Vancouver, Richmond, Langley recession proof?
Lena Sin, with a file from Jack Keating
Province
Realtors Jill Oudil and Terry Gardiner pose with a house they sold on Percival Avenue in Burnaby in the resurgent Market. JASON PAYNE – THE PROVINCE
Rhonda Hamilton and Roxie in front of her recently sold home on Forsyth Crescent in Richmond yesterday. Housing prices in her neighbourhood have risen, not decreased. Photograph by: Gerry Kahrmann, The Province
Three Lower Mainland neighbourhoods appear to be recession proof in the current tough housing market.
The three neighbourhoods — in Langley, Richmond and Vancouver — experienced price increases of up to 12 per cent from April 2008 to April 2009, according to a survey by real estate company Century 21.
“This shows markets are truly local,” said Don Lawby, president of Century 21.
The survey looked at 44 neighbourhoods in the Lower Mainland, and tracked prices on the Multiple Listing Service.
The top 10 neighbourhoods all saw price increases between March and April 2009, with three neighbourhoods experiencing price increases in the 12 months since April 2008.
The top spot on the list went to the Willoughby-Salmon River area of Langley Township, where average prices were $490,354 in April, up 15 per cent from the previous month and up 12 per cent from a year ago.
Lawby chalked up the price increases to first-time buyers who are driving demand.
The second-hottest neighbourhood was in Richmond, north of Westminster Highway and west of No. 5 Road. Average home prices there were $448,469 in April 2009, an increase of 16 per cent from the previous month and a rise of 3.43 per cent from April 2008.
The third neighbourhood to experience price increases was Coal Harbour and the West End in downtown Vancouver.
Average prices were $561,198 in April, up 15 per cent from March. The area also saw a minor increase of 0.34 per cent in 12 months.
Jack and Rhonda Hamilton were pleasantly surprised to learn that they lived in one of those so-called “recession-proof” neighbourhoods.
The Hamiltons, who live in northwest Richmond, were able to sell their 3,500- square-foot, four-bedroom home this week after just six weeks on the market.
“We were surprised to sell in this time frame with the market and the economy the way it is and everything,” said Rhonda. “I expected it to be a little more drawn out.”
The Hamiltons, with three grown children, sold to move into a smaller home in Ladner.
“This neighbourhood hasn’t dropped as significantly as some of the other places have,” she said.
In general, the downturn in B.C.’s real-estate market seems to be stabilizing, according to Cameron Muir, chief economist with the B.C. Real Estate Association.
Residential home sales were up three per cent to 8,270 units in May compared with the same month last year, when the housing market first showed signs of deterioration.
This was the first year-over-year increase since December 2007, according to the association, but the uptick is unlikely to last, said Muir.
“We’ve seen four consecutive months of increases and it’s unlikely that month-over-month [sale] increases will continue. Sales will probably flatten out for the balance of the year,” he said.
Jill Oudil, a realtor with Coldwell Banker Westburn Realty, has been much busier in recent months and was even in a bidding war this week when one of her clients competed with eight others on a Burnaby house listed for around $530,000.
Oudil says it’s a sign that consumer confidence is back — but affordability is still important.
“Everything has to be well-priced to sell — and that’s the key,” she said.
10 HOTTEST NEIGHBOURHOODS IN THE LOWER MAINLAND
1. Langley: The hottest neighbourhood in the Lower Mainland is in the Township of Langley. In this neighbourhood (FSA: V2Y) south of Highway 1, between 196th and 248th streets, average prices were $490,354 in April, an increase of 15.46% from March and 12.2% from April 2008.
2. Richmond: The second-hottest neighbourhood in the Lower Mainland is in Richmond (FSA: V6X), bounded on the east by No. 5 Road and on the south by Westminster Highway, where average prices were $448,469 in April, an increase of 16.29% from March and 3.43% from April 2008.
3. Vancouver: The third-hottest neighbourhood in the Lower Mainland is the Coal Harbour area. In this neighbourhood, bordering English Bay, Hastings Street, Burrard and Broughton (FSA: V6E), average prices were $561,198 in April, an increase of 15.12% from March and 0.34% from April 2008.
4. Vancouver: In the area of Kitsilano bordered on the south by 16th Avenue and on the east and west by Arbutus and Blenheim (FSA: V6K), average prices were $688,471 in April, an increase of 20.28% from March.
5. Port Moody: (FSA: V3H), average prices were $498,358 in April, an increase of 19.83% from March.
6. Burnaby: In the Deer Lake area south of Highway 1 and north of Edmonds and Gilley (FSA: V5E), average prices were $497,960 in April, an increase of 19.42% from March.
7. Vancouver: In the Kitsilano-Shaughnessy area, bounded by 33rd Avenue between Arbutus and Granville (FSA: V6J), average prices were $706,128 in April, an increase of 15.79% from March.
8. Abbotsford: South Abbotsford, (FSA: V2T), average prices were $285,601 in April, an increase of 11.61% from March.
9. Mission: In east Mission (FSA: V2V), average prices were $346,778 in April, an increase of 9.91% from March.
10. Port Coquitlam: In the area north of the Lougheed Highway (FSA: V3B), average prices were $391,750 in April, an increase of 9.35% from March.
© Copyright (c) The Province
