At the mid-point of February, this month was as much a dark horse to hit 2,000 sales in Greater Vancouver as Billy Mack was to hit the #1 Christmas Song in Love Actually… and like this movie being 20 years old, the sales and new listings amounts feel like they are from 20 years ago. Lack of buyer and seller engagement continues to be one of the significant stories in the market. And as we’ve said before, Metro Vancouver real estate doesn’t have a speculation problem, it has a holding problem. Buyers are holding real estate and not turning into sellers which results in significantly less homes available for other buyers to purchase. But government policy continues to go after the demand side instead of encouraging supply from the existing home stock. Expecting new home construction to fill the void isn’t enough nor realistic.

With the Bank of Canada holding their rate at 5% at the latest meeting this morning, and with the U.S. holding at 5.5% so far this year, the wait continues as to when we might see the first rate cut. The sentiment is that it’s coming. Canadian and U.S. inflation is showing signs of easing, and with the Canadian economy showing signs of weakness, logic would say that rates should be coming down sooner rather than later. Employment numbers remain relatively flat though which isn’t helping in the obvious decision. Canada will likely wait for our neighbours to the south to make the first move, which may come in June when the U.S. has its more in-depth policy decision meeting.

There were 2,070 properties sold in Greater Vancouver in February after, 1,427 properties sold in January this year. This was a 13% increase from the 1,824 properties sold last year in February. Even with one more day in February this year, there were 103.5 sales per day compared to 96 sales per day last year. So, we can’t fully thank the extra day in the leap year for a better February. There is more buyer engagement. The latter half of the month certainly produced more sales, with the last week of the month showing 116 sales per day. A sign the real estate market is continuing to show more activity. This was also the first month where total sales were over 2,000 since August of last year as the fall suffered the fate of two summer interest rate increases by the Bank of Canada. Optimism is gaining in the market as buyers simply need to move on – literally.

With this increase in activity, sales in February were 23% below the 10-year average, after sales in January were 22% below the 10-year average with sales in December 37% below the 10-year average and November’s sales at 35% below the 10-year average. We’re still within a slower moving market, and with a few more listings coming on this month, buyers were given opportunity. And moving forward, they should take advantage of it. February isn’t traditionally a strong month for sales, so expect March to produce more sales, even with spring break in the middle of it.

With the increase sales, we saw a drop to 5 months supply of homes overall in Greater Vancouver, falling back from 6 months in January and 7 months supply in December. Vancouver’s West Side dropped down to 6 months supply from 8 in January and Vancouver’s East Side declined to 4 months (a technical seller’s market) from 6 months in January. Vancouver saw fewer new listings in February compared to other areas of the region, while sales were up 53% compared to January on the West Side and 52% on the East Side. West Vancouver produced twice as many sales in February, bringing months supply down to 9 from 21. Detached sales in each of these cities showing more growth than the other sectors, signalling the upper end of the market is coming back perhaps. The perpetually under supplied North Vancouver dropped down to 3 months supply with condos there at 2 months supply. Further east, Burnaby and beyond have 4 months supply of homes available, with the Tri-Cities down to 3 months supply. Maple Ridge is the anomaly with 5 months supply after significant increase in new listings – up 92% compared to February last year and to 54% compared to January. Active listing counts are up 47% compared to this time last year. Buyers, Maple Ridge is where the opportunities are!

Even with the extra day in the month, we only saw 4,651 new listings in Greater Vancouver. This was well above last year’s total of 3,559 new listings, so that’s a good sign that sellers are coming back, perhaps in response to an uptick in buyer activity. Multiple offers have been occurring in the market more than last fall, an encouraging sign for those sellers that were afraid to enter a quiet market.

The challenge of giving up lower mortgage rates continues for many homeowners through, unwilling to enter a higher mortgage rate to make a move. As renewals begin over the next few months and years and as rates start to come down, we’ll see this pent-up supply start to release more into the market. For some sellers, it may be better to take advantage of a lack of listings now and come on the market and work with a mortgage professional to find the right rate for now in anticipation of lower rates in the next few years. Date the rate and marry the house as they say.

The number of new listings in January were right at the 10-year average, which is an improvement from January where they were 13% below the average and December with the number of new listings in that month being 25% below the 10-year average.

There were 9,634 active listings in Greater Vancouver at month end, after there being 8,633 active listings in Greater Vancouver at the end of January and 8,283 at the end of February 2023. The detached market overall has come down to 6 months supply from 8, putting it into balanced market territory. Townhomes remain at 4 months supply and condos dropped to 4 months supply from 5 – putting both into seller market conditions. Depending on price point and area though, some may be more in balanced market conditions. Absorption rates for detached were 39% for the month while townhouses and condos were at 48% and 47% respectively. All segments saw lower absorption rates compared to last year in February, because of more new listings this year. As a result, we are seeing a gain in the active listing counts. This could bring more buyers to the market, again, a good sign for sellers.

Will March be the lion or the lamb in the real estate market. With a sizeable increase in both sales and new listings in February compared to the previous month, will March continue down that path. After the provincial budget was announced, buyers and sellers will continue to navigate an incredible amount of policy changes by government, with an anti-flipping tax of 20% to start in 2025 introduced by the BC NDP. The likely effect of this in the years to come will be a reduced number of listings as sellers hold on to properties more than they already are. Perhaps we’ll see a push to sell before 2024 ends though. Increased thresholds for the Property Transfer Tax exemptions starting April 1st will help those buyers purchasing up to $835,000 for resale and up to $1.1 million for newly constructed homes. The first-time homebuyer incentive has been discontinued at the federal level, much to the dismay of Dawson Creek which was the only region of B.C. where the program worked. Goodbye to bad legislation. Unfortunately, that was not the same for the Foreign Buyer Ban as the Federal Liberals announced a further two-year extension on that program which will now run until the end of 2026. All of which do not help but hinder supply of homes, which is the biggest challenge in the housing market, ironically identified by the government too. Too bad policy doesn’t align with reality.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 2,070 – up from 1,427 (45%) in January, up from 1,345 (54%) in December up from 1,824 (13%) in February 2023, down from 3,451 (40%) in February 2022, down from 3,852 (47%) in February 2021, down from 2,185 (5%) in February 2020, up from 1,512 (40%) in February 2019; Active Listings were at 9,634 at month end compared to 8,283 at that time last year and 8,633 at the end of January; New Listings in February were up 20% compared to January 2024, up 9% compared to February 2023, down 10% compared to February 2022, down 10% compared to February 2021, up 13% compared to February 2020, and up 17% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 37% in January 2024, 51% in February 2023, 62% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 1.9% and in the last 6 months down 2.1%. Prices appear to be on the upswing after several months of seeing them decline through the fall.

Vancouver Westside: Total Units Sold in February were 374 – up from 245 (53%) in January, up from 235 (59%) in December up from 316 (18%) in February 2023, down from 665 (44%) in February 2022, down from 592 (37%) in February 2021, up from 367 (2%) in February 2020, up from 254 (47%) in February 2019; Active Listings were at 2,148 at month end compared to 1,923 at that time last year and 1,963 at the end of January; New Listings in February were up 10% compared to January 2024, up 31% compared to February 2023, down 15% compared to February 2022, down 1% compared to February 2021, up 32% compared to February 2020, and up 5% compared to February 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 29% in January 2024, 44% in February 2023, 61% in February 2022, and 29% in February 2019. Month-over-month, the house price index is up 4.0% and in the last 6 months down 0.7%.

Vancouver East Side: Total Units Sold in February were 249 – up from 164 (52%) in January, up from 148 (68%) in December up from 198 (26%) in February 2023, down from 359 (31%) in February 2022, down from 408 (39%) in February 2021, up from 243 (2%) in February 2020, up from 166 (50%) in February 2019; Active Listings were at 1,109 at month end compared to 900 at that time last year and 990 at the end of January; New Listings in February were up 9% compared to January 2024, up 43% compared to February 2023, down 16% compared to February 2022, down 6% compared to February 2021, up 23% compared to February 2020, and up 41% compared to February 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 46% compared to 33% in January 2024, 52% in February 2023, 55% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 0.8% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in February were 163 – up from 117 (39%) in January, up from 106 (52%) in December up from 1,824 (9%) in February 2023, down from 261 (38%) in February 2022, down from 318 (49%) in February 2021, down from 206 (21%) in February 2020, up from 124 (31%) in February 2019; Active Listings were at 489 at month end compared to 436 at that time last year and 414 at the end of January; New Listings in February were up 27% compared to January 2024, up 35% compared to February 2023, down 16% compared to February 2022, down 20% compared to February 2021, down 8% compared to February 2020, and up 2% compared to February 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 48% compared to 43% in January 2024, 59% in February 2023, 64% in February 2022, and 37% in February 2019. Month-over-month, the house price index is up 1.5% and in the last 6 months down 1.8%.

West Vancouver: Total Units Sold in February were 56 – up from 23 (143%) in January, up from 41 (37%) in December up from 43 (30%) in February 2023, down from 80 (30%) in February 2022, down from 102 (45%) in February 2021, down from 57 (2%) in February 2020, up from 39 (44%) in February 2019; Active Listings were at 526 at month end compared to 443 at that time last year and 483 at the end of January; New Listings in February were down 5% compared to January 2024, up 11% compared to February 2023, down 21% compared to February 2022, up 6% compared to February 2021, up 19% compared to February 2020, and up 1% compared to February 2019. Month’s supply of total residential listings is down to 9 month’s supply from 21 in January (still buyer’s market conditions) and sales to listings ratio of 33% compared to 13% in January 2024, 28% in February 2023, 37% in February 2022, and 23% in February 2019. Month-over-month, the house price index is down 3.7% and in the last 6 months down 6.3%.

Richmond: Total Units Sold in February were 231 – up from 161 (43%) in January, up from 169 (37%) in December up from 227 (2%) in February 2023, down from 340 (30%) in February 2022, down from 453 (49%) in February 2021, down from 253 (9%) in February 2020, up from 155 (49%) in February 2019; Active Listings were at 1,088 at month end compared to 1,036 at that time last year and 1,014 at the end of January; New Listings in February were up 13% compared to January 2024, up 1% compared to February 2023, down 34% compared to February 2022, down 30% compared to February 2021, down 8% compared to February 2020, and down 2% compared to February 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 39% in January 2024, 49% in February 2023, 56% in February 2022, and 33% in February 2019. Month-over-month, the house price index is up 2.9% and in the last 6 months down 1.2%.

Burnaby East: Total Units Sold in February were 25 – up from 17 (47%) in January, up from 18 (39%) in December up from 21 (19%) in February 2023, down from 34 (24%) in February 2022, down from 41 (37%) in February 2021, down from 32 (22%) in February 2020, up from 17 (47%) in February 2019; Active Listings were at 94 at month end compared to 71 at that time last year and 77 at the end of January; New Listings in February were up 20% compared to January 2024, up 200% compared to February 2023, down 7% compared to February 2022, down 6% compared to February 2021, up 58% compared to February 2020, and up 67% compared to February 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 42% compared to 34% in January 2024, 105% in February 2023, 52% in February 2022, and 47% in February 2019. Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.6%.

Burnaby North: Total Units Sold in February were 121 – up from 88 (38%) in January, up from 91 (33%) in December down from 134 (2%) in February 2023, down from 226 (46%) in February 2022, down from 193 (37%) in February 2021, up from 100 (21%) in February 2020, up from 84 (44%) in February 2019; Active Listings were at 447 at month end compared to 380 at that time last year and 387 at the end of January; New Listings in February were up 35% compared to January 2024, up 22% compared to February 2023, down 20% compared to February 2022, down 6% compared to February 2021, up 29% compared to February 2020, and up 56% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 49% compared to 48% in January 2024, 66% in February 2023, 72% in February 2022, and 53% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 1.7%.

Burnaby South: Total Units Sold in February were 109 – up from 102 (7%) in January, up from 79 (38%) in December down from 118 (8%) in February 2023, down from 200 (45%) in February 2022, down from 201 (46%) in February 2021, up from 105 (4%) in February 2020, up from 83 (31%) in February 2019; Active Listings were at 425 at month end compared to 377 at that time last year and 398 at the end of January; New Listings in February were down 2% compared to January 2024, up 1% compared to February 2023, down 27% compared to February 2022, down 23% compared to February 2021, up 9% compared to February 2020, and up 0.5% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 48% in January 2024, 57% in February 2023, 70% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.6% and in the last 6 months down 2.1%.

New Westminster: Total Units Sold in February were 79 – up from 54 (46%) in January, up from 46 (72%) in December up from 66 (20%) in February 2023, down from 159 (50%) in February 2022, down from 164 (52%) in February 2021, down from 90 (12%) in February 2020, up from 63 (25%) in February 2019; Active Listings were at 300 at month end compared to 222 at that time last year and 242 at the end of January; New Listings in February were up 43% compared to January 2024, up 79% compared to February 2023, down 15% compared to February 2022, down 12% compared to February 2021, up 25% compared to February 2020, and up 16% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 41% compared to 40% in January 2024, 62% in February 2023, 70% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.1%.

Coquitlam: Total Units Sold in February were 189 – up from 112 (69%) in January, up from 119 (59%) in December up from 158 (20%) in February 2023, down from 264 (28%) in February 2022, down from 322 (41%) in February 2021, down from 196 (4%) in February 2020, up from 134 (41%) in February 2019; Active Listings were at 599 at month end compared to 466 at that time last year and 521 at the end of January; New Listings in February were up 29% compared to January 2024, up 56% compared to February 2023, down 17% compared to February 2022, down 9% compared to February 2021, up 13% compared to February 2020, and up 28% compared to February 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 39% in January 2024, 67% in February 2023, 59% in February 2022, and 46% in February 2019. Month-over-month, the house price index is up 2.4% and in the last 6 months down 1.8%.

Port Moody: Total Units Sold in February were 46 – up from 31 (48%) in January, up from 25 (84%) in December down from 47 (2%) in February 2023, down from 87 (47%) in February 2022, down from 92 (50%) in February 2021, up from 36 (28%) in February 2020, up from 30 (53%) in February 2019; Active Listings were at 131 at month end compared to 200 at that time last year and 122 at the end of January; New Listings in February were up 47% compared to January 2024, down 11% compared to February 2023, down 32% compared to February 2022, down 38% compared to February 2021, down 26% compared to February 2020, and up 1% compared to February 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 55% in January 2024, 52% in February 2023, 73% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 1.0% and in the last 6 months down 2.2%.

Port Coquitlam: Total Units Sold in February were 64 – up from 43 (49%) in January, up from 36 (78%) in December up from 40 (60%) in February 2023, down from 108 (40%) in February 2022, down from 122 (48%) in February 2021, down from 83 (23%) in February 2020, up from 60 (7%) in February 2019; Active Listings were at 198 at month end compared to 140 at that time last year and 155 at the end of January; New Listings in February were up 104% compared to January 2024, up 71% compared to February 2023, down 3% compared to February 2022, down 13% compared to February 2021, up 17% compared to February 2020, and up 6% compared to February 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 43% compared to 59% in January 2024, 46% in February 2023, 71% in February 2022, and 43% in February 2019. Month-over-month, the house price index is up 3.2% and in the last 6 months down 1.2%.

Pitt Meadows: Total Units Sold in February were 23 – up from 20 (15%) in January, up from 15 (53%) in February 2023, down from 35 (34%) in February 2022, down from 48 (50%) in February 2021, down from 27 (15%) in February 2020, up from 15 (53%) in February 2019; Active Listings were at 64 at month end compared to 62 at that time last year and 57 at the end of January; New Listings in February were up 18% compared to January 2024, up 66% compared to February 2023, down 10% compared to February 2022, down 20% compared to February 2021, down 12% compared to February 2020, and up 10% compared to February 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 51% compared to 52% in January 2024, 55% in February 2023, 70% in February 2022, and 36% in February 2019. Month-over-month, the house price index is up 2.8% and in the last 6 months down 0.5%.

Maple Ridge: Total Units Sold in February were 145 – up from 106 (37%) in January, up from 129 (12%) in February 2023, down from 224 (35%) in February 2022, down from 292 (50%) in February 2021, down from 177 (18%) in February 2020, up from 100 (45%) in February 2019; Active Listings were at 678 at month end compared to 462 at that time last year and 563 at the end of January; New Listings in February were up 54% compared to January 2024, up 92% compared to February 2023, up 11% compared to February 2022, up 16% compared to February 2021, up 35% compared to February 2020, and up 94% compared to February 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 40% in January 2024, 62% in February 2023, 62% in February 2022, and 48% in February 2019. Month-over-month, the house price index is up 1.1% and in the last 6 months down 3.6%.

Ladner: Total Units Sold in February were 23 – up from 21 (10%) in January, up from 12 (92%) in December down from 27 (15%) in February 2023, down from 26 (12%) in February 2022, down from 61 (63%) in February 2021, down from 36 (36%) in February 2020, up from 20 (15%) in February 2019; Active Listings were at 82 at month end compared to 98 at that time last year and 83 at the end of January; New Listings in February were up 20% compared to January 2024, down 39% compared to February 2023, down 35% compared to February 2022, down 55% compared to February 2021, up 45% compared to February 2020, and up 26% compared to February 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 62% compared to 46% in January 2024, 44% in February 2023, 46% in February 2022, and 40% in February 2019. Month-over-month, the house price index is up 0.4% and in the last 6 months down 5.0%.

Tsawwassen: Total Units Sold in February were 38 – up from 24 (58%) in January, up from 21 (81%) in December up from 25 (52%) in February 2023, down from 73 (48%) in February 2022, down from 76 (50%) in February 2021, up from 32 (19%) in February 2020, up from 21 (81%) in February 2019; Active Listings were at 156 at month end compared to 146 at that time last year and 139 at the end of January; New Listings in February were up 47% compared to January 2024, up 42% compared to February 2023, down 26% compared to February 2022, down 27% compared to February 2021, up 39% compared to February 2020, and up 36% compared to February 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 51% compared to 47% in January 2024, 47% in February 2023, 72% in February 2022, and 38% in February 2019. Month-over-month, the house price index is up 0.7% and in the last 6 months down 1.4%.

Fraser Valley: Sales in February were up 32% from January and up 38% from February 2023. New listings were up 18% from January and up 44% from February 2023. While the average price was down 0.1% month-over-month, it is up 8% year-over-year. Active listings were up 14% to 5,561 from 4,877 last month but up 26% from February 2023. After seeing steep declines, active listing counts in the region are climbing. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is up 0.9% and in the last 6 months down 4.2%.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

When shopping for a new house or condo, most buyers consider factors such as neighborhood, proximity to schools, number of bedrooms and bathrooms, size of the kitchen, and more.
These are, of course, all important considerations. But, there’s one question that few buyers ask until it’s too late: “Will our furniture fit?”

This may seem like a trivial concern. But, if you’ve invested thousands of dollars in a new living room set, you’re going to be very disappointed if it looks too crowded in your new home.

Here’s a tip: measure rooms in your current home that contain the furniture you like most. This could be the living room, rec room, master bedroom or even the patio. Then imagine how much smaller – if at all – that room could be while still accommodating the furniture.

When you view properties on the market, take those measurements with you. That way, you’ll be able to quickly determine if room sizes are going to be an issue.

March is a vibrant and exciting month in Vancouver, with a plethora of events to keep you entertained. Whether you’re a culture enthusiast, a foodie, or someone who loves the outdoors, there’s something for everyone. Here’s a roundup of fun events happening in Vancouver this March:

1. Vancouver International Dance Festival (VIDF):
Immerse yourself in the world of dance at the VIDF, featuring an array of performances from local and international dance artists. From contemporary to traditional, this festival celebrates the diversity of dance forms. https://www.vidf.ca/

2. Vancouver Cherry Blossom Festival:
Witness the city come alive with shades of pink as cherry blossoms bloom across Vancouver. The Cherry Blossom Festival hosts various events, including guided walking tours, bike rides, and art exhibitions to celebrate this natural spectacle. https://vcbf.ca/events/

3. Vancouver International Wine Festival:
For the wine connoisseurs, the International Wine Festival offers the perfect opportunity to sample a vast selection of wines from around the world. Attend tastings, seminars, and special events to enhance your wine knowledge. https://vanwinefest.ca/about/about-us/about-the-festival/

4. St. Patrick’s Day Parade:
Get your green on and join the St. Patrick’s Day Parade, a lively event featuring Irish dancers, bagpipers, and a sea of green-clad revelers. The parade winds its way through downtown Vancouver, spreading cheer and Irish spirit. https://allevents.in/vancouver/saint-patricks-day

5. Vancouver International Film Festival (VIFF):
Film enthusiasts can indulge in a diverse range of cinematic creations at the Vancouver International Film Festival. Explore thought-provoking documentaries, captivating dramas, and innovative independent films from both local and international filmmakers. https://viff.org/festival/

6.Pacific Rim Whale Festival:
Head to the coastal town of Tofino, a short drive from Vancouver, to celebrate the Pacific Rim Whale Festival. Enjoy whale watching excursions, educational programs, and coastal activities while surrounded by the stunning natural beauty of the area. https://www.pacificrimwhalefestival.com/?gad_source=1&gclid=CjwKCAiAuYuvBhApEiwAzq_YiWUpRAtmvbPkeZT3IVAvxBJM31wv1qITy54aso_jDY4qMf5l2MNfqRoCzPUQAvD_BwE

March in Vancouver is a celebration of diversity, culture, and the awakening of nature. Whether you’re exploring the arts, sipping on exquisite wines, or embracing the outdoors, the city has an event that will capture your interest and make your March memorable.

No matter how much you love your current home, you may still be dreaming of the day you can buy up into a better home in a better neighborhood.

Is that day today or a few years down the road?

Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms; proximity to work and school; a larger backyard with trees; nearby parks and walking paths; and, better access to things you enjoy, like theater.

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck; an easier and less stressful commute to work; more family time with the kids; and, enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, the average price of homes in your desired neighborhood, and how much mortgage you can afford.

Once you have all of that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then, you have your answer.

The time to move is now!

By the way, if you need help in making this determination – especially figuring out what
your home will likely sell for, call today.

Highlights of Dexter’s January 2024 report

1. Buoyant Buyer Activity: Sales in Greater Vancouver surged by 39% compared to January 2023, signaling a resurgence in buyer interest.

2. Detached Listings Hit Historic Lows: Vancouver detached property listings reached their lowest levels since December 2015, underscoring limited inventory.

3. Modest Increase in New Listings: While the number of new listings rose by 15% from January 2023, it still trails behind the surge in buyer demand.

4. Speculation on Bank of Canada’s Rate Cuts: Anticipation looms over potential rate cuts by the Bank of Canada, with market players eagerly awaiting announcements.

5. West Vancouver Records Lowest Monthly Sales in Years: West Vancouver witnessed its lowest monthly sales since 2008, highlighting subdued market conditions.

6. Positive Market Sentiment for 2024: Despite lingering uncertainties, the new year seems to bring renewed optimism, with buyers showing eagerness to enter the market.

7. Balanced Market Conditions Prevail: Greater Vancouver maintains a balanced market with six months’ worth of supply, indicating stable conditions for both buyers and sellers.

8. Mixed Performance Across Property Types: Townhomes outshine detached properties and condos with higher absorption rates, suggesting varied preferences among buyers.

9. Government Regulations Impacting Supply: Stringent regulations contribute to supply constraints, impacting both resale and new development.

10. Fraser Valley Sees Encouraging Trends: Sales in the Fraser Valley surged by 52% year-over-year, reflecting a positive shift in market sentiment.

A new year, a new real estate market. Sort of. As 2024 took hold, buyers appeared to embrace home buying more so than they did when 2023 began. Sales were up 39% in Greater Vancouver and 52% in the Fraser Valley year-over-year. Anticipation of future rate cuts were on the minds of many as they awaited the Bank of Canada’s first interest rate announcement in late January. While a rate cut wasn’t anticipated, the messaging of future rate cuts was on the minds of many. And while some predicted the next Bank of Canada meetings in March and April could be the first rate cut since the spate of increases starting in 2022, sticky inflation and a Canadian economy sidestepping a recession could keep the current Bank rate in check until June or July. Buyers don’t seem to want to wait though as market activity so far is indicating the pent-up demand can only hold off for so long.

There were 1,427 properties sold in Greater Vancouver in January this year. This was a 39% increase from the 1,030 properties sold last year in January. And this was the first month-over-month increase in sales since May of last year. You can only keep a good market down for so long. Even with the deep freeze and snow event last month, buyers made their way out to go through the limited supply of listings, many surprised at how many were no longer available. As the temperature in January rose to finish the month, the real estate market seemed to see its temperature rise as well. Will February produce the first month with more than 2,000 sales since August? Likely yes, but that will require a few more sellers to join jump into the market as well. With this increase in activity, sales in January were 22% below the 10-year average after sales in December were 37% below the 10-year average and November’s sales were at 35% below the 10-year average. The trends and numbers certainly show an increase in buyer activity. Stats don’t lie.

With current sales, we continue to be in a balanced market with 6 months supply of homes overall in Greater Vancouver, falling back from 7 months supply in December. Vancouver’s West Side was higher in the region at 8 months supply and West Vancouver with its lowest monthly sales since December 2008 clocked in at 21 months supply of homes available. A severe buyer’s market. While its neighbour next door, North Vancouver, maintained its 4 months supply, doing its best seller’s market imitation. Burnaby North and South, New Westminster, Port Coquitlam, and Ladner all finished January with 4 months supply of listings. Ladner didn’t see any condo sales in January, but then again there are only 8 active listings and there were no new listings in December, proving you can’t buy what isn’t available. Pitt Meadows has the lowest supply in the region with only 3 months worth of listings available for buyers shopping in that city.

With the precipitous drop in total listings we saw through the last two months of 2023, January saw 3,875 new listings. This was the third lowest number of new listings for the month of January since the year 2000. This after there were only 1,355 new listings in December after 3,440 new listings in November, but it was slightly higher than the number of new listings in January last year at 3,384.

The number of new listings in January were 13% below the 10-year average, which is an improvement from December with the number of new listings in that month being 25% below the 10-year average. But still below the averages in the 3 months preceding December: 3% below the 10-year average in November, 5% above the 10-year average in October and 6% above the 10-year average in September.

There were 8,633 active listings in Greater Vancouver at the end of January after seeing 8,802 active listings at the end of December. It’s rare to see the total number of active listings end with less in January then in December, but after several listings expired at the end of December, January started with 7,828 active listings. And with fewer new listings in January than is typical, that hole is hard to dig out of. Perhaps it’s a signal to sellers that the opportunity to list their home on the market is better than we’ve seen over the last year. Buyers are shopping and hoping that more sellers will list. The detached market overall remains in buyer’s market territory with 8 months supply of inventory, down from 9 months in December. Townhomes slipped down to 4 months supply and condos continue to sit just above 5 months supply of listings. The missing middle known as townhomes had a 42% absorption rate in January with sales up 82% compared to January last year. This was higher than detached at 33% absorption and sales 28% higher than January 2023 and condos at 37% absorption and sales 30% higher than January 2023. Perhaps the provincial government’s small-scale, multi-unit housing plan should have focused more on building more townhomes and row homes than 3 to 6 unit buildings scattered throughout the region.

As we start February, Ground Hogs in Canada indicated that we would see an early spring. Will we also see and early real estate market? The thought was it would depend on interest rates starting their decline, but with a little more uncertainty when that might happen, buyers seem to be wanting to get on finding their first or next home. January was an indication that buyers are back, but the question remains – where are the sellers? A slower decline in interest rates may produce a more balanced market, as long we see more listings come on the market. The sudden rise in interest rates is keeping supply out of the real estate market, not just resale, but the much-needed new product that will fuel buyers in the years to come.

Bank of Canada governor Tiff Macklem recently said that high interest rates aren’t to blame for the housing crisis and that it can’t solve the housing crisis with interest rates. That seems to fly in the face of that fact that elevated interest rates are keeping new development at bay as higher interest rates add to the cost of housing and risk for developers. The extension of the Foreign Buyer ban announced on February 4, which will be until 2027 may also limit supply and not provide more. The host of government regulations have not helped to build more supply in the real estate market and is doing the opposite.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,427 – up from 1,345 (6%) in December, down from 1,702 (16%) in November 2023, up from 1,030 (39%) in January 2023, down from 2,329 (39%) in January 2022, down from 2,454 (42%) in January 2021, down from 1,602 (11%) in January 2020, up from 1,102 (29%) in January 2019; Active Listings were at 8,633 at month end compared to 7,862 at that time last year and 8,802 at the end of December; New Listings in January were up 186% compared to December 2023, up 13% compared to November 2023, up 15% compared to January 2023, down 9% compared to January 2022, down 16% compared to January 2021, down 3% compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 37% compared to 99% in December 2023, 30% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 4.6%.

Vancouver Westside: Total Units Sold in January were 245 – up from 235 (4%) in December, down from 315 (23%) in November 2023, up from 194 (26%) in January 2023, down from 445 (45%) in January 2022, down from 393 (38%) in January 2021, down from 275 (11%) in January 2020, up from 187 (31%) in January 2019; Active Listings were at 1,963 at month end compared to 1,827 at that time last year and 1,998 at the end of December (detached listings at 453 were the lowest amount since December 2015); New Listings in January were up 244% compared to December 2023, up 26% compared to November 2023, up 18% compared to January 2023, down 16% compared to January 2022, down 5% compared to January 2021, up 15% compared to January 2020, down 13% compared to January 2019. Month’s supply of total residential listings is down to 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 29% compared to 95% in December 2023, 27% in January 2023 and 44% in January 2022. Month-over-month, the house price index is down 0.9% and in the last 6 months down 4.8%.

Vancouver East Side: Total Units Sold in January were 164 – up from 148 (11%) in December, down from 175 (6%) in November 2023, up from 118 (39%) in January 2023, down from 257 (36%) in January 2022, down from 257 (36%) in January 2021, up from 161 (2%) in January 2020, up from 105 (56%) in January 2019; Active Listings were at 990 at month end compared to 867 at that time last year and 977 at the end of December; New Listings in January were up 240% compared to December 2023, up 23% compared to November 2023, up 40% compared to January 2023, up 5% compared to January 2022, down 2% compared to January 2021, up 40% compared to January 2020, up 10% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 100% in December 2023, 33% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 0.6% and in the last 6 months down 3.5%.

North Vancouver: Total Units Sold in January were 117 – up from 106 (10%) in December, down from 157 (25%) in November 2023, up from 82 (43%) in January 2023, down from 143 (19%) in January 2022, down from 179 (35%) in January 2021, up from 100 (17%) in January 2020, up from 91 (29%) in January 2019; Active Listings were at 414 at month end compared to 416 at that time last year and 392 at the end of December; New Listings in January were up 171% compared to December 2023, up 1% compared to November 2023, up 17% compared to January 2023, up 3% compared to January 2022, down 20% compared to January 2021, down 27% compared to January 2020, down 38% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 106% in December 2023, 35% in January 2023 and 55% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.3%.

West Vancouver: West Vancouver saw the house price index increase 2.5% last month, but that will likely drop over the next month as sales stall in one of the highest priced neighbourhoods in the region.

Total Units Sold in January were 23 – down from 41 (44%) in December, down from 48 (52%) in November 2023, down from 28 (18%) in January 2023, down from 45 (49%) in January 2022, down from 45 (49%) in January 2021, down from 29 (21%) in January 2020, down from 26 (12%) in January 2019; Active Listings were at 483 at month end compared to 408 at that time last year and 487 at the end of December; New Listings in January were up 233% compared to December 2023, up 7% compared to November 2023, up 42% compared to January 2023, up 28% compared to January 2022, down 7% compared to January 2021, the same amount compared to January 2020, down 22% compared to January 2019. Month’s supply of total residential listings is up to 21 month’s supply (buyer’s market conditions) and sales to listings ratio of 13% compared to 76% in December 2023, 22% in January 2023 and 32% in January 2022.

Richmond: Total Units Sold in January were 161 – down from 169 (5%) in December, down from 179 (10%) in November 2023, up from 120 (34%) in January 2023, down from 340 (53%) in January 2022, down from 277 (42%) in January 2021, down from 227 (29%) in January 2020, up from 121 (33%) in January 2019; Active Listings were at 1,014 at month end compared to 942 at that time last year and 1,043 at the end of December; New Listings in January were up 154% compared to December 2023, up 2% compared to November 2023, up 1% compared to January 2023, down 26% compared to January 2022, down 31% compared to January 2021, down 22% compared to January 2020, down 46% compared to January 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 104% in December 2023, 29% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 1.1% and in the last 6 months down 4.0%.

Burnaby East: Total Units Sold in January were 17 – down from 18 (6%) in December, up from 13 (31%) in November 2023, up from 9 (89%) in January 2023, down from 25 (32%) in January 2022, down from 28 (39%) in January 2021, down from 18 (6%) in January 2020, up from 11 (45%) in January 2019; Active Listings were at 77 at month end compared to 87 at that time last year and 75 at the end of December; New Listings in January were up 316% compared to December 2023, up 67% compared to November 2023, up 14% compared to January 2023, up 43% compared to January 2022, up 16% compared to January 2021, up 11% compared to January 2020, down 9% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 150% in December 2023, 20% in January 2023 and 71% in January 2022. One of the few areas to see sales decline in January compared to December. Month-over-month, the house price index is up 0.3% and in the last 6 months down 3.5%.

Burnaby North: Total Units Sold in January were 88 – down from 91 (3%) in December, down from 119 (26%) in November 2023, up from 63 (40%) in January 2023, down from 142 (39%) in January 2022, down from 144 (39%) in January 2021, down from 96 (8%) in January 2020, up from 65 (3%5) in January 2019; Active Listings were at 387 at month end compared to 389 at that time last year and 417 at the end of December; New Listings in January were up 137% compared to December 2023, down 1% compared to November 2023, down 8% compared to January 2023, down 23% compared to January 2022, down 24% compared to January 2021, down 12% compared to January 2020, down 15% compared to January 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 48% compared to 117% in December 2023, 31% in January 2023 and 60% in January 2022. Month-over-month, the house price index is down 0.8% and in the last 6 months down 3.5%.

Burnaby South: Total Units Sold in January were 102 – up from 79 (29%) in December, up from 83 (23%) in November 2023, up from 54 (89%) in January 2023, down from 150 (32%) in January 2022, down from 144 (29%) in January 2021, up from 90 (13%) in January 2020, up from 55 (85%) in January 2019; Active Listings were at 398 at month end compared to 352 at that time last year and 395 at the end of December; New Listings in January were up 185% compared to December 2023, up 29% compared to November 2023, up 32% compared to January 2023, down 12% compared to January 2022, down 18% compared to January 2021, up 2% compared to January 2020, down 24% compared to January 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 48% compared to 105% in December 2023, 33% in January 2023 and 62% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.4%.

New Westminster: Total Units Sold in January were 54 – up from 46 (17%) in December, down from 65 (17%) in November 2023, up from 40 (35%) in January 2023, down from 102 (47%) in January 2022, down from 101 (47%) in January 2021, up from 50 (8%) in January 2020, down from 75 (28%) in January 2019; Active Listings were at 242 at month end compared to 220 at that time last year and 240 at the end of December; New Listings in January were up 244% compared to December 2023, up 2% compared to November 2023, up 26% compared to January 2023, down 10% compared to January 2022, down 37% compared to January 2021, down 6% compared to January 2020, down 32% compared to January 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 40% compared to 118% in December 2023, 38% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.1% and in the last 6 months down 3.7%.

Coquitlam: Total Units Sold in January were 112 – down from 119 (6%) in December, down from 159 (30%) in November 2023, up from 73 (47%) in January 2023, down from 174 (36%) in January 2022, down from 225 (50%) in January 2021, down from 144 (22%) in January 2020, up from 87 (29%) in January 2019; Active Listings were at 521 at month end compared to 481 at that time last year and 527 at the end of December; New Listings in January were up 234% compared to December 2023, down 1% compared to November 2023, up 9% compared to January 2023, up 9% compared to January 2022, down 16% compared to January 2021, down 7% compared to January 2020, down 23% compared to January 2019. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 138% in December 2023, 28% in January 2023 and 66% in January 2022. Month-over-month, the house price index is down 0.7% and in the last 6 months down 4.2%.

Port Moody: Total Units Sold in January were 31 – up from 25 (24%) in December, down from 40 (22%) in November 2023, up from 23 (35%) in January 2023, down from 57 (46%) in January 2022, down from 46 (33%) in January 2021, down from 37 (16%) in January 2020, the same as January 2019; Active Listings were at 122 at month end compared to 188 at that time last year and 128 at the end of December; New Listings in January were up 75% compared to December 2023, up 35% compared to November 2023, down 46% compared to January 2023, down 30% compared to January 2022, down 26% compared to January 2021, down 14% compared to January 2020, down 33% compared to January 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 55% compared to 78% in December 2023, 22% in January 2023 and 71% in January 2022. Month-over-month, the house price index is down 2.3% and in the last 6 months down 2.5%.

Port Coquitlam: Total Units Sold in January were 43 – up from 36 (19%) in December, down from 55 (22%) in November 2023, up from 34 (26%) in January 2023, down from 77 (24%) in January 2022, down from 88 (51%) in January 2021, down from 60 (28%) in January 2020, up from 38 (13%) in January 2019; Active Listings were at 155 at month end compared to 123 at that time last year and 154 at the end of December; New Listings in January were up 87% compared to December 2023, down 19% compared to November 2023, down 6% compared to January 2023, down 30% compared to January 2022, down 54% compared to January 2021, down 43% compared to January 2020, down 49% compared to January 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 59% compared to 92% in December 2023, 44% in January 2023 and 73% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.7%.

Pitt Meadows: Total Units Sold in January were 20 – up from 19 (5%) in December, down from 21 (5%) in November 2023, up from 15 (33%) in January 2023, down from 30 (33%) in January 2022, down from 22 (9%) in January 2021, up from 19 (5%) in January 2020, up from 10 (29%) in January 2019; Active Listings were at 57 at month end compared to 61 at that time last year and 59 at the end of December; New Listings in January were up 171% compared to December 2023, down 3% compared to November 2023, the same as January 2023, down 7% compared to January 2022, up 23% compared to January 2021, down 25% compared to January 2020, down 3% compared to January 2019. Month’s supply of total residential listings is the same at 3 month’s supply (seller’s market conditions) and sales to listings ratio of 52% compared to 135% in December 2023, 39% in January 2023 and 73% in January 2022. Month-over-month, the house price index is up 1.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in January were 106 – up from 100 (6%) in December, up from 103 (3%) in November 2023, up from 65 (63%) in January 2023, down from 124 (15%) in January 2022, down from 194 (45%) in January 2021, down from 120 (12%) in January 2020, up from 82 (30%) in January 2019; Active Listings were at 563 at month end compared to 451 at that time last year and 579 at the end of December; New Listings in January were up 155% compared to December 2023, up 30% compared to November 2023, up 20% compared to January 2023, up 9% compared to January 2022, up 4% compared to January 2021, up 18% compared to January 2020, up 4% compared to January 2019. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 98% in December 2023, 30% in January 2023 and 51% in January 2022. Month-over-month, the house price index is down 0.4% and in the last 6 months down 4.6%.

Ladner: Total Units Sold in January were 21 – up from 12 (75%) in December, the same as November 2023, up from 16 (31%) in January 2023, down from 22 (5%) in January 2022, up from 20 (5%) in January 2021, down from 35 (40%) in January 2020, up from 16 (31%) in January 2019; Active Listings were at 83 at month end compared to 81 at that time last year and 86 at the end of December; New Listings in January were up 229% compared to December 2023, up 77% compared to November 2023, up 7% compared to January 2023, down 28% compared to January 2022, down 12% compared to January 2021, down 37% compared to January 2020, down 26% compared to January 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 46% compared to 86% in December 2023, 37% in January 2023 and 61% in January 2022. Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.6%.

Tsawwassen: Total Units Sold in January were 24 – up from 21 (14%) in December, down from 27 (11%) in November 2023, up from 20 (20%) in January 2023, down from 42 (43%) in January 2022, down from 54 (56%) in January 2021, up from 21 (14%) in January 2020, up from 14 (71%) in January 2019; Active Listings were at 139 at month end compared to 137 at that time last year and 152 at the end of December; New Listings in January were up 183% compared to December 2023, up 13% compared to November 2023, down 11% compared to January 2023, down 35% compared to January 2022, down 43% compared to January 2021, down 27% compared to January 2020, down 30% compared to January 2019. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 47% compared to 117% in December 2023, 35% in January 2023 and 54% in January 2022. Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.6%.

Fraser Valley: Sales in December were up 16% from December but up 52% from January 2023. New listings were up 163% from December and up 30% from January 2023. While the average price was up 4.4% month-over-month, it is up 13% year-over-year. Active listings were down 4% to 4,132 from 4,302 last month but up 6.5% from January 2023. It was a very precipitous decline over the last 3 months. Month-over-month, the house price index is down 0.4% and in the last 6 months down 5.9%.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Navigating the City’s Fiscal Landscape

Owning a piece of Vancouver’s stunning real estate comes with the responsibility of understanding the property tax process. As the city evolves, so does its tax system. Let’s demystify the City of Vancouver’s property tax journey.

1. Assessment Adventure: Every January, homeowners receive an assessment notice from BC Assessment. This document determines the value of your property, a crucial factor in calculating property taxes. Keep an eye on this as it shapes your financial landscape.

2. Tax Calculation Trail: Vancouver uses the Mill Rate to calculate property taxes. The Mill Rate is applied to your property’s assessed value, determining the tax owed. It’s essentially your property’s contribution to the city’s financial tapestry.

3. Payment Pilgrimage: Property taxes are typically due in early July. The City provides various payment options, from online methods to in-person payments. Timely payments are essential to avoid penalties and ensure the smooth functioning of civic services.

4. Homeowner Grant Haven: For eligible homeowners, the Homeowner Grant is a beacon of relief. This provincial program reduces the amount of property tax you owe, providing financial respite to qualified applicants.

5. Tax Deferment Dalliance: Facing financial constraints? Explore the Property Tax Deferment Program. It allows eligible homeowners to defer their property taxes until they sell their home or it becomes part of an estate.

6. Ongoing Civic Connection: Understanding the property tax process fosters a deeper connection to the community. The funds collected contribute to vital services like education, healthcare, and infrastructure, ensuring Vancouver remains a vibrant and livable city.

In conclusion, navigating the City of Vancouver’s property tax process is a vital aspect of responsible homeownership. Stay informed, explore available programs, and contribute to the ongoing success of this beautiful city.

Say you’re trying to sell a used car. Imagine that it’s a desirable make and model, the mileage is low, and, overall, it’s in great condition…except, that is, for the body.

Unfortunately, there are a few areas where the paint is scratched, and there are a couple of dents and rust spots too.

Are you going to have trouble selling that car? Probably. Many potential buyers will have trouble seeing past the condition of the body and hence not appreciate the true value of the vehicle.

The same thing can happen when you’re trying to sell your home.

Everything about it could be wonderful, but if the paint on the walls is faded in spots, and there are dents, scuffs and holes, buyers may notice those things more than the other more important features of your property.

So, it’s a good idea to inspect your walls to make sure they look great.

There are numerous products available at your local home improvement center for repairing gouges and holes. Fixing them is a relatively easy do-it-yourself job.

When you put your property up for sale, you want to make sure that potential buyers get all the information they need on the features of your home and its surrounding area. If, for example, buyers don’t realize there is a great school just a couple of blocks away, they might cross your property off their shortlist.
An effective way to make sure something like that doesn’t happen is to create three lists.

1: The “I’ll miss it” list. Chances are, there are things about your home that you’re really going to miss when you move. One of those may be the spacious living room that’s ideal for entertaining or the nearby park with scenic trails that are perfect for walking and biking.

Whatever you’ll miss, put it on the list! Chances are, those are features that will also interest buyers.

2: The “Just the facts” list. What are the facts about your property that a buyer needs to know in order to consider purchasing it? This may be a very long list including such items as total square footage, number of bedrooms, number of bathrooms, property taxes, size of yard, and more.

3: The “repairs and improvements” list. Buyers are interested in the state of repair of your home, and in any improvements you have made to it. On this list include all repairs you have done during the past three years and, if possible, attach receipts. It’s especially important to include anything that has been replaced, such as the furnace or roof shingles.

Household smells in our own homes can be a problem because we get accustomed to them. However, it takes just a few seconds in a stranger’s home, to know if a smoker lives there. The smell is in the air!

So, when you put your home on the market, think about the common smells you might have lingering in your home. Remember, you may no longer notice them, but a prospective buyer will.

These may include:

• A diaper bin in the baby’s room.

• Kitty litter.

• Model-making glue.

• Paints, even if the cans or tubes are closed tightly.

• Food. The aroma of a spicy meal can linger for hours.

• Garbage cans. Even empty ones, if they are not clean.

• Strong smelling soaps, perfumes and other cosmetics and toiletries.

• Flowers and other plants.

• Firewood (especially pine.)

• Outdoor shoes.

• Ashtrays.

• Sinks.

• Carpets.

• Door mats. These are especially prone to stains and smells.

Try to eliminate as many odors as possible. An hour or so before a viewing, open a few windows to give your home a breath of fresh air.

Highlights of Dexter’s December 2023 report

• Prices in Greater Vancouver were up 5% in 2023

• Vancouver West Side detached prices showed an increase of 11.4% in 2023

• Total number of New Listings were the lowest since 2001

• Let the interest rate decreases begin 

• The Buying signal is now

It would seem interest rates and inflation have made for a bit of a roller coaster ride in real estate with numbers showing we’re likely at the bottom of this rough ride we’ve been on over the last 2 years.

And while people will line up for Disney’s roller coaster, buyers and sellers chose to avoid the ride this year and the numbers certainly showed that. With near record lows for the number of new listings and sales volume declines for the second year in a row, the line up is forming for all those buyers and sellers that want to jump on a smoother ride in real estate. While we may have achieved balance in the real estate market by the end of 2023, will that continue in 2024? Once the Bank of Canada starts to decrease its rate, that will bring more buyers off the sidelines and create competition. Fixed rates have already started to decline. So, for those buyers ready to buy now, this is your buying signal. 

January rings in the new year and with that comes every property owner’s assessed value from B.C. Assessment. Perhaps talked about more than new year resolutions as everyone looks to see how their properties scored compared to others. It’s important to remember though that these assessments may not accurately reflect market value and these valuations were done up to July 1, 2023. In the Lower Mainland, the total assessed value of properties was up 3% compared to 2023. With Vancouver seeing a typical property up 4%, one of the highest in the region, along with Burnaby and Coquitlam while most other suburbs were at 2% and municipalities in the Fraser Valley showing a decrease of 2 to 3%. Hope had the highest decline at 13%. BC Assessment Assessor Bryan Murao said, “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.”  

 At least we beat January, as the 1,345 properties sold in December were higher than the 1,030 sales at the start of 2023 in January. That can be seen as a positive after a year where the real estate market limped along. This after there were 1,702 properties of all types sold in Greater Vancouver in November and 1,996 sales in October. But at least there were more sales this December compared to last year where 1,303 properties sold in the last month of 2022. But still sales in December were 37% below the 10-year average after November’s sales were at 35% below the 10-year average. 

Overall, there were 26,249 sales in 2023 which was down from the 29,227 in 2022, and much less than the 44,944 sales in the fast-paced 2021. Total sales for the year were 23 per cent below the 10-year average. The last two down years were 2018 and 2019 with 25,051 and 25,679 sales respectively in those years.  Like 2022 with the first six months having the majority of sales, 2023 was no different due to interest rate hikes having their way. In the last half of 2023 there were 11,720 sales compared to 10,348 in the last half of 2022. While it’s early to call it, there is a sense of momentum change. What’s needed to help that shift in the market is more listings. There will be real estate transactions in 2024, just how many will be a function of the number of listings that come on. Sellers, buyers are waiting for you!

With current sales, we are in a balanced market with 7 months supply of homes overall in Greater Vancouver, ticking up from 6 months supply in November. With such a low volume of sales, it’s not surprising to see this. Vancouver’s West Side and West Vancouver are showing numbers above 7 months which indicates a buyer’s market. While North Vancouver, Burnaby Coquitlam, Port Coquitlam, and Pitt Meadows continue to see the shortage of listings resulting in seller’s market conditions with less than 5 months supply.  

There were only 1,355 new listings in December after 3,440 new listings in November, 4,752 new listings in October, and 5,557 new listings in September, and slightly higher than the number of new listings in December last year at 1,240. For the year, there were 50,883 new listings in Greater Vancouver, which was below the 55,028 in 2022, and 63,711 in 2021. It was also lower than the two previous down years of 2018 and 2019 where there were 55,057 and 53,267 new listings respectively. 

The number of new listings in December dropped to 25% below the 10-year average after being close to or above the average in the last 3 months: 3% below the 10-year average in November, 5% above the average in October and 6% above the average in September. For the year, new listings were 11% below the 10-year average. With these few listings it’s not surprising to see prices climb 5% year-over-year in Greater Vancouver even amid sales that were 23% below the 10-year average. A resilient market indeed.

There were 8,802 active listings in Greater Vancouver at the end of December after November finished with 10,931, compared with 11,599 active listings at the end of October and 11,382 active listings at the end of September. After several listings expired at the end of December, January started with 7,828 active listings. Last year at the end of December there were 7,791 active listings and January 2023 started with 6,853. While we do have more listings to work with currently, there are less than the 10,907 at the end of 2018 and far below the 13,902 active listing at the end of 2012. The detached market overall remains in buyer’s market territory with 9 months supply of inventory but during the month of December the absorption rate was at 91%. Townhomes and condos continue to sit just above 5 months supply of listings on the border of a seller’s market with 106% of new townhome listings selling in December and 104% of condo new listings selling that month.  

We do not have a speculation problem; we have a holding problem. More and more real estate is held instead of sold. After 25 years, the number of listings should be higher, the number of transactions should be higher. With our population growing and demographics shifting to produce more buyers, discouraging homeowners from selling will do more harm than good. The proposed anti-flipping tax tabled by the B.C. NDP along with other demand side policies will produce less listings for buyers and put more pressure on prices to increase. Government needs to entice sellers to come to the market and until policy shifts in that direction, we’ll continue to have a holding problem and with limited supply.

 Here’s a summary of the numbers:

Greater Vancouver: Month-over-month, the house price index is down 2.9% in the last quarter but up 5.0% year-over-year. Total Units Sold in December were 1,345 down from 1,702 (21%) in November 2023, down from 1,996 (33%) in October 2023, up from 1,303 (3%) in December 2022, down from 2,737 (51%) in December 2021, down from 3,157 (57%) in December 2020, down from 2,046 (34%) in December 2019, up from 1,094 (23%) in December 2018; Active Listings were at 8,802 at month end compared to 7,791 at that time last year and 10,931 at the end of November; New Listings in December were down 21% compared to November 2023, down 71% compared to October 2023, up 9% compared to December 2022, down 32% compared to December 2021, down 46% compared to December 2020, down 19% compared to December 2019 and up 7% compared to December 2018. Month’s supply of total residential listings is up to 7 month’s supply (balanced to buyer’s market conditions – detached homes up to 9 months supply, a buyer’s market) and sales to listings ratio of 99% compared to 49% in November 2023, 105% in December 2022 and 138% in December 2021. 

Vancouver Westside: The detached home price index was down 2.5% in the last quarter, but up 11.4% over last year – the highest in the region. A sign at how much equity and less reliant on mortgages Vancouver is. Overall, the benchmark home price index in Vancouver’s West Side was up 5.4% while on the East Side it was up 7.4%. West Side condos saw their benchmark price up 1.9% year-over-year – opportunity for some buyers in that market. Total Units Sold in December were 235 down from 315 (25%) in November 2023, down from 352 (33%) in October 2023, down from 244 (4%) in December 2022, down from 468 (50%) in December 2021, down from 486 (52%) in December 2020, down from 356 (34%) in December 2019, up from 190 (24%) in December 2018; Active Listings were at 1,998 at month end compared to 1,869 at that time last year and 2,432 at the end of November; New Listings in December were down 63% compared to November 2023, down 75% compared to October 2023, up 2% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, down 19% compared to December 2019 and down 5% compared to December 2018. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 95% compared to 47% in November 2023, 100% in December 2022 and 118% in December 2021.

Vancouver East Side: The benchmark price index was down 3% in the last quarter but up 7.4% over last year – with detached homes posting a 10.3% year-over-year increase which was second highest in the region. Total Units Sold in December were 148 down from 175 (15%) in November 2023, down from 231 (36%) in October 2023, up from 122 (21%) in December 2022, down from 295 (50%) in December 2021, down from 348 (53%) in December 2020, down from 208 (29%) in December 2019, up from 113 (31%) in December 2018; Active Listings were at 977 at month end compared to 880 at that time last year and 1,238 at the end of November; New Listings in December were down 64% compared to November 2023, down 74% compared to October 2023, up 3% compared to December 2022, down 31% compared to December 2021, down 45% compared to December 2020, down 8% compared to December 2019 and up 11% compared to December 2018. Month’s supply of total residential listings is steady at 7 month’s supply (buyer’s market conditions) and sales to listings ratio of 100% compared to 43% in November 2023, 85% in December 2022 and 137% in December 2021.

North Vancouver: Again, one of the few seller’s markets for inventory in Metro Vancouver. The benchmark price index was down 1.7% in the last quarter and up 5.2% year-over-year. Total Units Sold in December were 106 down from 157 (32%) in November 2023, down from 194 (45%) in October 2023, down from 107 (1%) in December 2022, down from 195 (46%) in December 2021, down from 250 (58%) in December 2020, down from 155 (32%) in December 2019, up from 99 (1%) in December 2018; Active Listings were at 392 at month end compared to 385 at that time last year and 560 at the end of November; New Listings in December were down 62% compared to November 2023, down 73% compared to October 2023, up 24% compared to December 2022, down 17% compared to December 2021, down 39% compared to December 2020, down 10% compared to December 2019 and up 27% compared to December 2018. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 106% compared to 59% in November 2023, 132% in December 2022 and 163% in December 2021.

West Vancouver: West Vancouver saw the house price index drop 4.9% last quarter and posted a 0.9% decline year-over-year. One of the only areas in Greater Vancouver other than the Sunshine Coast and Bowen Island to decline in 2023.  Total Units Sold in December were 41 down from 48 (15%) in November 2023, down from 53 (23%) in October 2023, up from 40 (3%) in December 2022, down from 62 (34%) in December 2021, down from 82 (50%) in December 2020, down from 46 (11%) in December 2019, up from 30 (37%) in December 2018; Active Listings were at 487 at month end compared to 448 at that time last year and 593 at the end of November; New Listings in December were down 62% compared to November 2023, down 68% compared to October 2023, up 15% compared to December 2022, up 8% compared to December 2021, down 19% compared to December 2020, down 10% compared to December 2019 and down 16% compared to December 2018. Month’s supply of total residential listings is steady at 12 month’s supply (buyer’s market conditions) and sales to listings ratio of 76% compared to 34% in November 2023, 85% in December 2022 and 124% in December 2021.

Richmond: The benchmark price index declined 2.6% in the last quarter and was up 6% in 2023 with condos leading the way at 8.9%. Total Units Sold in December were 169 down from 179 (6%) in November 2023, down from 217 (22%) in October 2023, down from 171 (1%) in December 2022, down from 387 (56%) in December 2021, down from 343 (51%) in December 2020, down from 281 (40%) in December 2019, up from 122 (39%) in December 2018; Active Listings were at 1,043 at month end compared to 919 at that time last year and 1,258 at the end of November; New Listings in December were down 60% compared to November 2023, down 66% compared to October 2023, down 6% compared to December 2022, up 41% compared to December 2021, down 46% compared to December 2020, down 36% compared to December 2019 and down 19% compared to December 2018. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 104% compared to 44% in November 2023, 99% in December 2022 and 140% in December 2021.

Burnaby East: The benchmark price index declined 1.9% in the last quarter and was up 6% in 2023 with detached homes leading the way at 9.5%. Total Units Sold in December were 18 up from 13 (39%) in November 2023, down from 21 (14%) in October 2023, up from 12 (50%) in December 2022, down from 32 (44%) in December 2021, down from 41 (56%) in December 2020, down from 24 (25%) in December 2019, up from 17 (6%) in December 2018; Active Listings were at 75 at month end compared to 76 at that time last year and 93 at the end of November; New Listings in December were down 60% compared to November 2023, down 75% compared to October 2023, down 14% compared to December 2022, down 45% compared to December 2021, down 37% compared to December 2020, down 43% compared to December 2019 and down 40% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 150% compared to 43% in November 2023, 86% in December 2022 and 145% in December 2021.

Burnaby North: The benchmark price index declined 2% in the last quarter and was up 3.3% in 2023 with detached homes leading the way at 9%. Total Units Sold in December were 91 down from 119 (23%) in November 2023, down from 137 (34%) in October 2023, up from 78 (17%) in December 2022, down from 157 (42%) in December 2021, down from 171 (47%) in December 2020, down from 113 (19%) in December 2019, up from 50 (82%) in December 2018; Active Listings were at 417 at month end compared to 353 at that time last year and 549 at the end of November; New Listings in December were down 58% compared to November 2023, down 73% compared to October 2023, up 11% compared to December 2022, down 35% compared to December 2021, down 53% compared to December 2020, up 11% compared to December 2019 and down 2% compared to December 2018. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 117% compared to 64% in November 2023, 111% in December 2022 and 130% in December 2021.

Burnaby South: The benchmark price index declined 2.7% in the last quarter and was up 4% in 2023 with townhomes leading the way at 9.6%. Total Units Sold in December were 79 down from 83 (5%) in November 2023, down from 120 (34%) in October 2023, down from 94 (16%) in December 2022, down from 186 (57%) in December 2021, down from 148 (57%) in December 2020, down from 132 (40%) in December 2019, up from 51 (55%) in December 2018; Active Listings were at 395 at month end compared to 344 at that time last year and 487 at the end of November; New Listings in December were down 55% compared to November 2023, down 67% compared to October 2023, up 27% compared to December 2022, down 44% compared to December 2021, down 48% compared to December 2020, down 4% compared to December 2019 and down 26% compared to December 2018. Month’s supply of total residential listings is down to 5 month’s supply (balanced market conditions) and sales to listings ratio of 105% compared to 50% in November 2023, 159% in December 2022 and 138% in December 2021. 

New Westminster: With an average price of $800,300, New Westminster continues to scream opportunity but with a slow listing month, that may not last long. The benchmark price index declined 3% in the last quarter and was up 5.3% in 2023 with both detached homes and condos leading the way at 6.6%. Total Units Sold in December were 46 down from 65 (29%) in November 2023, down from 81 (43%) in October 2023, down from 53 (7%) in December 2022, down from139 (67%) in December 2021, down from 151 (69%) in December 2020, down from 77 (40%) in December 2019, down from 58 (21%) in December 2018; Active Listings were at 240 at month end compared to 219 at that time last year and 302 at the end of November; New Listings in December were down 70% compared to November 2023, down 74% compared to October 2023, up 35% compared to December 2022, down 54% compared to December 2021, down 58% compared to December 2020, down 23% compared to December 2019 and down 15% compared to December 2018. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 118% compared to 50% in November 2023, 183% in December 2022 and 164% in December 2021.

Coquitlam: The benchmark price index declined 2.3% in the last quarter and was up 3.4% in 2023 with detached homes leading the way at 6.4%. Total Units Sold in December were 119 down from 159 (25%) in November 2023, down from 167 (29%) in October 2023, up from 81 (47%) in December 2022, down from 216 (45%) in December 2021, down from 309 (61%) in December 2020, down from 197 (40%) in December 2019, up from 89 (34%) in December 2018; Active Listings were at 527 at month end compared to 452 at that time last year and 721 at the end of November; New Listings in December were down 70% compared to November 2023, down 79% compared to October 2023, up 13% compared to December 2022, down 44% compared to December 2021, down 59% compared to December 2020, down 37% compared to December 2019 and down 37% compared to December 2018. Month’s supply of total residential listings is down to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 138% compared to 55% in November 2023, 107% in December 2022 and 140% in December 2021.

Port Moody: The benchmark price index declined 0.6% in the last quarter and was up 3.8% in 2023 with townhomes leading the way at 8.3%. Total Units Sold in December were 25 down from 40 (37%) in November 2023, down from 51 (51%) in October 2023, down from 41 (39%) in December 2022, down from 52 (52%) in December 2021, down from 78 (68%) in December 2020, down from 37 (32%) in December 2019, up from 29 (14%) in December 2018; Active Listings were at 128 at month end compared to 155 at that time last year and 166 at the end of November; New Listings in December were down 63% compared to November 2023, down 62% compared to October 2023, down 24% compared to December 2022, down 18% compared to December 2021, down 37% compared to December 2020, up 14% compared to December 2019 and up 100% compared to December 2018. Month’s supply of total residential listings is up to 5 month’s supply (balanced market conditions) and sales to listings ratio of 78% compared to 47% in November 2023, 98% in December 2022 and 133% in December 2021.

Port Coquitlam: The benchmark price index declined 2.5% in the last quarter and was up 5.4% in 2023 with detached homes leading the way at 7.9%. Another one of the few municipalities with seller’s market conditions. Total Units Sold in December were 36 down from 55 (34%) in November 2023, down from 54 (33%) in October 2023, down from 37 (3%) in December 2022, down from 107 (66%) in December 2021, down from 105 (66%) in December 2020, down from 84 (57%) in December 2019, down from 51 (29%) in December 2018; Active Listings were at 154 at month end compared to 140 at that time last year and 183 at the end of November; New Listings in December were down 57% compared to November 2023, down 66% compared to October 2023, down 11% compared to December 2022, down 41% compared to December 2021, down 62% compared to December 2020, down 32% compared to December 2019 and down 2% compared to December 2018. Month’s supply of total residential listings is up to 4 month’s supply (seller’s market conditions) and sales to listings ratio of 92% compared to 61% in November 2023, 84% in December 2022 and 162% in December 2021.

Pitt Meadows: The benchmark price index declined 4.5% in the last quarter and was up 4.4% in 2023 with condos leading the way at 7.1%. Total Units Sold in December were 19 down from 21 (9%) in November 2023, down from 21 (9%) in October 2023, down from 23 (17%) in December 2022, down from 33 (42%) in December 2021, down from 26 (27%) in December 2020, down from 27 (30%) in December 2019, up from 11 (27%) in December 2018; Active Listings were at 59 at month end compared to 54 at that time last year and 83 at the end of November; New Listings in December were down 56% compared to November 2023, down 70% compared to October 2023, up 16% compared to December 2022, down 50% compared to December 2021, down 30% compared to December 2020, up 8% compared to December 2019 and down 18% compared to December 2018. Month’s supply of total residential listings is down to 3 month’s supply (seller’s market conditions) and sales to listings ratio of 135% compared to 53% in November 2023, 191% in December 2022 and 117% in December 2021. 

Maple Ridge: The benchmark price index declined 3.8% in the last quarter and was up 5.5% in 2023 with detached homes leading the way at 6.7%. Total Units Sold in December were 100 down from 103 (3%) in November 2023, down from 110 (9%) in October 2023, up from 78 (28%) in December 2022, down from 159 (37%) in December 2021, down from 214 (53%) in December 2020, down from 130 (23%) in December 2019, up from 73 (37%) in December 2018; Active Listings were at 579 at month end compared to 442 at that time last year and 718 at the end of November; New Listings in December were down 49% compared to November 2023, down 69% compared to October 2023, up 56% compared to December 2022, down 6% compared to December 2021, down 38% compared to December 2020, down 3% compared to December 2019 and up 44% compared to December 2018. Month’s supply of total residential listings is down to 6 month’s supply (balanced market conditions) and sales to listings ratio of 98% compared to 51% in November 2023, 120% in December 2022 and 145% in December 2021. 

Ladner: The benchmark price index declined 4.8% in the last quarter and was up 5.9% in 2023 with townhomes leading the way at 9.4%. Total Units Sold in December were 12 down from 21 (43%) in November 2023, down from 24 (50%) in October 2023, up from 9 (33%) in December 2022, down from 21 (43%) in December 2021, down from 34 (65%) in December 2020, down from 20 (40%) in December 2019, down from 23 (48%) in December 2018; Active Listings were at 86 at month end compared to 72 at that time last year and 104 at the end of November; New Listings in December were down 46% compared to November 2023, down 68% compared to October 2023, the same compared to December 2022, up 17% compared to December 2021, down 53% compared to December 2020, down 53% compared to December 2019 and the same compared to December 2018. Month’s supply of total residential listings is up to 7 month’s supply (balanced market conditions) and sales to listings ratio of 86% compared to 81% in November 2023, 64% in December 2022 and 175% in December 2021. 

Tsawwassen: The benchmark price index declined 3.4% in the last quarter and was up 6.4% in 2023 with detached homes leading the way at 8.8%. Total Units Sold in December were 21 up from 20 (5%) in November 2023, down from 27 (22%) in October 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, down from 26 (19%) in December 2019, up from 13 (38%) in December 2018; Active Listings were at 152 at month end compared to 130 at that time last year and 180 at the end of November; New Listings in December were down 60% compared to November 2023, down 76% compared to October 2023, down 10% compared to December 2022, down 10% compared to December 2021, down 58% compared to December 2020, down 5% compared to December 2019 and up 39% compared to December 2018. Month’s supply of total residential listings is down to 7 month’s supply (balanced market conditions) and sales to listings ratio of 117% compared to 44% in November 2023, 115% in December 2022 and 215% in December 2021. 

Fraser Valley: Sales in December were down 7% from November but up 19% from December 2022. New listings were down 56% from November but up 16% from December 2022. While the average price was down 2.5% month-over-month, it is up 4% from December 2022. Active listings were down 30% to 3,992 from 5,726 last month but up 4% from December 2022. “Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.” 

When people think about selling their home, many focus on all the things they will have to do: paint the kitchen; clean closets; prepare for viewings; find another home; arrange financing; start packing; etc. It can all seem very overwhelming, very quickly.

In fact, if you focus on the long to-do list, you may be dissuaded from ever making a move!

It doesn’t have to be that way.

There are many ways to make selling your home and buying another one relatively simple and easy.

Sure, there will be some work to do. You may need to prepare your property so that it looks appealing to potential buyers – cleaning, decluttering, doing some repairs, etc. Of course, you will also need to view some properties for sale in order to find your next dream home.

But those activities may not be as time-consuming or difficult as you had imagined. In fact, you and your family might actually enjoy the experience – and see it as an adventure.

Are you making a New Year’s resolution this month? Whether it’s to quit smoking, lose weight, or spend more time with your family, you’ll have a much better chance of success if you turn that goal into a learning goal instead.
A learning goal is simply a commitment to learn something rather than to achieve a specific milestone.

Say, for example, that your New Year’s resolution is to get into better physical shape. A traditional goal might be: “I’m going to work out at the gym three days a week.” A corresponding learning goal would be: “I’m going to hire a fitness trainer to teach me an appropriate workout program.”

Research, published in many journals, reveals that people who set learning goals are much more likely to achieve them. They also tend to stay motivated over a longer period of time and get better results overall. So, if you set a learning goal instead of a traditional goal in the area of fitness, you stand a much better chance of actually getting fit!

Tired of New Year’s resolutions that go nowhere? Try setting a learning goal instead. It just might make 2024 your best year ever!