VANCOUVER, BC – January 4, 2023 – After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.

Last year’s sales total was 13.4 per cent below the 10-year sales average.

“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020.

Last year’s listings total was 3.2 per cent below the region’s 10-year average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months.

“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said. “While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly.

We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.”

December 2022 summary

Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022.

Last month’s sales were 37.7 per cent below the 10-year December sales average.

There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed.

For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2022 reached 371, a 53.3 per cent decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1 per cent decrease from December 2021, a 1.8 per cent decrease compared to November 2022, and an 11.4 per cent decrease over the past six months.

Sales of apartment homes reached 702 in December 2022, a 52 per cent decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7 per cent increase from December 2021, a 0.9 per cent decrease compared to November 2022, and a 6.9 per cent decrease over the past six months.

Attached home sales in December 2022 totalled 222, a 48.4 per cent decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2 per cent decrease from December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.2 per cent decrease over the past six months.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: 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.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 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

Unless you’re selling in a strong sellers’ market, you should take advantage of every opportunity to show your home. Say, for example, an interested buyer would like to see your property tomorrow evening. If you say no, they might see another listing in the meantime — and make an offer!

So, being prepared to show your home at the drop of a hat is important.

That doesn’t mean you should agree to be inconvenienced constantly. However, if you can put up with some disruptions in your plans now and then, you’ll increase your chances of selling your property.

Consider these tips:

• Avoid restricting showings to a particular weekday, such as Monday evening and Saturday afternoon. What if an interested buyer isn’t available those days?
• Try to keep your home clean and tidy. That way, you can accommodate a short-notice request to see your listing more easily. (Consider temporarily hiring a cleaner.)
• Make a list of places you can take your family (including pets) on short notice. For example, a park or movie.

When you buy a new home and moving day is looming, it can be tempting to consider doing the move yourself. After all, by not hiring a moving company, you’re saving money.

It is true, the DIY approach can lower your moving costs, which is money you can put towards needed fixes and upgrades to your new property.

But, you’re also adding a lot of work! You’ll need to think about boxes, packing, truck rental, gas, lifting and lugging, friends who offer to help but bail last minute, and more.

So, if you’re going to move yourself, plan carefully. Ensure you have all the boxes and packing supplies (tape, bubble wrap, etc.) you need. Most importantly, put together a reliable crew who can stick with you the entire day. In addition to family and friends, it might make sense to hire a worker for the day.

If that all seems like too much work and hassle, then using a moving company is a time-saving option. Yes, you’ll pay more. But you’ll get professional movers, with a truck, who can do much of the lifting and lugging for you. That will take a lot of the stress out of moving day.

And, keep in mind, you don’t need to get the moving company to do it all.

You can cut costs by having them handle the heavier items, such as appliances and furniture, while you DIY-move other things, such as easier-to-handle boxes.

Regardless of which option you choose, make your plans well in advance. When it comes to moving day, you’ll be glad you did!

Chances are, you’ve heard the expression, “Your home is your biggest investment.” For most homeowners, that’s true. So, when you’re shopping for a new home, it’s important to consider the financial ramifications of any purchase. Ideally, you want a home that is likely to increase in value over time.

In other words, you want a home with a strong potential return on investment.

But dollars aren’t the only type of return you should look for in a new home. Real estate is unique in that the “emotional” return is just as important as the financial return — and, in some cases, even more so.

Say, for example, you’re thinking of moving to a neighbourhood that is closer to work. In fact, you’ll cut your commuting time by an hour each day. Financially, that return on investment means little beyond some savings on gas. However, the emotional payoff can be very high, especially when you consider what you can do with that extra hour each day. Imagine what it would mean to spend more time with your kids or workout out at the gym more often.

So, considering the emotional return on investment when you’re moving is essential. It has a huge impact on your lifestyle and your enjoyment of the property.

How do you factor that in when selling your property and searching for your next dream home?

When you see a listed home you like, make a list of all the emotional benefits of living there. That list might include having a park nearby, living closer to friends or family, having a home office that isn’t the kitchen table, having more space to accommodate a growing family, and so forth.

Then, factor that list into your decision of whether or not to buy.

Once you’ve minimized the clutter in your home, clearing out excess items and furniture, you’ll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh—the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.

Walls and Ceiling:

Examine all the ceilings and walls for water stains or dirt. We don’t often look closely at the walls that surround us, so be careful—there could be residual stains from leaks that have long been fixed, or an accumulation of dirt in an area you hadn’t noticed.

Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.

Carpet and Flooring:

Does your carpet appear old, or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find replacement carpeting that is relatively inexpensive. And always opt for neutral colours.

Any visibly broken floor tiles should be replaced. But make sure you don’t spend too much on these replacements. The goal isn’t to re-vamp the entire home, but, rather, to avoid causing any negative impressions due to noticeable damage or wear around the house.

Doors and Windows:

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you’re having trouble. This should loosen them up.

The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each door knob turns smoothly and polish it to gleaming.

Odour Check:

Begin by airing out the house. Chances are, you’d be the last person to notice any
strange or unpleasant smell that may be immediately apparent to visitors.

If you smoke indoors, you’ll want to minimize the smell before you show your home.
Take your cigarettes outside for a period of time before you begin showing. Ozone
sprays also help eliminate those lingering odours without leaving a masking, perfumed
smell.

Be careful if you have a pet. You may have become used to the particular smell of your
cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as
possible. You may want to intermittently sprinkle your carpets with carpet freshener as
well.

Plumbing and Fixtures:

All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them
into shape. Replacing them can be done fairly easily and inexpensively. Check to make
sure all hot and cold faucets are easy to turn and that none of the faucets leaks. If you do
find a leaking faucet, change the washer. Again, this is an easy and inexpensive
procedure.

Finally, check the water pressure of each faucet, and look for any stains on the porcelain
of the sinks or tubs.

Once you’ve covered all these bases, your house will be in prime shape for its time on the
market. Congratulations—you’re ready to begin showing!

Keeping your lawn, flowerbeds and shrubs looking great enhances the “curb appeal” of your property. However, it can also be a lot of work! Here are some do-it-yourself tips for making these tasks easier and less time-consuming:

• Add mulch around trees and shrubs. That way, you won’t have to cut grass in those areas, plus you’ll avoid the need to use shears or a trimmer to do the job properly.
• Adjust lawnmower blades to the optimal height for short, well-groomed grass. That way, you won’t have to mow as often.
• Use tools that don’t require you to bend over or work on your knees. That will greatly reduce fatigue. (Example: Stand-up grass shears.)
• Consider applying mulch in flower beds. That will reduce weeds. It will also help retain moisture, so you won’t have to water as often.
• Avoid high-maintenance plants that require strict watering and tending regiments. No-fuss plants are ideal. (Talk to your local gardening center.)
• Consider using a soaker hose. It has holes all along the tubing that gently release water. Simply snake the hose through flowerbeds and shrubs or around trees, turn on the water and the hose does the rest.

Want more tips for making your property look great, especially if you’re thinking of selling? Call today.

Daydreaming about owning something you can’t afford can be fun. Whether it’s a diamond-encrusted watch from Tiffany & Co., or the latest Lamborghini, even the thought of trying one on or going for a test drive can be exciting.

The problem with daydreaming, however, is that it’s all-too-easy to dismiss it as just that – a dream.

But, what if you daydream about owning a beautiful home in a desirable neighbourhood? Before you dismiss that as just fanciful thinking, it’s worth finding out if that dream could actually be achievable.

You might discover that you do qualify to get into the home of your dreams.

It’s relatively easy to figure it out.

First, you need to learn what homes are currently selling for in the neighbourhood you’re targeting. If you’ve been through that exercise already, keep in mind that the market might have changed substantially in the past few months.

The next thing you need to determine is approximately how much you can expect to get for your current property. That’s a fairly easy calculation and is based on what “comparable” homes in your neighbourhood have sold for recently.

Finally, you need to find out how much of a mortgage you may need and what your payments will likely be.

Once you have those numbers, you’ll know if you can afford the home of your dreams in the neighbourhood you’d love to get into.

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the following in mind:

1. If you’re considering buying a home in a community that is unfamiliar to you, get to know its lay-out, offerings, and ambiance. Take some time to walk or drive through the neighbourhood, both during the day and at night, familiarizing yourself with the sights, sounds, and smells.

2. What amenities does the neighbourhood have to offer? Is public transportation readily accessible? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children.

3. What is the nature of the job market in the area? Keep in mind that if area employers are producing more jobs, you can expect property values to increase, especially if the jobs offered fall within a higher salary bracket.

4. Speak with the neighbours. Ask questions. They can offer you a wealth of information, from an inside perspective.

5. How will you be affected by a new commute to work? Drive the route between the new neighbourhood and your office during the appropriate times to gauge the volume of traffic you could expect to encounter, and the amount of time you’d need to put aside for daily travel.

6. Contact local land-use and zoning officials to determine existing development plans or potential for development in the area. A strong agenda for neighbourhood planning and local zoning will increase the value and draw of a neighbourhood. Keep in mind that any large, tree-covered area may be a target for future development in popular communities.

7. Determine whether financial resources have been put in place to support infrastructure projects in the area. These construction projects might include building, replacing, or improving anything from schools to roads, and are usually part of a city or town’s long-term plan. While disruptive, construction could also be a benefit to your experience of a community, influencing the long-term value of the area.

VANCOUVER, BC – May 3, 2022 – Home buyer demand in Metro Vancouver* returned to
more historically typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last
year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more
traditional pace of home sales that we’ve experienced over the last two months provides hopeful
home buyers more time to make decisions, secure financing and perform other due diligence
such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1
per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease
compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase
compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s
important to work with your local Realtor to understand how these factors could affect your
home buying or selling situation,” John said.

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By
property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45
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 $1,374,500. This represents an 18.9 per cent increase over April 2021 and
a one per cent increase compared to March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655
detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200.
This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to
March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the
2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This
represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March
2022.

Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales
in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per
cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Thinking of having a yard or garage sale? It’s a great way to dispose of unwanted items and other clutter, especially if you’re thinking of moving. In addition, yard sales have a charm that selling items on the internet can’t match. That’s why they’re still so popular.

If you’re planning a yard or garage sale, here are some helpful tips:

• Two-thirds of garage sale shoppers will find you via signage. So, be sure to place plenty of signs around the neighbourhood that clearly point buyers to your location.
• Place in-demand items closer to the street so shoppers can see them from a distance. (For example, computers, electronic games, bicycles, exercise equipment, furniture.)
• Buyers don’t want to pay a “fair” price at a garage sale. They want a bargain basement deal! So, price items accordingly.
• Open early in the day. You’ll find that the biggest shoppers (the deal hunters) will stop by before 9 a.m. Some will be there before you open!
• Be sure to have some cash on hand to make change.

Of course, you should also be as safe as possible and comply with all applicable public health guidelines.

If some items don’t sell, consider donating them to a community thrift shop or dropping them off at a recycling centre.

Good luck with your sale!