MAY BRINGS A CALM TO THE METRO VANCOUVER HOUSING MARKET...

 

REBGV MAY 2022 MONTHLY MARKET UPDATE

After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates.

"With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence."

Daniel John, Chair, REBGV



To read the full report, CLICK HERE!



To find out more about the current market updates, contact me and #MovewithMarce!


METRO VANCOUVER AREA



GREATER VANCOUVER



THE FRASER VALLEY


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APRIL SHOWERS MAY BRING DOUBTERS...


As April comes to close, the Metro Vancouver Market returns to “historically typical”  numbers. Even with the onpour of rising interest rates, buyers might find optimism in what this means for their buying process. Will higher interest rates mean more time to view properties and submit offers? Or will this only add to the upward pressure in prices?


“With interest rates climbing and…inventory…inching higher each month, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.” 

- Daniel John, REBGV Chair

According to the REBGV April 2022 Market Report, analysts say that downward pressure on home prices occurs when the number of sales to the number of active listings falls below 12%, and upward pressure is experienced when the amount of properties sold  surpasses 20% of the total market supply.  Currently the average sales-to-active ratio across detached, attached and townhomes sits at 36.7%, indicating upward market pressure. 

While the benchmark price for a detached home in the Greater Vancouver Area is $2,139,200 and $844,700 for condos, the Real Estate Board hopes this interest rate hike will fuel market slows that give way to buyers and  sellers in conducting due diligence in their real estate process.

To read the full report, CLICK HERE!

To find out more about the current market updates, contact me and #MovewithMarce!








APRIL 2022 Metro Vancouver Realty Report


 


 
 
 

APRIL 2022 Greater Vancouver Realty Report

 
 
 
 

APRIL 2022 Fraser Valley Realty Report

 
 



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THE CALM BEFORE THE STORM....


“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago, ...Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.” - Daniel John, REBGV Chair


REBGV March 2022 Market welcomes activity much calmer than last spring’s record breaking pace, and the demand from Metro Vancouver home buyers remains high. 


The Real Estate Board of Greater Vancouver or REBGV March 2022 Market Update reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9% decrease from the 5,708 sales recorded in March 2021, and a 26.9% increase from the 3,424 homes sold in the February Market. 



 



MARCH 2022 Metro Vancouver Realty Report

 

 


MARCH 2022 Greater Vancouver Realty Report

 



MARCH 2022 Fraser Valley Realty Report

 

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"With current strong sales and low inventory, it will take quite some time for BC to get back to a healthy balance market." - BC Real Estate Association (BCREA)


Listings inch up, demand remains steady and price gains continue in the Metro Vancouver Housing Market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February of last year. But a 49.8%  increase from the 2,285 homes sold in January 2022, says that the Market is just warming up. 



FEBRUARY 2022 Metro Vancouver Realty Report


FEBRUARY 2022 Greater Vancouver Realty Report



FEBRUARY 2022 Fraser Valley Realty Report



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As the New Year kicks off so does the market demand. The market speed has lowered since 2021 BUT it is still a Seller's Market. To learn more about taking advantage of the listing AND buying side, keep scrolling!


January 2022 Metro Vancouver Market Video


January 2022 Greater Vancouver Market Video


January 2022 Fraser Valley Market Video

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2021 was another year of tremendous change and record breaking growth. With a market speed of 45%, the Metro Vancouver Area has largely transitioned to a Seller's Market. Learn the market speed in your neighbourhood by requesting a full market snapshot below. 



December 2021 Metro Vancouver Market Video


December 2021 Greater Vancouver Market Video


December 2021 Fraser Valley Market Video

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Home sellers have become increasingly active in Metro Vancouver’s housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic



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June 2020 Metro Vancouver Market Video

June 2020 Greater Vancouver Market Video

June 2020 Fraser Valley Market Video

Steady increases in home sale and listing activity continue.

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.


Last month’s sales were 21.9 per cent below the 10-year June sales average.


“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”


There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).


Cick Here to download June 2020 Full Real Estate Package

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Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.


The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.

 
"Home prices have been stable during the COVID-19 period. While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge."
                                                                      - Colette Gerber, REBGV Chair


Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.

Last month’s sales were 54.4 per cent below the 10-year May sales average.


“Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020,” Gerber said. “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”


To read the full articles, please click HERE


Click here to download the May 2020 stats package

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Coming to market this month!! 1 bedroom + flex, 646 sqft condo in the heart of Olympic Village with TWO balconies with views of Science World & the city. You will be amazed with the superior renovations and upgrades that you have to see with your own eyes! This home combines comfort and extravagant living with Five Star ammenities to keep you fit and pampered. For Investors or First Time Buyers, it is a pet and rental friendly building.

This home could be yours!  Contact Marce Miller at 778 987 2380 for more information about this must see condo.

Stay tuned for more details!


#MoveWithMarce

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Housing supply up, home sales and prices down in June

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.


“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

On the supply side, there were 4,751 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”


For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for apartments.


Generally, analysts say that 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 $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.  This is the first time the composite benchmark has been below $1 million since May 2017.


Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.


Sales of apartment homes reached 941 in June 2019, a 24.1 per cent decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9 per cent decrease from June 2018 and a 1.4 per cent decrease compared to May 2019.


Attached home sales in June 2019 totalled 390, a 6.9 per cent decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.

*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 industry is a key economic driver in British Columbia. In 2018, 24,619 homes changed ownership in the Board’s area, generating $1.7 billion in economic spin-off activity and an estimated 11,720 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $26 billion in 2018.

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As the new year approaches, plenty of homeowners look for ways to refresh their spaces to keep them feeling interesting and updated.


If you’re preparing to put a place on the market, keeping up with trends is key because unless your prospective buyers are flippers, stagers, or redecorating fiends, nothing can make would-be buyers turn tail faster than some outdated decor.


Check out these once-popular home decor trends that are being shown the door, and find out what’s replacing them in the months ahead.

1. Rose gold loses its luster


Sorry, rose gold. You were lovely, but it’s over. This mauve metallic is out, and straight-up gold and brushed gold are back.

2.Goodbye, granite counters

Granite had a great run in the 1990s and 2000s, but this kitchen staple is being replaced by quartz, which is considered virtually indestructible. So, go ahead, set those hot plates down and don’t worry about a thing. Since granite is porous, it has the potential to trap bacteria if not cared for correctly. Removing that concern is a welcome relief in arguably the busiest room in the house.

3. Sunsetting nautical motifs


You’d think something as classic as navy and white could never go out of style, but when it comes to nautical-themed decor, that ship is sinking. Fast. Even when designing a beach house, experts are putting those sailboats, shells, and starfish out to sea and letting a mix of bold blues blend for a less-is-more aesthetic.

4. Bye-bye, Edison bulbs

Edison bulbs were a bright light on the decor scene from 2015 on, but their popularity is definitely dimming. Is it any wonder? It’s only so long you can stand to look at an exposed bulb. (Sorry, Edison.) Also, the trend was most often incorporated in industrial motifs, which are also on the way out, by the way.

5. See ya later, statement range hoods

Though some boast beautiful detail, many statement range hoods were swallowing up the room. Skinny hoods are on trend and slimming down the look of stovetops.


6. So long, all-white kitchens


All-white kitchens were all the rage. If there’s a room in the home that should appear as clean as can be, it’s definitely the kitchen. But as people spend more and more time in this space, often dubbed “the heart of the home,” they’re longing for a look that’s warmer and more reflective of their personalities. Prepare to see bright, bold kitchens, complete with colorful appliances, to be in vogue for the next few years


7. Questioning the wisdom of word art


Designers suggest homeowners look beyond their walls for inspiration and motivation. If you want your walls to make a statement, decorators suggest the use of wallpaper or hand-painted murals.


8. Barn doors, you’re back out in the cold

There’s no debating it, barn doors had a moment. Adding them to bathrooms or closets brought the rustic charm of the country indoors, no matter your locale. But, as farmhouse-chic style wanes, barn doors are being put out to pasture.

9. Chevron prints are no longer on point


Chevron prints were all the rage for a while there, appearing on everything from clothing to wallpaper. But this pattern has been overdone. Replacing it are geometric shapes and tropical prints.

10. Shiplap gets docked

Wood on the walls peaked for a few years. It’s time to pack up that paneling and move on. As farmhouse decor loses its appeal, it’s no surprise this trend is starting to feel outdated.

If you’re hoping to make a home feel as current as possible, considering removing these decorating duds and replacing them with on-trend alternatives.

Source: https://www.bestrealestateblog.com/10-home-decorating-trends-to-retire-in-2019?m=kUqYNQFPqzacRUNpVhot

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I am volunteering as a Mentor Nov. 19, 2018 at Strathcona Elementary School.

Pathways to Education (P2E) aims to enhance educational success and support youth living in the Downtown Eastside and Strathcona communities to graduate from high school and move on to college, university, and employment opportunities. Youth explore, discover, and build upon their interests through fun group activities and mentoring relationships. Youth take part in a variety of empowering activities to enhance their leadership and skills development.


CLICK HERE FOR MORE INFORMATION

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This month the Strata Energy Advisor Program will launch in our region to support strata communities to improve their buildings with free energy assessments and advice. By participating, an energy advisor can help your strata identify energy saving opportunities, access available incentives, and support completion of projects, all while reducing costs and increasing home comfort.


Initiatives such as this support retrofits that help bring a building’s energy and carbon performance up to new construction standards.

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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.