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Highlights From the Real Estate Board April 2023
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling. The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.3 per cent increase compared to March 2023.
Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023.
Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s April statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s April Statistics Package. Click Here
Food for Thought on Real Estate – April
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19
May 2023 Newsletter Introduction
April was still pretty cool and dreary throughout the entire month but fortunately we got to enjoy and bask in the beautiful blooms of the Sakuras which whisk us into the bright and breezy Summer heat. It feels like we had Winter and we just totally skipped Spring and jumped into Summer in less than 2 weeks time. As we enter into May, we have witness a historical moment of the coronation of King Charles III and to celebrate Mother’s Day! What have you planned for Mother’s day?! Make sure to send your love to not just your mom, but to all the mother figures in your life! They’re just as special and deserving!
So let’s get into it – There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy. As the interest rates have stabilized, there has been more consumer confidence to either get back into the market or take the first step. Pricing of homes have appear to be very fair and at par to market pricing compared to early 2022. Buyers are more reserved on jumping into purchasing a home so quickly, and with the new rule – 3 Day Recession period – it has lessen the pressure to make a decision on a whim. However, homes have sold quite quickly as inventory is still very scarce and demand has started to risen. This trend of a balance market would likely to continue for the latter part of the year with the possibility of homes to rise late in the year or early 2024.
– Sam

Published on Main
Highlights From the Real Estate Board March 2023
“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” – Andrew Lis, REBGV director of economics and data analytics
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.
Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.
Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s March statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s March Statistics Package. Click Here
Food for Thought on Real Estate – March
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19
April 2023 Newsletter Introduction
When will our weather stabilized? In March, I have seen heavy wind chill and days ago it was warm and sunny! With all these weather changes, I never know what I need to wear to prepare for the day. I have yet to put my heavy coat away for the season!
So let’s get into it – So what’s happening so far? On the horizon – there has been some heavy changes on qualifying for homes for Buyers. The government has implemented a number changes which reduces many buyers to qualify. Most large conventional banks would have it very restricted requirements which means you would ideally consider using a mortgage broker that help you find alternative lending. Also the foreign buyer ban had just changed with the following: no longer applies to work permit holders. Now, those who hold a work permit or are authorized to work in Canada are allowed to purchase residential property. So what does that mean for you? There is a possibility of more potential buyers coming on the way. What about the supply and demand? At the moment, there has been some uptick on demand in the following price point – the entry level homes for first time home buyers and the two bedroom homes for condo and apartment which have seen multiple offers situations. This is flag that as price is being pushed higher in this area of homes it would signal other larger homes would be next for buyers to consider and initiate a demand. So we’ll see if it will trickle into that area of homes in Apr / May
– Sam

Pür & Simple
