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Neighbourhood Real Estate has just listed ANOTHER home in East Central, Maple Ridge

Neighbourhood Real Estate Group has just listed ANOTHER new property at 46 11851 232 ST in Maple Ridge.
This vibrant & expansive home offers 4 bedrooms & 4 bathrooms! The main level features an open-concept living, dining, & kitchen area with a powder room & easy deck access equipped with natural gas hookup for BBQs. Upstairs, discover 3 large bedrooms. Primary bedroom features large walk in closet and full ensuite. The basement includes a versatile 4th bedroom with another private ensuite, perfect for a home office, guest room, or a space for kids to relax. Notable features include quartz countertops, gas stove, tankless hot water, a side-by-side 2-car garage, CENTRAL AIR CONDITIONING, roller blinds, laminate flooring, & more! Conveniently located near shopping, restaurants, recreation, transit, & within walking distance to all school levels, this home is a must-see. OPEN HOUSE S&S 2-4
Colin Thornton PREC* & Greg Thornton With Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Neighbourhood Real Estate has just listed ANOTHER home in East Central, Maple Ridge

Neighbourhood Real Estate Group has just listed ANOTHER new property at 46 11851 232 ST in Maple Ridge.
This vibrant & expansive home offers 4 bedrooms & 4 bathrooms! The main level features an open-concept living, dining, & kitchen area with a powder room & easy deck access equipped with natural gas hookup for BBQs. Upstairs, discover 3 large bedrooms. Primary bedroom features large walk in closet and full ensuite. The basement includes a versatile 4th bedroom with another private ensuite, perfect for a home office, guest room, or a space for kids to relax. Notable features include quartz countertops, gas stove, tankless hot water, a side-by-side 2-car garage, CENTRAL AIR CONDITIONING, roller blinds, laminate flooring, & more! Conveniently located near shopping, restaurants, recreation, transit, & within walking distance to all school levels, this home is a must-see. OPEN HOUSE S&S 2-4
Colin Thornton PREC* & Greg Thornton With Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Open House Open House on Saturday, March 2, 2024 2:00PM - 4:00PM

Please visit our Open House at 46 11851 232 ST in Maple Ridge.
Open House on Saturday, March 2, 2024 2:00PM - 4:00PM
This vibrant & expansive home offers 4 bedrooms & 4 bathrooms! The main level features an open-concept living, dining, & kitchen area with a powder room & easy deck access equipped with natural gas hookup for BBQs. Upstairs, discover 3 large bedrooms. Primary bedroom features large walk in closet and full ensuite. The basement includes a versatile 4th bedroom with another private ensuite, perfect for a home office, guest room, or a space for kids to relax. Notable features include quartz countertops, gas stove, tankless hot water, a side-by-side 2-car garage, CENTRAL AIR CONDITIONING, roller blinds, laminate flooring, & more! Conveniently located near shopping, restaurants, recreation, transit, & within walking distance to all school levels, this home is a must-see. OPEN HOUSE S&S 2-4
 
 
Colin Thornton PREC* & Greg Thornton with Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Open House Open House on Sunday, March 3, 2024 2:00PM - 4:00PM

Please visit our Open House at 46 11851 232 ST in Maple Ridge.
Open House on Sunday, March 3, 2024 2:00PM - 4:00PM
This vibrant & expansive home offers 4 bedrooms & 4 bathrooms! The main level features an open-concept living, dining, & kitchen area with a powder room & easy deck access equipped with natural gas hookup for BBQs. Upstairs, discover 3 large bedrooms. Primary bedroom features large walk in closet and full ensuite. The basement includes a versatile 4th bedroom with another private ensuite, perfect for a home office, guest room, or a space for kids to relax. Notable features include quartz countertops, gas stove, tankless hot water, a side-by-side 2-car garage, CENTRAL AIR CONDITIONING, roller blinds, laminate flooring, & more! Conveniently located near shopping, restaurants, recreation, transit, & within walking distance to all school levels, this home is a must-see. OPEN HOUSE S&S 2-4
 
 
Colin Thornton PREC* & Greg Thornton with Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Neighbourhood Real Estate has JUST SOLD ANOTHER property at 406 20686 Eastleigh CRES in Langley

Neighbourhood Real Estate Group has JUST SOLD ANOTHER property at 406 20686 Eastleigh CRES in Langley.

Welcome to "The Georgia” by Whitetail Homes! This thoughtfully designed 1 Bed + 1 Bath home is perfect for a first time home buyer or for an investor! Situated on the edge of Downtown Langley, you’ll be steps to locally owned shops, restaurants, Kwantlen Polytechnic University & the upcoming Langley Skytrain Station. Features include airy 9’ ceilings, A/C, large windows for plenty of natural lighting, stainless steel appliances, granite countertops, high quality laminate flooring & a balcony. The complex also offers an array of outstanding amenities including a fitness centre, theatre room, meeting room & ample visitors parking. 1 Parking + 1 Locker included. Pets & rentals allowed. Come see this home today!
Colin Thornton PREC* & Greg Thornton With Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Neighbourhood Real Estate has JUST SOLD ANOTHER property at 1709 110 Brew ST in Port Moody

Neighbourhood Real Estate Group has JUST SOLD ANOTHER property at 1709 110 Brew ST in Port Moody.

Popular Aria 1 in the Vibrant Community of SUTERBROOK Village! Enjoy this Beautiful 17th Floor 1Bed/1 Bath Condo with Unobstructed EAST VIEW of the City/Mountains from every room! Spacious Open Plan! Enjoy the beautiful granite countertop, SS appliances, gas range & electric fireplace. Walk to all amenities that Suterbrook Village has to offer (access to Thrifty Grocery via P1 level Pkg rain or snow!). Enjoy your morning coffee while witnessing a beautiful sunrise, or enjoy the summer nights and BBQing on your generous size balcony. Building offers Indoor Pool, Full gym/steam room/hot tub, theatre, squash court, party/meeting/games rooms. Across from Newport Village, Seaside Trails, Rocky Point Park, West Coast Express and Skytrain Station. PETS & RENTALS ALLOWED. Hurry!
Colin Thornton PREC* & Greg Thornton With Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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Home sales across Metro Vancouver’s housing market off to strong start in 2024

VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

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

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

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

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

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

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

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

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

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

Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

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1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn

V.P., Communication and Events

Real Estate Board of Greater Vancouver

604.730.3146

cmunn@rebgv.org

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How to Set an Offer Price

There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

Concentrate on the following areas to help you determine an offer price:

Comparable Sales

• Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.
• The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your Realtor, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

• Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?
• Look at structural condition: walls, ceilings, windows, floors, doors.
• Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.
• Also check the fixtures: light switches, doorknobs, drawer handles, etc.
• What is the condition of the front and back yards?

Home Improvements

• Cosmetic changes can be largely ignored, but any major improvements should be taken into account.
• Take special note of: room additions (especially bedrooms and bathrooms).
• Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your Realtor can offer your guidance in these matters.

Market Conditions

• Seller’s Market:
A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very
quickly, and there are often multiple offers. Many homes will sell above the asking price.

• Buyer’s Market:
A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.

• Balanced Market:
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper or lower limit—or the middle—of that range. Keep in mind, this price should be the one you’d be happy with once all negotiations are said and done. The price you decide to begin with depends on your particular style of negotiation. Most Buyers begin the negotiation process with a number lower than the “fair” price they’ve come up with.

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Neighbourhood Real Estate has JUST SOLD ANOTHER property at 203A 2615 Jane ST in Port Coquitlam

Neighbourhood Real Estate Group has JUST SOLD ANOTHER property at 203A 2615 Jane ST in Port Coquitlam.

Burleigh Green! This bright & spacious 1 bdrm home with generous room sizes & nice open floor plan. Recently updated kitchen countertop with quartz, bathroom, newer stove. Big open living room & dining room w/ gas F/P & slider to south facing covered s/deck overlooking the greanlbelt & walking trails beside the Coquitlam River. Nice big master bdrm (large enough for a king sized bed) w/ W.I. closet & 4 pce semi-enste. Big bright kitchen w/ lots of cupboards & counter space & small eating area. The building offers a bike room, exercise room & even a guest suite. Easy freeway access, close to transportation & the West Coast Express & minutes from shopping & Newer Port Coquitlam Community Centre.
Colin Thornton PREC* & Greg Thornton With Neighbourhood Real Estate Group at Keller Williams Elite Realty Port Coquitlam/Greater Vancouver are top producing Real Estate Experts!
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