🗞️ June 2025 Market Newsletter | Exponential Real Estate Group
📉 Market Snapshot:
The overall market remains steady, but we’re noticing a shift—more accepted offers are coming through, and the tug-of-war between buyers and sellers is softening. Some sellers are starting to adjust.
🏡 Detached Homes – Burnaby vs. Richmond:
Detached home prices in Burnaby have continued to rise steadily over the past three years. In contrast, Richmond has seen a ~5% price decline since mid-2024, according to sales data. A reminder that real estate is highly local, and not all markets move in sync.
👉 View the 3-year detached price chart:
Detached Sales – Burnaby & Richmond
🏢 Condo Market: Pullback Today, Shortage Tomorrow?
Condo prices in some areas have dropped up to 20%. Many developers have paused new builds, which could lead to a condo supply crunch in 5–10 years. Some pre-sales are already slated for completion as far out as 2028—it’ll be interesting to see what happens by then.
❓Do Properties Lose Value as They Age?
This is a question we get often. While buildings themselves do depreciate, land appreciates—especially in land-constrained areas like Greater Vancouver.
To illustrate this, we often reference BC Assessment values. While they’re not equal to market value, they clearly show how value is divided between:
- Building value – depreciates with age
- Land value – tends to increase over time
Here’s a reference:
- An older home (40+ years) might show a building value under $100,000, but its land value could be well over $1 million.
- A newer home (around 10 years old) might have a building value over $1.5 million, with the land still appreciating in the background.
Bottom line: regardless of property type, land is the real driver of long-term value.
👉 Check out this historical condo price trend since 2005:
Greater Vancouver Condo Prices
☀️ Summer Survival for Parents:
Summer’s officially here! If you’ve got a 5-year-old at home, the pressure is real 😅
Got a go-to camp or activity to recommend? Share your recs—this mama could use the help!