There was a surge in real estate sales in May, but unsurprisingly the homebuyer demand in Metro Vancouver still remains low, well short of historical averages. The stats from the Vancouver Real Estate Board are in, and residential home sales in May totalled 2,638, making it the busiest month this year and a significant increase over the homes sold in April. However, last month’s sales total was the lowest total for May since 2000 and 22.9-per-cent below the 10-year May sales average.

So what does this all mean? It means if you’re thinking of buying then now is a good time. If you’re downsizing or looking to cash in for retirement, you might want to wait to see if the market picks up. While there is no predicting the future, it’s unlikely that these lows will stay low for the long term as a significant factor such as the Stress Test, prevent a lot of middle-income families from qualifying for the type of mortgage they need for a bigger home. The good news is if you can get over the Stress Test, this year might be the time to buy in Vancouver.

In the city, prices are still very much divided when you examine west versus east. The benchmark for a detached home in East Van now sits at around $1,350,000 compare this to the average which sits around $3,000,000 for on the westside of Vancouver.  The key to finding a good deal is, you guessed it, all about location, location, and location. For buyers there are some pockets that remain relatively strong, and, on the flip side, if you’re a buyer, there are some really good areas where you can find homes for a bargain.

When it comes to price, it’s not surprising that some neighbourhoods have pivoted in favour of buyers.  Some good places to look for a single-family residential house included Mount Pleasant, Marpole in Vancouver West, Saunders and Lackner in Richmond, West Cambie and Steveston North, Hastings East and Collingwood in Vancouver East, and Queensborough in New Westminster.

Queensborough, for example, was ranked as the best buyers’ market for a townhouse or condo on a list that included Central in Burnaby, Pemberton in North Vancouver, Saunders, South Cambie, Canyon Springs in Coquitlam and Renfrew in Vancouver East.

Steveston is also a desirable neighbourhood, known for its beauty and tranquility.  It’s a charming community of families and retirees right along the water who often walk along the Fraser River boardwalk.

On the other hand, the town centre near Richmond Centre and Lansdowne Mall is busy and changing with over 6,000 new housing units expected to be added to the neighbourhood in the next five years. Another neighbourhood worth looking into is Oakridge, which will see 32,000 new homes for 50,000 residents over the coming decades with some density around the Canada line.  

If you’d like to know more and learn what a good neighbourhood fit for you is, give Chris a call or email him HERE.