surrey british columbia

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®

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®

New year sees prices moving upwards: combined residential benchmark rises over $1-million

Metro Vancouver

With both a new year and a new decade underway, many people will want to take notice of a significant event that has occurred in the Greater Vancouver real estate market. At the beginning of January, the combined benchmark price for a residential property rose above the 1-million mark. At $1,001,900, it is nearly $12,000 higher than at the end of September 2019. This is a substantial increase in the last quarter of 2019, yet it is worthwhile noting that it is still almost $18,000 less than in mid-2017, when it first surpassed the $1-million mark before government measures took effect in 2018. In short, I think we can now confidently expect continued upward prices, although at a more gradual rate than the pre-2017 upward price spiral. At the same, we are closing the gap relatively quickly to where prices were three years ago. If you have been delaying a decision to make a purchase offer, there is good reason to make it now. Another quarter at the same rate of increase will add another $10,000 to the benchmark price, and this may not be the only factor. Home listings can play a significant role.

It is important to watch the supply of homes on the market. Generally, there has been a decline in new listings over the past three years. While home hunters have no worries of finding lots of available homes to choose from, the decline in total inventory may start having an upward push on prices if demand continues to rise. At the end of 2019, the total of residential listings across all property types in Greater Vancouver reached close to 52,000. However, this was more than a 3.0 per cent decrease from 2018, and a 5.0 per cent decrease from 2017. Currently, inventory levels still offer an excellent variety to choose from in each of the residential categories. At the end of December 2019, the number of homes listed for sale in Metro Vancouver was over 8,600. Please take a look below at the comparative prices in each of the property type across Greater Vancouver that I have selected for you. This will allow to see the price changes over one month for areas closest to the benchmark price. If you have questions about any particular property type or municipal area, please don’t hesitate to give me a call.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of December 2019 was $1,423,500, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,920,800 and Sunshine Coast at $574,600. (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 $1,494,500, an increase of 0.6 per cent from the preceding month; Richmond at $1,495,400, a decrease of 0.3 per cent from the preceding month; and North Vancouver at $1,513,300, 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 $1,399,800, an increase of 0.3 per cent from the preceding month; Vancouver East at $1,390,100, an increase of 0.9 per cent from the preceding month; and Burnaby North at $1,389,000, an increase of 0.6 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of December 2019 was $778,400, an increase of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,135,800 and Maple Ridge at $533,800. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $880,800, an increase of 2.3 per cent from the preceding month; North Vancouver at $928,500, a decrease of 0.9 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,135,800, 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: Richmond, at $770,300, an increase of 0.5 per cent from the preceding month; Burnaby South at $762,600, a decrease of 0.9 per cent from the preceding month; and Burnaby North at $724,200, a decrease of 0.6 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of December 2019 was $656,700, an increase of 0.9 per cent from the preceding month. The extremities of this average were West Vancouver at $1,009,900 and Maple Ridge at $347,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $715,000, a decrease of 0.4 per cent from the preceding month; Vancouver West at $760,300, an increase of 1.3 per cent from the preceding month; and West Vancouver at $1.009.900, 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 $652,000, an increase of 0.7 per cent from the preceding month; Richmond at $630,200, an increase of 0.5 per cent from the preceding month; and Port Moody at $626,800, a decrease of 0.5 per cent from the preceding month.

Best Wishes for a happy and prosperous New Year!

This is a time when many new year’s resolutions are about doing something around your home, or perhaps even doing something with your home. If you are planning to renovate, build a deck, or decorate your home’s interior, I can help you find reputable and reliable tradespeople. If you are planning a home purchase, I can provide financial expertise on your mortgage planning. I truly enjoy being able to help my clients in any way I can.

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 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

.

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®