Spring has sprung - what has the market done? Since January, and monthly, Landcor Data Corp. has passed nearly 466,000 residential addresses in the Lower Mainland through its proprietary property-valuation software, to help Vancouver Sun readers understand the property market.
Last month the company found that detached values mostly reflected June/July 2007 values and attached values mostly matched 2008 values or, in some cases, May/June 2007 values.
In the last 30 days, what's happened? Detached-home values were the most variable, reflecting values as far back as September 2006 in Vancouver to November 2008 in Langley City.
Most, however, mirrored 2007 values with Delta, Langley Township, North Vancouver District and Port Moody posting values similar to April/May 2007 and Abbotsford, Coquitlam, and Maple Ridge posting values similar to August/September 2007.
Attached-home values fell the furthest in West Vancouver, resembling values from July 2007. Port Moody apartments performed best, the only municipality to post a value comparable to what we saw in 2008.
Eight of the 15 attached-home markets analyzed reflected 2007's spring/summer values, including Coquitlam, Langley City, New Westminster, North Vancouver City, Pitt Meadows, Port Coquitlam, Surrey and Vancouver.
Taking a deeper look, some markets like Vancouver and West Vancouver have experienced drastic market-value shifts in the last sixth months. Both cities currently have market values correlating to those of early 2007 and first established in 2006.
Compare this volatility to other markets that historically experienced more gradual market appreciation and greater affordability, says Rudy Nielsen, Landcor's president and founder. Surrey and Port Coquitlam are prime examples with current market values similar to what we saw in these markets late 2007.
Markets to watch include Langley City, North Vancouver City and Pitt Meadows. They have have all posted month-over-month increases, which asks anomaly or trend?
"In my opinion, based on my 40 years experience and having worked through three recessions, I am thoroughly convinced that British Columbia is the best place to be during these turbulent times," Nielsen comments.
March market values: Detached Attached
Abbotsford $380,000 $185,000
Burnaby $615,000 $345,000
Coquitlam $575,000 $295,000
Delta $520,000 $275,000
Langley $460,000 $220,000
Maple Ridge $395,000 $250,000
New Westminster $510,000 $275,000
North Vancouver, City of $780,000 $365,000
North Vancouver, District of $775,000 $400,000
Pitt Meadows $460,000 $270,000
Port Coquitlam $480.000 $285,000
Port Moody $600,000 $340,000
Richmond $590,000 $335,000
Surrey $505,000 $280,000
Vancouver $675,000 $390,000
West Vancouver $1,120,000 $550,000