real estate news

Attempts to Temper Crazy Price Gains in the B.C Real Estate Market

by Bevony on March 31, 2021 No comments

The housing market in British Columbia is hot right now thanks to fallen interest rates. As such, the bidding process is being scrutinized to see how it can be changed to temper these price increases. The new normal on the property market is multiple offers which drives selling prices far above a seller’s asking price. 

There are now discussions being held about how the bidding process can be changed. This, in an effort to temper price increases. The real estate system in British Columbia is quite opaque. And so, homebuyers rely on the information about offers that are provided by the seller’s agent. So a buyer really has no idea what is going on in the back end. What this means is that an unscrupulous realtor can sway things in their favor. We are not saying that this is happening nor that it is happening often, but we know that the potential is there. 

You never really know in actuality how many offers have been submitted. So, if a realtor tells you “we have shown this property 20 times” you may want to put in a higher bid. You will want to do this as you may feel like the competition is high. When in reality, 20 people viewing a property does not mean 20 offers were made. It also doesn’t mean that all the offers made were done at the asking price or higher.  

What is the Bidding Process Like in Other Provinces?

In Ontario, there is more transparency in the process. Sellers file offers to a public registry so buyers can see just how many offers have been made on a property. You still are unable to see the terms and prices of an offer. But at least it still gives you a better look at the property listing and how it is performing.  

Suggestions for a New Bidding Process

Most bidding websites use an “automatic step-up clause” system. This allows bidders to set a maximum bid and bidding occurs in specific increments. This type of system could help to temper the blind bidding we see being done in the market today. 

One example recently tweeted showed how one house got two offers. One was at asking price and the other was $175,000 over asking price. In this case we can see how an automatic step-up clause system could prevent such a huge jump. If the bid amount was set up in increments of $5000, the successful buyer would not have had to spend so much extra money on this one property. And in turn, the property prices of other sale units in the area would not be affected. 

Now that borrowing is cheaper for buyers, they can afford more than they could in previous years. With the growing concern about the pandemic, more people want to find that home that really meets the needs of their families while keeping them safe. So buyers are motivated once they can afford a property. But what about those who have been negatively impacted by the pandemic and are now having to deal with living with less income? As prices increase, their dreams of owning a home fade day by day. 

Benefits of More Transparency for the Offer Process

Allowing more transparency in the offer process could help some people still have the ability to afford a home during this time. In our current market, you only have the seller’s word and that is what you have to take. Sellers can even fudge the numbers, so they can increase demand. 

With this type of behavior in the market, more and more sellers are expecting to get higher prices for their properties. And this creates a double standard of sorts. When agents are working with the buyer they want transparency but when they are working with the seller they want the reverse. 

How Can Changing the Process Help?

Changing the process can help everyone. Most sellers go back into the market as buyers. And then they will want to benefit from a more transparent process. 

Arm yourself with the knowledge of your rights as a buyer. The Real Estate Council of B.C states that buyers and buyers agents can inquire about the number of offers or how their offer compares to others when there are multiple bids. All brokerages must maintain records about submitted offers, so the information is there if there is an investigation or audit. 

Ask for this information as a buyer so you can make an informed choice when trying to purchase a home. 

How SilverBeam Homes Can Help

At the end of the day, if you find yourself in a situation where you simply cannot afford homes on the market, contact us. Here at SilverBeam Homes, we may just have what you need. Let us help you to build your home from the ground up according to your needs and to match your budget. Don’t know where to start? That’s OK, we can set you in the right direction and refer you to different professionals within our network for all your home buying needs.

read more
BevonyAttempts to Temper Crazy Price Gains in the B.C Real Estate Market

Let’s Look Back at 2020 in Real Estate

by Bevony on March 25, 2021 No comments

Many players in the real estate market of Greater Vancouver had big plans for 2020. The COVID-19 came along and disrupted so many plans and lives. While people in all industries were hit, the hit for the real estate market was notable. The main reason being that the real estate industry had a lot of interactions that were mainly faced to face. This would include interactions between realtors and sellers as well as realtors and buyers. Initially, no one knew if the industry would continue to function and the lack of ability to meet face to face was just the first hurdle. But it wasn’t all bad. 

Real Estate Designated an Essential Service

In March 2021, the government of British Columbia identified Real Estate as an essential service. And so the industry was encouraged to remain open as long as public health orders were being obeyed. The industry adapted quickly. Many took advantage of virtual showings, zoom meetings, and other types of digital media to keep the lines of communication open. 

So it was the traditional open house that was first stopped. There was also the disconnection of the button on many MLS programs so that people couldn’t book open houses. While ways and means were being implemented to work around the lack of face-to-face meetings, there was a bit of difficulty to get the market moving again after the initial scare and pause. 

Everything was changing. Staff had to be working from home, realtors had to be educated on the new ways to do business going forward. All in all, it was a challenging experience for most in the intermission. 

How the Changes Affected The Industry

When Real Estate was designated an essential service, the Real Estate Council of British Columbia and the British Columbia Real Estate Association along with WorkSafeBC started to develop protocols. It was these protocols that lead to the opening of the industry. Realtors could continue their work and people could continue to fill their needs for selling or purchasing a home. 

They started by adopting existing tools that were underutilized and started to include more information on new listings. Information such as room sizes, floor plans, photographs, and video tours all were being shared more often and quickly became the norm. Realtors would also advise clients to drive or walk around a neighborhood before making an appointment for a viewing. This way they could get a feel of the area and see if it truly emulated their style and matched their needs from the exterior. 

How Have The Changes Affected The Selling Cycle?

Interestingly enough, all the changes have caused a shortening of the cycle. With more information readily available to buyers they can easier identify homes they are interested in and cross off others they are not. All while not driving around to multiple open houses while losing time and money doing so. 

But how does it affect the realtors? Well, they now have a lot more work to do. They now have to space viewings and sanitize a house between viewings. There is also more back-end work since they are adding more information to listings causing longer working hours. But they do it happily as their industry is open. They want to keep it that way while satisfying their customers and helping them to find their dream homes. 

Changes in Frazer Valley 

Fraser Valley saw a drop in sales by 50% in April 2020. New listings also declined at a whopping rate of 60%. This was a real shock to the market especially since the last time figures were this low were in the ’80s and back then the population was less than half of what it was in 2020. 

They too had to replace open houses with virtual experiences providing full digital floor plans and more photographs. This came at the expense of extra time and money spent on listing a property. But it was well worth it for many as it meant keeping their jobs and keeping their own families and their clients safe. 

Comparing the Market to 2018 and 2019

Let us consider the pre-pandemic market and the post-pandemic market. In 2018 and 2019, the higher-end market was very quiet. Before the COVID-19 hit buyers were not even motivated by the low-interest rates. Everybody was in a “waiting it out” type of limbo. People were seemingly waiting for prices to drop significantly. While sellers were removing their listings from the market due to the very low offers that were going around. 

Along came the pandemic and more people were stuck at home trying to cope with their homes even when they were outgrowing their homes. That is why there was a shortage of inventory when we look at the statistics from July 2020. 

With the ability to provide more information digitally, the industry benefited by seeing a reduction in the tire kickers. Fewer people were going out to open houses on the weekend just to burn time or to entertain themselves. So actual viewers were coming in, already knowing what the house looked like and already know their way around. Many of them knew right away if they loved the house or not and if they would be putting in an offer or not. 

The Current Process 

The current buy-sell process is very conscious. Buyers are now looking more at the quality of a listing instead of looking at crazy amounts of listings. Zoom calls are very important to streamlining operations. Some operations have been streamlined so clients can book zoom meetings online.  

The use of technology has made many operations more efficient. 

read more
BevonyLet’s Look Back at 2020 in Real Estate

Low Supply of Detached Homes

by Bevony on February 3, 2021 No comments

A large number of detached homes purchased in 2016 will be up for the five-year mortgage renewal this year.  

You may be aware of the frenzy in the market re detached homes. With the pandemic on our heels, people want more space for privacy and are looking for home office space. They were met with lower interest rates and a higher supply of detached homes. Now, the supply of homes has shrunk ad prices are rising, so what does this mean? It means that buyers in the near future may get priced out of a home. 

Mortgage Rates in British Columbia

The Real Estate Association for B. C is forecasting in 2021 that we will approach the home sales numbers of 2015 to 2017. BC was placed at the top of a list by Point2Homes as one of the most expensive places to have a mortgage. The study showed the following percentages of income going towards just to mortgages: 

  • Burnaby – 44.7%
  • Richmond – 44%
  • Vancouver – 43.8%
  • Kelowna – 40.8%
  • Langley – 40.5%
  • Coquitlam – 38.5%
  • Saanich – 37%

There is a significant unknown though. This is the impact on inherited wealth for some homeowners. Homeowners with inherited wealth will be better able to put higher amounts of income towards their mortgage payments. 

The SilverBeam Weigh In

Here at SilverBeam Homes, we think the 1st 6 months of 2021 are going to be crucial. This is where the setting for the sales and price trends of the coming years will be set. If you are a homeowner who has been stretching to make your mortgage payment since you purchased your home in 2016, you may want to consider putting your home on the market now. Why now? Because with rising prices you may be able to clear your mortgage and also make a profit. You can then use this money to find a home that meets your needs better. For example, check us out to build the home your family needs to continue living comfortably in the new normal. 

read more
BevonyLow Supply of Detached Homes

What You Can Buy for $500K in Canada in 2021

by Bevony on January 27, 2021 No comments

When we look at the housing market in Canada right now, it’s all mixed feelings. What can $500,000 get you? It all depends on where you are looking and it all looks different. You can get a one bedroom condo or a five bedroom detached home. This is what the January 2021 circa for the Canadian housing market is looking like. To help you get a better idea of what your money can do here is what you can expect in different areas. 

St. John’s

A detached 2 story home on Winslow St. in St. John’s recently sold for $499,900. This home features three bedrooms with full bathrooms, a master bedroom with a walk-in closet, and a bathroom ensuite. It also features a heated loft and floors. On the main floor, the house features a large open dining and kitchen combo, a bright living room, an office/den, and a powder room. But wait, we’re not done yet there is a basement complete with a wet bar and rec room, an oversized bedroom/ games room, a full bath, and the laundry room. On top of all that real estate, the backyard offers a separate fenced green space as well as a lot of usable hard surface area. 

Killarney Road, New Brunswick

On Jenkins drive just four minutes outside of Fredericton, this New England farmhouse style home sold for $499,900. This two-story home features five bedrooms, 3 ½ bedrooms, a tiled kitchen with porcelain floors, and new appliances. The formal dining room features red pine plank floors. The living room is spacious with a den on the main level which could be a potential living room. 

On the upper level we find a newly refinished bathroom complete with tub/shower combination and white subway tile along with the three bedrooms. The large master features an ensuite bathroom with soaker tub, large vanity, porcelain floors and a tile shower. 

The lower level was recently finished and features a large family room, two of the bedrooms and the 3rd full bathroom which also has a tub/shower combo. On the outside there is a back deck as well as two covered front porches offering a view of the landscaped yard. 

Montreal 

In Montreal, you can get a two bedroom, one bath condo for $499,700. The condo has a total of 1,232 square feet and is located in the central business district. The bedrooms are large and the home features a terrace that is 20’ by 8’. 

Toronto 

In Toronto’s West End, a one bedroom, one bathroom condo home with parking included was sold for $499,900. Here you can find panoramic views of the city from both the balcony and the bedroom. The unit was freshly painted and bedroom storage and roller door recently updated. You will find this unit located close to transit, subway and shops and grocery stores. 

Winnipeg

Here a five bedroom and three bathroom home sold for $499,900. On the main floor we find a mudroom.laundry room, the formal dining room and a large island kitchen. The kitchen is bright with granite countertops along with a built in cooktops and is complete with an oven. There is also a secondary dining room in the rear with patio doors that lead to an additional deck off of a sunroom. The great room offers an open concept design and is complete with a fireplace and entertainment center finished with laminate flooring. The primary bedroom is located on the upper level with an ensuite bathroom complete with jetted tub and walk-in closet. All windows are triple pane and there is a garage, an above ground pool, a finished basement and storage shed. 

Calgary

In Parkhill, a contemporary styled three bedroom, two bath home sold for $499,000 fully furnished. This bilevel home features hardwood floors and a mantled wood fireplace in the family room. There is a sizable kitchen, access to a private backyard compete with mature trees, deck and hot tub as well as a detached double garage. 

The three bedrooms can be found on the lower level with a vessel sink and rain shower. This is also where you will find the storage room and laundry room This home is located within walking distance to a number of restaurants and shops on 4th street. 

Vancouver

On Stephens St. a 495 square foot condo with one bedroom and den for $498,000. The condo is located in the Kitsilano neighborhood with restaurants and shops readily reachable as well as the beach. You can enjoy a view of the North Shore mountains from your open concept kitchen with stainless steel appliances and quartz countertops. The kitchen also features a breakfast bar. The living room is airy and features skylights, vaulted ceilings, and a fireplace. Amenities included are parking and a storage locker. 

How much hose can $500,000 get you when you choose SilverBeam Homes? Get in touch with us and let us how to build your dream home on your budget. 

read more
BevonyWhat You Can Buy for $500K in Canada in 2021

Houses For Sale During a Pandemic

by Bevony on September 16, 2020 No comments

We see people bidding up house prices even though we are in a pandemic and what may turn out to be one of the deepest recessions in history. This is not only true for British Columbia, but we can also see a lot of the real estate market across Canada which is red-hot especially in the market for single-family homes. While this defies all rational logic, it is where we are. People are looking for the security of owning a home even with people losing their jobs and getting pay cuts. 

Herd Following

Herd Following is a theory stumbled upon in 1906 when Francis Galton observed a competition. The competition was for persons to guess the weight of an ox. When all the guesses were averaged, the total average gues was 1,197lbs. The actual weight of the ox was 1,198lbs. Since then, there have been a lot of studies on the theory of collective intelligence which have shown similar results. 

Information from the Canadian Bankers Association indicates that around 15% of mortgages have been deferred, this is a total of 743,000 mortgages. As the days go by, we see that “the reopening” is not going as well as we would’ve wanted it to go. We see infections getting higher and more businesses are going back to closed doors and working from home. Look at Apple, they have closed seven of their area stores in Houston and 14 of their stores in Florida since the reopening. Of course, they have enough cash to afford to close their stores, but other businesses are not as fortunate with a lot of white-collar jobs been axed. 

What are the Banks Doing? 

We see central banks flooding the system with liquidity so much so that free-market price discovery is almost entirely out of the window. And so now we see cash finding its home in hard assets. 

What Does This Mean for Society on a Whole?

We are getting to that tipping point and this is certain to have long-lasting effects on our society. There are several possible outcomes that we must be ready for. 

What We’re Watching

  1. Bond Yields Trading – these are currently at their lowest level in history. 
  2. The US is currently not showing a V shape recovery in current business conditions and this is right across the country. 
Image Credit
  1. Small businesses that are bringing back all employees account for only 50% of the total small businesses in the US. 
Image Credit
read more
BevonyHouses For Sale During a Pandemic

Scaling Down Homes is Trending

by Bevony on September 10, 2020 No comments
Mighty building

There has been an increase in the interest of small homes and RV model homes in the past couple of months. A factory in Oakland California is offering homeowners the option for a 3D print. They can print a 350 square foot studio in under 24 hours.  The company is called Mighty Buildings, and they have a focus on the accessory dwelling unit market. 

With a lot of uncertainty due to the pandemic more people are looking into this avenue, not just an accessory dwelling but as their main dwelling. They came up with the technology as a way to address the shortage of housing in California. They boast that they are offering a 21st-century technology to solve a crisis. 

The material being used in these structures is a quick, curing, freeform architecture that can support its weight safely. The structure you end up with an energy-efficient structure that is extremely strong. 

Sustainability

One of the key driving factors behind this printing technology is sustainability. With this technology, 3 to 5lbs of waste per square foot will not end up in a landfill.  With 3D printing, the only thing that is printed is the things that are needed. 

Cost Reductions

By cutting waste, this new technology also cuts the overall cost of the building. The average building costs with this technology are reduced by approximately 45%. The cost of labor is one of the things that affect the cost of a house the most. 3D robotics can do the more complicated and dangerous aspects of building, but human workers are still needed to complete the task, so this initiative is not taking jobs away. 

With COVID-19 motivating more people to seek financial freedom, many are downsizing their lives as a means of downsizing their expenses. In Vancouver, 3D models can be had from Mint Tiny Homes. They note that they have seen an increase in interest over the past couple of months with persons looking to downsize as they are concerned about the possibilities of job loss.  People don’t want to have large bills, and they don’t want to have large liabilities, so they are trying to get in a better financial position while they can before things get worse. We also see where people are looking more towards homes outside of the city and away from the crowds. With more people engaging in flexible working arrangements they need for living or near, the city is no longer necessary. 

read more
BevonyScaling Down Homes is Trending

Lower Demand Expected for the Housing Market

by Bevony on September 4, 2020 No comments

The Canada Mortgage and Housing Corp. (CMHC) has indicated that they are bracing for the COVID-19 pandemic to further impact the Canadian housing market. The short term uncertainty is significant as housing demand falls with household incomes becoming weaker and weaker. 

The sales and price records were broken in July 2020, but this was after the shut-downs in spring. So we can say the market played a little catch-up if we may say so. CHMC is noting however that the economic shock of the pandemic has not been fully reflected in the latest data on the housing market. They note that the process of the pandemic could still have a huge effect on new buildings as well as the prices and sales of existing buildings. 

We expect it to take months for these impacts to materialize, but we can see some factors already coming to play. CMHC has noted a seeing the difference in provisions for insurance claims. This is showing up in the financial results proving that the impact is far-reaching. 

CMHC’s net income for the three months prior to June 30, 2020, was $566 million. This is up from $379 million during the same period from the previous year. The arrears rate for which is 0.34%. 

While they saw this income, they also saw an increase in claims expenses, jumping to a 711% increase up by $256 million. This was due to an increase in COVID-19 related claims including mortgage deferrals. 

As part of a government program, CMHC this year purchased $5.8 billion insured mortgage pools. They also administered the small business Canada Emergency Commercial Rent assistance program. 

In the next report from CMHC, we will see what impact the stricter underwriting criteria had overall. As of July, requirements for insured mortgages have become tighter and requirements for down payments have also become tighter.  The corporation has even suspended dividends in an effort to save money in the event further action is needed by the government. 

Stick around to read more as the information unfolds. 

read more
BevonyLower Demand Expected for the Housing Market

Private Mortgage Insurance Providers Seeing Growth

by Bevony on August 21, 2020 No comments

The Canadian housing market is at a very interesting point. The current housing market in Canada is one of the biggest in the world. As a matter of fact, the growth of 88% since 2005 makes Canada’s Housing market one of the highest growing markets of any other G7 country. 

The FIRE sector; Finance, Insurance, and Real Estate make up approximately 25% of the country’s GDP. Household debt to GDP has increased significantly over 100% of GDP. With the striking of the global pandemic crisis, what are policymakers to do now?

The current home ownership rate in Canada is approximately 69%, and we can see the wealth of Canadians now hanging in the balance. Evan Siddall, Canada’s Mortgage, and Housing corporation have expressed his concerns about the elevated levels of debt and the unsustainable increase in prices. He expresses that there is a possibility for home prices to fall between 9 and 18% based on the information from recent forecasts on the market. 

What Are Mortgage Lenders Doing?

Siddall made the decision to tighten lending standards in a bid to protect mortgage insurance providers that are taxpayer-backed. He is hoping that the other private mortgage lenders in Canada will follow his lead. But this is not what took place. 

Lenders have continued to issue new loans and are now directing their new business to the private insurers. Both private entities are of course happy about the growth they are experiencing, and we can’t fault them for that. They are only taking 10% of the risk as the government covers the other 90% of the loss. 

Siddall sees this as blind disregard and moral hazard. He recently wrote a letter to Canadian banks expressing his concern. His letter included the following request “… I’m asking for two things, first, we would hope you would reconsider highly leveraged household lending. Please put our country’s long-term outlook ahead of short term profitability. Second, please don’t aggravate the impact of undermining CMHC’s market presence unnecessarily.” 

Siddall’s letter was not well-received and was referred to by some bank execs as “alarmist and a bit extreme” but are we really surprised by all this?

What are your views on this matter? We’d love to hear them, please leave them in the comments below.

read more
BevonyPrivate Mortgage Insurance Providers Seeing Growth

Vancouver Mortgage Delinquencies: What Are The Numbers?

by Bevony on August 14, 2020 No comments
Mortgage Delinquencies on the Rise

 Even before the pandemic, there was a trend towards higher figures in Toronto and Vancouver. These two municipalities have seen record lows in 2018 and prior. But the mortgage delinquency numbers across Canada, on the whole, are rising. 

Better Dwelling tracks the Canadian Real Estate Market. The Better Dwelling entity was founded by Stephen Punwasi, who is an analyst. They indicate that mortgage delinquencies are rising. 

How are Mortgage Delinquencies Measured?

In Vancouver, mortgage delinquencies are measured by looking at the number of mortgages that are overdue for more than 90 days. In the first quarter of 2020, this number reached 0.13%. These numbers show an increase over the same quarter for 2019, rising from a percentage rate of 0.1% in 2018. 

In Toronto, the numbers are showing a 10% increase between 2019’s first quarter and 2020’s first quarter. The first quarter’s last few weeks were the beginning of the pandemic and the start of lockdowns in Canada. But the trend towards higher numbers was already established in Toronto and Vancouver before this, so we can’t say COVID-19 is to blame. 

What is a Mortgage Delinquency Anyway?

Mortgage delinquency refers to how quickly a home can be converted to its cash value. When the market is hot, homes are selling rapidly. So owners who cannot make their payments can typically, list their home, get an offer and close within three months. If this model is in play in the market, the delinquency rates are kept low. When the process takes longer, then the prices get higher.  

Better Dwelling notes that the market as it stands is stalling. The longer it takes to make a sale, the more the delinquencies will rise. With high default rates, many homeowners are unable to exit their real estate in a fast manner.

Steve Saretsky, a realtor in Vancouver, notes that the change in a rising and falling delinquency rate is something we should be watching into 2021. Saretsky thinks the foreclosure rate will also increase in the next couple of years and that the process will be very long and drawn out for British Columbia. In a recent report he notes that “From the time you miss a mortgage payment to the time the house sells in court, it takes an average of between 12 to 15 months,”

read more
BevonyVancouver Mortgage Delinquencies: What Are The Numbers?

Steady Activity for the Metro Vancouver Housing Market this Summer

by Bevony on August 7, 2020 No comments

The July 2020 buyer and seller activity for Metro Vancouver exceeded historical levels. This was published in the Real Estate Board of Greater Vancouver (REBGV)  monthly market report. The report indicates that the total residential home sales increased by 22.3 % from 2,557 sales in July 2019 to 3,128 sales in 2020. The increase in July was a 28% increase over June 2020, where 2,443 homes were sold compared to the 3,128 sold in July. In total, the sales for July 2020 were 9.2 % higher than the 10 year average for sales in July. 

REBGV Stats Graph July 2020
Image Credit: REBGV

Colette Berger, Chair at REBGV,  notes that these numbers are a result of the pent up activity that both home sellers and buyers have been holding in. Couple that with limited supply overall and lower interest rates makes the market more competitive. 

The July 2020 Metro Vancouver MLS saw an addition of 5,948 attached, detached and apartment properties being listed. In July 2019 only 4,613 properties were listed so July 2020 is showing a 28.9 % increase in listings compared to the same month of 2019. In June 2020 a total of 5,787 homes were listed showing a 2.8% increase from the previous month as well. 

Currently, there are 12,083 properties listed for sale on the Metro Vancouver MLS system which is showing a decrease of 15.1% compared to the 14,240 properties that were on the list as of July 2019. The number is showing an increase though when compared to June 2020 which had a total of 11,424 properties listed. 

Reaching Potential HomeBuyers Despite the Restrictions

We understand that everybody must take new strides to ensure that social distancing is being observed. As such companies are using a variety of technology solutions to keep home buyers and sellers safe with their interactions. We are all trying to limit in-person interactions as much as possible. As much as can be done virtually is done to ensure the safety of our nation as a whole. 

Sales to Active Listings Ratios

For July 2020 we are seeing a sales to active listing ratio of 25.9% for all property types. We can further break that down by property type. Detached homes have a ratio of 25.1% while townhomes have a ratio of 31.1% and apartments have a ratio of 24.7%

REBGV Stats Graph July 2020
Image Credit: REBGV

The experts note that when the ratio dips to less than 12% for a sustained period is when there is downward pressure on home prices. On the flip side, home prices will rise when the ration passes 20% over a period of multiple months. 

The benchmark price for residential properties on the Metro Vancouver MLS Home Price Index is currently $1,031,400. This is showing an increase over July 2019 of 4.5% and an increase over June 2020 of 0.6%. 

Sales of Different Types of Properties 

Detached home sales reached 1,121 in July 2020 which was an increase of 33.3% over the detached home sales that were recorded (841) for July 2019. The benchmark price for detached homes is $1,477,800. This price is showing an increase of 5% from prices in July 2019 and 0.9% from prices in June 2020. 

Apartment home sales prices reached 1,400 in July 2020 showing an increase of 12.6% when compared to the sales(1,243) of July 2019. The benchmark price for apartments is currently at $682,500 indicating an increase of 4.2% from July 2019 and an increase of 0.3% when compared to June 2020. 

Home sales for Attached homes were at 607 for July 2020 indicating an increase of 28.3% over the 473 sales for July 2019. The benchmark price is $797,700 indicating an increase of 3.7% over prices at July 2019 and a 0.9% increase over prices at June 2020. 

read more
BevonySteady Activity for the Metro Vancouver Housing Market this Summer