The Bank of Canada announced on October 25th it would be holding its key lending rate at 5.0%, the second consecutive hold since two quarter-point increases were made over the summer. Since March of last year, the central bank has imposed an unprecedented number of rate hikes in an effort to reduce pandemic-fueled inflation, taking interest rates from historic lows to a more than two-decade high. While approximately three quarters (74%) of Canadian mortgage holders currently have a fixed-rate agreement in place, higher interest rates have had a major impact on those with a variable-rate and hybrid mortgage.

“Some Canadians with variable-rate mortgages have seen their monthly payments double or even triple over the last year and half, due to the Bank of Canada’s aggressive interest rate hike campaign aimed at tamping down high inflation. Those locked in to a fixed-rate mortgage, which most are, have been protected from those increases, at least for a short time,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “While the central bank’s key lending rate is expected to come down in the medium term, the likelihood that we will return to rock-bottom rates of less than one per cent is very low. Upon renewal, fixed-rate mortgage holders will be faced with a new reality – higher monthly payments.”

According to a recent Royal LePage survey conducted by Nanos,1 74% of Canadians with a residential mortgage set to renew within the next 18 months say they are concerned about the renewal, in light of the series of interest rate hikes made by the Bank of Canada since March of 2022. 31% per cent of all mortgagees in Canada say their lending agreement is set to renew within the next year and a half (16% within 12 months and 15% in 12-18 months). That’s approximately 3.4 million people with a mortgage that is set to renew by March of 2025.2

Of those who have a variable-rate or hybrid mortgage, 64% say that higher interest rates have caused their mortgage payment to hit its trigger rate – when the mortgage payment no longer covers the interest portion – and have subsequently caused their monthly payments to increase.

“There is no doubt that Canadians’ financial stability has been put to the test over the last few years. In addition to home prices skyrocketing in 2021 and the start of 2022 – followed by interest rate increases that have caused monthly mortgage payments to rise by hundreds, if not thousands, of dollars – the cost of everyday essentials like food and fuel have also surged,” said Yolevski. “Canada’s strong employment rate and the rigorous lending practices of our major banks continue to ensure that a vast majority of households are able to navigate these financial challenges without having to sell their homes.”

For more insights, read the full press release and review the national data chart linked below.

1Nanos conducted an online representative non-probability panel survey of 2,004 Canadians, including 933 current residential mortgage holders between the ages of 27 to 75, from September 8th to 14th, 2023. The sample is geographically stratified to be representative of Canada. No margin of error applies to this research.

2Based on Statistics Canada. Table 17-10-0005-01 Population estimates on July 1st, by age and sex for Canadians aged 26-74 in 2022 and survey results indicating 45% of respondents currently hold a residential mortgage.

When renovating a home, the major concerns are often making the space more functional, stylish, and cozy. But when you have a pet, or are planning to get one, some of those design considerations may change to best suit your four-legged family member’s needs.

Here are a few tips to help make your home more pet-friendly:

Avoid carpet flooring

Carpets can gather dirt and stains like no other. Many pets shed, and some may feel the occasional need to relieve themselves in the wrong place. Plus, animals can easily tip over glasses and plates with their tails while exploring tabletops. Avoid a time-consuming and potentially expensive clean-up, and opt for durable and easy-to-clean flooring like laminate, vinyl, stone, or ceramic.

Get washable, wipeable furnishings

When it comes to your couch and other furniture, choose fabrics and textures that are less of a magnet for pet fur and, if necessary, are somewhat claw-resistant. Consider certain types of synthetic fibres that can be more resistant to damage. You may also want to apply a protective layer of wipeable paint… just in case you end up with paw prints on your walls.

Design a ‘pet pad’

As a way to minimize mess and not give the impression that you have a Tasmanian devil for a pet, consider setting up a designated play area for your furry friend. Retrofit a small portion of your home with a comfy bed, bowls for food and water, a storage bin for toys, and scratch pads. If they feel like they have their own space, it may keep your pets from spreading toys around the house and taking things from other rooms. This can also help contain any potential messes to one area of your home… preferably one that has durable floors.

Safety-proof your yard

Outside of the home, plant only pet-friendly flowers and plants in your garden, avoiding toxic vegetation like tulips, lilies and certain kinds of mulch. Provide your pet with an outdoor shelter and some shade for hot summer days. Ensure you build a sturdy fence around the yard to help keep them from running away. This should also prevent skunks, raccoons and other critters – including your neighbours’ pets – from setting up shop on your property and harming or disturbing your furry friend.

The season of pumpkin spice is once again upon us, and so are fall decorating traditions. For many of us, the transition from summer to fall is a nostalgic time to break out the spooky decor, unpack the turkey-themed table runner and adorn the front door with our favourite fall wreath. But, if dressing up the house with orange pumpkins and burlap year after year is getting a bit stale over time, there’s no harm in shaking up your fall decorating choices this season.

Here are four new 2023 fall decor trends you can try in your home (sans pumpkins):

Earthy tones

Fall colours are traditionally defined by shades of orange, red and brown. This year, more earth-like tones are making their way into home, including varieties of sage green, warm beige and caramel, rustic brick red and earthy terracotta. You can achieve this softer, more muted fall look through coloured glassware, cushion covers, ceramics, blankets and other housewares that are easy to swap out when the seasons change. If you’re looking to add a contrasting statement piece to your interior this fall, try introducing an eye-catching accent colour with a hint of black, indigo or copper.

Rustic touches

Rustic furniture is a staple in fall design this year. Building off of the theme of warm and earth-inspired interiors, distressed or vintage finds will bring a touch of charm to your home this season. The most economical and environmentally-friendly way to pull off this look is with the help of your local thrift store or online marketplaces, where you’re likely to find an array of second-hand furniture, rugs and trinkets. You don’t need to spend a lot to add a ton of character to your space.

Layered textures

As the temperature drops, we tend to layer up with different fabrics to keep our bodies warm – it’s no different for our homes.

This fall, mix and match different layers of textures and fabrics for an extra cozy feel. Whether it’s your bedding, accent cushions or rugs, get creative with different textiles, such as wool, knit, velvet, satin and cashmere. If your interior tastes are more neutral, you can still achieve this trend with a monochromatic colour palette to elevate your home.

Fruits and flowers

Move aside pumpkins – fruits are all the rage this year. Instead of opting for your typical array of white and orange gourds, fruits are taking centre stage in 2023. Seasonal fruits, such as apples, figs and pears, can be repurposed as place cards or arranged in bowls for a less expected fall centrepiece. Alternatively, you can showcase fruits through decorative flatware and table textiles, such as fabric napkins. If fruits aren’t really your thing, opt for dried florals instead like pampas grass, sunflowers or wheat stalks to add a touch of ‘Cottage Core’ to your living space.

Bonus tip: Give attention to outdoor spaces

Mild weather is known to last into mid-October in some parts of the country, meaning we can use our beloved outdoor spaces for longer periods of time. Show your balcony, patio or backyard some fall decor love too by dressing it up with lanterns, wreaths and seasonal flowers, such as chrysanthemums or hydrangeas. Add a touch of coziness around your outdoor fireplace or sitting area with water-resistant pillows and blankets in your favourite fall colours and patterns.

Approximately one-third of Royal LePage real estate professionals say they are holding as many or more open houses today as they were pre-pandemic

Advancements in technology have had an incredible impact on the Canadian real estate industry. Technology has allowed consumers to be more engaged in the buying and selling process, helping to keep them informed and up to date, and offering real estate professionals useful tools to service their clients quicker and more efficiently than ever before. Online applications and digital resources proved to be especially important during the height of the COVID-19 pandemic, when viewing a home in person became increasingly challenging amid safety concerns and social distancing rules. However, the ability to walk through a property and explore a space in person is irreplaceable for many buyers.

According to a recent survey1 of more than 600 Royal LePage real estate professionals across the country, 48% of sales representatives use open houses in at least half of their listings in their promotional strategy to sell a home. Nearly one-third of real estate professionals (32%) said they are holding as many or more open houses today as they were pre-pandemic, and almost half (46%) believe open houses are still as effective today as they were pre-pandemic in attracting quality buyers.

“Technology has advanced our industry by leaps and bounds, from 3D furniture renderings to virtual showings. During the pandemic, when in-person interactions were restricted by social distancing guidelines, technology was the only way many of us were able to help our clients. However, nothing can truly replace the feeling of physically walking through a home that you dream of buying,” said Shawn Zigelstein, broker and team leader, Royal LePage Your Community. “Buying a property is a very personal decision, and most purchasers want the experience of being able to view their biggest financial investment in real life, if at all possible.”

Zigelstein added that an open house also offers potential buyers the benefit of being able to leisurely view a home without the time restrictions of a formal showing.

When asked about the top reasons why open houses are still an effective selling strategy, Royal LePage real estate experts said that buyers value the flexibility to view a property in person without having to make, or commit to, an appointment (24%). Respondents also reported that open houses are an opportunity for the listing agent to meet new prospects (22%) and maximize the number of potential buyers seeing the property in a short period of time (21%).

When tasked with selling a home, real estate agents have a variety of marketing tools at their disposal. Yet, every home is unique, and each one requires a savvy, marketing-minded expert to apply the right resources in order to attract an appealing purchase offer.

“When it comes to selling a home, it’s important to give clients and their property the full-service marketing experience they deserve, complete with professional photography and videography, and a robust social media plan,” said Anne Léger, chartered real estate broker for the Tremblay Léger team at Royal LePage Humania in the Laurentians. “In the same way that our clients call on us as professionals to ensure the best result for the sale of their property, it’s essential to surround ourselves with specialists in every field so that our clients can benefit from the highest exposure and, by the same token, the best selling price. Attention to detail is always important, but particularly at a time when buyers are looking for turnkey properties. A well-listed property will give purchasers confidence and make it easier for them to move in.”

In their marketing strategy, real estate professionals use a variety of visual and digital tools to promote their clients’ listings. According to the survey, 36% of respondents use professional staging in at least half of their listings in their promotional strategy to sell a home; 67% use professional videography; 47% use drone footage; and 33% use online property ads or listing articles in at least half of their listings.

Not surprisingly, real estate professionals are utilizing less print materials when promoting their clients’ homes today. Seventy-four per cent of respondents said they use newspaper ads in none or almost none of their listings, and 55% said they use “Just Listed” cards or flyers in none or almost none of their listings.

Are you looking for an agent to sell your property? We would love to help your with your real estate needs. 

NEW LISTING 69-9208 208 Street Langley BC                       $1,029,000.00

Welcome to Churchill Park Gated Complex.

This lovely duplex town home has had many updates through the years.

Elegant living & dining room with valued ceilings + hardwood flooring. Living room with gas fireplace.

Family room with vaulted ceiling + gas fireplace & sliders to patio. 

Kitchen with wood cabinets, lots of easy glide drawers + pantry + centre island + granite counter tops.

Main floor primary bedroom with walk-in closet. 5-piece ensuite + storage under stairs. Laundry room on main.

Two bedrooms up & one with cheater door to main bath.

Newer windows & windows coverings. Lots of windows to let in the natural light. Double garage.

Great club house with seasonal pool & hot tub. Exercise room, large party area with fireplace, pool table, library and kitchen.

Lots of activities for the residents.

http://www.listings.360hometours.ca/15861

September 7, 2023

Stats Centre Reports - August 2023

The latest Stats Centre Report for Metro Vancouver is now available. Click here to view it. 

The latest Stats Centre reports for the Tri-Cities are ready.  
Click here to view the latest Stats Centre Report for Coquitlam.
Click here to view the latest Stats Centre Report for Port Coquitlam.
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5 thrifty DIY fix-ups to help sell your home

When preparing your home for the market, it’s great to know there are some relatively inexpensive improvements that can make a big impact with buyers.

A few well-placed pieces of décor and a clutter-free home are simple things you can do on a budget to bump up interest in your home. Once the fundamentals of a well-maintained home are taken care of, these easy initiatives can seal the deal.

1. Clear the decks. Counter space is extremely important for buyers. Be sure to store kitchen and bathroom items off the counters. Purchase storage baskets in several different sizes to help you clear the decks in a hurry and minimize clutter.
2. Brighten up storage spaces. Closets and cupboard space are important selling features. You can make the most of what you have by purging unused items and painting a light colour inside cupboards and closets. Adding battery-operated lighting is also an inexpensive way to brighten a dark closet.
3. Replace interior room doors. Quickly and inexpensively brighten hallways and rooms by replacing interior doors and hardware. New white panelled doors and hardware can quickly freshen the home. Look for sales at your local building centre.
4. Tear up dingy broadloom. You may be pleasantly surprised by what’s underneath. Even if you don’t like what you see, replacing broadloom is one of the most economical improvements you can make when you consider overall return on your dollar.
5. Paint. Even high-end interior paints are a bargain when you look at what can be achieved with a fresh new finish. Opt for neutral colours in matte or eggshell finishes to camouflage flaws in walls. Trim is best handled with a white shade of satin, semi-gloss or high-gloss finish.

Canadians buying homes with family, friends to combat housing affordability woes: Royal LePage survey

76% of Canadian co-owners cite a lack of housing affordability as a major motivator for choosing to co-purchase a property

Highlights:

• Almost one third (32%) of co-owners who were motivated by low affordability purchased their home after the Bank of Canada began raising interest rates in March of 2022
• Nearly two-thirds (65%) of Canadian co-owners say they own a single-family detached property
• 56% of co-owners co-own a home with their parent(s) or parent(s)-in-law; 18% co-own with their adult child(ren)
• Nationally, 6% of homeowners co-own a property with someone other than their spouse

TORONTO, August 31, 2023 – According to a recent Royal LePage survey[1] conducted by Leger, six per cent of Canadian homeowners[2] co-own their property with another party, not including their spouse or significant other. Of this group, 89 per cent co-own with family members and seven per cent with friends. Another eight per cent co-own with someone who is not a friend or family member.

Concerning their co-owning situation, 44 per cent of co-owners[3] say that they and all fellow co-owners live in the home together. A smaller percentage (28%) say that they co-own a home with another person(s), but they do not cohabitate. Six per cent of respondents say that they co-own a home with another person(s) and neither party uses the home as a primary residence, rather as an investment or recreational property.

The COVID-19 pandemic forced some Canadians to reconsider their living situation, with many choosing to share living space with friends or family in a time of isolation. Now, in an era where social distancing restrictions have ceased, a number of Canadians continue to choose cohabitation to address their housing needs. According to a recent Royal LePage survey[4] of real estate professionals across the country, 23 per cent say that they have seen somewhat of an increase in the number of homebuyers purchasing a property with another person(s), other than their spouse or significant other, compared to pre-pandemic times. Eight per cent say they have seen a noticeable increase over the same time period.

“Different generations of families living under one roof is not a new phenomenon, but has been growing in popularity in recent years,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Census data[5] shows that multigenerational households are now the fastest growing household type in Canada. Households group together for many reasons, including communal care for elderly parents, help raising children, cultural preferences or simply to be together. However, the decision to live together, including co-owning a home, is a decision increasingly made for financial reasons. In an environment where home prices and interest rates have risen quickly and sharply, and where the threshold to qualify for a mortgage has become much more challenging, Canadians are pooling their resources and buying homes together. In cases where homebuyers cannot afford to purchase on their own, they are combining their buying power with their parents, children, siblings or even friends.”

Of all co-owners surveyed, 65 per cent say that they co-own a single-family detached home, 19 per cent say they share an attached home, such as a townhouse or semi detached property, and 13 per cent say they share a condominium/apartment.

Lack of housing affordability stimulates co-ownership trend

In light of the rising cost of living in recent years, alongside higher interest rates and housing prices, a large number of co-owners say that their decision to share a home was prompted by a lack of affordability.

According to the survey, 76 per cent of co-owners say that affordability was a major motivating factor in their decision to co-purchase their property. Not surprisingly, that number rises to 83 per cent for co-owners between the ages of 25 and 34. Thirty-two per cent of respondents who were influenced by a lack of affordability say that they co-purchased their property after the Bank of Canada began raising interest rates in March of 2022.

Twenty-five per cent of Royal LePage real estate professionals reported somewhat of an increase in the number of homebuyers purchasing a property with another person(s), other than their spouse or significant other, since interest rates began to rise. Eight per cent say they have seen a noticeable increase over the same time period.

“In a market beset by reduced home supply, escalating prices, tightened mortgage qualification requirements, and the highest borrowing rates in more than two decades, many buyers are having difficulties securing the property that they want. Some Canadians are using co-ownership as a way of boosting their borrowing capacity or lowering their monthly mortgage costs, helping them achieve their goal of home ownership,” said Yolevski. “By dividing the cost of a home between more people, Canadians can not only get their foot on the property ladder more easily, but also expand their home search to more desirable locations or larger properties that may not have been accessible with their budget alone.”

Of those who co-own a home with another person(s) and live in the home together, nearly half (49%) say that they purchased the home with another party because they would not have been able to afford a home on their own. Thirty-eight per cent say that by co-owning, they were able to afford a larger property and/or a property in a more desirable neighbourhood. Thirty per cent say that they purchased a co-owned home because they required family support with childcare or taking care of elderly relatives.

“Opting to co-own with friends or family is not as simple as signing a piece of paper next to someone else’s name – co-owning a home often comes with meaningful lifestyle changes, and requires in-depth conversations over financial, legal and personal obligations,” said Yolevski. “Regardless of whether you live in the home with your fellow co-owners or not, the responsibilities of owning a home with other people are shared, but so are the benefits.”

2023 Canadian Co-owners Survey Chart:

rlp.ca/table_2023-Canadian-co-owners-survey

Seasonal slowdown brings price stability to Metro Vancouver

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663). 

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.” 

There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023. 

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023. 

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023. 

Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023. 

Download the August 2023 stats package.

Strong sales push Metro Vancouver home prices past the rate hike in July

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909). 

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.” 

There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023. 

Sales of detached homes in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023. 

Sales of apartment homes reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023. 

Attached home sales in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023. 

Download the July 2023 stats package.

Canada’s luxury real estate markets have shown varying performances in the first half of 2023, signalling a departure from the unified national trends witnessed during the recent housing boom and market normalization period.

Sotheby’s International Realty Canada’s Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report sheds light on the distinct dynamics that have shaped each major metropolitan market.

Vancouver

The ultra-luxury residential real estate market in Vancouver experienced a notable upswing in the first half of 2023, buoyed by improved consumer sentiment and increased sales transactions. Legacy wealth planning and generational wealth transfer have contributed to enduring demand in the city’s luxury segment, leading to a 38 per cent rise in sales of properties priced over $10 million on MLS. However, chronic housing shortages have limited potential transactions, and rising mortgage rates have affected some prospective buyers, resulting in a 25 per cent year-over-year decline in residential sales over $1 million.

Toronto

Despite a slow start to the spring market, Canada’s largest luxury real estate market, Toronto, gradually gained traction in the first half of 2023. The city’s position as the nation’s economic hub and primary destination for immigration has continued to attract buyers and investors. However, housing supply challenges have persisted, impeding potential sales and frustrating prospective homebuyers.

Residential real estate sales over $4 million in Toronto declined by 32 per cent year-over-year, and properties sold over $10 million on MLS reduced to five from seven properties in the same period last year. In the GTA, an influx of spring inventory led to more balanced market conditions, resulting in a 35 per cent year-over-year decrease in residential sales over $4 million and a 29 per cent decline in sales over $1 million.

Montreal

The luxury real estate market in Montreal experienced a slowdown in the first half of 2023, with residential sales volume over $4 million declining by 39 per cent compared to the same period in 2022. The market also saw a 28 per cent decline in residential sales over $1 million. Active listings remained below historical averages, and luxury buyer activity waned, particularly in the city’s condominium market. This shift prompted an increase in conditional offers, price adjustments, and days on the market, as prospective buyers gained negotiation leverage.

Calgary

In contrast to the other major cities, consumer sentiment in Calgary remained optimistic throughout the first half of 2023. The city’s luxury housing market continued to remain active, with steady momentum in the spring driven by strong buyer and investor demand. Economic optimism and attractive luxury housing prices have also attracted in-migration and real estate investment from other parts of Canada. While overall residential real estate sales over $1 million and $4 million declined nominally by 10 per cent and 20 percent, respectively, the luxury condominium market in Calgary experienced an impressive 100 per cent gain in $1 million-plus sales compared to 2022 levels.

Don Kottick, president and CEO of Sotheby’s International Realty Canada, noted that the Canadian luxury housing market demonstrated resilience despite rising interest rates and economic uncertainties.

“Canadian luxury market performance has started to diverge, at times unpredictably, between major cities, neighbourhoods and housing types. Vancouver and Toronto’s urban luxury single-family home markets experienced some of the most pronounced improvements in spring activity; however, inadequate supply continued to frustrate potential sales and to undermine the housing needs of locals,” Kottick says.

“Over the past few years, Calgary has emerged as one of Canada’s most upbeat luxury real estate markets, and in the first half of 2023, its condominium market surpassed expectations with annual percentage sales gains that outstripped other major cities’ performance.”

He highlighted a growing disparity between luxury and conventional buyers’ behaviour since the Bank of Canada began raising interest rates in March 2022. Wealthier luxury buyers have been quicker to adapt to rising mortgage rates, re-engaging in property searches and strategic investments. In contrast, conventional buyers have been more cautious, waiting for greater certainty and more favourable market conditions, which experts caution could carry considerable risks given the current unpredictability of the housing market.

Article from REM Magazine Online

Our wonderful clients have just purchased this beauty. Thank you DB from Sutton West Coast for all your help. The seller has really cared for this condo and decorated it beauitfully. 

MUST SEE ground level 2 bedroom & 2 bathroom condo completely renovated in 2013 but still looks and feels like new. Enjoy the large 400 square foot patio garden area fully fenced with separate entrance gate that makes it feel like a townhouse. Inside this beautiful home you will find over 1200 square feet of indoor living space. Quality renovations include tiger wood engineered hardwood in the great room and halls. Porcelain tile in the laundry and bathrooms, complete kitchen and bathroom renovations including electrical, light fixtures and plumbing fixtures. Kitchen Craft cabinets and granite countertops throughout plus quality stainless steel appliances. Centrally located concrete building just a few minutes walk from Semiahmoo Mall and everything White Rock centre has to offer.

Welcome to 406 at “The BENJAMIN.” This top floor cutie is perfect for a 1^st time purchaser, an investor & an empty nester. With high vaulted ceiling & windows that allow the natural light to flow through + lots of wall space for your art collection. The kitchen has stainless steel appliances and quartz counter tops. Bedroom with large closet for extra storage. Chic 4-piece bath the soaker tub & rain shower head. Insuite stackable washer & dryer. Fabulous deck for summer dining. This unit has air conditioning. One parking spot. Great location to stroll to shopping, transit, and walking trails. Don’t miss your chance on this cutie…

http://www.listings.360hometours.ca/15850

Classic European inspired 5 bedroom, 4 bath executive home located in the prestigious “The Uplands” neighbourhood in Anmore.

Experience stunning mountain views in a private rural lot, just a short drive for the city.

Perfect for entertaining, with a dream kitchen complete with solid wood cabinets, SS appliances, granite countertops & expansive kitchen island.

Family room French doors open to massive outdoor deck, complete with 2 gas hookups.

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 SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply. In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023.

The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year. “A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill.

“For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.” Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell. MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.

• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.

• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

The Fraser Valley Real Estate Board is an association of 5,057 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

 VANCOUVER, BC – July , 2023 – Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022.

This was 3.1 per cent below the 10-year seasonal average (5,518). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091). Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent.

By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver.

This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.

Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.

Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023. Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022.

The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023. -30- 1.

Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. 2. REBGV is now including multifamily and land sales and listings in this monthly report.

Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Welcome to 2110 Anita Drive in the ever-popular Maryhill family friendly neighbourhood. This home has been updated through the years. Stunning kitchen with white painted wood cabinets, stone counters, SS appliances & black accents. Large laundry/pantry off dining area/family room. 3-year-old roof & gutters .Lovely real hardwood flooring.  3 bedrooms up+2 baths. Lots of windows for light. Beautiful soundproofed 1 bedroom suite down with updated kitchen & 3-piece bath. Separate entrance with a patio area. Large rec room with a 3-piece bath. Workout area, teen/student hangout, home office, etc.