We have been selected as one of Canada's Top 50 Real Esate Teams for 2022! This is very exciting news and we are so grateful for your support, Vancouver!
This means that out of the entire country, out of over 100,000 teams and brokers, we have made the cut to be in the Top 50. We could not have done this without your support. We are so grateful to the community that we work with here in Vancouver. We have worked with some of the most amazing clients out there, and we thank you all for your trust in us to help you find your next home.
How did we make the cut? Well, once again it is all thanks to all of you and your support. We have received a great number of verified reviews on RankMyAgent. They have gone through all the reviews they received for all the Real Estate teams across the country and found us to be one of the most trusted and respected teams in Canada.
Well, working with us means working with a well trusted team, who has received endless praise and support from past clients. We work very hard to ensure we are finding our clients the perfect homes to suit their needs, and find perfect buyers for the homes our clients are looking to sell. If you work with us, you can trust that we will take care of you and make sure you are highly satisfied with your real estate experience.
Looking to buy a new home? Want to sell your home in the near future? Let us help! Give us a call today at 604-657-7936 or check out our current listings right here to get started on your real estate journey. We look forward to hearing from you!
The Latest 2022 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
If you are interested in a report like this is for other areas, please contact us to request it and I'll send it to you.
You may have recently received a 2023 BC Assessment in the mail. This assessment is a document from the provincial government with an assessment notice of what the governmen believes is the value of your property as of July 2022.
Upon looking at the assessments, we have learned that the average property increase of approximately 4% between July 2021 and July 2022. However please note that if your property value has gone up more than 4% there is a high chance that your property taxes will increase, so we recommend you be prepared for this. Alternatively, if your property value has gone down greater than 4% then your property taxes will likely decrease.
If you feel the evaluation does not align with market value, you can appeal this decision. Keep in mind that the appeal must be done by January 31st, 2023. The document will have instructions on the appeal process, should you wish to appeal.
Need help with the process? Give us a call. We'd be happy to come down to your neighbourhood and do an evaluation for you. We will take a look at your property in comparison to other properties in your neighbourhood and compare the property values.
We also received the 2023 advanced tax notice. This will be due February 2nd, 2022. What is the Advance Tax Notice? This is part of your property taxes that you will need to pay the province this year.
If you have a property that is currently sitting vacant, you will need to fill out the yellow form included in this package. This is also due February 2nd, 2022.
If you are not living in your home, or are not renting it out, please keep in mind that this tax has increased to 5%. The rule of thumb for this is to note whether your property has been sitting vacant for the last 6 months.
It is really important to make this declaration if you fall under this category. The reason for this tax is to urge property owners to either rent out their empty proprties or sell them.
If you have any questions about these taxes, please feel free to give us a call. We'd be happy to help.
Looking to sell your home? Looking to purchase a home? Contact us today and we can help you get started on your real estate journey!
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.”
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.
Vancouver Realtors Andrew Hasman and Jeff Benna recap the biggest real estate news of 2022 and their predictions for 2023.
Thinking of buying and/or selling a home? Let us help you! Give us a call at 604-657-7936. We'd be happy to help you get started on your real estate journey!
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.