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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®

October an excellent time to explore the market; new listings up 30 per cent in one month

This is a beautiful time of the year, and I know some of my clients are enjoying scenic drives around Metro Vancouver with the colors of autumn decorating residential neighborhoods. Even better, last month saw a surge in new listings to almost 30 per cent over August, so there’s a great selection of homes available right now. With 4,866 new listings, the total inventory of detached homes, townhouses and condominiums rose to almost 13,439. If you’ve been looking but just haven’t found the right home yet, the current selection could hold that special place you’ve been waiting for. But let me point out another reason to do some serious shopping at this time. There were 2,333 residential sales in September, which was close to 50 per cent more than September one year ago, and almost 5 per cent more than sales in August this year. It’s becoming increasingly clear that much of the pent-up demand that formed over the past couple of years is now being released. Sales are increasing as both buyers and sellers regain their confidence in stable prices. One common metric is the ratio of sales-to-active listings. That ratio is in a sweet spot right now between 12 and 20 per cent. When it drops below 12, we tend to see downward pressure on prices; and above 20, we tend to see upward pressure. With current prices within this range, it’s a comfortable time to make an offer, or to list your home. Let’s look at the trend for the past half a year.


The composite benchmark price for all residential properties in Greater Vancouver at the end of September was $990,600, a slight decrease of 0.3 per cent from the preceding month. The six-month change was a decline of 2.2 per cent which, of course, means $22,000 less on a $1-million listing. But keep in mind that this leaves ample room for some negotiating when making an offer. In an overall climate of price stability, a reasonably priced home will attract offers close to the listed price without a stampede of competing offers driving up the price. That’s why I encourage prospective buyers to get out and take advantage of the current price levels. Remember that the composite benchmark is still below the psychological threshold of $1-million. This situation can contribute to a dynamic market where sales and listings remain in good balance. Take s look at the monthly comparisons I have selected for you below. Whatever your choice of property type and residential area, it’s a good time to find a property with a price that can once again be historically typical for Greater Vancouver.


Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of September was $1,406,200, no change from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,894,400 and Sunshine Coast at $594,900. (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 to far away for my clients).The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,047,900 a decrease of 0.9 per cent from the preceding month; Burnaby South at $1,458,500, a decrease of 0.6 per cent from the preceding month; and North Vancouver at $1,463,200 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: Vancouver East at $1,358,700 an increase of 0.9 per cent from the preceding month; Burnaby North at $1,345,000 a decrease of 2.2 per cent from the preceding month; and Coquitlam at $1,157,100, no change from the preceding month.


Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of September was $767,500, a decrease of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,098,900 and Pit Meadows at $595,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $843,400, an increase of 0.4 per cent from the preceding month; North Vancouver at $937,100, a decrease of 2.4 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,098,900, a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $$767,300, a decrease of 1.0 per cent from the preceding month; Burnaby South at $767,100, a decrease of 1.3 per cent from the preceding month; and Burnaby North at $729,500 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 September was $651,500, a decrease of 0.4 per cent from the preceding month. The extremities of the average were West Vancouver at $1,021,200 and Maple Ridge at $348,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $654,500, an increase of 0.9 per cent from the preceding month; Vancouver West at $754,800, a decrease of 0.2 per cent from the preceding month; and West Vancouver at $1,021,200, 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: Richmond at 627,100, an increase of 0.1 per cent from the preceding month; Port Moody at $627,000, an increase of 0.8 pre cent from the preceding month; and Vancouver East at $548,300 a decrease of 0.7 per cent from the preceding month.


I can help

Please don’t hesitate to call me (604) 779-7992 for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing; I can advise on what will make for the most optimal return on your investment. I also refer you to reliable tradespeople who do quality work at reasonable rates.

Thanks for reading!

Sibo Zhang, REALTOR®

Stable market conditions across all property types as summer draws to an end

METRO VANCOUVER

Where’s the market at now? That’s a question I’ve been hearing lately. It tells me people are aware of the dramatic price drop on homes for over a year. Whether someone has been waiting to list or buy, they seem to have sense that it’s now time to act – and I have to agree! I’ve been tracking the monthly price changes for you here in a period of market cooling since the all-time high in 2017. Of course, prospective buyers were reluctant to make an offer while the price trend has been downward. They are always wondering if the bottom has arrived, and will prices start moving up again?

It’s easy to fall into this kind of attitude, but it’s important to remember that there are multiple factors that make up price movements. To be practical, we can narrow our considerations to the assumptions that the downward trend we’ve seen in the past 15 months was due to stricter mortgage rules, with additional taxes also playing a role. However, the real estate market is made up of buyers and sellers who want to – indeed, need to – have transactions. And in a mature market area like Metro Vancouver, we can reasonably expect to return to what we call typical market activity.

Our two past summer months reflect what I would call this kind of typical activity, and even with some monthly decline in both sales and listings last month, I would venture to say that over the past two summer months, activity across Metro Vancouver appears to have returned to normal.

The combined benchmark price for a residential property in Greater Vancouver at the end of August was $990,300, a decrease of 0.2 per cent from July. This is too small a decrease to suggest an ongoing downward trend, and it should be noted that this benchmark is still below the $1-million mark which surpassed by the majority of single-family detached homes in Metro Vancouver’s various areas. Looking at the total inventory of homes on the market at the end of August, we have a plentiful supply at 13,396, which is over 13 per cent higher than one year ago. While the total sales in August were down 5.9 per cent compared with July, this cannot itself be construed as ongoing downward movement. It’s important to note that the number of August sales was actually close to 16 per cent higher than they were for the same month a year ago.

In short, if you want to make a sale or a purchase, there’s no time like the present. Take a look at the price comparisons I have selected for you below.

Detached Homes 

The benchmark price for a single-family detached home in Greater Vancouver at the end of August was $$1,406,700, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,880,800 and Sunshine Coast at $584,600. (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: Port Moody at $1,420,900, a decrease of 1.5 per cent form the preceding month; Richmond at $1,458,800, a decrease of 1.5 per cent from the preceding month; and Burnaby South at $1,467,900, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on lower side of the average were: Burnaby North at $1,375,500, an increase of 0.2 per cent from the preceding month; Vancouver East at $1,346,500, a decrease of 0.5 per cent from the preceding month; and Burnaby East at $1,165,800, a decrease of 1.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of August was $771,900, an increase of 0.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,115,100 and Maple Ridge at $522,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $774,900, an increase of 0.5 per cent from the preceding month; Vancouver East at $838,100, a decrease of 1.1 per cent from the preceding month; and North Vancouver at $960, 200, 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: Burnaby South at $767,000, an increase of 0.8 per cent from the preceding month; Burnaby North at $721,500, a decrease of 0.2 per cent from the preceding month; and New Westminster at $713,000, 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 August was $654,000, an increase of 0.1 per cent from the preceding month. The extremities of the average were West Vancouver at $1,062,100 and Maple Ridge at $351,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $700,700, a decrease of 2.9 per cent from the preceding month; Vancouver West at $756,000, an increase of 0.5 per cent from the preceding month; and West Vancouver at $1,062,100, a decrease of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $648,500, a decrease of 0.8 per cent from the preceding month; Richmond at $626,700, an increase of 0.7 per cent from the preceding month; and Port Moody at $622,200, a decrease of 1.0 per cent from the preceding month.

Other ways I can 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. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can provide a comparative analysis on properties in your neighborhood. I can also recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me at (604) 779-7992. It gives me great pleasure to help my clients.

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

Buyers’ Market Continues: Total Inventory Rises

Following the post-Christmas effect that I described last month with its phenomenal spike in listings in January, February’s overall inventory closed with 7.2 per cent more listings than the previous month in Greater Vancouver, and 6.9 per cent more in the Fraser Valley. This means both areas continue to have a strong base of listings to maintain the current buyers’ market – good news especially for home hunters getting over the winter doldrums. Monthly price fluctuations levelled somewhat in February which was expected. There were some quite large price reductions in January which weren’t expected to continue, but the residual effect means that buyers can make some good deals at this time. You can check the monthly changes in the benchmark comparisons I make below. Where there are any month-over-months increases, they are quite small and reflect normal market activity. On the whole, the sliding monthly price declines are encouraging more listings, so buyers should take advantage of this. The higher inventories mean you will be able to make a good offer and not face severe competition in a bidding war.

COMBINED BENCHMARKS

The combined benchmark for all property types in Greater Vancouver at the end of February 2019 was $1,016,600, a decrease of 6.1 per cent from one year earlier, and a 0.3 per cent decrease from the preceding month. In the Fraser Valley the combined benchmark for all property types at the end of January 2019 was $822,100 a decrease of 2.8 per cent from one year earlier and a 0.1 per cent increase from the previous month.

METRO VANCOUVER

Total inventory hits 11,590 in February; 7.2 % increase over January

New listings across all property types reached 3.892 in February, not quite as high as January’s listings of 4,848, but still strong for the month to keep up a substantial inventory considering February’s sales were almost 35 per cent higher than in January.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of February was $1,443,100, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3.029,200 and the Sunshine Coast at $603,700. (Note I include the Sunshine Coast region only as a factor in the average, but I do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,492,400, a decrease of 1.3 per cent from the preceding month; South Burnaby at $1,542,100, a decrease of 0.5 per cent from the preceding month; and Richmond at $1,546,500, a decrease of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,412,900, a decrease of 1.1 per cent from the preceding month; Port Moody at $1,404,100, a decrease of 3.5 per cent from the preceding month; and North Burnaby at $1,400,800, a decrease of 1.0 per cent from the preceding month.

 

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of February was $789,300, a decrease of 1.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,208,500 and Maple Ridge at $525,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $798,400, a decrease of 1.5 per cent from the preceding month; South Burnaby at $807,300, an increase of 1.8 per cent from the preceding month; and Vancouver East at $823,800, a decrease of 2.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Ladner at $727,300, a decrease of 1.8 per cent from the preceding month; North Burnaby at $715,300, a decrease of 1.2 per cent from the preceding month; and Tsawwassen at $703,200, a decrease of 4.0 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of February was $660,300, a decrease of 0.3 per cent from the preceding month. The extremities of this average were West Vancouver at $1,103,800 and Maple Ridge at $353,800. The three municipalities closest to the benchmark on the higher side of the average were: South Burnaby at $689,400, a decrease of 0.2 per cent from the preceding month; East Burnaby at $718,900, a decrease of 3.4 per cent from the preceding month; and Vancouver West (not West Vancouver) at $784,300, an increase of 0.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $660,100, an increase of 0.4 per cent from the preceding month; Port Moody at $622,500, a decrease of 1.1 per cent from the preceding month; and North Burnaby at $599,900, a decrease of 1.1 per cent from the preceding month.

 

FRASER VALLEY

Total February Inventory Reaches 6,406; 6.9 per cent Over January

Even with the 25 per cent increase in overall Valley sales over January, February’s inventory closed strongly with 2,216 new listings. The turnover of inventory continues to be relatively fast in this region, with single family detached homes on the market for an average of 43 days; townhouses averaging 39 days, and condominiums 40 days. The total number sales for al property types In February was 982. This represented 354 detached homes, 236 townhouses, and 288 condominiums. The Valley market continues as a sold buyers’ market at this time. Month-over-month increases in benchmarks for detached homes and condominiums very slight, 0.5 per cent and 0.2 per cent respectively; while the townhouse benchmark dropped 1.2 per cent for the month.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of February was $958,900, an increase of 0.5 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,382,800 and Mission at $652,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $983,900, an increase of 0.4 per cent from the preceding month; Cloverdale at $995,300, an increase of 1.7 per cent from the preceding month; and Surrey at $1,003,000, an increase of 0.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $952,300, a decrease of 0.4 per cent from the preceding month; North Delta at $882,400, an increase of 0.3 per cent from the preceding month; and Abbotsford at $782,000, an increase of 0.5 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $516,000, a decrease of 1.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $646,400 and Mission at $447,200. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $547,700, an increase of 2.9 per cent from the preceding month; Surrey at $551,200, a decrease of 3.3 per cent from the preceding month; and North Surrey at $565,000, a decrease of 0.7 per cent from the preceding month. The three municipalities on the lower side of the benchmark were: Langley at $486,100, an increase of 0.2 per cent from the preceding month; Mission at $447,200, a decrease of 1.0 per cent from the preceding month; and Abbotsford at $378,000, an increase of 0.2 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $409,700, an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $488,800 and Abbotsford at $303,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $415,200, an increase of 1.6 per cent from the preceding month; Cloverdale at $456,700, an increase of 0.5 per cent from the preceding month; and South Surrey/White Rock at $488,800, an increase of 1.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $408,400, a decrease of 2.3 per cent from the preceding month; North Surrey at $403,300, an increase of 0.6 per cent from the preceding month; and North Delta at $376,700, a decrease of 3.7 per cent from the preceding month.

I can help

Please let me know if you need specific information for a market comparison in any property type. I am happy to prepare a customized market analysis for your home if you may be thinking of selling. And don’t forget, if you preparing you home for a listing, or just making renovations to enjoy yourself, I can recommend excellent and trustworthy trades people for whatever your needs, whether plumbing, electrical work, carpentry, or general renovations. I am also able to advise you on what your optimal investment should be to maximize your home’s value in the event you are planning to sell. And for prospective buyers, I have the financial experience to advise you on mortgages and fees associated with a home purchase. I am always happy to help in any way I can.

Thanks for reading!

Sibo Zhang, REALTOR®

Declining Prices Continue Into the New Year

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

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

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

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

Forecasts and current trends

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

Newsletter in 2019

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

Combined Benchmark

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

METRO VANCOUVER BENCHMARKS

Detached Homes

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

Townhouses

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

Condominiums

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

FRASER VALLEY BENCHMARKS

Detached Homes

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

Townhouses

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

Condominiums

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

QUESTIONS? PLEASE LET ME KNOW

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

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

End of the year, beginning of another

As we approach the end of 2018, I want to first thank my clients and others of you who have been my regular readers throughout the year. In addition to my monthly newsletter on real estate market activity in the Lower Mainland, it has been a pleasure to provide you with two personal blogs each month on a variety of topics normally about life in Surrey, where I live with my wife and two sons, and where I focus on my real estate business. My blog has given me the opportunity to get to research and appreciate the many amenities in Surrey that make our family life most enjoyable here, and also to provide an opportunity for the many people I meet in the course of my work to get to know me a bit better through my opinions and observations that have been expressed in this space. Among the benefits of generating a regular blog is not only for the information that readers can use in some practical way, but also as a way for me to stay involved in the life of my community and hopefully contribute, even If only in small way, to the quality of life we enjoy in our neighborhoods and in our city as a whole. I certainly hope that this will continue in the new year almost upon us.

End of my blog

When I meet anyone among my great circle of friends and acquaintances in the cafes, malls, and streets around our city I hope we will always have time to discuss the many topics that affect our dynamic and growing city. I will be looking forward to that very much because I’m afraid that the growing constraints on my time are not going to allow me to continue writing this twice-monthly missive in the new year. I will miss the opportunity to comment here as I have been doing for the past year; however, I must consider the many things that I need to attend to, and the needs of my growing list of real estate clients will be my communications priority. This means I will be continuing with my newsletter where I will analyze the changing market conditions each month, and offer advice based on market trends and a sound quantitative approach to the real estate conditions across the lower mainland. I know my clients appreciate the kind of information that I am capable of deriving from statistical data. This has been my formal educational training, and by combining it with my business experience in finance, investing and, real estate sales transactions both in residential and commercial properties, I believe this is where I can generate the greatest value for you. At the same time, I do not want to ignore the positive feedback I have received from my blog readers, particularly on civic topics of concern to Surrey residents. So, you can expect to find from time to time a commentary from me in other media as I continue to be an active and proud Surrey resident. This past year, for example, I had a commentary published by Surrey604 – a great website source of news and views about Surrey events – our famous Little League team from Whalley Sports Field that went all the to the World Little League championship in 2018. This made us all proud, and it’s the kind of event that I hope to write about when there’s an opportunity to give deserved kudos to a Surrey organization.

Merry Christmas and Happy New Year

I want to wish everyone a very Merry Christmas and also most prosperous and Happy Year. From my wife Cindy and my two sons Warren and Kingston, we send heartfelt best wishes to everyone we know and appreciate so much.

Thanks for reading!

Sibo Zhang, REALTOR®

Prices continue down slightly, inventory also dips

As we prepare to close this year, many home seekers will put their search efforts on pause over the holiday season and resume their market watching in early 2019. My family will also enjoy some festive visiting when the school break is upon us. It’s one of those times when home ownership is really appreciated, and it makes my chosen profession especially satisfying. I sometimes get a chance to see some of my clients whom I was able to assist in their home purchase now enjoying the ability to host friends and relatives in their proud residence. They are settled in and maybe have even done some renovations to customize their space in a unique way.

However, if you are still waiting to find the home just right for you, I want to let you know I will still be watching our residential property market while you take a little down time for the holidays. That’s my way of saying you can relax and enjoy the season, and when the new year is here, I will have any important events or changes up to date for you.

In the meantime, here’s how the market appears as we head for the holidays. Much of the last part of 2018 has seen a slowdown of home sales activity across the lower mainland in all property types. At the same time, the overall inventory of properties is substantial although new listings have declined recently. While there were 3,461 new listings for November, bringing the total inventory to just over 12,000, this was a 5.2 per cent decrease from October. Prices also have generally been dipping in slight amounts each month, with a cumulative decline between four per cent and seven per cent, depending on property type, over the past six months. Many prospective buyers are still holding off in the hope that they can get a lower price later on. But how long to wait is the big question, and missing the desirable purchase is the big risk. We will want to watch how the year ends this month, and to compare it to the price levels at the end of last month, so here is the picture with the most recent benchmark comparisons at the end of November.

METRO VANCOUVER

Detached Homes

The benchmark price for a single family detached home in Greater Vancouver at the end of November was $1,500,100, a decrease of 1.8 per cent from the preceding month. The extremities of this average were: Vancouver West (not West Vancouver) at $3,205,500 and the Sunshine Coast at $606,000. (Note I will not include the Sunshine Coast in my comparisons here as it is too far away for my clients.) The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,569,100, a decrease of 1.6 per cent from the preceding month; Richmond at $1,606,900, a decrease of 1.7 per cent from the preceding month; and South Burnaby at $1,612,100, a decrease of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,470,800, a decrease of 0.7 per cent from the preceding month; North Burnaby at $1,470,400, a decrease of 1.1 per cent from the preceding month; and Port Moody at $1,498,900, an increase of 0.7 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of November was $818,500, a decrease of 1.3 per cent from the preceding month. The extremities of the average were Vancouver West (not West Vancouver) at $1,247,400 and Maple Ridge at $550,100. The three municipalities closest the benchmark on the higher side of the average were: Vancouver East at $830,800, a decrease of 0.3 per cent from the preceding month; Richmond at $840,200, a decrease of 1.4 per cent from the preceding month; and North Vancouver at $1,014,900, a decrease of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: South Burnaby at $798,300, a decrease of 1.6 per cent from the preceding month; Ladner at $768,700, a decrease of 0.8 per cent from the preceding month; and Tsawwassen at $739,400, a decrease of 1.7 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of November was $667,800, a decrease of 2.3 per cent from the preceding month. The extremities of this average were West Vancouver at $1,207,500 and Maple Ridge at $359,000. The three municipalities closest the benchmark on the higher side of the average were: South Burnaby at $689,900, a decrease of 1.6 per cent from the preceding month; East Burnaby at $762,400, an increase of 0.1 per cent from the preceding month; and Vancouver West (not West Vancouver) at $781,900, a decrease of 3.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $658,500, a decrease of 3.4 per cent from the preceding month; Port Moody at $646,000, a decrease of 2.0 per cent from the preceding month; and North Burnaby at $632,200, an increase of 0.1 per cent from the preceding month.

FRASER VALLEY

The Fraser Valley continues to be a buyers’ market as home sales activity declined in a similar manner to the Greater Vancouver market in the month of November. The total inventory of listed properties at the end of last month was 7,355, a decrease of 5 per cent from the preceding month. New listings In November were still plentiful at 2,077 but compared with new listings in October were down by 25.2 per cent, continuing the downward trend of recent month. Buyers still have the benefit of a more relaxed purchasing environment since a resulting upward pressure from lower inventory has not occurred as yet, although a continuing drop in the inventory could create more demand. For home owners who are still waiting to list their property, there is still largely a wait-and-see attitude as prices continue to hold steady or show a very slight monthly decline.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November was $976,200, a decrease of 1.1 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $1,391,100 and Mission at $654,600. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $979,800, an increase of 1.3 per cent from the preceding month; Cloverdale at $981,400, a decrease of 2,3 per cent from the preceding month; and Langley at $1,008,600, a decrease of 0.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $913,200, a decrease of 0.9 per cent from the preceding month; Abbotsford at $803,000, a decrease of 1.1 per cent from the preceding month; and Mission at $654,800, a decrease of 3.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $532,800, a decrease of 1.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $659,800 and Mission at $444,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $555,600, a decrease of 2.6 per cent from the preceding month; Surrey at $578,300, an increase of 0.6 per cent from the preceding month; and North Surrey at $588,500, 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: Langley at $496,800, a decrease of 2.7 per cent from the preceding month; Mission 444,100, a decrease of 0.2 per cent from the preceding month; and Abbotsford at $391,700, a decrease of 2.9 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $422,500, a decrease of 2.4 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $501,100 and Abbotsford at $320,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $432,000, a decrease of 2.8 per cent from the preceding month; Cloverdale at $471,500, a decrease of 3.1 per cent from the preceding month; and South Surrey/White Rock at $501,100, 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: Langley at $415,500, a decrease of 1.8 per cent from the preceding month; North Surrey at $413,700, a decrease of 2.9 per cent from the preceding month; and North Delta at $403,300, a decrease of 3.6 per cent from the preceding month. If you are attending any open houses over the holiday season, I wish you the best of luck in finding a property you really like. It’s a busy time of year, so please take care to stay safe while enjoying the Christmas spirit.

From my wife Cindy, my sons Warren and Kingston, and myself, we extend to you a very Merry Christmas and Happy New Year.

Thanks for reading!

Sibo Zhang, REALTOR®