Want to make your bathroom look fantastic without having to do a major renovation? There are a lot of projects you can do yourself. In fact, there are some improvements you can get done in less than a day that will transform the look and feel of your bathroom. Check out these ideas:


• Update the sink. If you have some basic plumbing knowledge, this is a project you should be able to do on your own. A new sink can make the entire vanity look like new.


• Buy new decor. New shower curtains, towels, window coverings, mats, etc. can transform the look of a bathroom.


• Install new hardware. Replacing cabinet hardware may not seem like much of a change. However, it can have a surprisingly big impact. Shiny new hardware is like jewelry. It stands out.


• Replace the vanity mirror. Even if there are no scratches, an older mirror is like an old pair of glasses. It can become foggy. No amount of cleaning will make it any clearer. When ordering a replacement mirror, be sure that your measurements are exact.


• Paint. There's no doubt about it. A fresh coat of paint makes any room look better.


These bathroom improvement projects can make a huge impact on the look of your bathroom. And, they can all be done affordably and in just a day or two.

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Ideally, when you sell your home, you want the process to go smoothly and relatively stress-free. While things may happen that are outside your control, there is a lot you can do to ensure that the selling experience is a good one.

Consider these four steps to reduce worry and stress when listing your home:


Step 1: Learn the selling process. Find out what to expect when the FOR SALE sign goes up. How will viewings be scheduled? Will an Open House be needed? What happens when there is an offer? The more you know, the less mysterious—and, therefore, less stressful—the experience will be.


Step 2: Schedule wisely. Use a calendar to block out times for viewings and other selling-related activities. Be sure to schedule plenty of time to clean and declutter your home before a viewing or Open House. Try not to have a tight schedule during the sales period.


Step 3: Anticipate issues. The more problems you can foresee, the better you'll be prepared to deal with them as they arise. For example, if you know you're going to have a busy week at work, start making plans now to deal with viewings and related matters during those days.


Step 4: Make decisions. Things can move quickly in the real estate market. There might be a few days when there are no enquiries at all, and then suddenly two offers will come in.


Be prepared to make some quick decisions. Fortunately, with sound advice from us as your real estate agent, making those decisions will be a lot easier.


So, follow these simple steps. They'll help make your sale less worrisome and even enjoyable!

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Outdoor lighting has come a long way from the days of patio lanterns and strings of lightbulbs. These days, there's an exhaustive array of options available to illuminate your outdoor space, and make it more appealing and comfortable, particularly in the evenings.


Here are just a few ideas:


Solar garden lights. These lights are on stakes that can be easily inserted throughout the garden. Powered by the sun, they generate enough energy to cast a soft, pleasant glow along walkways or in flower beds in the evenings.


Deck post lights. These are easy to install because they're designed to sit on top of a standard 4x4 wood deck post. Most are solar powered.


Street-style lamps. As the name implies, these look similar to oldfashioned street lamps. Installation is a little more complex, but still DIY-friendly. They're eye-catching and have a dramatic impact on the look of your outdoor space.


Portable lantern lights. These are outdoor lights that are portable and often made to look like a decorative fixture for a coffee table or side table. They can be placed anywhere.


LED walkway lights. These are small lights that fit neatly and almost invisibly under stairs and around walkways. Walkway lights not only look good but also improve safety. Most are battery powered.


Planter lights. This is one of the most interesting options. Each one is both a flower pot and a light in one! The pot itself is translucent which allows the light inside to shine through.


Design experts say you should treat your outdoor space as you would any room in your home. Lighting it up for evening comfort and enjoyment is a good place to start.

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You've heard of the term "curb appeal". It refers to the initial impression buyers get when they first see your property from the street. If the impression is a good one, it sets the right tone for the rest of the home viewing.


How do you boost curb appeal? Here are some proven ideas that you can get done in an hour or so:


• Wash both the inside and outside of the front windows. You'll be amazed at the difference that can make.


• Sweep the walkway leading up to the front entrance. Add a new welcome mat. Also, wash down the front door.


• If possible, remove cars from the driveway. Let buyers imagine their own cars parked there!


• Mow the lawn. Lightly trim the hedges. Weed flower beds.


• Remove anything from inside window sills that may look unsightly from the outside. Try putting a couple of flowering plants there instead.


• Place any trash bins out-of-sight. For example, put them in the garage or neatly at the side of the house.


• If the entrance door hardware is old and worn, change it. New hardware can make a bigger difference than you might think.


• Make sure the outdoor lights are working, especially if you're showing your home in the evening.


• Add some flowering plants to flower beds, or buy a couple of portable potted plants and place them strategically.


• Clean your mailbox. If it’s rusted, replace it.


• If you have a power washer, give the walkway and driveway a quick blast. Just be sure it will be dry before the buyers arrive.


These one-hour improvements may seem minor, but anything that helps buyers form a more positive first impression of your home is worth the effort.

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As you probably know, it's easy to lower the costs of a renovation. Just hire an inexpensive, fly-by-night contractor — and hope for the best!


Chances are, you won't want to take that risk. So how do you ensure you get quality work while keeping your budget in check?


Here are some tips:


• Get estimates from at least three contractors. Often prices can vary widely, even amongst contractors with similar reputations and experience.


• Narrow the project focus. If you're getting a bathroom renovated, for example, decide whether you need the contractor to paint the new walls. Can you do that yourself?


• Shop around for the building materials. Yes, contractors often have access to wholesale prices. Still, you might be able to find a bathtub and vanity at a lower cost or at least avoid any markup the contractor may charge.


• Negotiate. Sometimes a contractor is willing to lower the price for concessions, such as quick payments or more time to complete the job.


• Schedule the renovation during a low-demand season. For example, deck contractors charge more in the spring than the fall. It's supply and demand. More people want their decks done in the spring.


Keep in mind that spending a little more for a skilled and reputable contractor can save you money in the long run. The renovation will have fewer, if any, "issues" (that may require an expensive fix) and will last longer.

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If it’s been a while since you last moved, you might be wondering how much you'll need to spend on your next home. That's an important question to answer, even if you're just at the "thinking about it" stage and haven't decided whether or not you'll look for a new property.


After all, knowing your budget might influence your decision.


How should you determine your budget?


The first step is to calculate the maximum you can spend. This involves adding the money you'll get from the sale of your current property after repaying your outstanding mortgage, to any other funds you have available to invest plus the maximum amount of mortgage you qualify to receive.


Of course, just because you may qualify for a large mortgage doesn't mean you want those bigger payments. So, the second step is to think about your needs. What features are a must in your next home? For example, you might want four bedrooms and anything less would be a deal-breaker.


Make a "must-have list". That list can by used to find a baseline of properties on the market — and then find their average asking price. This will give you an idea of what it would cost to find a home that meets your must-have list.


The third step is to go beyond needs and consider the features you want. These might not be deal-breakers, but you'd sure love to have them in your next home. They could be a large deck, a location in a desirable neighbourhood, a big country kitchen, etc.


Ask yourself how much you would be willing to pay for those desirable features. $20,000? $50,000?


Once you've gone through these steps, you'll have the information you need to match your needs and wants to what's available on the market — and you’ll know how much you might expect to pay for your next home.

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Imagine your coffee maker switching on by itself, staying on for hours, overheating and becoming a fire hazard. That's not science fiction. As more and more appliances incorporate WIFI, the opportunities for hackers to play havoc with your home gadgets increase.


How do you prevent that from happening? Here are some safety tips:


• If your gadget uses a password to access the settings, change that password frequently. Ideally, change it once every 3 months.


• Some gadgets, such as alarm systems, come with their own connection to the internet. Learn how to turn that connection off if it becomes necessary to do so.


• Don't leave an internet-connected appliance or other gadget on constantly unless it’s necessary. For example, you don't need your home speaker system connected to your digital music providers all the time.


• Baby monitors with video are a common target for hackers. Use a password unique to that device and change it often. Never leave the monitor on when not in use.


• Never share passwords with anyone unless it is absolutely necessary. Most home WIFI systems have a "guest" feature with a separate password and limited access. Use it.


In this age of internet connectivity — from coffee makers to stereos and even washing machines — it's smart to play it safe. Know what's connected and protect yourself.

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When you sell, you’ll probably want to get the best possible price for your property. Who wouldn’t? Unfortunately, there are many ways to inadvertently leave money on the table – sometimes thousands of dollars.


How do you avoid that possibility? Just remember the 4 Ps:


Prep. Do everything you can to prepare your home so that it looks great to buyers. Clean, declutter, fix, make improvements. Home staging can also help. In fact, effectively staged homes have been shown to sell for up to 5% more than comparable unstaged properties.


• Price. Set the right asking price. That’s crucial. If it's too low, you'll attract only deal-hunters — and you might end up getting less than you should. If the asking price is too high, however, you'll discourage those buyers who might otherwise be interested and willing to make a good offer. Be careful with pricing!


• Promotion. There may be qualified buyers out there who would be eager to see your property. But, they need to find out about your listing and the great features of your home first! Reaching these buyers requires more than merely profiling the listing on the MLS. Homes that sell for top dollar often have strong marketing — directed to the right buyers.


• Proposal. Once an offer comes in, there may be an opportunity to negotiate with the buyer to maximize the final price you get. This requires deep knowledge of the local market as well as street-smart negotiation skills. If done effectively, these negotiations can help put more money in your pocket.


These four Ps are easy to remember, but sometimes not so easy to implement! That's why working with a great real estate agent is so important. Contact us to get the conversation started.

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Here's a surprising statistic. Less than 30% of window replacements are the result of the old windows being worn, broken or otherwise in need of replacement.


Clearly, there are other good reasons to consider new windows!


One of the most popular motivations is cosmetic. Brand new windows have a huge impact on the overall look of a home, both on the inside and the outside. New windows can improve curb appeal — an important element when you sell a home. From the inside, new windows can dramatically improve the look of a room.


Another reason to replace windows is to address energy costs. Modern windows are packed with technologies that lower heating/cooling bills. From low-e/argon to special spacer bars to high-insulating construction, these technologies can provide savings you'll notice, especially if you're replacing very old windows.


A third reason is window style and characteristics. Simply put, you may not like your current windows! You may want more glass and less frame to enhance your view. Maybe your windows pull up (vertical sliders) when you'd rather have them open like a door (casements). Perhaps you'd like fancy blinds in-between the panes of glass. Replacing windows lets you get exactly the look and features you want.


Will new windows boost the resale value of your home? They might, at least a little. But there's one thing for certain: upgraded windows definitely make your home look more appealing to buyers.

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Do you have only a few weeks to search for your next dream home? Don't panic. There are things you can do to find the perfect (or, at least, almost perfect) property — without getting too stressed out!


Consider these tips:


Pre-arrange your mortgage. You want to be able to make a good offer on a home right away, without worrying about financing. So, talk to your mortgage advisor or lender about getting a mortgage pre-approval. Sellers will take your offer more seriously if you have financing in hand.


Decide what you want. What type of home are you looking for? What type of neighbourhood do you want to live in? The narrower your focus, the less time you’ll waste looking at properties that don’t fit your needs.


Be open to possibilities. There are probably terrific homes on the market — right now — that are close to what you're looking for. So be prepared to consider properties that are less-than-perfect. Remember, what a home lacks today may be remedied with a renovation later on.


Be flexible with your schedule. When you see a home you like, schedule a viewing immediately, even if it's at an inconvenient day/time, such as a weekday after work. Finding a great home, quickly, is worth some inconvenience.


Get alerted to new listings. As they say, the early-bird gets the worm. So arrange to be alerted to new listings the moment they come on the market. That way, you can see these properties right away.


Want more tips on finding a home, quickly? Give us a call.

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If you're thinking about buying a new home, you may be considering purchasing in a new development.


How does that compare to purchasing a resale property?


Buying a newly-built home has some advantages. Depending on the development, you may have leeway in the style of the home and the lot you choose. Also, when the home is built, you'll be moving into a place where everything is brand new!


On the downside, however, you may be forced to make a decision based purely on marketing brochures and floor plans. Unless there's a model home just like the one you want, you'll be buying sight unseen. Also, there may be unpredictable construction delays — an unpleasant experience if you've already sold your current property.


Of course, buying a resale home may also have a downside. For example, the house might need work, such as a new roof. What you see is pretty much what you get. And, that’s true for the floor plan too. You can't ask for the living room to be five feet wider, unless you decide to renovate.


On the other hand, a big advantage of a resale home is moving into a neighbourhood that is already there for you to see and explore. Unlike in a new development, you can get a very clear idea of what it’s going to be like to live there.


Plus, you get to see the house too!


Regardless of which way you go, we can help you make the best decision and find the home that's perfect for you. Call today

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It can be tough to make the decision to sell. In fact, for many homeowners, it's overwhelming. If you're considering making a move and struggling with the decision, here are five helpful questions to ask yourselves:


1. "What are our practical reasons for selling?"


This question refers to what you'll get by moving to a new home. The reasons could include a bigger backyard, shorter commute to work, an extra bedroom, a more desirable neighbourhood, etc.


2. "What are our emotional reasons for selling?"


This question refers to how you'll feel about living in a new home. For example, you might feel safer, less cramped, less worried (because the local schools are better), or happier (because the shorter commute means more time with your family.)


3. "What type of new home can we afford?"


This question involves finding out how much you'll likely get when you sell your existing home and how much of a mortgage you qualify to receive. With that information, you'll have a price range within which you can comfortably shop plus a clear idea of what your mortgage payments will be.


4. "In what ways will our lifestyle be better in a new home?"


This ties in closely with emotional reasons for selling. It relates to what your life will be like in a new home. Try to paint a picture in your mind. For example, you might want to be able to spend Saturday afternoons relaxing in your bigger backyard or Sunday nights entertaining friends and family in your larger living room.


5. "What else do we need to know before we decide to sell and move?"


Sometimes people are hesitant about selling simply because they have unanswered questions. So, if there's any part of the selling and buying process that’s not clear, be sure to ask us.


Did thinking about these questions help make the decision easier? If you need more help or want to talk about your decision, call today!

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On moving day, you'll have a big task. You’ll need to get your possessions from your old property to your new one — ideally without delays or damage! Surprisingly, many people underestimate the time and costs involved in doing that. Careful planning and budgeting are crucial to ensuring moving day goes smoothly.


You basically have three options:


1. Hire a moving company to handle everything.


2. Hire a truck and crew, while doing some of the work yourself. (For example, you can pack and help with loading.)


3. Do it all yourself by renting a moving van and getting friends and family to help.


If you're going with option one, get quotations as early in the buying/selling process as possible. Services, costs and quality vary widely among fullservice moving companies.


If you're going to do some or all of the move yourself, the best place to start is by making a list of what you'll need. In addition to renting a moving van, or hiring a truck and crew, there are many supplies you may require. For example, you’ll need boxes, protective fill and/or wrapping (i.e. bubble wrap), markers for labeling boxes, packing tape, and more.


You may decide to rely on friends to help load the truck on moving day. That's fine. Just be sure you have enough people to do the job within a reasonable timeframe, and confirm everyone's attendance at least a couple of days before.

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Imagine driving through a desirable neighbourhood and, just as you turn a corner, you see the absolutely perfect home. Guess what? It's for sale! But, there’s a problem. Your current property isn't on the market. In fact, until this moment, you hadn’t seriously considered moving.


So what do you do?


Your first step is to find out more about the listing. Get a description of the property. Find out the listing price. Check out the size, layout, number of bedrooms and other features. If it all looks good, schedule a viewing.


Chances are, you can do all that in less than a day.


If you go to see the property and still love it, your next step is to determine if it fits within your budget. To do that, you'll need to quickly find out the Current Market Value of your home — what it will likely sell for — so you can determine how much money you'll have available after your outstanding mortgage and any other costs are deducted. It’s a smart idea to speak to your lender about getting a pre-approved mortgage at this point too.


Next, you'll need to make an offer on the new home. Depending on the competitiveness of the neighbourhood, and the likelihood of multiple offers, you might need to list your home first. That, along with a pre-approved mortgage, will make your offer more credible.


You might end up buying the new home before your current property sells. Although that might cause some jitters, this scenario happens all the time in real estate. If you do the right things, and prepare your home properly, there's a good probability it will sell in time and that everything else regarding the two transactions will go smoothly.


But, you do need to move quickly and make some fast decisions if you want to get that perfect home.


We can help. Call us.

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Ideally you should have a week or two available before you list your property in order to stage your home and make it look its best for buyers. But, what if you listed quickly and within hours of the For Sale sign going up a buyer wants to view your property?


In that scenario, you need to do some quick "staging" to get your home ready. Let's assume your property is already clean and tidy. Here are some other things you can do.


  • ·Open the curtains, even at night. This will make each room seem brighter, more appealing and more spacious.
  • ·Pull out some boxes or storage bins. Put away personal knick-knacks (like that bowling trophy) and other personal items to reduce clutter on shelves and countertops.
  • ·Clear countertops in the kitchen and bathrooms. Put the old toaster oven out-of-sight.
  • ·Make sure lighting throughout the house is bright and comfortable. In darker areas, plug in a lamp.
  • ·Clear away as much as you can in the foyer. Make that space look open, uncluttered and welcoming.
  • ·Move cars out of the driveway. Give the buyer a convenient place to park!
  • ·Make the beds. Fluff pillows on sofas.
  • ·Clear away as many items as possible from the closet floors (such as shoes.)
  • ·Open a window and air out the kitchen, especially if you just finished cooking.
  • ·Make sure your pet is in a crate or, if possible, out for a walk. Not everyone loves pets.


These staging tips take only a few minutes each, but can make a big difference in the impression your home makes on a buyer.


Want more home selling advice? Call today.

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Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.


Last month’s sales were 26.8 per cent below the 10-year October sales average.


“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”


There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084).


For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums.

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


“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”


The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months.


Sales of detached homes in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months.


Sales of apartments reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months.


Attached homes sales in October 2018 totalled 344, a 37.5 per cent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.
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With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver reached a three-year high in June.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.


Last month’s sales were 28.7 per cent below the 10-year June sales average.


“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7 per cent decrease compared to the 5,721 homes listed in June 2017 and a 17.2 per cent decrease compared to May 2018 when 6,375 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 per cent increase compared to June 2017 (8,515) and a 5.8 per cent increase compared to May 2018 (11,292). This is the highest this total has been since June 2015.


“With reduced demand, detached homes are entering a buyers’ market and price growth in our townhome and apartment markets is showing signs of decelerating.”


For all property types, the sales-to-active listings ratio for June 2018 is 20.3 per cent. By property type, the ratio is 11.7 per cent for detached homes, 24.9 per cent for townhomes, and 33.4 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark 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 $1,093,600. This represents a 9.5 per cent increase over June 2017 and is virtually unchanged from May 2018.


Sales of detached homes in June 2018 reached 766, a 42 per cent decrease from the 1,320 detached sales recorded in June 2017. The benchmark price for a detached home is $1,598,200. This represents a 0.7 per cent increase from June 2017 and a 0.6 per cent decrease compared to May 2018.


Sales of apartment homes reached 1,240 in June 2018, a 34.9 per cent decrease compared to the 1,905 sales in June 2017. The benchmark price for an apartment is $704,200. This represents a 17.2 per cent increase from June 2017 and a 0.4 per cent increase compared to May 2018.


Attached home sales in June 2018 totalled 419, a 37.3 per cent decrease compared to the 668 sales in June 2017. The benchmark price of an attached home is $859,800. This represents a 15.3 per cent increase from June 2017 and is virtually unchanged from May 2018.

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The Metro Vancouver housing market saw fewer home buyers and more home sellers in April.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.

 

Last month’s sales were 22.5 per cent below the 10-year April sales average.

 

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

 

There were 5,820 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2018. This represents an 18.6 per cent increase compared to the 4,907 homes listed in April 2017 and a 30.8 per cent increase compared to March 2018 when 4,450 homes were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7 per cent increase compared to April 2017 (7,813) and a 17.2 per cent increase compared to March 2018 (8,380).

 

“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.

 

For all property types, the sales-to-active listings ratio for April 2018 is 26.3 per cent. By property type, the ratio is 14.1 per cent for detached homes, 36.1 per cent for townhomes, and 46.7 per cent for condominiums.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark 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 $1,092,000.This represents a 14.3 per cent increase over April 2017 and a 0.7 per cent increase compared to March 2018.

 

Sales of detached properties in April 2018 reached 807, a 33.4 per cent decrease from the 1,211 detached sales recorded in April 2017. The benchmark price for detached properties is $1,605,800. This represents a 5.1 per cent increase from April 2017 and a 0.2 per cent decrease compared to March 2018.

 

Sales of apartment properties reached 1,308 in April 2018, a 24 per cent decrease from the 1,722 sales in April 2017. The benchmark price of an apartment property is $701,000. This represents a 23.7 per cent increase from April 2017 and a 1.1 per cent increase compared to March 2018.

 

Attached property sales in April 2018 totalled 464, a 25.2 per cent decrease compared to the 620 sales in April 2017. The benchmark price of an attached unit is $854,200. This represents a 17.7 per cent increase from April 2017 and a 2.3 per cent increase compared to March 2018.

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Metro Vancouver* home sales dipped below the long-term historical average in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.


Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were 5.5 per cent above the 10-year February average.


“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”


There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a 15.2 per cent increase compared to the 3,666 homes listed in February 2017 and an 11.2 per cent increase compared to January 2018 when 3,796 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,822, a three per cent increase compared to February 2017 (7,594) and a 12.6 per cent increase compared to January 2018 (6,947).

“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”


For all property types, the sales-to-active listings ratio for February 2018 is 28.2 per cent. By property type, the ratio is 13 per cent for detached homes, 37.6 per cent for townhomes, and 59.7 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark 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 $1,071,800. This represents a 16.9 per cent increase over February 2017 and a 1.4 per cent increase compared to January 2018.


Sales of detached properties in February 2018 reached 621, a 16.6 per cent decrease from the 745 detached sales recorded in February 2017. The benchmark price for detached properties is $1,602,000. This represents an 8.2 per cent increase from February 2017 and is virtually unchanged from January 2018.


Sales of apartment properties reached 1,185 in February 2018, a 7.1 per cent decrease compared to the 1,275 sales in February 2017. The benchmark price of an apartment property is $682,800. This represents a 27.2 per cent increase from February 2017 and a 2.6 per cent increase compared to January 2018.


Attached property sales in February 2018 totalled 401, a 0.7 per cent decrease compared to the 404 sales in February 2017. The benchmark price of an attached unit is $819,200. This represents an 18.1 per cent increase from February 2017 and a 1.9 per cent increase compared to January 2018.



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After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

 

Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.

 

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

 

Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.

 

Last year’s listings total was 4.4 per cent below the 10-year listings average.

 

“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”

 

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.

 

The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.

 

“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.

December summary

Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6 per cent increase from the 1,714 sales recorded in December 2016 and a 27.9 per cent decrease compared to November 2017 when 2,795 homes sold.

 

Last month’s sales were 7.5 per cent above the 10-year sales average for the month.

 

“As we move into 2018, REALTORS® are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power,” Oudil said.

 

“Only time will tell what impact these rules will have on the market.

 

“Home buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,” Oudil said.

 

There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1 per cent increase compared to the 1,312 homes listed in December 2016 and a 54 per cent decrease compared to November 2017 when 4,109 properties were listed.

 

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 6,958, a 9.7 per cent increase compared to December 2016 (6,345) and a 20.5 per cent decrease compared to November 2017 (8,747).

 

The sales-to-active listings ratio for December 2017 is 29 per cent. By property type, the ratio is 14.4 per cent for detached homes, 38.8 per cent for townhomes, and 59.6 per cent for condominiums.

 

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

 

Sales of detached properties in December 2017 reached 617, a 14 per cent increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9 per cent increase compared to December 2016.

 

Sales of apartment homes reached 1,028 in December 2017, a 12.3 per cent increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9 per cent increase compared to December 2016.

 

Attached (or townhome) property sales in December 2017 totalled 371, a 43.8 per cent increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5 per cent increase compared to December 2016.

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.