The past year had a noticeable impact on real estate in B.C., particularly when looking at “what’s hot.”
Coming out of 2020, the biggest shift seemed to be that more people were leaving the major urban areas and setting up in suburban communities.
This could be attributed to the increase in remote / work-from-home, or people not wanting to live in population-dense communities. Regardless of the reason, the real estate trend seems to be living in the suburbs.
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According to a report by ReMax Canada, here are the hottest real estate markets in Metro Vancouver right now:
The biggest ‘Belle at the Ball’ appears to be Langley, which has just suddenly been met with much more demand than there is supply of homes. As a result the price of a detached Langley home has increased 12.6% in one year, with single-family home sales increasing 74.4%.
The desire for affordable single family homes seems to be the driving cause for the high demand in the city.
Richmond came in 3rd on the list, and a big factor is because it’s very close to Vancouver in terms of location, being separated by only one bridge. Month to month reported sales have actually gone down in Richmond, however it’s up overall from one year ago.
The benchmark price was $1,580,100 in November. This rose by six per cent compared to November of last year.
The city boasts plenty waterfront areas, malls, attractions and of course Vancouver International Airport.
Surrey has a huge demand for single-family detached homes and townhomes. This demand is the highest it’s been in 100 years.
Sales in Surrey homes increased by a whopping 54.7%, and the demand from buyers appeared to be driven by the want for bigger homes and lots. The average price for a detached home rose 10.2 per cent year-over-year in November to $1,156,800.
True to the city’s motto, the future lives here.
Burnaby charted at the top of the list, and it could also be very well be due to the fact it’s close to Vancouver but with slightly lower prices.
Residents of Burnaby seem to love the balance it offers with transportation, amenities, quieter neighbourhoods and beautiful scenery.
Here’s a pricing average for Burnaby’s three key real estate areas:
- East: $991,000 (11.1 per cent)
- North: $898,000 (ten per cent)
- South: $970,000 (6.2 per cent)
The real estate market in B.C. always seems to be fluctuating. However, it’s good to note where people are currently looking and buying and what’s “hot” and not.
For more interesting homes in Metro Vancouver, head to our Real Estate section.