As a realtor, we understand that selling your home can be an emotional and overwhelming process. That's why we are committed to not only getting you the best price for your property, but also ensuring that you feel confident and happy with the entire experience.
When it comes to showcasing your home to potential buyers, we use our extensive knowledge and expertise to highlight all the unique features and benefits of your property. From the stunning architecture and design to the convenient location and neighborhood amenities, we make sure that every aspect of your home is presented in the best possible light.
Our team takes the time to truly understand what makes your home special and tailor our marketing strategy to showcase those unique features. We use a variety of tools and techniques to reach the right buyers and create a buzz around your property, including professional photography, virtual tours, and social media advertising.
But what sets us apart is our commitment to building a relationship with you, the homeowner. We understand that selling your home is not just a financial transaction, but an emotional one as well. That's why we take the time to listen to your concerns, answer your questions, and provide the support you need throughout the entire process.
When we say that what we say about your home will be so good that you will want to stay in it, we mean it. We don't just see your property as a listing, but as a home that holds memories, experiences, and emotions. Our goal is to honor that by presenting your home in the best possible way and creating a positive and stress-free selling experience.
So if you're ready to sell your home and want to work with a team that is committed to your satisfaction, contact us today to schedule a consultation. We look forward to helping you achieve your real estate goals and making your selling experience a success.
VANCOUVER, BC – April 3, 2023 – Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages.
March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.
“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.”
There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10- year seasonal average (10,421).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments.
Analysis of 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.
“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”
Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.
Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.
Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.
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 less than 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.
For more information please contact:
V.P., Communication and Events
Real Estate Board of Greater Vancouver
When you’re preparing your home for a sale, you should declutter as much as possible. That makes your property appear neater and more spacious to buyers.
However, that doesn’t mean you have to toss items in the trash or haul them to a landfill site. There are many other, more environmentally-friendly ways to dispose of unwanted items.
One popular technique is to sell them online. Even if you think an old chair isn’t worth much, as the saying goes, “One person’s junk is another’s treasure.” There are several websites for selling items quickly, including Facebook Marketplace. In fact, you can list items today and potentially sell them this week. Just be sure to set prices low, as people tend to look for deals on these sites.
You can also give away items. Post items you’re willing to part with for free on your community’s Facebook page. You can also pin a poster to an announcements board in your neighbourhood.
Donating items is also an option. There are many charities that accept items such as clothes, furnishings, tools, kitchenware, and sports equipment. Google “Where to donate items” and then add the name of your area.
Finally, an old-fashioned garage or yard sale can be effective. Place signs throughout your neighbourhood announcing the sale. Start your sale early. Many hardcore garage sale lovers will be there as soon as you open, even if that’s 7am!Want more advice on how to prepare your home for sale? Call me.
There are many reasons homeowners may need to sell their property — fast. Work relocations, changes in family makeup, and financial needs are among the most common.
If you find yourself in a position where you need to sell quickly, you don’t necessarily have to go to market with a temptingly low price. Here are some other ways to accelerate the sale of your home:
These are just some of the many ways to list and sell your property, faster, while still getting a good price. There are other techniques that can be employed, depending on your listing and market conditions.
Want to learn more? Call me!