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Showing posts with the label Real Estate Market

Richmond Real Estate Market

- March 18, 2022

Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport. The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other

Apartment Market in Greater Vancouver

- March 09, 2022

Economists give their opinions regarding real estate market in 2022. Most of them forecast the market would remain strong. However, CIBC believes overall residential sales will decline this year, though condo prices could rise We discussed detached property and townhouse market in Greater Vancouver earlier. Now let’s look at apartment market. The table below lists benchmark price in January and percentage change in each area of Greater Vancouver at price decline order. Comparing benchmark price in 2021, benchmark prices in every area have significant increase. The highest benchmark price is at West Vancouver $1,151,200, and lowest one is at North Delta $480,000. However, West Vancouver has the lowest percentage change in 1, 5 and 10 years. The numbers are marked in blue color. Surrey gets the highest percentage change at same time frame. The numbers are shown in yellow color. For more information, please contact me at awang@macrealty.com

Townhouse Market in Greater Vancouver

- March 02, 2022

Townhouses What is a townhouse? A townhouse is a style of multi-floor homes that share one or two walls with adjacent neighbours. But they have their own entrances. We often see townhouses lining the streets in dense suburban and urban areas. Comparing townhouses and detached houses, townhouses have less space, less privacy, more noise and maintenance fee. However, townhouses have some advantages over apartments, such as they have their own entrances, yard spaces and less expensive maintenance fee. Townhouses can be a good alternative choice when people can’t afford to buy a detached house and would like to have more privacy than apartments. Let’s take a look how the townhouse market is doing in Greater Vancouver. The table below shows the benchmark price in Jan.2022 and price change rates in past 10 years in each area of Greater Vancouver . The listing is in price decreasing order. The data is from The Real Estate Board of Greater Vancouver and Fraser Va

Detached Property Market in Greater Vancouver

- February 28, 2022

Greater Vancouver, also known as Metro Vancouver, is a metropolitan area with a population 2,642,825 based on the 2021 census. Click here for the map and detail population in each sub-area. The city of Vancouver is its major urban center. The table below, from the Jan. statistic report, is a list of benchmark price and percentage changes in each sub-area of Greater Vancouver. The list is in decreasing price order. The table indicates that the highest benchmark price is in Vancouver West at $3,445,400, and the Sunshine Coast is the lowest benchmark price at $900,000. However, Vancouver West has the lowest percentage change in the 1,5 and 10 years range. The numbers with the yellow mark are the areas with the highest price changes. If you would like to have information regarding townhouse or apartment market in Greater Vancouver, please click here or contact me at awang@macrealty.com

Vancouver Real Estate Market

- February 27, 2022

Vancouver is a major city in Western Canada with population of 662,248, based on the 2021 census. It has the highest population density in Canada. It is one of the most ethnically and linguistically diverse cities in Canada. According to the 2016 census, only 48.2% of its residents are European. The total visible minority population is 51.6%, of which Chinese is the largest one at 27%. Vancouver is one of the most livable cities in Canada and in the world. Also, it is one of the most expensive cities in Canada and in the world. The table below are the benchmark price change in three categories: apartments, townhouses and detached properties. All three categories have had a significant increase in past 10 years: apartments 95%, townhouses 98% and detached properties 94%. Making them more visible, let’s take a look trend of the market. See the figures below: Benchmark Price in Detached Properties Benchmark Price in Townhouses Benchmark Price in Apartments From these graphics, we can

Condominium Market in Vancouver West, BC

- February 21, 2022

We discussed condominium market in Vancouver East . Now let’s look at the situation in Vancouver West. Generally, all markets in west side of Vancouver are higher than east side. The figure below is condominium benchmark price trend in Vancouver, Vancouver West and Vancouver East since 2005. The price in Vancouver West is much higher. The benchmark price and percentage change in each sub-area in Jan.2022 are listed below. The yellow marks are the highest percentage change, while blue ones are the lowest change. You will notice market in Coal Harbour has been low performance in past 5 years. South Granville has increased strongly in past 10 years. Downtown Vancouver got the highest increase in Jan.2022. However, Kitsilano has the biggest percentage decrease in Jan.2022. If you would like to take a look sub-area map, click here . For more market in Vancouver, please click here or contact me at awang@macrealty.com

Condominium Market in Vancouver East, BC

- February 20, 2022

The figure below represents condominium market by MLS HPI Price in Vancouver, Vancouver West and Vancouver East. Vancouver East is lower than Vancouver West. Now we break down Vancouver East to sub-areas and take a look how each sub- area does in the market. The table below lists MLS HPI prices in each sub-area. The listing is in decreasing benchmark price order. The table above shows the different areas, with the benchmark price, and the percentage change in value over 1 month, and 1, 5, and 10 years. You will notice that the percentage price change for one month is not consistent. Some areas show an increase (Victoria at 1.3%), while others show a decrease (Knight at -2.37%). However, for the 1, 5, and 10 year time frame, the benchmark prices have all gone up, some quite a bit. As an example, over 1 year, South Vancouver benchmark price increased by 22.45%. Over 5 years, Victoria benchmark price increased 51.69%. Over 10 years, Hastings benchmark price went up 154%. If you w

Bungalow Style Properties in Brentwood Park, Burnaby, BC

- February 08, 2022

Brentwood Park is a very interesting area. New modern high rise buildings are on the south side, and single family houses are located in the middle and north side. A lot of them are bungalow style built in the 1950’s. They are well maintained, and the size of each lot is large with nice spaces between houses. The whole area is quiet and neat. It is a very convenient area. Hastings Street is on the north side which is commercial area. Brentwood center is located on the south side. The SkyTrain and freeway are near by. Also, Holy Cross Elementary School is in this area, and ranked #1 in the Province. Burnaby Hospital is only a few minutes driving distance. The table above lists detached property MLS HPI price in each sub-area of Burnaby since 2015. The price in Brentwood Park is in the middle level in All Burnaby sub-areas. Also, some pictures in a short video would give some visual ideas with the area. You may like it. If you would like to know more detail market in Burnaby, plea

High Rise Condominiums in Brentwood Park, Burnaby, BC

- February 07, 2022

Brentwood Park is located in Burnaby North. Brentwood Center is on the south side of Brentwood Park. It was recently completed in 2021 with a lot of shopping, restaurants, commercial services, and other amenities. Also, it is only a 10 min. drive to downtown Vancouver. The SkyTrain is right in front the center. The freeway is steps away too. All of them make a very convenient living environment. There are quite lot of high rise residential buildings, many of which have been recently built around the center, and even more are in progress. As a result, the condo market prices in this area are higher than other parts of Burnaby. The chart below is a comparison of the market value of condominiums in the Burnaby sub-areas since 2015. The data is by MLS HPI price . Brentwood Park has seen the highest price in the past 5 years. What do you think the area? Would you like to live in a very modern high rise building with lot facilities indoor, beautiful views out and very convenient neighbou

January Real Estate Market Report for Burnaby, BC

- February 06, 2022

The Real Estate Board of Great Vancouver just released it's market report for January. Inventory has decreased significantly throughout Metro Vancouver as compared to the market in January 2021. The percentage decrease in each part of Burnaby is: Burnaby North: detached properties 14.8%, townhouses 57.9%, condominiums 51.6%. Burnaby South: detached properties 35.9%, townhouses 69%, condominiums 52.1%. Burnaby East: detached properties 48%, townhouses 25%, condominiums 70.6%. The table below shows the actual numbers in each area. MLS HPI price shows an increasing trend compared to the previous month, and to the same month in the previous year. The price details are shown in the table below. It’s clear that it's a strong seller's market in each type of properties across all 3 parts of Burnaby. See the figures below. Burnaby North (Data from The Real Estate Board of Great Vancouver) Burnaby South (Data from The Real Estate Board of Great Vancouver) Burnaby East

Condominium Market in Burnaby, BC

- February 05, 2022

We have discussed the detached property market and the townhouse market in Burnaby. Now we talk about the condominium market. The prices in the tables below are the MLS HPI Benchmark Price . Like the townhouse market, condominium benchmark prices had a significant price increase in 2016 and 2017. Also, the average price increase over the 7 year period were: Burnaby North 80%, Burnaby South 60% and Burnaby East 77%. The sub-area that saw the greatest price increase was Simon Fraser Hills at 107% ( from $204,000 to $422,200.) If you would like to have more detail information regarding Burnaby market, please click here or contact me at awang@macrealty.com

Townhouse Market in Burnaby, BC

- February 04, 2022

Townhouses are a style of a multi-floor home that shares one to two walls with adjacent properties, but they have their own entrances. Comparing townhouses with detached houses, it does have some advantages. For example, townhouses generally provide recreational facilities, and people don’t have to worry about external home improvement and landscaping. Also, townhouses often sit in dense and convenient locations. Now we take a look townhouse market in Burnaby. The figures below represent the market trend for each sub-area since 2015. Sub-areas are listed by price, in decreasing order. The MLS HPI Benchmark Price is used. Unlike detached properties, the significant price increase happened about one year later, in 2016 and 2017, and was not consistent across all areas of Burnaby. The average price increase over the 7 year period for each part was: Burnaby North 87%, Burnaby South 91%, and Burnaby East 62%. The sub-area that saw the greatest price increase was Government Road at

Detached Property Market in Burnaby, BC

- February 03, 2022

Today we look at the detached property market with in the different areas in Burnaby, BC. Burnaby is divided into three parts; Burnaby North, Burnaby South and Burnaby East. Each part has a number of sub-areas. The figures below show the market trend for each sub-area since 2015. Sub-areas are organized by price, in decreasing order. The MLS HPI Benchmark Price is used. When you look at data, a number of things stand out. The first thing is the significant price increase in both 2015 and 2016. The price then stabilizes for a couple of years before rising again in 2020. The other thing to notice is that this trend is consistent across all three parts of Burnaby. In addition, the average price increase over the 7 year period for each part was: Burnaby North 52%, Burnaby South 54%, and Burnaby East 70%. The sub-area that saw the greatest price increase was Greentree Village at 84% ( from $628,100 in 2015 to $1,156,400 in 2021) If you would like to have more detail information about Bu

Burnaby Real Estate Market

- February 02, 2022

Burnaby is located next to Vancouver. It’s the third largest city in British Columbia with a population of over 230,000. Based on the 2016 Canadian census, 34.6% of the population is European Canadian. The largest minority group is Chinese with 33.9%. The popular places in Burnaby are Metrotown which is the third largest shopping mall in Canada, and Burnaby Mountain for its view and parkland. Simon Fraser University (SFU), which is c onsistently ranked as Canada's top comprehensive university, is located on the top of Burnaby Mountain. Also, The British Columbia Institute of Technology (BCIT) is located in Burnaby. Burnaby adjacent areas include North Vancouver, Vancouver, Richmond, New Westminster, Coquitlam and Port Moody. We take a look the real estate market in these areas. Two figures below show residential composite MLS HPI Benchmark Price Trend in each area in past 17 years. Comparing these 7 areas, Burnaby real estate market is less expensive. Burnaby, North Vancouv

A Measurement of Home Price Levels and Trends - Home Price Index

- February 01, 2022

Home Price Index (HPI) is designed to gauge changes in home prices. It is the most advanced and accurate tool to monitor home price LEVELS and TRENDS and excludes the extreme high-end and low-end properties. HPI reflects contributions made by various quantitative and qualitative housing features toward the home price, including: Number of rooms above the basement level Number of bathrooms & half-bathrooms Square footage for main living & basement areas Whether it has a fireplace and /or finished basement Lot size The age of the property Parking How the home is heated Foundation, flooring, siding & roofing types Whether the property has waterfront or panoramic view Whether the property has been sold previously ( newly constructed and previously unsold, or repeat sale) Proximity to shopping, schools, hospitals, police stations, churches, sports centres, golf courses, parks, and transportation ( including the train station, railways, and airports) Tracking home price trend