Rob Blair

Cell 604-617-1208 | robblair@remax.net

I have sold a property at TH-5 4182 DAWSON ST in Burnaby. See details here

Rarely available townhouse in Tandem 3 in the heart of North Burnaby's fast growing Brentwood Park community. Only minutes walk away from Gilmore Skytrain Station, Brentwood Mall, restaurants, and only a short commute away from SFU and downtown Vancouver! The clean and tastefully updated interior boasts two bedrooms, two bathrooms, newer kitchen stainless steel appliances, new washer and dryer, MYSA smart home, storage locker, and two dedicated, secured parking stalls at your back door through your own mud room . Top the list off with high vaulted ceilings, floor to ceiling windows with electric blinds, multiple outdoor patio areas, nice lawn space as well! Amenities include hot tub, sauna, exercise center and a rooftop garden for entertaining. Pet and rental friendly.

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METRO VANCOUVER MARKET HIGHLIGHTS
AUGUST 2022
DETACHED
Active Listings:
4,230
Sales:
517
Benchmark Price:
$1,954,100
Avg. Days On Market:
31
TOWNHOUSE
Active Listings:
1,404
Sales:
355
Benchmark Price:
$1,069,100
Avg. Days On Market:
28
APARTMENT
Active Listings:
4,028
Sales:
998
Benchmark Price:
$740,100
Avg. Days On Market:
28

Metro Vancouver's housing market sees fewer home buyers and sellers in August

August 2021
3,152
Sold
August 2022
1,870
Sold
(-40.7%)
Residential property sales in Metro Vancouver

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."
Andrew Lis, REBGV Director, economics and data analytics

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Sales-to-active listings ratio - August 2022
Detached homes
12.2%
Townhomes
25.3%
Condominiums
24.8%
Total 19.4%

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

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Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises


SURREY, BC — Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.


In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.

 


The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).


 


“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”


 


Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.


“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”


 


Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.
  • Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.
  • Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.


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I have listed a new property at 6119 188 ST in Surrey.
Loaded with character, this basement entry home with 3 bedrooms up and a 1 bedroom legal, fully above ground, bright suite down, could be exactly what you are looking for. Featuring original hardwood floors, wood burning fireplaces up and down, a large wrap around sundeck, spacious fully fenced corner lot, double driveway,ample parking on street. Fantastic area, just mins walk to schools, parks, pre schools, daycares, transit and shopping.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.