market update

We are finally into the Spring Market. There’s a lot of excitement out there and a lot of new listings expected, so keep your eyes on the market if you’re looking for something interesting.

The market is busy! It’s not the busiest market ever (à la 2021/2022) but properties are selling quickly and in multiple offers unless you’re priced high. It’s hard to convince Buyers to offer on properties that don’t offer some sense of value so if you’re looking to sell, be reasonable and Buyers will show up. If you’re a Buyer, expect multiple offers on good properties so you can prepare appropriately and be happy if it ends up just being you.

I was really interested to see what the market would do have the Easter Weekend because we has 3 straight weekends of holidays (March Break and the the Easter long weekend). Inventory seem to be low during this time so I was expecting a surge in new listings this past week and was wondering if it would water down the competition or lead to more activity. We definitely did see an increase in new listings (which I expect to continue until June) and it seems like activity is really strong – most Sellers have set an “offer date” for after their open houses and most Buyers seem ready to participate in multiple offer situations. I don’t expect these multiple offer situations to be incredibly competitive, but I do expect some subject free offers and increased prices.

I liken this real estate market to the phenomenon of car dealerships. You always see car dealerships grouped together, which seems like a bad idea (why do dealerships want to be near their competition?!) but it is actually a smart move: Buyers who are looking to buy a car can see all of their options in one day and make an informed decisions fairly quickly. If they had to traverse the city to check out different dealerships they might lose steam and drag out the process. This is what happens in the real estate market: when inventory is low, Buyers don’t have as much motivation – it’s easy to lose steam when there aren’t many good listings to view and it’s easy to convince yourself to wait for next week. When inventory is high, there is a lot of excitement in the market, a lot of activity at open houses (Buyers are more likely to offer on something that seems popular than something that doesn’t) and it’s easier for Buyers to understand a unit they like compared to a unit they don’t since they’ve probably seen enough options (in the same weekend) to understand what is appealing to them.

March saw a lot of solid activity. Every market has a sales to active ratio above 18% except the Westside detached market (which is at 12%) so it’s a busy market – basically a Seller’s market – across the board. I expect April to show increased numbers across the more – more listings, more sales and slightly higher prices.

There is another interest rate announcement on Wednesday April 10th – I don’t expect a rate drop at this point but we should see one by Fall.

Here’s a snippet from the Real Estate Board’s Monthly Update:

There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This represents a 15.9 per cent increase compared to the 4,317 properties listed in March 2023. This was 9.5 per cent below the 10-year seasonal average (5,524). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923). 

“Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties” Andrew Lis, GVR’s director of economics and data analytics said. “Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level.”

The Greater Vancouver REALTORS® (GVR)² reports that residential sales³ in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments. 

Onto the stats:

Vancouver West Real Estate Stats up to and including March 2024

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including March 2024

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale.

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are static right now and expected to lower at some point later this year. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates and can work quickly if the property you want ends up in a competitive situation. There are a lot of details to consider when it comes to a mortgage, especially if you’re buying and selling, so you need a broker who can guide you to the right option. Email me if you need a referral to a great mortgage broker.

Have a great Spring!

We are into the Spring Market. It’s definitely an interesting market – this is not a market to make any assumptions.

The Bank of Canada kept the prime rate the same today (March 6th) which was expected. Inflation numbers did drop from 3.4% to 2.9% from December to January, so we’re on our way to the 2% goal, so rate decreases later this year are likely, though the Bank of Canada isn’t making any promises. Fixed rates have been up and down recently, so make sure you’re working with a broker who is on the ball and can lock in a rate for you when they’re low.

The Government announced their new budget last week which stipulates a change to the First Time Home Buyers Property Transfer Tax. Previously First Time Home Buyers would get an exemption up to $500k (partial exemption up to $550k) but that has been increased to $835k (partial exemption up to $860k). This means there is up to $8000 in savings for first time Buyers purchasing between $500k and $835k. This change takes affect April 1st.

The Federal Government also announced that the Foreign Buyers Ban would be extended another 2 years, which will take us to December 2026. This hasn’t had much of an effect on the market aside from high end properties on the West Side and pre-sale developments.

February was another busy month for sales. Lots of new listings but also lots of Buyers looking to get their search started. Pricing strategy is all over the place: some properties are priced high and sit on the market, some are priced low for multiple offers, though pricing low isn’t leading to tons of offers / unexpectedly high prices. At the end of the day – if you’re a Buyer and you like a property, take steps to pursue it – I’ve seen some good properties sell for less than anticipated with few offers or no competition. If it doesn’t work out then it wasn’t meant to be, but the Buyers who are successful are the Buyers who are making moves. It seems like a lot of Buyers are still biding their time, so I anticipate that April and May will see an increase in the number of sales and competition.

We’re still seeing a lot of landlord sales these days – years of higher rates take their toll on any investors bottom line, but we’re going to start to see a lot of properties listed because Sellers have bought their next property and are finally ready to make a move after waiting out the market the last year, so the new listings should continue through to July.

Here’s a snippet from the Real Estate Board’s Monthly Update:

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments. 

Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. 

Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024. 

Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024. 

Onto the stats:

Vancouver West Real Estate Stats up to and including February 2024

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including February 2024

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are static right now and expected to lower at some point later this year. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates and can work quickly if the property you want ends up in a competitive situation. If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

All the best reaching your 2024 goals!

Wow! What a month it’s been. The market has picked up really quickly, though the activity isn’t the same across the board; there are still some slower markets and neighbourhoods.

The Bank of Canada kept the prime rate the same this past month. The general consensus is that rates won’t start to drop until the second half of the year, likely in the Fall, and that it will be a slow burn down. Fixed rates have been up and down recently, so make sure you’re working with a broker who is on the ball and can lock in a rate for you when they’re low.

My January has been off to a really busy start! I had a few great clients who were keen find amazing properties, leading to early success in a market that is ramping up quickly. We ended up in 6-offer and 9-offer multiple offer situations and won thanks to my clients preparation and understanding of market dynamics. Despite the multiple offers, we feel like we secured some great units with long term value. It’s always smart to buy at the beginning of a busy market, otherwise you’ll likely get caught up in increasing prices and will end up competing for every property. A few other changes I’m seeing in the market:

• Inventory has increased, especially good inventory – you know, the types of properties buyers get excited about (whether because they’re very well maintained, in great buildings or staged really well).
• The reason for selling has also changed. Last year it felt like every Seller was a Landlord, looking to sell because their costs had increased… so they were motivated, but not that motivated if the price didn’t make sense, which made it hard to come to agreements. This year we’re seeing a big increase in owner occupiers selling because they want to move to a different property. Not only do the properties show better, but we’re seeing more activity in the market because they actually want to move.
• Vancouver has been the first market to pick up (it’s always the last to slow down and the first to pick up) but the areas outside of Vancouver (North Van, Coquitlam, Port Moody, etc) should see more activity in the next few months, as Buyers realize they can’t or don’t want to compete in Vancouver.
• Buyers aren’t really talking about rates. These higher rates are the new norm (at least for now) and Buyers realize that if they want to buy soon, they’ll have to accept these rates.

Some of the slower markets include downtown condos and anything on the higher end of it’s price range. Most of these properties have been sitting on the market for months now, so if you’re looking for a deal, you have to look to those units. Don’t be surprised if the Seller is feeling especially confident though – I’ve submitted a lot of offers recently where the Seller was totally unwilling to negotiate, thinking they would rather wait until the market increases than sell now at what they consider to be a low price.

The bottom of the market is behind us, so if you’re flexible in what you’re looking for, especially if you’re willing to do renos, now is the time to secure something. If you’re looking for an entry level 2 bedroom, 3 bedroom townhouse, or well maintained house, be ready to compete in multiple offer scenarios. A lot of Sellers are delaying the review of offers until after the weekend, but I’ve seen some scenarios where Sellers will review offers anytime, and still receive a handful after their first day of viewings.

Here’s a snippet from the Real Estate Board’s Monthly Update:

While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023.

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

Onto the stats:

Vancouver West Real Estate Stats up to and including January 2024

The detached market on the Westside is the slowest market out there, with a drop in HPI price and a longer days on market. High end markets are always the last to pick up, so it will be interesting to see how the next few months go.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including January 2024

The East Van stats are interesting: not much change in inventory, sales or prices compared to December. Based on the increase in new listings and increase in days on market, it seems like the new properties are selling but the properties that have sat on the market, are still on the market.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are static right now and expected to lower at some point in the new year. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates, and so that you can work quickly if the property you want ends up in a competitive situation (which still happens for the best or lowest priced properties). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

All the best reaching your 2024 goals!

HAPPY NEW YEAR! I hope your 2024 is off to a great start. I’ll keep this update short as December is typically pretty slow.

The next interest rate announcement is January 24th. Everything I’m reading indicates that the prime rate (thus variable rates) will remain unchanged. Expectation is for a decrease in the 2nd half of the year. Having said that, the bond market has been up and down lately so fixed rates have been changing as well.

December is always slower because many Sellers pull their listing as we get close to the holidays, and many Buyers decide to put their search on hold until the New Year due to a full schedule and travel plans. This past December felt busier than December 2022, and I feel that January will get off to a quick start.

I had a few Buyers try their offers in December, but most didn’t come together (a couple did though!). The Buyers were looking for a deal, and the Sellers (mostly Landlords) weren’t willing to budge enough. Buyers are willing to wait for better inventory and lower rates, and Sellers are thinking the market will improve this coming year. I think some of these Sellers will be keen to sell this year, so I would keep trying offers if you’re looking for a deal. I’ve had a lot of people ask me if the AirBnB changes will lead to more inventory (and lower prices) and I think it will for 1 and 2 bedrooms condos downtown, though I don’t think the price difference will be significant.

I think any good inventory listed this year will sell quickly – and you know the listings that are the “good” ones. I have a lot of Buyers who are still keen to buy, we have just been dealing with lower than average inventory with most of it being mediocre. Most listings I viewed in December were tenanted units, and they never show as well as something owner occupied. So when something good is listed, Buyers will be ready. This is evident from the multiple offer situations we saw all year on anything nice that was priced well.

I think we’ll see further price increases in 2024 and 2025 unless we see another surprise interest rate increase. Overall, I expect this year to be more active than last year, so spend your time learning about the market so you can jump on a good one.

Here’s a snippet from the Real Estate Board’s Monthly Update:

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021.

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023. 

Onto the stats:

Vancouver West Real Estate Stats up to and including December 2023

The HPI Price was steady, but average and median price saw an increase for detached houses. This tells me that there were some high end sales this past month. Inventory and new listings, dropped.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including December 2023

Overall, HPI Price decreased slightly in each market, median price decreased but the average sales price increased in each market. This tells me that some Buyers found some deals, but there were some high end properties bringing up the average. Inventory dropped significantly, as expected.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are static right now and expected to lower at some point in the new year. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates, and so that you can work quickly if the property you want ends up in a competitive situation (which still happens for the best or lowest priced properties). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

All the best reaching your 2024 goals!

Happy Holidays everyone! I hope you’re enjoying the Christmas season. I put up lights outside my home and love the festive energy they bring. I hope my neighbours are inspired for next year 🙂

The prime rate (and thus variable rates) didn’t change with the December 6th Bank of Canada announcement – this wasn’t a surprise given what the data was saying. This was also the first time that it felt like the BoC wasn’t threatening another increase. I imagine they’ll stay the course and won’t start dropping rates until mid to late next year. Keep you eyes on fixed rates though, because they have been going down recently – make sure you’re working with a good mortgage broker who can lock you into a better pre-approval if the opportunity arises.

The market has been moving, likely more than most people would expect, though I wouldn’t call it a busy market. I’ve had a lot of clients tell me recently that they’ll be putting their search on hold until the New Year, as they focus on travel plans and the holidays. I’ve also had a handful of clients tell me that they want to buy ASAP because they believe this is the best time to buy – which I agree with. On some level, 2023 has mirrored 2022, so in trying to predict what will happen in the new year, I’m looking back at what happened at the end of 2022 and early 2023: December 2022 proved to be one of the best times to buy in recent years – lowest prices and the least competition. But prices started increasing in January because interest rates were static so there was some confidence in the future of rates. Buyers were also feeling like they had sat on the sidelines long enough and were feeling keen to make a move. Good inventory was on the low end so it did make for some competitive situations. These increasing prices started in January and took us to June (the Real Estate Board says it was a 7% increase overall during this period), until the market slowed due to 2 somewhat unexpected rate hikes In June and July. The market has been slower ever since. However, despite a “slow” market, good properties (you know the ones) and low priced properties are still getting multiple offers, which tells me that Buyers are out there, they just need good properties and some confidence that the market is on the upswing.

I’ve been submitting a lot of offers lately – none of them are coming together, and it’s because Buyers and Sellers are at an impasse. Sellers believe the market is going to get better next year, so they’re not willing to negotiate much off their existing list price (which, to be honest, are already decent deals compared to the last year or two). Whereas Buyers want to do some significant negotiating. It’s a game of chicken – Buyers are waiting for Sellers to drop their price and Sellers are waiting for Buyers to come up. I bet Sellers will win this game as Buyers will start relenting first in the New Year. There aren’t many Sellers who absolutely need to sell – and they’re willing to wait until the New Year / Spring Market to get a better price. There are definitely some estate sales and foreclosures that have more desire to sell, but those often aren’t properties that get Buyers excited.

All that to say – I still encourage Buyers to negotiate, because you never know how motivated a Seller is until you try, but if the Seller is digging in their heels, look at the price compared to the overall market over the last few years and you might realize that you can buy this property at a good price and without competition. And as always, make sure you like the property, because that’s such an important part of why you’re buying and can save you a ton of money in the long run.

Here’s a snippet from the Real Estate Board’s Monthly Update:

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5 per cent increase compared to November 2022 (9,633). This is 3.7 per cent above the 10-year seasonal average (10,543).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3 per cent. By property type, the ratio is 12.7 per cent for detached homes, 19.8 per cent for attached, and 18.2 per cent for apartments.

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

Onto the stats:

Vancouver West Real Estate Stats up to and including November 2023

Total inventory has dropped last month, likely in part due to Sellers waiting until the New Year to list and/or taking their property off the market until the New Year. Sale price has remained pretty steady.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including November 2023

The number of new listings dropped last month, though overall inventory has remained steady (which tells me a lot of listings are sitting on the market). Prices have remained steady recently but there was a slight drop in detached houses and bedroom condos.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

The mortgage world is changing constantly these days – fixed rates (which are based on bond yields) are changing all the time and variable rates (based on the Bank of Canada prime rate) are static right now and expected to lower at some point in the new year. Make sure you have a pre-approval set so that your mortgage broker can keep you updated on the best possible rates, and so that you can work quickly if the property you want ends up in a competitive situation (which still happens for the best or lowest priced properties). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

HAVE A GREAT HOLIDAY SEASON!

It’s early November – time for the latest market update.

The prime rate (and thus variable rates) didn’t change with the October 25th Bank of Canada announcement – this wasn’t much of a surprise given what the data was saying. There is one more announcement in December, and at this point, despite being very early to call, I would imagine rates will stay the same. I don’t expect rates to start dropping until mid to late next year, and how much and how fast will really depend on what’s happening in the financial world. Keep you eyes on fixed rates though, because they will go up and down a lot more often these days since they’re based on bond yields. Hopefully your mortgage broker is on top of these changes and locking you into better pre-approval rates if the opportunity arises.

The market has been slower than normal, though there are some hot pockets in certain areas and price points. Overall it has felt like much (good) inventory hasn’t really showed up this Fall and I don’t expect inventory to increase much between now and January. It seems to me like a lot of listings are either investors, estate sales or people moving out the city (and likely with a lot of equity in their home making their next purchase a little easier). This lack of inventory has pushed Buyers to the same (good) properties which is why some properties are selling quickly and in multiple offers, and some are sitting on the market. What’s a good property? You typically know it when you see it.

Overall the condo and townhouse market has been busier than the detached market and prices have remained steady, but in my opinion this is because the properties that are selling are generally the good ones that sell for a decent prices, but inventory is starting to increase from units that are sitting on the market.

So if you want a deal, you need to look for properties that didn’t sell the first week or two it’s been on the market. There’s no harm in submitting a low offer because you never know how motivated the Seller is. Don’t wait for the unit to drop it’s price because then you could end up competing – you’re better off negotiating the price down yourself.

Here’s a snippet from the Real Estate Board’s Monthly Update:

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

• Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.
• Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.
• Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

Onto the stats:

Vancouver West Real Estate Stats up to and including October 2023

There was an ever so slight increase in inventory, but these numbers are a little closer to average. Prices were pretty steady, though detached houses have been gaining steam, which is promising for the market considering that they dropped the most last year.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including October 2023

Inventory saw a slight uptick in numbers but as you can see it’s still on the low end compared to the last few ears (outside of the initial Covid drop). Prices remained pretty steady overall.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

Considering that the market is busier than expected, make sure your mortgage approval is up to date (you can lock in a fixed rate) and that your mortgage broker can work quickly if you need to submit a competitive offer (which are still happening in certain scenarios!). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

Happy October everyone! I hope you’re enjoying the long weekends and Fall weather.

The next interest rate announcement is scheduled for October 25th. The general consensus is that rates will remain the same with potential for a small increase. There are a lot of factors that go into why they raises rates, and you can find numbers that support either case, so it’s anyone’s guess what might happen.

The September market picked up quickly, though there are certainly hot and cold points depending on product type, neighbourhood and price. In some cases I’ve been involved in multiple offer situations competing against 5-10 other buyers, and in other cases properties are sitting on the market. I think a lot of this boils down to Buyer motivation – Buyers who need to upgrade to a bigger unit or want to get into the market for the first time are keen to do so right now, but if they do it has to be right: the property has to either be a great price, or it has to be close to perfect. I’m not seeing a lot of activity on reno projects or buildings with potential for big costs, but units that have been well maintained and are turnkey for Buyers tend to be pretty popular. As always, good, entry level units in each market are popular: this means nice condos around $500k-$600k, 3 bedroom units around $1.1-$1.4m and detached houses around $2-$2.2m. I am seeing a lot of investors look to liquidate because the rate increases are cutting into their profits, so you’ll see a lot of investment properties on the market. I think a lot of Buyers expect Sellers to be more motivated than they are – yes Sellers costs have potentially increased with the rates, or will increase if they have to renew soon, but these people were stress tested when they bought and will do what it takes to stay in their home. Why? It’s expensive to move, it’s expensive to rent if the sell and they might be worried that they won’t be able to get back into the market if they sell, so holding onto their property – even if it’s expensive – is a common decision. Plus, most Sellers have equity in their homes which is helpful in a renewal. This lack of movement leads to lower than average inventory which is keeping the market busy. I’ve seen a few properties sell for more than they probably should have, but most units are selling for a reasonable number based on other recent sales.

Fall inventory hasn’t totally materialized yet, and at this point I don’t think it’s going to increase significantly. I think we’ll see more movement in the Spring – personally I’ve had a lot of Buyers tell me that they would rather wait until the Spring to make a move – hoping that there will be more inventory and hoping that a recession might hit others a little harder, leading to some deals. I don’t think we’ll see a much different market in the Spring compared to now. There will likely be more inventory but there should also be more Buyers.

If you want a deal, you need to look for properties that are not as appealing to other Buyers, particularly reno projects and properties that have been sitting on the market. There’s no harm in submitting a low offer. Sometimes Sellers are more willing to accept a lower price than they are willing to drop the price on MLS, and the only way you’ll find out if someone is truly motivated, is if you start talking numbers.

Here’s a snippet from the Real Estate Board’s Monthly Update:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614). 

“A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.” 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments. 

Onto the stats:

Vancouver West Real Estate Stats up to and including September 2023

There was an ever so slight increase in inventory, but these numbers are a little closer to average. Prices were pretty steady, though detached houses have been gaining steam, which is promising for the market considering that they dropped the most last year.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including September 2023

Inventory saw a slight uptick in numbers but as you can see it’s still on the low end compared to the last few ears (outside of the initial Covid drop). Prices remained pretty steady overall.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

As always, if you have questions on a particular kind of property or location, get in touch with me!

And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

Considering that the market is busier than expected, make sure your mortgage approval is up to date (you can lock in a fixed rate) and that your mortgage broker can work quickly if you need to submit a competitive offer (which are still happening in certain scenarios!). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

It’s September – a new market and a new announcement.

The Bank of Canada announced today that they will be holding rates. They have not ruled out an increase in the future if they feel it’s needed to curb inflation. This rate hold comes after 10 rate increases in the last 12 meetings (starting March 2022). The BoC had hopes of having inflation down to the 3% by this time, with the overall goal being 2% (inflation numbers dropped to 2.8% in June and increased slightly to 3.3% in July). The next rate announcement is October 25th but most economists believe that this is it for rate increases in Canada and are now onto speculating when they’ll start cutting rates next year (with mid to late next year being the assumption). Right now, rates are in the low 5%’s to high 6%’s depending on fixed vs variable, length of amortization and amount of mortgage (bigger mortgages get better rates).

Overall, the August market was busier than normal. Properties would still receive multiple offers if they were priced appropriately. I also believe there are a number of Buyers with a decent fixed rate locked in until sometime in Sept or Oct and wanted to buy a property before that rate expired.

I expect this Fall market to be slower than this past Spring, but still moving. Anything priced high compared to recent sales will be a tough sell, as I find Buyers aren’t keen to try negotiating on properties that feel especially overpriced, but anything priced low or reasonable should sell within a few weeks. If you like a property that feels over priced – offer on it! Sometimes Sellers are more willing to accept a lower price than they are willing to drop the price on MLS.

I bet this first week of September will be slow with new listings, with a bigger increase coming the second and third week of September. This Fall market tends to slow down in early December as everyone starts focusing on the holidays.

Here’s a snippet from the Real Estate Board’s Monthly Update:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663). 

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.” 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments. 

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023. 

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023. 

Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023. 

Onto the stats:

Vancouver West Real Estate Stats up to and including August 2023

Total inventory increased as the number of sales and new listings dropped, so the market is showing signs of slowing down from the recent activity levels.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including August 2023

All markets saw an increase in the HPI Price despite a drop in new listings and sales. Overall the market is moving quickly for anything priced low to reasonable, though anecdotally I can tell you that the higher end market is still slow.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

Inventory last fall was pretty low after the interest rate increase throughout the Spring. Inventory was low for a few reasons: a lot of Sellers likely thought the market would be slow so they decided not to sell and some Sellers couldn’t afford to move up to a new place (and thus sell their current place) so they decided to stay put. I think this year we’ll see a few more investor Sellers list their property, but otherwise I think inventory will remain on the lower end. If you have questions on a particular kind of property or location, get in touch with me!

As for Sellers, if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

Considering that the market is busier than expected, make sure your mortgage approval is up to date (you can lock in a fixed rate) and that your mortgage broker can work quickly if you need to submit a competitive offer (which are still happening in certain scenarios!). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.

Happy August everyone! It’s my birthday month so I’m feeling great, enjoying the dog days of summer and my ripening tomatoes.

The market has been mort active than I expected, especially given the recent rate increases. I expect August to be slower than July though, as it is every year, with fewer new listings and fewer competitive scenarios. The market will pick up again after Labour Day in September. How will it pick up? Well it will depend on if there’s another rate increase in September (I bet no), and if there is a significant increase in inventory (I bet we’ll see an increase). Last fall was slow after the consistent rate increases and unfortunate reality that it was harder for Buyers to qualify, and I expect this Fall to be a slower market compared to this past Spring, so there should be some opportunities for Buyers.

Prices increased in every market except Westside townhouses, which was a bit of a surprise given the recent interest rate increases. If we see an increase in inventory we’ll see fewer competitive offer scenarios. Buyers – don’t forget that you can negotiate prices if a unit has been on the market for a bit, or if it seems to be priced high. Push for the number that would make you comfortable to buy, rather than wait for the Seller to drop to it.

Here’s a snippet from the Real Estate Board’s Monthly Update:

“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” said Andrew Lis (REBGV director of economics and data analytics).

“Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.

Sales of detached homes in Metro Vancouver in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023.

Sales of apartments in Metro Vancouver reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023.

Sales of attached homes in Metro Vancouver in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023.

Onto the stats:

Vancouver West Real Estate Stats up to and including July 2023

Total inventory increased as the number of sales and new listings dropped, so the market is showing signs of slowing down from the recent activity levels.

HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West

East Vancouver Real Estate Stats up to and including July 2023

All markets saw an increase in the HPI Price despite a drop in new listings and sales. Overall the market is moving quickly for anything priced low to reasonable, though anecdotally I can tell you that the higher end market is still slow.

HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver

I imagine the last few weeks of August will be slow, as usual. If you’re looking for real estate – keep looking! You won’t have as much inventory to choose from but lots of other buyers stop looking as well, so it’s typically a good time to find a bit of a deal with little competition. If you have questions on a particular kind of property or location, get in touch with me!

As for Sellers, if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale. There is a finesse to dealing with an ever-changing market. 

Considering that the market is busier than expected, make sure your mortgage approval is up to date and that your mortgage broker can work quickly, if you need to submit a competitive offer (which are still happening in certain scenarios!). If you haven’t yet spoken with a mortgage broker, get that process started. It’s helpful to know your options when it comes to owning two properties via a bridge loan, getting a 1 to 3 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Times are changing quickly so you need a broker who takes the time to understand your goals and current financial outlook. Email me if you need a referral to a great mortgage broker.