Mild Rungmongkonsawad : blogpage : Latest Blog Posts

Open House. Open House on Sunday, May 3, 2026 2:30PM - 4:00PM

Thu, 30 Apr 2026 09:34:31 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, May 3, 2026 2:30PM - 4:00PM

THIS IS THE ONE! Rarely available south-facing corner townhome with 2,055 sq ft of functional living in Scott Creek. Features 3 bedrooms, 2.5 bathrooms, a bright main floor, flexible recreation level, private gated backyard, and a side-by-side double garage. New flooring and new kitchen appliances. Move in ready. Walk to Lafarge Lake, Coquitlam Centre, SkyTrain, Douglas College, parks, and all levels of schools in one of Coquitlam's best school catchments. Quiet, central, and incredibly hard to find. A rare chance to own the space you need in one of Coquitlam's most sought-after neighbourhoods.

Open House. Open House on Sunday, May 3, 2026 2:30PM - 4:00PM

Wed, 29 Apr 2026 09:21:24 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, May 3, 2026 2:30PM - 4:00PM

New property listed in Scott Creek, Coquitlam

Sat, 25 Apr 2026 09:22:41 GMT

I have listed a new property at 1 1216 Johnson Street in Coquitlam. See details here

Open House. Open House on Sunday, April 26, 2026 2:00PM - 4:00PM

Sat, 25 Apr 2026 09:22:41 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, April 26, 2026 2:00PM - 4:00PM

Open House. Open House on Sunday, March 29, 2026 1:30PM - 3:00PM

Wed, 25 Mar 2026 09:20:48 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, March 29, 2026 1:30PM - 3:00PM

THIS IS THE ONE! Rarely available south-facing corner townhome with 2,055 sqft of functional living in the heart of Scott Creek. Offering 3 bedrooms, 2.5 bathrooms, a bright main floor, spacious bedrooms, and a flexible recreation level ideal for a media room, gym, office, or playroom. Enjoy a gated backyard for summer BBQs plus a side-by-side double garage for daily convenience. Walk to Lafarge Lake, Coquitlam Centre, SkyTrain, Douglas College, parks, and all levels of schools. Quiet, central, and incredibly hard to find. A rare chance to own the space you need in one of Coquitlam’s most sought-after neighbourhoods.

Open House. Open House on Saturday, March 14, 2026 2:00PM - 4:00PM

Wed, 11 Mar 2026 09:21:35 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Saturday, March 14, 2026 2:00PM - 4:00PM

Spacious corner townhome offering 2,055 sqft of functional living in the heart of Scott Creek. This 3 bed, 2.5 bath home features a bright main floor, generous room sizes, and a versatile recreation level perfect for a media room, gym, office, or playroom. Private outdoor space for summer BBQs and a side by side double garage for everyday convenience. Walk to Lafarge Lake, Coquitlam Centre, SkyTrain, Douglas College, parks, and all levels of schools. Quiet yet central. A rare opportunity to secure space and location in one of Coquitlam's most desirable neighbourhoods.

Open House. Open House on Sunday, March 15, 2026 2:00PM - 4:00PM

Wed, 11 Mar 2026 09:21:35 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, March 15, 2026 2:00PM - 4:00PM

Open House. Open House on Saturday, March 7, 2026 2:00PM - 4:00PM

Tue, 03 Mar 2026 09:39:28 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Saturday, March 7, 2026 2:00PM - 4:00PM

Open House. Open House on Sunday, March 8, 2026 2:00PM - 4:00PM

Tue, 03 Mar 2026 09:39:28 GMT

Please visit our Open House at 1 1216 Johnson Street in Coquitlam. See details here

Open House on Sunday, March 8, 2026 2:00PM - 4:00PM

New property listed in Scott Creek, Coquitlam

Tue, 03 Mar 2026 09:39:26 GMT

I have listed a new property at 1 1216 Johnson Street in Coquitlam. See details here

I have sold a property at 708 133 Esplanade E in North Vancouver

Tue, 09 Dec 2025 09:14:58 GMT

I have sold a property at 708 133 Esplanade E in North Vancouver on Dec 1, 2025. See details here

Experience PREMIUM waterfront living at Pinnacle Residences at the Pier in vibrant Lower Lonsdale. This bright 1-bed home blends modern design with a resort-inspired lifestyle: open layout, floor-to-ceiling windows, stone counters, stainless appliances, and private balcony. Enjoy exclusive access to the Pinnacle Hotel’s 4-star amenities: 80’ lap pool, hot tub, sauna, steam, gym, and sun deck overlooking the harbour. Steps to Shipyards cafés, Lonsdale Quay, and the SeaBus. Exceptional value for this PRIME LOCATION ideal as a first home, investment, or chic pied-à-terre. 1 Parking + 1 Storage. PRICED TO SELL.

Open House. Open House on Sunday, November 30, 2025 2:30PM - 4:00PM

Fri, 28 Nov 2025 09:14:39 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Sunday, November 30, 2025 2:30PM - 4:00PM

Open House. Open House on Sunday, November 23, 2025 2:00PM - 4:00PM

Tue, 18 Nov 2025 09:05:59 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Sunday, November 23, 2025 2:00PM - 4:00PM

Open House. Open House on Saturday, November 8, 2025 2:30PM - 4:00PM

Wed, 05 Nov 2025 09:07:06 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Saturday, November 8, 2025 2:30PM - 4:00PM

Open House. Open House on Sunday, November 2, 2025 2:00PM - 4:00PM

Fri, 31 Oct 2025 09:09:51 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Sunday, November 2, 2025 2:00PM - 4:00PM

New property listed in Lower Lonsdale, North Vancouver

Tue, 21 Oct 2025 09:10:55 GMT

I have listed a new property at 708 133 Esplanade E in North Vancouver. See details here

Open House. Open House on Saturday, October 25, 2025 2:00PM - 4:00PM

Tue, 21 Oct 2025 09:10:55 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Saturday, October 25, 2025 2:00PM - 4:00PM

Open House. Open House on Sunday, October 26, 2025 2:00PM - 4:00PM

Tue, 21 Oct 2025 09:10:55 GMT

Please visit our Open House at 708 133 Esplanade E in North Vancouver. See details here

Open House on Sunday, October 26, 2025 2:00PM - 4:00PM

How Tariffs Affect Vancouver’s Housing Market — What Buyers & Sellers Should Know

Mon, 10 Mar 2025 19:12:43 GMT

🔑 What Are Tariffs, and Why Should You Care?

Tariffs are extra costs added to goods imported into Canada — including lumber, steel, appliances, and other materials used to build homes.

➡️ When tariffs go up, building costs often rise too.

➡️ Higher costs = more expensive homes.

Whether you’re a first-time buyer or planning to sell, tariffs can shape the housing market — sometimes in surprising ways!

📊 Here’s How Tariffs May Impact Vancouver’s Housing Market:

💡 What This Means for You (as a Buyer or Seller):

✅ For Buyers:

• Prices may stay elevated in some segments, but watching for slowdowns could offer opportunities.

• Move-in-ready homes might be more attractive (and competitive) due to higher renovation costs.

✅ For Sellers:

• If you’re selling a turnkey property, buyers may value it more than ever.

• With fewer new builds coming up, your resale home could stand out.

🔍 Bottom Line:

Tariffs might not be front-page news, but they quietly impact your buying and selling decisions.

If you’re curious about how to navigate these trends, reach out — I’m always here to help you make sense of the market and plan your next move confidently.

📞 Let’s Chat!

Thinking about buying or selling this year? Let’s grab a coffee or chat over Zoom to make a game plan.

👉 Reply to this email, or click here to book a time with me.

Stay cozy,

Mild 🏡

Your Trusted Friend in Real Estate

Endgame Goal Setting Sheet

Tue, 26 Nov 2024 23:46:17 GMT

Endgame coaching goal setting sheets

Metro Vancouver Real Estate Update: May 2024

Tue, 04 Jun 2024 18:32:45 GMT

Hey everyone,

We’ve got the latest scoop on the Metro Vancouver real estate scene, and it’s a mixed bag this May! Here’s what’s buzzing:

Sales Dip While Listings Soar:

Home sales in Metro Vancouver took a breather in May, dropping 19.9% from last year. Only 2,733 homes exchanged hands this month, quite the dip from the 3,411 sales in May 2023.
However, the inventory is building up! Over 13,000 homes are now listed on the MLS®, a whopping 46.3% increase from last year.

What’s Cooking in the Market?

Andrew Lis from Greater Vancouver REALTORS® explains the sales dip is due to a cocktail of higher borrowing costs, economic jitters, and new government policies.
Despite the slowdown, new listings are on the rise, with a 12.6% increase from last year. Looks like sellers are feeling optimistic!

Price Trends:

The MLS® Home Price Index (HPI) benchmark for all residential properties sits at $1,212,000. That’s a 2.3% bump from last year and a slight 0.5% rise from April.
Detached homes are going for around $2,062,600, a 5.9% hike from last year.
Apartments are priced at $776,200, up 2.2% year-over-year.
Townhouses are now at $1,145,600, marking a 5.2% increase.

Sales-to-Listings Ratio:

The overall sales-to-active listings ratio is 20.8%, indicating a balanced market. By property type, detached homes are at 16.8%, attached homes at 25.1%, and apartments at 22.5%.
Historically, prices climb when this ratio is over 20% for several months, so keep an eye out!

What’s Next?

With inventory rising and demand softening, we might see slower price growth in the coming months. Good news for buyers looking for a summer deal, even with those high borrowing costs!

Stay tuned for more updates and happy house hunting!

Mild Homes

DOWNLOAD FULL STAT MARKET UPDATE: MAY 2024

Closing Costs for Buyers

Tue, 04 Jun 2024 18:09:56 GMT

When purchasing a home, it's crucial to plan for closing costs in addition to the purchase price. While the down payment is a major focus, there are other important fees that come with closing the deal. Here's a detailed breakdown of these costs, including transaction expenses and other key considerations:Transaction Expenses

1. Property Transfer Tax (PTT)

PTT is a sales tax levied by the British Columbia government on all real estate transactions within the province. The rates are:

• 1% on the first $200,000

• 2% on the portion between $200,000 and $2 million

• 3% on the portion above $2 million

Note: PTT is not applied to the GST portion when applicable.

PTT Exemptions:

• First-Time Home Buyers: If you're purchasing your first home, you are exempt from PTT if the home is priced at $835,000 or less (effective April 1, 2024). Partial exemptions apply to homes between $550,000 and $835,000, but no exemption exists for homes priced above $835,000.

• Co-Purchases: If only one buyer is a first-time homebuyer, the exemption applies only to that person’s portion of the property.

• Residency Requirement: To qualify for the first-time buyer exemption, you must reside in the home for at least one year after purchase.

2. Newly Built Homes

• Before April 1, 2024: For properties registered before this date, the fair market value plus construction costs must be below $500,000 (or $525,000 for partial exemptions) to qualify for an exemption.

• After April 1, 2024: For homes registered on or after this date, the property’s value plus construction costs must be under $835,000 (or $860,000 for partial exemptions). Additionally, you must move into the home within one year of the registration date.

Other Costs

3. Legal/Notary Fees

To complete the legal paperwork, expect to pay between $1,000 and $1,650 for notary or lawyer services.

4. Property Tax Adjustments

Buyers may need to reimburse the seller for any prepaid property taxes. If you have a mortgage, the lender may require monthly payments for property tax. Your notary or lawyer will handle these calculations.

5. Home Inspection

A home inspection, though optional, is highly recommended and typically costs between $500 and $900 depending on the property’s size and features.

6. Insurance

Most lenders will require property insurance, particularly fire insurance. Additional types of insurance may also be required.

7. Appraisal

Some lenders require an appraisal to confirm the home’s market value, which usually costs between $300 and $500. Your mortgage broker may cover this cost.

8. Mortgage Insurance

If your down payment is under 20%, you'll need mortgage insurance from CMHC. The premium is added to your mortgage, but there’s a small application fee. Speak to your mortgage specialist for more details.

9. Title Insurance

Title insurance protects you and your lender from potential issues related to the property title. Costs can vary, so consult with your lawyer or mortgage broker for specifics.

10. Goods and Services Tax (GST)

A 5% GST applies to the purchase of new homes. Some rebates are available for homes under $450,000. Make sure to clarify any exemptions with your lawyer or notary.

11. Strata Fees

If you’re buying a strata unit, there will be monthly strata fees for maintenance and upkeep, typically due on the first of each month.

12. Move-In Fee (Strata Units)

This fee, charged by strata units, is applicable upon moving in.

13. Adjustments

At closing, you may need to reimburse the seller for prepaid utilities or strata fees on a pro-rated basis.

14. Moving Costs

Relocation expenses will vary depending on the distance and whether you hire professional movers or handle it yourself.

Final Thoughts

Understanding these costs will give you a clearer picture of what to expect when closing on your new home. If you have any questions or need further assistance, don't hesitate to reach out—I'm here to help!

December 2023 Year End Market Summary

Wed, 10 Jan 2024 10:30:57 GMT

Metro Vancouver Housing Market Update - December 2023

Residential sales in Metro Vancouver for 2023 totaled 26,249, marking a 10.3% decrease from 2022 and a 41.5% decrease from 2021. Despite this, the market closed the year with balanced conditions.
The year-end totals mask the market's surprising resilience in the face of the highest borrowing costs in over a decade.
Properties listed on the MLS® in 2023 totaled 50,893, a 7.5% decrease from 2022 and 20.2% below 2021, ending 10.5% below the 10-year annual average.
Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13% increase from December 2022 and 0.3% above the 10-year seasonal average.
The MLS® Home Price Index composite benchmark price for all residential properties is $1,168,700, showing a 5% increase over December 2022 and a 1.4% decrease compared to November 2023.
December 2023 saw 1,345 residential sales, a 3.2% increase from December 2022, but 36.4% below the 10-year seasonal average.
There were 1,327 newly listed properties in December 2023, a 9.9% increase from December 2022, but 22.7% below the 10-year seasonal average.
The sales-to-active listings ratio for December 2023 is 16%, with ratios of 11.1% for detached homes, 18.7% for attached, and 19.6% for apartments.
Downward pressure on home prices is suggested when the ratio dips below 12%, while upward pressure occurs when it surpasses 20%.
Sales of detached homes in December 2023 reached 376, a 1.3% increase from December 2022, with a benchmark price of $1,964,400 (7.7% increase from December 2022, 0.9% decrease from November 2023).
Apartment home sales totaled 719 in December 2023, a 2.4% increase from December 2022, with a benchmark price of $751,300 (5.6% increase from December 2022, 1.5% decrease from November 2023).
Attached home sales in December 2023 were 238, a 7.2% increase from December 2022, with a benchmark price of $1,072,700 (6.4% increase from December 2022, 1.8% decrease from November 2023).
Downtown the December Stats Package

November 2023 Market Summary

Wed, 10 Jan 2024 10:23:18 GMT

Metro Vancouver Housing Market Update - November 2023

Residential sales in Metro Vancouver for November 2023 were 1,702, marking a 4.7% increase from November 2022 but remaining 33% below the 10-year seasonal average.
The increase in active listings, with 3,369 properties newly listed in November 2023, a 9.8% rise from November 2022, has provided home buyers with a larger selection.
The total number of properties listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5% increase compared to November 2022, and 3.7% above the 10-year seasonal average.
The sales-to-active listings ratio for November 2023 is 16.3%, indicating a more balanced market, with ratios of 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.
Balanced market conditions are associated with flatter price trends, seen since the summer months, following a period of over seven percent price increase earlier in the year.
The MLS® Home Price Index composite benchmark price for all residential properties is $1,185,100, showing a 4.9% increase over November 2022 and a 1% decrease compared to October 2023.
Detached home sales in November 2023 reached 523, a 7% increase from November 2022, with a benchmark price of $1,982,600 (6.8% increase from November 2022, 0.9% decrease from October 2023).
Apartment home sales totalled 850, a 0.4% increase from November 2022, with a benchmark price of $762,700 (6.2% increase from November 2022, 1% decrease from October 2023).
Attached home sales in November 2023 were 316, a 12.5% increase from November 2022, with a benchmark price of $1,092,600 (6.9% increase from November 2022, 0.7% decrease from October 2023).

Downtown the November Stats Package

October 2023 Market Summary

Wed, 10 Jan 2024 10:11:01 GMT

Metro Vancouver Housing Market Update - October 2023

Residential sales in Metro Vancouver for October 2023 reached 1,996, a 3.7% increase from October 2022, but still 29.5% below the 10-year seasonal average.
The increase in newly listed properties (4,664 in October 2023) gives buyers more choices, with a 15.4% rise compared to October 2022 and 4.8% above the 10-year seasonal average.
However, the sales-to-active listings ratio for October 2023 is 17.9%, indicating a market favoring buyers, as a ratio below 12% puts downward pressure on prices.
The total number of properties listed for sale in Metro Vancouver is 11,599, a 12.6% increase from October 2022, and 0.6% above the 10-year seasonal average.
The multifamily segment is more active than the detached segment, contributing to more balanced market conditions.
The MLS® Home Price Index composite benchmark price for all residential properties is $1,196,500, a 4.4% increase over October 2022 but a 0.6% decrease compared to September 2023.
Detached home sales reached 577 in October 2023, a 0.7% decrease from October 2022, with a benchmark price of $2,001,400 (5.8% increase from October 2022).
Apartment home sales totaled 1,044, a 4.9% increase from October 2022, with a benchmark price of $770,200 (6.4% increase from October 2022).
Attached home sales in October 2023 were 356, a 6.6% increase from October 2022, with a benchmark price of $1,100,500 (6% increase from October 2022).

Download the October 2023 stats package.

September 2023 Market Summary

Fri, 13 Oct 2023 18:52:45 GMT

Metro Vancouver Housing Market Update - September 2023

September witnessed a seasonal lull in the Metro Vancouver housing market, contrasting the earlier price hikes of the year. Key takeaways:

Increased Inventory: The month saw a dip in sales but an uptick in property listings, which led to a modest growth in the region's inventory.
Sales Data: Home sales clocked in at 1,926, marking a 13.2% rise from September 2022 but remaining 26.3% below the decade's seasonal average.
High Mortgage Rates: The decade-high mortgage rates have made homeowners hesitant to list. This earlier led to a scarcity in listings and a consequent price surge.
Listing Numbers: New property listings for September stood at 5,446, up by 28.4% from the previous year and 5.2% above the decade's average.
Sales-to-Listings Ratio: The overall sales-to-active listings ratio was 17.7%. Historically, prices tend to face downward pressure below a 12% ratio and upward pressure above 20%.
Market Revival: Andrew Lis from REBGV noted a renewed seller interest, aligning listings with historical averages and pointing towards a market equilibrium.
Property Benchmarks:
- Overall properties: $1,203,300 (up 4.4% YoY, down 0.4% from August).
- Detached homes: $2,017,100 (up 5.8% YoY, slight 0.1% dip from August).
- Apartments: $768,500 (up 5.8% YoY, down 0.2% from August).
- Attached homes: $1,098,400 (up 5.3% YoY, down 0.5% from August).

In summary, while the spring and summer periods showcased a seller's market due to limited listings, September ushered in a more balanced scenario, courtesy of an inventory boost and the typical fall slowdown.

Download SEPTEMBER 2023 Stat Package here

June 2023 Market Update

Fri, 08 Sep 2023 05:08:16 GMT

Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver¹ increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales² in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 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.

“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.

Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.

Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.

Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.

Download the June 2023 stats package.

August 2023 Market Update

Thu, 07 Sep 2023 05:11:00 GMT

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 totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).

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

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.

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

Download the August 2023 stats package.

July 2023 Market Update

Thu, 07 Sep 2023 05:09:00 GMT

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.

“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.

May 2023 Market Update

Fri, 01 Sep 2023 05:07:00 GMT

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 totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

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

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

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

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

“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 totalled 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.

I have sold a property at 11 7400 GILBERT RD in Richmond

Thu, 25 May 2023 09:04:57 GMT

I have sold a property at 11 7400 GILBERT RD in Richmond. See details here

RARE opportunity to own a spacious 2,150 sqft townhouse in Devon Estate located in the heart of Richmond. This prime location offers quiet and privacy, while still being close to the Ferris elementary and Richmond high schools as well as Richmond Centre, Minoru Centre for Active Living, and the skytrain station. Featuring 2 bedrooms, 3 bathrooms, a huge recreational room that can turn into an extra bathroom, an extra large den, and a green, private backyard allowed for gardening and BBQ, this townhouse is perfect for investors or families looking for a place to call home. This won’t last. Book your appointment today. Open house April 29&30 sat/sun 1-3 p.m.

April 2023 Market Update

Fri, 19 May 2023 15:16:30 GMT

Prices continue rising across Metro Vancouver as home buyer confidence returns

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023.

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

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

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

Download the April 2023 stats package.

New property listed in Brighouse South, Richmond

Tue, 25 Apr 2023 09:04:14 GMT

I have listed a new property at 11 7400 GILBERT RD in Richmond. See details here

Open House. Open House on Saturday, April 29, 2023 1:00PM - 3:00PM

Tue, 25 Apr 2023 09:04:14 GMT

Please visit our Open House at 11 7400 GILBERT RD in Richmond. See details here

Open House on Saturday, April 29, 2023 1:00PM - 3:00PM

Open House. Open House on Sunday, April 30, 2023 1:00PM - 3:00PM

Tue, 25 Apr 2023 09:04:14 GMT

Please visit our Open House at 11 7400 GILBERT RD in Richmond. See details here

Open House on Sunday, April 30, 2023 1:00PM - 3:00PM

March 2023 Market Update

Wed, 05 Apr 2023 20:36:13 GMT

Spring brings renewed price growth across Metro Vancouver’s housing market while new listings remain dormant

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

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

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

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

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

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10-year seasonal average (10,421).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments.

Analysis of 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.

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.

Download the March 2023 stats package.

February 2023 Market Update

Sat, 04 Mar 2023 17:53:00 GMT

Below average home sales allow inventory to inch upwards

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.

Download the February 2023 stats package.

November 2022 Market Update

Mon, 05 Dec 2022 15:24:33 GMT

Home sale and listing activity continue trending below long-term averages in November

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9 per cent below the 10-year November sales average.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home sales something many people may end up foregoing this year.”

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

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and a 6.8 per cent decrease compared to October 2022 (9,852).

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

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

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

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

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

Attached home sales in November 2022 totalled 281, a 54.2 per cent decrease compared to the 613 sales in November 2021. The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.

Download the November 2022 stats package.

I have sold a property at 2802 1189 MELVILLE ST in Vancouver

Sat, 03 Dec 2022 09:04:28 GMT

I have sold a property at 2802 1189 MELVILLE ST in Vancouver. See details here

Welcome to The Melville! Prestigious 2bdrms, 2 full baths plus 1 den. Priced well under assessed value! rarely used by owner as a pied-a-terre. Terrific Coal Harbour view from all rooms! Perfect location for shopping, downtown, Standley park and Coal Harbour seawall. Stainless-steel Gas stove, Kitchen Aid brand collection of appliances open concept dining/living room. Balcony all surrounded by ocean, urban & mountain views! Full amenities such as beautiful rooftop sky garden with 40" lap outdoor pool and hot tub, fully equipped gym with water view! Comes with resident's lounge, children play outdoor area, games and media room with large TV on the terrace level, 24hr concierge, 1 parking and 1 storage included.

Open House. Open House on Saturday, November 26, 2022 1:00PM - 3:00PM

Tue, 22 Nov 2022 09:03:47 GMT

Please visit our Open House at 2802 1189 MELVILLE ST in Vancouver. See details here

Open House on Saturday, November 26, 2022 1:00PM - 3:00PM

Open House. Open House on Sunday, November 27, 2022 1:00PM - 3:00PM

Tue, 22 Nov 2022 09:03:47 GMT

Please visit our Open House at 2802 1189 MELVILLE ST in Vancouver. See details here

Open House on Sunday, November 27, 2022 1:00PM - 3:00PM

New property listed in Coal Harbour, Vancouver West

Tue, 15 Nov 2022 09:04:05 GMT

I have listed a new property at 2802 1189 MELVILLE ST in Vancouver. See details here

Open House. Open House on Saturday, November 19, 2022 1:00PM - 3:00PM

Tue, 15 Nov 2022 09:04:05 GMT

Please visit our Open House at 2802 1189 MELVILLE ST in Vancouver. See details here

Open House on Saturday, November 19, 2022 1:00PM - 3:00PM

Open House. Open House on Sunday, November 20, 2022 1:00PM - 3:00PM

Tue, 15 Nov 2022 09:04:05 GMT

Please visit our Open House at 2802 1189 MELVILLE ST in Vancouver. See details here

Open House on Sunday, November 20, 2022 1:00PM - 3:00PM

October 2022 Market Update

Thu, 03 Nov 2022 18:32:34 GMT

Inflation, rising interest rates create caution across Metro Vancouver’s housing market

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

Last month’s sales were 33.3 per cent below the 10-year October sales average.

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022. This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).

“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”

For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.

Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for detached properties is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.

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

Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021. The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 2022.

Download the October 2022 stats package.

September 2022 Market Update

Fri, 07 Oct 2022 19:20:28 GMT

Metro Vancouver saw more home sellers and fewer buyers in September

Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.

Last month’s sales were 35.7 per cent below the 10-year September sales average.

“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”

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

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).

“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”

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

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

Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950 detached sales recorded in September 2021. The benchmark price for a detached home is $1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent decrease compared to August 2022.

Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared to August 2022.

Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the 578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to August 2022.

Download the September 2022 stats package.

August 2022 Market Update

Tue, 06 Sep 2022 19:18:00 GMT

Metro Vancouver’s housing market sees fewer home buyers and sellers in August

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

July 2022 Market Updates

Thu, 04 Aug 2022 23:15:04 GMT

Home buyer demand continues to ease across Metro Vancouver

Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 per cent below the 10-year July sales average.

“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”

There were 3,960 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2022. This represents a 9.5 per cent decrease compared to the 4,377 homes listed in July 2021 and a 24.7 per cent decrease compared to June 2022 when 5,256 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4 per cent increase compared to July 2021 (9,850) and a 1.3 per cent decrease compared to June 2022 (10,425).

“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”

For all property types, the sales-to-active listings ratio for July 2022 is 18.3 per cent. By property type, the ratio is 11.8 per cent for detached homes, 20 per cent for townhomes, and 24.5 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3 per cent increase over July 2021 and a 2.3 per cent decrease compared to June 2022.

Sales of detached homes in July 2022 reached 523, a 50.2 per cent decrease from the 1,050 detached sales recorded in July 2021. The benchmark price for a detached home is $2,000,600. This represents an 11 per cent increase from July 2021 and a 2.8 per cent decrease compared to June 2022.

Sales of apartment homes reached 1,060 in July 2022, a 36.4 per cent decrease compared to the 1,666 sales in July 2021. The benchmark price of an apartment home is $755,000. This represents an 11.4 per cent increase from July 2021 and a 1.5 per cent decrease compared to June 2022.

Attached home sales in July 2022 totalled 304, a 50.2 per cent decrease compared to the 610 sales in July 2021. The benchmark price of an attached home is $1,096,500. This represents a 15.8 per cent increase from July 2021 and a 1.7 per cent decrease compared to June 2022.