Autumn is upon us and with the falling leaves has come some falling prices... :^) Well, not all prices. Generally, single family homes have taken a small hit, although it is difficult to place any faith in the numbers when there are so few sales in each area.
Condo prices are mostly flat in many areas, with the better located and renovated places still fetching over-asking prices in multiple offers.
Townhouses are another story. In many areas, we have seen sharp increases in prices for larger townhomes, which have become the family-friendly alternative to the high-priced single family home.
Since last month, there have been some additional measures taken by the Federal Government in trying to contain this frothy market. One of the recent changes is to prevent foreign owners of property in Canada from using the principal residence exemption, thereby avoiding the tax consequences of a sale.
The most drastic move, though, is for mortgage lending requirements. No longer will you be able to qualify for a mortgage at the rate you will be paying (for example, 2.5%), but will instead have to qualify at an average of the posted 5-year rates. At this time, those rates are about 2% higher than the best fixed 5-year rates in the marketplace. The net effect of this change will be to lower your budget by at least 20%.
Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.
Click on the links (in blue) below for the statistics package for your area:
(The links each take a few seconds to open as they are files stored on my Google Drive.)
BURNABY/NEW WEST
Burnaby East Burnaby North Burnaby South New Westminster
Condo prices are mostly flat in many areas, with the better located and renovated places still fetching over-asking prices in multiple offers.
Townhouses are another story. In many areas, we have seen sharp increases in prices for larger townhomes, which have become the family-friendly alternative to the high-priced single family home.
Since last month, there have been some additional measures taken by the Federal Government in trying to contain this frothy market. One of the recent changes is to prevent foreign owners of property in Canada from using the principal residence exemption, thereby avoiding the tax consequences of a sale.
The most drastic move, though, is for mortgage lending requirements. No longer will you be able to qualify for a mortgage at the rate you will be paying (for example, 2.5%), but will instead have to qualify at an average of the posted 5-year rates. At this time, those rates are about 2% higher than the best fixed 5-year rates in the marketplace. The net effect of this change will be to lower your budget by at least 20%.
Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.
Click on the links (in blue) below for the statistics package for your area:
(The links each take a few seconds to open as they are files stored on my Google Drive.)
BURNABY/NEW WEST
Burnaby East Burnaby North Burnaby South New Westminster
RIDGE MEADOWS
Pitt Meadows Maple Ridge
UP THE COAST/ISLAND
Bowen Island Squamish Sunshine Coast Whistler
Here are the full statistic packages for:
Greater Vancouver
Fraser Valley Report(which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)
Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month.
LINK to live graph
Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.
Greater Vancouver
Fraser Valley Report(which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)
Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month.
LINK to live graph
Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.