The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1 per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.” John said.

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents an 18.9 per cent increase over April 2021 and a one per cent increase compared to March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

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Are you wondering if you should buy first or sell first?

Well, in our experience it’s expensive to be able to own two houses at the same time. Especially in an already-expensive city like Vancouver and surrounding areas. 

It could be a possibility depending on if the market is going up, flat, or whether it’s a buyer’s market. 

A buyer’s market would help you determine if you would want to buy first or sell first. 

This has been a question that’s been asked us many times. So, our recommendation is that you sell first. 

Why? 

This would entail you put yourself in the best position when you go ahead to buy.

If you did not want to take this approach, but rather would want to buy first and the market changes on you then you have the possibility of owning two houses at the same time. 

This would be completely fine if you are okay with the bridge financing or using your home equity line of credit to be able to do that. 

There is also the possibility to find a furnished rental to move into in the meantime. This would give you the time to look on the other end to see which home you want to buy. 

Once you sell your home, you will know exactly how much money you have to spend when you go to buy. 

If the market is busy and you are in competing offers to put you in the strongest position, you can do your due diligence in advance for your home inspection. Know your finances are in place as well as how much you are willing to spend on the other side

If you don’t sell first and you decide to try to buy first, then there are many unknowns. This includes: how much is your home really going to sell for?

There is always a little space between what we can predict the home to sell for and what it will actually sell for. 

So what happens if you buy first and then you go into the market and the market has changed?

You may not be able to achieve the level of pricing that you may have originally expected in advance. 

These are just some of the things to be aware of when deciding to either buy or sell your home first; either to buy first and know where you’re going or sell first and have the luxury of possibility more time on the other side. 

We hope this video answered some of your questions. If you have more questions, please reach out. We’d love to address them. Stay tuned for more videos on the way!

#HomeBuyers #HomeInVancouver #VancouverHome #HomeSellersSeries #Remax 

Here's the before of 1705-590 Nicola Street, which has been listed as of a few days ago!

This beautiful 2 bedroom, 2 bathroom, view-filled home is located in the lovely Coal Harbour area.

Here's a little walk-through as we get ready for the home stagers with painting before putting the home out to market.

Here's the after video —cleaned, painted, furnished, and ready for market.

This beautiful Coal Harbour home includes 2 bedrooms, 2 bathrooms, & is filled with stunning views of the #Vancouver mountains and water.

Listed at $1,198,000.

#RealEstateVancouver #VancouverRealEstate #Remax #VancouverRealtor

The process of buying a home can be thrilling, but no doubt, also nerve-wracking! 

So, where do you start? What is the first thing you should do when you want to buy a home? 

We recommend the first step to be speaking to a lender. This could be a mortgage broker or if you have a good relationship with your bank, this would also be a great place to start. 

You want to make sure that whoever you choose to go talk to, about getting pre-approved is accessible. They should be able to make decisions quickly and efficiently. 

When going to the mortgage broker or your bank, you firstly want to make sure to find out how much you’re pre-approved for. So that when you are out in the market looking for places you know how much you can spend. You want to spend within your pre-approval range, so by finding out this information before you start your search will make this step a little easier. 

If you need a referral to a mortgage broker, please feel free to reach out to us, Jill and Andrew. We are happy to provide some names of a few very efficient brokers to help you get started on the process of becoming a homeowner. 

We understand that finding a new home can be overwhelming for some people to think about. So, let us guide you through the process of finding your perfect home. We're continuing to create these mini videos to help guide you through and make the entire process a little easier. 

If you have any questions, please send them our way —we'd love to address them in our future videos.

#Vancouver #HomeBuyers #HomeInVancouver #VancouverHome #HomeBuyerSeries #Remax

As you know, there are many things to consider before committing to the buy of your home. So, what's a good place to start?

Let us help you get the ball rolling with this big decision.

It's always the best idea to narrow down where you want to live after having your budget in place. This includes starting with what area you plan to live in. Which area do you like or where can you see yourself living in? Do you want to live on Vancouver's east side? Westside? Perhaps the Delta area?

Knowing which area you want will help you decide on other surrounding factors within the neighborhood.

Other factors to consider would include any schools in the area or nearby for your children, and how long your commute would be by car and by transit. This would include to school, work, and grocery stores, for example.

From there you can start to get specific and think about the details of your home. This would include thinking about things like: how many bedrooms and bathrooms you'd like your home to have, if you need a view outside, if more outdoor space is necessary especially if you have children or pets, or simply like your living area to be more spacious, etc.

Viewing a number of homes is the next step. Our tip: view right when the listing comes out to market when it's really fresh and when no one else has had a chance to see it. 

If this is a home that you are interested in, that is when we can start putting documents together and make an offer. 

We understand that finding a new home can be overwhelming for some people to think about. So, let us guide you through the process of getting your wishlist together so that you can check things off before finding your perfect home.

That's why we're continuing to create these mini videos to help guide you through and make the process a little easier. If you have any questions, please send them our way -—we'd love to address them in our future videos.

#Vancouver #HomeBuyers #HomeInVancouver #VancouverHome #HomeBuyerSeries #Remax