The Latest 2023 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by Property

• Type Detached Properties Report and Graph

• Condo Report and Graph

• Townhomes Report and Graph

• Benchmark Price Graph

• Average Price Per Square Foot

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.

GET THE FULL REPORT

Metro Vancouver comprises multiple beautiful neighborhoods, a sprawling array of gorgeous homes, and breathtaking landscapes.

Whether you have a property that’s secluded in the mountains with a view of the city,  bordering the shores of the Pacific Ocean front, or nestled in one of Vancouver’s many suburbs, we’ve got some informative pro-tips on easily making your home more attractive for prospective buyers.

Easy home improvement tips for Vancouver property owners

Selling your home can be quite invigorating as you begin to embark on a new adventure elsewhere in the city. Adding these improvements to your Metro Vancouver home will help empower you with great pride of ownership. Simply put, these changes could make the difference between a buyer choosing your home over another seller's property.

Freshly installed flowers at your doorstep will add a tranquil splash of colour and aroma, along with a charming welcome mat to greet visitors. If you have a walkway access area that's riddled with weeds, mudd, or scarcity of lush green grass, consider installing paving stones or even grass seed /  ground cover to show that you’re taking care of the property.

Boost Your Home's Selling Potential with Quick DIY Upgrades

Having a maintained backyard is something buyers will look forward to. Make sure to have the lawn cut prior to anyone viewing your property, ensuring any patches have been covered with grass seed, and removing any weeds or “eyesores” from the garden beds. Keeping your hedges trimmed and maintained is another great way to improve your outdoor aesthetics.

When it comes to structural elements such as wooden decks or patio coverage, inspect the area to ensure there’s no damage or rot. You may need to replace these affected areas as it’ll ensure your pride of ownership and prove that you’ve been taking care of your home for the next family to enjoy.

Why should I improve my Metro Vancouver home if I’m putting it on the market for sale?

Having a well kept home and property is much more attractive to potential buyers. It shows that you’ve put effort into maintaining your investment and keeping your home as welcoming as possible to others.

Many buyers will want a “turn key” property where they can feel instantly  at home without any additional improvement costs.

These easy DIY tips will help maximize the outcome you have when selling your home, prior to listing your property on the market. Just remember that not everyone is handy and that these simple improvements could make or break a sale.

If you have any questions on how to improve your home before listing it on the market, please call us at 604-657-7936 or visit us at www.andrewhasman.com.

VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,7412 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments.

Analysis of the historical data suggests 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.

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023.

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023.

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023.

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.