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Current: New West & E. Burnaby's Residential Detached housing is in a Stable Market with 11 %SOLD rate.
(meaning 11 homes out of 100 sold last month with an average $49,999 decrease from the original list price)
Most Active Range: Homes between $1.4 mill. - $1.7 mill. have 29.4 %SOLD rate.
Least Active Range: Homes between $1.3 mill. - $1.4 mill. have 7.7 %SOLD rate.
History: The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Upper 50%) shows that prices increased $37,000.
The New West & E. Burnaby Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $31,261.
*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; 121 homes are for sale and with the 11 %SOLD Monthly Rate giving us a ~9 Months of Inventory. We project New Westminster- East Burnaby Detached to be a Buyer's Market. 7% of the Active Listings have Reduced their Price by $85,556 on Average and $52,000 on Median for the last month.
Greater Vancouver January 2025:
In January, 67% of detached homes in Greater Vancouver increased in value. The average price for single-family homes rose by $7,985, reversing December’s $7,510 decline.
The Chinese New Year (Jan 29th) usually sparks a surge in buying activity. This year, cash did flow in, but at a much lower volume than in past years.
On one hand, buyers are encouraged by recent interest rate drops. But that optimism is mixed with uncertainty as we await the Federal election, which could give the new government a stronger mandate to negotiate pending American tariffs.
Despite these factors, the Metro Vancouver market is still expected to remain stable.
Condo and townhouse prices are also rising, with average increases of $3,642 and $913, respectively. These markets are forecasted to hold steady until late spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley January 2025:
In January 67% of detached homes in Fraser Valley saw a small increase in value. For the month of January, the average price for single-family homes went up from $1,182 in December to $1,565.
The Chinese New Year (Jan 29th) usually sparks a surge in buying activity. This year, cash did flow in, but at a much lower volume than in past years. The Fraser Valley benefits from trickle-down buyers when Vancouver is active.
On one hand, buyers are encouraged by recent interest rate drops. But that optimism is mixed with uncertainty as we await the results of the Federal election, which could give the new government a stronger mandate to negotiate pending American tariffs.
Despite these factors, the Fraser Valley detached market is expected to remain stable.
While townhouse prices have risen with $780, the condo market has declined to an average of $1,544. However, both markets are still forecasted to remain steady until late Spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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