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
Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.
February 2021 Metro Vancouver Market Video
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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
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.
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.”
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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!
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.
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.
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.
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.
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.
I am honoured to be one of the panelist in a special episode of #waawtalks Oct. 4, 2018, 6pm – 8pm. Join us for a educational discussion on when race & gender cross paths in the workplace. What can we learn from each other and how can we all be more inclusive?
Tickets are now $15 at link below!
See you there!
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.
We had a busy weekend of Preview Appointments for our Squamish master-planned community and received a very positive response to the first phase of townhome inventory, which will be available for sale mid-May with two-bedroom homes starting from $689,900, and three-bedroom homes starting from $798,900.
In order to accommodate the level of interest in this first release, we have decided to open our Vancouver-based Information Centre for drop-in Previews for one week only, from May 2nd to May 9th, in advance to our commencement of sales. In addition, we will be continuing appointment-based Previews out of our Squamish Information Centre. Details below.
Open for drop-in Previews
May 2nd to May 9th
Info Centre located on the 7th Floor,
1500 West Georgia Street, Vancouver
If you are interested in purchasing a home in this introductory phase, we strongly recommend that you come see us at our Vancouver or Squamish Info Centres at your earliest convenience. This will be the only opportunity to see floorplans, interior finishes, and virtual reality home tours in advance to sales.
BOSA’s Coming to Squamish!!
- 2 and 3 bedroom townhomes
- from approx.1,200sf to 1,785sf
- Move-ins from 2019 through 2020
- Prices starting from $689,900
Sign up for Pre-Sales VIP Access CLICK HERE!!
We had a great launch for BOLD in Vancouver and Step 2 begins on Wednesday April 11th. I have a couple of guest seats available for the half-day on April 11, 2018 (for FREE) if you are a real estate agent interested in having a attending, please msg me.
“Extraordinary results happen only when you give the best you have to become the best you can be at your most important work.” Gary Keller
Come on out to my Open House!
Where: 1060 Quebec Street, Vancouver BC
When: February 17, 2017 at 2PM-4PM
Click here for more information about the listing!