Highlights of Dexter Realty’s March 2023 Report: 

• Benchmark prices are 22% higher than three years ago

• Greater Vancouver sales are up 146% from January 2023

• Greater Vancouver Benchmark detached-house price rise $60,000+ this year

• First-time homebuyer incentive starts April 1

• Five-year fixed mortgages are now the lowest-rate option

• Fraser Valley home sales soared 72% in a month

March came in like a tiger and went out like a lion with housing sales doubling over the last two weeks of the month and a total of 2,535 sales up 38% from a month earlier and a startling 146% rebound from the 1,030 transactions in January 2023.

The composite benchmark home price increased by 3% from the end of January.
With the number of listings we have, it is a spring seller’s market with momentum.
In the Fraser Valley, sales in March were 72 percent higher than in February and, at 1,550, total transactions were above the 1,000-unit level for the first time since August of 2022. More surprising is the retreat of active listings, with detached and townhome listings down 20 to 30% year-over-year, even as much as 50% down in some pockets. This has shifted a lot of those markets to 2 to 3 months supply.

Some were surprised at the performance, including most media who are comparing the current market with last year, which is meaningless. The first quarter of 2022 was still in a once-in-a-century pandemic and the Bank of Canada had just started eight straight mortgage rate increases that spooked buyers and sellers alike.

Within the next few months, sales will begin to surpass the same month in 2022 and the headlines and perception of the current sales and price momentum will change.
The Bank of Canada’s next interest rate announcement is scheduled for April 12. It’s widely anticipated that the Bank will hold the key overnight rate at 4.5%. Also, after the April break is when lenders tend to come out with their spring mortgage promotions, which should help with the downward pressure on rates.

Fixed-rate mortgage rates are already falling. As of March 30, the lowest rates in Canada were for five-year fixed-rate mortgages at 4.29% for insured mortgages and 4.59% for uninsured home loans, according to a survey by rate.com.

Also, April 1 is the official launch of the new federal Tax-Free-Savings Account for home buyers. It allows a young couple to save up to $80,000 for the down payment on their first home on a tax-free basis. Not a huge incentive but enough to encourage some tenants into ownership.

The market has changed this spring and you can see and feel it on the street. Buyers who have come back into the Greater Vancouver market already know the score. They are seeing multiple offers on desired properties and benchmark prices that have been rising an average of $15,000 a month so far this year.

Everything is up except listings and even they will not likely stay this low for long as more sellers recognize prices are firming and buyers are back.

March saw 4,317 new listings for residential properties, which was nearly 1,000 more than in either February or January. This was a 35.5% decrease compared to the 6,690 homes listed in March 2022, however, and was 22.3% below the 10-year seasonal average. The overall sales-to-new-listing in March was 57%, which compares to the sales-success ratios during the hot market of 2021.

The total number of homes listed for sale at the end of March in Greater Vancouver was 8,617, an 8% increase compared to March of last year. Don’t be surprised to see a sudden spike in sellers this spring, since March had the lowest number of new listings for that month since 1995.

For those who are considering a sale, now is the time to list your property before the rush of new listings begins and competition for buyers increases.

It is resale listings that will deliver the most homes: Metro Vancouver’s total non-rental housing starts so far this year are just 700 units higher than in 2022.

Don’t count on the B.C. government’s latest ‘Homes for People’ plan to suddenly increase the supply or lead to lower housing prices. The plan, introduced in early April, includes automatic rezoning of every single-family lot in the province to allow up to four housing units. But this has yet to be put into legislation, so at this point, it is just a promise. We’ll have to wait until the fall to see what this may look like and the timing of it being in effect.

The City of Coquitlam has had a similar plan in place for years, allowing fourplexes, smaller lots and laneway houses in most single-detached neighbourhoods in the city since 2011.

Since then, however, the composite benchmark price of a Coquitlam detached house has increased 143%, compared to an average of 80% in the rest of Greater Vancouver; Coquitlam’s rental vacancy rate is among the lowest, at 0.7%, and the city’s rental rates are the same or higher than anywhere else in the region. Also, Coquitlam is currently sitting with just a 2 months supply of housing, mostly strata units. Clearly, the Metro region has a long way to go in adding supply if progressive Coquitlam can’t even keep up.

The B.C. plan to mandate four-plex density zoning on detached lots will increase the price of a house for rental investors or developers but it won’t deliver more homes people can buy. In the 30-page Homes for People report, strata is never even mentioned. This means house owners who opt into the plan must also become landlords, which many owners have no interest in.

The Homes for People plan is really a ‘houses for rental investors, speculators and tenants.’ This is not a bad thing, but it falls far short of the altruistic hyperbole that always surrounds such government announcements.

Bottom line: We are now at the start of the first normal market in three years. We don’t have ultra-low ‘quantitative easing’ interest rates; the sales-to-listing ratio is becoming balanced; and prices and sales are steadily increasing. All we now need is back-to-normal listings, which, hopefully, we can move toward this spring.

March 2023 report on regional markets:

Greater Vancouver: This is now a near-classic seller’s market. Greater Vancouver is down to a mere 3-month supply of townhouses and apartments available for sale, while detached houses are at a 4-month supply. Something to note: the benchmark composite home price is now 22% higher than it was three years ago when the global pandemic began. Detached sales improved significantly in March, in some areas leading in comparison to last month. While strata units were in seller’s market conditions last month, detached has also shifted to a seller’s advantage, based on current inventory levels. The benchmark price for all residential properties is currently $1,143,900. This represents a 1.8% increase compared to February 2023. The March benchmark detached house price is $1,861,800, up 2.7% – or about $50,000 – from a month earlier. “On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” noted Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver.

Fraser Valley: Total housing sales in March posted a 72.6% increase from a month earlier and the 1,550 transactions marked the first-time monthly sales topped 1,000 since August 2022. New listings, at 2,559, were 32% higher than in February, but still 44% below last year, while active listings were up 2.8% over last month. However, listings remain among the lowest March level in a decade. The Fraser Valley Real Estate calls it a week seller’s market, with the overall sales ratio at 31% and townhouse sales-to-listing ratio at 62%. Benchmark prices for detached houses increased 1.9% month-to-month, to $1,390,600. Townhouses were up 2.3% from February, at $794,400; and condo apartments reached $521.800 also, up 2.3% from a month before.

Vancouver Westside: Multiple offers are back in the most-watched market as sales of detached houses in March were the highest since March 2022 and benchmark prices shot up 3.7% from February 2023, to $3,218,500. With 94 sales from 177 listings, the sales ratio was 57% in this seller’s market. Total March residential sales were 449, up 42% from February 2023, and 131% higher than in January 2023. Active listings were at 1,977 at month-end compared to 2,065 at that time last year and 1,923 at the end of February; new listings in March were up 29% compared to February 2023. The supply of total residential assets for sale is down to 4 months and the overall sales-to-listings ratio is 49% compared to 44% in February 2023 as the Westside readies for an active spring.

Vancouver East Side: March sales were 143% higher than in January 2023 and 45% above February 2023, at 287 transactions. With total supply down to 899 properties and new listings up 20% from February, we are calling this a seller’s market. The sales-to-new-listing ratio in March was 62%, compared to 68% a year ago. The benchmark detached house price was up 2.1% from February 2023 and the benchmark price rose 1.7%, month-over-month to $1,135,500. Condo sales led the market in March, with 111 transactions at a median price of
$665,000.

North Vancouver: New listings didn’t last long in March, with a 72% sales-to-listing ratio and total sales of 215 properties, led by 111 condo apartment sales at a benchmark of $782,800, a price up 2.5% from a month earlier. Townhouses are benchmarked at $1,304,000 with detached houses at $2,141,300, both marginally higher than in February. Total new listings rose 45% from a month earlier, but with sales up 44% month-over-month, a 58% sales-to-listing ratio and prices rising across the board, this remains a strong seller’s market.

West Vancouver: Since the first of this year, 135 homes have sold in West Vancouver and 64 of them sold in March when sales were up 129% from January. But new listings were up just 6% from February and the total inventory of 463 properties represents about a 7-month supply. This buyer’s market is seeking balance with a sales ratio of 39% and the benchmark home price at $1,274,300, up 2.2% from February 2023 but 8% lower than in March 2022. Looking for a deal? West Vancouver’s detached house prices are down 9% from a year ago, at $3,019,500.

Richmond: Richmond posted the largest month-over-month house price increase in the region, with March detached house prices up 6.6% from February to $2,108,100. Total sales were also much higher, rocketing up 55% from a month earlier. Detached sales were up 50% at 95 transactions. Richmond is a seller’s market on steroids, with a sales-to-new-listing ratio of 74%, compared to 49% in February and 63% in March of last year, and total inventory is down to three months.

Burnaby East: Modest increases in home sales, up 5% from February to just 20 transactions in March, compared to a 135% increase in listings would normally signal a buyer’s market. But with just a two-month supply of total active listings and a 43% sales-to-listing ratio, we are calling this to the seller’s advantage. The benchmark home price in March was $1,156,600, up 2.2% from a month earlier but down more than 10% from the same month last year.

Burnaby North: Detached house prices edged up 2% from February to $1,878,200 in March, the highest increase in Burnaby but still 10% below March 2022. Townhouse and condo prices were virtually unchanged from February 2023. This is a seller’s market with a sales-to-new-listing ratio of 71% and just a two-month supply on the market. There are 388 active listings on the market, with new listings up 17% from February 2023. Total sales in March tallied 169 transactions, the highest level so far this year.

Burnaby South: Total sales have been rising month-over-month in the first quarter and reached 130 in March, at a benchmark home price of $1,075,100. This remains a seller’s market, though sales are still down 40% from a year ago and prices are 8.5% lower.  Active listings were 408 at month-end compared to 395 at that time last year and 377 at the end of February. Total listings are steady at 3 month’s supply and the sales-to-listings ratio of 55% compares to 57% in February 2023 and 59% in March 2022.

New Westminster: There is a wide price spread for condo apartments in New Westminster, where the condo benchmark price is $648,000. Dig down and you will find the median condo price varies from a low of $455,000 in the West End of the Royal City to $522,000 in the uptown and peaked at $885,000 in Queensborough, based on March sales stats. That is why it is a good idea to have a knowledgeable real estate agent to guide you if you are a new buyer in historic New West. The overall market is active, with total sales of 96 in March, which was 140% higher than in January 2023 and up 46% from February. This is a seller’s market still, with a sales-to-listing ratio of 68% and just 229 properties on the market.

Coquitlam: As noted above, Coquitlam was a pioneer in up-zoning detached homes to create more housing units per lot, which the city started in 2011, and the BC government now wants to mandate across the province. The rather unsettling result is that, 12 years later, Coquitlam has only a 2-month supply of homes with just 428 on the market as of the end of March. And sales are increasing, with March transactions rising 24% from a month earlier and up 169% since January, to 196.
The benchmark price is up 2% from the start of the first quarter, at $1,065,800. This is a seller’s market, with a 64% sales-to-listing ratio, which is higher than in March 2022, and prices rising for all property types.

Port Moody: The first master-planned residential community approved and moving forward since 2004 is now pre-selling in Port Moody. The 23-acre, $1.1 billion Portwood development, by Edgar Development, includes 2,000 strata homes and about 470 rentals in the Woodland Park area. The new homes are badly needed as other new projects remain stalled and there is barely a 2-month supply of resales on the market. With total sales of 80 in March, up 70% from a month earlier, the benchmark price is up 2.4% so far this year to $1,105,200 and detached houses are selling at a benchmark of $2,107,400, up 2.4% from a month earlier. The sales-to-listing ratio is high at 70%, nearly the same as a year ago. (Incidentally, the cost for the developer to deliver Portwood included $2.85 million in public art; $30 million for a new road; 328 low-rent housing units for BC Housing, and donating 70% of the land for green space.

Port Coquitlam: Like Coquitlam, Port Coquitlam also has a plan of “gentle density” to add more housing units on detached lots. However, only 66 new homes have started in the entire Tri-Cities market so far this year. Port Coquitlam has seen housing sales double so far this year, to 69 in March and the benchmark home price is up 3.1% since January at $915,700, which is still down nearly 12% from a year ago. The sales-to-new-listing ratio in March was a balanced 54% as this seller’s market readies for the spring buying season with a total of 160 properties on the market.

Pitt Meadows: Total March sales were up 87% compared to both January and February, to 28 transactions, as the residential benchmark price edged up 2.5% from February to $846,500. This price remains 20% below March 2022. With a total of 69 active listings and a sales ratio of 65%, this is a seller’s market, but March saw a 59% increase in new listings from February, so buyer selection is improving.

Maple Ridge: Maple Ridge benchmark prices also remain nearly 20% below a year ago, with detached houses selling for $1,179,500 in March, up a modest 1.1% from the first of this year. There was a total of 149 homes sold in March, 129% higher than in January and up 16% from February. With 495 active listings on the market and 54% of new listings selling in March, this is a steady seller’s market. Buyers may want to look at townhouses, now selling for $731,700, the lowest price in the Greater Vancouver mainland market, and down 19% from March 2022.

Ladner: Ladner continues to struggle for townhouse and condo listings, with townhouses only having 1 month supply and a 92% absorption rate and condos seeing the most sales since October 2021. In March, total sales of all property types were up 138% from January and the sales-to-listing ratio hit 55%. But this is not a balanced seller’s market, with townhouse prices up a market-leading 8.6% since the first of the year, to $998,500; and condo prices up 6.5% in the same period to $714,300. The supply of total residential listings is down to a 3-month inventory at the current sales pace.

Tsawwassen: Sunny Tsawwassen turned on the heat in March, with housing sales up 40% from a month earlier to 35 units. The strata market is sizzling, with townhouse benchmark prices rising 11.5% since January 1, to just over $1 million; and condo prices up 6.6% in the same period to $740,600 – a price slightly above March 2022 and 37% higher than even three years ago. This is pegged as a balanced market with a sales-to-listing ratio of 43%, but sellers are fully in control of the tight townhouse and condo sector.

Surrey: The city posted an 84.8% increase in detached-house sales in March compared to a month earlier, with the composite benchmark price unchanged at $1,503,200, though still down 19.5% from March 2022. Townhouse sales were up 59% from February and condo sales rose 48%, month-over-month, to 217 transactions at an average price of $536,054. With active listings, sales and prices rising this year in every market from North Surrey to South Surrey-White Rock, B.C.’s second-biggest city is shaping up as a very active spring market, with buyers holding a slight edge.

• Prices increased month-over-month for the first time since May 2022

• Housing sales are up 77% from January; new listings are up just 5%.

• Multiple offers are being seen on Westside detached houses.

• Top townhouse market: New Westminster.

• Undersupplied North Vancouver is now a seller’s market.

The last three years have been an anomaly for housing markets around the world and Greater Vancouver is no exception. That is why it is virtually useless to compare our current, back-to-reality environment with what was happening a year or two years ago during a once-in-a-century event.

In 2021, we were in the grip of a global pandemic and a home-buying frenzy with mortgage rates at record lows. In February 2022, housing sales and prices hit a white-hot peak just before the federal government hosed it down with the first of eight straight interest rate increases through the Bank of Canada.

Today, in February 2023, the panic buying is history, mortgage rates have stabilized, and buyers are back into the first normal housing market in four years. Driven by buyer demand and low supply, February marked the first month-to-month home price increase in nine months.

Greater Vancouver housing sales, at 1,824 transactions in February, were up 77% from January 2023 and 21% higher than in February 2019, before the whole pandemic-influenced housing boom-and-bust began. February sales were also higher than in November and December 2022, and, we believe, signal the start of a strong spring selling season.

Buyers are already competing with other buyers for far fewer listings. The number of new listings in February was the lowest for that month going back to pre-1991, much the same as it was in January. Compared to January 2023, listings were only up 5%.

But, since sales have been slower over the past 10 months, a total of 8,283 homes were on the market at the of February, above the 7,862 active listings at the end of January and a few hundred more than in December 2022.

With buyers flowing back into the market, immigration hitting record levels and interest rates settling down, this appears a prime time to encourage housing starts. However, governments at all levels appear to be doing their best to stunt new home construction.

The federal government has banned foreign buyers for two years, including those investing in residential land, if the developer has less than 97% Canadian ownership. For example, a 3,000-unit Burnaby residential development, now under construction, would not be allowed today because the developer is based out of London, England. The recent collapse of major condo developers in Metro Vancouver could be traced to the ban’s impact on companies with as little as a 3% foreign ownership. This has put thousands of new homes at risk.

The B.C. government is spending $500 million to stop or stall the private redevelopment of 50 and 60-year-old rental buildings into modern, higher-density housing projects.

Metro municipalities are jacking up development cost charges, even as housing starts fall. Among the examples is Richmond, where housing starts so far in 2023 total just 73 units, down 80% from the 381 starts at the same time a year ago. Richmond is raising DCC rates on single-family lots by $20,000 to $61,138, and raising the DCC rate for condo apartments and townhouses by 43% to more than $34 per square foot. This means that a modest new townhouse of 1,200 square feet will now cost about $41,000 just in city development fees.

All governments preach about addressing the supply of ‘missing middle’ housing for families, which translates as townhouses. Yet only 3 townhouse units have started so far this year in the City of Vancouver, compared to just 21 units a year ago at this time – and a mere 90 townhouse units were started in all of 2022 across Metro Vancouver.

For residential investors, the consistent housing shortage is a blessing, which is why Metro Vancouver has become a “buy and hold” housing environment. Owners know that the law of supply and demand ensures that home prices will keep increasing. So they wait it out. In markets where sales levels are declining, an increase in new listings would add to the active listing count and provide downward pressure on prices.

That’s not the Metro Vancouver market, where sales are turning back up.

Any increase in new listings will be absorbed by buyers. With the level of competition we are now seeing in the market, buyers are craving listings and competing for different product types in different areas. Active listing counts are up about 500 since the end of December. Absorption rates today are twice what they were in a similar market in 2019, and are only held in check by the lack of homes on the market.

The bottom line: Greater Vancouver listings are scarce at a time when they should be double what they are.

Prior to 2015, having 15,000 to 20,000 active listings in Greater Vancouver was the norm. Since then, we’ve barely scratched above 15,000 and right now we are at half that level. Restrictive zoning and slow-moving development approvals continue to barricade supply. And without that supply, a seller’s markets will continue, at whatever level of demand we have in the market.

A look at the Regional housing numbers: 

Greater Vancouver: Total housing sales were up 77% compared to January 2023, while new listings were up 5%. The result was the composite benchmark home price posted the first month-over-month increase since May of 2022, rising 1.1% to $1,123,400. Detached house prices rose 0.7%, to $1,813,000; condo apartment prices rose 1.6% to $732,200; and townhouse benchmark prices were up 1.8%, compared to a month earlier, to $1,038,500. Active Listings were at 8,283 at month-end compared to 7,062 at that time last year and 7,862 at the end of January. Greater Vancouver’s detached housing market is now seen as a balanced market, with both condo apartments and townhouses in a seller’s market. The total sales-to-new-listing ratio in February was 51%, compared to 30% in January 2023 and 62% in February 2022.

Fraser Valley: The Fraser Valley Real Estate Board processed 898 sales in February, an increase of 43.5% over January 2023, but still only half as many as were recorded a year ago. February new listings were up by 5.7% over January 2023 to 1,938 but 48.25% lower than in February 2023. Active listings were up 7% from a month earlier. The composite benchmark home price in February was $946,700 up 0.5%  from January 2023 and the first month-over-month increase since April 2022. Further, the benchmark price is 36% higher than in pre-pandemic February 2020.

Vancouver Westside: February total sales, at 316, were up 63% from January 2023 and would have been even higher if more listings were available. One Westside house had 16 offers on it at the end of February, an indication of the demand. New listings were down 1% from January, but active listings as of month end were at 1,923, representing about a six-month supply. The sales-to-new-listing ratio is running at 44%, up from 27% a month earlier. There is a severe shortage of townhouses, with nearly half the 91 new listings selling in February at a median price of more than $1.48 million. No new townhouses have started construction this year on the Westside. The February benchmark price for a detached house on the Westside jumped 2.7% from a month earlier, to $3,103,100.

Vancouver East Side: Total housing sales in February, at 198, were up 68% from January 2023, but new listings were up by only 6%, while the sales-to-new-listing ratio reached a balanced 52%, up from 33% in January, and close to 55% ratio in the hot market a year ago. This is a market to watch. Benchmark prices were up in all sectors from a month earlier, led by a 2.9% surge in townhouse prices to $1,052,500. The supply of total residential listings is down to five months supply, with condos in seller’s market conditions. Benchmark condo prices were up 1% from January, to $683,600, based on 101 sales, double the number a month earlier.

North Vancouver: This perpetually under supplied market is a seller’s market with only a three-months supply of listings, even with growth in active listings of townhouses and condos. A total of 150 sales were seen in February, up 83% from a month earlier, but active listings were just 20 homes higher, at 436 units. With the sales-to-listing ratio at 59%, townhouse prices shot up 4.1% from January 2023, to $1,286200, and detached and condo benchmark prices were up nearly 2% from a month earlier.

West Vancouver: Sales increased 54%, month over month to 43 transactions, but because of a 21% spike in new listings, there is now a 10-month supply of homes, in this buyer’s market for detached houses. It remains a seller’s market for townhomes, because the supply is so low, perhaps one reason West Vancouver’s population is declining. West Van posted a modest decline in most prices compared to January, except for condo apartments, which were up 2.7% to a region-leading $1,228,900.

Richmond: Despite the angst in Richmond’s strata market – where an 800-unit development has gone into receivership and starts have plunged 80% from a year ago, total sales in February were up 89% from January. The benchmark composite home prices rose 2% from a month earlier with condos selling for $735,800; townhouses at $1,083,100; and detached houses at just over $2 million. With an overall sales-to-listing ratio of nearly 50%, the detached-house market is in balanced conditions, with a seller’s market building steam in the strata sector.

Burnaby East: Total sales in February were 21, up 133% from a month earlier and the sales-to-listing ratio hit a stunning 105%, compared to a low of 20% in January 2023 and 52% in February of last year. This is a seller’s market on steroids with the composite benchmark price up 2.2% month-over-month to $1,102,900, the highest in Burnaby.

Burnaby North: With total sales up 113% from January 2023, to 134, and total active listings down 10%, this is also a seller’s market with a mere three-month supply of listings and a sales ratio of 66%. The saving grace is the high number of new condos coming to the market in the Brentwood-Gilmore area. The composite home price was up from January, led by a 2.4% surge in townhouse prices to $892,100.

Burnaby South: Many Burnaby buyers were southbound in February, driving total sales up 119% from a month earlier, to 118 transactions. Active listings were 377 at month end compared to 352 at the end of January, which translates to a three-month supply at the current sales pace. The composite benchmark price was up nearly 1% from January at $966,500. The sales-to-listing ratio is a healthy 57% with the strata sector in seller’s market conditions.

New Westminster: For buyers looking for scarce townhouses, the Royal City has a good selection. Only 3 townhouses sold in February and there is nine-month supply on the market. Benchmark townhouse prices, however, increased 4.4% from January 2023, to $932,200, the same price as in February 2023. Total housing sales in February were 65% higher than a month earlier, at 66, at new listings inched up by 1%. The overall sales-to-listing ratio is 62%, up from 38% in January 2023 with a buyer’s market for townhouse and condos and a balanced market for detached houses, where prices are up 2.4% or about $34,000 – from a month earlier at $1,418,100.

Coquitlam: It seems hard to understand with the amount of new multi-family construction over the past two years, but Coquitlam is seeing a shortage of strata homes. Coquitlam had one of the biggest turnarounds in February with sales up 116% compared to January. Townhouse sales went from 4 in January to 40 in February. With that, there is just a two-months of inventory for townhouses and condos. The composite benchmark price is up 0.7% from a month earlier, but townhouse prices rose 2.5% from January to $999,900. With an overall sales-to-listing ratio of 67%, this is a seller’s market for strata units and balanced in the detached sector.

Port Moody: Even with total listings of 200 at the end of February, and a significant increase in townhouse and condo listings, strata units are in a seller’s market, along with detached houses. There were more sales than new listings compared to January, with a 104% sales increase from the month previous, to 47 transactions while only 91 new listings in February compared to 103 in January. More than half (52%) of the new listings sold in February, while the composite benchmark price increased 1% to $1,093,100, the highest in the Tri-Cities.

Port Coquitlam: There is only a one-month supply of townhouses with twice as many sales as new listings in February. Total housing sales reached 40, up a modest 18% from January 2023. The total supply of residential listings is down to four months, meaning a balanced market conditions for detached houses, with townhouses and condos in seller’s market conditions. The overall sales-to-listing ratio is a healthy 46% and the composite benchmark price has held steady (up 0.7%) for three months at $900,900.

Pitt Meadows: Sales didn’t budge month-over-month, with 15 transactions in February, while new listings fell 29% compared to January 2023. The total inventory remains at a four-month supply in this balanced market, with a sales-to-listing ratio of 55%. The composite benchmark home price fell 0.6% from January to $825,900.

Maple Ridge: Total housing sales in February were up 98% from January 2023 to 129 transactions, but new listings were down 4% from a month earlier. With a sales-to-listing ratio of 62%, the same as in February of last year and up from 30% in January 2023, this is a sellers’ market with just four months of inventory. Still, Maple Ridge plans to increase development cost charges this year to $41,000 for a new detached house, up from $22,465, and raise per-square-foot fees for new condo and townhouse units by 80%. The composite benchmark home price in February was up about 1% from January, at $918,300, but townhouse prices rose 3.5%, month over month, to $723,600.

Ladner: The townhouses market saw significant increases in sales and listings accounting for as many sales in February as detached and condos combined. Still, the total market was fairly brisk, with 27 transactions, up 69% from a month earlier and higher even than in February of last year. Townhouse prices spiked up 6.7% from January 2023 tied as the highest increase in Metro Vancouver – to $988,600. New listings were up 42% from a month earlier and there were 98 active listings as February ended. With a sales-to-listing ratio of 44%, this is a balanced market slanting towards a seller’s advantage for townhouses and condos.

Tsawwassen: Detached house listings were down 41% compared to January, while condos remain with a three-month supply. Detached houses and townhouses are in a balanced market. Total sales were rather tepid, at 25 transactions compared with 20 in January 2023 and 73 in February 2022. Perhaps buyers are tired of the back-and-forth Massey Tunnel replacement plan that doesn’t seem to ever get off (or under) the ground. This was noticeably absent from the recent provincial budget announcement and its three-year infrastructure plans. Despite a sales ratio of 47%, the composite benchmark price was down 3.7%, month-over-month, to $1,112,800, led by a sharp 7% drop in detached house prices.

Surrey: Benchmark home prices in Surrey were higher than in January, the first month-over-month increase since April of 2022. Detached house prices were up 0.7% to $1,503,200; townhouse prices rose 1% to $ $ 803,100 and condo apartment benchmark prices were up 1.4% to $522,700. The outlier is South Surrey-White Rock’s detached market, where prices slipped down 1.4% from January to $1,776,300, still the highest price in the Fraser Valley. With total Surrey sales up 61% from January 2023, at 132 transactions, and new listings up less than 15%, Surrey is considered a balanced market.

1. Check your roof: March is a good time to inspect your roof for any damage caused by winter weather. Look for missing or damaged shingles, as well as any signs of leaks.

2. Clean gutters: Clear out any debris that has accumulated in your gutters over the winter months. This will ensure that water can flow freely away from your home.

3. Inspect windows and doors: Check for any cracks or gaps in the caulking around windows and doors. This will help prevent drafts and improve energy efficiency.

4. Service your air conditioning unit: If you have a central air conditioning system, it’s a good idea to have it serviced before the hot weather arrives. This will ensure that it’s running efficiently and reduce the risk of breakdowns.

5. Check smoke detectors and carbon monoxide detectors: Test your smoke detectors and carbon monoxide detectors to ensure that they’re working properly. Replace any batteries that are low.

6. Clean your dryer vent: Lint buildup in your dryer vent can be a fire hazard. Clean it out to improve efficiency and reduce the risk of fire.

7. Check plumbing for leaks: Look for any leaks in your plumbing system, including under sinks and around toilets. Fix any leaks promptly to prevent water damage.

8. Inspect your deck or patio: Check for any damage to your deck or patio caused by winter weather. Repair or replace any damaged boards, and clean and stain or seal the wood if necessary.

9. Check your lawn and garden tools: Get your lawn and garden tools ready for spring by cleaning them and sharpening blades if necessary.

10. Prepare for spring cleaning: Make a plan for your spring cleaning tasks, and take inventory of any cleaning supplies you’ll need to stock up on.

Are you thinking of selling your home this year? If so, you might be paying extra attention to housing market news covered by the regional and national media.

While that news can be helpful information, it can sometimes say little about what’s happening in your particular neighbourhood. In fact, it’s possible for there to be a balanced market nationally or regionally, while at the same time your street may be experiencing a hot seller’s market!

That’s why it’s important to understand what’s happening in your local “micro” housing market when you’re selling your home.

What do you need to know about your local real estate scene? Here are a few questions to ask yourself:

• Is our neighbourhood a seller’s, buyer’s, or balanced market right now?

• If we list our home this month, will there be any competing listings in our area? If so, how many?

• How long is the average listing in our area taking to sell? A week? A month?

• How much are properties like ours in the neighbourhood selling for?

• How desirable is our neighbourhood? How many buyers are actively looking to move here? Are there currently buyers eager to purchase a home like ours?

• What are the demographics of buyers looking to buy in our neighbourhood?

• How important is it to fix up and stage my home if I decide to sell?

Getting these local insights will be far more helpful than the national news when you put your property on the market. So, find out what’s happening right here, in your neighbourhood.

How do you do that? Call me today. 778.828.9891

January 2023 signalled early that it would end with what the Real Estate Board of Greater Vancouver says is “among the lowest sales month in recent history.”

As of mid-month, total transactions had reached just 334 properties, well below the 795 in mid-December 2022 or the 778 in mid-January 2022. The slow sales reflected not only higher mortgage rates but a barrage of anti-demand government policies that started the New Year.

Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, effective January 1, we now have a provincial three-day Home Buyer Rescission Period (or ‘cooling-off’ period), a two-year ban on foreign buyers across Canada, a national Underused Homes Tax – essentially a Canada wide empty-homes tax for foreign owned properties – and a national anti-flipping tax which would see any profits for sales within a year of purchase taxed as business income. And of course, Canada’s prime lending rate has doubled from a year earlier, due to eight straight Bank of Canada increases.

It is wonder all this didn’t kill home buying all together. Yet a close look at Metro Vancouver shows flashes of high-performing regional markets in January and evidence that, despite misplaced and heavy-handed government policies, many people remain eager to purchase.

January ended with 1,030 properties sold of all types across Greater Vancouver, meaning sales more than doubled in the past two weeks of the month compared to the first half. As well, new listings increased from 1,379 in the first two weeks of January to end with 3,384, but this was still the lowest number of new listings for a January going back to before 1991 – more than thirty years ago.

This speaks to the one thing keeping prices from declining more than they have. Sellers are not desperate. There is a lot of equity in owning a home and that keeps buyers from going into the market and from sellers rushing to get out. Since the start of the pandemic three years ago, the composite home price in Greater Vancouver has increased by 26%, or about $286,000. The typical detached house is now worth $411,000 more than in January 2020, at a January 2023 benchmark of $1,801,300.

If there is one prediction that could be made about this market, it’s that listings will not be coming in abundance.

Despite all the government rhetoric about creating more housing, policies are failing to address the underlying lack of supply. In 2022, for instance, total non-rental housing starts in Metro Vancouver fell 18% from a year earlier to just 16,116 units. And, despite a year-over-year increase in rental construction, Metro Vancouver rents are now the highest in history and the most expensive in Canada.

In some markets, the low inventory sparked bidding wars in January and turned key suburban municipalities into seller’s markets as tenants aimed to move into ownership and owners tried to improve their housing.

Here are some markets bucking the downward sales trend:

• A Richmond condo listing attracted 11 offers in January as the local condo market moved from a balanced to a seller’s advantage.

• In North Vancouver, townhomes and condos are in a seller’s market with January townhouse sales at similar levels to January 2022.

• The strata sector was in seller’s market conditions in North Burnaby, New Westminster and even Coquitlam, despite a multi-family building boom in all three cities.

• In 12 of the 22 Greater Vancouver markets, townhouse prices increased from December 2022 to January 2023 and were up an average of 0.8% across the entire region to $1,020,400, while benchmark condo apartment prices rose 1% month-over-month to $720,700.

These are not the signs of a distressed housing market – there are instead signals that buyers, confident that interest rate hikes have ended for now, are willing to come back into the market. If there were more listings, there would be more sales. It is as simple as that.

And listings of resale housing are starting to increase. The total number of homes currently listed for sale in the Greater Vancouver is 7,478, a 32.1% increase compared to January 2022 and 1.3% higher compared to December 2022.

All predictions are that 2024 will see improved housing sales and ascending prices. This is the year for buyers to position themselves for that recovery in a still vibrant housing environment with upside potential. In fact, we believe 2023 will be a much stronger market than most pundits are predicting.

Despite headwinds through 2023, there is far too much demand to keep this real estate market from doing anything but grow.

Summary of Greater Vancouver markets in January 2023

Greater Vancouver: With total housing sales down 56% this January compared to January 2022, the January 2023 composite home price was 6.6% lower year-over-year and a mere 0.3% lower than in December 2022, to $1,111,400. Total active Listings were 7,862 at month-end compared to 5,987 at that time last year and 7,791 at the end of December, while new listings in January 2023 were up an expected 173% compared to December 2022. For all property types, the sales-to-listings ratio for January 2023 was 30%. By property type, the ratio is 28% for detached homes, 28% for townhomes, and 33% for apartments. With 571 transactions in the month, condos accounted for more than half of all sales in January, with townhouse sales at 156 and detached house transactions at 295. With an 8-month supply of inventory, this is overall a buyer’s market that is gaining strength.

Fraser Valley: With 626 transactions in January 2023, housing sales were off 12.6% compared to December 2022 and down by 52.2% compared to January 2022 to the lowest level in 10 years. The Fraser Valley Real Estate Board reports that “pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.” New listings saw an increase of 128.3% over December 2022 to 1,833 but remain at the lowest level for January since 1984. Active listings rose 5% to 4,118 compared to December 2022 and were up 76.6% compared to January 2022. At $942,200, the composite benchmark home price edged down 1.4% from December and was off 15% compared to January 2022.

Vancouver Westside: Total sales in January were 194, down 56% from the same month a year earlier and 20% below December 2022. New listings were up 196% compared to December but 29% lower than a year ago. There are less detached homes for sale than at this time last year, but this may change. In January, the City of Vancouver introduced Adding Missing Middle Housing and Simplifying Regulations in Low Density Neighbourhoods, which would see the opportunity to develop multi-unit housing in single-detached RS zones throughout the city. The proposed changes allow up to four units on a typical 33-foot city lot, and 6 units on a 55-foot lot, subject to two rounds of public engagement. A final report and public hearing to be brought before Council in the fall of 2023. Meanwhile, investors and developers will be angling to purchase detached houses to take advantage of the upzoning. The benchmark price of the 25 detached houses sold in January on the Westside was $3,020,600, down 11.6% from a year earlier. The supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales-to-listings ratio is 27% compared to 100% in December 2022 and 44% in January 2022.

Vancouver East Side: Upzoning of detached house lots may eventually have an even greater impact on the East Side, due to the addition of two SkyTrain extensions and lower prices. The typical detached house sold in January for $1,664,900, or about half that of the Westside, and down 9.3% from a year earlier. Total sales of all properties were 118 in January, down 54% from a year ago. Condos sales, with 56, led local transactions and the benchmark condo price held steady from December 2022, at $676,800. Total active listings were 867 at month end compared to 739 at that time last year and 880 at the end of December 2022. The supply of total residential listings is steady at a 7 month’s supply (balanced to buyer’s market conditions) and the sales-to-listings ratio of 33% compared with 85% in December 2022 and 54% in January 2022.

North Vancouver: A deep sleep in sales was seen in January with only 82 transactions, down 45% from a year earlier. Only 18 detached sales were seen, with the benchmark price of $2,033,000 down just 2.3% from a month earlier and 9.5% below January 2022. Meanwhile, 48 condos sold at a benchmark of $749,000, down less than 1% from December 2022. Both townhomes and condos are in seller’s market conditions with townhouse sales at similar levels to January 2022. Total active listings were at 416 at month end compared to 291 at that time last year and 385 at the end of December 2022. Total residential listings are up to 5 month’s supply (balanced market conditions) and the sales-to-listings ratio of 35% compared to 132% in December 2022 and 55% in January 2022.

West Vancouver: Benchmarked at $3,074,400 in January, West Vancouver detached house prices are holding remarkably steady, down just 0.6% from a month earlier and less than 6% below January 2022, based on 16 sales. Total properties sold in January were 28, down 30% from December 2022 and down 38% from January 2022. The total residential listings are up to 15-month’s supply and the sales-to-listings ratio of 22% compared to 85% in December 2022 and 32% in January 2022. This is a full-on buyer’s market for those who can afford it.

Richmond: For the first time in two years, the average (not benchmark) home price in Richmond dipped below the $1 million mark in January, falling to $977,143, which was down from more than $1.2 million a year earlier. While total sales in January, at 120, were off 65% from a year earlier, there was action in the strata market. In one case a condo apartment attracted nearly a dozen offers. There were 81 condo sales in the month at a benchmark price of $720,700, a price up 4.6% from a month earlier and 3% higher than in January 2022. Richmond benchmark townhouse prices, at $1,065,600, are 2% higher than a year ago and edged up 1.5% from December 2022. Total active listings were 942 at month end compared to 752 at that time last year and 919 at the end of December. Richmond is a buyer’s market with an 8-month supply and a sales-to-listing ratio at a weak 29%.

Burnaby East: Only 9 homes sold in January, perhaps the lowest ever recorded and below even the sluggish January 2019 which posted 11 transactions. Listings are increasing, posting a 214% spike up from December, which may keep prices in check. In January, the composite home price was $1,079,300, down 5.3% from a year earlier. There is 10-months of housing inventory in this buyer’s market, where the sales success ratio is a low 20%.

Burnaby North: Total sales were down 56% from a year earlier with 63 transactions in January at a composite benchmark of $954,200, a price down 4.7% year-over-year and off 1.1% from December 2022.(Benchmark prices slipped below $1 million last August and have been slowly descending since). Despite a lot of new condos being built over the past three years, condo prices are holding firm, benchmarked at $696,600 in January, a price 0.2% higher than in January 2022. This is considered an overall balanced market, with about a six-month supply of total listings and a sales-to-listings ratio of 31%

Burnaby South: Just 54 sales were seen in January, down from 94 a month earlier and 64% below the pace in January 2022. The composite benchmark price of $1,052,800, however, was up marginally from December 2022 and down less than 1% from a year ago. Active listings were at 352 at month end compared to 283 at that time last year and 344 at the end of December. This is a buyer’s market, despite the sticky prices, with an inventory of a 7-months’ supply and a sales-to-listing ratio of 33%, far below the 152% seen in December 2022.

New Westminster: New West flirted with a seller’s market in December 2022 but was more balanced in January as sales dipped to 40 transactions, down 25% from a month earlier and 61% below January 2022. There has been increased action in the detached housing market, particularly in the Sapperton and the Massey-Victoria Heights areas, where quick sales were seen, some above asking, at the end of January. While the benchmark detached house price is $1,384,000, New Westminster has one of the lowest composite home prices in a SkyTrain-served community, at $782,300. Both benchmark townhouse prices ($892,300 ) and condo apartments ($622,500) are higher now than a month and a year ago, which is rare in Metro Vancouver. This is considered a balanced market, with a 6-month supply of listings and a sales-to-listings ratio of 38%.

Coquitlam: Coquitlam posted 73 residential property sales in January, down 10% from December 2022 and 58% less than in January 2022, and this is considered a buyer’s market with 484 active listings – about a 7-month supply – and sales-to-listing ratio of a low 28%, compared to 107% in December 2022. Condo demand and prices are firm: 48 apartments sold in January at a benchmark price of $656,300, a price nearly unchanged (down 0.9%) from a year earlier. Just 4 townhouses sold in January, but the benchmark price of $975,000 was down just 0.3% from December 2022.

Port Moody: Total sales in January were 23 – down from 41 (44%) in December 2022 and down from 57 (60%) in January 2022. Active listings were 188 at month end, compared to 93 at that time last year and 155 at the end of December 2022. New listings in January were up 145% compared to December 2022 and up 29% compared to January 2022. This is a buyer’s market, with the composite home price virtually unchanged from a year ago, at $1,083,700.

Port Coquitlam: Buyers withdrew from Port Coquitlam in January, and we suspect relatively high prices may be to blame in the only Tricities market with no SkyTrain. The benchmark detached house has shot up 38% since January 2020 and, even with an 11% decline in the last year, is still at $1,279,200. Just 13 detached houses sold in January, down from 29 in the same month last year. However, this is technically a seller’s market because there is only a 4-month supply of listings and the overall sales-to-listing ratio is running at 44%, with detached houses at 66%.

Pitt Meadows: Total sales in January slumped 50% from a year earlier to just 15 transactions as the composite home price in the small community fell 15% in the same period to $830,600.
Still, this is also seen as seller’s market because a lack of listings translates to just a 4-month supply. The current sales-to-listings ratio of 39% compares to 191% in December 2022 and 73% in January 2022, so sellers have a fragile advantage at best.

Maple Ridge: Maple Ridge, where the composite home price of $910,000 is still 38% higher than in pre-pandemic January 2020, also saw total sales slide in January, dropped 47% from a year earlier and 17% from a month ago, to 65 transactions. The benchmark price of a detached house, the dominant sales sector, is $1,166,000, down 16.2% from a year ago and declining by an average of about 1.5% per month since last fall. New Listings in January were up 232% compared to December 2022 and the total inventory of listings is up to 7 month’s supply (balanced to buyer’s market conditions), with a sales-to-listings ratio of 30% compared to 120% in December 2022 and 51% in January 2022.

Ladner: With 16 sales in January, up from 9 in December, Ladner saw its total supply of homes for sale drop from an 8 to a 5-month inventory in January, despite new listings jumping 209% month-over-month. Detached house prices are down 16% from January 2022, to $1,267,700, but are declining 2.5% per month. This is a balanced market tilting towards a buyer’s advantage with lower prices and a rather tepid sales-to-listing ratio of 37%, about half that of December 2022.

Tsawwassen: Tsawwassen posted zero townhouse sales in January, but only having 3 new listings will lead to that. Based on December sales, therefore, the benchmark townhouse price remains 4.4% lower from a year ago, at $937,100. Detached house prices are down 11% year-over-year to $1,434,600 but remain 30% higher than in pre-pandemic January 2020.

Total housing sales were 20 in January, down 52% from a year earlier, but new listings were up 185% from December 2022. This is a balanced market with a healthy supply of listings and a sales ratio of 35%, down sharply from 115% a month earlier.

Surrey: Surrey housing sales slumped across the board in January, with detached house transactions down 67.8% year-over-year, townhouse sales down nearly 50% and condo apartment sales falling 60% compared to January 2022. Benchmark prices followed suit, with detached house prices dropping 22% to $1,552,110; townhouse prices down 16% from a year ago to $807,200 and condo prices dipping 7.5% year-over-year to $526,938. With active listings rising and sales and prices falling, Surrey is a serious buyer’s market right now. Opportunity exists in that market.

Decluttering your home is an important step in getting it ready to sell, as well as in creating a more comfortable and functional living space. Here are some top tips to help you declutter your home effectively:

Start with one room at a time.
Trying to declutter your entire home all at once can be overwhelming. Instead, start with one room and work your way through the house. This will help you to stay focused and make progress more quickly.

Make a plan.
Before you start decluttering, make a plan of what you want to accomplish. This might include things like getting rid of unnecessary items, reorganizing your space, or creating more storage. Having a clear plan will help you stay focused and motivated.

Use the “one in, one out” rule.
One simple way to keep clutter from building up is to implement the “one in, one out” rule. This means that for every new item you bring into your home, you need to get rid of one item. This will help you to stay mindful of what you’re bringing into your home and prevent clutter from building up.

Get rid of anything you haven’t used in a year.
A good rule of thumb is to get rid of anything you haven’t used in the past year. If you haven’t needed or used something in that amount of time, it’s unlikely that you will in the future.

Be ruthless when sorting through your things.
When sorting through your possessions, be ruthless. If you haven’t used it, worn it, or needed it in a long time, then it’s likely that you don’t need it.

Find a place for everything.
Once you’ve decluttered, make sure to find a place for everything that remains. This might mean reorganizing your space, getting new storage solutions, or creating a more efficient layout. By having a place for everything, it will be much easier to keep your home clutter-free in the future.

Donate or recycle.
When you declutter, it’s important to think about what you can do with the items that you no longer need. Donating items to charity or recycling them are both great options, as they allow you to declutter your home while also helping others.

Finally, maintain your decluttered space by regularly decluttering and keeping your things in place.
Decluttering is not a one-time task, it’s an ongoing process. Make it a habit to regularly go through your possessions and get rid of anything that you no longer need or use. And also keep your things in place to avoid creating clutter again.

By following these tips, you’ll be able to declutter your home effectively and create a more comfortable and functional living space.

As the calendar turned to 2023, transacting real estate in British Columbia became a lot more complicated. Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, we now have a provincial 3 Day Home Buyer Rescission Period, a two-year ban on foreign buyers across Canada, a national Underused Homes Tax – essentially a Canada wide empty homes tax for foreign owned properties and a national anti-flipping tax which would see any profits for sales within a year of purchase taxed as business income.

If your new years resolution was more government regulation, you got it! All these policies focus on the demand side of the transaction and guess what – they don’t and wont work! We started the year yet again with an extremely low level of active listings, and so far, that’s not changing. While sales are slow to start the year, we are only two weeks in and rescission or not, buyers are out shopping. Will they find more homes stocked on the shelves as we move through the first part of 2023, that remains an important question.

At the mid-point of January, there have been 334 sales in Greater Vancouver. This is well below the 795 at the mid-point in December and of course below the 788 at the mid-point of January last year, which was a completely different market. If we compare to January 2019, which was coming out of one of the slowest years on record, it was more closely matched with there being 396 sales in January 2019. It’s still early, and the number of sales in January in the second half tend to be more than 3 times what they are in the first two weeks. And if there is a more significant increase in the number of new listings, the number of sales will be that much higher. January 2019 finished with 1,120 sales after a similar start to this month, so it is quite likely we’ll see similar numbers if not more depending on whether sellers come to the market this month. And judging by the comments of REALTORS® over the last two weeks, open houses have been much busier than the fall, listings that were quiet are getting attention and there have been multiple offers occurring on what limited number of homes there are on the market. After sitting through the last few months of the year, some listings are seeing offers come in. Perhaps a sign that buyers are adjusting to the new levels of interest rates and that the pent-up demand is starting to get more active. And most certainly a sign that sellers may want to jump on an early spring market.

At mid-month in Greater Vancouver there have been only 1,379 new listings, which is above the 984 new listings at the mid-point of December but significantly below the 1,639 new listings at the midpoint of January 2022 and much more below the number of new listings of 1,940 at the mid-point of January 2019 – you know, that other slow market period. After seeing active listings drop below 7,000 in Greater Vancouver, there are now 7,294 listings, up, but ever so slightly. A 24% sales-to-listings ratio has helped, but with the few numbers of new listings, it’s not adding much to the well of active listings so far.

While it is too early to recognize trends in any market, North Vancouver, West Vancouver, and Port Moody appear to be the slowest out of the gate for sales. As of the middle of the month, Port Moody only had two sales – and they were condos and North Vancouver had only seen one townhouse sale. Certainly, in the case of Port Moody, the available number of new listings is a contributing factor in the low number of sales. New Westminster is following along the same path for new listings as December, very few and as a result that’s holding back sales. Coquitlam is bucking the trend with a higher pace of new listings so far in January, with the condo segment being the larger supplier of new listings. And with Coquitlam City Council starting its first meeting of 2023 by sending the Polygon proposal for a massive development out for comment that would see 2,835 units built at the Port Moody border, just north of Lougheed Highway, more supply could be on the way This would be like what Marcon Quadreal is planning to build at the corner of Lougheed and Barnet Highway. All while Port Moody is seeing a bid from Wesgroup to rezone 59 single-family homes for a high-density development. There is a focus on development in these two cites – perhaps something others should take note of. And given the lack of listings buyers have to shop from, they can’t come soon enough.

Here’s a summary of the numbers:

Greater Vancouver

334 units sold so far in January 2023 compared to
793 units sold at mid-month in December 2022
788 units sold at mid-month in January 2022
977 units sold at mid-month in January 2021
538 units sold at mid-month in January 2020
396 units sold at mid-month in January 2019

1,379 new listings so far in January compared to
984 new listings at mid-month in December 2022
1,639 new listings at mid-month in January 2022
2,185 new listings at mid-month in January 2021
1,924 new listings at mid-month in January 2020
1,940 new listings at mid-month in January 2019

Total active listings are at 7,294 compared to 5,427 at mid-month in January 2022, and 8,787 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver West

62 units sold so far in January 2023 compared to
157 units sold at mid-month in December 2022
152 units sold at mid-month in January 2022
154 units sold at mid-month in January 2021
89 units sold at mid-month in January 2020
57 units sold at mid-month in January 2019

303 new listings so far in January compared to
194 new listings at mid-month in December 2022
395 new listings at mid-month in January 2022
426 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 1,723 compared to 1,637 at mid-month in January 2022, and 2,085 at mid-month in December 2022.

Sales to listings ratio is at 20% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver East

41 units sold so far in January 2023 compared to
75 units sold at mid-month in December 2022
88 units sold at mid-month in January 2022
97 units sold at mid-month in January 2021
48 units sold at mid-month in January 2020
41 units sold at mid-month in January 2019

144 new listings so far in January compared to
109 new listings at mid-month in December 2022
153 new listings at mid-month in January 2022
236 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 793 compared to 652 at mid-month in January 2022, and 979 at mid-month in December 2022.

Sales to listings ratio is at 28% compared to 58% at mid-month in January 2022 and 69% at mid-month in December 2022.

North Vancouver

20 units sold so far in January 2023 compared to
69 units sold at mid-month in December 2022
49 units sold at mid-month in January 2022
55 units sold at mid-month in January 2021
30 units sold at mid-month in January 2020
31 units sold at mid-month in January 2019

93 new listings so far in January compared to
62 new listings at mid-month in December 2022
82 new listings at mid-month in January 2022
155 new listings at mid-month in January 2021
163 new listings at mid-month in January 2020
151 new listings at mid-month in January 2019

Total active listings are at 377 compared to 233 at mid-month in January 2022, and 442 at mid-month in December 2022.

Sales to listings ratio is at 22% compared to 60% at mid-month in January 2022 and 111% at mid-month in December 2022.

West Vancouver

8 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
11 units sold at mid-month in January 2022
20 units sold at mid-month in January 2021
10 units sold at mid-month in January 2020
7 units sold at mid-month in January 2019

46 new listings so far in January compared to
145 new listings at mid-month in December 2022
52 new listings at mid-month in January 2022
96 new listings at mid-month in January 2021
91 new listings at mid-month in January 2020
59 new listings at mid-month in January 2019

Total active listings are at 395 compared to 337 at mid-month in January 2022, and 496 at mid-month in December 2022.

Sales to listings ratio is at 17% compared to 21% at mid-month in January 2022 and 76% at mid-month in December 2022.

Richmond

47 units sold so far in January 2023 compared to
104 units sold at mid-month in December 2022
130 units sold at mid-month in January 2022
127 units sold at mid-month in January 2021
92 units sold at mid-month in January 2020
49 units sold at mid-month in January 2019

196 new listings so far in January compared to
145 new listings at mid-month in December 2022
266 new listings at mid-month in January 2022
277 new listings at mid-month in January 2021
264 new listings at mid-month in January 2020
293 new listings at mid-month in January 2019

Total active listings are at 879 compared to 722 at mid-month in January 2022, and 1,048 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 49% at mid-month in January 2022 and 72% at mid-month in December 2022.

Burnaby East

3 units sold so far in January 2023 compared to
7 units sold at mid-month in December 2022
6 units sold at mid-month in January 2022
5 units sold at mid-month in January 2021
8 units sold at mid-month in January 2020
3 units sold at mid-month in January 2019

11 new listings so far in January compared to
13 new listings at mid-month in December 2022
11 new listings at mid-month in January 2022
19 new listings at mid-month in January 2021
21 new listings at mid-month in January 2020
22 new listings at mid-month in January 2019

Total active listings are at 69 compared to 29 at mid-month in January 2022, and 91 at mid-month in December 2022.
Sales to listings ratio is at 27% compared to 55% at mid-month in January 2022 and 54% at mid-month in December 2022.

Burnaby North

21 units sold so far in January 2023 compared to
46 units sold at mid-month in December 2022
36 units sold at mid-month in January 2022
61 units sold at mid-month in January 2021
38 units sold at mid-month in January 2020
22 units sold at mid-month in January 2019

70 new listings so far in January compared to
58 new listings at mid-month in December 2022
83 new listings at mid-month in January 2022
130 new listings at mid-month in January 2021
99 new listings at mid-month in January 2020
91 new listings at mid-month in January 2019

Total active listings are at 343 compared to 236 at mid-month in January 2022, and 391 at mid-month in December 2022.

Sales to listings ratio is at 30% compared to 43% at mid-month in January 2022 and 79% at mid-month in December 2022.

Burnaby South

15 units sold so far in January 2023 compared to
57 units sold at mid-month in December 2022
54 units sold at mid-month in January 2022
72 units sold at mid-month in January 2021
41 units sold at mid-month in January 2020
23 units sold at mid-month in January 2019

66 new listings so far in January compared to
45 new listings at mid-month in December 2022
116 new listings at mid-month in January 2022
136 new listings at mid-month in January 2021
106 new listings at mid-month in January 2020
105 new listings at mid-month in January 2019

Total active listings are at 324 compared to 264 at mid-month in January 2022, and 835 at mid-month in December 2022.

Sales to listings ratio is at 23% compared to 47% at mid-month in January 2022 and 127% at mid-month in December 2022.

New Westminster

15 units sold so far in January 2023 compared to
31 units sold at mid-month in December 2022
38 units sold at mid-month in January 2022
36 units sold at mid-month in January 2021
18 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

37 new listings so far in January compared to
22 new listings at mid-month in December 2022
62 new listings at mid-month in January 2022
100 new listings at mid-month in January 2021
18 new listings at mid-month in January 2020
27 new listings at mid-month in January 2019

Total active listings are at 203 compared to 145 at mid-month in January 2022, and 264 at mid-month in December 2022.

Sales to listings ratio is at 41% compared to 61% at mid-month in January 2022 and 141% at mid-month in December 2022.

Coquitlam

22 units sold so far in January 2023 compared to
45 units sold at mid-month in December 2022
64 units sold at mid-month in January 2022
104 units sold at mid-month in January 2021
57 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

107 new listings so far in January compared to
64 new listings at mid-month in December 2022
91 new listings at mid-month in January 2022
161 new listings at mid-month in January 2021
140 new listings at mid-month in January 2020
144 new listings at mid-month in January 2019

Total active listings are at 434 compared to 255 at mid-month in January 2022, and 536 at mid-month in December 2022.

Sales to listings ratio is at 21% compared to 70% at mid-month in January 2022 and 70% at mid-month in December 2022.

Port Moody

2 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
17 units sold at mid-month in January 2021
16 units sold at mid-month in January 2020
10 units sold at mid-month in January 2019

43 new listings so far in January compared to
32 new listings at mid-month in December 2022
25 new listings at mid-month in January 2022
34 new listings at mid-month in January 2021
31 new listings at mid-month in January 2020
25 new listings at mid-month in January 2019

Total active listings are at 165 compared to 81 at mid-month in January 2022, and 167 at mid-month in December 2022.

Sales to listings ratio is at 5% compared to 76% at mid-month in January 2022 and 88% at mid-month in December 2022.

Port Coquitlam

16 units sold so far in January 2023 compared to
17 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
25 units sold at mid-month in January 2021
21 units sold at mid-month in January 2020
16 units sold at mid-month in January 2019

29 new listings so far in January compared to
34 new listings at mid-month in December 2022
44 new listings at mid-month in January 2022
80 new listings at mid-month in January 2021
65 new listings at mid-month in January 2020
67 new listings at mid-month in January 2019

Total active listings are at 123 compared to 66 at mid-month in January 2022, and 166 at mid-month in December 2022.

Sales to listings ratio is at 55% compared to 43% at mid-month in January 2022 and 50% at mid-month in December 2022.

Ladner

5 units sold so far in January 2023 compared to
5 units sold at mid-month in December 2022
9 units sold at mid-month in January 2022
7 units sold at mid-month in January 2021
12 units sold at mid-month in January 2020
1 units sold at mid-month in January 2019

18 new listings so far in January compared to
14 new listings at mid-month in December 2022
16 new listings at mid-month in January 2022
15 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
24 new listings at mid-month in January 2019

Total active listings are at 72 compared to 34 at mid-month in January 2022, and 86 at mid-month in December 2022.
Sales to listings ratio is at 28% compared to 56% at mid-month in January 2022 and 36% at mid-month in December 2022.

Tsawwassen

7 units sold so far in January 2023 compared to
19 units sold at mid-month in December 2022
13 units sold at mid-month in January 2022
16 units sold at mid-month in January 2021
7 units sold at mid-month in January 2020
2 units sold at mid-month in January 2019

21 new listings so far in January compared to
16 new listings at mid-month in December 2022
33 new listings at mid-month in January 2022
43 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
37 new listings at mid-month in January 2019

Total active listings are at 120 compared to 74 at mid-month in January 2022, and 135 at mid-month in December 2022.

Sales to listings ratio is at 33% compared to 39% at mid-month in January 2022 and 119% at mid-month in December 2022.

We will all remember the 2022 housing market as one of the most volatile that Metro Vancouver has ever seen, rising to unprecedented highs early in the year only to fall to a near 40-year low by December. Along the way the year crushed every cliché in the residential market. January and February sales, normally the slowest sales months of the year, were among the strongest. September, traditionally a stellar month, posted lower sales than August.

Year-over-year sales fell about 50% but prices proved amazingly resilient, with a mere 3.3% decrease in the benchmark composite home price. Most strata prices increased. And, to cap it all off, the normally sedate December posted a sales-to-new-listing ratio of more than 100% to put an exclamation point on an unforgettable year.

It is all rather reminiscent of 2018, and for a similar reason: anti-demand government policies – – including seven consecutive interest rate increases in 2022 – putting the brakes on eager buyers. The one major difference from 2018, sellers were far more absent as new listings were far more scarce.

We all must deal with continued government intervention in 2023, none of which address the underlying problem of a lack of supply in Metro Vancouver’s housing market. The shortage of both resale listings and new home construction was starkly apparent in December 2022, when total listings of homes was down 41% compared to a year earlier and new listings plunged 60% from November 2022.

At the same time, starts of new non-rental homes in Metro Vancouver fell to 13,950 units as of December 1, down from 17,708 in the same period in 2021. And the government’s response to this dramatic shortfall? The complicated new and largely unnecessary B.C. Land Owner Transparency Registry, which became mandatory on November 30 on residential purchases and require a lawyer’s assistance to complete; a two-year federal ban on foreign homebuyers, which began January 1, 2023 and will discourage new speculative construction as immigration levels reach record highs; and B.C.’s unnecessary three-day cooling off period for homebuyers, effective January 3, 2023, in a market where the average listing now takes 31 days to sell. While giving buyers 3 days to decide if they want to move forward, it doesn’t technically allow for due diligence by a buyer and imposes a penalty on buyers if they want to rescind. As well, several Metro municipalities are increasing development cost charges on new home construction, even as developers are reeling from higher construction costs and land prices and slowing pre-sales of new strata units.

When you consider what this market deals with, its resiliency is amazing and quite encouraging as we enter a new year, especially for homebuyers. The bottom line is that, with more than 50,000 new immigrants expected to arrive in B.C. in 2023 and governments pushing to stunt the housing supply, Metro Vancouver home prices will continue to face upward pressure.

December was likely a harbinger of what is to come. With just 1,240 new listings in the month, there were 1,303 sales, resulting in a sales-to-new-listing of a startling 105%. This is not indicative of slowing demand or owners desperate to sell.

We’ve not seen new listings for the month of December this low going back as far as 1991 in Greater Vancouver. If anyone thinks sellers are panic selling, this suggests the exact opposite and sets up 2023 to be a year with a skinny selection in front of hungry buyers. While the story of the real estate market tends to be the lack of sales that occurred in the second half of 2022, the drop in listings is the true underlying theme in the real estate market.

December benchmark prices are also an eye-opener. Despite all the angst in 2022, the forecasts of recession and a crash in values, average home prices are virtually the same now as 12 months ago. The overall average composite home price in December was $1,183,802, only $57,000 (or 4.2%) below the near-record price a year earlier. Some markets and housing types have higher average prices now than 12 months ago, including the bellwether Westside of Vancouver, where condo apartment prices have increased $30,000 and the East Side of Vancouver, where average townhouse prices in December were up about $120,000 from the end of 2021.

Based on current trends, 2023 looks like more of the same: gently rising home prices against a background of increased demand and a tight supply. Without more listings on the market, the true strength of this emerging buyer’s market will not be fully realized.

Here’s a summary of the numbers:

Greater Vancouver: This is a balanced market, with only a low supply keeping it from tipping to a full-blown buyer’s market. Total units sold in December were 1,303 and total new listings were 1,240, resulting in a 105% sales-to-new-listing ratio, one of the highest in all of 2022. New listings were down 61% from November 2022 and 38% lower than in December 2021, which hampered many buyers. More listings would have resulted in higher sales, without a doubt. The low supply assured prices would remain constant, with the composite benchmark price in December at $1,131,600, down less than $20,000 from December 2021. With a further 55,000 international immigrants expected to arrive in 2023, listings in short supply and rents at record highs, the price pressure on homes is becoming intense.

Vancouver Westside: This is the most-watched housing market in B.C. and it provides all the evidence needed that we are heading into a buyer’s market, with eager purchasers held in check only by a lack of supply. Despite an average price of nearly $3,489,1341 in December, 78% of new listings for detached houses sold. In the condominium apartment market, the sales success ratio was 114% and the average price of $993,400 was 3.1% higher than both a month and a year earlier. The townhouse sector saw December sales sag to 16, largely because new listings dropped to just 28 units, the lowest monthly level in at least two years. Still, the average Westside townhouse price in December was $1,566,761, the highest since July 2022. The supply of total residential listings is still at 8 month’s supply, representing perhaps an irresistible buyer’s market as we head into 2023.

Vancouver East Side: Next year is when it all comes together for the East Side housing market. The Broadway Plan is pushing density higher from Renfrew Street to Mount Pleasant with the new SkyTrain Subway as the development of the 450-acre False Creek Flats and its new St. Paul’s Hospital kick into high gear. Relaxed zoning allows three housing units on each detached lot and rental rates are soaring. Heady times indeed and savvy buyers and investors have started early. In December, 38 detached houses sold, representing 103% of the new listings available. Yet the average detached house price, at $1,766,997, is the lowest since December 2020 and half the price as the neighbouring Westside. Condos are also attractive for East Side buyers: the sales-to-new-listing ratio in December was 97% and the benchmark price has barely budged (down 0.5%) from a year ago. This is the market to get into now, while there is seven-month supply of homes available and prices are holding steady. We doubt that will be the case three months from now.

North Vancouver: The overall sales-to-listing ratio in December was a startling 132% and there is only a 4-month supply of listings on the market, setting the stage for a very competitive market. Total sales were down 45% from a year earlier, to 107, but new listings dropped 32% year-over-year and were down nearly 70% from November 2022. The condo market is a sector to watch. The Lonsdale Quay/ Lower Lonsdale area is now a destination and was responsible for many of the 1,208 North Vancouver condo sales in 2022. Benchmark condo prices at $756,000 in December are up 1.6% from a year ago but have been declining an average of 1.5% per month since the spring. Be careful shopping in the new pre-sale strata market in North Vancouver City and District, which have brought in the Step 5 (net-zero) building code, which adds expenses and delays due to new super-energy-saving construction. All homes are in short supply, with just 385 active listings as of the end of December, down from 529 a month earlier.

West Vancouver: Total housing sales in December, with 40 transactions, were down 34% from December of 2021 but up from the 28 sales in November 2022. Active listings were 448 at month end, but new listings in December were down 58% from November and 6% lower than a year earlier. This market is defined by its detached housing, which posted an impressive 124% sales-to-new-listing ratio in December as 26 houses sold at an average price of just slightly under $3 million. The supply of total residential listings is down to an 11 month’s supply (buyer’s market conditions) and the sales to listings ratio of 85% compares to 25% in November 2022. This is a buyer’s market but don’t expect dramatically lower prices. The overall December benchmark, at $2,559,400, was still nearly 19% higher than in pre-pandemic 2019.

Richmond: If any market will feel the brunt of the two-year foreign homebuyer ban it will likely be Richmond, but the ban is rather toothless because of exceptions to the federal legislation in force from Jan. 1, 2023. Foreigners with a spouse or common-law partner who is a Canadian are exempt as the spouse or partner would be the purchaser, as are permanent residents (those who have immigrated but are not yet citizens), foreigners with temporary work permits, refugees and most long-term international students can take advantage of exemptions depending on their situation. December sales in Richmond, at 171, were the lowest in three months and down 56% from December 2021. But there is a good selection for buyers, with 919 total listings at month’s end, compared to 723 a year ago. The benchmark price for a detached house is $1,978,200, down nearly 3% from November 2022. A total of 96 townhouses sold in December at a benchmark of $1,049,800, a price unchanged from three months earlier. Condo apartment sales benchmarked at $689,400, up 6% from December 2021. With a sales-to-listing ratio at 99% and a 5-month supply of listings, this is a balanced market.

Burnaby East: This sub-market posted just 12 sales in December, a small share of the 183 transactions across Burnaby in the month, but it also had the highest benchmark home price in the municipality, at $1,082,300. Detached house prices, benchmarked at $1,657,400, were down 5.1% from a month earlier and 6% lower than a year ago. Total active listings of 74 at month’s end were more than doubled a year earlier, but new listings dropped 62% from a month earlier. There is a 6-month supply, and the sales-to-new-listing is running at a quick 86%, up from 38% in November 2022.

Burnaby North: Housing sales continue to track lower, with 78 December sales down from 92 a month earlier and 50% lower than in December 2021. Prices are holding fairly firm, however, with the condo apartment price at $692,500, up 2.7% from year earlier. (The sixth residential tower – 396 units – at Brentwood started in December after the first five towers sold out). This is overall a balanced market with a 5-month supply, but the sales-to-listing ratio of 111%, the highest in at least four years, and solid prices mark it as a seller’s advantage.

Burnaby South: Most of Burnaby’s housing sales – 94 – were in the South in December and this may continue due to the explosion of condo construction in the Metrotown area. Sales were down 20% from November 2022 and 49% lower than in December 2021. Prices are sticky, though, with composite benchmark price at $ $965,300, virtually unchanged (down 1.1%) from a year ago. Detached house prices have held rock-steady for the year at $1,889,000, down 0.5% from December 2021. There are 344 total listings in this seller’s market, down from 425 in November 2022, and the sales-to-new-listing ratio is a robust 159%, one of the highest in Metro Vancouver.

New Westminster: The Royal City remained a seller’s market in December, with a sales-to-new-listings ratio of 183% – up from 164% a year ago – and just a 4-month supply of homes on the market, with 219 total listings. A total of 53 properties sold in December, down 18% from November and 61% below December 2021. The detached house benchmark price is $1,402,600, down 4.3% from a year ago, but townhouse ($872,800) and condo apartment ($619,400) prices are up by same amount year-over-year. Incidentally, New Westminster’s new council has been moving to speed residential developments with some sharp new ideas on quicker approvals. A market to watch in 2023.

Coquitlam: All Tri-Cities communities are raising or considering increases in development cost charges for residential development, so we will likely be seeing higher prices for new product in 2023. Meanwhile new listings in December were down 69% from November and active listings, at 452 at month’s end, were down from 582 a month earlier, while the sales-to-new-listing ratio is running hot at 107%. Total sales in December were 81, down 40% from November and 42% below December 2021. The composite home price in December, at $1,044,700 is down 3.1% from a year earlier, while detached house benchmarks have slipped down 2.6% year-over-year to $1,698,400, in what is considered a balanced market.

Port Moody: Total sales in this seller’s market were 41 in December, up 24% from November and down a modest 7% from a year earlier. Active listings were at 155 at month’s end compared to 97 at that time last year and 194 at the end of November. But, with the sales-to-new-listing ratio at 98%, listings are disappearing. The composite home price is at $1,079,300, up 1% from December 2021.

Port Coquitlam: The small city has posted its 2023 fee increases, including for residential development, and they remain relatively modest (a multi-family rezoning amendment costs $2,500 plus $200 per unit for each of the first 20 units, as an example). In December 37 residential properties sold, down 65% from December 2021. The sales-to-new-listing ratio is 84%, a reflection of the very low new listings, with just 11 houses, 9 townhouses and 24 condos added to the market in December. This is tight seller’s market, with just a 4-month supply of total listings and the composite home price down just 0.5% from a year ago, at $886,300.

Pitt Meadows: Pitt Meadows was a popular destination during the pandemic, and the housing market has kept strong this year. Only 23 properties sold in December, compared to 33 at the same time a year ago, but were higher than in both October and November 2022. A 57% drop in new listings month-over-month led to a blistering 191% sales-to-new-listing ratio in December, the highest in years. With just a 2-month supply on the market, the composite benchmark home price is down 8.1% from a year ago at $853,400, but it could increase if the supply remains tight

Maple Ridge: At $1,666,600 the benchmark price of a detached house dropped 15.4% in December compared to December 2021, the biggest year-over-year price decline in Metro Vancouver. Still, with sales of 78 in December and new listings down 65% from a month earlier, the sales-to-new-listing ratio was 120%, compared to 50% in November this is considered a balanced market. But buyers may start looking, as the composite home price is now $915,800, down 24.6% from six months ago.

Ladner: Total units sold in December were 9, down from 16 (-44%) in November 2022 and down from 21 (-57%) in December 2021. Benchmark prices are lower across the board, with detached houses down 12.3% from six months ago at $1,299,400; townhouses down 11.2% from June 2022 at $880,200; and condo apartments selling in December at a benchmark of $670,400, about 9% lower than six months ago, but still 34% higher than in pre-pandemic 2019.

Tsawwassen: With 23 sales in December, transactions were 47% below the same month last year and the composite home price fell 13.4% from six months ago and was down 4.4% year-to-year at $1,143,900. Overall home prices are still 26% above pre-pandemic December 2019. Active listings were 130 at month’s end compared to 68 at that time last year and 150 at the end of November 2022. The sales-to-new-listing ratio is a robust 115% in this balanced market, but slowing sales indicate further price corrections could be coming.

Surrey: Sales continue to tumble in B.C.’s second-largest city. Detached house sales fell nearly 70% in December from the same month a year earlier and were down 13.6% compared to November, to 102. The benchmark detached house price is feeling the sales slump, dropping 8.5% year-over-year to $1,510,400. Condo apartment sales plunged a stunning 79% from December 2021 and townhouse sales are down 69% year-over-year, with prices down about 2.5% to $502,800 for condos and $812,200 for townhouses. Even with new listings coming down, we call this a buyer’s market because of the lower prices being seen in one of B.C.’s fastest-growing city.

written by: Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

Are you thinking about selling your home this spring? If so, one factor that may be holding you back is time. You might be worried that you won’t find the time in your busy schedule to sell your property successfully.

If so, here are four strategies that will help:

1. Understand what needs to be done

Do you know what you’ll need to do to sell your home? Do you understand the steps involved? Do you have a clear idea of how long it will take to complete various tasks, like getting repairs done and doing some “staging”?

The more accurately you can anticipate your tasks and how long it will take to complete them, the better you’ll be able to plan and schedule.

2. Keep a “moving” calendar

It’s a known time management fact that using a calendar and blocking out time for tasks will ultimately save you time. So, use your calendar, or create a new one just for moving-related items. With an up-to-date calendar in place, you’ll always have a view of what needs to be done and how those tasks fit into your weekly schedule.

Maintaining a moving calendar also reduces stress.

3. Ask for advice

How should you stage your main floor? Should you make any home improvements? How should you prepare for a buyer coming to view your property?

You don’t need to guess or Google. Get professional advice. Doing so will expose you to the most current best practices and will save you time.

4. Hire help

You don’t need to do everything on your own. Instead, consider hiring professionals to do at least some of the work for you. For example, hire a painter, a lawn mowing service or a dog walker.