vancouver real estate

The Real Estate Board indicates that this is the 6th consecutive month with an increase in prices. May is the time of year when we typically see the most activity throughout the market, and that was true this month but in a slightly different way than normal:

– Total inventory is a lot lower than normal. May is typically when we see the highest amount of inventory throughout the year, but inventory numbers are closer to the lower end of the last 5 years of data.
– Total number of new listings is close to the mid range of the last 5 years of data. This indicates to me that we’re seeing a reasonable number of number listings, but they’re all quickly sold, preventing total inventory numbers from increasing.
– Total number of sales seems to be in the mid to high range compared the last few years. I bet this number would be higher if there were more good options for Buyers.
– Eastside Sales to Active ratio is over 30% (most active market is 2 bedroom condos with a 53% ratio)
– Westside Sales to Active ratio is at over 30%, except for detached houses which sit at a 20% ratio, making it the least active market (the most active market is 1 bedroom condos with a 49% ratio)

To the surprise of many, despite increases in interest rates, there are still more Buyers out there than Sellers, which keeps inventory low and competition high. I thought the market would be slower this year than it has been, but I can see a few reasons why it’s busy:

– a lot of buyers plan to purchase under their affordability, so when interest rates increased (and thus the price of a mortgage) it didn’t affect many buyers affordability; they just end up closer to their top limit than they originally planned to be.
– a lot of buyers have been looking since 2020! What may have been a casual desire to upgrade or downgrade is now something they’ve been thinking about for *years* (time flies, especially during a pandemic!) so they’re more keen to move now than ever.
– a robust Vancouver Real Estate Market this year has quelled some fears of a bubble bursting so it doesn’t feel as questionable to purchase
– a lot of Sellers don’t want to let go of their low (~2%) interest rate (especially if they’re upgrading to a more expensive property), so they’re holding onto their current property, which is limiting inventory.

I believe we’ll see an increase in inventory (and also an increase in the number of Buyers) when interest rates start dropping, so I expect next year to be quite an active market with lots of real estate changing hands.

The market always slows down in the summer and it feels like that’s already starting to happen. 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. And If you’re looking for a deal, look to areas outside of Vancouver: they slow down first in a down market and pick up last in an increasing market, so you can still find some deals in areas like Squamish, White Rock, Coquitlam, etc. If you have questions on a particular kind of property or location, get in touch with me!

As a Buyer, how can you find the best deal? You have to be offering! If something has been on the market for longer than a week, try an offer. There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. A couple reminders for Buyers:
– Make sure you like the properties you offer on, because buying and selling real estate gets expensive, so buying a “deal” today that you sell in 2 years will cost you more than if you buy a property you really like and keep it for 5 years.
– Understand what you can truly afford. If properties you really like sell for quite a bit more than what you can afford or what you felt comfortable offering, they you may have to change your expectations in order to be successful on the next one, especially in a rising market.

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. 

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

While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458). 

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.” 

There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 per cent decrease compared to the 6,397 homes listed in May 2022, and was 4.3 per cent below the 10-year seasonal average (5,917). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,293, a 10.5 per cent decrease compared to May 2022 (10,382), and 20.6 per cent below the 10-year seasonal average (11,705). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2023 is 38.4 per cent. By property type, the ratio is 28.5 per cent for detached homes, 45 per cent for townhomes, and 45.5 per cent for apartments. 

Onto the stats:

Vancouver West Real Estate Stats up to and including May 2023

Check out the number of sales of 1 ands 2 bedroom apartments – a quick increase from the low in January. I wonder if this has anything to do with the lack of housing available for students at UBC. One Bedroom Condos on the Westside has a 48.5 sales to active ratio, which is very active.

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 May 2023

The detached market has really perked up the last month or so. It has been busy, but now it’s starting to feel a little more competitive. The reason for this is detached inventory is at the lowest it’s been in the last few years. There are quite a few new listings each week but they all get snapped up. All in all, buyer activity levels are high which is leading to the increase in competition, thus price.

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. I love thinking critically and answering questions, so I’m always happy to help.

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. 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.

With low inventory numbers and static interest rates, this month’s update is really similar to last month: Good properties priced well will get multiple offers because Buyer’s are back but inventory has increased enough to satisfy the demand. Buyers are smart enough to know when something is over priced despite a busy market, so those homes are sitting on the market. As always, if you’re looking for real estate I would suggest you try an offer on these properties – sometimes you’ll run into a overconfident Seller who is unwilling to budge, and sometimes you’ll find a desperate Seller that is willing to settle. For homes receiving multiple offers, I’m generally not seeing surprisingly high sale prices so it’s not as competitive as it has been in the past.

With the new “recession period”, a lot of Buyers are finding it easier to go in subject free since they have the automatic 3 business day recession period to back out if something comes up after. The Real Estate Board wanted to give Buyers are out if they had any regrets in submitting a subject free offer, but it’s now leading more Buyers to submit a subject free that may not have otherwise, that they may not be truly ready to submit, so ironically, Buyers are taking more risks now than they were before. And if they realize they did make a mistake, it’ll cost them 0.25% of the list price. I’ve only heard of a couple scenarios of Buyers backing away during the recession period, so I don’t know how useful it’s been. It’s been a source of frustration as you don’t learn the sale price of a competitive listing until the 4th business day after they reviewed offers – which makes it harder to keep up with the market.

I’m still hoping we’ll see an big increase in inventory, but if it hasn’t come yet I don’t think we’ll see it this Spring. We’ll continue to see more inventory, but it won’t be enough to swing the market back into Buyer’s Market territory. Fall might be a little busier as potential Sellers have time to plan their buy and sell now that the market is more active. I expect 2024 to be a busy year of folks buying and selling because interest rates might be a little better and anyone with a sub-3% rate now will need to re-negotiate soon anyways (whereas right now, many folks are hesitant to upgrade to a new property because they’ll be taking on a bigger mortgage at a higher rate).

I keep saying inventory is low, but what are the numbers? Compared to this time last year:
– Vancouver West New Listings of condos down 31%, townhouses down 27% and houses down 44%.
– Vancouver East New Listings of condos down 21%, townhouses down 41% and houses down 34%.
This indicates that a lot of folks are staying put and Buyers have a lot less to choose from each week than they have in the past. We seeing the lowest “new listings” this Spring (especially for houses and condos) than we’ve seen in the last 10 years. This low level of inventory is leading to some rebound in prices (though they are still down from the height last Spring). it will be interesting to see where the market goes from here. With interest rates still high, I don’t expect to see a significant increase in prices this year.

If you’re looking for a deal, look to areas outside of Vancouver: they slow down first in a down market and pick up last in an increasing market, so you can still find some deals in areas like Squamish, White Rock, Coquitlam, etc. If you have questions on a particular kind of property or location, get in touch with me!

As a Buyer, how can you find the best deal? You have to be offering! There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. I like to remind Buyers that you need to find the balance between a good deal and a property you actually like, because it costs a lot of money to buy and sell real estate so if you buy a “deal” but want to sell it in 2 years, it could end up costing you more than if you bought the property you really liked that was a little more expensive. You live in your home every day and it has a serious affect on your lifestyle – make sure you choose wisely!

As for Sellers and inventory – I think we’ll see an expected increase in inventory this Spring – but I don’t think it’ll be higher than average. 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 a slowing market. 

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

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.” 

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023. 

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023. 

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.  

Onto the stats:

Vancouver West Real Estate Stats up to and including April 2023

The sales to active ratio is at least 13% across the Westside, busiest for condos and houses, though townhouses weren’t as active. Be prepared to compete on houses below $3-million, Townhouses under $2-million, 2 beds under $1.2-million and 1 beds under $700k.

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 April 2023

The sales to active ratio is at least 20% across the Eastside, which is a strong Seller’s Market, especially for condos and townhouses which are both over 30%. Expect to be in competition for any 1 beds under $600k, 2 beds under $900k, 3 beds under $1.5m and houses under $2-million.

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. I love thinking critically and answering questions, so I’m always happy to help.

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. 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.

So in recent updates I’ve said that good properties that are priced well will sell quickly and maybe get multiple offers. Now I’m yelling from the roof top: good properties that are priced well will get multiple offers!!! For a few weeks now I’ve been involved in multiple offer scenarios on a broad spectrum of options: 1 and 2 bedrooms condos in Vancouver, Burnaby and New West, Half Duplexes, Houses and Houses needing a complete overhaul. Admittedly they’re all properties that have a lot going for them, so I haven’t been too surprised that they’ve received multiple offers, but a few scenarios have surprised me given how many offers some have gotten (5+, which certainly feels a lot more competitive than 2-3). How high the final sale price is above the original list price depends on how low the original list price was, so I usually have a good idea, but when a property receives 5+ offers is can be a lot harder to predict. Most of these offer scenarios also include subject free offers, so Buyers are coming in guns blazing in order to be competitive. If you’re not subject free, be prepared to pay more for the property in order to have your offer accepted.

With the new “recession period”, a lot of Buyers are finding it easier to go in subject free since they have the automatic 3 business day recession period to back out if something comes up after. The Real Estate Board wanted to give Buyers are out if they had any regrets in submitting a subject free offer, but it’s now leading more Buyers to submit a subject free that may not have otherwise, that they may not be truly ready to submit, so ironically, Buyers are taking more risks now than they were before. And if they realize they did make a mistake, it’ll cost them 0.25% of the list price.

The March 8th rate announcement was no change to rates, bringing a bit of stability in the markets. Then the Silicon Valley Bank in the USA failed, which led some to suspect that rates may drop quicker than expected. I’m not so sure they’ll drop quicker, but I think it was the nail in the coffin when it comes to future rate increases. Variable rates are all over the map, and fixed rates tend to be in the high 4’s to mid 5’s range. Given the quick changes in the mortgage world over the last year, I wouldn’t be surprised if we see new rules when it comes to financing – whether they come through the regulator or the banks themselves. Anytime things seem to be moving quickly, talk of chnages always comes up (like the recession period for offers!). The Federal Government has already made some slight adjustments to the new Foreign Buyer’s Ban in order to help foreigners who are working in Canada purchase a property, so it isn’t uncommon for new rules to come out and then be adjusted as things change again.

I still have a lot of Buyers who would like to move, if they can find something to buy. Inventory is still lower than it should be at this time of year. I found myself telling Buyers this past month that “inventory will increase after March Break”, which didn’t happen, so now it’s “Inventory will increase after Easter long weekend”, but I’m not convinced anymore. I think a lot of potential Seller’s are still worried about what they might buy (both in what they can afford and also lacking the inventory to feel confident that there will be enough to choose from if they are buying after they sell). This is leading more Sellers to sell after they’ve bought something, which leads them to list their property at a low price to guarantee a sale, which leads to multiple offers. As people hear that multiple offers are more common, I think we’ll started to see a few more Sellers come out of the woodwork, but I don’t think it’ll lead to a rush of inventory or a Buyer’s market.

If you’re looking for a deal, look to areas outside of Vancouver: they slow down first and pick up last, so you can still find some deals in areas like Squamish.

If you’re willing to renovate, now is a good time to be looking. Reno projects tend to sit on the market and are less competitive than something modern, but reno costs are lower than they were and overall timelines are shorter than they have been, so it’s a good time to be considering a reno if you have the means and desire to go through with it.

If you have questions on a particular kind of property and what’s happening in that market, get in touch with me!

As a Buyer, how can you find the best deal? You have to be offering! There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. I like to remind Buyers that you need to find the balance between a good deal and a property you actually like, because it costs a lot of money to buy and sell real estate so if you buy a “deal” but want to sell it in 2 years, it could end up costing you more than if you bought the property you really liked that was a little more expensive. You live in your home every day and it has a serious affect on your lifestyle – make sure you choose wisely!

As for Sellers and inventory – I think we’ll see an expected increase in inventory this Spring – but I don’t think it’ll be higher than average. 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 a slowing market. 

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

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages.  

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023. 

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” 

Onto the stats:

Vancouver West Real Estate Stats up to and including March 2023

The sales to active ratio is at least 19% across the Westside, which indicates a Seller’s Market. Be prepared to compete on houses below $3-million, Townhouses under $2-million, 2 beds under $1.2-million and 1 beds under $700k.

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 2023

The sales to active ratio is at least 27% across the Eastside, which is a strong Seller’s Market. Expect to be in competition for any 1 beds under $600k, 2 beds under $900k, 3 beds under $1.5m and houses under $2-million.

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. I love thinking critically and answering questions, so I’m always happy to help.

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. 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 eyes are on the March 8th rate announcement. The January announcement indicated that they were taking a wait and see approach with regards to any future increases, though I’m hearing from the financially inclined that some of the numbers are indicating that inflation is still too high and another rate hike is likely. Another rate hike might put a minor damper on the activity we’re seeing, but the consensus that rates are stabilizing is enough for many Buyers to jump back into the market. If my clients are any indication, there are a lot of Buyers out there who weren’t technically affected my the interest rate increases. Last year they were approved for, say, $1.2-million, but only wanted to spend $1-million. Well now with the rate increases, their approval is at $1-million…. it may be at the top of their budget but they can still get what they want, and likely for a bit of a discount off the price compared to last year. If they lock into a shorter amortization, they can renew their mortgage at a lower rate in the next few years.

February was seeing some of the same trends as January – the market seems busier than expected in many areas, particularly properties suitable for families, properties on the low end of value for their particular market and properties that are move in ready. Reno projects, buildings with major work coming up and overpriced properties are sitting on the market. As much as I tell my Buyers to submit low offers if something has been sitting on the market or is obviously over priced, a lot of Buyers don’t want to play those games – I don’t know what kind of psychology prevents buyers from wanting to negotiate or maybe they and their agents are too used to competing in multiple offers (and want to know that other people are interested in a property as well before jumping on it) but pricing your property too high and waiting for Buyers to negotiate is not a strategy that often works. Sellers are better to be priced low or reasonable, though pricing low in this market is also a bit risky. If you have questions on a particular kind of property and what’s happening in that market, get in touch with me!

I’m starting to get more calls from people who are interested in selling – if they can find something to buy. Therein lies the issue: inventory is low because inventory is low. The market is too active for “subject to sales” to be common place so for the most part they will need to decide if they want to buy first or sell first – both have their pros and cons. The market is not busy enough to guarantee that property will sell quickly and for a decent price, so they should anticipate a lower sale price when considering their calculations, just in case they need to guarantee themselves a sale, but they need a good price on their current property in order to afford the move. With inventory being somewhat low, there is some worry that if they sell first they won’t find something to buy, and will end up renting for longer than anticipated.

As a Buyer, how can you find the best deal? Well, you have to be offering! There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. I always like to remind Buyers that you need to find the balance between a good deal and a property you actually like, because it costs a lot of money to buy and sell real estate so if you buy a “deal” but want to sell it in 2 years, it could end up costing you more than if you bought the property you really liked that was a little more expensive. You live in your home every day and it has a serious affect on your lifestyle – make sure you choose wisely!

As for Sellers and inventory – I think we’ll see an expected increase in inventory this Spring – but I don’t think it’ll be higher than average. Buyers are still looking for the good properties: anything that is a reno project or just plain odd will have trouble selling (unless it’s priced low) though Buyers still recognize and appreciate the really good properties in good locations. 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 a slowing market. 

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 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023. 

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said. “In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.” 

For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments. Generally, analysts say 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. 

Onto the stats:

Vancouver West Real Estate Stats up to and including February 2023

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 2023

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. I love thinking critically and answering questions, so I’m always happy to help.

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.

Time is flying by, and as someone desperate for warmer weather, I couldn’t be happier about it! We’re into February already and the market is moving along as expected. Myself and my clients are finding inventory to be really low, especially good inventory. The start of the year is always slow to get started – the listings that hit the market are often properties that didn’t sell in the Fall, so it often takes some time to see an exciting increase in new inventory. I’ve seen a handful of multiple offer scenarios, many other properties selling quickly and some that are sitting on the market (I’m usually not surprised at which properties end up sitting on the market!). If you have questions on a particular market, get in touch with me!

There was a 0.25% interest rate increase in January which was generally expected. The Bank of Canada indicated that these rate hikes are working so they will be taking a wait and see approach going forward. I would personally be surprised if they increased again, but it will depend on the country’s inflation indicators over the next month. This increase affects anyone on a variable rate and new approvals (prime rate is 6.45% with this increase). On the flip side, bond yields were decreasing so fixed rates started dropping. Generally speaking, variable rates are based on data from the past, while fixed rates are based on data from today, so fixed rates continuing to drop are indicative that rates may have peaked. Talk to your mortgager broker about securing a 1-3 year fixed rate as it’s more than likely that rates will settle somewhere between 3-4% in the next couple of years.

The January market showed some signs of life. I’ve been getting a lot of calls from Buyers starting to think about buying. These are both Buyers who would be new to looking and other Buyers who have been looking over the past few years. I think this is due to a few reasons: (1) high interest rates aren’t a surprise anymore, so after a few months of this new reality, it’s easier to accept as the norm, especially if they’re thinking creatively like getting a short term fixed rate, (2) Some people have been on the sidelines long enough and want to move up and into their next property… the market didn’t slow down because people didn’t want to buy, it slowed down because of interest rates, so once interest rates flatline or start decreasing, Buyers will be back, and (3) prices have dropped, which makes the short term higher interest rates a little more palatable. I have a lot of clients who have been searching for real estate well below their actual affordability, so even though interest rates increased and their affordability dropped, they haven’t actually been affected. For example, say in 2021 someone was looking for real estate: they were pre-approved for up to $1.2-million but wanted to buy for $1-million or less. Now in 2023 with these new interest rates, their pre-approval has dropped to $1-million but prices have dropped as well – they can get a better property than they could before despite the higher rates. They may have to pay a couple years of higher rates compared to someone who locked in at 2.5%, but the lower price of the property makes up for it, and hopefully they can secure a lower rate in a few years.

As a Buyer, how can you find the best deal? Well, you have to be offering! There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. I always like to remind Buyers that you need to find the balance between a good deal and a property you actually like, because it costs a lot of money to buy and sell real estate so if you buy a “deal” but want to sell it in 2 years, it could end up costing you more than if you bought the property you really liked that was a little more expensive. You live in your home every day and it has a serious affect on your lifestyle – make sure you choose wisely!

As for Sellers and inventory – I think we’ll see an expected increase in inventory this Spring – but I don’t think it’ll be higher than average. Buyers are still looking for the good properties: anything that is a reno project or just plain odd will have trouble selling (unless it’s priced low) though Buyers still recognize and appreciate the really good properties in good locations. 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 a slowing market. 

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

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”

Sales of Metro Vancouver detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622 detached sales recorded in January 2022. The benchmark price for a detached home is $1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent decrease compared to December 2022.

Sales of Metro Vancouver apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the 1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to December 2022.

Attached home sales in Metro Vancouver in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348 sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a three per cent decrease from January 2022 and a 0.8 per cent increase compared to December 2022.

Onto the stats:

Vancouver West Real Estate Stats up to and including January 2023

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 2023

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371. I love thinking critically and answering questions, so I’m always happy to help.

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 2 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. Email me if you need a referral to a great mortgage broker.

The real estate market is moving along at a decent pace given the holidays and the interest rates increases – different types of properties and markets are experiencing different levels of activity. Overall, I’ve seen some people pick up great properties for pretty fantastic prices compared to the last year or so. If you have questions on a particular market, get in touch with me!

After increasing rates by 0.5% in December, the Bank of Canada has signalled that they are going to take a wait and see approach when it comes to future rate increases or decreases. I don’t think we’ll see a decrease for months, but I also don’t expect rates to increase significantly from here.

It’s a slow market (Sellers aren’t keen to sell if they know the market is mediocre) and no one is keen to sell during the holidays (historically December is not a great time for Sellers) so inventory has been low, especially good inventory. Sales have been down as expected – with rates around the 5-6% market real estate has gotten a lot more expensive in the last few months. Prices have dropped to accommodate, but it’s harder for Buyers to qualify, and anyone who has an existing low rate is finding it hard to take on a higher rate with a bigger mortgage. I expect to see a nice influx of inventory in the new year. I don’t think Buyers will be back with a vengeance though, so it will be interesting to see how desperate Sellers get when to comes to dropping their price. For the most part I think it’s very situational – certain Sellers will be feeling the pinch (particularly investors who are on a variable rate) and in general reno projects aren’t appealing to Buyers right now so anything that needs major renovations will be a tough sell.

As a Buyer, how can you find the best deal? Well, you have to be offering! There are a lot of Sellers out there who won’t drop their price to a low number, but they’ll accept it if it comes. I always like to remind Buyers that you need to find the balance between a good deal and a property you actually like, because it costs a lot of money to buy and sell real estate so if you buy a “deal” but want to sell it in 2 years, it could end up costing you more than if you bought the property you really liked that was a little more expensive. You live in your home every day and it has a serious affect on your lifestyle – make sure you choose wisely!

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 a slowing market. 

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

There were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2022. This represents a 22.9 per cent decrease compared to the 3,964 homes listed in November 2021 and a 24.2 per cent decrease compared to October 2022 when sellers listed 4,033 homes.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

For all property types, the sales-to-active listings ratio for November 2022 is 17.6 per cent. By property type, the ratio is 13.2 per cent for detached homes, 19.7 per cent for townhomes, and 20.8 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 0.6 per cent decrease over November 2021, a 10.2 per cent decrease over the last six months, and a 1.5 per cent decrease compared to October 2022.

Onto the stats:

Vancouver West Real Estate Stats up to and including November 2022

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 2022

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

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 2 year mortgage amortization, porting your existing mortgage or understanding how any further changes to interest rates will affect you. 

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

The real estate market is busier than expected – I’m seeing some multiple offer situations but plenty of price drops and negotiation. The market hasn’t been as affected by the interest rate changes as expected, but that is in major part because good inventory is low. Having said that, different markets are experiencing different dynamics, so if you have questions on a particular market, get in touch with me!

Demand is still out there – the market hasn’t slowed because of a lack of Buyers, it’s slowed because of interest rate uncertainty – so if something is priced well there will be someone ready to buy it. There was a house in Kits that received 11 offers at the end of October – it was priced lower than its value, but not obscenely low, and it sold for a bit higher than expected value, but not what I would consider unreasonable. Otherwise, I’m seeing a lot of properties that are priced above their value, because a lot of Sellers these days are building in some negotiation room. Don’t be afraid to try an offer, especially if the property has been sitting on the market, and especially if it’s still on the market in December. I’m not seeing many “crazy” deals, but when I do it’s because the Buyer negotiated quite a bit off the price – so if you’re looking for a deal, you need to be offering. Unfortunately, there aren’t very many desperate Sellers, which is a big reason why inventory is low. Sellers hear that the market is changing and decide to put off any plans to upgrade or sell. I have a lot of clients who would like to move, but at this point they would rather hold on to their low interest rate at their current property and pursue this idea in the future.

There is another interest rate announcement planned for December – I expect another small increase and a small decline in prices over the next few months. Expect interest rates to be in the 5-6% range for a couple years. I have different thoughts on how to approach this market depending on what you’re looking to buy and why you’re looking to move. If you’re looking for something quite unique – i.e. a house that works for a multi generational family, or have a small area that you’re considering – it’s worthwhile to buy in this market as they can be few and far between and I don’t expect any major changes to price on top of what we’ve already seen. These markets are also good opportunities to upgrade since the higher priced property has likely come down in price more than your lower priced sale, narrowing the gap in price difference. 

Sellers need to consider putting a little more effort into their property – paint it white if the walls are currently colourful, replace the floors if they aren’t modern and stage it if it’s vacant. The properties that are having the hardest time selling are properties at the top of their market’s price point and properties that are in terrible condition (developers and flippers aren’t keen for projects given high holding costs and regular buyers would rather wait for the nice property than buy a reno in a slowing market).

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 a slowing market. 

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 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments. Generally, analysts say 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 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for detached properties is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022. 

Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment property is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.

Onto the stats:

Vancouver West Real Estate Stats up to and including October 2022

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 2022

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

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, porting your existing mortgage or understanding how any changes to interest rates will affect you. 

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask. 

Happy October Everyone! I hope you’ve been enjoying the sunny days we’ve been lucky enough to have recently. 

The real estate market is chugging along. Different areas are experiencing different market dynamics right now, so this review is primarily about Vancouver, but I’ve had some recent experience in the greater Vancouver area. 

As expected, inventory is fairly low right now and pricing strategy will have a big impact on how a sale proceeds. Anything priced on the higher end will sit on the market – in my experience it can be hard to encourage Buyers to submit an offer to start the negotiation process. Many Buyers want to know it’s a good price before bothering to offer. Anything priced reasonably will sell fairly quickly and anything priced low will still get multiple offers – and this goes for condos to houses and as far as Langley in my recent experience. 

Demand is still out there – the market hasn’t slowed because of a lack of Buyers, it’s slowed because of financial uncertainty – so if something is priced well there will be someone ready to buy it. There are two more interest rate announcements this year, and small increases are expected to continue curtailing inflation so I expect to see some small decline in prices over the next few months. Expect interest rates to be in the 5-6% range for a couple years. I have different thoughts on how to approach this market depending on what you’re looking to buy and why you’re looking to move. If you’re looking for something quite unique – i.e. a house that works for a multi generational family, or a unit with amazing outdoor space, or have a small area that you’re considering – it’s worthwhile to buy in this market as they can be few and far between and I don’t expect any major changes to price on top of what we’ve already seen. These markets are also good opportunities to upgrade since the higher priced property has likely come down in price more than your lower priced sale, narrowing the gap in price difference. 

Sellers need to consider putting a little more effort into their property – paint it white if the walls are currently colourful, replace the floors if they aren’t modern and stage it if it’s vacant. 

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 a slowing market. 

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

There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed.

For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 per cent for apartments.

Generally, analysts say 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.

Onto the stats:

Vancouver West Real Estate Stats up to and including September 2022

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 2022

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

What questions do you have? Send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.

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, porting your existing mortgage or understanding how any changes to interest rates will affect you. 

If you have any questions as you start thinking about your real estate goals for this year, don’t hesitate to ask.