Posted on
October 6, 2024
by
Marie Taverna
SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag. The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley. “With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.” New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley. “We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.” Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell. Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800. To read the full statistics package, click here
Posted on
October 6, 2024
by
Marie Taverna
A lush lawn and blooming flower beds are the pride and joy of many homeowners. Canada’s harsh winters, however, can quickly squash the hard work you’ve put into nurturing and maintaining your outdoor spaces during the summer months. To ensure that your backyard gets off to a good start when spring arrives, a little prep work before the snow hits can do a world of good. Help prepare your lawn and garden for colder weather this year by following these winterization tips. Care for your annuals and perennials When it comes to winterizing your garden beds, show your plants and flowers some love. Start by removing any annuals (plants that are only around for one growing season, such as sunflowers, tomatoes and varieties of lettuce). Removing annuals will rid your beds of lingering bacteria, and prevent any potential pests or diseases from building up during the winter. For your perennial plants, give them a healthy trim back and a final water before the end of the season. Perennials with large and dense roots can be cut and divided into smaller plants to support better regrowth in the spring. Bring delicate plants, such as succulents or potted bulbs, indoors to prevent frost damage. Cover any shrubs or plants that can’t be moved inside with landscape fabric or burlap to protect them from harsh weather conditions. Get down in the dirt Just like your plants, your soil also needs some help preparing for the winter ahead. Remove any weeds, dead plant debris and buried root vegetables from your soil before the first hard frost sets in. Spread mulch over your soil and around the base of trees to provide a protective layer from frost and a barrier that will help to keep moisture and temperature levels consistent for your plants. When cleaning up your soil, you may also want to consider planting bulbs for the following spring, such as crocus, tulips and daffodils. Show your lawn a little TLC The ground gets compacted and cold during the winter, which can make it difficult for lawns to recover post-thaw. Help your lawn out by aerating it in the fall to loosen soil and ensure better drainage. Instead of raking all of the tree leaves off of your lawn, cut your grass long — approximately two to three inches high — and leave a layer of shredded leaves on top. Mowing the leaves into tiny pieces will allow your lawn’s soil to absorb nutrients from the fallen debris more efficiently while still letting light and moisture through. In low-traffic areas where your lawn is patchy and damaged, overseed in the early fall for best results in the spring. Add a boost of nutrients As your garden prepares for hibernation, it helps to give your outdoor greens some needed nourishment. If you have a compost bin, sprinkle this material on your flower beds to help them replenish their nutrients post-winter, and top up your bin with any leaves, grass clippings or debris from your winterization clean up. You can give your lawn a final dose of sustenance too with the help of special winter grass fertilizer that contains nitrogen and potash. Not all of your fallen leaves have to end up in paper bags. Instead, add mulched leaves to your perennial flower beds and vegetable gardens as an insulating layer and a source of valuable nutrients for the soil. ContributorMichelle McNallyCommunications manager, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
No matter your age, Halloween can be one of the most playful, spirited (and spooky!) times of the year. It only occurs once every 365 days, so why not make the most of it and step into some festive fall fun?! We’ve rounded up five of our favourite, most memorable ways to celebrate the season – from adorning your home with hauntingly boo-tiful holiday decor, to indulging in devilishly decadent Halloween-inspired recipes. The countdown to October 31st is already on. Here are our ghoul-proof ideas to ensure a spooktacular Halloween that is all treat… and no trick! Decorate with drama: Spook up your home indoors and out with chic Halloween decor that reflects your personal style. Stick to a colour palette for your decorations, incorporating only a few shades, to maintain a cohesive seasonal look. Don’t be afraid to shy away from orange and black – pastels, metallics, and rich autumn hues also make for tasteful and modern Halloween decor colours.
Make your home an Instagram-worthy backdrop: Who said costumes are only for children? Take things a step further and snap ultra-Instagrammable photos all night by tailoring your Halloween home decor to match your ensemble. Give yourself spirit points by coordinating costumes with friends, family, or even your pet! Explore your imaginative side and get fully into character with funky wigs, exaggerated makeup, and thoughtfully-paired accessories to really bring your costume to life.
Get crafty: We can’t think of a better way to get into the Halloween spirit than rolling up your creative sleeves with the kiddos for home decor DIY magic. Check out Pinterest for pumpkin masterpiece inspiration, add some flair to your front door by designing a frighteningly stylish Halloween wreath, or craft up a seasonal holiday countdown calendar. There’s a fun and festive project for every family member to enjoy and bond over.
Spook your entertainment space: You saw this one coming! Halloween and scary movie marathons go hand-in-hand. How about a costume party? Get your space ready with a generous stash of tasty seasonal treats, plush flannel blankets to snuggle up in, and your favourite pals to survive a hauntingly good night! Elevate the cozy factor with aromatic autumn candles – mahogany teakwood, vanilla pumpkin swirl, and luscious amber are fa-boo-lous fall scents that bring richness and warmth to any space.
Make it sweet: Is it ever really a celebration without holiday-themed snacks? Be the “ghostess” with the mostest this year and whip up some heavenly Halloween-inspired desserts that are scary-good. From haunted gingerbread houses and drool-worthy pumpkin cheesecakes, to candy corn caramel apples and bat-shaped peanut butter cookies, there’s no better excuse than Halloween to surrender to your sugar cravings and dive into some wickedly delicious seasonal baking.
Anne-Elise Cugliari AllegrittiDirector of Communications, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
Fall is a beautiful time of year. As the leaves change colour, pumpkin patches open, and people enjoy spiced lattes and sweater weather, it’s only fitting to add a little fall flair to your home as well. And, seasonal décor doesn’t have to be difficult or break the bank. Just in time for the Thanksgiving long weekend, here are some simple tips to warm up your home and a touch of autumn to your style: Warm up your front entrance Adorn the front of your home with fall-inspired welcome mats, wooden crates, and squash in various shapes and sizes. The beauty of fall is that there is no symmetry needed. Scatter different sized boxes, fall signs and a mix of small and large decorative pumpkins (real or fake). Hang a fall wreath made of twigs, and add a brown, orange or burgundy ribbon for a pop of colour. Decorate your dining space Beautify your home indoors with orange and earthy tones. Add a table runner, some coloured napkins on the table, and coordinating candles in the scents of the season. You can elevate your seasonal look with small squashes and gourds as centerpieces. And, don’t be afraid to bring the outside in… Design your own table arrangement with twigs, leaves and pine cones you collect. Add a cookie and coffee station Nothing says fall like warm beverages and treats while enjoying the crisp air! Impress your guests with a coffee and tea station. Set up cups, specialty teas displayed in a glass bottle, hot coffee and flavoured syrups in a section of your dining room or kitchen. Use risers or wooden trays to give the display some complexity. Add a cookie jar or cake stand with some fall goodies such as butter tarts, chocolate chip cookies, or brownies. You can also have a seasonal fruit basket with apples and pears. Make it cozy Celebrate fall with comfort by adding aromatic autumn candles… Think cinnamon, vanilla, pumpkin spice scents. Light them in the evenings for ambiance. Add fall-themed throw cushions, and add an earthy-toned warm blanket on your couch (check out Pinterest for inspiration on how to arrange pillows and blankets). These simple tricks can elevate your home decor and make it feel as warm as your pumpkin or apple pie this season! Anne-Elise Cugliari AllegrittiDirector of Communications, Royal LePage
Posted on
October 6, 2024
by
Marie Taverna
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. ContributorMichelle McNallyCommunications manager, Royal LePage s
Posted on
October 6, 2024
by
Marie Taverna
Effective December 15, 2024, the Government of Canada has increased the purchase price limit applicable to insurable mortgages from $1 million to $1.5 million, aligning with current market conditions. This means buyers can qualify for a high-ratio (less than 20% down) mortgage on home purchases up to $1.5 million, versus the current cap of $1 million. The government also announced an expansion of eligibility for 30-year mortgage amortizations, making 30-year mortgages available to all first-time homebuyers and to all buyers of new builds. These changes aim to make homeownership more accessible by reducing monthly payments and enabling more Canadians to qualify for mortgages with smaller down payments.
Posted on
October 6, 2024
by
Marie Taverna
The latest Stats Centre Report for Metro Vancouver is now available. Click here to view it. The latest Stats Centre reports for the Tri-Cities are ready. Click here to view the latest Stats Centre Report for Coquitlam. Click here to view the latest Stats Centre Report for Port Coquitlam. Click here to view the latest Stats Centre Report for Port Moody.
You're receiving this report because our records show that your office is located in the Tri-Cities.
Posted on
October 6, 2024
by
Marie Taverna
Commercial transactions in the Lower Mainland spiked ahead of the June 25 deadline to increase the capital gains inclusion rate from one half to two thirds, with total transaction volumes up 67 per cent year-over-year in the second quarter. There were 553 commercial real estate sales in the Lower Mainland in Q2 2024, a 66.6 per cent increase from the 332 sales in Q2 2023, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR). The total dollar value of commercial real estate sales in the Lower Mainland was $3.459 billion in Q2 2024, a 71.5 per cent increase from $2.017 billion in Q2 2023.
“Policy impacts to real estate markets are often difficult to predict because so many factors can influence the trends we see in the data at any given point in time. With that said, the recent announcement by the federal government to increase the capital gains inclusion rate from one half to two thirds after June 25 was a policy change with a somewhat predictable outcome” Andrew Lis, GVR’s director of economics and data analytics said.
“The significant increase in transaction volumes seen in the Q2 data has undoubtedly been influenced by this policy shift, as the only other variable that has changed to any significant degree since Q1 has been the reduction to the Bank of Canada’s policy rate, along with a commitment by the bank to continue reducing rates” Lis said. “The combination of these factors has been a powerful stimulus for transaction volumes, with many deals rushing to complete ahead of the June 25 deadline to realize significant tax savings. What we’ll be watching for closely in the Q3 data is whether this strength will continue, or whether transaction volumes will fall below historical averages due to deals being ‘pulled forward’ which otherwise may have closed at a later date.”
| Q2 2024 activity by asset class | Land: There were 141 commercial land sales in Q2 2024, which is a 28.2 per cent increase from the 110 land sales in Q2 2023. The dollar value of land sales was $1.606 billion in Q2 2024, a 65.3 per cent increase from $972 million in Q2 2023. Office: There were 86 office sales in the Lower Mainland in Q2 2024, which is a 68.6 per cent increase from the 51 sales in Q2 2023. The dollar value of office sales was $123 million in Q2 2024, a 73.1 per cent increase from $71 million in Q2 2023.
Retail and Other: There were 130 retail (and other) sales in the Lower Mainland in Q2 2024, which is a 85.7 per cent increase from the 70 sales in Q2 2023. The dollar value of retail sales was $541 million in Q2 2024, a 128.5 per cent increase from $237 million in Q2 2023.
Industrial: There were 166 industrial land sales in the Lower Mainland in Q2 2024, which is a 110.1 per cent increase decrease from the 79 sales in Q2 2023. The dollar value of industrial sales was $875 million in Q2 2024, a 91.1 per cent increase from $458 million in Q2 2023.
Multi-Family: There were 30 multi-family land sales in the Lower Mainland in Q2 2024, which is a 36.4 per cent increase from 22 sales in Q2 2023. The dollar value of multi-family sales was $314 million in Q2 2024, a 12.2 per cent increase from $280 million in Q2 2023.
| Download the Q2 2024 commercial stats package |
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Posted on
October 6, 2024
by
Marie Taverna
311-1009 HOWAY STREET NEW WESTMINSTER OPEN HOUSE WEEKEND $679,000.00 Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood.
Posted on
October 6, 2024
by
Marie Taverna
Try these tips to maximize your footprint GlucksteinHome Allegra daybed, GlucksteinElements Colton area rug, Ashcroft one light pendant Let’s face it, if you’re after an urban address the chances are you’re trading a sprawling backyard for a city view and sacrificing some square footage along the way. Small space living forces you to be organized, get creative with your design choices, and make some compromises, but it can also be a cozy and charming retreat at the end of the day. If you’re looking to make your space feel bigger, try these pro tips to maximize your home’s footprint. Use a Light PaletteUsing a lighter colour palette throughout your home is easily one of the quickest ways to make a room feel bigger. Keep both walls and upholstered furniture pieces in light shades for the biggest impact. Another trick is to paint walls and ceilings in the same colour. It creates a seamless look and highlights the architecture of the room. Don’t forget to warm up your space with wood or brass accents. And layer in natural textures like a wool rug or chunky knit throw for cozy feel. More design advice: How to make the most of your home office Add in MirrorsIn some cases, the challenge with a smaller room is the lack of light. Use mirrors to create continuous sightlines and the illusion of a bigger space. Placed next to a window, a mirror will reflect the natural light along with the view. And don’t forget to think beyond the walls – a mirrored coffee table or kitchen backsplash can help achieve the same reflective effect. Shop GlucksteinElements mirrors at The Home Depot Canada Look to Leggy FurnitureIf you want to make your space feel bigger, you’ll want to keep light flowing through for an airy feel. Take a look at your furniture. Chunkier pieces that sit low to the ground will break up the room and make it feel smaller. On the other hand, a slender profile sofa, sleek coffee table, or dining chair with a streamlined frame will help the room feel open and spacious. Shop GlucksteinHome furniture at Hudson’s Bay Rethink Your Window CoveringsHeavy drapery panels can add unwanted bulk and weight to a room, particularly in a smaller home. Instead, opt for light sheer drapery panels or roman blings to keep it breezy and bright in your space. Layering both options will maximizes the light darkening effect in rooms that need a bit more privacy. GlucksteinElements Stripe light filtering drapery panels, Ashton brushed nickel drapery hardware Shop GlucksteinElements drapery panels at The Home Depot Canada Shop GlucksteinElements drapery hardware at The Home Depot Canada Consider Circulation + FlowLiving in a small space will help you embrace your minimalist side. When selecting furniture, the goal is to have enough pieces to be comfortable but also enough space to circulate around the room. Double duty pieces are the urban dweller’s best friend and can always be reused if and when you move to a larger home. Don’t discount the value of a tidy home ether. Clutter is not only a physical distraction but a visual one as well. More design advice: Space-saving tips for small bedrooms Photography by A Plus Creative
Posted on
October 3, 2024
by
Marie Taverna
Construction projects aren’t cheap, and with horror stories of construction companies running off with money for uncompleted or shoddy work, it’s important to do your due diligence when hiring a contractor. If you are looking to hire a contractor, read on for some helpful tips. |
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- Get five to six quotes for comparison.
- Make sure they are applicably licensed and insured. Ask for proof and check for validity.
- Ask to see their past work through three references, check online reviews, and their status on the Better Business Bureau website.
- Have a signed contract by both parties detailing the project, the time frame, the payment schedule, warranty description if offered, and how unexpected issues might be handled, such as unintended damage to your property. Ensure you are excluded from liability to pay a subcontractor if the contractor does not pay them. For big projects, consider hiring a lawyer to review the contract.
- Avoid paying cash, as reputable companies pay their taxes.
- Avoid contractors who offer services door-to-door (many scams are associated with this).
- Make sure you get a receipt that specifies “paid in full.”
A little due diligence before hiring a contractor can save you a big headache, and get things done right the first time. |
Posted on
October 3, 2024
by
Marie Taverna
Whether you are in a home or condo, having insurance is an important part of being a responsible homeowner. But like most things these days, the chances of it going up each year are high. So, what can you do to keep your premium as low as possible? |
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Every year, just before your insurance renewal, get quotes from at least three other insurance companies. Avoid getting dinged with a cancellation fee by switching companies mid-plan.
Ask if there are any discounts available. There may be discounts for bundling home and auto insurance, investing in home upgrades to security, plumbing, electrical, heating, or flood prevention systems like sump pumps or a sewer backwater valve, group rates (e.g., alumni discount), if you are 55 and over and claims-free, or if you are a non-smoker. Also, be sure you are only quoting for the coverage you need, as opposed to over-insuring.
Another way to save may be to increase your deductible to lower your premium. Just be sure you can afford to pay the deductible should you suffer any losses. Paying annually may also save you money on service charges and interest you otherwise might incur with monthly payments.
Takeaway: You could potentially be putting money back into your pocket instead of needlessly spending it if you set aside some time annually to review your insurance coverage and shop around. |
Posted on
October 3, 2024
by
Marie Taverna
Every October, Fire Prevention Week arrives, making it the opportune time to review important fire safety reminders to help prevent a horrible tragedy like a house or condo fire from ever happening. Here are some helpful reminders: |
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- Make sure you have working smoke alarms (changing the batteries every daylight savings time is a great way to remember, but you should test them every month), and ensure there is a smoke alarm on every level of your house and in every sleeping area.
- Never leave a stove unattended and keep oil away from heat sources.
- Keep your heaters away from anything flammable.
- Replace any damaged electrical cords.
- Don’t leave candles or fires unattended. Use a screen for fireplaces to prevent sparks from flying.
- Have your heating system serviced regularly, including your chimney if you have one.
- Remove lint from the dryer lint trap after every use and clean out your dryer vent annually.
- Only plug power bars into a grounded outlet, never plug extension cords and power bars into one another, and only connect light-load appliances into power bars (e.g., computers, lamps, chargers, etc.)
It can be easy to overlook preventative fire maintenance when we get busy with life, so keep these tips in mind to reduce your risk of a tragedy. |
Posted on
October 3, 2024
by
Marie Taverna
Recovery Anticipated Following Interest Rate Reductions Homes across the Greater Vancouver Region continued to sell, with steady activity following three consecutive 25-basis-point interest rate cuts by the Bank of Canada— the first time this has happened since the 2009 financial crisis. While analysts anticipated a more robust second half of the year, there is still optimism for a positive shift in the market in the coming months despite September’s more moderate performance. “Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. The average property in Greater Vancouver sold for $1,255,644 in September, reflecting flat growth month-over-month and a 3.7 per cent decline compared to last year. However, this overall figure doesn’t fully capture the contrasting trends between the detached and condo markets, which show more divergence. The market remains well-supplied, with 14,346 active listings by the end of the month. New listings also surged, with 6,138 properties added in September. Sales totalled 1,838, showing modest declines of 3 per cent from the previous month and 4 per cent year-over-year. The detached market showed a notable rebound after months of decline. Having dropped from an average sales price of $2,348,003 in June to just under $2.1 million in August, the average detached property sold for $2,190,630 in September. This marked a $97,928 monthly increase, bringing the annual price change to slightly above par. Inventory for detached homes rose to 5,784 units, a 25 per cent year-over-year increase, while sales saw a 1 per cent monthly gain—the first increase in three months. On the other hand, the condo market experienced a significant pullback, with the average sales price falling $75,621, resulting in an average price of $766,822. This $75,000 monthly drop represents the largest single-month condo price decline on record. While average prices can be volatile, the median price also reflected this downturn, marking the second-largest monthly decline on record by this measure as well. With an ample supply of 6,353 condos 31 per cent above the ten-year monthly average —price pressures have intensified. The 914 condo sales in September represented a 24 per cent decline compared to the ten-year monthly average. The townhome market had a steadier month, avoiding the volatility seen in other segments. The average townhome sold for $1,110,914, reflecting a 1.5 per cent monthly gain. Inventory levels increased to 1,651 active listings, marking a 6 per cent monthly gain and a 42 per cent year-over-year increase. Sales totalled 316 units, representing an 11 per cent monthly gain and a 4 per cent increase year-over-year. Looking ahead, the Greater Vancouver real estate market remains in a period of transition. While interest rate cuts by the Bank of Canada have provided some relief, their impact on buyer activity and pricing has yet to fully materialize. Inventory levels across all property types are higher than historical averages, putting downward pressure on prices in some segments, especially condos. However, with steady demand and continued interest rate adjustments, there is potential for a stronger performance in the final quarter of the year.
Posted on
October 3, 2024
by
Marie Taverna
Buyers remain cautious to begin the fall market |
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Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far. Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502). “Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.” There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027). Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said. With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024. Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024. Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024. Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024. | Download the September 2024 stats package |
Posted on
September 23, 2024
by
Marie Taverna
living space that is both functional and aesthetically pleasing requires some creativity, especially if you have four-legged family members, but with some thought it can be done. Consider these tips: |
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Petproof your home. Keep electrical cords, medicines, and cleaners out of reach, trash cans covered, gate off “no-go” areas, and put childproof latches on cabinets.
Choose scratch and stain-resistant flooring such as hardwood, laminate, vinyl, and tile. Avoid carpets, which can trap odours and are prone to stains. As for rugs, choose options that are washable, or are forgiving of stains and pet hair.
For storing pet paraphernalia like toys and grooming supplies, think stylish bins or baskets, or an ottoman with storage. For cats, you can hang a sisal scratch pad cover over the arm of a sofa for a stylish option.
Seamlessly incorporate pet furniture into your décor. Think litter boxes hidden with custom cabinetry or a room divider, a bench with a pet bed underneath, or a pull-out kitchen drawer for pet dishes. Pet furniture that mimics regular furniture, like a mini sofa is also an option.
As for your furniture, opt for machine-washable slipcovers or fabrics resistant to stains, fur, and odours like leather, velvet, microfiber, and canvas. Protect fabrics with spray-on stain guard.
Finally, wherever you like to sit in your home, the resident fur babies probably do too, so include throw blankets for them, or place their pet bed nearby. |
Posted on
September 23, 2024
by
Marie Taverna
As the air gets crisp and the leaves start to change, there’s no better time to cozy up and embrace the season of warmth, comfort, and home. Whether you're enjoying the beauty of fall colours or preparing for the cooler months ahead, we're here to help you find the perfect space to make the most of this season. Advantages of Selling Your Home in the Fall & Winter So you are thinking would the Fall and Winter times really be a good time to but our home on the market? The answer is yes, people do move all year round. We often think Spring is more popular than other times of the year, but there are active Buyers out there all the time and some are just waiting for that special home to go on the market. Often Buyers have more time at this time of year as there are less activities during the winter months, which makes it a more convenient time to research property listings to find their next home to buy. Did you know that most corporate moves and transfers take place during the month of January. Many of these transfers include a house purchase as well. Often these purchasers scout a new home out in the last part of the year, around the holidays. There are many advantages to this time of the year: -There is less competition, as some Sellers have taken their homes off the market and are waiting for Spring, when there is lots of inventory for you to compete with -The Buyers at this time of the are often more serious -Homes shows well as home owners get the home ready for holiday season and more attention to details is spent inside the home. Some tips- -Clean up fallen leaves and debris and keep sidewalks clear of snow and ice -Place a floor mat inside the front door for wet shoes -If putting up seasonal decorations just don't do National Lampoons Christmas Vacation home with 10,000 lights. Turn on all the fireplaces, the flickering flames and warmth from a fire provide a romantic atmosphere that is a wonderful incentive for a prospective buyer to purchase your home. Light scented candles through some of the rooms. Now there are battery operated ones that do the trick. Turn up your furnace before the prospective buyer arrives to view your home. If your kitchen seems to cooler than the rest of the house, turn your oven on for about an hour before the buyer is due to arrive. The oven will provide extra warmth in your kitchen. Sometimes the yard doesn't look its best at this time of year, so if you have some photos of the Spring and Summer garden, have them handy for the prospective purchaser to see. Even pictures with the sundeck setup with patio furniture and potted plants. Selling a home in the fall and winter has many advantages and the key is to highlight what makes your house a home during this time of the year when everyone is settling in for the winter.
Posted on
September 23, 2024
by
Marie Taverna
WELCOME to 4052-4054 OXFORD STREET in Port Coquitlam. This NON-STRATA DUPLEX located across from GREENBELT offers it all! Original owner. Updated through the years. Priced at assessment. This large FLAT LOT is over 8,500 square feet with two driveways. Great RENT potential for an INVESTOR, SUBDIVISION POTENTIAL from RS1 to RS2 (2 lots) for a developer. For more potential options contact Port Coquitlam City Hall. Great family home with two full size homes in one! Perfect for an EXTENDED FAMILY. Great Opportunity! IMAGE THE POSSIBILITIES!
Posted on
September 23, 2024
by
Marie Taverna
30-year mortgage amortization period extended for all first-time homebuyers and all new construction purchasers, plus a $500,000 increase to the insured mortgage cap
Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy.
On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.
By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing.
This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.
Insured mortgage cap increased to $1.5 million
In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million.
“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”
Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million.
“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd.
“The implementation of these new rules will likely follow another cut to interest rates, or two. The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”
Do you qualify under the new mortgage policies?
In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:
- The borrower has never purchased a home before.
- In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.
- If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
- To be considered a new construction property, the new home must not have been previously occupied for residential purposes.
Thirty-year amortizations were first announced in the 2024 federal budget released earlier this year, alongside other housing measures for Canadians. Read more about all of the proposed housing measures here.
Posted on
September 23, 2024
by
Marie Taverna
Sales of luxury homes were up in the first eight months of 2024 compared to the same period last year in most major cities
From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.
According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.
“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”
While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.
Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.
Luxury buyers feel boost of confidence, fueling sales
According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.
“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.
“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”
Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:
- Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.
- Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.
- Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.
- 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets
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