Strong sales push Metro Vancouver home prices past the rate hike in July
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 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.
“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.
Sales of detached homes in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023.
Sales of apartment homes reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023.
Attached home sales in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023.
SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply. In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.
“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”
The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023.
The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year. “A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill.
“For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.” Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell. MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.
The Fraser Valley Real Estate Board is an association of 5,057 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
VANCOUVER, BC – July , 2023 – Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022.
This was 3.1 per cent below the 10-year seasonal average (5,518). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091). Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent.
By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 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. “Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver.
This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023. Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022.
The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023. -30- 1.
Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. 2. REBGV is now including multifamily and land sales and listings in this monthly report.
Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.
The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
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As home prices and interest rates continue to rise, whilst inventory remains extremely tight, Canada’s first-time buyers are feeling increasingly worried about missing out on their desired home because they don’t have enough of a down payment.
According to a recent survey released by Sagen™, conducted by Environics Research with a series of questions for Royal LePage, 67% of first-time buyers (those that purchased a home within the last two years) said that before buying, they worried they might miss out on the property they really wanted because of an insufficient down payment. This reflects a five point increase compared to the same survey question in 2021 (62%), and a ten point increase over the 2019 result (57%).
When the same question was asked to first-time intenders – those who plan to buy their first home in the next two years – 63% reported feeling worried that they will miss out due to an insufficient down payment, a three point increase from the same survey question in 2021 (60%).
“Canadians continue to face challenges in entering the real estate market, be it high interest rates, strict mortgage qualification standards, or difficulty saving enough money in a reasonable time period for a down payment,” said Phil Soper, president and CEO, Royal LePage. “That first transaction is the most difficult, and in today’s environment, first-time buyers are faced with large price tags, high carrying costs and the added challenge of qualifying for lending at higher rates due to the stress test.
“Still, they continue to prioritize home ownership, and view it as a milestone worth achieving. With household savings still sitting above historical norms, due to accumulation during pandemic lockdowns, many Canadians will have a leg-up on their down payment when they are ready to enter the market,” added Soper.
Here are a few highlights from the Royal LePage 2023 Canadian First-time Homebuyer Survey:
In Greater Calgary, the percentage of first-time homebuyers who were worried about their down payment has increased substantially, from 42% in 2021 to 69% in 2023
74% of first-time homebuyers in the Greater Toronto Area, 71% in Greater Vancouver and 67% in the Greater Montreal Area reported feeling worried that they would not have a large enough down payment to purchase a home they really wanted
More than a third of first-time buyers (35%) received financial assistance in a lump sum payment toward their purchase, while a quarter of buyers (25%) received support on their monthly mortgage payments
Are you thinking about buying your first home, and looking for tips on how to get into the market? Tom Storey, sales representative with Royal LePage Signature Realty, shares his advice for buyer hopefuls preparing for home ownership.
Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives
While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).
“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”
There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 per cent decrease compared to the 6,397 homes listed in May 2022, and was 4.3 per cent below the 10-year seasonal average (5,917).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,293, a 10.5 per cent decrease compared to May 2022 (10,382), and 20.6 per cent below the 10-year seasonal average (11,705).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2023 is 38.4 per cent. By property type, the ratio is 28.5 per cent for detached homes, 45 per cent for townhomes, and 45.5 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.
“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said. “And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.6 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023.
Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023.
Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023.
Attached home sales in May 2023 totalled 608, a 16.7 per cent increase compared to the 521 sales in May 2022. The benchmark price of an attached home is $1,083,000. This represents a 4.7 per cent decrease from May 2022 and a 0.2 per cent increase compared to April 2023.
Spring is synonymous with renewal, and now that the season is finally here, it’s the perfect time to try new things. Why not rearrange your living space and enhance your sense of wellbeing? One popular decor style is inspired by Feng Shui, a Chinese philosophy that has taken the west by storm and focuses on the free flow of energy, or Chi, from one room to the next.
With a few pointers from this Chinese art of living, you can create a harmonious atmosphere in your own home.
Declutter
The first step in creating a restful space is clearing away clutter. Put away all the things around your home that you don’t use or are just in the way. According to Feng Shui philosophy, when positive energy is unable to flow freely, the result can be blockages, frustration and stress. So sort through, throw away or donate the things you no longer use.
Choose suitable colours
Colour has a big impact on mood, which affects the quality of the energy flowing through a space. Cool, pastel colours, such as grey, blue and green, are known as Yin colours. They invite relaxation and are the colours of choice for your bedroom, bathroom and living room. Yang colours, like yellow, orange and red, are warm and vibrant. They energize a room and are commonly used in the kitchen, rec room and front hall.
Your home’s orientation and the amount of light in each room will also affect colour choices. A Feng Shui consultant can help you choose the best colours for your interior.
Rearrange your furniture
Try to arrange your furniture to facilitate conversation, relaxation and hospitality. If you have large pieces, like a substantial sofa or wardrobe, try to place them so they don’t block the flow of energy in your living space and are not too visually overpowering.
Include natural materials
The five elements—wood, water, earth, fire and metal—can have a positive impact on your wellbeing. Use natural decor such as plants, stones, candles and fountains to create a harmonious atmosphere and bring positive energy to your space. Plants, for example, are a great way to add vitality to a room, and they improve air quality too. According to some schools of thought, stones and crystals bring stability and serenity to a space, while candles create a warm, welcoming ambiance. Fountains can contribute a tranquil and rejuvenating energy and provide a soothing soundscape.
Avoid sharp angles
Opt for soft and curved shapes in your decor, such as round or oval tables, plush cushions and soft carpets, to enhance positive energy. If you have furniture or objects with sharp angles, you can soften their appearance by covering them with fabric or adding rounded cushions or accessories.
Create a meditation space
In Feng Shui philosophy, meditation and relaxation are essential practices for calming the mind and enhancing wellbeing. The best way to accomplish this is to create a space in your home used only for meditation and relaxation. The space could be an entire room or just a quiet corner in your living room or bedroom. The key is to choose a calm, peaceful area where you can relax without distractions.
You can add decorative elements to this space to enhance relaxation and meditation, such as comfortable cushions, soft rugs, scented candles, incense and plants. You can also add items specifically designed for meditation, like a meditation cushion or bench. What’s important is to create a space that promotes relaxation and is a reflection of you.
Whether you’ve just moved to your dream apartment or you’re simply rearranging your living space, the key is to feel zen and serene in your home. For even more peace of mind, don’t forget about home insurance. If you need to make a claim, your home will be covered and your sense of serenity will be complete. Apply for an insurance policy online with just a few clicks and spend more time enjoying your Feng Shui space.
Try the Feng Shui method now and rediscover your inner peace!
Royal LePage professionals understand that a house is only a home if the people who live there feel safe.
25 years ago, Royal LePagers unanimously agreed that helping women and children find safety from domestic abuse should be where they channeled their big hearts and charitable efforts. Since its founding on August 26, 1998, the Royal LePage Shelter Foundation has grown to become the largest public foundation in Canada dedicated exclusively to this important cause.
In order to fund this life-saving and life-changing work, many Royal LePagers have made generous donations from their commissions each time they've helped a client buy or sell. They have also hosted and attended local fundraising events of all shapes and sizes, hiked hundreds of kilometers as part of the ‘Challenge for Shelter’ series, purchased thousands of ‘Shelter Blooms’ tulip bulbs, and donated and bid on countless Shelter Auction items - including our very famous Faux Fur Coat!
As fundraising revenues and personal donations have grown over the past two and half decades, so too has our collective understanding of the complexities of domestic violence. Following closely the work of experts, educators, and front-line shelter workers, we now know that:
Intimate partner violence doesn’t always show up as bruises or physical injuries. Psychological, emotional and financial abuse can be just as harmful.
While violence and abuse can happen to any woman, some are at much greater risk and have less access to helpful services, including Indigenous women, Black and racialized women, 2SLGBTQIA people, young women, women with disabilities, and women living in rural or remote communities.
There are complex reasons why people stay in abusive relationships, as well as significant barriers and risks of seeking help.
Children cannot be shielded from violence in their homes – even that which takes place behind closed doors – and the impacts to their mental and physical health and development can be devastating.
A safe and secure bed in a shelter is only the first of many important steps for a woman fleeing abuse. Job training, financial literacy, affordable transitional housing, legal services, and therapy are all essential, longer-term supports that help women thrive after experiencing domestic violence.
In the face of rising rates of violence over the COVID-19 pandemic and the increasing incidence of women killed each year by current or former partners, Royal LePage Shelter Foundation supporters look ahead with determination. We know that, together, we have made a difference in the lives of so many women and children. We know that with continued investment in today’s youth, the tide can be turned for many of their future dating and intimate relationships. We can envision a world where our Shelter Foundation is no longer needed because women and children are safe in their homes. And so, as we mark 25 years of progress, we look with purpose at the work that remains.
Jerry Aulenbach (front right) and guests prepare to cook a delicious Thai meal at ‘Cooking for a Cause’ in Langley, BC
Jerry Aulenbach with Royal LePage Noralta Real Estate in Edmonton, AB knows how to get creative in support of the Royal LePage Shelter Foundation. Over a decade ago, he organized a series of tweet-ups in support of Shelter. Then, he climbed British Columbia’s famed Grouse Grind in a bacon costume in exchange for donations. Next, he criss-crossed the country for five straight winters to host skating events in all weather conditions (including -40°C in Moose Jaw) that raised more than $42,000 for domestic violence prevention. Then, there was the underground pizza party at the Royal LePage National Sales conference in Winnipeg which helped contribute to record-breaking fundraising for the Shelter Foundation.
Emerging from the COVID-19 pandemic, Aulenbach wanted to find a way to rebuild the connections many were craving while living by his personal motto to “never eat alone”. And so, ‘Cooking for a Cause’ was born. In total, Aulenbach hosted five hands-on, interactive cooking classes, all led by professional local chefs. Guests in New Minas learned to cook an elegant salmon en papillote, and in Victoria, the meal centered around seafood and cider. Attendees in Langley learned the ins-and-outs of Thai cuisine, those in Whitby perfected Southern fried chicken, and it was a Korean feast for participants in Toronto.
At each event, attendees separated into groups and worked on one portion of the meal which was then shared at a communal table of old and new friends, all keen to show their support for the Royal LePage Shelter Foundation. In total, more than $2,000 was raised, which will fund programs that help teach teens how to build healthy relationships and avoid violence in their lives.
“For me, a great food experience cannot happen without the right group of people and all of my Cooking for a Cause events delivered,” said Aulenbach. “It was very rewarding to learn new skills alongside good friends, enjoy delicious dishes, and know that our gathering was also helping support the critical work of the Royal LePage Shelter Foundation.”
Aulenbach looks forward to hosting more ‘Cooking for a Cause’ events in 2023. Cities are expected to include Red Deer, Calgary, Edmonton and Winnipeg.
Moving into a new home should be an exciting time, but without proper planning and organization, the whole experience can quickly turn into an overwhelming ordeal.
To help ease the anxieties of moving day, here’s a handy to-do list to keep you organized and on-track:
1. Plan ahead
This may seem obvious, but many people find themselves rushing to hire movers and pack their belongings in the final frantic days leading up to their big move. To avoid the stress this can cause, and to ensure moving day flows smoothly, be sure to start packing at least one month in advance. Focus on one room or closet at a time, and use this as an opportunity to purge items you no longer need. Moving into a new place means starting fresh – donate, rehome or recycle those belongings that won’t serve a purpose in your new home. Remember, the first and last days of the month are popular moving days, so don’t put off booking your professional movers in advance.
2. Optimize your packing process
For safe travels and storage, pack your belongings in durable moving boxes, ideally new or ones that have little wear-and-tear. There’s also the option to rent reusable moving crates that can be returned once your move is complete. You can even hire professional packers to do it for you! To avoid sensitive items getting wet or damaged, use plastic, sealable bags and bins to protect clothing, books and important documents. And, be sure to bubble wrap glassware and fragile items to keep them from shattering in transit.
Label each moving box with the room it belongs in (ie. kitchen, bathroom, bedroom #1). Take it a step further by numbering each box and creating a tracking document to specify which boxes should go in each room. This not only makes it easier for your movers to know where to place your items, but it also helps you to keep track of all your boxes.
4. Make those small repairs before moving in
If time allows, paint the walls, deep clean the appliances, and complete any minor repairs before moving into your new place. Unsurprisingly, it is a lot better to have a fully-functioning home before you start to unpack and assemble furniture. If this is not an option for you, consider placing all your items in the garage or basement at first, or simply in the centre of a room, to allow you a few days to clean thoroughly and complete any small jobs necessary before settling into your new space.
5. Update your services and accounts
It can take time for some utilities to get up and running. Set a reminder to take your name off your current utility bills and set up accounts for services at your new place in advance of moving in. Remember to also change the mailing address on your subscriptions, delivery services, and most importantly government and banking documents.
6. Make a plan for your first night
Moving day can be a long and tiring process, so you’ll want to plan ahead for that first night. You may not have the time or energy to set up your bedroom right away, or perhaps you are having a new mattress delivered in the coming week. Book a hotel or arrange to stay with family or friends until you are ready to sleep comfortably in your new home.
Let's face it: Unless you're a minimalist, moving is one of the biggest household tasks there is and it can be extremely overwhelming. But if you can get a head start and stay organized, you should make it through this mammoth process unscathed and ready to enjoy your new abode. Here are 21 tips to help you avoid moving day chaos.
1 GET ORGANIZED EARLY
Avoid leaving anything until the last minute. Unless you have to pack up and leave in a hurry, chances are you have between 30 and 60 days to make a plan and ensure that moving day runs smoothly. Create a countdown list and itemize everything you need to accomplish week by week.
How are you going to get from point A to point B on moving day? For shorter moves, you'll either need to assemble some very nice friends with trucks or consider renting a truck for the day. If you have a big family to move or you'll be moving a long distance, you'll want to price out moving companies.
3 KEEP YOUR MOVERS IN THE LOOP
Boxes are one thing, but when you get to the big, heavy stuff, it's important to let your movers know what to expect. "Communicate with your moving company and explain all the requirements and expectations prior to booking," advises Andrew Ludzeneks, founder and current president of iMove Canada Ltd. "Your mover has to be aware of all those minor details in order to estimate your total move time and cost, and have proper equipment available." That includes informing the company about any overweight items (i.e. a piano or fridge), access restrictions (small elevator, walk-up only, narrow driveway) and whether you’ll need help with disassembly or assembly of furniture.
4 PICK THE RIGHT TRANSPORTATION
If you're moving a short distance, you may be able to get away with making more than one trip. But if you don't have that luxury, you'll need to make sure you have the right size of truck to cart your belongings in one go. "Choosing the right size is particularly important when moving farther away, as making several trips could be a problem," says Andrew, who recommends using the following guidelines when determining the size of your truck:
• In general, the contents of bachelor and one-bedroom apartments will fit in a 16' cube truck available at your local rental company. • Two to three fully furnished bedrooms will require a 24'-26' truck to ensure your move is completed in one load. • The contents of most houses can be moved in the same 24' truck with one or two trips.
5 SEIZE THE OPPORTUNITY TO PURGE
Moving is a great chance to organize your belongings and get rid of items you no longer use. If the time of year permits, hold a yard sale. Or, take the time to sort and donate gently worn clothing to Goodwill, put furniture up for sale on a site like craigslist.org, recycle old magazines and catalogues and shred old documents.
6 PUT TOGETHER A PACKING KIT
If more than one person is packing, stay organized by establishing a system. Have blank inventory sheets prepared so one person can tackle each area or room. Arm each packer with a pen, black marker, and packing materials, like newspaper, a packing tape dispenser and boxes.
7 GREEN YOUR MOVE
Moving day can generate a great deal of waste like cardboard, bubble wrap and newspaper. For items you’ll be storing even once you’ve moved in, opt for the reusable plastic bins you can purchase at stores like Home Depot or Solutions. These can be labeled to go directly into closets until you’re ready to deal with the contents. You can avoid cardboard for the rest of your belongings, too, by renting plastic bins from a company like Blue Bins Unlimited. You might also consider using older linens to wrap breakables.
8 REUSE BOXES
You may still need a few cardboard boxes to round out your moving kit. A few weeks before you start packing, grab a few each time you visit the grocery store. Keep in mind that smaller boxes are easier to carry when facing stairs and narrow pathways, says Andrew.
9 TAKE INVENTORY
This is especially necessary if you’re hiring a moving company. Having a record of your household items is useful if something goes missing. Consider keeping a spreadsheet of the contents of each box. Then, assign each box a number and all you have to do is write that number on each side (maybe with the appropriate room listed, as well).
10 LABEL EVERYTHING!
Label all sides of the box (avoid the top). Whoever is carrying in your boxes might not make sure all labels are facing one way for your easy retrieval. Try labeling each side in marker so you can easily find what you need in a stack.
11 FIND OUT YOUR CONDO RULES
Moving into a condo isn’t as easy as pulling up to the front door and loading your boxes onto an elevator. Be sure to check the moving policy before scheduling your moving day. For example, some condos don’t allow move-ins on Sunday. According to Andrew, you may need to book a service elevator and a time frame for moving in. “On most occasions, your condo will ask for a security deposit in order to book a service elevator. That can range from $100 to $500 depending on your condo rules.”
12 PACK IN THINGS YOU NEED TO PACK
You need to take your luggage with you. Why not use it as a box? The same goes for dresser drawers. You may need to remove them for transport, but if you don’t have too far to go, they can be helpful for light items. “For delicate apparel that you don't want to fold, using a portable wardrobe box is the way to go,” recommends Andrew.
13 PREPARE A MOVING DAY KIT
Keep one box aside of “essentials” that you’ll need on moving day: cleaning supplies, light bulbs, toilet paper, garbage bags, a change of clothes, your toiletry bag, etc.
14 BE READY FOR YOUR MOVERS, WHETHER HIRED OR FRIENDS
Whether you have family or professional movers showing up at your door, be ready for them when they arrive. With a moving company, unless you hire packers, be ready and packed before the crew arrives, advises Andrew. “Scrambling for boxes will delay your move and increase your cost.”
15 PROTECT YOUR VALUABLES
Find a safe place to store your valuables on moving day. Insure anything that’s valuable or breakable if you’re using a moving company. And if you’re moving a computer, do a quick backup of important files just in case something happens in transit.
16 DELAY DELIVERIES
If you’ve made some new purchases, such as a couch or dining room suite, schedule the delivery after moving day. That will help you focus your attention on moving day itself and will avoid any congestion between delivery people and the movers.
17 DON’T MISTAKE BELONGINGS FOR TRASH
Try to avoid packing things in garbage bags. Well-meaning friends or family could accidentally throw them out on moving day.
18 HOOK UP ESSENTIAL SERVICES
Make sure you understand how utility bills (gas, water, electricity) will be transferred over to you from a previous owner. Also, arrange to have your phone line, cable and Internet working if necessary.
19 FIND A PET SITTER FOR THE DAY
If you have a pet that could be traumatized by a move, arrange to have them stay somewhere during moving day. If you’re hiring movers for a long-distance move, be sure to arrange your pet’s safe transport to your new home.
20 MAKE NICE WITH YOUR NEW NEIGHBOURS
Start off on the right foot by informing your immediate neighbours that you’ll be moving in and what kind of moving vehicles you’re using. If you’re moving on a weekday, make sure your truck isn’t blocking anyone’s exit. If it’s wintertime, clear your driveway of snow and ice, says Andrew. “Make sure there’s plenty of room to park the moving truck. That’s essential on busy streets otherwise you could slow down your move … increasing your total cost.”
21 TREAT YOUR MOVERS
Whether hired movers or friends and family, be sure to have food and drinks readily available for everyone. “On a hot summer day, your crew will appreciate a cold drink,” says Andrew.
Spring has officially sprung, and with the arrival of warmer weather, now is an opportune time to give your home a post-winter deep clean. A thorough spring cleaning goes beyond everyday surfaces and tackles the nooks and crannies of your living space. It’s a great time to start fresh by purging old and underused items in your garage, closets and cabinets. It’s also the perfect opportunity to perform a maintenance checkup on major household appliances, like your washing machine, stove and fridge.
Conducting a yearly maintenance checkup is not only beneficial in extending the lifespan of your appliances, but also ensures that they will be running optimally when you need them the most. Is there anything worse than your dryer breaking down before an important job interview, or the oven giving out just as your guests are set to arrive for a dinner party, or your air conditioner malfunctioning in the dead of summer?
Here’s a maintenance checklist to help ensure your large home appliances are in top shape this spring:
Fridge maintenance
Coils: To clean your coils, locate where they are on your fridge – whether they’re at the bottom or at the back of the appliance – and remove the access panel. Gently remove any debris and dirt with a vacuum or brush before replacing the panel. Cleaning your fridge coils annually can actually help to reduce your electricity bill, as dirtier coils require more time and energy to chill food.
Water filter: If your fridge has a water filter, clean or replace this every five to six months to avoid impurities and contaminants in the water.
Door seals: If the door seals are leaking or don’t seem tight enough, replacing these will ensure your refrigerator is running in an energy efficient manner.
Oven and stove maintenance
Stovetop: While it’s important to give your stovetop a regular clean, a deeper scrub down is vital for preventing overheating and potential fire hazards from baked-on food particles. For electric stovetops, wipe down the cooking surface with warm, soapy water before applying a layer of glass cooktop cleaner or baking soda paste and leaving to dry. Once fully hardened, remove the paste with a scrubber or non-abrasive tool to remove baked-on food and stains. If you have a coil stove top, carefully remove each coil by hand and wash down without fully submerging in water before reassembling. For gas cooktops, be sure to remove the grates and burner caps, and wash with hot water and soap. Carefully wipe down the surface of the stove without getting the igniters or electrical components wet.
Range hood: Oven range hood filters must be cleaned or replaced to ensure proper functioning of the appliance. You can clean your filter by letting it soak in hot water and degreasing dish soap before scrubbing off the remaining debris. Allow the filters to dry completely before reinserting.
Oven door seals: Similar to refrigerator door seals, these are required to ensure ovens can heat efficiently, and should be regularly cleaned with warm water and soap, and replaced if/when necessary.
Oven drip pans and racks: Ensure oven drip pans and racks are routinely cleaned to avoid potential fire hazards. Soak greasy items in hot water with degreasing dish soap or cleaning vinegar to remove splatters, stains and food particles.
Dishwasher maintenance
Rust removal: Remove any visible rust from your dishwasher by running an empty cycle with a calcium, lime and rust remover solution. A water and baking soda paste or a combination of water and vinegar can also be effective against rust.
Spray/pump area: Clean around this area in the base of your dishwasher to promote seamless drainage.
Filter: Hard water and leftover food can build up in your dishwasher. Cleaning the filter will extend the life of your appliance and ensure this build-up is not continually being released onto your dishes during the cleaning cycle. To clean, simply pull the cylindrical filter from the base of your dishwasher and gently wash it with a brush under warm running water.
Washing machine maintenance
Hose lines: Prevent flooding in your home by ensuring no cracks or breakage are present in your washer’s hose lines. Perform a thorough check once per year, and replace them every five years.
Washer drum: Prevent build up in the drum of your washing machine by regularly running a cleaning cycle with a dedicated cleaner or water and bleach every few months. Using a damp rag, thoroughly wipe the rubber liner and inside of the door.
Dryer maintenance
Dryer vent: In addition to clearing out your dryer’s lint trap after each load, the dryer vent should be cleaned at least once per year to clear out lint build up and to prevent fire hazards. Disconnect the dryer before pulling it away from the wall and removing the dryer duct. Use your vacuum cleaner inside and around the vent to catch leftover lint. Remember to clean the exterior vent too by removing the cover and removing any debris.
Dryer drum: Using a damp rag, clean the inside of your dryer drum, the rubber liner and the door. If necessary, soak and wash the lint trap, but ensure it is completely dry before replacing it.
Air Conditioner maintenance (outdoor unit)
Condenser unit: Spring is the best time to run maintenance on your HVAC A/C unit. The weather is warm enough to run a cooling test cycle, yet not cool enough to withstand a few days with no air conditioning if your unit requires major repairs. Begin by turning off the power and removing the winter cover from your outdoor unit. Remove the cage and pull out any leaves and debris that may have accumulated on the bottom.
Fins and fan: Using a paint brush or other long bristled brush, carefully brush away any trapped dirt and debris that may be caught in the air conditioning unit’s fins and condenser fan. If necessary, vacuum the fins to pick up fine dust. It is safe to use a garden hose to wash the inside and outside of your unit, but avoid using a pressure washer as this can damage the fins. Reassemble the unit before turning the power back on.
Filters and vents: Replace filters and clean out vents on a regular basis (every one to two months) to ensure clean air is circulating through your home.
Be sure to run through this appliance maintenance checklist every spring to keep your appliances operating safely and optimally, and save you money in the long run.
Royal LePage is updating its price forecast for 2023 following a stronger-than-expected start to the year.
In a report released Thursday, Royal LePage is forecasting home prices in Canada will increase 4.5 per cent year-over-year in the fourth quarter of 2023, a steep increase from the company’s December prediction that the national aggregate home price would end the year one per cent below Q4 2022.
On a quarter-over-quarter basis, Royal LePage expects prices to continue rising modestly but steadily over the next nine months.
“Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around. As market activity is rebounding quicker than anticipated, we are looking ahead with a sense of cautious optimism,” noted Phil Soper, CEO, Royal LePage.
“While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”
Source: Royal LePage
Canadian market begins to recover after downturn
The Royal LePage House Price Survey showed that home prices in Canada decreased by 9.2 per cent year-over-year to $778,300 in Q1 2023.
However, there has been a 2.8 per cent quarter-over-quarter increase following the Bank of Canada’s decision to pause interest rate hikes, which prompted many buyers to return to the market.
“We have turned the corner, and the housing economy is growing again; none too soon for many buyers, who have been waiting patiently for prices to bottom out,” says Soper.
The national median price of a single-family detached home fell 10.7 per cent year-over-year to $808,700, while the median price of a condominium fell 6.7 per cent year-over-year to $571,700. Quarter-over-quarter, median prices rose for these two property segments by 3.4 per cent and 1.8 per cent, respectively.
“Sanity is slowly returning to the housing market,” added Soper. “While some buyer hopefuls will remain sidelined by a reduced capacity to borrow in this higher rate environment, our market data shows that many of those who chose to pause their search to see where prices and interest rates would land have resumed their home buying plans.”
While sales have been trending upward since the start of the year, the number of listings remains too low to satisfy demand.
Source: Royal LePage
Soper explains that the challenge now is the severe supply shortage: “We are grappling with a growing problem here that once was the burden of our largest cities but is increasingly being felt in secondary markets as well.”
He adds, “Yes, governments are adopting policies intended to address the problem, yet the pace of progress is far from encouraging. And challenges facing developers—such as the increased cost of materials and labour, and a shortage of skilled tradespeople— persist.”
Public policy
The report notes the Office of the Superintendent of Financial Institutions’ (OSFI) proposed changes to Canada’s mortgage stress test that would impose more restrictive access to mortgage financing in an effort to mitigate risk for major banks against potential consumer default.
However, Soper warns against tightening restrictions in an environment where rates are high and likely to fall. He believes such a move could do more harm than good, forcing families into the unregulated B-lender market.
“Despite a year of rapidly-rising interest rates, we see that the number of Canadian homeowners who have failed to meet obligations to their financial institution remains exceptionally low,” Soper says. “Our banks have managed their mortgage portfolios well, and it helps that unemployment is very low.”
B.C.’s Home Buyer Rescission Period
Royal LePage says British Columbia’s newly-implemented Home Buyer Recission Period (a cooling-off period that allows buyers to rescind an offer within three business days of fan APS being signed) has not “proven to be useful.”
“Few B.C. buyers are exercising their right to use the cooling-off period the way it was intended—to allow them an ‘out’ after a rash decision to purchase a property.
“Unfortunately, we are seeing people blatantly abusing the program by making offers on multiple homes as they shop around, locking up scant housing inventory as if clothing in a retail store. The legislation is harmful, not helpful, and should be amended or scrapped.”
Interest rates
The Bank of Canada’s made the decision Wednesday to maintain its overnight lending rate at 4.5 per cent and has indicated it will continue to main the rate if inflation continues to come down.
“This was the signal that so many Canadians were waiting for. The Bank of Canada’s rate hold was the green light that stability is returning to the market, and it has had a swift and significant impact on buyer demand,” said Soper.
According to a recent survey by Royal LePage, found that one in four Canadians was in the market for a new home over the last year, and rising interest rates caused 63 per cent of them to postpone their plans, but 26 per cent of those planned to resume their search this spring and another 36 per cent said they would return to the market in the near future once the central bank paused rate hikes for several consecutive months.
Read the full report from Royal LePage, including regional breakdowns, here.
The Royal LePage Home Price Update and Market Forecast was distributed to the media early this morning. The release, distributed each quarter, includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts.
Vancouver, BC – April 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,118 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2023, a decrease of 38.3 per cent from March 2022. The average MLS® residential price in BC was 961,451 down 11.6 per cent compared to the average price of close to $1.1 million in March 2022, recorded near the market's peak. The total sales dollar volume was $6.8 billion, representing a 45.5 per cent decrease from the same time last year.
“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” said BCREA Chief Economist Brendon Ogmundson. “Consequently, even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply.”
Active listings in the province are up 25 per cent compared to this time last year but have fallen for the second straight month in the wake of a modest recovery in home sales and continued weak new listings activity.
The Bank of Canada maintained its overnight rate at 4.5 per cent this morning. In the statement accompanying the decision the Bank noted that demand in Canada still exceeds supply and labour markets remain tight and that first quarter economic growth looks stronger than expected. However, the bank expects consumption growth to slow this year as households renew mortgages at higher rates and growth in exports and investment will decline as the US economy slows substantially in coming months. On inflation, the Bank expects headline CPI inflation to fall to 3 per cent in the middle of this year before declining gradually to 2 per cent by the end of 2024. However, the Bank warned getting inflation back to 2 per cent will be challenging given still high inflation expectations, elevated service sector prices and strong wage growth.
The Bank of Canada has moved to the sidelines while it judges the past year's impact of rate increases on inflation. Several factors point to inflation beginning to normalize this year. Barring a significant shift, gas prices are starting to subtract from year-over-year CPI inflation and raw materials and shipping costs should benefit from a downtrend in global commodity prices and a normalization of supply chains. The open question for the economy remains whether a recession is likely to occur this year. Given the pace and magnitude of tightening by the Bank of Canada, and signals from traditional recession warning tools like the slope of the yield curve, the recession probability remains elevated, particularly given added uncertainty stemming from failures in the US banking sector. However, growth has remained firmer than expected and the economy continues to create jobs at a robust pace. Still, high interest rates will start to drag on the broader economy this year and slower growth and significant progress on inflation should keep the Bank sidelined with the possibility of a rate cut in early 2024.
When it comes to putting money away to buy their first home, the federal government’s ‘tax-free in, tax-free out’ First Home Savings Account aims to give Canadians a helping hand.
As of April 1st, Canadians aged 18 or older who are purchasing their first home are eligible to enroll in a tax-free First Home Savings Account (FHSA). Introduced in the 2022 federal budget, the FHSA combines elements of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP), allowing users to make tax-deductible contributions and tax-free withdrawals from the account for the purposes of saving for a home.
Am I eligible for the FHSA?
In order to open an FHSA, users must be at least 18 years old and a Canadian resident. Account holders must also be a first-time homebuyer — someone who has not owned a home and lived in it during the calendar year before the account is opened, or at any time during the prior four calendar years.
An FHSA can be used for a maximum of 15 years, and stay open until December 31st in the year that the account holder turns 71 years old. Users cannot contribute to their spouse or common-law partner’s FHSA.
How much can I contribute to my FHSA?
FHSA holders can contribute an annual maximum of $8,000 into their account, with a lifetime contribution limit of $40,000. Unused contribution room can be carried over to the next year up to a maximum of $8,000. Carry-forward amounts start accumulating after the user opens the FHSA for the first time. Only the account holder can claim an income tax deduction for contributions made in a particular taxation year.
It is possible to have more than one FHSA open at a time, but the total amount that an individual can contribute to all of their FHSAs cannot exceed their annual and lifetime contribution limits. Similar to a TFSA, a 1% tax is applied on over-contributions to an FHSA for each month that the excess amount exists in the account.
What are the benefits of the FHSA?
An FHSA marries together the concepts of a TFSA and an RRSP in one account.
Contributions to an FHSA, like an RRSP, are tax-deductible. Additionally, any withdrawals made for the sake of purchasing a home are non-taxable, similar to a TFSA, including any investment growth. Users can take advantage of a series of qualified investments in their FHSA, including mutual funds and publicly-traded securities, plus government and corporate bonds. Users can also set up a self-directed FHSA to manage their own portfolio.
What happens when I want to take money out of my FHSA?
If a user wants to withdraw funds from their account, there are a few things to keep in mind.
The account holder must be a first-time homebuyer at the time a withdrawal is made. The qualifying home must be acquired (or construction must be completed) no more than 30 days prior to the withdrawal, and before October 1st of the following year, with the intention of occupying the property as their principal residence within one year after acquiring it. Be sure to read carefully the definitions of a first-time homebuyer and a qualifying home.
If you wish to transfer money out of your FHSA to another account, you can do so to another FHSA, an RRSP or a Registered Retirement Income Fund (RRIF). Be sure to close your FHSA on or before December 31st of the year following your first qualifying withdrawal, when your participation period concludes.
To learn more about the First-Home Savings Account, visit Canada.ca.
From chocolate eggs to fruit-filled pie to carrot cake, we've curated a list of delicious festive desserts that'll make the perfect ending (or beginning?) to your Easter celebrations.
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CHOCOLATE CREAM EGGS
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Image by: Joe Kim By: Eryn Chesney
Pay tribute to the classic childhood tradition of the Easter egg hunt by feathering your nest with these delicate handmade confections. They’re pretty, perfectly sweet and straight from the Easter Bunny’s basket.
Image by: Maya Visnyei / Prop styling: Ann Marie Favot / Food styling: Claire Stubbs By: Claire Stubbs
Crunchy on the outside, chewy on the inside, this flavourful dessert made with sweet figs and toasted almonds provides a delicious melt-in-your-mouth experience with every bite. This Easter: Have your cake and eat it, too.
Image by: Maya Visnyei / Food styling: Claire Stubbs / Prop styling: Ann Marie Favot By: Jennifer Bartoli
Pucker up, baby! It’s time to wake the senses and welcome spring with a delectably dense cake richly flavoured with the zingy, light and refreshing taste of citrus.
Image by: Maya Visnyei | prop styling: Ann Marie Favot By: Tanya Eng
Layered, luscious and bowl-licking good, this delectable chilled confection is just right for those days when you want a little wow in your culinary repertoire.
Image by: Lisa Warninger By: Kir Jensen with Danielle Centoni
Notice how raspberry is the first word in the title? That’s because this tart recipe is all about the fruit. Yes, there’s a rich tart dough made with egg yolk and cream. And yes, it’s slathered with an amazing filling of vanilla browned butter and crème fraîche. But the filling is more of a flavourful base to support and contrast with all the bright fruit.
Generate excitement from the whole table by presenting this impressive rhubarb frangipane tart at the end of the meal. Its creamy almond filling is fragrant and complex, and we love the idea of using in-season rhubarb for something other than a pie. The good news for you is that, with only 10 ingredients, it's actually an easy-to-achieve dessert that looks like the work of a masterful pastry chef.
Source: Excerpted from Butter Baked Goods by Rosie Daykin
Filled with seasonal flavour this mouth-watering carrot cake recipe from Rosie Daykin, owner of Vancouver's Butter Baked Goods bakery, will have your guests asking for seconds.
This cake honours the age-old confectionery companionship— chocolate and vanilla — with thick layers of decadent chocolate cake and fluffy vanilla buttercream icing.
If your idea of the perfect dessert is an old-fashioned freshly-baked fruit pie cooling on the windowsill, its fragrant aroma drifting on the warm breeze, this free-form modern version, with its berries and smooth lemony cream, could be your new favourite.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.