Imagine you’d been keeping your eye on a desirable neighbourhood over the years. You had hoped that one day you could buy a home there. But, then you saw prices creeping up — to a point where they became unaffordable.

“Oh well,” you’d thought. “I guess we won’t be moving there!”

That scenario is familiar to many homeowners. In fact, you too may have been keeping your eye on a neighbourhood you’d love to get into but have decided it’s become too expensive.

If that’s so, it might be worth taking a second look.

The real estate market changes. One year an area might be a red-hot seller’s market with prices soaring. The next year, things may have cooled, and prices stabilized.

That means the desirable neighbourhood you’ve been coveting might, today, be more affordable than you think. Prices might have become more reasonable. There might be more inventory (more homes for sale), giving you, the buyer, a competitive edge.

And, don’t forget that your own property may have gone up in value, perhaps considerably. That means the money you make from selling your home may make buying in the desirable neighbourhood doable.

It’s something to think about!

So, if you’re dreaming of getting into a particular neighbourhood, don’t make assumptions about affordability. At least, not yet. Find out the current state of the market. You might be delighted to learn that the “un” has been dropped from the previously unaffordable for that area!

When preparing your property for sale, you want to make it as attractive as possible to buyers. After all, the more buyers like what they see, the higher the probability you’ll get good offers.

That’s why it’s advisable to clean, declutter, decorate, fix, and improve as much as possible.

But, how far should you go with fixing and improving? For example, should you tear down the old deck and build a new one? Or, should you leave it as is?

Should you paint the main floor? Or is it okay to leave the faded finish and few wall dents just as they are?

Those can be difficult questions to answer because many factors come into play.

• What is the traditional return on investment for that home improvement? (In other words, how much will you get back when you sell?)
• To what degree will the fix or improvement help sell your home faster and/or for a higher price?
• If you don’t make the fix or improvement, will those deficiencies be likely to dissuade buyers who would otherwise be interested in buying your property?
• What are the current market conditions? Are there other listings in the area competing with yours?
• How much will the fix or improvement cost? Is it affordable, given the benefits of having a listing that’s more attractive and move-in ready?

Once you have answers to those questions, you’ll have a clearer idea of whether to fix it or leave it as is.

It’s official: you’ve signed the papers, dotted all the i’s and crossed the t’s—you own a new home! You’ve almost reached the end of your journey. However, now, faced with the daunting task of moving, it may seem as though the journey has just begun. Moving can be a time-consuming and stressful experience if you let yourself be overwhelmed by the job. Remember, though, having a successful move means taking care of the details, one by one. If you break the process down into steps and arrange your time accordingly, you can make it manageable. Use the following checklist to ensure you’re covering all the bases, and you will be well on your way to a successful move!

Household
• Arrange to have your mail forwarded to your new address.
• Forward or cease all deliveries to your home, and forward or cancel newspaper and magazine subscriptions.
• Disconnect or take care of utility, cable and phone services and accounts.
• Arrange for utilities to be connected at your new house.
• Cancel pre-authorized bill payments.
• Begin going through closets and discarding any unnecessary items.

Packing
• Plan your packing. Start by purchasing or acquiring suitable containers. Most moving companies have specialized containers you can buy. Also, speak with others who have recently moved—they may be looking to get rid of boxes. You’ll need the following: small boxes for heavy items (books, tools, etc.); large boxes for bulky items (bedding, stuffed toys, etc.); medium boxes for bulky but less heavy items (towels, small appliances, etc.).
• Begin to collect other packing materials. Decide which items you’ll need from the following checklist:
-White paper
-Tissue paper
-Paper towels
-Newspapers
-Non-printed paper
-Packing tape or twine to seal boxes and containers
-Scissors
-Labels and stickers (available from your moving company)
-Felt marker to label boxes
-Notebook and pen for listing contents
• Set goals and deadlines for yourself. Aim, for example, to pack one room per week.
• Attach a list of contents to each box. Separate and label boxes to be placed in storage.
• Consider holding a garage sale to rid yourself of excess belongings.
• Begin to use up the food in your pantry and freezer. Let the food you already have dictate your menus.
• Have rugs cleaned that are to be moved, then roll and wrap them.
• Make special arrangements for the moving of plants or pets.
• Collect all personal items from local services (dry cleaning, storage, photos).
• Service all appliances you are taking with you. Note that all gas appliances must be emptied, as it is illegal for movers to carry flammable substances.
• Take inventory of all the boxes, and contents of the boxes, you have packed.
• Have your car serviced and tuned up.

Community
• Return library books.
• Clean out your locker at any club you are leaving.
• Determine how to transfer your children to a new school.
• Return items you’ve borrowed to friends, and collect any you’ve lent.
• Mail or e-mail change of address notices to family members, friends, and office contacts.
Records
• If needed, transfer medical and dental records, and fill prescriptions.
• Change the address on your driver’s license.
• Change the billing address for credit cards.
• Change the address for banking statements.
• Leave a record of security codes for new tenants.
Insurance and Legal Matters
• Visit your lawyer and ensure all documents are signed.
• Notify your insurance company well in advance of the move and ask them to review your policy.
• Transfer insurance to your new home, or acquire new insurance.
• Review your moving company’s insurance policy. If it doesn’t cover as much as you’d like it to, obtain your own.
• If you are currently renting a house or apartment, give written notice to the landlord.
• Have all keys to your old home delivered to your lawyer or realtor.

VANCOUVER, BC – February 2, 2023 – Inventory remains low in Metro Vancouver* while
home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in
January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so
rapidly over the last year, we anticipated sales this month would be among the lowest in recent
history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward,
however, the Bank of Canada has said that it will pause further rate increases as long as the
incoming economic data continues to support this policy stance. This should provide more
certainty for home buyers and sellers in the market.”

There were 3,297 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9
per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent
increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase
compared to December 2022 (7,384).

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By
property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and
16.7 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.

“We know the peak for prices in our market occurred last spring. Over the coming months, yearover-
year data comparisons will show larger price declines than we’ve been reporting up to
now,” said Lis. “It’s important to understand that year-over-year calculations are backwardlooking.
These price declines already happened, and what we are seeing today is that prices may
have found a footing, even if it’s an awkward one sandwiched between low inventory and higher
borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022
and a 0.3 per cent decrease compared to December 2022.

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622
detached sales recorded in January 2022. The benchmark price for a detached home is
$1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent
decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the
1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This
represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to
December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348
sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a
three per cent decrease from January 2022 and a 0.8 per cent increase compared to December
2022.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: 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.
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.

For more information please contact:
Craig Munn
V.P., Communication and Events
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

Imagine you’re at the grocery store shopping for oranges. Two brands are available: the “Amazing Orange” and the “Super Orange.”

Which would you choose to buy?

Chances are, you wouldn’t decide based on their similarities. For example, since both oranges contain vitamin C, using that as a buying criteria wouldn’t help you choose between them. Instead, you would probably look for differences. What does one brand have that the other does not? Maybe one is less expensive, organically farmed, or is seedless!

When people make buying decisions, they often look for differences.

So, if you’re thinking of selling your property, highlighting its unique and desirable features — its differences from comparable homes — is crucial.

How do you do that?

The first step is to make a list of those special features you want buyers to notice. Those might include a new and spacious deck, extra high ceilings, a finished basement, move-in readiness, and other characteristics.

Next, you want to make sure those features are emphasized in marketing materials and when staging your home.

There are many ways to emphasize features through staging. For example, if the deck is a desirable feature, ensure it’s well-lit in the evenings (for after-dusk viewings.) Also, make it easy to see when buyers are in your home, by having the curtains pulled back. You may be able to explore other ways to ensure buyers notice and appreciate the deck too.

Differences make a difference! Show them off when selling.

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

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

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

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

• Is our neighbourhood a seller’s, buyer’s, or balanced market right now?
• If we list our home this month, will there be any competing listings in our area? If so, how many?
• How long is the average listing in our area taking to sell? A week? A month?
• How much are properties like ours in the neighbourhood selling for?
• How desirable is our neighbourhood? How many buyers are actively looking to move here? Are there currently buyers eager to purchase a home like ours?
• What are the demographics of buyers looking to buy in our neighbourhood?
• How important is it to fix up and stage my home if I decide to sell?

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

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can—this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

With so many legal issues to consider, your first step should be to seek out experienced professionals to help educate you and represent your best legal interests. Begin with an experienced real estate agent, who can help guide you through the initial hoops. S/he should also be able to point you in the direction of a reputable local real estate lawyer to assist you in all legal matters involved in the purchase or sale of your house.

While there are countless legal details involved in a real estate transaction, some seem to pose larger problems than others. We’ve outlined two legal clauses that are commonly misunderstood and may cost you money if not worded correctly. Handle these carefully and you will be on track to a successful sale or purchase!

1. Home Inspection Clause

Some real estate transactions have been sabotaged due to the wording of the home inspection clause. This clause originally allowed that the buyer has the right to withdraw their offer if the home inspection yielded any undesirable results. However, this allowance was known to backfire, as Buyers took advantage of it, using some non-issue stated in the inspection as an excuse for having changed their minds. Of course, this was unfair to the Sellers, as they’d poured time and money into what they believed was a sure deal. Not only might they have missed out on other offers in the interim, but their house might also now be unfairly considered a “problem home.” Additionally, they’d now have to shoulder the costs of continuing to market the property. All of this adds up.

In order to remedy this potential problem, the clause should indicate that the seller has the option of repairing any problems the home inspection might point to. With this slight change in the clause, both buyer and seller are protected.

To ensure this clause is fair from one side of the bargain to the other, work closely with a lawyer experienced in these transactions and all the nuances that may affect the outcome for you.

2. Survey Clause

It is the right of a home buyer to add a survey clause to the real estate contract on the home they’d like to purchase. If you are on the selling end of the contract, be aware.

If you have added an addition or a pool to your property since the last survey was produced, your survey will no longer be considered up-to-date and the Buyer may request that a new one be drawn up—the cost of which you will incur. The price of this process will run anywhere from $700 to $1000.

Your real estate agent has the responsibility to provide you with the most recent survey of your home. It is then the Buyer’s right to decide if it is acceptable. An experienced agent should offer you reliable counsel if you encounter an issue with this clause, but it is advisable to talk to your lawyer if you’re unsure at all of the potential ramifications involved. Remember, the wording of this clause could cost or save you thousands of dollars

Finding the right strata property for you

If you plan to buy a strata property, it’s important you work closely with a REALTOR®.

REALTORS® help clients thoroughly investigate a strata property before making a buying decision. REALTORS® have access to the resources and information strata property buyers need to assess potential problems in strata buildings.

Before buying a strata property, here are evaluation measures to consider.

Review strata council minutes

Obtain copies of strata council minutes for the past year or more, along with:

• bylaws
• financial statements
• annual general meeting or special meeting minutes
• depreciation report
• any engineering reports that may have been completed.

Look for past problems, previous repairs, special assessments, legal cases and upcoming expenditures.

Also look for bylaws including rental, pets, and smoking or any other significant restrictions or local rules.

Ensure a maintenance program is in place

Read strata council minutes, engineering reports and the strata depreciation report and speak with the property manager to determine whether the building has a solid preventative maintenance program in place.

Check contingency fund

Under the Strata Property Act and regulations, a portion of strata owners’ monthly maintenance fees must go into a contingency reserve fund to pay for extraordinary repairs, such as a new roof or repairs to leaks. Currently, the minimum is 25 per cent of the strata's operating fund.

It’s important to determine whether the building has a substantial contingency fund to cover any upcoming expenses.

Check deprecation report

BC's Strata Property Act requires that stratas with five or more strata lots (units) must have a depreciation report. 

However, strata corporations may waive the legal requirement to have a depreciation report, or defer updating one, by passing an annual three-quarter vote.

Review the Property Disclosure Statement - Strata Title Properties

Sellers are encouraged to complete this form, which is a checklist to assist in disclosing concerns about the property's condition. Buyer should review it for any defects or potential problems and also to determine if parking stalls and storage lockers are attached to the unit and owned or are limited common property.

Investigate the warranty program and builder background

Whether the strata is new or resale, your REALTOR® can find out what type of warranty the building carries, noting the limits and duration of coverage. They may also be able to help find background information about the builder/developer of the project.

Consult a professional home inspector

You may consider hiring an accredited home inspection professional (one who is licensed carries errors and omissions insurance) to inspect the condition of the suite, common areas, and the overall building structure.

VANCOUVER, BC – January 4, 2023 – After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.

Last year’s sales total was 13.4 per cent below the 10-year sales average.

“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020.

Last year’s listings total was 3.2 per cent below the region’s 10-year average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months.

“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said. “While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly.

We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.”

December 2022 summary

Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022.

Last month’s sales were 37.7 per cent below the 10-year December sales average.

There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed.

For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 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.

Sales of detached homes in December 2022 reached 371, a 53.3 per cent decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1 per cent decrease from December 2021, a 1.8 per cent decrease compared to November 2022, and an 11.4 per cent decrease over the past six months.

Sales of apartment homes reached 702 in December 2022, a 52 per cent decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7 per cent increase from December 2021, a 0.9 per cent decrease compared to November 2022, and a 6.9 per cent decrease over the past six months.

Attached home sales in December 2022 totalled 222, a 48.4 per cent decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2 per cent decrease from December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.2 per cent decrease over the past six months.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: 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.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 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. 

For more information please contact:

Craig Munn

V.P., Communication and Events

Real Estate Board of Greater Vancouver

604.730.3146

cmunn@rebgv.org

Unless you’re selling in a strong sellers’ market, you should take advantage of every opportunity to show your home. Say, for example, an interested buyer would like to see your property tomorrow evening. If you say no, they might see another listing in the meantime — and make an offer!

So, being prepared to show your home at the drop of a hat is important.

That doesn’t mean you should agree to be inconvenienced constantly. However, if you can put up with some disruptions in your plans now and then, you’ll increase your chances of selling your property.

Consider these tips:

• Avoid restricting showings to a particular weekday, such as Monday evening and Saturday afternoon. What if an interested buyer isn’t available those days?
• Try to keep your home clean and tidy. That way, you can accommodate a short-notice request to see your listing more easily. (Consider temporarily hiring a cleaner.)
• Make a list of places you can take your family (including pets) on short notice. For example, a park or movie.