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December 2025 Real Estate Market Report

Tue, 06 Jan 2026 17:17:34 GMT

As written by the Real Estate Board Of Greater Vancouver. Home sales registered in the Multiple Listing Service® (MLS®) in Metro Vancouver finished the year down 10 per cent, marking the lowest annual sales total in over twenty years.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 23,800 in 2025, a 10.4 per cent decrease from the 26,561 sales recorded in 2024, and a 9.3 per cent decrease from the 26,249 sales in 2023.

Last year’s sales total was 24.7 per cent below the 10-year annual sales average (31,625).

“This year was one for the history books,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Although the sales total was the lowest in over two decades, Realtors were still busy listing properties. Sellers brought the highest total of listings to market on record since the mid-1990s, eclipsing the previous record high in 2008 by a little over 1,000 listings.”

Properties listed on the MLS® in Metro Vancouver totaled 65,335 in 2025. This represents an 8.2 per cent increase compared to the 60,388 properties listed in 2024. This was 28.4 per cent above the 50,893 properties listed in 2023.

The total number of properties listed last year was 13.1 per cent above the region’s 10-year total annual average of (57,782).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 12,550, a 14.6 per cent increase compared to December 2024 (10,948). This is 34.8 per cent above the 10-year seasonal average (9,308).

“The forecast we put out last January noted a foreseeable downside risk, which while prescient, unfortunately materialized in 2025,” said Lis. “Specifically, we noted that trade tensions with the USA could negatively impact sales and prices, and this downside risk came to pass. The upshot, however, is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,800. This represents a 4.5 per cent decrease over December 2024 and a 0.8 per cent decrease compared to November 2025.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025. Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point,” said Lis. “With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favorable conditions. Whether these conditions translate into a market with stronger demand will be the million-dollar question – and we’ll be monitoring this story closely as it unfolds.”

December 2025 summary

Residential sales in the region totaled 1,537 in December 2025, a 12.9 per cent decrease from the 1,765 sales recorded in December 2024. This was 20.7 per cent below the 10-year seasonal average (1,937).

There were 1,849 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2025. This represents a 10.3 per cent increase compared to the 1,676 properties listed in December 2024. This was 10.3 per cent above the 10-year seasonal average (1,677).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2025 is 12.7 per cent. By property type, the ratio is 9.3 per cent for detached homes, 14.6 per cent for attached, and 15.1 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 December 2025 reached 431, a 12.8 per cent decrease from the 494 detached sales recorded in December 2024. The benchmark price for a detached home is $1,879,800. This represents a 5.3 per cent decrease from December 2024 and a 1.1 per cent decrease compared to November 2025.

Sales of apartment homes reached 791 in December 2025, a 11.2 per cent decrease compared to the 891 sales in December 2024. The benchmark price of an apartment home is $710,000. This represents a 5.3 per cent decrease from December 2024 and a 0.6 per cent decrease compared to November 2025.

Attached home sales in December 2025 totaled 303, an 18.3 per cent decrease compared to the 371 sales in December 2024. The benchmark price of a townhouse is $1,056,600. This represents a five per cent decrease from December 2024 and a 0.8 per cent decrease compared to November 2025.

Download GVR's December 2025 MLS® Housing Market Report

Here’s what happened in Vancouver real estate in November 2025

Tue, 16 Dec 2025 17:45:27 GMT

post written by the Real Estate Board of Greater Vancouver

Metro Vancouver home-sale trends observed in October continued in November, as sales registered on the MLS® remained lower than this time last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 1,846 in November 2025, a 15.4 per cent decrease from the 2,181 sales recorded in November 2024. This was 20.6 per cent below the 10-year seasonal average (2,324).

“As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality. Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago.”

There were 3,674 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2025. This represents a 1.4 per cent decrease compared to the 3,725 properties listed in November 2024. This was 3.1 per cent above the 10-year seasonal average (3,562).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,149, a 14.4 per cent increase compared to November 2024 (13,245). This is 36.3 per cent above the 10-year seasonal average (11,116).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2025 is 12.6 per cent. By property type, the ratio is 9.7 per cent for detached homes, 13.6 per cent for attached, and 14.8 per cent for apartments.

“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments,” Lis said. “With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,700. This represents a 3.9 per cent decrease over November 2024 and a 0.3 per cent decrease compared to October 2025.

Sales of detached homes in November 2025 reached 541, a 13.6 per cent decrease from the 626 detached sales recorded in November 2024. The benchmark price for a detached home is $1,900,600. This represents a 4.3 per cent decrease from November 2024 and a 0.4 per cent decrease compared to October 2025.

Sales of apartment homes reached 945 in November 2025, a 13.2 per cent decrease compared to the 1,089 sales in November 2024. The benchmark price of an apartment home is $714,300. This represents a 5.2 per cent decrease from November 2024 and a 0.2 per cent decrease compared to October 2025.

Attached home sales in November 2025 totaled 350, a 22.4 per cent decrease compared to the 451 sales in November 2024. The benchmark price of a townhouse is $1,065,600. This represents a 4.4 per cent decrease from November 2024 and a 0.1 per cent increase compared to October 2025.

Download GVR's November 2025 MLS® Housing Market Report

Here's what happened in Vancouver Real Estate in October 2025 according to the REBGV

Mon, 10 Nov 2025 19:27:08 GMT

Home sales registered on the MLS® in Metro Vancouver were 14 per cent lower than last October, as the trend of slower sales and building inventory creates favourable conditions for those looking to buy in the fall market.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,255 in October 2025, a 14.3 per cent decrease from the 2,632 sales recorded in October 2024. This was 14.5 per cent below the 10-year seasonal average (2,638).

“October is typically the last month of the year where sales activity sees a seasonal uptick, but sales still fell short of last year’s figures and the ten-year seasonal average,” said Andrew Lis, GVR’s chief economist and vice-president of data analytics. “Even the fourth cut this year to the Bank of Canada’s policy rate this October wasn’t enough to entice more buyers back into the market.”

There were 5,438 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2025. This represents a 0.3 per cent decrease compared to the 5,452 properties listed in October 2024. This was 16.3 per cent above the 10-year seasonal average (4,676).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,393, a 13.2 per cent increase compared to October 2024 (14,477). This total is 35.9 per cent above the 10-year seasonal average (12,063).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2025 is 14.2 per cent. By property type, the ratio is 11.3 per cent for detached homes, 17.6 per cent for attached, and 15.5 per cent for apartments.

“After peaking in June, inventory levels have edged lower, and prices have eased across all market segments as slower-than-usual sales activity meets the highest inventory levels seen in many years,” Lis said. “With no further reductions to the Bank of Canada’s policy rate expected in 2025, market conditions appear as favorable for buyers as they’ve been all year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,132,500. This represents a 3.4 per cent decrease over October 2024 and a 0.8 per cent decrease compared to September 2025.

Sales of detached homes in October 2025 reached 693, a 4.3 per cent decrease from the 724 detached sales recorded in October 2024. The benchmark price for a detached home is $1,916,400. This represents a 4.3 per cent decrease from October 2024 and a 0.9 per cent decrease compared to September 2025.

Sales of apartment homes reached 1,071 in October 2025, a 23.1 per cent decrease compared to the 1,393 sales in October 2024. The benchmark price of an apartment home is $718,900. This represents a 5.1 per cent decrease from October 2024 and a 1.4 per cent decrease compared to September 2025.

Attached home sales in October 2025 totalled 477, a 4.8 per cent decrease compared to the 501 sales in October 2024. The benchmark price of a townhouse is $1,066,700. This represents a 3.8 per cent decrease from October 2024 and a 0.3 per cent decrease compared to September 2025.

Download GVR's October 2025 MLS® Housing Market Report

September 2025 Vancouver Real Estate Market Report

Tue, 14 Oct 2025 18:06:32 GMT

as written by the Real Estate Board of Greater Vancouver

Another Bank of Canada rate cut and easing prices helped home sales registered on the MLS® in Metro Vancouver* edge higher relative to September last year. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 1,875 in September 2025, a 1.2 per cent increase from the 1,852 sales recorded in September 2024. This was 20.1 per cent below the 10-year seasonal average (2,348). 

“With another cut to Bank of Canada’s policy rate behind us, and markets pricing in at least one more cut by the end of the year, Metro Vancouver homebuyers have reason to be optimistic about the fall market,” said Andrew Lis, GVR’s director of economics and data analytics. “Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity.”

There were 6,527 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2025. This represents a 6.2 per cent increase compared to the 6,144 properties listed in September 2024. This was 20.1 per cent above the 10-year seasonal average (5,434). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,079, a 14.4 per cent increase compared to September 2024 (14,932). This is 36.1 per cent above the 10-year seasonal average (12,553). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2025 is 11.3 per cent. By property type, the ratio is 8.5 per cent for detached homes, 12.7 per cent for attached, and 13.3 per cent for apartments. 

“The past few years have been quite challenging for the market, beginning with 2022’s rapid increase in interest rates, major political and policy shifts in subsequent years, and recent trade tensions with the USA weighing on the market,” Lis said. “With the acute impacts of these events now fading, we expect market activity to continue stabilizing to end the year, barring any unforeseeable major disruptions.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,142,100. This represents a 3.2 per cent decrease over September 2024 and a 0.7 per cent decrease compared to August 2025. 

Sales of detached homes in September 2025 reached 552, a 7 per cent increase from the 516 detached sales recorded in September 2024. The benchmark price for a detached home is $1,933,100. This represents a 4.4 per cent decrease from September 2024 and a 0.9 per cent decrease compared to August 2025. 

Sales of apartment homes reached 954 in September 2025, a 1.5 per cent increase compared to the 940 sales in September 2024. The benchmark price of an apartment home is $728,800. This represents a 4.4 per cent decrease from September 2024 and a 0.8 per cent decrease compared to August 2025. 

Attached home sales in September 2025 totaled 356, a 5.8 per cent decrease compared to the 378 sales in September 2024. The benchmark price of a townhouse is $1,069,800. This represents a 2.7 per cent decrease from September 2024 and a 0.9 per cent decrease compared to August 2025.

Download GVR's September 2025 MLS® Housing Market Report

June 2025 Vancouver Real Estate Market Report

Mon, 14 Jul 2025 16:25:35 GMT

Here's what happened in Vancouver Real Estate in June 2025 according to the REBGV

After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver are showing emerging signs of a recovery, down ten per cent year-over-year – halving the decline seen last month.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8 per cent decrease from the 2,418 sales recorded in June 2024. This was 25.8 per cent below the 10-year seasonal average (2,940).

“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May,” said Andrew Lis, GVR’s director of economics and data analytics. “If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.”

There were 6,315 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2025. This represents a 10.3 per cent increase compared to the 5,723 properties listed in June 2024. This was 12.7 per cent above the 10-year seasonal average (5,604).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8 per cent increase compared to June 2024 (14,182). This is 43.7 per cent above the 10-year seasonal average (12,223).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2025 is 12.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 16.9 per cent for attached, and 13.9 per cent for apartments.

“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said. “Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favorable conditions seen in years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,100. This represents a 2.8 per cent decrease over June 2024 and a 0.3 per cent decrease compared to May 2025.

Sales of detached homes in June 2025 reached 657, a 5.3 per cent decrease from the 694 detached sales recorded in June 2024. The benchmark price for a detached home is $1,994,500. This represents a 3.2 per cent decrease from June 2024 and a 0.1 per cent decrease compared to May 2025.

Sales of apartment homes reached 1,040 in June 2025, a 16.5 per cent decrease compared to the 1,245 sales in June 2024. The benchmark price of an apartment home is $748,400. This represents a 3.2 per cent decrease from June 2024 and a 1.2 per cent decrease compared to May 2025.

Attached home sales in June 2025 totalled 473, a 3.7 per cent increase compared to the 456 sales in June 2024. The benchmark price of a townhouse is $1,103,900. This represents a three per cent decrease from June 2024 and a 0.3 per cent decrease compared to May 2025.

CLICK HERE TO DOWNLOAD THE STATS PACKAGE

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Here's what happened in Vancouver Real Estate in May 2025 according to the REBGV

Fri, 06 Jun 2025 15:46:09 GMT

May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).

“While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”

There were 6,620 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2025. This represents a 3.9 per cent increase compared to the 6,374 properties listed in May 2024. This was 9.3 per cent above the 10-year seasonal average (6,055).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2025 is 13.4 per cent. By property type, the ratio is 10.2 per cent for detached homes, 17.4 per cent for attached, and 14.7 per cent for apartments.

“With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months,” Lis said. “From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,177,100. This represents a 2.9 per cent decrease over May 2024 and a 0.6 per cent decrease compared to April 2025.

Sales of detached homes in May 2025 reached 654, a 22.7 per cent decrease from the 846 detached sales recorded in May 2024. The benchmark price for a detached home is $1,997,400. This represents a 3.2 per cent decrease from May 2024 and a 1.2 per cent decrease compared to April 2025.

Sales of apartment homes reached 1,087 in May 2025, an 18.8 per cent decrease compared to the 1,338 sales in May 2024. The benchmark price of an apartment home is $757,300. This represents a 2.4 per cent decrease from May 2024 and a 0.7 per cent decrease compared to April 2025.

Attached home sales in May 2025 totalled 469, a 10.3 per cent decrease compared to the 523 sales in May 2024. The benchmark price of a townhouse is $1,106,800. This represents a 3.4 per cent decrease from May 2024 and a 0.4 per cent increase compared to April 2025.

CLICK HERE TO DOWNLOAD THE STATS PACKAGE

Here's what happened in Vancouver Real Estate in April 2025 according to the REBGV

Fri, 02 May 2025 18:50:32 GMT

The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver that began early this year continued in April, with sales down nearly 24 per cent year-over-year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014).

“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales,” said Andrew Lis, GVR’s director of economics and data analytics. “What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.”

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 per cent above the 10-year seasonal average (5,731) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 per cent increase compared to April 2024 (12,491). This is 47.6 per cent above the 10-year seasonal average (10,979).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 17.5 per cent for attached, and 15.7 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.

“While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers,” Lis said. “Inventory levels have just crested 16,000 for the first time since 2019, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8 per cent decrease over April 2024 and a 0.5 per cent decrease compared to March 2025.

Sales of detached homes in April 2025 reached 578, a 29 per cent decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7 per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025.

Sales of apartment homes reached 1,130 in April 2025, a 20.2 per cent decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025.

Attached home sales in April 2025 totalled 442, a 23.8 per cent decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9 per cent decrease from April 2024 and a one per cent decrease compared to March 2025.

CLICK HERE TO DOWNLOAD THE STATS PACKAGE

GVR February 2025 Real Estate Market Update

Fri, 07 Mar 2025 17:52:59 GMT

Here's what happened in
Vancouver Real Estate in February 2025 according to the REBGV

After a 46 per cent year-over-year increase of new listings in January, the number of newly listed properties on the MLS® in Metro Vancouver* rose more moderately in February helping keep market conditions in balanced territory.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®) in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in February 2024. This total was 28.9 per cent below the 10-year seasonal average (2,571).

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

There were 5,057 detached, attached and apartment properties newly listed for sale on the MLS® in February 2025. This represents a 10.9 per cent increase compared to the 4,560 properties listed in February 2024. This was 11.6 per cent above the 10-year seasonal average (4,530).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2025 is 14.8 per cent. By property type, the ratio is 10.7 per cent for detached homes, 18.5 per cent for attached, and 16.8 per cent for apartments.

“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” Lis said. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,169,100. This represents a 1.1 per cent decrease over February 2024 and a 0.3 per cent decrease compared to January 2025.

Sales of detached homes in February 2025 reached 477, a 14.8 per cent decrease from the 560 detached sales recorded in February 2024. The benchmark price for a detached home is $2,006,100. This represents a 1.8 per cent increase from February 2024 and is virtually unchanged compared to January 2025.

Sales of apartment homes reached 976 in February 2025, a 10.6 per cent decrease compared to the 1,092 sales in February 2024. The benchmark price of an apartment home is $747,500. This represents a 2.8 per cent decrease from February 2024 and a 0.1 per cent decrease compared to January 2025.

Attached home sales in February 2025 totalled 359, a 10.9 per cent decrease compared to the 403 sales in February 2024. The benchmark price of a townhouse is $1,087,100. This represents a 1.2 per cent decrease from February 2024 and a 1.7 per cent decrease compared to January 2025.

CLICK HERE TO DOWNLOAD THE STATS PACKAGE

GVR January 2025 MLS® housing market report

Wed, 05 Feb 2025 17:23:50 GMT

Here's what happened in
Vancouver Real Estate in January 2025 according to the REBGV

Homes newly listed on the MLS® in Metro Vancouver rose 46 per cent year-over-year in January, as sellers appear eager to enter the market to start the year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,552 in January 2025, an 8.8 per cent increase from the 1,427 sales recorded in January 2024. This was 11.3 per cent below the 10-year seasonal average (1,749).

“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year,” Andrew Lis, GVR’s director of economics and data analytics said. “Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.”

There were 5,566 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9 per cent increase compared to the 3,788 properties listed in January 2024. This was 31.1 per cent above the 10-year seasonal average (4,247).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1 per cent increase compared to January 2024 (8,633). This is 33.2 per cent above the 10-year seasonal average (8,632).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2025 is 14.1 per cent. By property type, the ratio is 9.2 per cent for detached homes, 18.5 per cent for attached, and 16.5 per cent for apartments.

“With new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” Lis said. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,000. This represents a 0.5 per cent increase over January 2024 and a 0.1 per cent increase compared to December 2024.

Sales of detached homes in January 2025 reached 380, a 0.3 per cent increase from the 379 detached sales recorded in January 2024. The benchmark price for a detached home is $2,005,400. This represents a 3.1 per cent increase from January 2024 and a 0.4 per cent increase compared to December 2024.

Sales of apartment homes reached 846 in January 2025, a 13.4 per cent increase compared to the 746 sales in January 2024. The benchmark price of an apartment home is $748,100. This represents a 1.7 per cent decrease from January 2024 and a 0.2 per cent decrease compared to December 2024.

Attached home sales in January 2025 totalled 321, a 12.6 per cent increase compared to the 285 sales in January 2024. The benchmark price of a townhouse is $1,105,600. This represents a 2.7 per cent increase from January 2024 and a 0.8 per cent decrease compared to December 2024.

DOWNLOAD THE STATS PACKAGE

Canada’s Recent Rate Cut: What It Means for You

Fri, 31 Jan 2025 03:21:15 GMT

In a significant move to bolster economic growth, the Bank of Canada has announced a recent cut in interest rates, a decision aimed at igniting spending and investment amid fluctuating economic conditions. The new rate, now set at 3%, represents a marked decrease from previous levels, sparking discussions among economists and financial experts about potential implications for consumers and businesses alike.

This decision comes as Canada faces a range of challenges, including inflationary pressures and global economic uncertainties. By lowering the interest rates, the Bank of Canada seeks to decrease borrowing costs, making loans for homes, cars, and businesses more accessible. This could stimulate consumer spending and encourage companies to invest in expansion.

For everyday Canadians, this rate cut could mean more affordable mortgages and lower payments on variable-rate loans, providing some relief to those feeling the pinch of living costs. However, it also raises questions about the long-term impact on savings accounts, as lower rates typically yield less interest for savers.

As markets react to this news, Canadians will be watching closely to see how this decision plays out in their finances. Whether you're a homeowner, a prospective buyer, or a small business owner, understanding the implications of this rate cut is essential for making informed financial decisions in the coming months.

Stay tuned for more updates as we monitor the situation and its effects on the Canadian economy!

Written by Heather Wood, Interest Advantage Mortgage LTD.
For more information contact Frank Rocco 604-202-7205

BC Home Flipping Tax Now In Effect January 2025

Fri, 03 Jan 2025 19:45:37 GMT

What you need to know!

This post written by the Real Estate Board of Greater Vancouver. As of January 1, 2025, the BC Home Flipping Tax is now in effect. This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.

Here’s how it works:

The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.

The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.

This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.

Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements.

The BC Government has released a new video about the tax. Check it out below.

The Latest in Canadian Mortgage Rates: What You Need to Know

Tue, 17 Dec 2024 18:42:10 GMT

As 2024 draws to a close, Canadian mortgage rates continue to be a hot topic for both prospective homebuyers and current homeowners. With the Bank of Canada maintaining its vigilant stance on inflation, the housing market has seen significant fluctuations in borrowing costs. Here’s an in-depth look at where mortgage rates stand today and what the future may hold.

Current State of Mortgage Rates in Canada

As of December 2024, the average five-year fixed mortgage rate in Canada hovers between 5.8% and 6.2%, depending on the lender and borrower’s qualifications. Variable rates, tied closely to the Bank of Canada’s policy interest rate, remain slightly lower, averaging 5.4% to 5.6%. However, many borrowers are leaning toward fixed rates, given the uncertainty surrounding future rate hikes.

The Bank of Canada’s overnight rate, which directly influences variable-rate mortgages and lines of credit, currently sits at 5.00%, following a series of rate hikes since early 2022. These increases were implemented to curb inflation, which has gradually been declining but remains above the central bank’s 2% target.

Key Factors Influencing Mortgage Rates

Inflation Trends: The Bank of Canada continues to monitor inflation closely. While it has shown signs of easing, any uptick could prompt additional rate hikes.
Global Economic Conditions: Economic uncertainties, such as fluctuating energy prices and geopolitical tensions, also impact Canada’s lending environment. These factors can indirectly affect mortgage rates.
Housing Demand: Despite higher borrowing costs, housing demand in many urban centers remains robust. This demand can influence lenders to adjust their mortgage offerings competitively.
Government Policies: Recent policy changes, including updates to the stress test rules and increased focus on affordable housing initiatives, may also affect mortgage accessibility and rates.

Should You Choose Fixed or Variable?

For many Canadians, the decision between fixed and variable rates is challenging. Here’s a quick comparison:

Fixed Rates: Offer stability, with predictable payments over the term of the mortgage. These are ideal for risk-averse borrowers who want certainty in their monthly budget.
Variable Rates: Historically, these have been cheaper over the long term. However, their payments fluctuate based on market conditions, making them riskier in today’s volatile rate environment.

Tips for Navigating the Mortgage Landscape

Shop Around: Don’t settle for the first offer you receive. Mortgage brokers can help you compare rates from multiple lenders.
Check Your Credit Score: A strong credit score can significantly improve your chances of securing a lower rate.
Consider Pre-Approval: Locking in a rate with pre-approval can protect you from potential rate hikes while you search for a home.
Explore Alternative Options: Some lenders offer hybrid mortgages or cashback incentives, which might be suitable depending on your financial goals.

Looking Ahead

While predicting the exact trajectory of mortgage rates is difficult, many experts anticipate a gradual stabilization in 2025 as inflationary pressures ease. For now, Canadians should remain informed and proactive, seeking advice from financial advisors to make well-informed decisions about their mortgage plans.

Final Thoughts

The Canadian mortgage landscape is undoubtedly complex, but staying updated on rate trends and understanding your financial situation can help you navigate it with confidence. Whether you’re renewing your mortgage, buying your first home, or exploring investment properties, careful planning will ensure you’re prepared for whatever lies ahead.

If you’re looking for personalized mortgage advice or want to explore the latest listings, don’t hesitate to contact Frank Rocco at 604-202-7205. Let’s make your real estate journey a success!

November 2024 Real Estate Market Report

Tue, 03 Dec 2024 17:30:35 GMT

Home buyer demand continues to strengthen in November

Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 per cent for apartments.

“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024.

Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024.

Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024.

Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.

Download the November 2024 stats package

Top Tips for Buying Your Dream Home in Vancouver, BC

Tue, 19 Nov 2024 21:33:40 GMT

The Greater Vancouver area is one of Canada’s most sought-after regions for homebuyers. With its stunning natural beauty, diverse communities, and excellent amenities, it’s no wonder people flock to this area to settle down. However, navigating the real estate market can be challenging. As your trusted real estate expert, I’m Frank Rocco, here to guide you through the process. Whether you’re buying your first home or upgrading, here are my top tips for finding your dream home in this dynamic region.

1. Understand Your Budget

In our competitive market, knowing your numbers is essential. Start by getting pre-approved for a mortgage, which will help you define your budget and show sellers you’re serious. Remember to account for additional costs like the Property Transfer Tax, strata fees, and home insurance. Don’t have a trusted mortgage broker? I can recommend one to you, just give me a call!

2. Choose the Right Neighbourhood

The greater Vancouver area offers a variety of communities, each with its own unique appeal. Are you drawn to the family-friendly charm of Langley, the waterfront views of White Rock, or the bustling city vibes of Burnaby? I’ll help you explore the region and find a neighbourhood that matches your lifestyle and priorities.

3. Stay Informed About Market Trends

Vancouver Real Estate is dynamic, with homes often selling quickly and sometimes over asking price. I’ll provide you with the latest market insights, from pricing trends to the average time homes stay on the market. Together, we’ll craft a strategy that positions you for success.

4. Do Your Due Diligence

Whether you’re buying a heritage home in New Westminster or a strata property in Surrey, due diligence is crucial. I’ll connect you with trusted home inspectors and guide you through reviewing strata documents to ensure your investment is sound and aligns with your expectations.

5. Be Ready to Act

The Lower Mainland’s housing market is fast-paced, so when you find the right property, it’s essential to act quickly. With pre-approval in place and my expertise guiding you, you can confidently make competitive offers while staying within your budget.

6. Plan for the Future

Buying a home is a long-term investment. Whether you’re planning for a growing family or thinking about future resale value, I’ll help you choose a property that fits both your current needs and your future goals.

Why Choose Frank Rocco?

As a seasoned real estate professional specializing in the Greater Vancouver area for over 10 years, I understand the nuances of this diverse market. My personalized approach, extensive local knowledge, and dedication to my clients ensure that your home-buying journey is smooth, informed, and successful.

Ready to Find Your Perfect Home?

Let’s make it happen! Whether you’re starting your search or ready to make an offer, I’ll provide the expertise and support you need. Contact me today to schedule a FREE HOME ESTIMATE and begin your journey to finding your dream home!

OCTOBER 2024 REAL ESTATE MARKET UPDATE

Thu, 07 Nov 2024 05:58:37 GMT

Here's what happened in
Vancouver Real Estate in October 2024 according to the REBGV

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 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.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.

JUST LISTED: 202 2266 ATKINS AVENUE, PORT COQUITLAM

Fri, 01 Nov 2024 20:15:34 GMT

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10 STEPS TO GET YOUR HOME READY TO LIST

Fri, 25 Oct 2024 16:23:40 GMT

Selling your home can be an exciting yet challenging process. To attract potential buyers and get the best price, it’s crucial to present your home in its best light. Here’s a comprehensive guide to help you prepare your home for listing.

1. Declutter and Organize

Start by decluttering each room. Remove personal items, excess furniture, and anything that doesn’t add to the space. A clean, organized home feels larger and more inviting, allowing buyers to envision themselves living there.

2. Deep Clean Your Home

A thorough cleaning can make a significant difference. Consider hiring professional cleaners to tackle carpets, windows, and hard-to-reach areas. Don’t forget about the garage, basement, and attic—these spaces can impact a buyer’s perception.

3. Make Minor Repairs

Address any small repairs that have been on your to-do list. Fix leaky faucets, squeaky doors, and chipped paint. These minor improvements can enhance your home’s overall appeal and prevent buyers from questioning the property’s upkeep.

4. Enhance Curb Appeal

First impressions matter! Tidy up your yard, trim hedges, and plant some flowers. A fresh coat of paint on the front door and clean walkways can also create a welcoming entrance.

5. Neutralize Your Space

While you may love bold colors and personal decor, it’s best to neutralize your home. Consider repainting in soft, neutral tones to appeal to a broader audience. This creates a blank canvas for buyers to imagine their style.

6. Staging Your Home

Consider staging your home to highlight its best features. You can hire a professional stager or simply rearrange your existing furniture to create a more open and inviting space. Pay special attention to key areas like the living room, kitchen, and master bedroom.

7. Depersonalize

Remove family photos and personal items. Buyers want to envision their own lives in the space, and depersonalizing helps them do that. Create a neutral environment that feels inviting yet unoccupied.

8. Upgrade Lighting

Good lighting can make your home feel more inviting. Replace any burnt-out bulbs and consider adding brighter lights in darker areas. Open curtains and blinds to let in natural light during showings.

9. Set the Right Price

Research comparable homes in your area to determine a competitive price. Consider consulting a real estate agent for their expertise. Pricing your home correctly is crucial for attracting serious buyers.

10. Gather Important Documents

Prepare all necessary documents for potential buyers. This includes property disclosures, maintenance records, and any warranties for appliances or systems. Having these ready can streamline the selling process and build buyer confidence.

Getting your home ready to list doesn’t have to be overwhelming. By following these essential steps, you’ll enhance your home’s appeal and increase your chances of a successful sale. If you’re ready to take the next step or need assistance, call me (Frank Rocco) at 604-202-7205. I’m here to help you every step of the way!

THE ULTIMATE MOVING CHECKLIST

Tue, 15 Oct 2024 21:11:40 GMT

Moving to a new home can be both exciting and overwhelming. To make the transition smoother, start planning 8-6 weeks before the big day. Here’s a comprehensive checklist to guide you through the logistics, packing, and notifications, ensuring you’re fully prepared for your move.

8-6 Weeks Before Moving Day

Logistics

1. Set a Moving Budget:
Determine how much you can afford to spend on your move. Include expenses for moving services, supplies, and any unexpected costs that may arise.

2. Choose a Moving Company:
Research local moving companies. Read reviews, compare rates, and check their availability to find the best fit for your needs.

3. Book Movers and Truck:
Once you've chosen a moving company, book them well in advance. If you plan to rent a truck, reserve it at the same time.

4. Schedule Moving Day Off Work:
Take a day off work to oversee the move. If you’re enlisting friends or family to help, make sure they’re available on moving day too.

Purge and Pack

1. Declutter Ruthlessly:
Start by sorting through your belongings. Donate or sell items you no longer need or use. This will lighten your load and simplify packing.

2. Gather Packing Supplies:
Collect boxes, tape, labels, and packing materials. Check with local stores for free boxes or purchase supplies from moving companies.

3. Research Packing Hacks:
Look up efficient packing strategies to save time and space. Techniques like rolling clothes or using towels as padding can make a big difference.

4. Start Packing Non-Essentials:
Begin packing items you won’t need immediately, labeling boxes by room. This will help you stay organized and make unpacking easier.

New Place

1. Research Your New Neighborhood:
Get to know your new area. Check out local amenities, grocery stores, schools, and public transport options to help you settle in.

2. Measure Doorways and Furniture:
Ensure that your furniture will fit through doorways and into your new space. This will save you from headaches on moving day.

3. Schedule Utility and Internet Transfers:
Contact utility companies to schedule the transfer or installation of services like electricity, water, gas, and internet for your new home.

6-4 Weeks Before Moving Day

Notify of Upcoming Move

1. Change of Address:
Submit a Change of Address form to Canada Post to ensure your mail is forwarded to your new home.

2. Update Your Contact Information:
Notify work, school, family, and friends of your new address to keep communication seamless.

Utilities & Home Services

Electricity
Water
Gas
Internet, Phone & Cable
Garbage Removal
Lawn Service
Move-out Cleaning

Finances

Bank & Credit Unions
Credit Cards
Loan Agencies

Subscriptions & Memberships

Gym, Clubs & Organizations
Streaming Services

Insurances & Service Providers

Homeowner & Renters Insurance
Car Insurance
Health & Dental Insurance
Life Insurance
Doctors, Dentists & Veterinarians
Accountants
Attorneys
Online Shopping Accounts

Government Agencies

Update Your Address with ICBC
Canada Revenue Services

Conclusion

By following this 8-6 week moving checklist, you can tackle the logistics, packing, and necessary notifications with confidence. Take each step at your own pace, and remember that planning ahead will help reduce stress as you transition to your new home. Happy moving!

September 2024 Real Estate Market Update

Mon, 07 Oct 2024 18:58:24 GMT

Buyers remain cautious to begin the fall market

Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 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.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.

With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.

Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.

Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.

Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024. Post written by the Real Estate Board of Greater Vancouver
DOWNLOAD THE SEPTEMBER 2024 STATS PACKAGE

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Fri, 27 Sep 2024 19:27:11 GMT

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August 2024 Real Estate Market Report

Wed, 04 Sep 2024 15:50:18 GMT

Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 per cent. By property type, the ratio is 9.6 per cent for detached homes, 18 per cent for attached, and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said.

“With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 per cent decrease over August 2023 and a 0.2 per cent decrease compared to July 2024.

Sales of detached homes in August 2024 reached 509, a 13.9 per cent decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8 per cent increase from August 2023 and a 0 per cent decrease compared to July 2024.

Sales of apartment homes reached 1,012 in August 2024, a 20.3 per cent decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1 per cent decrease from August 2023 and a 0 per cent decrease compared to July 2024.

Attached home sales in August 2024 totalled 370, a 12.3 per cent decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8 per cent increase from August 2023 and a 0.5 per cent decrease compared to July 2024.

THINKING ABOUT SELLING? CLICK HERE FOR A FREE HOME EVALUATION!

July 2024 Real Estate Market Report: More selection not translating to more transactions

Sun, 04 Aug 2024 14:58:17 GMT

Vancouver Real Estate July 2024 market report

New eviction rules coming July 18, 2024

Fri, 12 Jul 2024 20:52:12 GMT

BC landlords must use the Landlord Use Web Portal to create personal or caretaker use eviction notices starting July 18, 2024 and must include information on who is moving in.

June 2024 Real Estate Market Report

Wed, 10 Jul 2024 20:02:05 GMT

Here's what happened in Vancouver in June 2024 according to the REBGV

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7 per cent increase compared to the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal average (5,554).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20.3 per cent above the 10-year seasonal average (11,790).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes, 21.1 per cent for attached, and 20.3 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.

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to May 2024.

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.

CLICK HERE TO DOWNLOAD THE JUNE 2024 STATS

INTEREST RATE DECREASE BY 0.25% ANNOUCED IN JUNE!
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May 2024 Real Estate Report

Wed, 10 Jul 2024 20:00:51 GMT

Here's what happened in Vancouver in May 2024 according to the REBGV

Metro Vancouver home sales down in May while inventory continues to increase.

The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”

There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024. This represents a 12.6 per cent increase compared to the 5,661 properties listed in May 2023 and a seven per cent increase compared to the 10-year seasonal average (5,958).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also up 19.9 per cent above the 10-year seasonal average (11,344).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for detached homes, 25.1 per cent for attached, and 22.5 per cent for apartment properties.

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.

“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis said. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver is currently $1,212,000. This represents a 2.3 per cent increase over May 2023 and a 0.5 per cent increase compared to April 2024.

Sales of detached homes in May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is $2,062,600. This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent increase compared to April 2024.

Sales of apartment homes reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730 sales in May 2023. The benchmark price of an apartment home is $776,200. This represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared to April 2024.

Attached home sales in May 2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May 2023. The benchmark price of a townhouse is $1,145,600. This represents a 5.2 per cent increase from May 2023 and a 0.9 per cent increase compared to April 2024.

CLICK HERE TO DOWNLOAD THE MAY 2024 STATS

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Real Estate Market Update March 2024

Wed, 03 Apr 2024 16:38:13 GMT

HERE'S WHAT HAPPENED IN METRO VANCOUVER IN MARCH 2024
according to the REBGV

Increased seller activity is giving buyers more choice this spring
The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.

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).

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “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.”
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).

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.

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.

“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, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totalled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

DOWNLOAD THE MARCH 2024 STATS PACKAGE

January 2024 REBGV Housing Update

Tue, 20 Feb 2024 21:22:50 GMT

Home sales across Metro Vancouver’s housing market off to strong start in 2024
according to the REBGV

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. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”

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).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

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.

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.

“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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

Download the January 2024 stats package

DECEMBER 2023 REAL ESTATE STATS

Wed, 03 Jan 2024 19:23:25 GMT

Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory as written by the REBGV

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.
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272).

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.”

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.

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868).

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.

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.”

December 2023 summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114).

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 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 December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023.

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023.

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023.

Download the December 2023 stats package.

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Real Estate Market Update November 2023

Thu, 07 Dec 2023 21:32:38 GMT

HERE'S WHAT HAPPENED IN VANCOUVER IN NOVEMBER 2023

Balanced conditions come to the Metro Vancouver housing market for the holiday season according to the REBGV

With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2023. This represents a 9.8 per cent increase compared to the 3,069 properties listed in November 2022. This was 2.8 per cent below the 10-year seasonal average (3,464).

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.

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.

“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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,185,100. This represents a 4.9 per cent increase over November 2022 and a one per cent decrease compared to October 2023.

Sales of detached homes in November 2023 reached 523, a seven per cent increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8 per cent increase from November 2022 and a 0.9 per cent decrease compared to October 2023.

Sales of apartment homes reached 850 in November 2023, a 0.4 per cent increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2 per cent increase from November 2022 and a one per cent decrease compared to October 2023.

Attached home sales in November 2023 totalled 316, a 12.5 per cent increase compared to the 281 sales in November 2022. The benchmark price of a townhouse3 is $1,092,600. This represents a 6.9 per cent increase from November 2022 and a 0.7 per cent decrease compared to October 2023.

Download the November 2023 stats package.

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October 2023 Vancouver Real Estate Stats

Thu, 02 Nov 2023 15:44:52 GMT

Metro Vancouver housing market holds steady in October according to the REBGV

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).

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.

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023.

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.

Download the October 2023 stats package

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September 2023 Real Estate Market Report

Thu, 05 Oct 2023 15:39:09 GMT

As written by the REGBV

As inventory increases, price gains relent in Metro Vancouver to begin the fall season

The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.

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.”

There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4 per cent increase compared to the 4,243 homes listed in September 2022.

This was 5.2 per cent above the 10-year seasonal average (5,179).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent below the 10-year seasonal average (12,136).

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.

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.

“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023.

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023.

Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023.

Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the 274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to August 2023.

Download the September 2023 stats package.

7 Strata Terms You Should Know

Thu, 21 Sep 2023 20:29:26 GMT

If you’re looking to own a strata home, make sure you’re familiar with related terminology. Here’s a guide to some of those terms according to the REBGV

Strata

In a strata development, the parts created for individual ownership are called “strata lots.” Informally, these lots are referred to as a “strata unit” or a “condominium.” The rest of the development consists of common property. Strata housing can include: condos, townhouses, and multiplexes.

Strata corporation

Strata owners own their individual strata lots and together own the common property as a strata corporation.

Strata council

The law recognizes the need for an executive body to carry out the duties of the strata corporation and to oversee the corporation’s affairs between general meetings of the eligible voters. This executive body is called the strata council. It’s effectively a board of directors.

The strata council’s role is to:

act as the managing body for the strata corporation,
make daily decisions that enable the strata corporation to operate smoothly, and
enforce bylaws and rules.

Maintenance fee

To pay for shared common expenses such as insurance, gardening, cleaning, snow removal, and repair and maintenance, strata owners must pay maintenance fees on a regular basis - usually each month.

Special levies

In addition to strata fees, sometimes owners will be required to pay extra for matters affecting the strata corporation, including the repair and maintenance of common property and assets like replacing the roof or upgrading an elevator. Special levies aren’t part of the operating budget and need to be voted on and approved by the owners.

Contingency fund

There are two funds in a strata corporation: the operating fund, which is for common expenses that occur once a year or more often; and the contingency reserve fund for common expenses that usually occur less than once a year or are unexpected.

Depreciation report

A depreciation report identifies the common property, common assets and those parts of a strata lot the strata corporation by bylaw must repair and maintain. The depreciation report will determine:

What assets a strata corporation owns - an inventory
The assets’ conditions - evaluation
When items need to be replaced - the anticipated maintenance, repair and replacement
How much money the strata corporation currently has - contingency reserve report
What it’s likely to cost for future replacement - a description of the factors and assumptions in projecting costs
How the strata corporation can pay for the costs - three cash‐flow funding models projecting 30-year replacement periods

August 2023 Real Estate Market Report

Mon, 04 Sep 2023 03:39:00 GMT

article written by the REBGV:

Seasonal slowdown brings price stability to Metro Vancouver

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 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.”

There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).

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.

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.

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.

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 totaled 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.

Download the August 2023 stats package.

Thinking of selling or interested in what a neighbor's house sold for? We can tell you what your home is worth and give you neighbourhood stats. CLICK HERE FOR A FREE HOME ESTIMATE

Want to get moving? Call Frank Rocco today at 604-202-7205.

July 2023 Real Estate Market Report

Wed, 16 Aug 2023 20:14:44 GMT

Here's what happened in Metro Vancouver last month

Strong sales push Metro Vancouver home prices past the rate hike in July

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”

There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 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.

“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,” Lis said. “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 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 apartment homes 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.

Attached home sales 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.

Download the July 2023 stats package.

Thinking of selling or interested in what a neighbour's house sold for?

We can tell you what your home is worth and give you neighbourhood stats.

Want to get moving? Call Frank Rocco today at 604-202-7205

Vancouver Market Evaluation May 2023

Tue, 13 Jun 2023 18:01:33 GMT

Here's what happened in Vancouver Real Estate last month according to the REBGV

Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives

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 totaled 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.

“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said. “And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.6 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023.

Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023.

Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023.

Attached home sales in May 2023 totaled 608, a 16.7 per cent increase compared to the 521 sales in May 2022. The benchmark price of an attached home is $1,083,000. This represents a 4.7 per cent decrease from May 2022 and a 0.2 per cent increase compared to April 2023.

Download the May 2023 stats package.

Thinking of selling or interested in what a neighbor's house sold for? We can tell you what your home is worth and give you neighbourhood stats. Call Frank Rocco today at 604-202-7205.

APRIL 2023 MARKET HIGHLIGHTS FROM THE REBGV

Tue, 23 May 2023 17:51:01 GMT

April real estate market highlights as taken from the Real Estate Board of Great Vancouver

UPDATED FOREIGN BUYER BAN 2023

Mon, 20 Mar 2023 00:33:00 GMT

In January 2023 Canada banned foreign nationals from buying homes with notable exemptions for permanent residents and temporary residents, including temporary workers and international students. As of March 27, 2023 there were 4 amendments to the Foreign Buyer Ban:

1) Amendments allow those holding a work permit or those authorized to work in Canada under the Immigration and Refugee Protection Regulations to buy residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization and haven’t purchased more than one residential property.

2) Allows non-Canadians to purchase residential property for the purpose of development. The amendments extend the exception currently applicable to publicly traded corporations to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

3) The prohibition doesn’t apply to lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be bought by non-Canadians and used for any purpose by the buyer, including residential development.

4) Increase foreign control threshold to 10% from 3%
For privately held Canadian corporations or entities controlled by a non-Canadian, the control threshold has increased to 10 per cent from three per cent. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

If you have any questions about what this means for you, contact the ALL VANCOUVER GROUP TEAM

What You Need to Know About the Down Payment for Rental Property

Fri, 17 Mar 2023 19:49:33 GMT

What You Need to Know About the Down Payment for Rental Property

Finding the money to make the down payment on a property is going to be one of your biggest hurdles when looking to buy an investment property. Even if you already live in your own home and are fairly familiar with the process of getting a mortgage approval, this is still going to be a challenge.

That’s because the requirements for investment property loans are significantly different from those for residential property loans. Your primary home is a basic human need, so lenders make it easier to buy that home. But when you buy a rental home, you are not meeting a basic need; it is business.

Due to this fact, lenders are going to subject you to the same level of scrutiny that they subject businesses to. This is why getting approved for rental property mortgage is harder. Lenders view rental property loans as carrying more risk than a loan to buy your primary residence.

Why is that?

There is a greater rate of default on rental property loans than residential property mortgages. Most borrowers will keep up with mortgage payments if there is a risk of them losing the home and becoming homeless. But, since the majority of landlords don’t live in their rental property, they don’t face this risk.

As a result, property investors may not have the same motivation to be timely with mortgage payments as people who live in their own homes. The result is that a landlord can afford to be careless about repaying a mortgage loan since they are not likely to suffer any personal losses if the home goes into foreclosure.

How do lenders protect themselves against this risk?

They impose more stringent conditions on people who apply for an investment property loan. Those tougher conditions are designed to test the financial competence of the individual and their trustworthiness as far as financial matters are concerned.

Because of this, lenders want to see a track record of handling money with savvy, and they get this information from the individual’s credit score and history. Secondly, they want to know if the person has the financial capacity to handle the additional burden of a second mortgage.

These are the reasons why lenders expect that when applying for a rental property loan in Canada, you must have the following:

A minimum credit score of 680, even though this is only enough to get you the least-favorable terms.
Proof of income, the details of which will depend on whether you have a job or own a business.
Emergency funds that are easily accessible and sufficient to pay the loan closing costs.
Savings worth six months of mortgage payments for your home and the rental.

However, the criterion that is often the hardest to meet is the down payment. Since 2010, a down payment is the standard requirement for getting rental property mortgage in Canada. This can be as low as 5% or as high as 20%, depending on the detail of your application.

What you should know about the down payment on rental properties

The two main things that determine how much lenders will ask you to provide as down payment are the number of units in the property and whether you will live in the home or not

The number of units in the property

Investment properties in Canada are in two categories: residential properties and commercial properties. Residential properties are buildings with no more than four units, while commercial buildings have more than four units.

Commercial properties have stiffer conditions, but in this article, our focus is on residential properties. Depending on the number of units in a residential building, investors will be asked to make a down payment of 5% to 20% of the purchase price of the building.

Owner-occupied versus Non-owner-occupied

Buildings where the owner of the rental property lives in one of the units attract smaller down payments. This is because such buildings have a risk profile similar to living in your own home. Since the owner also occupies the building loan default rates for such properties are lower.

Based on these two factors, here is what you can expect as a down payment when buying a rental property in Canada:

For buildings with 1-2 units where the owner lives in one of the units, the down payment is 5%.
For buildings with 1-2 units where the owner does not live on the property, the down payment is 20%.
For buildings with 3-4 units where the owner lives in one of the units, the down payment is 10%.
For buildings with 3-4 units where the owner does not live on the property, the down payment is 20%.

For all non-owner-occupied buildings, you can expect a minimum of 20% as a down payment. However, for owners of owner-occupied buildings where the purchase price of the home exceeds $500,000, there are additional conditions. For the first $500,000 the owner is expected to pay 5% (if the building has 2 units) and a further 10% for any amount above that $500,000.

February 2023 Real Estate Stats

Thu, 02 Mar 2023 23:33:34 GMT

Written by the REBGV: February Real Estate Stats

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

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.

Last month’s sales were 33 per cent below the 10-year February sales average.

“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.”

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478).

“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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 per cent decrease over February 2022 and a 1.1 per cent increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 2023.

Attached home sales in February 2023 totalled 366, a 34.6 per cent decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3 per cent decrease from February 2022 and a 1.8 per cent increase compared to January 2023.

January 2023 RRBGV Market Highlights

Mon, 06 Feb 2023 17:55:25 GMT

From the REBGV:

Home sales below long-term averages as listings remain steady

Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“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.”

Listings

There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase compared to December 2022 (7,384).

Sales-to-active listings ratio

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 per cent for apartments.

“We know the peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”

Home prices

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022 and a 0.3 per cent decrease compared to December 2022.

Broken down by property type

Sales of 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 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 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.

WHAT DOES THIS MEAN FOR YOU? CONTACT US NOW TO FIND OUT!

How To Prevent Home Title Fraud

Fri, 13 Jan 2023 17:53:30 GMT

No doubt we are all following the January 2023 news reports about two Toronto homes being listed for sale without the home owners' knowledge. Are you aware of home title fraud and how to prevent it?

WHAT IS HOME TITLE FRAUD?

It is when someone fraudulently replaces your name on your home title with their name, using fake identification or forged documents.

WHAT CAN YOU DO TO PREVENT IT?

For starters, never share your SIN number, banking / credit card details or any other personal information. Protect your computer and other online accounts by creating a strong password, enable multi-factor authentications and only log in from trusted devices.

Landlords should be cautious that their renters do not have any access to personal documents.

Get Title Insurance! According to the Royal Bank of Canada: Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. Title insurance protects you for as long as you own the property.

For more information regarding this post or other real estate inquiries, contact FRANK ROCCO and the All Vancouver Group Team at 604-202-7205

Federal Foreign Ban Announcement 2023

Thu, 12 Jan 2023 18:45:55 GMT

this post was written by the rebgv

Federal Foreign Ban Announcement 2023

The federal government’s ban on new foreign ownership of residential property becomes law on January 1, 2023, disallowing anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate for two years.

During this period, the federal government plans to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the housing market to ensure housing is available for and used by Canadians.

The Liberal Party promised the ownership ban in the 2021 election and rolled it out in the federal Budget 2022: a plan to grow our economy and make life more affordable. The budget was clear on the government’s goals:

“We will do everything we can to make the market fairer for Canadians. We will prevent foreign buyers from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes, rather than as commodities to be traded,” – Budget 2022.

To this end, the government tabled Bill C-19, Budget Implementation Act, 2022, No. 1. It received Royal Assent on June 23, 2022. Section 235 of the bill is the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Who can’t buy residential property?

The act defines a non-Canadian as:

an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
a corporation that is incorporated otherwise than under the laws of Canada or a province;
a corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b); and
a prescribed person or entity.

Exceptions

Include:

A temporary resident within the meaning of the Immigration and Refugee Protection Act; or
A non-Canadian who buys residential property with a Canadian spouse or common-law partner if the spouse or common-law partner is a Canadian citizen or permanent resident, or person registered as an Indian under the Indian Act.

Residential property

Includes any real property or immovable that is:

a detached house or similar building, containing not more than three dwelling units;
a semi-detached house, rowhouse unit, residential condominium unit or other similar premises, vacant land, where the land has been zoned for residential use or mixed use and is within a Census Metropolitan Area (having a population of at least 100,000) or Census Agglomeration (having a population of at least 10,000); or
any prescribed real property or immovable.

Penalties

Non-Canadians found guilty of contravening the act are subject to a fine of not more than $10,000. If the federal government orders the sale of the property, the non-Canadian buyer won’t receive more than the amount paid for the property.

Property Purchased by a Non-Canadian Before January 1, 2023

The ban doesn’t apply if the agreement of purchase and sale of the residential property involving a non-Canadian is dated before January 1, 2023.

Regulations

Future regulations will provide details on transactions deemed prohibited purchases, including whether exceptions apply to conditional contracts entered into before January 1, 2023, that become unconditional on or after January 1, 2023.

What's Predicted In British Columbia Real Estate In 2023?

Wed, 11 Jan 2023 18:30:02 GMT

It's a new year and we've got our expert predictions (some which have already taken place) for Real Estate in Greater Vancouver British Columbia for 2023!

Being a Smart Buyer

Tue, 16 Jun 2020 17:40:27 GMT

It might seem like just having the money to buy a home is all that you should have to do. After all you are the one paying, right? Well it turns out the difference between getting an accepted offer on your dream home or property and losing out yet again, has more to do with being prepared ahead of time and working openly with your buying agent from the beginning of the process. As a buyer you have the advantage of having the seller pay for your VIP service out of the commission from the sale. If your buyer's agent is paid by the seller, why not take full advantage of all they have to offer.

Try to put ego aside:

Just like Investments, real estate relies on expertise that most people do not have the time to acquire, let alone keep up to date on. Just because you purchased a condo in 2010, does not qualify you to make an informed market decision in 2020; a year marked by dramatic market shifts and legislative changes. I am not saying to not take advice from your neighbour or family; just bounce it off your agent or broker, for perspective, before committing your life savings to a property.

The myth of calling the listing agent:

I am always surprised to hear yet another buyer whom after searching out a home online and loving the pictures, calls up the listing agent to see if they can get a deal or an inside connection! Before entering into a transaction with the listing agent, the potential buyer needs to understand the legalities of agency representation. The listing, or seller's agent can only have a legal (fiduciary) duty to the seller and will normally not be able to be a designated agent for your interests as the buyer. Why not go into a potential purchase with the best buyer agent available, that ONLY represents your interests. The first document to sign, once engaging with a buyer's agent is the Disclosure of Representation document, which clearly outlines the duties of the agent to you the buyer!

Besides utilizing the skill set of a qualified buyer's agent: working with them throughout the entire process helps make your purchase totally transparent and stress free. Be open about your preferences and budget, as well as the key factors affecting your decision to buy at this time. Giving freely and confidentially, costs you nothing and ensures that you will get full commitment from your agent!

I heard prices are going down. Should I wait to buy?

Tue, 26 May 2020 18:44:02 GMT

Now that we are starting to see a semblance of normalcy starting to creep back into our daily lives, with restaurants and shops opening and finally being able to see our family and friends again (with extra precautions of course). A number of news and media outlets have reported predictions of a declining real estate market to come, as home prices are set to possibly decrease. The question I have been asked by many of my clients lately is, “should I wait to buy if the prices are going down?”

The challenge with answering this question is, as always, it varies from person to person. However, for the most part, the short answer is likely NO. What we saw for the last few months as Covid-19 became a state of emergency and people were told to stay home, was that banks had temporarily reduced mortgage rates to historical lows. During that time, clients were getting pre-approved for sub 2% rates and, even now, rates are still lower than they were in the beginning of the year. From what I have been hearing from mortgage specialists, it is a general consensus that mortgage rates are almost guaranteed to climb significantly in the next little while. If this is the case, waiting for lower prices could mean still paying more per month (due to interest) even though on paper it looks like you are saving money. This may be the case for almost all people unless they pay all cash and do not require a mortgage.

My best advice is to take advantage of your low mortgage pre-approval as soon as possible, before the locked in rate expires. As the saying goes, “the best time to buy was yesterday”. Don’t wait till tomorrow to kick yourself for not buying before. Contact us today to get a free mortgage pre-appproval with absolutely no obligations!

Moving to Burnaby or Thinking About a Move to Burnaby

Mon, 04 May 2020 16:58:53 GMT

I absolutely love Burnaby and have lived in Burnaby for over 18 years now
and I think it’s a great place to live and raise a family. One of the many
things I love about Burnaby is how central it is and how easy it is to get
around. It’s proximity to Vancouver, the mountains and the ocean makes
Burnaby a remarkably attractive place to call home.
Some interesting facts about Burnaby that you may not have known.
Burnaby is east of Vancouver and it is the third largest city in British
Columbia by population, with Vancouver being the largest followed by
Surrey. It has one of the highest ratios of park land to residents in North
America, and maintains some agricultural land, particularly in the Big Bend
neighbourhood along its southern perimeter. The city was incorporated in
1892 and became a city in 1992, exactly 100 years after incorporation.
Another fun fact that you may not have known is, Burnaby’s official flower
is the rhododendron.
One of the main shopping attractions in Burnaby is Metropolis at
Metrotown which is the second largest mall in Canada. It offers over 450
shops, a giant food court, as well as Superstore and T & T Supermarket for
groceries, and don’t forget the Cineplex Cinemas Metropolis to catch that
great movie you have been waiting to see. I recommend that you wear
good shoes and be prepared to walk a lot, as it’s a great way to get your
steps in while being productive.
Burnaby Real Estate is very diverse. You will find condo’s, townhouses,
duplexes, detached houses, commercial properties, agricultural land and
leasehold land which is mainly surrounding Simon Fraser University. There
are many stunning views offered from many areas of Burnaby, namely
Capital Hill, Metrotown, and Brentwood . The Burnaby skyline has
expanded in the last few years, as more and more high-rise towers are
being built and in turn, many more amenities are being built to
accommodate. The Real Estate Market in Burnaby is constantly changing
and Burnaby remains a beautiful city with lots of great parks and beautiful
lakes to enjoy.

Market Timing

Fri, 24 Apr 2020 21:08:27 GMT

Market Timing

Whether it is the stock market or the real estate market; there are a few learned wisdoms that still apply just as much today as they did during the roaring twenties. “The best defense is a good offence” and “Do not try to catch a falling knife”! Lets exam these expressions for a moment, starting with the latter first. Trying to time a falling or rising market, whether it be for homes or commodities, can inevitably rely just as much on luck as it can on research and experience and when it comes to actual pricing and timing, these two areas can be most unpredictable. The fact is there are just too many complex factors to consider: interest rate changes, new home inventory, the job market etc., which is why you should always seek the advise of an experienced Realtor to remove some of the guesswork, as much as possible.

If a price decline has occurred, which is what every buyer hopes for when shopping for a new or upgraded home, then we often do not know it has happened until after the fact, in retrospect, when market stats are tabulated by the Real Estate Board of Greater Vancouver. We all want to think of ourselves as only making smart and more importantly ‘profitable’ investments, but buying low and selling high means being solely reliant on the market to pick when you and your family make all of your most important life decisions. Think about what we are expecting and “is it even realistic”? We all wish to get an amazing deal on the home of our dreams, however, we also want that home to immediately start improving in equity, the second we purchase it, for a rock bottom price. Sound like reality?

The best option, for most people when contemplating a future purchase or sale, is to get prepared as early as possible. Study the market, with your Realtor, getting pre-approved, if you are a buyer and getting comfortable with comparable home prices and features, in your neighbourhood and city. This way when you are ready to make the big decision, you are armed with a wealth of knowledge and already have a Realtor on your team to take the luck and guesswork out this most important transition! Being armed with all the facts of current market conditions is the bread and butter of being a qualified Realtor and working closely with a good one can lead to a lifetime of reaping the benefits afterwards!

COVID - 19 RESPONSE

Wed, 08 Apr 2020 18:02:02 GMT

COVID-19 and Real Estate Q&A

Recent weeks have proved to be a roller coaster ride of emotions for all of us, with the current developing situation across the world causing increasing concern. My past life as an epidemiologist, working with and studying infectious diseases have allowed me to reflect on my experience. In the midst of all the concern, information and MISinformation, let’s talk about COVID-19 and what we need to do to stay safe.

What is COVID-19?

COVID-19 is a newly discovered virus that belongs to the family of coronaviruses, which originated in Wuhan, China.

What are the signs and symptoms of COVID-19?

As mentioned above, there is a large range of symptoms that may occur with infection of COVID-19. Generally speaking, they do not differ much from common flu symptoms such as, fever, stuffy nose, dry cough, sneezing, aches and pains, shortness of breath and lethargy. The WHO has reported that in most people, symptoms are usually mild or even nonexistent, with 80% of people recovering without needing any special treatment, much like the common flu. Those with pre-existing conditions (ie. high blood pressure, diabetes, heart problems) or the elderly and immunocompromised have shown to have vastly more severe, or even fatal, symptoms.

What should I do if I have symptoms?

Medical health practitioners are dealing with a massive influx of new cases every day. If you are experiencing only mild symptoms, it is suggested you self quarantine for 14 days and prevent the further spread of the disease. Exposing yourself to others may put you at risk of spreading the disease and putting them in danger. If you are starting to experience fever, cough and difficulty breathing simultaneously, definitely seek medical attention.

How has COVID-19 affected the real estate market?

It’s too soon to tell how this disease will affect the real estate market at this point. I can confirm that BCREA is doing everything necessary to keep both Realtors and the general public safe, by implementing new rules of conduct and protocols surrounding access, such as showings and open houses.

Should I be going to open houses or showings?

Considering the fact that our province is now among the 3 in Canada in a state of emergency, we all need to do our part in making sure buyers, sellers and Realtors are all healthy and safe. Realtors should prescreen buyers and sellers about travel history and potential symptoms they may be experiencing. We must also practice social distancing and maintaining a distance of at least 6 feet between you and others. For more information on how to look at properties, please contact us and we can walk you through the new procedures.

Is it possible to buy a home without exposing myself?

It is definitely possible and may become more common going forward. However, buyers should still beware of all the issues that may result from purchasing a home without viewing. The All Vancouver Group is here to help. We have systems in place to make sure you are protected throughout the buying process, even if you choose to buy a home without viewing. Contact us today to find out how we can help you with your home purchase in this time of crisis.

Should I put my home on the market right now?

At a time when there is so much uncertainty, we understand it may not be at the forefront of your mind right now to put your home on the market. However, with interest rates at all time lows and sales still maintaining a steady pace, now may be a better time than any. Once again, contact us today to find out if your home is worth putting on the market now or later. With our market knowledge and technology, we can show you statistics in your area to help you decide when is the right time.

If you have any questions, please do not hesitate to ask! We are always here to help and there is never any obligation to buy.

Working With Covid-19 In Today’s Real Estate Market

Thu, 02 Apr 2020 15:45:22 GMT

Well 2020 has been quite the year so far, with Australian bush fires, oil prices dropping due to the conflict between Saudi Arabia and Russia and the Coronavirus global pandemic. It is only April 1st and I am already exhausted!

As we all know the safest place during this time is in our homes, as we are experiencing something very serious that will hopefully be short-lived. With all the tireless efforts everyone is taking too “flatten the curve” time will tell but, like many I am very optimistic we will get through this unprecedented time.

Notwithstanding Covid-19 the real estate market in Vancouver and the lower mainland continues to move. There are new homes coming on to the market, and sales being reported daily. Within the last few weeks I have seen multiply offers, back up offers and homes selling within days. Real estate agents, lawyers, mortgage brokers, appraisers, property inspectors, and land titles are all still open for business. These professionals associated with real estate have all modified the way they do business in order to keep everyone safe.

In talking with my family and friends over the last few weeks everyone seems so surprised I’m still working and able to show homes. I explain to them that on March 26 the provincial government announced that real estate agents are considered an essential service in BC. All open houses have been cancelled for now, virtual tours have become increasingly important, and we also face-time with clients if need be. Some agents are still conducting showings for clients whose need to find a home is urgent. For example, a seller may have sold their home earlier in the year and they now need to purchase a new home without being left in limbo. Many realtors are asking clients to do more due diligence ahead of time as this minimizes the amount of traffic going through the sellers home, and if prospective buyers are serious about a property, a viewing can be scheduled with precautions in place.

Over the last few weeks I have also sent out a form to my clients whether they are buyers or sellers. If people are in urgent need of finding a home we are implementing all the proper precautions including screening and asking the clients if anyone in the household is sick or has been travelling outside of the country.

So far it has been very helpful and initiates conversations regarding the Covid-19 and important precautions we should be taking.

Some ways that agents are navigating the recent changes on how we conduct showings in order to help keep everyone safe is……..

-Drive to showings in separate cars.

-Refrain from greeting others with a handshake or hug.

-Turn on all the lights and open any closet doors ahead of showings to minimize touching surfaces.

-Provide hand sanitizer, wipes and gloves

-Request visitors to wash their hands with soap and water

-Asking buyers to not touch anything in the home and let the listing realtor open and close any doors and closets.

-If children are present to hold the children at all times during the viewing.

-Maintain appropriate social distancing.

-Encourage clients to thoroughly clean and disinfect the home after viewings.

With everyone taking the necessary precautions in regards to Covid-19, I am positive we will all come out of this a stronger society. With spring in the air, I am sure we are all looking forward to spending some time outdoors, and hopefully resuming some normalcy in the near future.

Stay healthy everyone and keep your social distance.