Canada Day & The White Hot Market
We loaded 10,000 pieces of candy into The Beast to hand out at the 2016 Abbotsford Canada Day Parade
Summer has officially arrived! Yet the weather in the Lower Mainland has remained cool, unlike the real estate market, which has been white hot since January. Personally in my 24 years as an agent I have never experienced the intensity of the market such as it’s been over the last 6 months. The first quarter saw single family home prices take off like a rocket ship heading directly to the moon. Townhomes followed in the second quarter, with home prices soaring and STR numbers going through the roof. The condominium market also experienced a monster surge in prices and STR numbers in the last half of the second quarter. Interestingly, most areas throughout the region have experienced a cooling of the single family market, taking it from white hot to red hot. While the strata properties have picked up where the single family left off, it is all about affordability. I believe the spring market of 2016 will go down in history as one of the most intense markets ever experienced in BC real estate.
The Eximus Team in action!
The top 3 STR numbers in the Greater Vancouver are for the month of June are:
DETACHED
North Vancouver 37%
Port Coquitlam 31%
Coquitlam 30%
TOWNHOMES
Port Moody 54%
Port Coquitlam 51%
North Vancouver 48%
CONDOS
North Vancouver 56%
Port Coquitlam 54%
Burnaby and East Vancouver 49%
The top 3 STR numbers in the Fraser Valley are for the month of June are:
DETACHED
Langley 48%
Maple Ridge 46%
Chilliwack 43%
TOWNHOMES
Langley 67%
Cloverdale 65%
White Rock and Chilliwack 54%
CONDOS
Cloverdale 53%
Langley 50%
White Rock 40%
The Valley remains the more active market of the two. Strata properties are turning over at an alarming rate, with an all-time high STR number of 67% in Langley townhomes. Take care and spend some quality time with family and friends over the summer months.
If you would like to receive a copy of the statistical market report contact us here.
Randy Dyck
Personal Real Estate Corporation
604-807-4366 or randy@eximus.com
STR (Sell Through Rate) Formula = Sales ÷ Active Listings + Failed Listings + Sales
