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Increased seller activity is giving buyers more choice this spring

The number of Metro Vancouver homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”

There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This represents a 15.9 per cent increase compared to the 4,317 properties listed in March 2023. This was 9.5 per cent below the 10-year seasonal average (5,524).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 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.

“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totalled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

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When is the best time to sell your home?

Are you considering selling your home in Vancouver? As seasoned real estate agents, We understand the importance of timing when it comes to listing a property for sale. The Vancouver real estate market can be influenced by various factors, including seasonality and economic trends. In this article, we'll dive into the intricacies of the Vancouver market and explore the optimal time to sell your home.

Understanding Seasonality

Seasonality plays a significant role in the Vancouver real estate market. Traditionally, the spring and summer months have been considered the peak selling seasons. During this time, the weather is pleasant, and potential buyers are more active in their search for a new home. The increased demand can often lead to higher selling prices and faster sales.

On the other hand, the fall and winter months tend to be slower in terms of real estate activity. The colder weather and holiday season can cause a decline in buyer interest. However, this doesn't mean you should avoid selling your home during these months. In fact, selling during the off-peak season can have its advantages, such as less competition from other sellers and more serious buyers who are actively looking for a home.

Economic Factors

Economic trends can also influence the optimal time to sell your home in Vancouver. Factors such as interest rates, employment rates, and market stability can impact buyer confidence and purchasing power. It's essential to stay informed about the current economic climate and consult with a knowledgeable real estate team who can provide insights into the market conditions.

Local Market Conditions

While seasonality and economic factors are essential considerations, it's crucial to analyze the local market conditions specific to Vancouver. The real estate market can vary from neighborhood to neighborhood, and even street to street. Factors such as supply and demand, inventory levels, and recent sales data can give you a better understanding of the current market activity in your area. As seasoned Vancouver realtors with expertise in your neighborhood we can provide valuable guidance in this regard. Let us guide you to a successful outcome.

Consult with Andrew and Jill Hasman

When deciding on the best time to sell your home in Vancouver, it's always recommended to consult with a trusted real estate professional. As seasoned agents with specialized expertise in the Vancouver market we can analyze the unique factors affecting your property's value and guide you through the sales process. We can provide data-driven insights, devise effective marketing strategies, and negotiate on your behalf to maximize your selling price.

Determining the best time to sell your home in Vancouver requires careful consideration of seasonality, economic trends, and local market conditions. By understanding these factors you can make an informed decision that will help you achieve your selling goals. Whether you choose to sell during the peak season or explore opportunities in the off-peak months, remember that a well-executed selling strategy combined with our real estate expertise will make a significant difference in your selling experience.

Bottom line, while considering the intricacies of the Vancouver real estate market is important, it's crucial to remember that your personal circumstances should ultimately dictate the timing of your home sale. External factors may influence the market, but your family's needs and goals should take precedence. So, take into account the advice and insights provided, but make a decision that aligns with what is right for you and your family.


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Metro Vancouver housing market holds steady in October

VANCOUVER, BC – November 2, 2023 – An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver1, but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 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.

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023

Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse3 is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

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Jill Hasman - Talking mortgages with Nancy Kwan
 

Are you keeping your finger on the pulse of Canada's mortgage landscape? In this insightful discussion, we sit down with Nancy Kwan from the Vine Group to break down the complexities of mortgages and provide you with actionable strategies.

Managing your financial course with Canadian mortgage trends

Let's face it, mortgage rates can be a puzzle. Join Nancy Kwan as she shares her insights on where the Canadian mortgage market might be headed. While crystal balls may be in short supply, Nancy emphasizes that arming yourself with information, especially from reliable sources like the Bank of Canada, is key. 

Despite the present Prime Rate standing at 7.2%, Nancy provides a glimmer of hope. She points out that although factors like shelter costs and employment have fluctuated, remaining vigilant and prepared for potential rate changes is essential.

As we look ahead, consider this: mortgage rates are a reflection of a complex interplay of economic indicators, policies, and global events. Understanding the key factors influencing rates can empower you to make informed decisions. 

It's not just about chasing the lowest rate; it's about positioning yourself to weather any financial storms that may come your way. The Bank of Canada's insights provide a guiding light, but your financial advisor's personalized expertise can help you navigate these uncertain waters with confidence.

Do you have a Canadian mortgage strategy?

The age-old question: fixed or variable interest rates? Nancy Kwan brings it back to you, your circumstances, and your financial vision. Shorter terms offer security if you foresee changes in your living situation. 

On the flip side, longer terms can bring stability for those in it for the long haul. The message is clear: it's about protecting your interests and aligning your mortgage with your life plans.

While the allure of a low-interest rate can be strong, the right choice depends on more than just the numbers. It's about aligning your mortgage strategy with your overall financial goals. Are you planning to sell your property in the near future? A shorter term might offer you more flexibility. Looking for stability and predictability? A longer term could be the answer. 

Your mortgage is a tool, and like any tool, it's most effective when it serves a specific purpose. That purpose is unique to you, and that's where the expertise of professionals like Nancy Kwan and the Vine Group can guide you toward the optimal choice.

Navigating comprehensive mortgage options within Canada

Diving into the mortgage world is more than just crunching numbers. You have to look at the bigger picture. Sure, a lower interest rate might seem like a win, but shorter repayment periods could cramp your cash flow. A balance between affordability and managing your finances smartly, keeping you on steady ground amidst economic shifts.

When considering a mortgage, remember that the interest rate is only part of the equation. The term of your mortgage, your financial goals, and your risk tolerance all play a crucial role in determining the right mortgage choice for you. It's easy to get fixated on the interest rate, but it's equally important to consider the larger financial landscape. What does your budget look like? How does your mortgage fit into your overall financial plan? These are the questions that matter, and these are the questions that experts like Nancy Kwan excel at helping you answer.

Breathe easier with extended amortization periods that mean lower monthly payments. This approach can be your financial ally, especially as living costs rise. With a wave of mortgages resetting in the next few years, Nancy's advice shines. Get a head start on your renewal game-plan around the 6-month mark, factoring in life changes and your unique needs.

Your mortgage renewal isn't just a financial transaction; it's an opportunity to reassess and realign your financial goals. A lot can change in a few years—your income, your family size, your career trajectory. Don't let your mortgage renewal be a passive event. Instead, use it as a chance to proactively optimize your financial strategy. And remember, you don't have to navigate this journey alone. 

The do’s and don’ts when selecting your mortgage plan

Embarking on a mortgage journey is an exciting step toward homeownership, but it's important to approach it with care. The dos and don'ts that Nancy outlines aren't just suggestions; they're key principles that can make or break your mortgage application. 

Your financial health, creditworthiness, and stability are all under the lender's microscope during this process. That's why expert advice and guidance are invaluable. Having a trusted advisor on your side ensures that you're making the right moves to secure the mortgage that's right for you.

Arming yourself with knowledge is your best armor in the mortgage world. At Andrew Hasman Realty, we're here to help with any questions you have. Dive into expert insights and personalized guidance by reaching out at andrewhasman or contact . Feel free to connect with Nancy directly. 

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.