The new statistics from the Vancouver Real Estate board just came out. The biggest price drop of the month was Bowen Island, and the “winner” was Burnaby East.
We’ve seen quite a dance in real estate prices across the region, with Bowen Island and Burnaby East leading the waltz. Bowen Island, despite a dip of 10.4%, still managed to command a hefty benchmark price of $1,455,200, illustrating the unique allure of island living. On the other hand, Burnaby East did a pirouette and appreciated by a solid 9%, reaching a benchmark price of $1,944,700.
The big city buzz of Vancouver wasn’t for everyone. Vancouver West and Vancouver East swirled in the middle of the dance floor, posting benchmark prices of $3,458,000 and $1,897,200, respectively, with minimal changes over the past year. Meanwhile, the picturesque Whistler took a significant stumble with a 6.5% drop, landing at a benchmark price of $2,623,200.
The Sunshine Coast and Squamish
Homes priced between $1,500,000 and $1,999,999 were the belles of the ball, with a whopping 210 sales, whereas homes under $100,000 were the wallflowers, with just two sales. The mid-ranged homes, from $900,000 to $1,499,999, also waltzed around the floor with an impressive 162 sales.
Now let’s talk about the neighborhoods that fell flat during the dance. Sunshine Coast and Squamish saw their prices dip by 6.4%, despite their natural charm and outdoor appeal. But in the grand scheme of things, they managed to keep their heads above water with benchmark prices of $929,900 and $1,684,100, respectively.
The bustling neighborhoods of Burnaby North and Coquitlam also couldn’t keep up with the music. Burnaby North saw a slight decrease of 1.4%, settling at $2,040,600, while Coquitlam took a modest dip of 1.5% to $1,795,400.
High-priced homes ($2,000,000 to $2,999,999) didn’t shy away from the dance, with 187 of them changing hands. Meanwhile, those in the most exclusive price club — $5,000,000 and above — witnessed 27 sales, a testament to the robust demand for high-end real estate in the area.
In the finale, the average benchmark price across all areas and ranges held steady, with a minor growth of 0.6% to $2,012,900. It was indeed a dance to remember, showcasing the complex rhythms of the regional real estate market.