MARKET UPDATE

The spring market is in full swing, especially in the condo and townhome markets. The demand is just not keeping up with the supply and multiple offer situation is quickly becoming the norm as first time buyers and investors compete for the 1 and 2 bedroom properties. In fact, it is not uncommon to see these homes sell $100,000 over the latest tax assessment value. The biggest appreciation gains were in the New Westminster, North Surrey and North Burnaby condos. New Westminster is up 37.1%, North Surrey 37.1% as well, and North Burnaby is up 35.8%, year over year. Port Coquitlam and Surrey remain the most affordable with the average price per square foot still under the $400 mark. We anticipate that more of these owners will begin cashing in on the equity built up in their homes and entering the townhome and detached home markets pushing those up as well. If you’re curious about the value of your home, visit www.teamcityhomevalue.ca. We can help you put your equity to work for you! To learn more, call 604.788.0110.