Jay Mcinnes

Mobile: 604-771-4606


Why You Should Be Watching The House-ing Market!

Why You Should Be Watching The 'House'-ing Market
It seems for a lifetime now, we have been hearing about sales figures dropping, market corrections. first time home buyers getting into the market, the luxury market is dead and so on, and so forth…. You know the drill by now ….
But a lot of the talk is on:

  1. Metro Vancouver (which as we have discussed is a broad geographical area)
  2. First Time Home Buyers
  3. The collapse of luxury real estate
  4. The dying foreign investor activity in Vancouver

(Excuse the dialogue here, I am paraphrasing from the media it would seem.)

While we hear a lot on the above, what about the nitty gritty of the detached housing market? What about those who bought a number of years ago and are looking to make that next move i.e. the second or third time home buyers?! Why are we being cruel and leaving them out?!? They did nothing to us!!!!

Ok breathe… But in all seriousness, this market is an excellent opportunity for those people looking to make the next move up. Comparing July 2019 to July 2016, the market has dropped anywhere from 11.4% in East Van, down to 19.2% on the West side. Even surrounding areas such as Burnaby North have seen a decrease at almost 15%!

Check out the average home prices below as of July 2019*. These are specific to the detached housing market:

* Statistics taken from the Real Estate Board of Greater Vancouver  As of writing this blog, there are 100+ homes listed in East Van under this average pricing, with only a handful of these being ‘tear down’ jobs. In fact, you can purchase a livable home within East Vancouver for as low as $948,800 right now! Cheaper than MANY condos!

When we take a jump across town to the Westside, we find the same story, except there are 130 options to choose from right now below the average pricing, starting from the $1.6M range.

Even looking at the outskirts of Vancouver to Burnaby North, a popular area and typically higher end, you can purchase a detached home for $1,000,000.

The reality of the above is like this, if you purchased a few years ago and happened to look at houses, a lot of those houses could be even cheaper today than when you first looked at them three years ago. On top of this, when you look at the average price over the last 10 years, each of these areas increased by a minimum of 93%, so they are a great long term investment, especially if the idea is to start/raise a family there. Investment being a significant factor to a lot of those people looking at the above right now.

Downtown Vancouver is heavily condo focused yes, but there is a juicy opportunity for those looking at the detached market right now and making that next step. A natural transition in life sees a lot of people purchase in the Downtown area first, then those same people look for things like more space, school catchments, community and more. The substantial correction to the detached home market has gifted these people with the opportunity to get involved!

These prices come down even further when you look at areas like Pitt Meadows and Maple Ridge. So for those of you looking at an opportunity with a smaller budget, or who don’t mind living a bit further out from the city itself, you can easily keep your hard earned dollars by exploring these areas.

Thanks for tuning in everyone, we really appreciate your support, comments, feedback and reviews. That wraps us up for the week, we will be back next Thursday as per your regularly scheduled programming!

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523