Fraser Valley real estate market weakens as sales and prices continue to edge downward

SURREY, BC – Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12- month high of 1,935 sales recorded in June.

At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533. “What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”

Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent.

The market is considered balanced when the ratio is between 12 per cent and 20 per cent. “As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”

Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to September.

See below for price changes by housing category. MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared to October 2022.

• Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent compared to September 2023 and increased 4.7 per cent compared to October 2022.

• Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to September 2023 and increased 3.7 per cent compared to October 2022.

Metro Vancouver housing market holds steady in October

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments.

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

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023.

Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

Download the October 2023 stats package.

We need your help to make this year's Blanket Drive a success

November 14-21, 2023

Caring for our neighbours

Most of us have been very fortunate in our lives to have a warm and safe home to go to. But for some people that is not an option. Many live on the streets or in shelters with very little. The young and old.
If you have anything for the Blanket Drive that is not needed in your home, please think about sharing...
Thank you in advance.

Starting November 14, anyone can drop off blankets, socks, and warm clothing to select real estate offices, or donate financially to support our REALTORS Care® Blanket Drive charities.

For 29 years, REALTORS® across the Lower Mainland have banded together to collect warm clothing donations, or make financial contributions, to help those most in need within our communities. Hundreds of real estate offices serve as drop-off locations during this week-long annual campaign.

Looking to donate warm clothing, socks, and blankets to help those in need in our communities? In one week, you’ll be able to drop these items off at real estate offices across the Lower Mainland as part of this year’s REALTORS Care® Blanket Drive.

We are looking for the following items:

 New or gently used
-blankets, sleeping bags
-warm clothing - coats, jeans, pants, sweaters
-scarves, gloves, mitts, hats
-socks (new), in high demand
-underwear (new)
-pillows (new)

All donations collected in a community stay in that community!

You can find these locations, along with more information about the Blanket Drive, at the newly launched BlanketDrive.ca.

Let us help you with these ideas of how to add fun Halloween decorations throughout your home so you can enjoy the holiday.

Halloween may be a favourite and long-awaited holiday for the kids, complete with ghosts, goblins and everything gory, but adding a haunted Halloween feeling to your homedoesn’t have to verge on the grotesque. We love this fun day, too but prefer to keep things a little more chic. Here are some ideas for Halloween inspired decorating ideas that hover somewhere between classy and creepy!

1. pumpkins- real or fake. Spray paint them silver, gold or black and stencil a Halloween themed picture on them. High light at front door with a spot light, for an extra haunting feeling.  
2. Skulls, skulls and more skulls- you can find them in home accessories for everyday use now.
3. Table clothes and dinner napkins, mix and match black & orange or black & white.
4. Candles- use black or orange candles with your everyday candle sticks.
5. Leaves and twigs- real or fake, add a Fall theme that can last till the Holidays.
6. Crows and spider webs- definitely fake, can add that extra creepy feeling to your surroundings.
7. Fill some of your favorite glass containers or bowls with Halloween treats.
8. Decorate your windows with creepy silhouettes of witches and ghoul figures.
9. Find old bird cages, spray paint black and fill with crows or other Halloween theme characters and display at your front door.
10. And finally, why not dress up in a costume when you answer the front door. Most trick or treaters never expect you all dressed up.

You can find great items at stores like Michaels, Homesence, West Elm, Pottery Barn, your local dollar store or even at the thrift stores such as Value Village.

Search Pinterest for even more ideas...

Designers say these styles need to be ghosted.

You needn’t be scared of the bold and colorful styles spicing up more interiors lately. (Yes, that even includes Barbiecore—for now.) Instead, the aesthetics that have grown tiresome in the eyes of many designers tend to fail at successfully balancing that fine line between too little and too much, along with embracing some unusual shapes (hello, blobs and spray foam!) and scratchy fabrics (we see you, bouclé). 

Each year, new scares and frights emerge to haunt the interiors of our homes. Remember 2022’s most horrifying trends, which included the “cloffice” and wallpaper murals? (Eek!)

Get ready to gasp and scream with the Styled, Staged & Sold blog’s annual countdown of the overdone trends we’re ready to say goodbye to in the new year. This list is compiled from designer input and consumer surveys.

10. All-white bathrooms

Photo credit: ArchiViz / Getty Images

In an interior design world that now howls for more color, all-white bathrooms are starting to feel cold and dead. More than a quarter of interior designers surveyed by Fixr.com, a home remodeling site, called out all-white bathrooms as the top home trend they hope will slither away into the ethos. Instead, designers want to see more color: Nearly 60% of designers called colorful bathroom interiors, especially through shower tiles, a hot trend to embrace this year.

9. Outdoor maximalism

Photo credit: Mtreasure / Getty Images

Since the pandemic, homeowners have been trying to use every square inch of their yards. They’re filling their outdoor spaces with abundant potted plants intermingled with firepits, yard games, party lights, outdoor kitchens, statues and accessories, gardens—all accented by brightly colored furnishings, pillows and patterned rugs. Sure, color is in—but this can grow into an overly designed nightmare. Designers say it’s time to scale back some of that overdone outdoor style. Stick to one neutral color palette and let the greenery and nature surrounding you serve as your main outdoor focal point.

8. Black stainless steel appliances

Photo credit: in4mal / Getty Images

We’ve heard the screams of horror from some homeowners who say this alternative stainless steel finish is not living up to its hype. They’ve complained it’s prone to peeling, chipping and flaking. Their complaints have even sparked a class-action lawsuit(link is external), accusing one major manufacturer for perceived defects from its black coating. Traditional silver metallic stainless and black stainless are actually made from the same material, but black stainless has a coat of black paint. If it scratches, the shiny steel could potentially pop through underneath and make for some highly visible scratches.

7. Bouclé fabrics

Photo credit: Hemul75 / Getty Images

Bouclé has become a popular choice for sectional sofas and chairs. But they’re not just being used as accents; they’re getting scattered all over the home. Designers warn that the look isn’t aging well. Bouclé fabrics are made from a tightly woven, looped yarn material, often crafted from wool, cotton or linen. It appears lumpy, textured and foam-like. It’s often used in curved furnishings to offer warmth and cozy vibes. But here’s some bad news for bouclé: The fabric can be prone to pilling, is not pet-friendly and sometimes appears dirty, particularly when used in off-white or creamy fabrics.

6. Zellige tiles

Photo credit: Pxel66 / Getty Images

These Moroccan clay tiles, which are often shaped like small squares, are known for their imperfections. No two Zellige tiles look alike. But those imperfections can look sloppy, particularly on a kitchen backsplash or as shower tile with a shiny glaze that spotlights its unevenness. Particularly concerning, Zellige tiles installed on the floor could pose a trip hazard due to their unevenness and irregular shapes.

5. Super shiny surfaces

Photo credit: Alabn / Getty Images

Grab your sunglasses. From cabinet fronts to countertops, stainless steel appliances to range hoods, and backsplashes to floors, the trend toward shiny, glossy surfaces is reflecting poorly. These overly polished fixtures are now getting swapped out for more organic, natural materials and textures. Countertops, for example, were once favored in polished, super-shined quartz or granite. Designers are now showing preference for honed or matted finishes offering a softer sheen that’s less reflective and has a more organic, slightly textured finish.

4. Low backsplashes

Photo credit: Dpproductions / Getty Images

Another fading trend is the mini backsplash, which has a small edging that creeps up ever-so slightly around bathroom and kitchen countertops. Under today’s design lens, these now appear unfinished and underwhelming. Plus, the lower backsplashes aren’t providing much protection for the walls—which is the original purpose of a backsplash, after all. Fixr.com called out low backsplashes as one of designers’ least favorite kitchen trends for 2023. Instead, take backsplashes to new heights—even all the way to the ceiling—for grander statements.

3. Mirrored furniture

Photo credit: John Keeble / Getty Images

Designers love mirrors, but the trend went into overdrive. Mirrored furnishings, like nightstands and dressers, were meant to exude luxury and Hollywood glam. But you may want to reserve that flashy bling for the lighting fixtures, not the furnishings. Mirrored furnishings were last popular in the 1980s, and their quick re-emergence lately is already feeling outdated. Plus, designers say that mirrored furnishings are prone to fingerprints, smudges and bad reflections. (We see what’s hiding under that bed!)

2. Dining benches

Photo credit: Astronaut Images / Getty Images

Backless bench seating used for kitchen dining tables were to help hide bulky chairs. These low-profile benches could easily slide underneath the table. They came in style with the farmhouse décor fad. But these benches are uncomfortable, cumbersome to slide onto, and can create an awkward moment of entrapment for whomever finds themselves stuck in the middle. Let's bring back the chairs!  

1. Blobs

Photo credit: Alvarez / Getty Images

The “blobby” home trend—also dubbed the “blobject”—has ushered in amoeba-like shapes in décor and furnishings, including curvy tables, wavy mirrors, plump furnishings and mushroom-like lamps. Similarly, a TikTok trend earlier this year unleashed a popular and potentially dangerous DIY project: using spray-foam insulation(link is external) (the toxic industrial foam used by builders) to coat tables, mirrors and home accessories. This globby, gooey gak coated many home accessories, making for foamy, wavy edges. Interior design influencer Phoenix Grey, known as the “Design Daddy,” called this one of the worst home design trends of 2023 and said the result “looks like it’s pulled from the intestines of a horror movie.” We agree! The blobs and spray foam are in stark contrast to the straight edges and clean lines that once dominated interior design. We welcome change, but sometimes a blob is just a blob. And, well, that’s not always pretty. 

High property prices, elevated interest rates and the rising cost of living has prompted many Canadians to rethink their lifestyle and housing needs. For some, this means pooling financial resources with other family members and friends in order to gain access to the housing market. By co-owning a property (with someone other than their spouse or significant other), homebuyers can not only divide the expense of homeownership among more people, but potentially access larger homes in more desirable locations that they may not have been able to afford on their own.

According to a recent Royal LePage survey1 conducted by Leger, 6% of Canadian homeowners2 co-own their property with another party, not including their spouse or significant other. Of this group, 89% co-own with family members and 7% with friends. Another 8% co-own with someone who is not a friend or family member.

Seventy-six per cent of co-owners say that affordability was a major motivating factor in their decision to co-purchase their property. Not surprisingly, that number rises to 83% for co-owners between the ages of 25 and 34.

“Households group together for many reasons, including communal care for elderly parents, help raising children, cultural preferences or simply to be together. However, the decision to live together, including co-owning a home, is a decision increasingly made for financial reasons,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “In an environment where home prices and interest rates have risen quickly and sharply, and where the threshold to qualify for a mortgage has become much more challenging, Canadians are pooling their resources and buying homes together. In cases where homebuyers cannot afford to purchase on their own, they are combining their buying power with their parents, children, siblings or even friends.”

Concerning their co-owning situation, 44% of co-owners3 say that they and all fellow co-owners live in the home together. A smaller percentage (28%) say that they co-own a home with another person(s), but they do not cohabitate. Six per cent of respondents say that they co-own a home with another person(s) and neither party uses the home as a primary residence, rather as an investment or recreational property.

According to Stéfanie Cadou, residential real estate broker, Royal LePage Village in Montreal, cohabitation combinations are becoming increasingly diversified these days in order for buyers to gain access to home ownership, which for some means letting go of the option to live in complete solitude, a trend that emerged for many households during the pandemic and has remained permanent for some.

“The decision to buy jointly with family or friends nevertheless requires careful thought and the establishment of clear rules for living together,” said Cadou. “Preparing a cohabitation agreement – ideally notarized – can be beneficial to ensure that rules and obligations are respected by all parties. It is also essential to provide private and common living spaces so that all co-owners can pursue their respective daily routines without encroaching on each other.”

Here are a few highlights from the 2023 Canadian Co-owners Survey:

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

1An online survey of 501 Canadians 18+, who co-own their home with someone other than their spouse, was completed between August 10, 2023, and August 21, 2023, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 501 respondents would have a margin of error of ±4.4%, 19 times out of 20. N.B. Participants could co-own with a spouse, but must co-own with someone other than their spouse as well.

2Sample was weighted based on age, gender, and region according to current census data and incidence of home co-ownership was calculated using Q1 and Q2 responses

3In the survey, co-owners are defined as an individual person or a couple who own a property with another person or persons

Despite weakened activity, Canadian home prices expected to remain stable for remainder of 2023

While many Canadians have adjusted to the increased cost of borrowing, elevated interest rates continue to impact activity in markets across the country, keeping some buyers and sellers stuck on the sidelines. During the third quarter, inventory rose and sales activity softened, although this did not necessarily translate into steep price declines. Canada’s chronic shortage of housing supply is keeping property prices relatively stable.

“With activity slowing, home prices softened in some of our major markets over the last three months, following a stronger-than-expected second quarter. Prices remain up on a year-over-year basis, with today’s stable market standing in sharp contrast to the steep declines experienced in the third quarter of 2022,” said Phil Soper, president and CEO of Royal LePage. “While trading volumes in most regions remain sluggish, Canada’s housing market is on solid footing, with pent-up demand building. We don’t anticipate a material change in property prices through the remainder of the year.”

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 7.0% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast (8.5%) has been revised downward to reflect softer activity than expected in the third quarter, which resulted in a modest decline in prices in some markets, including Toronto and Vancouver.

According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased 3.6% year over year to $802,900 in the third quarter of 2023. On a quarter-over-quarter basis, however, the national aggregate home price decreased modestly by 0.8%.

“Slower activity has allowed critically low inventory levels to build marginally in many regions, yet the quantity of homes available for sale in this country remains well below the level needed to keep a lid on property price increases,” Soper continued. “Once interest rates begin to ease, even by only a small amount, we expect buyers will return to the market in large numbers and the relentless upward march of home prices will begin again. At its root, housing supply remains out of step with the growing need for it.”

Read Royal LePage’s third quarter release for national and regional insights.

Third quarter press release highlights:

• Aggregate home prices in greater regions of Toronto and Vancouver posted modest quarterly declines in Q3 of 2.8% and 1.8%, respectively. Meanwhile, Greater Montreal Area posted 0.6% aggregate price increase quarter over quarter 
• More than half (57%) of regional markets in the report posted a quarter-over-quarter decline in Q3 as activity softened 
• Diverging trends among major regions sees year-end forecast downgraded nationally and in the Greater Toronto Area, Edmonton and Regina; forecast maintained in the Greater Montreal Area (GMA), Greater Vancouver, Ottawa, Winnipeg and Halifax; Calgary is the only city whose forecast has been raised
• Royal LePage applauds federal government’s GST rebate policy aimed at incentivizing new construction of purpose-built rental housing

Preparing your home for winter can be a daunting task. Starting early and taking time between jobs will make it much more manageable.

Your efforts will keep out the cold, keep money in your pocket through energy savings and keep your home running efficiently.

Here are six ways to winterize your home this season.

Maintain machines and appliances

Having your furnace and ventilation system serviced by a professional in the fall can prevent potential emergency calls when the temperature drops. 

For improved air quality throughout your home, have your ducts cleaned annually before the onset of cold weather. Outdoor air conditioning units should be covered properly and their power disconnected during the off-season. While you’re at it, cover any lawn furniture or landscaping that will be exposed to the elements.

Conduct a thorough inspection on your yard tools too – drain fuel from your lawn mower and water from your pressure washer, and complete a maintenance check on your snowblower. This will prolong their lifespan and ensure they work efficiently when you need them. If you heat your home with wood, oil or propane, be sure to top up your supply before the cold months hit.

Seal windows, doors, decks and concrete

If the caulking or weather stripping around your windows and doors is cracked, it can let cold air and moisture in, damaging window sills while causing mildew, mold and significant heat loss. Repair and replace what is necessary and cover older windows with a protective window film until they can be replaced.

Decks, driveways and concrete surfaces are not impermeable. Purchase proper sealants or stains that you can apply yourself before ice and snow arrives, or hire a professional. Preserving the integrity of these large surfaces will only serve you in the long run, saving you from major repairs or full replacements.

Outside water

Before draining your pipes, disconnecting hoses or winterizing your  sprinkler system, always turn off the outside water supply. Leaving the outside water on during winter can cause pipes to burst, leading to flooding and damage to your property. If you haven’t already, you may want to consider insulating your water pipes, especially if you leave a summer home unattended off-season or vacation for extended periods of time in the winter months.

Check your gutters

Make sure the gutters are in good condition and properly secured to your home. Prevent damage by clearing out debris to allow snow to melt and drain easily, and point the downspout away from your home. Water should always be moving away from your property to avoid flooding and water damage.

Gutter guards are a worthy investment, as they can help to keep debris and pests out. Clogged gutters can result in leaks that lead to mold and mildew, and act as a breeding ground for mosquitoes and bacteria.

Tend to the attic

Pests can cause damage to your home and your health. Safeguard your attic from birds and rodents who may move in during the winter by checking for access points and placing a screen under any vent. Contact pest control if you suspect an infestation.

To keep warm air from escaping through your roof, determine the R-Value of your current attic insulation and add more to areas not properly insulated, or completely replace the insulation if needed. For added warmth and energy efficiency, you can add insulation to your garage doors and basement.

Inspect your smoke detectors

This important task is not limited to just one season… Inspect your smoke and carbon monoxide detectors monthly, replacing batteries and cleaning them when necessary. Smart home devices can be installed to continuously monitor smoke detectors (and much more), providing added peace of mind.

If some of these tasks are not within your skillset or you simply don’t have the time, hire a general contractor for the small jobs and a certified technician for specialized tasks, such as inspecting the furnace.

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

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

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

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

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

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

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

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

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

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

Avoid carpet flooring

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

Get washable, wipeable furnishings

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

Design a ‘pet pad’

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

Safety-proof your yard

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

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

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

Earthy tones

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

Rustic touches

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

Layered textures

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

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

Fruits and flowers

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

Bonus tip: Give attention to outdoor spaces

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

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

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

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

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

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

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

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

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

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

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

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

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

Welcome to Churchill Park Gated Complex.

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

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

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

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

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

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

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

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

Lots of activities for the residents.

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

September 7, 2023

Stats Centre Reports - August 2023

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

The latest Stats Centre reports for the Tri-Cities are ready.  
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5 thrifty DIY fix-ups to help sell your home

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

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

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