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New Developments News

As of June 2024, the real estate market in Vancouver has seen a mix of development projects and economic factors influencing market conditions.Several key development projects are underway:

  1. Nicola Wealth is proposing twin rental towers on Main Street in Mount Pleasant, transforming the site previously occupied by the City Centre Motor Hotel.

  2. Westbank and Crombie REIT have increased the height, density, and unit count of their Broadway-Commercial Safeway project.

  3. Reliance Properties is proposing a 21-storey rental tower for a parking lot on W 10th Avenue, near the W Broadway and Granville Street intersection​ (STOREYS)​​ (rennie)​.

The market is facing challenges with some projects falling into financial difficulties:

  1. Align Properties' fourth project, consisting of two six-storey rental buildings on Baillie Street, has fallen into foreclosure.

  2. The Modus project by Centred Developments, which is 43% complete, is now under receivership due to cost overruns and insolvency​ (STOREYS)​.

On the economic side, buying activity remains subdued, with many anticipating interest rate cuts to stimulate the market. The latest data from Rennie Intelligence indicates a cautious outlook, with hopes that policy changes might soon positively impact the market​ (rennie)​.

Overall, while there are significant developments in the pipeline, economic challenges and financial issues with some projects are notable aspects of the current real estate landscape in Vancouver.

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How to Stage your home when Listing…

Staging a home effectively is a critical step in ensuring a successful sale. It involves preparing and showcasing your property in a way that appeals to the broadest range of potential buyers. Here are comprehensive steps and tips for staging your home to attract buyers and achieve the best possible sale price.

Declutter and Depersonalize

The first step in staging is decluttering your home. Buyers need to envision themselves living in the space, and personal items can be a distraction. Remove family photos, personal collections, and any items that are specific to your taste. This process also includes clearing out excess furniture to make rooms look more spacious and organized​​.

Deep Clean

A clean home signals to buyers that the property has been well-maintained. Conduct a thorough cleaning of the entire house, including carpets, windows, and hard-to-reach areas. Consider hiring professional cleaners if necessary to ensure every corner is spotless. A fresh-smelling home is also crucial, so address any odors from pets, cooking, or smoking​.

Neutralize the Color Palette

Neutral colors are universally appealing and help buyers imagine their belongings in the space. Consider repainting rooms with bold or unusual colors in neutral shades like beige, gray, or soft whites. This can create a blank canvas that highlights the home's features without overpowering the senses​​.

Enhance Curb Appeal

First impressions matter, so pay attention to your home's exterior. Ensure the lawn is well-maintained, hedges are trimmed, and any outdoor furniture is in good condition. A fresh coat of paint on the front door, clean windows, and a tidy entrance can make a significant impact. Adding potted plants or flowers can also create a welcoming feel​.

Optimize Lighting

Good lighting makes a home feel warm and inviting. Open curtains and blinds to let in natural light, and ensure all light fixtures are clean and functional. Consider adding lamps or increasing bulb wattage in darker areas to brighten the space. Ambient, task, and accent lighting can be used strategically to highlight the best features of each room​​.

Furniture Arrangement

Proper furniture arrangement can make rooms look more spacious and functional. Avoid pushing all furniture against the walls. Instead, create cozy conversational areas and ensure there is a clear traffic flow. In smaller rooms, use appropriately sized furniture to avoid a cramped feel. Renting furniture or using a professional staging service can help optimize the space if your current furniture is outdated or mismatched​.

Highlight Key Features

Every home has unique features that should be emphasized. If you have a beautiful fireplace, large windows with a great view, or custom built-ins, make sure these features are prominently displayed. Arrange furniture and decor to draw attention to these selling points.

Add Final Touches

Small details can make a big difference. Fresh flowers, a bowl of fruit, or strategically placed throw pillows can add color and warmth. Ensure bathrooms have clean towels and soap, and that kitchens are spotless with minimal items on the counters. These touches create an inviting atmosphere that can make potential buyers feel at home​​.

Professional Photography

High-quality photos are essential for online listings. Once your home is staged, hire a professional photographer to capture its best angles and lighting. Good photos can significantly increase interest and traffic to your listing, leading to more showings and potential offers​​.

Conclusion

Staging a home for sale is about creating an environment that allows buyers to imagine themselves living there. By decluttering, deep cleaning, neutralizing colors, enhancing curb appeal, optimizing lighting, arranging furniture effectively, highlighting key features, adding final touches, and using professional photography, you can make your home more appealing and increase its market value. Proper staging can make a substantial difference in the speed and success of your home sale.

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Will April bring more sales & listings to the market?


Will April Listings Bring May Sales?

Dexter’s April 2024 Report Highlights:

  • 64% Increase in New Listings: April saw a massive surge in new listings, up 64% from last year.

  • Buyer Re-engagement: Buyers are slowly returning to the market.

  • Townhome Sales Surge: Townhomes experienced a notable increase in sales.

  • Vancouver’s Sales Divide: East and West Vancouver show different sales activity trends.

Market Overview:

April 2024 brought an influx of new listings in Greater Vancouver, reminiscent of the fast-paced market of 2021. Listings were up 41% from March, giving buyers more choices despite ongoing interest rate hesitations from the Bank of Canada. Fixed mortgage rates, nearly 2% lower than variable rates, have made the market more appealing.

Government Policy Impact:

The federal budget released on April 16 introduced changes to capital gains tax and other housing-related policies, causing market ripples. The tax change, which increases the taxable portion of capital gains above $250,000, prompted some property owners to sell before the June 25 deadline. This could reduce the number of resale homes available, exacerbating the housing supply issue.

Sales Data:

Greater Vancouver saw 2,831 properties sold in April, a 17% increase from March and a 3% increase from April last year. This marks the fourth consecutive month of sales growth, driven by greater selection and stable fixed mortgage rates. Sales picked up mid-month, suggesting a potential repeat of May 2023's high sales figures.

Inventory and Market Conditions:

Despite the surge in new listings, the market remains tight with only four months of supply, indicating a seller’s market. Vancouver's East Side, for example, stayed at four months' supply despite a 44% increase in listings from March and a 78% increase from April last year. In contrast, Vancouver’s West Side has six months of supply, showing a balanced market.

Regional Insights:

  • North Vancouver: Active listings rose 82% from March, yet the area maintains a seller's market with three months of supply.

  • Port Moody: Experienced a 62% increase in sales month-over-month, reducing supply from four months to three.

  • Burnaby and New Westminster: Both areas show four months of supply, with slight sales increases and active listings rising.

Final Thoughts:

April’s surge in new listings may translate into higher sales in May, offering buyers more choices and possibly maintaining flat prices over the next few months. Despite government policies, market dynamics of supply and demand will continue to drive property values. Buyers have a unique opportunity to make decisions in a market that’s starting to show more options.

Summary of Numbers:

  • Greater Vancouver: 2,831 units sold in April, up 17% from March and 3% from April 2023. Active listings at 12,491, up 42% from last year.

  • Vancouver West Side: 471 units sold in April, active listings at 2,778.

  • Vancouver East Side: 349 units sold, active listings at 1,369.

  • North Vancouver: 248 units sold, active listings at 711.

April’s increase in new listings has set the stage for a potentially active May in the real estate market, with opportunities for both buyers and sellers to navigate the changing landscape.

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March Real Estate Market update
Highlights of Dexter’s March 2024 report

•  5% fewer homes sold in Greater Vancouver compared to March 2023
•  15% more homes were listed for sale compared to March 2023
•  Spring Break turned into a real estate break
•  Burnaby North sees a surge in new condo listings

Spring break took some of the life out of the real estate market this year, especially with Easter on the end. At the mid-point of the month, there were 3,000 new listings which was on target to bring on 6,000 for the first time since the spring of 2022. With only 5,112 at the end of March, it appears a break was indeed what many took. That 6,000 number could come in April though as this pent-up real estate market continues to simmer with many waiting to act. Buyers were also more absent in the last half as the month finished with 2,415 sales – down from the 2,535 sales in March 2023. At the mid-point of March, there were 1,300 sales, the last half decline was evident in the final numbers. Expect buyers and sellers to get back to the market with more urgency with April upon us.

The wait continues for the next Bank of Canada announcement on April 10th which will yield no changes to their rate which affects variable rate mortgages. It will be the tone of the announcement that will play into how the market reacts. With June or July being the first potential rate cut according to many economists, the tone from the Bank of Canada will continue to be the most important part of the announcements. Economic data on inflation and the health of the economy play into the Bank of Canada’s decision on changes to their rate. Signs had been pointing to a rate cut sooner rather than later but with the Canadian GDP showing stronger numbers in February, that may not rush a decision to lower rates. With revised inflation and economic forecasts coming at the April meeting, we’ll get a better sense of when rates will start to come down.

On April 16 the federal government will release their annual budget. What housing initiatives will come with that budget this year? The Liberal Government has already come out talking about launching a renter’s bill of rights. With housing continually on the minds of government right now and without any recent government policies showing any ability to tame the market, it will be interesting to see if anything else comes from this budget. The provincial government announced its much talked about anti-flipping tax during their budget this year as governments continue their assault on demand. And this week, the NDP government in B.C. strengthened restrictions on landlord use of property evictions. With more than one million people coming to Canada in each of the last two years, supply is where the focus needs to be. With recent reports stating that 741,000 new homes are needed each year through 2030, and with just 223,000 housings starts in 2023, recent government policy only serves to decrease supply and limit investor involvement. And without that capital, less homes will be built for renters and owners.

There were 2,415 properties sold in Greater Vancouver in March after seeing 2,070 properties sold in February, and 1,427 properties sold in January this year. This was a 5% decrease from the 2,535 properties sold last year in March. After the first quarter of 2024, sales are up 9.7% compared to the first 3 months of 2023. With Easter at the end of spring break this year, the effects from the school break were felt to a greater degree. Both sales and new listings fell back after mid-month with buyers and sellers focussed on other things. Since the middle of February, the number of sales per day have been consistent rising from 116 in the latter half of February to 120 per day in March. Albeit not quite the increase you’d expect in a spring market.

With March sales down from last year, this translated into sales being 30% below the 10-year-average after they were 23% below the 10-year-average in February, and 22% below the 10-year average in January. With demand still showing signs of waiting for rate changes in buyers’ favour, activity levels are on the lower side still. While multiple offers are occurring in the marketplace, it’s very much dependent on how many are listed around it, where the property is and how it is priced. Detached homes and townhomes are the most popular and shortest in supply, so it’s not surprising to see multiple offers occurring more so with those segments. April could see more buyers focus on the market with spring break and Easter out of the way, and a closer path to interest rates coming down – if the economy cooperates.

With the increased sales in March compared to the previous month, we saw a drop to 4 months supply of homes overall in Greater Vancouver, falling from 5 months in February and 6 months in January. Technically this makes it a seller’s market – although we’ve seen this act before. Low inventories create an illusion of a true seller’s markets, but not for all properties. This could change if we see significantly more listings come on the market in April with there being nearly 2,000 more active listings now compared to a year ago. Vancouver’s West Side stayed at 6 months supply and Vancouver’s East Side stayed at 4 months (a technical seller’s market) even with a surge in listings over the last year. The growth in new listings year-over-year was slower in Vancouver with sales near the same levels as March 2023 (although detached sales on Vancouver’s West Side were down 31% year-over-year and down 3% month-over-month). North Vancouver continues at 3 months supply with its perpetually low inventory, and Burnaby remains at 3 months, except in Burnaby North where 5 months supply is available because of over 100 new listings for brand new and recently completed condos at Lougheed Mall and around Brentwood. Port Moody finished with nearly half the sales of March 2023 and bumped up to 4 months supply while Port Coquitlam had more sales and fewer new listings leaving that municipality with 2 months supply.

Even though it felt like more homes were coming on the market, there were only 5,112 new listings in Greater Vancouver. This was above last year’s total of 4,427 new listings, producing another consecutive month of year-over-year increase in new listings. After the first quarter in 2024, total new listings are 20% more than the first quarter of 2023. That is helping to add to the active listing count.

The number of new listings in March were 9% below the 10-year average after February was right at the 10-year average, taking us back to the previous few months which saw the level of new listings below the average. Whether spring break or playing the waiting game, some sellers just as much as buyers are holding off.

There were 10,552 active listings in Greater Vancouver at month end, compared to the 9,634 actives at the end of February and 8,633 active listings at the end of January. The count of active listings is up year-over-year though, with there being nearly 2,000 more at the end of March compared to 8,617 at the end of March 2023. The detached market overall has come down to 5.5 months supply from 6 in February and 8 in January, keeping it in a balanced market. Townhomes have dropped down to 3 months supply from 4 with and condos stayed at 4 months supply – keeping both in seller’s market conditions. Even with the elevated supply for detached properties, year-over-year House Price Index was up 7.4%, compared with 5.0% for townhouses and 5.7% for condos. Land continues to be the best investment.

Depending on price point and area though, some may be more in balanced market conditions. Absorption rates for detached were up to 44% from 39% for the month while townhouses and condos were 53% and 48% from the previous month at 48% and 47% respectively. All segments saw lower absorption rates compared to last year in March, because of the increase in new listings this month and hence the subsequent rise in total active listings.

April is shaping up to be a bell weather month. With listing inventory ready to take off – 1,235 new listings within the first two days of April already, and buyers circling while waiting for the right time to jump in the market, it could produce a healthier pace of sales that sees buyers and sellers win. With limited inventory over the last 10 years, prices haven’t faced the downward pressure that would be expected with the slower pace of the market. The real estate market in Metro Vancouver has a long way to go to get to balance, but every listing helps. And with each new listings, comes another opportunity for the many buyers that are waiting.
Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March were 2,415 – up from 2,070 (17%) in February, up from 1,427 (69%) in January, down from 2,535 (5%) in March 2023, down from 4,505 (46%) in March 2022, down from 5,843 (59%) in March 2021, down from 2,562 (6%) in March 2020, up from 1,745 (38%) in March 2019; Active Listings were at 10,552 at month end compared to 8,617 at that time last year and 9,634 at the end of February; New Listings in March were up 10% compared to February 2024, up 15% compared to March 2023, down 25% compared to March 2022, down 40% compared to March 2021, up 13% compared to March 2020, and up 1% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 47% compared to 45% in February 2024, 57% in March 2023, and 65% in March 2022. Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.6%.

Vancouver Westside: Total Units Sold in March were 424 – up from 374 (13%) in February, up from 245 (73%) in January, down from 449 (6%) in March 2023, down from 800 (47%) in March 2022, down from 883 (52%) in March 2021, down from 467 (9%) in March 2020, up from 333 (27%) in March 2019; Active Listings were at 2,342 at month end compared to 1,977 at that time last year and 2,148 at the end of February; New Listings in March were up 4% compared to February 2024, up 5% compared to March 2023, down 28% compared to March 2022, down 34% compared to March 2021, up 15% compared to March 2020, and down 2% compared to March 2019. Month’s supply of total residential listings is steady at 4 month’s supply (balanced market conditions) and sales to listings ratio of 44% compared to 40% in February 2024, 49% in March 2023, and 59% in March 2022.

Sales for townhouses are up 34% year-over-year, while condo sales are down 3%. Month-over-month, the house price index is down 0.1% and in the last 6 months down 0.9%.

Vancouver East Side: Total Units Sold in March were 285 – up from 249 (14%) in February, up from 164 (74%) in January, down from 287 (1%) in March 2023, down from 497 (43%) in March 2022, down from 661 (57%) in March 2021, down from 297 (4%) in March 2020, up from 174 (64%) in March 2019; Active Listings were at 1,198 at month end compared to 899 (up 33%) at that time last year and 1,109 at the end of February; New Listings in March were up 9% compared to February 2024, up 30% compared to March 2023, down 23% compared to March 2022, down 41% compared to March 2021, up 29% compared to March 2020, and up 17% compared to March 2019. Month’s supply of total residential listings is steady 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 46% in February 2024, 62% in March 2023, and 68% in March 2022. Month-over-month, the house price index is up 1.2% and in the last 6 months down 1.5%.

North Vancouver: Total Units Sold in March were 187 – up from 163 (15%) in February, up from 117 (60%) in January, down from 215 (13%) in March 2023, down from 345 (46%) in March 2022, down from 470 (60%) in March 2021, down from 204 (8%) in March 2020, up from 165 (13%) in March 2019; Active Listings were at 523 at month end compared to 479 at that time last year and 489 at the end of February; New Listings in March were down 3% compared to February 2024, down 10% compared to March 2023, down 32% compared to March 2022, down 53% compared to March 2021, down 7% compared to March 2020, and down 15% compared to March 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 56% compared to 48% in February 2024, 58% in March 2023, and 71% in March 2022.

Detached new listings were down 26% year-over-year, with townhomes and condos at 2 months supply. Month-over-month, the house price index is up 1.7% and in the last 6 months up 0.4%.

West Vancouver: Total Units Sold in March were 53 – down from 56 (5%) in February, up from 23 (130%) in January, down from 64 (17%) in March 2023, down from 87 (39%) in March 2022, down from 148 (64%) in March 2021, down from 56 (5%) in March 2020, up from 34 (56%) in March 2019; Active Listings were at 560 at month end compared to 463 at that time last year and 526 at the end of February; New Listings in March were up 10% compared to February 2024, up 15% compared to March 2023, up 2% compared to March 2022, down 36% compared to March 2021, up 12% compared to March 2020, and up 12% compared to March 2019. Month’s supply of total residential listings is up to 11 month’s supply (buyer’s market conditions) and sales to listings ratio of 28% compared to 33% in February 2024, 39% in March 2023, and 47% in March 2022.

Month-over-month, the house price index is up 2.3% and in the last 6 months down 3.9%.

Richmond: Total Units Sold in March were 279 – up from 231 (21%) in February, up from 161 (73%) in January, down from 352 (21%) in March 2023, down from 557 (50%) in March 2022, down from 768 (64%) in March 2021, down from 337 (17%) in March 2020, up from 178 (44%) in March 2019; Active Listings were at 1,166 at month end compared to 1,049 at that time last year and 1,088 at the end of February; New Listings in March were up 19% compared to February 2024, up 16% compared to March 2023, down 38% compared to March 2022, down 49% compared to March 2021, up 6% compared to March 2020, and down 18% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 50% compared to 50% in February 2024, 74% in March 2023, and 63% in March 2022.

Townhomes are down to 3 month’s supply with new listings for that segment down 14% year-over-year. Slow growth in active listings in this municipality. Month-over-month, the house price index is up 1.6% and in the last 6 months down 0.6%.

Burnaby East: Total Units Sold in March were 32 – up from 25 (28%) in February, up from 17 (88%) in January, up from 20 (60%) in March 2023, down from 56 (43%) in March 2022, down from 70 (54%) in March 2021, up from 27 (19%) in March 2020, up from 17 (88%) in March 2019; Active Listings were at 101 at month end compared to 85 at that time last year and 94 at the end of February; New Listings in March were down 12% compared to February 2024, up 13% compared to March 2023, down 21% compared to March 2022, down 48% compared to March 2021, up 10% compared to March 2020, and up 4% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 60% compared to 42% in February 2024, 43% in March 2023, and 84% in March 2022.

Condo sales double year-over-year with active listings totals down from February leaving 2 months supply. Month-over-month, the house price index is up 3.6% and in the last 6 months up 2.2%.

Burnaby North: Total Units Sold in March were 109 – down from 121 (10%) in February, up from 88 (23%) in January, down from 169 (36%) in March 2023, down from 257 (58%) in March 2022, down from 335 (67%) in March 2021, down from 130 (16%) in March 2020, up from 77 (42%) in March 2019; Active Listings were at 535 at month end compared to 388 at that time last year and 447 at the end of February; New Listings in March were up 22% compared to February 2024, up 28% compared to March 2023, down 14% compared to March 2022, down 32% compared to March 2021, up 37% compared to March 2020, and up 36% compared to March 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 49% in February 2024, 73% in March 2023, and 65% in March 2022.

Sales are down year-over-year and month-over-month, with condo active listings up 58% year-over-year. City of development! Month-over-month, the house price index is up 1.3% and in the last 6 months up 0.1%.

Burnaby South: Total Units Sold in March were 142 – up from 109 (30%) in February, up from 102 (39%) in January, up from 130 (9%) in March 2023, down from 213 (33%) in March 2022, down from 325 (56%) in March 2021, down from 143 (1%) in March 2020, up from 97 (46%) in March 2019; Active Listings were at 446 at month end compared to 408 at that time last year and 425 at the end of February; New Listings in March were up 17% compared to February 2024, up 3% compared to March 2023, down 32% compared to March 2022, down 47% compared to March 2021, up 11% compared to March 2020, and down 16% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 58% compared to 52% in February 2024, 55% in March 2023, and 59% in March 2022.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.4%.

New Westminster: Total Units Sold in March were 108 – up from 79 (37%) in February, up from 54 (100%) in January, down from 204 (47%) in March 2023, down from 204 (47%) in March 2022, down from 245 (57%) in March 2021, down from 118 (8%) in March 2020, up from 81 (33%) in March 2019; Active Listings were at 350 at month end compared to 229 at that time last year and 300 at the end of February; New Listings in March were up 11% compared to February 2024, up 50% compared to March 2023, down 18% compared to March 2022, down 37% compared to March 2021, up 7% compared to March 2020, and up 4% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 41% in February 2024, 68% in March 2023, and 79% in March 2022.

Active listings up 52% year-over-year, with sales up over last month and March 2023. Month-over-month, the house price index is up 3.4% and in the last 6 months up 0.9%.

Coquitlam: Total Units Sold in March were 235 – up from 189 (24%) in February, up from 112 (110%) in January, up from 196 (20%) in March 2023, down from 400 (41%) in March 2022, down from 462 (49%) in March 2021, down from 202 (16%) in March 2020, up from 142 (65%) in March 2019; Active Listings were at 683 at month end compared to 473 at that time last year and 599 at the end of February; New Listings in March were up 15% compared to February 2024, up 39% compared to March 2023, down 30% compared to March 2022, down 32% compared to March 2021, up 9% compared to March 2020, and up 3% compared to March 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 55% compared to 51% in February 2024, 64% in March 2023, and 66% in March 2022.

Sales up year-over-year and month-over-month, with condo new listings up 47% to last year and townhomes new listings up 88%. Over half the condo actives are new or near new. Opportunities in this market. Month-over-month, the house price index is up 0.5% and in the last 6 months down 0.1%.

Port Moody: Total Units Sold in March were 45 – down from 46 (2%) in February, up from 31 (45%) in January, down from 80 (44%) in March 2023, down from 107 (58%) in March 2022, down from 134 (66%) in March 2021, down from 54 (17%) in March 2020, up from 38 (18%) in March 2019; Active Listings were at 160 at month end compared to 178 at that time last year and 131 at the end of February; New Listings in March were up 30% compared to February 2024, down 8% compared to March 2023, down 28% compared to March 2022, down 42% compared to March 2021, up 1% compared to March 2020, and up 11% compared to March 2019. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 57% in February 2024, 70% in March 2023, and 71% in March 2022.

Condo sales down the most in this market compared to 2023. Month-over-month, the house price index is up 0.5% and in the last 6 months down 1.5%.

Port Coquitlam: Total Units Sold in March were 89 – up from 64 (39%) in February, up from 43 (107%) in January, up from 69 (29%) in March 2023, down from 141 (37%) in March 2022, down from 205 (57%) in March 2021, down from 96 (7%) in March 2020, up from 59 (51%) in March 2019; Active Listings were at 213 at month end compared to 160 at that time last year and 198 at the end of February; New Listings in March were down 6% compared to February 2024, up 10% compared to March 2023, down 33% compared to March 2022, down 56% compared to March 2021, down 1% compared to March 2020, and down 17% compared to March 2019. Month’s supply of total residential listings is down to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 64% compared to 43% in February 2024, 54% in March 2023, and 67% in March 2022.

Townhome and condo sales are up significantly from March 2023 with few condo actives listings available year-over-year. Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.6%.

Pitt Meadows: Total Units Sold in March were 29 – up from 23 (26%) in February, up from 20 (45%) in January, up from 28 (4%) in March 2023, down from 55 (47%) in March 2022, down from 53 (45%) in March 2021, down from 35 (17%) in March 2020, up from 24 (21%) in March 2019; Active Listings were at 66 at month end compared to 69 at that time last year and 64 at the end of February; New Listings in March were down 7% compared to February 2024, down 2% compared to March 2023, down 48% compared to March 2022, down 46% compared to March 2021, down 36% compared to March 2020, and down 24% compared to March 2019. Month’s supply of total residential listings is down to 2 month’s supply (seller’s market conditions) and sales to listings ratio of 69% compared to 51% in February 2024, 65% in March 2023, and 67% in March 2022.

Month-over-month, the house price index is up 3.1% and in the last 6 months up 2.8%.

Maple Ridge: Total Units Sold in March were 187 – up from 145 (29%) in February, up from 106 (76%) in January, up from 149 (26%) in March 2023, down from 264 (29%) in March 2022, down from 437 (64%) in March 2021, up from 170 (10%) in March 2020, up from 116 (61%) in March 2019; Active Listings were at 714 at month end compared to 495 at that time last year and 678 at the end of February; New Listings in March were down 7% compared to February 2024, up 42% compared to March 2023, down 15% compared to March 2022, down 32% compared to March 2021, up 25% compared to March 2020, and up 46% compared to March 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 50% compared to 36% in February 2024, 54% in March 2023, and 60% in March 2022.

Month-over-month, the house price index is up 1.6% and in the last 6 months down 1.6%.

Ladner: Total Units Sold in March were 30 – up from 23 (30%) in February, up from 21 (43%) in January, down from 38 (21%) in March 2023, down from 46 (35%) in March 2022, down from 104 (71%) in March 2021, down from 32 (6%) in March 2020, up from 25 (20%) in March 2019; Active Listings were at 90 at month end compared to 100 at that time last year and 82 at the end of February; New Listings in March were up 43% compared to February 2024, down 23% compared to March 2023, down 27% compared to March 2022, down 60% compared to March 2021, up 21% compared to March 2020, and down 31% compared to March 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 57% compared to 62% in February 2024, 55% in March 2023, and 63% in March 2022.

Month-over-month, the house price index is up 3.4% and in the last 6 months down 1.7%.

Tsawwassen: Total Units Sold in March were 34 – down from 38 (11%) in February, up from 24 (42%) in January, down from 35 (3%) in March 2023, down from 78 (56%) in March 2022, down from 106 (68%) in March 2021, down from 39 (13%) in March 2020, up from 15 (127%) in March 2019; Active Listings were at 172 at month end compared to 169 at that time last year and 156 at the end of February; New Listings in March were down 5% compared to February 2024, down 13% compared to March 2023, down 25% compared to March 2022, down 49% compared to March 2021, down 5% compared to March 2020, and down 16% compared to March 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 48% compared to 51% in February 2024, 43% in March 2023, and 82% in March 2022.

Month-over-month, the house price index is up 3.3% and in the last 6 months down 0.7%.

Fraser Valley: Sales in March were up 13.0%, compared to February and were down 10.0% from March 2023. New listings were up 6.8% from February and up 16.7% from March 2023.The average price was up 4.5% month-over-month and is up 9.2% year-over-year. Active listings were up 11.4% to 6,197 from 5,561 last month and up 36.7% from March 2023 which was at 4,533. Active listings continue to be on the rise after being at a low of 1,735 in December 2021. Month-over-month, the house price index is up 1.3% and in the last 6 months down 2.0%.
“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

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Should You Worry About Market Fluctuations?

You turn on the television and watch a news story about housing prices going down. Then you read an article about the housing market on the upswing again.

It’s a little like being on a roller-coaster ride!

Unfortunately, the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.

In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream home affordably.

When you hear news of market fluctuations, there are two important things to consider.

First, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same. In fact, it’s entirely possible for housing prices to be rising in your neighbourhood, while they are falling nationally, and vice versa.

Second, if you’re selling your current property while buying another home, then the net effect of market fluctuations may cancel out. Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing. The same holds true when the market is down.

All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. Call today for more information.

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Finding the Perfect “Kid-Friendly” Neighborhood

Fast forward a few years and imagine that your kids have grown up. They’ve come back to the “old neighborhood” to reminisce. What will they remember? The playground where they hung out with their friends? The quiet cul-de-sac where they learned to ride their bikes? The park where they picnicked and flew kites?
Lasting memories are built in neighborhoods where amenities match lifestyles. When shopping for a new home, evaluate a prospective new neighborhood against the following 3 E’s:

Education: What resources are available in the neighborhood to help with your child’s education? Are there schools and other services, such as libraries or art studios? How do they rate?

Environment: Is it safe? Do your kids need to cross busy streets to go to parks or to school? Are there other families with kids the same age?

Entertainment: Swimmers need pools and soccer players need a field. Are the right facilities, programs, and leagues available for your kids? Where will you play as a family?

Keep the 3 E’s in mind when choosing your next neighborhood. You’ll start a lifetime of wonderful memories for you – and your kids.

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February 2024 Market Update
Highlights of Dexter’s February 2024 report


  • Buyers continue to show up! Number of sales in Greater Vancouver were up 45% from January
  • Sellers starting to show up, the number of new listings were up 20% from January 
  • Bank of Canada continues the holding pattern on its rate – fixed rates declining 
  • Sales in West Vancouver up 143% compared to January

At the mid-point of February, this month was as much a dark horse to hit 2,000 sales in Greater Vancouver as Billy Mack was to hit the #1 Christmas Song in Love Actually… and like this movie being 20 years old, the sales and new listings amounts feel like they are from 20 years ago. Lack of buyer and seller engagement continues to be one of the significant stories in the market. And as we’ve said before, Metro Vancouver real estate doesn’t have a speculation problem, it has a holding problem. Buyers are holding real estate and not turning into sellers which results in significantly less homes available for other buyers to purchase. But government policy continues to go after the demand side instead of encouraging supply from the existing home stock. Expecting new home construction to fill the void isn’t enough nor realistic.

With the Bank of Canada holding their rate at 5% at the latest meeting this morning, and with the U.S. holding at 5.5% so far this year, the wait continues as to when we might see the first rate cut. The sentiment is that it’s coming. Canadian and U.S. inflation is showing signs of easing, and with the Canadian economy showing signs of weakness, logic would say that rates should be coming down sooner rather than later. Employment numbers remain relatively flat though which isn’t helping in the obvious decision. Canada will likely wait for our neighbours to the south to make the first move, which may come in June when the U.S. has its more in-depth policy decision meeting.

There were 2,070 properties sold in Greater Vancouver in February after, 1,427 properties sold in January this year. This was a 13% increase from the 1,824 properties sold last year in February. Even with one more day in February this year, there were 103.5 sales per day compared to 96 sales per day last year. So, we can’t fully thank the extra day in the leap year for a better February. There is more buyer engagement. The latter half of the month certainly produced more sales, with the last week of the month showing 116 sales per day. A sign the real estate market is continuing to show more activity. This was also the first month where total sales were over 2,000 since August of last year as the fall suffered the fate of two summer interest rate increases by the Bank of Canada. Optimism is gaining in the market as buyers simply need to move on – literally.

With this increase in activity, sales in February were 23% below the 10-year average, after sales in January were 22% below the 10-year average with sales in December 37% below the 10-year average and November’s sales at 35% below the 10-year average. We’re still within a slower moving market, and with a few more listings coming on this month, buyers were given opportunity. And moving forward, they should take advantage of it. February isn’t traditionally a strong month for sales, so expect March to produce more sales, even with spring break in the middle of it.

With the increase sales, we saw a drop to 5 months supply of homes overall in Greater Vancouver, falling back from 6 months in January and 7 months supply in December. Vancouver’s West Side dropped down to 6 months supply from 8 in January and Vancouver’s East Side declined to 4 months (a technical seller’s market) from 6 months in January. Vancouver saw fewer new listings in February compared to other areas of the region, while sales were up 53% compared to January on the West Side and 52% on the East Side. West Vancouver produced twice as many sales in February, bringing months supply down to 9 from 21. Detached sales in each of these cities showing more growth than the other sectors, signalling the upper end of the market is coming back perhaps. The perpetually under supplied North Vancouver dropped down to 3 months supply with condos there at 2 months supply. Further east, Burnaby and beyond have 4 months supply of homes available, with the Tri-Cities down to 3 months supply. Maple Ridge is the anomaly with 5 months supply after significant increase in new listings – up 92% compared to February last year and to 54% compared to January. Active listing counts are up 47% compared to this time last year. Buyers, Maple Ridge is where the opportunities are!

Even with the extra day in the month, we only saw 4,651 new listings in Greater Vancouver. This was well above last year’s total of 3,559 new listings, so that’s a good sign that sellers are coming back, perhaps in response to an uptick in buyer activity. Multiple offers have been occurring in the market more than last fall, an encouraging sign for those sellers that were afraid to enter a quiet market.

The challenge of giving up lower mortgage rates continues for many homeowners through, unwilling to enter a higher mortgage rate to make a move. As renewals begin over the next few months and years and as rates start to come down, we’ll see this pent-up supply start to release more into the market. For some sellers, it may be better to take advantage of a lack of listings now and come on the market and work with a mortgage professional to find the right rate for now in anticipation of lower rates in the next few years. Date the rate and marry the house as they say.

The number of new listings in January were right at the 10-year average, which is an improvement from January where they were 13% below the average and December with the number of new listings in that month being 25% below the 10-year average.

There were 9,634 active listings in Greater Vancouver at month end, after there being 8,633 active listings in Greater Vancouver at the end of January and 8,283 at the end of February 2023. The detached market overall has come down to 6 months supply from 8, putting it into balanced market territory. Townhomes remain at 4 months supply and condos dropped to 4 months supply from 5 – putting both into seller market conditions. Depending on price point and area though, some may be more in balanced market conditions. Absorption rates for detached were 39% for the month while townhouses and condos were at 48% and 47% respectively. All segments saw lower absorption rates compared to last year in February, because of more new listings this year. As a result, we are seeing a gain in the active listing counts. This could bring more buyers to the market, again, a good sign for sellers.

Will March be the lion or the lamb in the real estate market. With a sizeable increase in both sales and new listings in February compared to the previous month, will March continue down that path. After the provincial budget was announced, buyers and sellers will continue to navigate an incredible amount of policy changes by government, with an anti-flipping tax of 20% to start in 2025 introduced by the BC NDP. The likely effect of this in the years to come will be a reduced number of listings as sellers hold on to properties more than they already are. Perhaps we’ll see a push to sell before 2024 ends though. Increased thresholds for the Property Transfer Tax exemptions starting April 1st will help those buyers purchasing up to $835,000 for resale and up to $1.1 million for newly constructed homes. The first-time homebuyer incentive has been discontinued at the federal level, much to the dismay of Dawson Creek which was the only region of B.C. where the program worked. Goodbye to bad legislation. Unfortunately, that was not the same for the Foreign Buyer Ban as the Federal Liberals announced a further two-year extension on that program which will now run until the end of 2026. All of which do not help but hinder supply of homes, which is the biggest challenge in the housing market, ironically identified by the government too. Too bad policy doesn’t align with reality.


Here’s a summary of the numbers:


Greater Vancouver: Total Units Sold in February were 2,070 – up from 1,427 (45%) in January, up from 1,345 (54%) in December up from 1,824 (13%) in February 2023, down from 3,451 (40%) in February 2022, down from 3,852 (47%) in February 2021, down from 2,185 (5%) in February 2020, up from 1,512 (40%) in February 2019; Active Listings were at 9,634 at month end compared to 8,283 at that time last year and 8,633 at the end of January; New Listings in February were up 20% compared to January 2024, up 9% compared to February 2023, down 10% compared to February 2022, down 10% compared to February 2021, up 13% compared to February 2020, and up 17% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 37% in January 2024, 51% in February 2023, 62% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 1.9% and in the last 6 months down 2.1%. Prices appear to be on the upswing after several months of seeing them decline through the fall.

Vancouver Westside: Total Units Sold in February were 374 – up from 245 (53%) in January, up from 235 (59%) in December up from 316 (18%) in February 2023, down from 665 (44%) in February 2022, down from 592 (37%) in February 2021, up from 367 (2%) in February 2020, up from 254 (47%) in February 2019; Active Listings were at 2,148 at month end compared to 1,923 at that time last year and 1,963 at the end of January; New Listings in February were up 10% compared to January 2024, up 31% compared to February 2023, down 15% compared to February 2022, down 1% compared to February 2021, up 32% compared to February 2020, and up 5% compared to February 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 29% in January 2024, 44% in February 2023, 61% in February 2022, and 29% in February 2019. Month-over-month, the house price index is up 4.0% and in the last 6 months down 0.7%.

Vancouver East Side: Total Units Sold in February were 249 – up from 164 (52%) in January, up from 148 (68%) in December up from 198 (26%) in February 2023, down from 359 (31%) in February 2022, down from 408 (39%) in February 2021, up from 243 (2%) in February 2020, up from 166 (50%) in February 2019; Active Listings were at 1,109 at month end compared to 900 at that time last year and 990 at the end of January; New Listings in February were up 9% compared to January 2024, up 43% compared to February 2023, down 16% compared to February 2022, down 6% compared to February 2021, up 23% compared to February 2020, and up 41% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 33% in January 2024, 52% in February 2023, 55% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 0.8% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in February were 163 – up from 117 (39%) in January, up from 106 (52%) in December up from 1,824 (9%) in February 2023, down from 261 (38%) in February 2022, down from 318 (49%) in February 2021, down from 206 (21%) in February 2020, up from 124 (31%) in February 2019; Active Listings were at 489 at month end compared to 436 at that time last year and 414 at the end of January; New Listings in February were up 27% compared to January 2024, up 35% compared to February 2023, down 16% compared to February 2022, down 20% compared to February 2021, down 8% compared to February 2020, and up 2% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 43% in January 2024, 59% in February 2023, 64% in February 2022, and 37% in February 2019. Month-over-month, the house price index is up 1.5% and in the last 6 months down 1.8%.

West Vancouver: Total Units Sold in February were 56 – up from 23 (143%) in January, up from 41 (37%) in December up from 43 (30%) in February 2023, down from 80 (30%) in February 2022, down from 102 (45%) in February 2021, down from 57 (2%) in February 2020, up from 39 (44%) in February 2019; Active Listings were at 526 at month end compared to 443 at that time last year and 483 at the end of January; New Listings in February were down 5% compared to January 2024, up 11% compared to February 2023, down 21% compared to February 2022, up 6% compared to February 2021, up 19% compared to February 2020, and up 1% compared to February 2019. Month’s supply of total residential listings is down to 9 month’s supply from 21 in January (still buyer’s market conditions) and sales to listings ratio of 33% compared to 13% in January 2024, 28% in February 2023, 37% in February 2022, and 23% in February 2019. Month-over-month, the house price index is down 3.7% and in the last 6 months down 6.3%.

Richmond: Total Units Sold in February were 231 – up from 161 (43%) in January, up from 169 (37%) in December up from 227 (2%) in February 2023, down from 340 (30%) in February 2022, down from 453 (49%) in February 2021, down from 253 (9%) in February 2020, up from 155 (49%) in February 2019; Active Listings were at 1,088 at month end compared to 1,036 at that time last year and 1,014 at the end of January; New Listings in February were up 13% compared to January 2024, up 1% compared to February 2023, down 34% compared to February 2022, down 30% compared to February 2021, down 8% compared to February 2020, and down 2% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 39% in January 2024, 49% in February 2023, 56% in February 2022, and 33% in February 2019. Month-over-month, the house price index is up 2.9% and in the last 6 months down 1.2%.

Burnaby East: Total Units Sold in February were 25 – up from 17 (47%) in January, up from 18 (39%) in December up from 21 (19%) in February 2023, down from 34 (24%) in February 2022, down from 41 (37%) in February 2021, down from 32 (22%) in February 2020, up from 17 (47%) in February 2019; Active Listings were at 94 at month end compared to 71 at that time last year and 77 at the end of January; New Listings in February were up 20% compared to January 2024, up 200% compared to February 2023, down 7% compared to February 2022, down 6% compared to February 2021, up 58% compared to February 2020, and up 67% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 42% compared to 34% in January 2024, 105% in February 2023, 52% in February 2022, and 47% in February 2019. Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.6%.

Burnaby North: Total Units Sold in February were 121 – up from 88 (38%) in January, up from 91 (33%) in December down from 134 (2%) in February 2023, down from 226 (46%) in February 2022, down from 193 (37%) in February 2021, up from 100 (21%) in February 2020, up from 84 (44%) in February 2019; Active Listings were at 447 at month end compared to 380 at that time last year and 387 at the end of January; New Listings in February were up 35% compared to January 2024, up 22% compared to February 2023, down 20% compared to February 2022, down 6% compared to February 2021, up 29% compared to February 2020, and up 56% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 49% compared to 48% in January 2024, 66% in February 2023, 72% in February 2022, and 53% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 1.7%.

Burnaby South: Total Units Sold in February were 109 – up from 102 (7%) in January, up from 79 (38%) in December down from 118 (8%) in February 2023, down from 200 (45%) in February 2022, down from 201 (46%) in February 2021, up from 105 (4%) in February 2020, up from 83 (31%) in February 2019; Active Listings were at 425 at month end compared to 377 at that time last year and 398 at the end of January; New Listings in February were down 2% compared to January 2024, up 1% compared to February 2023, down 27% compared to February 2022, down 23% compared to February 2021, up 9% compared to February 2020, and up 0.5% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 48% in January 2024, 57% in February 2023, 70% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 2.1%.

New Westminster: Total Units Sold in February were 79 – up from 54 (46%) in January, up from 46 (72%) in December up from 66 (20%) in February 2023, down from 159 (50%) in February 2022, down from 164 (52%) in February 2021, down from 90 (12%) in February 2020, up from 63 (25%) in February 2019; Active Listings were at 300 at month end compared to 222 at that time last year and 242 at the end of January; New Listings in February were up 43% compared to January 2024, up 79% compared to February 2023, down 15% compared to February 2022, down 12% compared to February 2021, up 25% compared to February 2020, and up 16% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 40% in January 2024, 62% in February 2023, 70% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.1%.

Coquitlam: Total Units Sold in February were 189 – up from 112 (69%) in January, up from 119 (59%) in December up from 158 (20%) in February 2023, down from 264 (28%) in February 2022, down from 322 (41%) in February 2021, down from 196 (4%) in February 2020, up from 134 (41%) in February 2019; Active Listings were at 599 at month end compared to 466 at that time last year and 521 at the end of January; New Listings in February were up 29% compared to January 2024, up 56% compared to February 2023, down 17% compared to February 2022, down 9% compared to February 2021, up 13% compared to February 2020, and up 28% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 39% in January 2024, 67% in February 2023, 59% in February 2022, and 46% in February 2019. Month-over-month, the house price index is up 2.4% and in the last 6 months down 1.8%.

Port Moody: Total Units Sold in February were 46 – up from 31 (48%) in January, up from 25 (84%) in December down from 47 (2%) in February 2023, down from 87 (47%) in February 2022, down from 92 (50%) in February 2021, up from 36 (28%) in February 2020, up from 30 (53%) in February 2019; Active Listings were at 131 at month end compared to 200 at that time last year and 122 at the end of January; New Listings in February were up 47% compared to January 2024, down 11% compared to February 2023, down 32% compared to February 2022, down 38% compared to February 2021, down 26% compared to February 2020, and up 1% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 57% compared to 55% in January 2024, 52% in February 2023, 73% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.0% and in the last 6 months down 2.2%.

Port Coquitlam: Total Units Sold in February were 64 – up from 43 (49%) in January, up from 36 (78%) in December up from 40 (60%) in February 2023, down from 108 (40%) in February 2022, down from 122 (48%) in February 2021, down from 83 (23%) in February 2020, up from 60 (7%) in February 2019; Active Listings were at 198 at month end compared to 140 at that time last year and 155 at the end of January; New Listings in February were up 104% compared to January 2024, up 71% compared to February 2023, down 3% compared to February 2022, down 13% compared to February 2021, up 17% compared to February 2020, and up 6% compared to February 2019. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 59% in January 2024, 46% in February 2023, 71% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 3.2% and in the last 6 months down 1.2%.

Pitt Meadows: Total Units Sold in February were 23 – up from 20 (15%) in January, up from 15 (53%) in February 2023, down from 35 (34%) in February 2022, down from 48 (50%) in February 2021, down from 27 (15%) in February 2020, up from 15 (53%) in February 2019; Active Listings were at 64 at month end compared to 62 at that time last year and 57 at the end of January; New Listings in February were up 18% compared to January 2024, up 66% compared to February 2023, down 10% compared to February 2022, down 20% compared to February 2021, down 12% compared to February 2020, and up 10% compared to February 2019. Month’s supply of total residential listings is steady at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 52% in January 2024, 55% in February 2023, 70% in February 2022, and 36% in February 2019. Month-over-month, the house price index is up 2.8% and in the last 6 months down 0.5%.

Maple Ridge: Total Units Sold in February were 145 – up from 106 (37%) in January, up from 129 (12%) in February 2023, down from 224 (35%) in February 2022, down from 292 (50%) in February 2021, down from 177 (18%) in February 2020, up from 100 (45%) in February 2019; Active Listings were at 678 at month end compared to 462 at that time last year and 563 at the end of January; New Listings in February were up 54% compared to January 2024, up 92% compared to February 2023, up 11% compared to February 2022, up 16% compared to February 2021, up 35% compared to February 2020, and up 94% compared to February 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 40% in January 2024, 62% in February 2023, 62% in February 2022, and 48% in February 2019. Month-over-month, the house price index is up 1.1% and in the last 6 months down 3.6%.

Ladner: Total Units Sold in February were 23 – up from 21 (10%) in January, up from 12 (92%) in December down from 27 (15%) in February 2023, down from 26 (12%) in February 2022, down from 61 (63%) in February 2021, down from 36 (36%) in February 2020, up from 20 (15%) in February 2019; Active Listings were at 82 at month end compared to 98 at that time last year and 83 at the end of January; New Listings in February were up 20% compared to January 2024, down 39% compared to February 2023, down 35% compared to February 2022, down 55% compared to February 2021, up 45% compared to February 2020, and up 26% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 62% compared to 46% in January 2024, 44% in February 2023, 46% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 0.4% and in the last 6 months down 5.0%.

Tsawwassen: Total Units Sold in February were 38 – up from 24 (58%) in January, up from 21 (81%) in December up from 25 (52%) in February 2023, down from 73 (48%) in February 2022, down from 76 (50%) in February 2021, up from 32 (19%) in February 2020, up from 21 (81%) in February 2019; Active Listings were at 156 at month end compared to 146 at that time last year and 139 at the end of January; New Listings in February were up 47% compared to January 2024, up 42% compared to February 2023, down 26% compared to February 2022, down 27% compared to February 2021, up 39% compared to February 2020, and up 36% compared to February 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 51% compared to 47% in January 2024, 47% in February 2023, 72% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 1.4%.

Fraser Valley: Sales in February were up 32% from January and up 38% from February 2023. New listings were up 18% from January and up 44% from February 2023. While the average price was down 0.1% month-over-month, it is up 8% year-over-year. Active listings were up 14% to 5,561 from 4,877 last month but up 26% from February 2023. After seeing steep declines, active listing counts in the region are climbing. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is up 0.9% and in the last 6 months down 4.2%.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

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Will Your Furniture Fit?

When shopping for a new house or condo, most buyers consider factors such as neighborhood, proximity to schools, number of bedrooms and bathrooms, size of the kitchen, and more.
These are, of course, all important considerations. But, there’s one question that few buyers ask until it’s too late: “Will our furniture fit?”

This may seem like a trivial concern. But, if you’ve invested thousands of dollars in a new living room set, you’re going to be very disappointed if it looks too crowded in your new home.

Here’s a tip: measure rooms in your current home that contain the furniture you like most. This could be the living room, rec room, master bedroom or even the patio. Then imagine how much smaller – if at all – that room could be while still accommodating the furniture.

When you view properties on the market, take those measurements with you. That way, you’ll be able to quickly determine if room sizes are going to be an issue.

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March Madness in Vancouver: A Guide to Fun Events

March is a vibrant and exciting month in Vancouver, with a plethora of events to keep you entertained. Whether you’re a culture enthusiast, a foodie, or someone who loves the outdoors, there’s something for everyone. Here’s a roundup of fun events happening in Vancouver this March:

1. Vancouver International Dance Festival (VIDF):
Immerse yourself in the world of dance at the VIDF, featuring an array of performances from local and international dance artists. From contemporary to traditional, this festival celebrates the diversity of dance forms. https://www.vidf.ca/

2. Vancouver Cherry Blossom Festival:
Witness the city come alive with shades of pink as cherry blossoms bloom across Vancouver. The Cherry Blossom Festival hosts various events, including guided walking tours, bike rides, and art exhibitions to celebrate this natural spectacle. https://vcbf.ca/events/

3. Vancouver International Wine Festival:
For the wine connoisseurs, the International Wine Festival offers the perfect opportunity to sample a vast selection of wines from around the world. Attend tastings, seminars, and special events to enhance your wine knowledge. https://vanwinefest.ca/about/about-us/about-the-festival/

4. St. Patrick’s Day Parade:
Get your green on and join the St. Patrick’s Day Parade, a lively event featuring Irish dancers, bagpipers, and a sea of green-clad revelers. The parade winds its way through downtown Vancouver, spreading cheer and Irish spirit. https://allevents.in/vancouver/saint-patricks-day

5. Vancouver International Film Festival (VIFF):
Film enthusiasts can indulge in a diverse range of cinematic creations at the Vancouver International Film Festival. Explore thought-provoking documentaries, captivating dramas, and innovative independent films from both local and international filmmakers. https://viff.org/festival/

6.Pacific Rim Whale Festival:
Head to the coastal town of Tofino, a short drive from Vancouver, to celebrate the Pacific Rim Whale Festival. Enjoy whale watching excursions, educational programs, and coastal activities while surrounded by the stunning natural beauty of the area. https://www.pacificrimwhalefestival.com/?gad_source=1&gclid=CjwKCAiAuYuvBhApEiwAzq_YiWUpRAtmvbPkeZT3IVAvxBJM31wv1qITy54aso_jDY4qMf5l2MNfqRoCzPUQAvD_BwE

March in Vancouver is a celebration of diversity, culture, and the awakening of nature. Whether you’re exploring the arts, sipping on exquisite wines, or embracing the outdoors, the city has an event that will capture your interest and make your March memorable.

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Are You Ready to Buy Up?

 

No matter how much you love your current home, you may still be dreaming of the day you can buy up into a better home in a better neighborhood.

Is that day today or a few years down the road?

Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms; proximity to work and school; a larger backyard with trees; nearby parks and walking paths; and, better access to things you enjoy, like theater.

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck; an easier and less stressful commute to work; more family time with the kids; and, enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, the average price of homes in your desired neighborhood, and how much mortgage you can afford.

Once you have all of that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then, you have your answer.

The time to move is now!

By the way, if you need help in making this determination – especially figuring out what
your home will likely sell for, call today.

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January 2024 Sales & Listings Report

Highlights of Dexter’s January 2024 report

  1. Buoyant Buyer Activity: Sales in Greater Vancouver surged by 39% compared to January 2023, signaling a resurgence in buyer interest.

  2. Detached Listings Hit Historic Lows: Vancouver detached property listings reached their lowest levels since December 2015, underscoring limited inventory.

  3. Modest Increase in New Listings: While the number of new listings rose by 15% from January 2023, it still trails behind the surge in buyer demand.

  4. Speculation on Bank of Canada’s Rate Cuts: Anticipation looms over potential rate cuts by the Bank of Canada, with market players eagerly awaiting announcements.

  5. West Vancouver Records Lowest Monthly Sales in Years: West Vancouver witnessed its lowest monthly sales since 2008, highlighting subdued market conditions.

  6. Positive Market Sentiment for 2024: Despite lingering uncertainties, the new year seems to bring renewed optimism, with buyers showing eagerness to enter the market.

  7. Balanced Market Conditions Prevail: Greater Vancouver maintains a balanced market with six months’ worth of supply, indicating stable conditions for both buyers and sellers.

  8. Mixed Performance Across Property Types: Townhomes outshine detached properties and condos with higher absorption rates, suggesting varied preferences among buyers.

  9. Government Regulations Impacting Supply: Stringent regulations contribute to supply constraints, impacting both resale and new development.

  10. Fraser Valley Sees Encouraging Trends: Sales in the Fraser Valley surged by 52% year-over-year, reflecting a positive shift in market sentiment.

A new year, a new real estate market. Sort of. As 2024 took hold, buyers appeared to embrace home buying more so than they did when 2023 began. Sales were up 39% in Greater Vancouver and 52% in the Fraser Valley year-over-year. Anticipation of future rate cuts were on the minds of many as they awaited the Bank of Canada’s first interest rate announcement in late January. While a rate cut wasn’t anticipated, the messaging of future rate cuts was on the minds of many. And while some predicted the next Bank of Canada meetings in March and April could be the first rate cut since the spate of increases starting in 2022, sticky inflation and a Canadian economy sidestepping a recession could keep the current Bank rate in check until June or July. Buyers don’t seem to want to wait though as market activity so far is indicating the pent-up demand can only hold off for so long.

There were 1,427 properties sold in Greater Vancouver in January this year. This was a 39% increase from the 1,030 properties sold last year in January. And this was the first month-over-month increase in sales since May of last year. You can only keep a good market down for so long. Even with the deep freeze and snow event last month, buyers made their way out to go through the limited supply of listings, many surprised at how many were no longer available. As the temperature in January rose to finish the month, the real estate market seemed to see its temperature rise as well. Will February produce the first month with more than 2,000 sales since August? Likely yes, but that will require a few more sellers to join jump into the market as well. With this increase in activity, sales in January were 22% below the 10-year average after sales in December were 37% below the 10-year average and November’s sales were at 35% below the 10-year average. The trends and numbers certainly show an increase in buyer activity. Stats don’t lie.

With current sales, we continue to be in a balanced market with 6 months supply of homes overall in Greater Vancouver, falling back from 7 months supply in December. Vancouver’s West Side was higher in the region at 8 months supply and West Vancouver with its lowest monthly sales since December 2008 clocked in at 21 months supply of homes available. A severe buyer’s market. While its neighbour next door, North Vancouver, maintained its 4 months supply, doing its best seller’s market imitation. Burnaby North and South, New Westminster, Port Coquitlam, and Ladner all finished January with 4 months supply of listings. Ladner didn’t see any condo sales in January, but then again there are only 8 active listings and there were no new listings in December, proving you can’t buy what isn’t available. Pitt Meadows has the lowest supply in the region with only 3 months worth of listings available for buyers shopping in that city.

With the precipitous drop in total listings we saw through the last two months of 2023, January saw 3,875 new listings. This was the third lowest number of new listings for the month of January since the year 2000. This after there were only 1,355 new listings in December after 3,440 new listings in November, but it was slightly higher than the number of new listings in January last year at 3,384.

The number of new listings in January were 13% below the 10-year average, which is an improvement from December with the number of new listings in that month being 25% below the 10-year average. But still below the averages in the 3 months preceding December: 3% below the 10-year average in November, 5% above the 10-year average in October and 6% above the 10-year average in September.

There were 8,633 active listings in Greater Vancouver at the end of January after seeing 8,802 active listings at the end of December. It’s rare to see the total number of active listings end with less in January then in December, but after several listings expired at the end of December, January started with 7,828 active listings. And with fewer new listings in January than is typical, that hole is hard to dig out of. Perhaps it’s a signal to sellers that the opportunity to list their home on the market is better than we’ve seen over the last year. Buyers are shopping and hoping that more sellers will list. The detached market overall remains in buyer’s market territory with 8 months supply of inventory, down from 9 months in December. Townhomes slipped down to 4 months supply and condos continue to sit just above 5 months supply of listings. The missing middle known as townhomes had a 42% absorption rate in January with sales up 82% compared to January last year. This was higher than detached at 33% absorption and sales 28% higher than January 2023 and condos at 37% absorption and sales 30% higher than January 2023. Perhaps the provincial government’s small-scale, multi-unit housing plan should have focused more on building more townhomes and row homes than 3 to 6 unit buildings scattered throughout the region.

As we start February, Ground Hogs in Canada indicated that we would see an early spring. Will we also see and early real estate market? The thought was it would depend on interest rates starting their decline, but with a little more uncertainty when that might happen, buyers seem to be wanting to get on finding their first or next home. January was an indication that buyers are back, but the question remains – where are the sellers? A slower decline in interest rates may produce a more balanced market, as long we see more listings come on the market. The sudden rise in interest rates is keeping supply out of the real estate market, not just resale, but the much-needed new product that will fuel buyers in the years to come.

Bank of Canada governor Tiff Macklem recently said that high interest rates aren’t to blame for the housing crisis and that it can’t solve the housing crisis with interest rates. That seems to fly in the face of that fact that elevated interest rates are keeping new development at bay as higher interest rates add to the cost of housing and risk for developers. The extension of the Foreign Buyer ban announced on February 4, which will be until 2027 may also limit supply and not provide more. The host of government regulations have not helped to build more supply in the real estate market and is doing the opposite.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,427 – up from 1,345 (6%) in December, down from 1,702 (16%) in November 2023, up from 1,030 (39%) in January 2023, down from 2,329 (39%) in January 2022, down from 2,454 (42%) in January 2021, down from 1,602 (11%) in January 2020, up from 1,102 (29%) in January 2019; Active Listings were at 8,633 at month end compared to 7,862 at that time last year and 8,802 at the end of December; New Listings in January were up 186% compared to December 2023, up 13% compared to November 2023, up 15% compared to January 2023, down 9% compared to January 2022, down 16% compared to January 2021, down 3% compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 37% compared to 99% in December 2023, 30% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 4.6%.

Vancouver Westside: Total Units Sold in January were 245 – up from 235 (4%) in December, down from 315 (23%) in November 2023, up from 194 (26%) in January 2023, down from 445 (45%) in January 2022, down from 393 (38%) in January 2021, down from 275 (11%) in January 2020, up from 187 (31%) in January 2019; Active Listings were at 1,963 at month end compared to 1,827 at that time last year and 1,998 at the end of December (detached listings at 453 were the lowest amount since December 2015); New Listings in January were up 244% compared to December 2023, up 26% compared to November 2023, up 18% compared to January 2023, down 16% compared to January 2022, down 5% compared to January 2021, up 15% compared to January 2020, down 13% compared to January 2019. Month’s supply of total residential listings is down to 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 29% compared to 95% in December 2023, 27% in January 2023 and 44% in January 2022. Month-over-month, the house price index is down 0.9% and in the last 6 months down 4.8%.

Vancouver East Side: Total Units Sold in January were 164 – up from 148 (11%) in December, down from 175 (6%) in November 2023, up from 118 (39%) in January 2023, down from 257 (36%) in January 2022, down from 257 (36%) in January 2021, up from 161 (2%) in January 2020, up from 105 (56%) in January 2019; Active Listings were at 990 at month end compared to 867 at that time last year and 977 at the end of December; New Listings in January were up 240% compared to December 2023, up 23% compared to November 2023, up 40% compared to January 2023, up 5% compared to January 2022, down 2% compared to January 2021, up 40% compared to January 2020, up 10% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 100% in December 2023, 33% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in January were 117 – up from 106 (10%) in December, down from 157 (25%) in November 2023, up from 82 (43%) in January 2023, down from 143 (19%) in January 2022, down from 179 (35%) in January 2021, up from 100 (17%) in January 2020, up from 91 (29%) in January 2019; Active Listings were at 414 at month end compared to 416 at that time last year and 392 at the end of December; New Listings in January were up 171% compared to December 2023, up 1% compared to November 2023, up 17% compared to January 2023, up 3% compared to January 2022, down 20% compared to January 2021, down 27% compared to January 2020, down 38% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 106% in December 2023, 35% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.3%.

West Vancouver: West Vancouver saw the house price index increase 2.5% last month, but that will likely drop over the next month as sales stall in one of the highest priced neighbourhoods in the region.

Total Units Sold in January were 23 – down from 41 (44%) in December, down from 48 (52%) in November 2023, down from 28 (18%) in January 2023, down from 45 (49%) in January 2022, down from 45 (49%) in January 2021, down from 29 (21%) in January 2020, down from 26 (12%) in January 2019; Active Listings were at 483 at month end compared to 408 at that time last year and 487 at the end of December; New Listings in January were up 233% compared to December 2023, up 7% compared to November 2023, up 42% compared to January 2023, up 28% compared to January 2022, down 7% compared to January 2021, the same amount compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is up to 21 month’s supply (buyer’s market conditions) and sales to listings ratio of 13% compared to 76% in December 2023, 22% in January 2023 and 32% in January 2022.

Richmond: Total Units Sold in January were 161 – down from 169 (5%) in December, down from 179 (10%) in November 2023, up from 120 (34%) in January 2023, down from 340 (53%) in January 2022, down from 277 (42%) in January 2021, down from 227 (29%) in January 2020, up from 121 (33%) in January 2019; Active Listings were at 1,014 at month end compared to 942 at that time last year and 1,043 at the end of December; New Listings in January were up 154% compared to December 2023, up 2% compared to November 2023, up 1% compared to January 2023, down 26% compared to January 2022, down 31% compared to January 2021, down 22% compared to January 2020, down 46% compared to January 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 104% in December 2023, 29% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.0%.

Burnaby East: Total Units Sold in January were 17 – down from 18 (6%) in December, up from 13 (31%) in November 2023, up from 9 (89%) in January 2023, down from 25 (32%) in January 2022, down from 28 (39%) in January 2021, down from 18 (6%) in January 2020, up from 11 (45%) in January 2019; Active Listings were at 77 at month end compared to 87 at that time last year and 75 at the end of December; New Listings in January were up 316% compared to December 2023, up 67% compared to November 2023, up 14% compared to January 2023, up 43% compared to January 2022, up 16% compared to January 2021, up 11% compared to January 2020, down 9% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 150% in December 2023, 20% in January 2023 and 71% in January 2022. One of the few areas to see sales decline in January compared to December. Month-over-month, the house price index is up 0.3% and in the last 6 months down 3.5%.

Burnaby North: Total Units Sold in January were 88 – down from 91 (3%) in December, down from 119 (26%) in November 2023, up from 63 (40%) in January 2023, down from 142 (39%) in January 2022, down from 144 (39%) in January 2021, down from 96 (8%) in January 2020, up from 65 (3%5) in January 2019; Active Listings were at 387 at month end compared to 389 at that time last year and 417 at the end of December; New Listings in January were up 137% compared to December 2023, down 1% compared to November 2023, down 8% compared to January 2023, down 23% compared to January 2022, down 24% compared to January 2021, down 12% compared to January 2020, down 15% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 117% in December 2023, 31% in January 2023 and 60% in January 2022. Month-over-month, the house price index is down 0.8% and in the last 6 months down 3.5%.

Burnaby South: Total Units Sold in January were 102 – up from 79 (29%) in December, up from 83 (23%) in November 2023, up from 54 (89%) in January 2023, down from 150 (32%) in January 2022, down from 144 (29%) in January 2021, up from 90 (13%) in January 2020, up from 55 (85%) in January 2019; Active Listings were at 398 at month end compared to 352 at that time last year and 395 at the end of December; New Listings in January were up 185% compared to December 2023, up 29% compared to November 2023, up 32% compared to January 2023, down 12% compared to January 2022, down 18% compared to January 2021, up 2% compared to January 2020, down 24% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 48% compared to 105% in December 2023, 33% in January 2023 and 62% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.4%.

New Westminster: Total Units Sold in January were 54 – up from 46 (17%) in December, down from 65 (17%) in November 2023, up from 40 (35%) in January 2023, down from 102 (47%) in January 2022, down from 101 (47%) in January 2021, up from 50 (8%) in January 2020, down from 75 (28%) in January 2019; Active Listings were at 242 at month end compared to 220 at that time last year and 240 at the end of December; New Listings in January were up 244% compared to December 2023, up 2% compared to November 2023, up 26% compared to January 2023, down 10% compared to January 2022, down 37% compared to January 2021, down 6% compared to January 2020, down 32% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 40% compared to 118% in December 2023, 38% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.7%.

Coquitlam: Total Units Sold in January were 112 – down from 119 (6%) in December, down from 159 (30%) in November 2023, up from 73 (47%) in January 2023, down from 174 (36%) in January 2022, down from 225 (50%) in January 2021, down from 144 (22%) in January 2020, up from 87 (29%) in January 2019; Active Listings were at 521 at month end compared to 481 at that time last year and 527 at the end of December; New Listings in January were up 234% compared to December 2023, down 1% compared to November 2023, up 9% compared to January 2023, up 9% compared to January 2022, down 16% compared to January 2021, down 7% compared to January 2020, down 23% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 138% in December 2023, 28% in January 2023 and 66% in January 2022. Month-over-month, the house price index is down 0.7% and in the last 6 months down 4.2%.

Port Moody: Total Units Sold in January were 31 – up from 25 (24%) in December, down from 40 (22%) in November 2023, up from 23 (35%) in January 2023, down from 57 (46%) in January 2022, down from 46 (33%) in January 2021, down from 37 (16%) in January 2020, the same as January 2019; Active Listings were at 122 at month end compared to 188 at that time last year and 128 at the end of December; New Listings in January were up 75% compared to December 2023, up 35% compared to November 2023, down 46% compared to January 2023, down 30% compared to January 2022, down 26% compared to January 2021, down 14% compared to January 2020, down 33% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 55% compared to 78% in December 2023, 22% in January 2023 and 71% in January 2022. Month-over-month, the house price index is down 2.3% and in the last 6 months down 2.5%.

Port Coquitlam: Total Units Sold in January were 43 – up from 36 (19%) in December, down from 55 (22%) in November 2023, up from 34 (26%) in January 2023, down from 77 (24%) in January 2022, down from 88 (51%) in January 2021, down from 60 (28%) in January 2020, up from 38 (13%) in January 2019; Active Listings were at 155 at month end compared to 123 at that time last year and 154 at the end of December; New Listings in January were up 87% compared to December 2023, down 19% compared to November 2023, down 6% compared to January 2023, down 30% compared to January 2022, down 54% compared to January 2021, down 43% compared to January 2020, down 49% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 92% in December 2023, 44% in January 2023 and 73% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.7%.

Pitt Meadows: Total Units Sold in January were 20 – up from 19 (5%) in December, down from 21 (5%) in November 2023, up from 15 (33%) in January 2023, down from 30 (33%) in January 2022, down from 22 (9%) in January 2021, up from 19 (5%) in January 2020, up from 10 (29%) in January 2019; Active Listings were at 57 at month end compared to 61 at that time last year and 59 at the end of December; New Listings in January were up 171% compared to December 2023, down 3% compared to November 2023, the same as January 2023, down 7% compared to January 2022, up 23% compared to January 2021, down 25% compared to January 2020, down 3% compared to January 2019. Month’s supply of total residential listings is the same at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 135% in December 2023, 39% in January 2023 and 73% in January 2022. Month-over-month, the house price index is up 1.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in January were 106 – up from 100 (6%) in December, up from 103 (3%) in November 2023, up from 65 (63%) in January 2023, down from 124 (15%) in January 2022, down from 194 (45%) in January 2021, down from 120 (12%) in January 2020, up from 82 (30%) in January 2019; Active Listings were at 563 at month end compared to 451 at that time last year and 579 at the end of December; New Listings in January were up 155% compared to December 2023, up 30% compared to November 2023, up 20% compared to January 2023, up 9% compared to January 2022, up 4% compared to January 2021, up 18% compared to January 2020, up 4% compared to January 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 98% in December 2023, 30% in January 2023 and 51% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.6%.

Ladner: Total Units Sold in January were 21 – up from 12 (75%) in December, the same as November 2023, up from 16 (31%) in January 2023, down from 22 (5%) in January 2022, up from 20 (5%) in January 2021, down from 35 (40%) in January 2020, up from 16 (31%) in January 2019; Active Listings were at 83 at month end compared to 81 at that time last year and 86 at the end of December; New Listings in January were up 229% compared to December 2023, up 77% compared to November 2023, up 7% compared to January 2023, down 28% compared to January 2022, down 12% compared to January 2021, down 37% compared to January 2020, down 26% compared to January 2019. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 46% compared to 86% in December 2023, 37% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.6%.

Tsawwassen: Total Units Sold in January were 24 – up from 21 (14%) in December, down from 27 (11%) in November 2023, up from 20 (20%) in January 2023, down from 42 (43%) in January 2022, down from 54 (56%) in January 2021, up from 21 (14%) in January 2020, up from 14 (71%) in January 2019; Active Listings were at 139 at month end compared to 137 at that time last year and 152 at the end of December; New Listings in January were up 183% compared to December 2023, up 13% compared to November 2023, down 11% compared to January 2023, down 35% compared to January 2022, down 43% compared to January 2021, down 27% compared to January 2020, down 30% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 47% compared to 117% in December 2023, 35% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.6%.

Fraser Valley: Sales in December were up 16% from December but up 52% from January 2023. New listings were up 163% from December and up 30% from January 2023. While the average price was up 4.4% month-over-month, it is up 13% year-over-year. Active listings were down 4% to 4,132 from 4,302 last month but up 6.5% from January 2023. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is down 0.4% and in the last 6 months down 5.9%.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

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Demystifying the City of Vancouver Property Tax Process

Navigating the City’s Fiscal Landscape

Owning a piece of Vancouver’s stunning real estate comes with the responsibility of understanding the property tax process. As the city evolves, so does its tax system. Let’s demystify the City of Vancouver’s property tax journey.

1. Assessment Adventure: Every January, homeowners receive an assessment notice from BC Assessment. This document determines the value of your property, a crucial factor in calculating property taxes. Keep an eye on this as it shapes your financial landscape.

2. Tax Calculation Trail: Vancouver uses the Mill Rate to calculate property taxes. The Mill Rate is applied to your property’s assessed value, determining the tax owed. It’s essentially your property’s contribution to the city’s financial tapestry.

3. Payment Pilgrimage: Property taxes are typically due in early July. The City provides various payment options, from online methods to in-person payments. Timely payments are essential to avoid penalties and ensure the smooth functioning of civic services.

4. Homeowner Grant Haven: For eligible homeowners, the Homeowner Grant is a beacon of relief. This provincial program reduces the amount of property tax you owe, providing financial respite to qualified applicants.

5. Tax Deferment Dalliance: Facing financial constraints? Explore the Property Tax Deferment Program. It allows eligible homeowners to defer their property taxes until they sell their home or it becomes part of an estate.

6. Ongoing Civic Connection: Understanding the property tax process fosters a deeper connection to the community. The funds collected contribute to vital services like education, healthcare, and infrastructure, ensuring Vancouver remains a vibrant and livable city.

In conclusion, navigating the City of Vancouver’s property tax process is a vital aspect of responsible homeownership. Stay informed, explore available programs, and contribute to the ongoing success of this beautiful city.

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