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A Recap of Metro Vancouver’s Resilient Real Estate Market in 2023

🌟Helping Clients Navigate The Real Estate Market With Confidence Since 2017🌟

MONTHLY MARKET REPORT

SUTTON GROUP WEST COAST REALTY

🌟 December 2023 Market Recap! 🏡⁣

Despite facing the highest borrowing costs in over a decade, Metro Vancouver’s housing market displayed surprising resilience, closing out the year with balanced market conditions. The Real Estate Board of Greater Vancouver (REBGV) reports a total of 26,249 residential sales in 2023, marking a 10.3% decrease from 2022 and a 41.5% decrease from 2021. Although last year’s sales were 23.4% below the 10-year annual sales average, the market showcased strength amid challenging mortgage rate conditions.⁣

Notably, our 2023 forecast anticipated modest price increases, contrary to predictions of price declines by other forecasters. The year concluded with over 5% gains in home prices across all market segments, emphasizing Metro Vancouver’s enduring attractiveness and desirability. Elevated borrowing costs alone did not deter determined buyers from entering the market.⁣

⁣Listings on the Multiple Listing Service® (MLS®) saw a decrease of 7.5% in 2023, totaling 50,893 compared to 55,047 in 2022. Currently, there are 8,802 homes listed for sale in Metro Vancouver, a 13% increase from December 2022. The MLS® Home Price Index composite benchmark price for all residential properties is $1,168,700, reflecting a 5% increase over December 2022.⁣

In 2023, the market faced a challenge of too few homes available relative to the pool of willing and qualified buyers. Sellers hesitated to list their properties early in the year, resulting in lower-than-usual sales initially. However, this scarcity led to near record-low inventory levels in the spring, prompting increased competition and upward pressure on prices.⁣

Looking ahead to 2024, there is anticipation for lower borrowing costs, with bond markets and professional forecasters predicting modest rate cuts in the first half of the year. This could potentially influence the market dynamics and provide further insight into its resilience.⁣

In summary, December 2023 recorded 1,345 residential sales, a 3.2% increase from December 2022. New listings in December totaled 1,327, showing a 9.9% increase from the previous year. The sales-to-active listings ratio for December 2023 is 16%, with individual ratios of 11.1% for detached homes, 18.7% for attached homes, and 19.6% for apartments.⁣

Despite the challenges, detached home sales reached 376, marking a 1.3% increase, and apartment home sales increased by 2.4% to 719. Attached home sales also saw a 7.2% increase, totaling 238.⁣

⁣It’s worth noting that the benchmark prices for detached, apartment, and attached homes have shown positive trends, indicating a resilient and dynamic market.⁣

As we move forward, we will continue to monitor the market closely and provide you with updates on the latest developments. Thank you for your ongoing interest in Metro Vancouver’s real estate market.

Mortgage interest costs, food purchased from stores, and rent continued to contribute to inflation significantly. Excluding food and energy, inflation dropped to 2.7% in October. The Bank of Canada closely monitors the trim and median core rates, which have also eased.⁣
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Based on Bloomberg calculations, a three-month moving average of underlying price pressures – closely monitored by the Bank – dropped to an annualized pace from 3.67% to 2.96% in one month. ⁣
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The recent CPI report shows that tighter monetary policy is effective in reducing the inflation rate. The Bank has forecasted it would reach its 2% target sometime after the second quarter of 2025.⁣ According to observations made by economists at BMO, most of the country is showing signs of stability. However, the largest provinces (Quebec and Ontario) have the fastest inflation rates – 4.2% and 3.3% respectively. 

Currently, unaffordable housing and the slowing labor market have dampened activity in the real estate market. According to Dr. Sherry Cooper, the spring season will be more promising as long as the Bank continues its rate pause.⁣ Given the recent data released, economists are expecting the Bank to hold the policy rate. Dr. Sherry Cooper predicts that the Bank will most likely cut interest rates in the second half of 2024. Stay tuned for more updates!

MONTHLY REMINDERS

First Home Savings Account – First-Time Home Buyers

First Home Savings Account (FHSA) is a registered savings plan that is tax-free and designed to help you save and reach your homeownership goal. If you meet the criteria to open up an FHSA, ensure that you do so by January 1st, 2024. The annual contribution limit is $8,000 per person, and you can carry that limit over to 2024.

Empty Homes Tax Declaration – Vancouver ONLY

Vancouver homeowners are required to submit a declaration each year to determine if their property is subject to the Empty Homes Tax. Even if you live in your home, you must make a declaration every year. This is not the same as the Speculation and Vacancy Tax, so make sure you get your declaration in on time to dodge any pesky penalties!

  • Declaration deadline for 2023: February 2, 2024

  • Empty Homes Tax payment for 2023: April 15, 2024

Advance Tax Notice – Vancouver ONLY

Property Taxes are due twice per year in the city of Vancouver. Advance tax notices are issued the last week of November, and are due on the second business day in February. Keep an eye out for the Advance Tax Notice in your mail!

THIS WEEK’S
TOP STORIES

BC Landlords Can Now Raise Rent

The BC rent increase is now in effect, and it’s the largest jump the province has seen in years. The increase was announced by the province, and while many landlords took issue that the rate was set at 3.5%, which is below the inflation rate, it came into effect on January 1 regardless.

Vancouver City Council Approves 7.5% Property Tax Increase In 2024

The City of Vancouver approved a 7.5% property tax increase. The 7.5% increase can be sourced to 1% to pick up the pace for infrastructure renewal, such as replacing aging sewers, 3% for the Vancouver Police Department (VPD) and 3.5% for funding across all City services.

Canada’s Staggering Population Growth Breaks A 66-Year Record!

As of October 1, the country’s population topped 40.5 million, which is an increase of over 430,000 people from July 1, according to Statistics Canada’s latest report.

 

 

Are you considering buying or selling real estate?

Clients and customers have successfully used my unique approach to buy and sell their home with zero hassle, zero risk, and minimal sacrifices on their personal time.

MINDY MINHAS PERSONAL REAL ESTATE CORPORATION
WWW.MINDYMINHAS.COM 
VANCOUVER BRITISH COLUMBIA 🇨🇦

 

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Monthly Market Report October 2023

🌟Helping Clients Navigate The Real Estate Market With Confidence Since 2017🌟

MONTHLY MARKET REPORT

 

Mortgage rates are now at the highest levels we’ve seen in Canada in over ten years!

SUTTON GROUP WEST COAST REALTY

 

 October 2023 Market Recap – Unlock New Real Estate Opportunities! 
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Dear clients and fellow real estate enthusiasts! It’s time for our monthly market update.⁣ In this month’s report, we bring you insights into the state of the Metro Vancouver housing market for October, along with a historical perspective and advice to navigate the current conditions.⁣

 

The Metro Vancouver housing market has long been a dynamic and sought-after landscape for both homebuyers and sellers. Over the years, we’ve witnessed its ebb and flow, with periods of high demand and soaring prices, as well as moments of adjustment and more balanced conditions.⁣

 

In October, the housing market in Metro Vancouver displayed some noteworthy trends. The increase in newly listed properties is providing more choices for homebuyers. Properties are coming to the market at a rate approximately 5% above the ten-year seasonal average, indicating a renewed interest on the part of sellers to participate in the market this fall.⁣

 

 

It’s important to highlight that while supply has increased, sales remain almost 30% below their ten-year seasonal average. This data suggests that demand may not be as robust as we might typically expect for this time of year.⁣

With more supply in the form of resale inventory and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards a more balanced state. Notably, the multifamily segment of the market remains more active than the detached segment, likely due to changing buyer preferences and affordability constraints.⁣

⁣Stay Informed: Keep a close eye on the market trends and updates. The housing market can be highly dynamic, and staying informed will help you make well-informed decisions.⁣⁣

Adjust Expectations: If you are looking to sell your property, it’s essential to be realistic about your pricing expectations. Pricing competitively is crucial in the current market conditions.⁣

Seek Professional Guidance: Engaging with a real estate professional can provide valuable insights and guidance tailored to your specific circumstances and goals.⁣

Explore Multifamily Options: With the multifamily segment being more active, consider exploring different property types to find the best fit for your needs and budget.⁣

Review Your Financing: Given the borrowing cost constraints, it’s prudent to review your financing options and consult with financial experts to secure the best rates available.⁣

In conclusion, the Metro Vancouver housing market remains in a state of adjustment, with increased supply and somewhat weakened demand. While challenges persist, there are opportunities for those who are well-informed and strategic in their approach.⁣

As always, our team is here to assist and guide you through these market conditions. If you have any questions or require personalized advice, please don’t hesitate to reach out. Your satisfaction is our top priority, and we are committed to helping you achieve your real estate goals.⁣

 

 

The Bank of Canada has made the decision to maintain its policy rate at 5%. This decision reflects their commitment to providing a stable financial environment amidst a backdrop of uncertainty. The path toward achieving the bank’s 2% inflation target presents various challenges, and the bank continues to navigate through these challenges with a watchful eye.

Sellers have re-entered the market, leading to a rise in new listings. The CREA report indicates that the number of newly listed homes jumped by 6.3% on a month-over-month basis in September, marking a cumulative gain of approximately 35% from the 20-year low reached back in March. New listings are now trending closer to average levels.⁣

⁣This indicates a shift in the real estate market, with a more balanced dynamic between buyers and sellers.⁣

⁣It’s essential for both buyers and sellers to stay informed about these market changes and work with experienced real estate professionals to navigate these evolving conditions process. The bank aims to strike a balance between supporting economic growth and controlling inflation.⁣

 

THIS WEEK’S

TOP STORIES

BC GOVERNMENT OVERRIDES CITIES TO ALLOW 6 HOMES ON SINGLE FAMILY LOTS

The Government of British Columbia is making sweeping changes to enable more low-rise, multi-family residential developments. It terms such building styles as “small-scale, multi-unit” buildings, such as townhomes, multiplexes, and laneway homes.⁣⁣

For lots currently zoned for single-family or duplex use, lots with an area size of smaller than 280 sq meters (3,014 sq ft) can achieve up to three units, while lots greater than 280 sq meters can achieve up to four units.⁣

⁣For lots larger than 280 sq meters located in close proximity to public transit stops with frequent service, up to six units may be permitted.

 

Langley Invisions LRT/Skytrain on 200 Street

To improve the 200 Street corridor’s conditions for sustaining a more superior form of rapid transit, earlier this year, the Township launched a planning process called “200 Street 2040” to densify corridor’s uses for more optimal transit-oriented development.⁣

⁣The planning area spans a five-km-long stretch of the north-south arterial spine of 200 Street from Willoughby Way (near Willowbrook Shopping Centre and the municipal border with the City of Langley) to just north of Highway 1. The corridor extends 800 meters from either side of the corridor.⁣

 

Are you considering buying or selling real estate?

Interview me for the job…Call Mindy 778 839 7615

Thank you for your time today. I look forward to working with you.

MINDY MINHAS PERSONAL REAL ESTATE CORPORATION

Clients and customers have successfully used my unique approach to buy and sell their home with zero hassle, zero risk, and minimal sacrifices on their personal time. Are you ready to find out how you can do the same?

WWW.MINDYMINHAS.COM

 

VANCOUVER, BRITISH COLUMBIA 🇨🇦

Monthly Market Report September 2023

Monthly Market Report September 2023

                 

 

🌟 September 2023 Market Recap – Unlock New Real Estate Opportunities! 🏡⁣

 

Dear clients and fellow real estate enthusiasts! It’s time for our monthly market update, and boy, do we have exciting insights to share about the bustling Metro Vancouver housing market in September 2023. Whether you’re buying, selling, or simply keeping an eye on the market, this recap is a must-read.⁣

🌆 Market Movement & Seasonal Shifts 🌆⁣

 

The market witnessed an intriguing shift this month. The intense price growth we’ve observed earlier this year took a brief pause. This breath of fresh air was primarily due to the predictable seasonal dip in sales and a slight increase in available inventory.⁣
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According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales reached 1,926 in September 2023, marking a promising 13.2% increase compared to September 2022. However, it’s worth noting that this figure still stands 26.3% below the 10-year seasonal average, which sits at 2,614.⁣

 

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🏡 Seller’s Reluctance & Inventory Dynamics 🏡⁣

 

One captivating story this year has been the hesitation of some homeowners to list their properties, owing to the highest mortgage rates seen in over a decade. As a result, listings hit the market at a slower pace than usual earlier this year, causing inventory levels to dwindle and prices to soar through spring and summer.⁣
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Yet, there’s a silver lining in our September data. We’ve witnessed an encouraging uptick in new listings. A whopping 28.4% more properties were listed for sale on the MLS® in Metro Vancouver compared to last September, totaling 5,446. This figure even surpassed the 10-year seasonal average by 5.2%.⁣

 

📈 Balanced Market Conditions & Opportunities Abound 📈⁣

 

In a market that’s often as dynamic as the weather, September suggests a change of heart among sellers. New listings are aligning with historical norms, and the inventory is making a modest comeback after this year’s tight supply. When we consider the typical fall slowdown in sales due to seasonal patterns, the result is a more balanced market overall.⁣

 

 

So, what does this mean for you, our valued clients? If you’ve been contemplating upsizing or downsizing, now is an opportune moment. The market offers a wealth of choices in all home types, coupled with lower price ranges. This increased inventory will empower you with more selection than we’ve seen in months.⁣
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As your trusted real estate advisor, I’m here to guide you through this evolving market, whether you’re ready to seize the moment or just exploring your options. Please don’t hesitate to reach out for a personalized consultation tailored to your unique goals.⁣⁣
Let’s navigate the waves of opportunity together. 🌊🏠

The next interest rate update is scheduled for October 25, 2023, with ongoing assessments of inflation and economic dynamics.    ⁣
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For all your real estate related needs.⁣ 

Mindy Minhas PREC 🍁        ⁣
Sutton Group West Coast          ⁣
⁣
📲 778 839 7615       ⁣
🖥️ WWW.MINDYMINHAS.COM  ⁣
✉️ MINHASMINDY@GMAIL.COM

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Monthly Market Report August 2023

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As summer draws to a close, we can observe an interesting shift in the Metro Vancouver housing market. The arrival of higher borrowing costs has begun to exert its influence. The once-hot property prices are cooling down, and the pace of sales is following the typical seasonal pattern.⁣ ⁣
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This spring and summer has provided an intriguing narrative in the real estate world. Borrowing costs have been riding a rollercoaster, reaching levels not seen in over a decade. Remarkably, despite dire predictions of a substantial market slowdown, Metro Vancouver’s housing sector has defied expectations. Sales remain strong, and year-to-date price gains stand at an impressive eight percent or more for all property types.⁣

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Sales began the year at a leisurely pace while prices soared due to limited housing inventory. Now, as we approach fall, sales have caught up with the price gains, but both indicators are settling into a more familiar rhythm aligned with historical seasonal trends. This moderation is not unexpected, especially considering the prevailing borrowing costs. ⁣
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In July, the Consumer Price Index in Canada saw a year-over-year increase of 3.3%, following a 2.8% rise in June. This marks the first time since the pre-pandemic period that Canadian inflation has surpassed that of the United States. The driving forces behind this surge are primarily attributed to higher electricity prices in Alberta, increased airfares, and a rise in travel service costs. Additionally, gasoline prices contributed to the acceleration, albeit at a slower rate compared to June.⁣      

Screen Shot 2023-08-30 at 9.41.21 AM

Derek Holt, head of Scotiabank Capital Markets Economics, emphasizes the need for the Bank of Canada to take an aggressive stance with further rate hikes. He highlights that failure to do so could lead to losing the battle against inflation, especially if wages and inflation expectations start to spiral out of control.⁣             ⁣
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On Wednesday September 6, The Bank of Canada has opted to maintain its overnight rate at 5%, with the Bank Rate and deposit rate also remaining stable. Furthermore, the bank is continuing its quantitative tightening policy. Globally, inflation in advanced economies is gradually receding, though core inflation remains a concern for major central banks. China’s growth has slowed significantly due to weaknesses in the property sector, while the United States saw stronger-than-expected growth, primarily driven by robust consumer spending. In Canada, economic growth has slowed, influenced by reduced consumption, decreased housing activity, and natural disasters. Inflationary pressures persist, with CPI inflation at approximately 3%. The bank remains vigilant about inflation and is prepared to increase interest rates if necessary to restore price stability.

The next update is scheduled for October 25, 2023, with ongoing assessments of inflation and economic dynamics.    ⁣
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For all your real estate related needs.⁣ 

       ⁣
Mindy Minhas PREC 🍁        ⁣
Sutton Group West Coast          ⁣
⁣
📲 778 839 7615       ⁣
🖥️ WWW.MINDYMINHAS.COM  ⁣
✉️ MINHASMINDY@GMAIL.COM

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Vancouver City Council Considers To Remove Single Family Residential Zoning Rules

Any new single-family house that is built would only be allowed to go to the equivalent of 60% of the lot’s area, so only 2,400 square feet on the typical 33 by 122 Vancouver lot. But a multiplex, of whatever arrangement, will be permitted to go up to 4,026 square feet on that same lot.⁣

Until now, the maximum anyone could build, if they were preserving a character house and adding a laneway or basement suite, was 3,260 square feet. There will be a public hearing in the fall and potentially be in force by January.⁣

As a result, larger laneway houses would also be allowed, which would make them more suitable for family housing than the 650 square feet to 900 square feet currently allowed, depending on lot size.⁣

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Among them are the special “design zones” on the west side that were created in the 1990s, as councils of the day responded to residents complaining about garish new monster houses, are being eliminated so that there is just one set of rules for all former single-family zones.⁣

No longer will builders in zones such as RS-5 or RS-6 have to come up with building plans that, for example, required them to match the architectural look of homes on either side of them.⁣

City Council plans to meet this fall and have the new policy in place for 2024.

If things go according to plan this new change will cause upward pressure on prices significantly.

For all your real estate related needs.⁣

Mindy Minhas PREC 🍁
Sutton Group West Coast
 
📲 778 839 7615
🖥️ WWW.MINDYMINHAS.COM
✉️ MINHASMINDY@GMAIL.COM
Vancity

Covid-19 and Real Estate In Vancouver. What does this mean?

During the past couple of weeks we have been adjusting and adapting to this new normal. With this change comes a lot of questions for the real estate market as well. How long will this last? How will this impact the market, prices, supply and demand? What will it look like post-quarantine? Will things go back to normal? 

Prior to Covid some homes were seeing multiple offer situations and selling well over asking price. 

I think there will be a new normal both in life and in the real estate market once this pandemic does come to an end. A sunday afternoon buyer’s tour with 10 homes to view may not be the new norm, virtual showings and touring homes online is the new way to go about viewings before making a official visit to the property.

The sales volume may have decreased due to the pandemic but there are buyers who still need to downsize or upsize and sellers who are still are going to sell.  Many people are now unemployed and are out of work or can’t get loans, this implication will see a shift in supply and demand.

Where will the market go?

No one can really predict this with the uncertainty in the world right now but working with a real estate agent who understands the neighbourhood you are considering is crucial as they can provide the most up to date analysis of the area you are interested in, giving you a better understanding of the market conditions. Different parts of town have different markets and having a agent who can identify trends and changes in these markets will help you make the best decision for you.

Get in contact today to see how we can help you with your real estate needs!


Mindy Minhas
Sutton Group West Coast
Vancouver Real Estate Professional

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© Mindy Minhas 2024
DISCLAIMER: Listing data is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.

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