Welcome to 2024!
We hope you all had a fantastic holiday season, and that your new year is starting off with a bang! For all you sci-fi fans out there, we are now living almost 9 years after Back to the Future 2, 5 years after Blade Runner took place, and we're only 4 years away from 12 Monkeys!
 
As expected, December was a slow month with a total of 1,336 sales in Greater Vancouver. This figure was 3% higher than the same time last year. Currently, detached homes favour buyers at 12%, while condos and townhouses slightly favour sellers at 22%. Overall, the region is balanced at 18%.
 
Although these numbers may seem as bleak as a summer's day in Blade Runner, there are signs that things might be starting to shift.

Stable Rates & Increased Buyer Activity
We noticed an uptick in buyer activity shortly after the Bank of Canada made its rate announcement. This was especially true in the Fraser Valley and is reflected in the Sales-To-Active Ratios, which increas ...

2023 in the Review Mirror
It feels like just yesterday I was wrapping up my last year in review, and here we are again, ready to delve into the highs and lows of another eventful year in real estate.

Chapter 1 - A Rocky Start
The year started off with a fizzle with January being one of the slowest months on record with only 1,031 total sales for Greater Vancouver; less than half the sales from January '21! The preceding months hadn't been a walk in the park either, with a fall market that barely materialized and quickly sputtered out as interest rates continued to climb.

However, a glimmer of hope appeared in early February. Buyers, enticed by the allure of significant discounts and stable rates, made a swift comeback. In the blink of an eye, prime deals were snatched-up, and inventory levels plummeted. This set the stage for the next chapter.

Chapter 2 - Where have All the Houses Gone?
The market swiftly transformed from a bust to a boom, with buyers scramblin! ...

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Welcome to the world of real estate, where dreams of home ownership can sometimes be met with the challenge of mortgage qualification. If you find yourself in a position where the numbers seem to be working again ...

Your Market Update for October 2023
Greater Vancouver sales increased slightly from 1,918 in September to 1,996 in October. However, the Fraser Valley actually saw a slight decline from 1,033 in September to 920 in October. When compared to the same time last year, this represents a 4% increase for Greater Vancouver and a 7% increase for the Fraser Valley.

Townhouses continue to be the top seller in both regions followed closely by condos with sales ratios slightly favouring sellers. Detached homes continue to favour buyers with a 13% sales-to-active ratio in Greater Vancouver and a 12% ratio for the Fraser Valley.
 
What About Sales Prices?
Sales prices continue to remain stubbornly sticky in Greater Vancouver with no notable reductions in price since the summer rate hikes. We are starting to see some correction out in the valley with detached homes sliding from a median price of $1.5 mill in May to $1.4 mill in October.


Report from the Front Lines
Current inte ...

Your Market Update for September 2023
As we expected, there were only 1,920 sales registered in September in Greater Vancouver. Although not as low as the 1,695 registered sales of last September it was still 32% lower than the 10-year average.

The Average sales prices for condos and townhouses crept up from August and only detached homes saw some correction. This makes sense because the sales-to-active ratios for condos and townhouses still favoured sellers and only detached homes favoured buyers.


Report from the Front Lines
Our experience last month could be summarized by one word - spotty. For the most part, open house attendance and private showing requests were lower than expected, especially since the Bank of Canada decided to keep rates unchanged. Even sharply priced homes attracted less attention than usual indicating that there's a smaller pool of active buyers for condos and detached homes. Townhouses were certainly more active, especially those at lower price n ...