Current: New West & E. Burnaby's Residential Detached housing is in a Buyer Market with 7 %SOLD rate.
(meaning 7 homes out of 100 sold last month with an average $59,950 Discount from the original list price)
Most Active Range: Homes between $1.15 mill.- $1.45 mill. have a High 11.5 %SOLD rate.
Least Active Range: Homes above $1.85 mill. have 2.0 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices decreased $7,272.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $4,718.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast:New Westminster- East Burnaby has an average Listing Supply; 203 homes are for sale and with the 7 %SOLD Monthly Rate giving us a ~14 Months of Inventory. Another indicator: 15% of the Active Listings have Reduced their Price by $59,771 on Average and $50,000 on Median in the last month. We project New Westminster- East Burnaby Detached to be a Buyer Market.
November's Real Estate Statistics shows Vancouver's Detached Markets values experienced an Average Monthly Price decrease of $11,521. This exceeds the $7,184 drop that we saw in the month prior. On Average, the Fraser Valley Market had a $7,425 monthly price decrease. Consumer confidence has been boosted with our new NAFTA trade agreement but offset with the continued, the GM plant shutdown in Oshawa, on tougher mortgage lending rules and pending interest rate increases. We are still forecasting a Buyer's Market across most Detached Markets for the following months.
Currently, the Condo Market continues to present a Cool Market with 87% of the Greater Vancouver (Lower Mainland) now decreasing. At the same time, 89% of Townhouse Markets are decreasing. (25 out of 28 Markets). We are still forecasting a Buyer’s Market in all Condo/Townhouse Markets for the foreseeable future. We analyze and provide 97 individual City's Home Price Indexes to supply you the MOST ACCURATE Market Trends every 2 weeks. Please contact us for your own Market Value Update with an in-depth Analysis and Forecast in your Local Market Area and more specifically - Your Neighborhood.