Key Insights from Dexter’s September 2024 Report

• Bank of Canada expected to cut rates by 0.5% in October

• Sales in Metro Vancouver decline for the fifth consecutive month

• Highest number of Vancouver condo listings since 2012

• Buyers should act now before competition increases as rates fall further

September 2024 was a month of promises and uncertainty. The Bank of Canada cut its interest rate for the third consecutive time, and the U.S. followed suit with its first rate cut, a bold half-point reduction. Economic indicators point to another 0.5% rate cut from the Bank of Canada in October. Meanwhile, British Columbia heads to the polls in late October, adding political promises into the mix, particularly around housing affordability.

Buyers, however, seemed hesitant in September, waiting to see how these economic shifts would unfold. Sellers, on the other hand, flooded the market, with listings surging to their highest level since 2019. This created a window of opportunity for buyers to take advantage of the increased inventory before the anticipated rate cuts spark renewed competition.

For homeowners with variable-rate mortgages or lines of credit, September’s quarter-point cut reduced borrowing costs. While some expected a half-point reduction, it leaves room for further cuts in the Bank of Canada’s final two meetings this year. With inflation lagging, more aggressive cuts could bring the rate to 3.5% or lower by early 2025. However, buyers hoping for large fixed-rate drops may be disappointed, as bond yields—already factoring in expected rate cuts—have caused fixed rates to decline by more than 1.5% from their highs. Variable-rate mortgages now present the most significant savings, offering an advantage to buyers who act before spring competition intensifies.

Sales Trends and Market Dynamics In Greater Vancouver, 1,852 properties were sold in September, continuing the decline from 2,418 in June, 2,333 in July, and 1,903 in August. This marks a 4% drop compared to September 2023. Despite high listing volumes, many buyers are waiting for further rate cuts and government housing measures. The federal government's upcoming extension of mortgage amortizations and increased thresholds for insured mortgages offer some relief—but not until December, pushing even more buyers toward the spring market.

Sales were 26% below the 10-year average, with inventory levels offering buyers more choices than they've had since 2019. September brought 6,228 new listings to the market, a significant 48% increase from August and the highest number of new listings since May. Sellers were eager to enter the fall market, but buyer reluctance meant more homes sat unsold.

Condo and Detached Markets Greater Vancouver ended September with 14,932 active listings, up from 13,812 in August. Condos, in particular, saw the biggest jump in listings, with 39% more inventory year-over-year. Vancouver’s westside condos have the most active listings since 2012, sitting with 10 months of supply—partly driven by changes to rental and short-term rental regulations. On the east side, where prices are $200,000 lower on average, sales increased, leaving just five months of supply.

In the detached market, months of supply rose to 11, pushing some areas into a strong buyer’s market. As political debates and rate cuts dominate October, affordability remains the key issue for many. Buyers who act now can take advantage of the current inventory before the spring rush, while others will have to navigate a market primed for more competition as rates drop further.

September offered buyers increased choice, but the clock is ticking before the next rate cut triggers more activity. The market may be quieter now, but savvy buyers should move before the spring rush hits.

For more detail on your area contact me via email-kit@kitbrown.ca or by cell 778.828.9891

• Detached home sales in August down 18% to July

• Active listing counts declined except for Richmond, Coquitlam and Port Moody

• Lowest number of monthly sales since January

• Buyers ready for more interest rate cuts

August 2024 was a month of taking a break! Sales and listings slowed as many enjoyed the summer weather before the busy fall market. After five months of rising listings, August saw a sharp decline, reducing available homes.

The Bank of Canada reduced its key interest rate for the third straight time, lowering costs for variable-rate mortgage holders. While a half-point cut was expected, there’s still room for more reductions, with rates likely to drop further by year-end. Meanwhile, the U.S. has hinted at a September rate cut.

Fixed-rate mortgages, linked to bond yields, may not see an immediate drop, but further rate cuts could bring relief. With falling rates, buyer interest is expected to pick up, and 2025 will see many five-year mortgages up for renewal.

August sales hit 1,903, down from 2,333 in July and 2,831 in April. This marks the fourth month of declining sales. Buyers seem to be waiting for further rate relief, and while sales are down 26% from the 10-year average, there’s a sense that demand is building.

The number of new listings also dropped for the fourth consecutive month, with 4,199 new listings in August, down from 7,229 in April. Inventory is now closer to a buyer’s market, and many areas have shifted from seller’s markets.

Active listings have dropped slightly, signalling that the peak for 2024 may have passed. With 13,812 listings at month’s end, buyer choice will likely shrink as we move through the rest of the year.

The political landscape in B.C. has also shifted, with the B.C. United leader stepping down. Housing will be a major focus in the upcoming election, but whether either party can effectively address supply issues remains to be seen. The NDP's efforts over the past eight years have had minimal impact, and the current regulatory environment continues to challenge future housing supply.

For the full report of any or all specific neighbourhoods, please contact me @ kit@kitbrown.ca or 778.828.9891.

Whether you own a condo or a large single family home, selling your home in the fall can be an advantage, as buyers are typically more serious and there’s less competition than in the spring or summer. Here’s how to make your home stand out:

1. Maximize Curb Appeal: As leaves fall, ensure your lawn is neat and tidy. Rake leaves, trim bushes, and plant seasonal flowers like mums to give your home a warm and welcoming look.

2. Let the Light In: Fall days are shorter, so make the most of natural light. Clean windows, open curtains, and add soft lighting to brighten your home. This can make rooms feel more inviting.

3. Cozy Up Your Space: Use neutral tones and soft textures like blankets and pillows to create a cozy atmosphere. A warm, inviting interior can help buyers imagine themselves living in the space.

4. Seasonal Maintenance: Ensure gutters are clean, HVAC systems are in working order, and any weather-related repairs are complete. A well-maintained home signals to buyers that it has been cared for.

5. Highlight Fall Features: If your home has a fireplace, emphasize it. Stage outdoor spaces with fall decorations or fire pits to showcase their year-round usability.

By focusing on these areas, you can attract more buyers and potentially sell your home faster, even during the fall season!

As a Realtor, coffee is my daily fuel. 

Coffee Station Essentials We often just find a spot to plug in our coffee makers, making the coffee station an afterthought. But if you’re building your dream home or finally tackling that kitchen reno, taking time to plan this space will make your mornings so much better.

Here are my 5 secrets to creating a fantastic coffee bar:

1. Go Built-In

   • Incorporating your coffee bar into your cabinetry keeps your kitchen looking sleek and organized. It also gives you the storage you need for all your coffee and tea essentials. Opt for a built-in design to hide appliances, cords, and outlets, freeing up counter space. Add vintage-style drawer pulls for a functional and beautiful finish.

2. Maximize Storage

   • Storage is always at a premium, so planning it out before you build is crucial. Don’t overlook cabinet doors—they’re great for adding shallow shelves to store canisters, spices, and more. Another tip: wrap-around shelving inside the bar doubles your storage space without losing visibility.

3. Upgrade Your Equipment

   • If you’re serious about your coffee, consider investing in an espresso machine. It’s a game-changer. We went with the Cliff & Pebble Rocket Appartamento, and it’s a compact, sophisticated machine that makes amazing coffee, lattes, and more. Other great options include the Jura Ena 8, Cafe Affetto, and The Miele.

4. Add Rolling Drawers

   • Convenience is key in a coffee bar, and rolling drawers make life easier. I love using crate-style drawers for storing taller bottles or less frequently used appliances. Plus, you can easily roll them out with your foot, keeping your hands free for your coffee.

5. Utilize Hooks

   • Install hooks to hang coffee mugs and wine glasses. This frees up your shelves for larger items and keeps everything within easy reach.

• Market Trends: High interest rates have slowed the economy and real estate sales. Active listings increased, with the second highest number of new July listings since 2008, creating buyer opportunities.

• Economic Overview: The Bank of Canada made a second consecutive interest rate drop in July, lowering it to 4.5%. Both Canadian and U.S. economies are slowing, affecting stock markets and bond yields. The U.S. is expected to begin rate cuts in September, potentially boosting buyer sentiment.

• Sales Data: In July, Greater Vancouver saw 2,333 properties sold, an 18% decrease from the 10-year average. Active listings reached 14,326, up 39% from last year. The sales to listings ratio is 41%, indicating a balanced market.

• Listing Trends: New listings in July were 12% above the 10-year average, with 5,689 new listings. Active listings are up significantly year-over-year, indicating more seller activity.

• Price and Inventory: The House Price Index in Greater Vancouver decreased by 0.8% month-over-month. Detached home listings increased by 30% year-over-year, townhouses by 49%, and condos by 47%.

• Regional Insights:

  • Vancouver Westside: 416 units sold, active listings at 3,040, HPI down 0.9% month-over-month.

  • Vancouver East Side: 263 units sold, active listings at 1,468, HPI down 1.2% month-over-month.

  • North Vancouver: 201 units sold, active listings at 740, HPI down 1.0% month-over-month.

  • West Vancouver: 59 units sold, active listings at 733, HPI down 1.2% month-over-month.

  • Richmond: 255 units sold, active listings at 1,563, HPI down 0.7% month-over-month.

The autumn market is shaping up for potential interest rate declines, offering promising conditions for buyers and sellers.

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.

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.

The first Bank of Canada rate cut since 2020 – now what?

• The Bank of Canada cut interest rates for the first time since 2020, providing a small relief for variable-rate mortgages and lines of credit. This could be a signal for buyers to re-enter the market, with more rate cuts potentially coming in July.

Active listings in Greater Vancouver are up 46% from last year

• Greater Vancouver saw a significant increase in active listings, up 46% year-over-year, with a notable rise in townhouses and condos.

Buyers are being patient; sales dipped in May

• Despite the influx of new listings, sales dipped in May, with buyers showing patience. Total sales in Greater Vancouver were down 20% from May 2023 and 3% from April 2024.

Watch the Micro Markets closely

• The market activity varies significantly across different areas and property types. For example, detached houses on Vancouver’s West Side remain competitive, while condos under $1 million are slower to sell.

Prices are relatively flat and some are down in the last 6 months

• Overall, prices have remained flat or have decreased slightly over the last six months, influenced by the increased supply and cautious buyer behavior.

Market Insights

• Sales and Listings Trends: Active listings in Greater Vancouver reached 13,600 by the end of May, up from 12,491 in April and 10,552 in March. New listings in May were 6,484, down from the April peak but still robust compared to historical averages.

• Micro Market Variations:

  • Vancouver Westside: Sales increased by 6% from April but were down 20% year-over-year.

  • Vancouver East Side: Sales decreased by 5% from April and 9% year-over-year, with active listings up 45% from last year.

  • North Vancouver: Sales were almost flat from April, with active listings up 55% year-over-year.

• Inventory and Supply: The overall months of supply in Greater Vancouver increased to 5 months, indicating a balanced market, though specific areas like North Vancouver and Port Coquitlam remain more competitive with lower months of supply.

• Buyer and Seller Dynamics: Buyers are cautious, likely influenced by the high-interest rates and anticipation of further rate cuts. Sellers, motivated by various factors including regulatory changes and capital gains, have increased listing activity, providing more options in the market.

Conclusion

The Greater Vancouver real estate market is in a state of flux, with a significant rise in listings and cautious buyer activity. The recent rate cut by the Bank of Canada could shift the dynamics, potentially spurring more buyer engagement in the coming months. However, the market's micro-variations mean that both buyers and sellers need to stay informed and adaptable to the ongoing changes.

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.

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.”

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.

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.