We in British Columbia and especially in the Lower Mainland tend to think of ourselves in a real estate bubble with a market peculiar to us. Not this season! This unexpected flurry of sales in the midst of a pandemic is Canada wide. The Canadian Real Estate Association just reported a record breaking month of August for Canadian housing markets. Even though new listings hit the highest level for the month of July, home sales in August reached the highest level of any month in history! Who would have guessed it?
From New Westminster and Burnaby stretching east to Pitt Meadows and Maple Ridge, detached home sales are making a strong come back – outdoor space and gardens are once more in vogue. Strongest detached market last month was Port Coquitlam with 5.5 in 10 homes selling and on average selling at 2% over list price. Most popular neighborhood there – Citadel Heights.
Heritage Woods was the most sought after location for detached homes in Port Moody which overall had a 27% sales ratio with home sales on average 4% below list prices. The small Anmore market had 3 sales.The most active price point in Maple Ridge detached sales remained at $800,000 with a shrinking inventory.
New Westminster detached category was strong last month with 4.1 homes in 10 selling at prices on average 1% below list prices. Most active areas were Queensborough and The Heights. Burnaby was one of the few places where the detached inventory had increased and the most active price band remained $1million to $1.25 mil. In this range 71% of the inventory sold, while overall the sales ratio was 29%.
As a result of people being confined to home for several months and many still working from home (not requiring that city commute) there has been a move to the suburbs. Gardens are suddenly more attractive within our more traditional neighborhoods, as well as newer areas.
Who can tell what will happen in September, other than nights becoming cooler? Our crystal ball is no longer in play, but thinking an increase in inventory is likely which could flatten the real estate curve. As for the pandemic curve – let’s pull together, obey all the instructions and keep our families and communities safe.
Keeping our clients safe while still achieving their real estate goals is our mission. If you want to know how all that works and is working, we are happy to answer your questions any time. Our umbrella is still in place as we have you covered for yet another month.
We are:- Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.