Benchmark prices across all forms of New Westminster real estate have gone slightly up in the last month.
This has led to a near 20 per cent decrease in sales in the city with 79 homes taken off the market in August among 141 available listings.
In July, 98 residences were sold in New West out of 208 listings, according to a statement from Greater Vancouver Realtors (GVR).
The biggest month-to-month uptick in price was for single-family detached homes at 2.2 per cent (see list below).
Once more, apartments were the hot buy in New West with 54 sold, which was a 22 per cent drop from 69 in August 2023.
Meanwhile, home sales across Metro Vancouver dropped 17.1 per cent in August from a year earlier and were more than a quarter below the 10-year seasonal average.
GVR's data showed sales in the market totalled 1,904 last month, down from the 2,296 recorded in August 2023.
The composite benchmark price for all residential properties in Metro Vancouver was $1,195,900, a 0.9 per cent decrease over August 2023 and a 0.1 per cent decrease compared with July.
GVR spokesperson Andrew Lis said he's optimistic buyers will get into the market after the central bank's third consecutive decrease by a quarter percentage point, announced Wednesday, Sept. 4, coupled with the fact September typically sees more homes changing hands.
“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” said Lis in a release.
“With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point [...] the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.”
For detailed more information, you can visit the GVR’s website.
The following numbers show New Westminster benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:
Residential
- Benchmark price = $831,600
- Price Index = 380.6
- One-month = 1.3%
- Three-month = -1.1%
- Six-month = 0.4%
- One-year = -1%
- Three-year = 14.5%
- Five-year = 40.3%
- 10-year = 107.1%
Single-family detached
- Benchmark price = $1,613,500
- Price Index = 396.3
- One-month = 2.2%
- Three-month = -1.5%
- Six-month = 3.3%
- One-year = 2.4%
- Three-year = 18.2%
- Five-year = 52.6%
- 10-year = 123.1%
Townhouses
- Benchmark price = $953,000
- Price Index = 408.5
- One-month = 0.4%
- Three-month = -0.8%
- Six-month = 1.9%
- One-year = 0.2%
- Three-year = 20.4%
- Five-year = 49.3%
- 10-year = 126.7%
Apartments
- Benchmark price = $656,800
- Price Index = 401.7
- One-month = 0.8%
- Three-month = -0.8%
- Six-month = 0.5%
- One-year = -0.1%
- Three-year = 17.1%
- Five-year = 32.7%
- 10-year = 128.8%
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