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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.

 

 

 

 

 

 

 

 

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

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

  1. 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.

  2. 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.

  3. 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.

  4. 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

  1. Shop Around: Don’t settle for the first offer you receive. Mortgage brokers can help you compare rates from multiple lenders.

  2. Check Your Credit Score: A strong credit score can significantly improve your chances of securing a lower rate.

  3. Consider Pre-Approval: Locking in a rate with pre-approval can protect you from potential rate hikes while you search for a home.

  4. 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!

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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.

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.

“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

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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!

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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.

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JUST LISTED: 202 2266 ATKINS AVENUE, PORT COQUITLAM

Welcome to Mayfair Terrace, a sought after 55+ community. Recently remodeled with vinyl plank flooring, this unit boasts open floor plan, cozy gas fireplace, large windows, walk in shower, and covered patio. Residents have access to meals in the community dining room, a games room, hair salon, exercise room, private dining room, theatre & outdoor greenhouse. The required base service plan of $650/mo for the 1st resident, and$400 for the 2nd covers 10 meals, weekly housekeeping, 24hr emergency response system, social & recreational activities & transportation. Lap pets allowed. Rentals allowed. CLICK HERE TO VIEW LISTING

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10 STEPS TO GET YOUR HOME READY TO LIST

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!

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THE ULTIMATE MOVING CHECKLIST

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!

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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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JUST LISTED: 3605 NICO WYND DRIVE, SURREY

At $2,099,000, get the best of the best at Nico Wynd Resort! A must see with views from all 3 levels! Fully renovated from finishes to fixtures, this stunning 3 bed 4 bath with walkout basement overlooks manicured greens with serene river & mountain backdrop - you'll be left in awe! Almost 3500 sqft of luxury living incl 4 fireplaces, AC, new heat pump, new quality windows, alarm with video intercom, top & bottom sundecks with gas hookups. Primary bedroom oasis features every girls dream closet & gorgeous ensuite. Buying as a family or want private accommodations for extended guest stays? Basement walkout level including full kitchen, huge bedroom with ensuite, covered sundeck, and more (even a den). UNLIMITED GOLF awaits as well as tennis, indoor pool, gym, and dock your boat with deep water moorage at the marina. Book your showing today with Frank Rocco at 604-202-7205 OR CLICK HERE TO VIEW LISTING

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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.

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.

“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!

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Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver1 housing market.

On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics said. “With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9 per cent. By property type, the ratio is 12.8 per cent for detached homes, 20.1 per cent for attached, and 19.3 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 the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month,” Lis said. “While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease compared to June 2024.

Sales of detached homes in July 2024 reached 688, a 1 per cent increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1 per cent increase from July 2023 and a 0.6 per cent decrease compared to June 2024.

Sales of apartment homes reached 1,192 in July 2024, a 6.9 per cent decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3 per cent decrease from July 2023 and a 0.7 per cent decrease compared to June 2024.

Attached home sales in July 2024 totalled 437, a 6.2 per cent decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4 per cent increase from July 2023 and a 1.2 per cent decrease compared to June 2024.

DID YOU KNOW THE BANK OF CANADA CUT ITS INTEREST RATE BY 4.5% IN JULY? CALL FRANK ROCCO TO DISCUSS WHAT THE MEANS FOR YOU AT 604-202-7205

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