December 6, 2019

November 2019 Market Update

NOVEMBER, NO CRY!
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Things appear to be improving across our most popular cities that we build in. Now when we say “improving”, this is what we mean precisely:

BURNABY: the overall trend line of the median sales price appears to have been slowly decreasing since 2017, which could indicate that we have “bottomed out” in this city, or are at least close to that point. Inventory is much less, in comparison to previous Novembers but sales have been gradually increasing all year long. With downward pressure on price and increasing number of sales, this area is offering a much more stable market for investment and growth.

NORTH VANCOUVER: the median sales price in this city has been all over the map! Up.. then down.. then back up again, etc. Overall, there has been a downward trend since mid-2017. Are we going to experience a continuation of this drop? That is yet to be determined. Inventory levels are also down, relative to other Novembers. And sales? Well.. those have also been trending upwards since the beginning of the year. Based on all of this, this city’s future trends are a bit harder to predict.

VANCOUVER: just like North Vancouver, Vancouver’s median sales prices has also been bouncing around. Overall though, it has dropped much since 2016 / 2017. Inventory also is at a record low level for November. Is everyone just pulling their homes from the market in hopes of waiting for a better Spring market? Likely… And in terms of sales, they have been fairly strong for November and for the overall trend of the year.

So to answer our original question on whether this year will end in a boom or bust, well.. it depends on what you're hoping to do in this market. If you're looking to buy into an entry-level home, your dollar should take you a bit further than it would have in the previous two years. You can potentially have a larger home for what you can afford. Or maybe even upgrade to a better neighbourhood. If you're wanting to sell your current home, no doubt you could have achieved a higher dollar two years ago. But.. if you hang onto that property for a few more years, we should be back in a sellers market.