2021 weekly report 4 of 52

"Copyright belongs to Future Real Estate Group, reposting is welcomed, please indicate the source", thanks for your subscription.

All original data comes from the Real Estate Board of Great Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB), thanks a lot for their support!

We only analyse single detached residential properties, and lot size equal to and less than 55,000sqft. Single detached structure strata are also excluded.

Weekly reports mainly cover the following cities and areas: Surrey | Langley | White Rock | Vancouver | Richmond | Burnaby | Downtown Vancouver*

January 30, 2021

Market by cities

Surrey, White Rock, Langley

140 were sold this week, with an average price of 1.44 million and a median of 1.35 million (148 last week, with an average price of 1.41 million and a median of 1.32 million). Even "peripheral cities" such as Surrey and Langley are currently experiencing a "bottleneck" of rising prices, and we feel lack of buying power to keep pushing the market up.

South Surrey and White Rock sold 34 this week, with an average price of 1.69 million and a median of 1.51 million (39 last week, with an average price of 1.63 million, and a median of 1.54 million). Lets talk about one of our listings, 14427 18AVE, which is a single detached in Semiahmoo Secondary catchment, with 8,100 sqft lot and a 2300 sqft 35 years old house. Five hours after loading to MLS, we received a very strong offer without buyer viewing the property, of course the only subject was to view the interior of the house. Because house is tenanted, we, as listing agents, have not even viewed it yet before listing. But how did our listing price come from? That is Future Evaluation.

 

First of all, we know that the 8,100 sqft lot in this area should be valued at 1.2-1.25 million. The owner briefly described the condition of the house at listing presentation. The tenant is a trade person and has been living in the house for 6 years. Roof was replaced 8 years ago, still has good condition. We estimate that the condition of the house would be better than livable, so we have given an estimation of 200,000 to 230,000 on the gross imporve. Therefore, before physically get into the house, we have given an overall assessment of approximately 1.4-148 million on this property. Combining the current market aspects and expectations for 2021, we recommended a listing price of 1.488 million.

Not suprise such a price would immediately attract attention from the public, so an offer came in that night, and the only condition on the offer was to view the house. The next day we arranged for buyers to view the house, along with 6 other groups who had already known that we had accepted an offer in hand. The interior of the house was within our expectation, except for many tools and personal belongings laying on the floors in the house, the walls, roof, bones, kitchen, and main appliances were all in good condition. The buyer removed subject that night and delivered deposit the next day. This listing sold in only 48 hours.

This efficiency depends on the seller’s trust, our accurate analysis of the market, the accurate current evaluation, and the pre-judgment of the market trends. All factors combined make this transaction smooth and efficient, and both buyers and sellers are very satisfied.

In fact, in last December, we also had a single house listed in Whalley, centre district of ​​North Surrey. The whole selling process was very similar to the one mentioned above. Based on our accurate current evaluation and the market trends, the property was sold within a week after listing, and the price was in expectations of both buyers and sellers, In line with current market value.

 

Valuation is the core of the entire real estate market in Metro Vancouver, and only correct evaluations will enable the entire market to develop steadily. Future Real Estate group is committed to complying with current market valuations and providing reliable references for both sellers and buyers.

 

Vancouver East & West

57 were sold this week, with an average price of 2.51 million and a median of 2.21 million (40 last week, with an average price of 2.93 million and a median of 2.75 million). The sales went up, but both prices fell. The reason is what we have been talking about: the buying power of the market has reached the ceiling. The current amount of money is not strong enough to continue to push up the market, especially in a market with high evaluations like the City of Vancouver. If sellers want to make a deal, they can only choose to reduce to a reasonable price, otherwise it is not that the buyer is unwilling to buy, but the buyer cant afford it. There will never be a shortage of buyers in Metro Vancouver, but there are no more impulsive/crazy buyers. Everyone is working hard to spend every penny worthfully, and no longer believe in the myth of skyrocketing and falling.

 

36 were sold in VE area, with an average price of 1.88 million and a median of 1.79 million (19 last week, with an average price of 1.89 million and a median of 1.74 million). The average sold price of a standard 4,000sqft lot in VE in January was 1.68 million, with a median of 1.53 million. We recommend that the median reference price of 4,000 sqft lot in VE in 2021 is between 1.5 million and 1.6 million.

 

21 were sold in VW, with an average price of 3.6 million and a median of 3.3 million (21 last week, with an average price of 3.88 million and a median of 3.31 million). The average selling price of 4,000sqft lot in VW in January was 2.31 million, with a median of 2.3 million. This clearly illustrates the actual buying power of this area.

 

The performance of the VE and VW market is obvious, that is, the buying power and the amount of money have reached the ceiling, and there are still buyers looking for houses, but in view of the “shyness in the pocket” and the factors of local policies and external markets with too many uncertainties, we believe that such prices will remain stable for a while this year. If prices remain stable in the first half of the year without the impact of big uncertainties, the second half of the year should also follow the market and fluctuate around the average prices. The highest point of the whole year of 2021 is likely to happen in February or March.

 

In addition, the topic of low interest rates has been digested by the market already, so it will not contribute to the continued upward trend of the market.

 

Richmond

24 were sold this week, with an average price of 1.67 million and a median of 1.54 million (13 last week, with an average price of 1.8 million, and a median of 1.58 million). As the sales increased, the two prices were averaged. The average sold price of 1.8 million last week was only a shortrun outcome, does not objectively reflect the actual market conditions.

In January, there were 2 old houses over 40 years old with a standard size of ​​7,200 sqft sold. The average sold price and median price were both 1.52 million. At least for the first half of 2021, the recommended reference evaluation of 7,200 sqft in Richmond is still 1.4 million. In January, only one newly house on a 7,200sqft lot was sold, with a 3371 sqft house on, 8391 FAIRHURST ROAD, was sold for 2.55 million. Government assessment is 2.47 million. The current Future Evaluation we give is 1.4 million for land and 700,000 for a house (cost of 200/sqft), which is 2.1 million. Because we don’t know the construction cost of the house, we just estimate it based on the average price in this area. The government assessment of the house is 1.15 million and the land is 1.33 million. We believe that the sold price of 2.55 million should be the ceiling price of a new house on a 7,200sqft lot in Richmond in 2021. Such a sold price can be used as a reference in the 2021 market. Since inventory is low in the market, which is also one of the reasons why the lsting prices of new houses are so high, but unfortunately the market has insufficient buying power, there is a large gap between the listing price and the actual sold price, we believe the gap cannot be closed in the short period of time.

 

Burnaby

17 were sold this week, with an average price of 1.8 million and a median of 1.82 million (10 last week, with an average price of 1.79 million, and a median of 1.54 million). There are 9 sold newly built houses, this is the reason why the two prices are relatively high this week. We have also said before that compared with Richmond, Burnaby has better overall conditions, transportation and geographical location are more suitable for living, it is reasonable that Burnaby's single detached market is better than Richmond. The median reference price of Burnaby in 2021 is about 1.6 million.

 

There are currently 5 listings in Burnaby's new home market, all come with 7200sqft lots, with an average listing price of 2.74 million and a median of 2.78 million. In the past six months, only five similar new houses were sold, with an average price of 2.33 million and a median of 2.45 million. Therefore, the gap between the buying power of the market and the listing price is still quite large. More sellers are willing to wait till this spring, the traditional hot season for real estate, to see if they can sell at the price they are expecting, but we believe that the probability that the median price will exceed 2.7 million in 2021 is very small and should fluctuate around 2.5 million.

This is the end of the briefing, if you are interested in property evaluation, you may contact us at any time: info@futureregroup.com. The information provided by Future Real Estate Group will definitely help you to avoid risks in the market and get good deals at a fair price. Thanks again for your subscription to Future Real Estate Group!

"Copyright belongs to Future Real Estate Group, welcome to share with your friends, but please indicate the source", thanks for your time! 

All original data comes from the Real Estate Board of Great Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB), thanks a lot for their support!

For Information Only. The Information on this page is of a general nature for reference purposes only, and is not to be relied upon or construed as real estate, legal, accounting or other professional advice or a substitute therefore. You should not use any Information contained on this page as a substitute for consultation without any legal or accounting professionals or other professional advisors. You should not act or abstain from acting based upon Information obtained from this page without first consulting appropriate professional advisors. Since all real estate transactions are unique, diligence and prudence are essential.

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2021 weekly report 3 of 52

 

January 23, 2021

Market by cities

Surrey, White Rock, Langley

Sales have slowly picked up. This week, there are 148 single detached sold in these 3 cities, with an average price of 1.41 million and a median of 1.32 million (109 last week, with an average price of 1.4 million and a median of 1.25 million). Surrey and Langley will be the two most active cities in the real estate market this year, because the land prices in these two cities are fairly reasonable and affordable.

 

South Surrey White Rock sold 39 this week, with an average price of 1.63 million and a median price of 1.54 million (22 last week, with an average price of 1.87 million and a median of 1.47 million). Seeing the sales and sold prices move up so firmly, we are a little worried about the overall market trend this year. Regardless of the macro economy and the prevention and control of the COVID 19, there are still many uncertainties. We are not worried that the market will fall. However, if the price deviates too much from the actual purchasing power of the market and the amount of new funds entering the market is not large, it is bound to be in the short term, there would be a “bubble”, and the market will certainly pull back at a certain period of time.

 

The current inventory is low (we believe that new listings in February and March will increase), but for buyers, unless they have to buy, they need to be patient when they see a listing that exceeds true assessment too much. It is believed that the median price of single detached will not increase significantly within 2 years, and we forecast an increase of about 5% in 2021. Although land in Metro Vancouver is scarce, there will never be a particular shortage of supply. Therefore, buyers must take the current market valuation as the standard, and do not blindly chase prices.

 

Vancouver East & West

40 sold this week, with an average price of 2.93 million and a median of 2.75 million (45 last week, with an average price of 2.35 million and a median of 1.92 million). The current average sold price is still high, but because the speed of new capital injection is basically the same as the speed of market digestion, the price is high, but the rise is weak.

 

VE sold 19 with an average price of 1.89 million and a median of 1.74 million (30 last week, with an average price of 1.798 million and a median of 1.61 million).

 

VW sold 21 with an average price of 3.88 million and a median of 3.31 million (15 last week, with an average price of 3.47 million and a median of 3.25 million).

 

In Vancouver West area, a 4,000-square-foot standard lot (no views, regular), with houses over 70 years old. The current average listing price is 2.62 million and the median listing price is 2.72 million. However, in the past three months, 13 with similar criteria were sold, with an average sold price of 2.45 million and a median price of 2.4 million. How will this different of more than 200,000 be digested? It depends on the amount of new money coming into GVA. If the amount entered is the same as the amount purchased, there is a high probability that the high-end market will be sold this year in the form of a price reduction, otherwise the price will be pushed up. Of course, another balance point will be found in the high end market, which is a compromise between less supply and less demand. In this case, the price will remain at the current level.

 

39 similar criteria properties were sold in VE in the past three months, with an average price of 1.56 million and a median of 1.53 million. The average listing price in the current market is 2.06 million, with a median of 2 million, which is about 500,000 behind the actual selling price. We believe that the narrowing of this gap will not be achieved in 2021. Sellers who have lost patience will only sell at lower prices before buyers are willing to offer. At present, most buyers in the market are unwilling to buy properties that exceed their true assessment too much.

 

Richmond

13 were sold this week, with an average price of 1.8 million and a median of 1.58 million (16 last week, with an average price of 1.88 million and a median of 1.82 million). We recommend that the reference assessment of a 7,000-square-foot lot still not exceed 1.4 million, while the average value of a new house on it is about 2.4 million. There are currently 423 single detached listed in Richmond, and total sold properties in the past month is 31. The listing-sale ratio has exceeded 10:1, indicating that the listing price is too high; 2. the market purchasing power is not enough; 3. the buyer confidence is insufficient. This situation in the Richmond detached house market will continue throughout 2021. The high probability is that the selling price will be lowered in response to insufficient new funds or purchasing power.

 

Burnaby

10 sold this week, with an average price of 1.79 million and a median of 1.54 million (20 last week, with an average price of 1.65 million and a median of 1.46 million). Currently Burnaby has 205 active listings, while 28 have been sold in the past 30 days, with a listing-sale ratio of approximately 7:1. The reason is the same as in Richmond. The listing price is too high and exceeds the affordability of the average of the local market, so the sales speed is slow. How to alleviate it? One is to reduce prices, and the other is to wait for the market to rise, but we believe that the entire Metro Vancouver market will be dominated by mild fluctuations in 2021, and there will only be 5-6% upwards, and there will be no significant increase. What is the actual situation? Let’s wait and see, the game has yet to be verified by the market.

***

 

This week we discussed the current townhouse market with a few colleagues. We faintly feel that the current market has returned to 2017 when price of single detached rose weakly, and townhouses were popular in the market causing frequent looting.

 

The townhouse market has suddenly emerged again recently, and $600,000-$900,000 is the buying power of the townhouse market in the entire Metro Vancouver region. In terms of household income, the average annual household income in BC is about $85,000. According to the current loan policy: the loan amount is 5-6 times the income, then the loan amount is about $500,000. The average family down payment can take out 200,000 which is already the maximum, the total price that can be paid is about $700,000, and this amount is just the current median of townhouses in the Fraser Valley area. Therefore, we believe that when price for single detached remains high, townhouses will become the first choice in the affordable and practical buyers. Moreover, we have always believed that large size townhouses will be the most popular in the Metro Vancouver. Here we recommend the most value-preserving and value-added types of townhouses: above 1500 sq. ft., double side by side garage, 3 bedrooms upstairs + 1 den downstairs, or 1 bedroom + bathroom downstairs. This type of townhouse is the most valuable in the market.

 

This week’s market in major cities in the Metro Vancouver showed an slight increase in volume and prices, but we still give a neutral evaluation of such fluctuations in the short term, mainly because the prices in the high-end market have not changed, and all the rising prices are concentrated In the $900,000-$1.6 million market, which is the price range we have given the strongest support or the foundation of single detached this year, we are not seeing more upward momentum at present.

This is the end of the briefing, if you are interested in property evaluation, you may contact us at any time: info@futureregroup.com. The information provided by Future Real Estate Group will definitely help you to avoid risks in the market and get good deals at a fair price. Thanks again for your subscription to Future Real Estate Group!

"Copyright belongs to Future Real Estate Group, welcome to share with your friends, but please indicate the source", thanks for your time! 

All original data comes from the Real Estate Board of Great Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB), thanks a lot for their support!

For Information Only. The Information on this page is of a general nature for reference purposes only, and is not to be relied upon or construed as real estate, legal, accounting or other professional advice or a substitute therefore. You should not use any Information contained on this page as a substitute for consultation without any legal or accounting professionals or other professional advisors. You should not act or abstain from acting based upon Information obtained from this page without first consulting appropriate professional advisors. Since all real estate transactions are unique, diligence and prudence are essential.

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2021 weekly report 2 of 52

January 16, 2021

 

There is an article recommended this week: https://betterdwelling.com/canadas-economy-has-never-been-more-dependent-on-real-estate/, with the title "The Canada’s economy has never been more dependent on the real estate". Is it good or bad for local economy relying on the real estate market? We will share our points of views and discuss this topic in our blog soon, please follow us for this update.

 

Market by cities

 

Surrey, White Rock, Langley

109 single detached sold this week, with an average sold price of 1.4 million and a median of 1.25 million (85 sold last week, with an average price of 1.43 million, and a median of 1.23 million). The volume was slightly higher than last week, but the two prices are very similar. In 2020, the annual average sold price of the three cities was 1.22 million, and the median was 1.12 million.

 

22 were sold in South Surrey and White Rock, with an average price of 1.87 million and a median of 1.47 million (22 sold last week, with an average price of 2.1 million, and a median of 1.65 million). Compared with the two that deviated too much from the average last week, the median price this week immediately fell back to a reasonable range. The average price is still slightly higher (the average price for the whole year of 2020 was 1.56 million, and the median was 1.41 million). We believe that with the increase in volume, the two prices will continue to fluctuate around the average. In 2021, the median reference price in this area is between 1.4 million and 1.5 million.

 

Vancouver East & West

45 were sold this week, with an average price of 2.35 million and a median of 1.92 million (35 last week, with an average price of 2.58 million, and a median of 1.82 million). You can tell that with a sold volume rises, the average price is moving to the average of 2020. The average sold price in 2020 is basically around 1.9 million. The median reference price in 2021 is 2 million, and we don’t see, at least at this moment, there would be a more than 8% increase in 2021.

30 were sold in VE area, with an average price of 1.798 million and a median of 1.61 million (24 last week, with an average price of 1.78 million and a median of 1.71 million).

15 were sold in VE, with an average price of 3.47 million and a median of 3.25 million (11 last week, with an average price of 4.32 million and a median of 3.51 million).

 

The relatively cheap area, MARPOLE in VW, lot dimension 33’X122’, which a standard ​​4000 sqft lot, with an old house of 2500-3000sqft on, at a nice location and good neighborhood, buyer still can get a price for less than 1.9 million. For buyers who focus on value preservation and appreciation, the MARPOLE area is a good choice in 2021.

 

The one sold in Kitsilano, 2841 W 12TH AVENUE, 4000 sqft lot, 2882 sqft 1-year new house, according to the Future assessment, the current land value is about 2 million. The average construction cost of this location is about $300/sqft, so the total cost of the property is about 2.9 million. The sold price is 3.51 million, which is slightly more than expected, but because of the low market inventory, there are not many choices for buyers. This price is a very good price for sellers. Buyers have little chance gaining profit in the short term, but in the long term, risks are low due to the scarce of the land.

 

Richmond

16 were sold this week, with an average price of 1.88 million and a median of 1.82 million (16 last week, with an average price of 1.69 million and a median of 1.6 million). The median before 2 weeks was also over 1.8 million. Let's take a look at the sale of old house on a 7200sqft lot. 10491 SEAHAM CRESCENT, located to the southeast, land value is slightly cheaper to those in the central and central south. The 62-year-old house is way better than livable. It has been upgraded and reno-ed, and the sold price is 1.4 million, which is matching with our assessment of a 7200sqft lot size property. Future assessment believes the median price of a 7,200sqft lot in Richmond should be around 1.4 million.

Then look at the new house on 7,200sqft lots market, 9451 FLORIMOND ROAD and 4860 FORTUNE AVENUE, both come with 1 year new houses, average floor area is 3350sqft and an average sold price is 2.6 million. Based on an average construction cost of $200/sqft, taking into account the financial costs and additional costs, the current valuation of these two properties should be between 2.3-2.4 million, but the selling price is 2.6 million, which is a bit higher. One of the reasons that can be seen here is because the cost of land acquired by builders is relatively high, nearly 200,000 higher than the reference we gave. The second one is the subjective factors in the market. At the current, there are 5 new newer houses listed on the market in Richmond and lot size are all around 7200sqft. The average of listing price is 2.85 million and a median of 2.66 million. We believe there is still a big gap between this price and the purchasing power of the market.

 

At this time, for owner-occupier buyers, they probably need to accept a higher price because of the low inventory but in a long-term holding period, these buyers will not risk loss. However, for investors, this gap will stop them from buying in order for the market to correct by itself. In addition, the rent-to-sale ratio is now completely upside down, and no one will buy a house for renting it out because rentals cannot even cover the mortgage, no need to mention the property tax, and maintenance. Therefore, we believe that in Richmond, with the price remains on the ceiling of the average, single houses listed over 2.5 million will sell very slowly, but sellers wont easily lower their prices because of the scarcity of land and limited supply. The median reference price of Richmond in 2021 is 1.6 million, which means that the strongest purchasing power is concentrated near this number.

 

Burnaby

20 were sold this week, with an average price of 1.65 million and a median of 1.46 million (only 9 last week, with an average price of 1.63 million and a median of 1.55 million).

There were 17 single detached sold within last 6 months, with similar features such as 7,200-square-foot standard regular lot with no views, 55-year-old or above houses, the average sold price is 1.46 million and a median of 1.45 million. The median price is also a reference for 2021 too, which we believe in 2021 market, should not rise by more than 10%. We suggest a buying price on brand new houses with 7200sqft lot not to exceed 2.5 million in 2021 in Burnaby.

This is the end of the briefing, if you are interested in property evaluation, you may contact us at any time: info@futureregroup.com. The information provided by Future Real Estate Group will definitely help you to avoid risks in the market and get good deals at a fair price. Thanks again for your subscription to Future Real Estate Group!

 

"Copyright belongs to Future Real Estate Group, welcome to share with your friends, but please indicate the source", thanks for your time! 

All original data comes from the Real Estate Board of Great Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB), thanks a lot for their support!

For Information Only. The Information on this page is of a general nature for reference purposes only, and is not to be relied upon or construed as real estate, legal, accounting or other professional advice or a substitute therefore. You should not use any Information contained on this page as a substitute for consultation without any legal or accounting professionals or other professional advisors. You should not act or abstain from acting based upon Information obtained from this page without first consulting appropriate professional advisors. Since all real estate transactions are unique, diligence and prudence are essential.

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2021 weekly report 1 of 52

January 10, 2021

 

New Year’s 1st Weekly Report, Lets emphasize again the type of properties we choose for the reports are: single detached houses (NO detached structure strata), lot size is equal to or less than 55,000 square feet.

 

Market by Cities

 

Surrey, White Rock, Langley

In the first week, 85 properties were sold through MLS, with an average price of 1.43 million and a median of 1.23 million (last week of 2020 was 104 solds, with an average price of 1.46 million and a median of 1.26 million). The decrease in volume is due to holidays.

There are 22 solds in South Surrey White Rock, with an average price of 2.1 million, and a median of 1.65 million (23 were sold in the last week of 2020, with an average price of 2.06 million, and a median of 1.84 million). The average price in the first week of the new year have already exceeded 2020 peak. Don’t be so excited, given that there are 11 newer houses within 10 years and 5 renoed, the average price is reasonable. For the median price, we still recommend using around $1.5 million as a reference in the first half of 2021.

 

One of the biggest features of the South Surrey and White Rock areas is that they are close to the water. They are the best ocean view areas in the entire Metro Vancouver except Vancouver and West Vancouver. They are also, compare with high-end market such as Vancouver and West Vancouver. South Surrey White Rock is a more popular, affordable, less high end residential area, so we continue to be optimistic about the ocean view detached houses in 2021, especially the ocean front view lots, which are an absolute scarce resource. Half acre lot with front ocean view is assessed by Future at $4.5-$5 million, 5000 -6000-foot lots that have a 90-degree ocean view given $1.5-$1.6 million as a reference, and 5000-6000-foot lots with 180-degree ocean view has a reference value of $1.8-$2 million.

 

Vancouver East & West

35 were sold in the first week of the new year, with an average price of 2.58 million and a median of 1.82 million (27 were sold in the last week of 2020, with an average price of 2.39 million, and a median of 2.25 million). The median for your reference for the City of Vancouver in 2021 is recommended at 1.9-2 million range.

 

​24 were sold in VE area, with an average price of $1.78 million and a median of $1.71 million (15 were sold last week, with an average price of $1.77 million and a median of $1.63 million)

11 were sold in VW, with an average price of $4.32 million and a median of $3.51 million (12 last week, with an average price of $3.17 million, and a median of $2.79 million). The large price change was due to the small volume and the 2 sold between $7-$9 million.

5637 LABURNUM STREET, SHAUGHNESSY, 2 years newer house, 10,000 square feet lot, 6,400 square feet of house. The land value we have assessed is between $ 4 to 4.5 million, the house value can be calculated at $ 400-450 per square foot (the cost is based on the average for this area) which is 2.9 million, so the total Future assessed is about 7.4 million, and the sold price is 7.75 million. This difference is still acceptable for us because subjective factors and house cost can’t be estimated accurately.

There is another one sold for $9.3 million, 4754 W 2ND AVENUE in POINT GREY, nearly 34,000 square feet of land, 6,400 square feet of 100-year-old house, government assessment is $9.2 million, unfortunately there is no any views.  We believe that the sold price also was referred to government assessment. We won’t comment much on the evaluation, the price is reasonable according to experience.

In addition, about 4000 square feet no views lots in VW, such as: 2069 W 48TH AVENUE, although the location is not particularly ideal in VW, the land value is basically around 2 million. If the lot is in a better community in VW, the price difference of the 4000-sq-ft lot comparing with the one mentioned above should be between $200,000 and $300,000. We believe that the ceiling assessment of a 4,000-sq-ft no views lot in VW in 2021 should be between $2.5-2.6 million. There is currently no room for more upward rushing because of the power of the new money. However, things change unpredictably, you can learn more real-time information by following our weekly report.

 

Richmond

16 were sold in the first week of the new year, with an average price of 1.69 million and a median price of 1.6 million (20 were sold last week, with an average price of 1.82 million, and a median of 1.83 million). The sharp contrast between this week and the previous week was due to the older houses this week, and there are only 3 newer houses within 10 years.

 

Everyone should have an objective and rational judgment when looking at prices. Don’t draw conclusions about the entire market just because individual prices are high or low. First, don’t refer to listing prices, we never look at the listed price, because selling strategies may be varying very differently. We only follow a reasonable valuation. Then, we combine the macro and micro facts to determine whether the sold price is good or unrealistic. If the sold volume is very low, then the reference on significance of the drop is relatively small.  We need to look back for 3-6 months of data. We all know that the supply of land in Metro Vancouver is extremely limited, price fluctuations will provoke the nerves of many participants, but they must also follow objective facts. The big ups and downs are definitely not what the government and all rational participants want to see.

 

10720 MORTFIELD ROAD, 9630 square feet of land, 4137 square feet of two-year new house, sold for $2.68 million. According to the market in 2020, $1.4 million can be seen in this area as a good assessment for 7,000 square feet, and $2.5-$2.6 million for new houses, but this 2-year-old house only sold for $2.68 million, is it cheap? If you have been paying attention to our weekly report, you will know that the high price market in Metro Vancouver was not running well in 2020, and the turnover in the market of $2 million and above is very slow. For a new house of 7,000 square feet in Richmond, we should not give more than $2.4 million for reference. However, in the end of 2020, we did see some $2.5-$2.6 million sold houses, but we don’t think in 2021, there is not much upward momentum in this price range. The possibility of falling is unlikely, at most it will remain flat. Therefore, we think the price of the above mentioned $2.68 million is relatively reasonable. Some friends say that the lot is not square (there is an acute angle in the backyard), and the apartment complex is on the other side of the street. These are also reasons to disturb the price, but in general, the sold price is relatively safe.

 

Burnaby

The first week of the year, there were only 9 solds, with an average price of $1.63 million and a median of $1.55 million (11 last week, with an average price of $1.56 million, and a median of $1.59 million). We believe that the Burnaby Market has better potential in the future. The key is the convenient location, developed commerce and transportation. The land price is still reasonable at present, so those who are reluctant to buy property in Surrey or Langley but have enough budget, you can choose Burnaby to find good resources.

This is the end of the briefing, if you are interested in property evaluation, you may contact us at any time: info@futureregroup.com. The information provided by Future Real Estate Group will definitely help you to avoid risks in the market and get good deals at a fair price. Thanks again for your subscription to Future Real Estate Group!

 

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All original data comes from the Real Estate Board of Great Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB), thanks a lot for their support!

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