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Home Buyer Demand Remains Elevated Across Metro Vancouver
February 2, 2021

Home buyer demand remains elevated across Metro Vancouver

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020. 

Last month’s sales were 36.4 per cent above the 10-year January sales average. 

“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.” 

There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538). 

For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments. 

Generally, analysts say 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. 

“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020. 

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020. 

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020. 

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.

Download the January 2021 stats package



Time to Move On?


Wondering if you and your home simply aren't right for each other anymore? Let us count the ways that could indicate it's time to move on:

1. Your home doesn't fit your family anymore. Your growing family may have outgrown the space, or conversely empty nesters may find themselves resenting the cost and labour of maintaining space they simply don't need anymore.

2. The neighbourhood has changed. Or perhaps it's you that's changed. For example, maybe you welcomed the influx of new businesses to the area a few years ago. Now, you find yourself annoyed by the increased noise and traffic they've brought in, and you yearn for a quieter lifestyle.

3. Your schools aren't A+. While you may not have had children when you first moved in, their subsequent arrival could now be spurring your desire to seek out a better school district.

4. You're feeling removed. You may have originally chosen your home for the actual property itself, but now it's sunk in how far it is from friends, family, work and other important support systems.

5. It hasn't aged well. Your home may be needing repairs and replacements faster than you can keep up. At this point you will need to weigh the costs, financially and also in stress and time, between fixing your home versus moving to a move-in-ready property.

6. Your financial situation has changed. You may find yourself newly single, or dealing with your or your partner's job loss. Moving to a more affordable home can ease your financial stress.

7. You're just ... over it. Sometimes you just want a change, plain and simple. You want to see what's on the market, and ideally connect with one that ignites a spark in you.

Let's talk about what your ideal home would look like. We'll work together to make sure you make the right move, for the right reasons!


Cozying up to Hygge

Cozying up to Hygge


Hygge (pronounced "hoo-guh") is a Danish expression referring to "well-being" that has captured the hearts of North Americans, especially during our frigid winter months.

The concept of hygge involves finding pleasure in simple, everyday things. For example, in today's world, it's more important than ever that our homes become a peaceful sanctuary where we feel safe and secure. The calming notion of snuggling by a fire, wrapped in a cozy blanket with a steaming cup of tea and a good book at hand is a soothing image to help visualize the concept of hygge during our blustery Canadian winters.

The easiest way to introduce hygge into your home is to dedicate one room to include only the things that bring you joy. Your bedroom can be a good place to start.

With so many of us working from home, your computer may have found its way into your bedroom. Do your best to seek out another corner of your home to relocate your "home office" to. In that same vein, remove all work-related and personal clutter from the room, keeping only the items that channel your inner calm.

Think "cozy and comforting" when introducing things back into your bedroom. Layers of soft bedding in soothing colours, lots of throw pillows, and plush rugs to sink your toes into are easy additions, while copious candles and live plants can complete the mood.

Let's embrace our Canadian winter with a little Danish inspiration!


Keep Your Foundation Strong

Keep Your Foundation Strong


Considering a major renovation to your home? When discussing the project with your partner, acknowledge any personal friction that may arise between the two of you during the undertaking.

A survey conducted by Houzz, a leading platform for home remodeling and design, discovered that while 46 percent of respondents found the experience of remodeling and redecorating with their significant other to be collaborative, the same amount of survey respondents found the experience to be frustrating, and 12 percent even admitted to considering a separation or divorce mid-remodel! Here are some tips to calm the stress of remodeling, and focus instead on the enjoyment you have to look forward to in your beautiful new home.

  • Be upfront with your ideas and reasons for renovating.

  • Allocate tasks according to each person's strengths and preferences.

  • Recognize that you'll need to show some flexibility along the way, so communicate your "must-haves" up-front, together with areas where you're more open to compromise.

  • Agree on a budget, and prioritize where the money will be allocated.

  • Promise to communicate throughout the project, and not to take opinions personally.

Of course, there are times when remodeling won't solve your home requirements, or when the cost of the project outweighs the benefits.

Please call so we can talk through your home wants and needs, and discuss moving options that will provide the lifestyle you're looking for without the stress, cost and time that a major remodel would entail.


5 Simple Ways to Fall in Love with Your Home Again

5 Simple Ways to Fall in Love with Your Home Again

Do you remember the way you felt about your home when you first moved in? Like any relationship, the honeymoon phase can fade over time. If you are stuck in a rut, follow these easy steps to rekindle those fond feelings for your home.

Get rid of the clutter. A messy home not only leads to an anxious mind, it hides the true beauty of your space. Embrace Marie Kondo’s advice and only keep the things that bring you joy.

Do a deep clean. Bigger cleaning jobs – like scrubbing the grout in the kitchen or washing the windows in the living room – tend to pile up. With a little elbow grease, your home will look the same way it did when you moved in.

Invest in a statement piece. A little pop of colour can really transform a space. Whether it be a bold piece of furniture or an interesting piece of art, it only takes a small investment to reinvent a room you are bored of.

Buy some plants. Research shows those who live around nature are happier than those who do not. Most indoor plants are easy to care for, plus they help naturally purify the air in your home.

Get to work on easy repairs. This is the perfect opportunity to scrub the stain on the carpet you keep meaning to clean, or the leaky faucet that drives you nuts at night.

Ask us about your next home improvement project - we can help you decide what will bring the most value to you and your home.

We are here to help!


Goodbye, Dark Winter: Lighten Up Your Living Room with These Tips

Goodbye, Dark Winter: Lighten Up Your Living Room with These Tips

Figuring out how to bring more light into a dark room is always a challenge, especially during the gloomy winter months. But even if your space lacks large windows and natural light, there are plenty of ways to transform your living room into a brighter abode, even on the darkest days.

Figuring out how to bring more light into a dark room is always a challenge, especially during the gloomy winter months. But even if your space lacks large windows and natural light, there are plenty of ways to transform your living room into a brighter abode, even on the darkest days.

Minimize Window Treatments

If you are lucky enough to have large windows in your living room, consider leaving them unadorned. What you may sacrifice in privacy, you will gain in natural light. If the thought of bare windows makes you nervous, opt for light white, beige or gray coloured drapes to bring in more light.

Use Mirrors to Your Advantage

Placing a large wall or floor mirror near a window is an easy way to amplify natural lighting during the day. You can achieve the same effect in the evening by putting a table or floor lamp close to the mirror.

Repaint Your Furniture

Furniture with darker finishes may look luxurious, but these pieces can cramp small, dark spaces. With a fresh coat of white paint, you will create an airier feel to your living space, plus it’s a great indoor project to take on in the winter.

We are here to help you make your house feel like a home this winter with tips to brighten up any space.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.