There are 898 (up from 846 last week) single family homes for sale, 1156 attached properties including townhouses and apartments, 29 listings for land only and 7 listings for mullti-family property for a total listing count of 2090 properties.
The 45 properties for which prices have been reduced this last week amount to 2.15% of all of the properties listed (now standing at 2090 in all) a reduced rate in terms of the percentage to the total from last week of 5.6%.
The average price reduction for these properties was $31,132 and the median was $20,000.
It is tough to conclude whether these latest numbers represent a very mild deceleration of price declines or the impact of a new long holiday weekend. The data also points to a possible increase in re-listed properties which mask possible price declines.
Clients are continuously wondering where to keep their money and whether to invest in real estate at this point. Many people are wary of the most recent direction of real estate prices. A couple of points are worth mentioning:
1. People are not leaving the province of BC;
2. Mortgage financing is proving harder for new buyers and new immigrants to qualify for due to the shorter ammortization period;
3. If more people cannot buy and they are not leaving, it stands to reason that they will rent.
I therefore expect fully rented and well maintained income properties to weather any short-term pricing trends. Supply of these types of properties whether duplexes, triplexes or multi-family properties is extremely limited. They offer an advantage of the feel of a home, often with a yard and a neighbourhood, compared to a highrise condo tower. They should be expected to carry themselves financially and yield at least 5-7% on revenue. You can check out a couple of such listings on the revenue drop-down box on the Property tab on the Shuchatgroup homepage.
Here is the entire list of price reduced homes ranked by percentage decline. If you want to find out more about these listing, you can search them from the property tab on my homepage.
|Address||LP||Prev LP||Change||% Change||Tot BR||Dwell||Age|
|# 305 11240 MELLIS DR||288,800||319,900||31,100||9.72%||2||APTU||25|
|5840 OLIVER DR||728,000||798,000||70,000||8.77%||3||HOUSE||21|
|7740 SUNNYHOLME CR||2,188,888||2,388,888||200,000||8.37%||6||HOUSE||45|
|3260 GARRY ST||998,000||1,088,000||90,000||8.27%||4||HOUSE||22|
|# 706 6119 COONEY RD||253,000||273,000||20,000||7.33%||1||APTU||15|
|3820 SHUSWAP AV||625,000||668,000||43,000||6.44%||2||HOUSE||40|
|# 1601 6651 MINORU BV||328,800||348,800||20,000||5.73%||2||APTU||38|
|# 1211 6651 MINORU BV||328,800||348,800||20,000||5.73%||2||APTU||39|
|# 209 8840 NO 1 RD RD||234,900||249,000||14,100||5.66%||3||APTU||38|
|# 6 6675 NO 2 RD||518,800||549,800||31,000||5.64%||3||TWNHS||22|
|4100 GARRY ST||1,038,000||1,098,800||60,800||5.53%||4||HOUSE||8|
|# 213 8860 NO 1 RD||179,900||189,900||10,000||5.27%||1||APTU||38|
|11280 SEAFIELD CR||778,800||818,800||40,000||4.89%||3||HOUSE||45|
|4338 CANDLEWOOD DR||1,198,000||1,258,000||60,000||4.77%||7||HOUSE||25|
|# 107 8500 LANSDOWNE RD||239,000||249,900||10,900||4.36%||2||APTU||30|
|10419 DENNIS CR||698,800||728,800||30,000||4.12%||4||HOUSE||52|
|7500 CHELSEA RD||2,398,000||2,498,000||100,000||4.00%||6||HOUSE||5|
|1091 CATALINA CR||1,128,000||1,175,000||47,000||4.00%||5||HOUSE||0|
|# 111 8900 CITATION DR||168,000||175,000||7,000||4.00%||1||APTU||31|
|5580 CATHAY RD||1,699,000||1,769,000||70,000||3.96%||6||HOUSE||21|
|# 114 8580 GENERAL CURRIE RD||308,000||320,500||12,500||3.90%||2||APTU||20|
|6239 LYNAS LN||940,000||978,000||38,000||3.89%||5||HOUSE||30|
|# 300 7760 GRANVILLE AV||509,900||528,000||18,100||3.43%||3||APTU||15|
|5491 FRANCIS RD||950,000||980,000||30,000||3.06%||6||HOUSE||22|
|8791 MOWBRAY RD||2,128,000||2,188,000||60,000||2.74%||5||HOUSE||0|
|# 318 12633 NO 2 RD||369,880||379,880||10,000||2.63%||2||APTU||15|
|9411 NO 5 RD||748,000||768,000||20,000||2.60%||5||HOUSE||42|
|8180 MINLER RD||1,498,000||1,538,000||40,000||2.60%||6||HOUSE||17|
|# 313 9411 GLENDOWER DR||389,000||399,000||10,000||2.51%||3||TWNHS||42|
|# 1205 9133 HEMLOCK DR||515,000||528,000||13,000||2.46%||2||APTU||8|
|# 1503 7360 ELMBRIDGE WY||449,000||459,800||10,800||2.35%||2||APTU||4|
|# PH1500 8111 ANDERSON RD||469,000||480,000||11,000||2.29%||2||APTU||17|
|# 233 7451 MOFFATT RD||379,999||388,900||8,901||2.29%||2||APTU||25|
|# 410 8600 PARK RD||449,000||459,000||10,000||2.18%||2||APTU||2|
|# 102 9333 ALBERTA RD||449,900||459,900||10,000||2.17%||3||APTU||10|
|2468 BAYDALA CT||929,800||949,800||20,000||2.11%||6||HOUSE||3|
|# 128 9288 ODLIN RD||475,000||485,000||10,000||2.06%||3||APTU||3|
|# 805 7500 GRANVILLE AV||549,000||559,000||10,000||1.79%||2||APTU||20|
|# 38 7533 HEATHER ST||649,000||659,000||10,000||1.52%||4||TWNHS||8|
|# 706 3333 CORVETTE WY||444,000||449,800||5,800||1.29%||2||APTU||2|
|6471 CONSTABLE DR||788,000||798,000||10,000||1.25%||3||HOUSE||38|
|22491 RATHBURN DR||668,000||674,800||6,800||1.01%||5||HOUSE||19|
|3311 TRUMOND AV||988,000||998,000||10,000||1.00%||3||HOUSE||54|
|10300 FRESHWATER DR||1,688,588||1,698,588||10,000||0.59%||4||HOUSE||1|