We have another video update with Remax Realtor's Andrew Hasman and Jeff Benne on the state of the Vancouver Real Estate market. What can you expect and how should you plan? Listen on for all the tips on how to sell your home and buy in this market. 

What can you expect in the Vancouver Real Estate Market?

There was a Vancouver Special on the east side of Vancouver that received eleven offers! And there were other properties with around a dozen offers, one Vancouver home that sold for $300,000 over the asking price.  

Are we back to the Vancouver Real Estate market that we're used to? 

Not yet. But there does seem to be less reluctance to really jump in the Vancouver Real Estate market and move. If there is a Vancouver home that a buyer needs and likes, they are ready to put in an offer.

People have life situations that don't stop, such as growing families and downsizing, and instead of waiting, they are looking at the mortgage rate of about 4% and keeping that in mind and adjusting their budgets accordingly. 

It's possible, maybe even likely that we'll look back at this time and this will be the bottom of the market. That makes it a great time to be out there making offers on properties and this is where the opportunities lie today. This is an amazing time to downsize or trade up on your home needs. 

What should I be considering if I want to put my Vancouver house for sale?

• Make sure you do your preparation.

• Have a pre-home inspection done. Identify all the things that you can get done to get top dollar for your home. 

• Resolve your deficency list. Deficiencies can result in a failed offer. People will sometimes walk away or try to get a $5,000 - $30,000 adjustment in price. Usually the cost to fix the issues are much less than the perceived discount a buyer will request. 

• Have your property scanned for an oil tank. A GPR scan of your lot will easily detect any buried oil tanks on your yard and will only cost $300 - $400. Your buyers won't be able to get insurance or financing if there is an oil tank on your property, so don't frustrate the purchase. 

• Tidy your yard. Increase curb appeal and make your yard look appealing. 

• Get your gutters cleaned.

• Have your furnace or heat pump serviced. 

• Think about access to your home. Think about how will people get into your home for the showings. Offer many showings and get the word out about Open Houses. The easier it is to get people into your home, the more showings you'll have and the better chance you have of getting a great offer. 

We're expecting March and April to pick up. How much? We can't say for sure. But now is the time to talk to us to get the particulars of your situation. Give us a call: 604-657-7936

VANCOUVER, BC – February 2, 2023 –  Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.” 

REAL ESTATE SUMMARY FOR JANUARY 2023

There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase compared to December 2022 (7,384).

 For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 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.

“We know the peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022 and a 0.3 per cent decrease compared to December 2022.

REAL ESTATE SUMMARY FOR JANUARY 2023 BY PROPERTY TYPE

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622 detached sales recorded in January 2022. The benchmark price for a detached home is $1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the 1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348 sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a three per cent decrease from January 2022 and a 0.8 per cent increase compared to December 2022.

GET THE FULL REPORT

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. 

THE 2023 BC ASSESSMENT RESULTS

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.

REAL ESTATE TAX DUE DATES

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!