In spite of the fact that the number of active listings increased on our Multiple Listing Service last month, it still could not outstrip the heavy demand. Supply remained short while buyers continued to compete with each other in a heated market, causing sale prices to edge up again.
Locally the focus has moved from condos to detached homes which came from something of a lull to a full blown hot market in September, which saw a 76.8% increase over the same period in 2019. We are seeing families purchasing the older homes with a view to modernising them over time, rather than the builder /investor looking to demolish and rebuild. This is revitalising neighborhoods rather than changing the economic dynamic with infill of large new homes.
Star of the sales show was Maple Ridge – 5.7 in 10 detached homes sold last month at, on average, 1% below list price. Similar story in attached homes – 5.1 in 10 homes selling, on average at full price. Lowest selling rate (2.5 in 10) occurred in Port Moody detached homes, closely followed by New Westminster detached market with 3.1 in 10 homes selling.
These results speak to ‘affordability’ or lack of it as we move west to east. As the pandemic shows no signs of slowing down any time soon and the working from home crowd increases, there is a growing desire to move further away from the city and enjoy more space both inside and outside. After all, when working from home, you can be based anywhere with decent internet. Unexpected consequences are what make real estate so interesting and so often, unpredictable.
If you are trying to formulate a real estate plan for yourself – either short or long term – and would like to discuss the options, we are waiting for your call. We don’t have a crystal ball, but we have well over a century of experience in our team and are happy to share it.
Whatever the changing climate, we continue to keep you safely covered.
Enjoy the colourful Fall.
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.