700, an increase of 0.2 per cent from the preceding month; Burnaby North at $730,300, an increase of 3.0 per cent from the preceding month; and New Westminster at $715, a decrease of 2.3 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of May was $664,200, a decrease of 0.5 per cent from the preceding month. The extremities of the average were West Vancouver at $1,022,700 and Maple Ridge at $350,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $676,400, a decrease of 0.4 per cent from the preceding month; Burnaby East at $748,100, a decrease of 0.9 per cent from the preceding month; and Vancouver West (not West Vancouver) at $785,500, a decrease of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $637,900, a decrease of 0.2 per cent from the preceding month; Por Moody at $630,600, a decrease of 0.4 per cent from the preceding month; and Burnaby North at $615,100, an increase of 0.5 per cent from the preceding month.

Please ask how I can help

As I remind you in the space each month, I do enjoy seeing my clients achieve their goals in the housing market. For those of you who are thinking about renovating for your personal pleasure, or in preparation of listing your property for sale, it’s always important to maximize the value of your home. I have excellent contacts among reliable and honest tradespeople who can provide excellent workmanship for any renovation project. Let me know if I can help you in this way. I can also provide you with a comparative market evaluation of your home so you can determine the budget for your renovation most effectively.

Thanks for reading!

Sibo Zhang, REALTOR®

Please contact me for more information

604-779-7992

sibo.zhang@gmail.com

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A great supply of home listings for affordable spring shopping

If you’ve been waiting for sunnier weather to start home hunting this spring, the month of May has not disappointed – nor has the abundant inventory of listed properties which increased by 16 per cent In April. Figures for the Greater Vancouver area showed there were over 5,700 new listings last month, bringing the total inventory for all housing types to 14,357. This is very close to the total inventory one year ago, putting prospective buyers in a very commanding position to make an offer at this time. Prices on average, having dropped considerably since last summer, are now in an affordable range for more people. We could therefore see a spike in spring sales, so I encourage you to take a look now. Residential home sales in the region last month increased by nearly 6.0 per cent from the month before, and I see no reason why this upward swing will not continue at this time.

There continues to be a focus by news media on the declining number of home sales based on figures from ten years ago. This may make interesting reading for the political interest in government measures behind the price drop in the region. However, I want to point out that what is overlooked in much of this long-term discourse is the short-term activity which holds some important data for anyone in actual purchase mode right now. The increase in month-over-month sales is one indicator that there is still upward price pressure in the market. Note that composite benchmark price for all residential properties in Metro Vancouver was virtually unchanged (0.3 per cent decrease) from March to April. In the specific property types below, I report my selected monthly changes based on benchmark prices for the end of April. But you may be surprised to note that not all areas show a decline. Look for example at the one-month condominium price increases in Burnaby East of 4.5 per cent and 1.5 per cent in Burnaby North. As prices decline some places, they increase in others.                

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of April was $1,425,200, a decrease of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,948,400 and Sunshine Coast at $611,400. (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 $1,499,400, a decrease of 0.2 per cent from the preceding month; Richmond at $1,531,000, a decrease of 1.0 per cent from the preceding month; and Burnaby South at $1,532,100, a decrease of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,391,000, a decrease of 1.5 per cent from the preceding month; Port Moody at $1,366,200, a decrease of 2.6 per cent from the preceding month; and Vancouver East at $1,357,200, a decrease of 2.4 per cent from the preceding month. 

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of April was $783,300, no change cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,167,700 and Maple Ridge at $542,600. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $816,500, a decrease of 0.6 per cent from the preceding month; North Vancouver at $957,700, a decrease of 0.5 per cent from the preceding month; and Vancouver West at $1,167,700, 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: Richmond at $780,200, a decrease of 1.4 per cent from the preceding month; Burnaby South at $679,200, a decrease of 1.3 per cent from the preceding month; and Burnaby North at $708,900, a decrease of 2.4 percent from the preceding month. 

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of April was $656,900, no change from the preceding month. The extremities of this average were West Vancouver at $1,128,500 and Maple Ridge at $348,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $679,200, a decrease of 0.3 per cent from the preceding month; Burnaby East at $754,900 an increase of 4.5 per cent from the preceding month; and Vancouver West (not West Vancouver) at $764.600, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the  benchmark on the lower side of the average were: Richmond at $654,900, a decrease of 0.2 per cent from the preceding month; Port Moody at $633,000, a decrease of 0.3 per cent from the preceding month; and Burnaby North at $611,800, an increase of 1.5 per cent from the preceding month. 

How Can I Help?

Please let me know how I can help you.  There are many factors in your decision-making process that I am qualified to advise on. Whether you are wondering about mortgage planning and finance procedures, or desiring information on a specific property or area, I can help.  If you considering listing your property for sale, I am able to advise you on the optimal price and provide you with a detailed market comparison to other properties in your area of interest. And remember, I can recommend reputable and quality tradespeople if you are considering home renovations.  It gives me great pleasure when I can assist my clients in any way.  

Thanks for reading!

Please contact me for more information.

604-779-7992

sibo.zhang@gmail.com

Sibo Zhang

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®

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®

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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