VANCOUVER, BC – May 3, 2022 – Home buyer demand in Metro Vancouver* returned to
more historically typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.

Last month’s sales were 1.5 per cent above the 10-year April sales average.

“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last
year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more
traditional pace of home sales that we’ve experienced over the last two months provides hopeful
home buyers more time to make decisions, secure financing and perform other due diligence
such as home inspections.”

There were 6,107 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1
per cent decrease compared to the 7,938 homes listed in April 2021 and an 8.5 per cent decrease
compared to March 2022 when 6,673 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
8,796, a 14.1 per cent decrease compared to April 2021 (10,245) and a 15.3 per cent increase
compared to March 2022 (7,628).

“With interest rates climbing and the total inventory of homes for sale inching higher, it’s
important to work with your local Realtor to understand how these factors could affect your
home buying or selling situation,” John said.

For all property types, the sales-to-active listings ratio for April 2022 is 36.7 per cent. By
property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes, and 45
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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,374,500. This represents an 18.9 per cent increase over April 2021 and
a one per cent increase compared to March 2022.

Sales of detached homes in April 2022 reached 962, a 41.9 per cent decrease from the 1,655
detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200.
This represents a 20.8 per cent increase from April 2021 and a one per cent increase compared to
March 2022.

Sales of apartment homes reached 1,692 in April 2022, a 26.1 per cent decrease compared to the
2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This
represents a 16 per cent increase from April 2021 and a 1.1 per cent increase compared to March
2022.

Attached home sales in April 2022 totalled 578, a 40 per cent decrease compared to the 964 sales
in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25 per
cent increase from April 2021 and a 1.1 per cent increase compared to March 2022.

Thinking of having a yard or garage sale? It’s a great way to dispose of unwanted items and other clutter, especially if you’re thinking of moving. In addition, yard sales have a charm that selling items on the internet can’t match. That’s why they’re still so popular.

If you’re planning a yard or garage sale, here are some helpful tips:

• Two-thirds of garage sale shoppers will find you via signage. So, be sure to place plenty of signs around the neighbourhood that clearly point buyers to your location.
• Place in-demand items closer to the street so shoppers can see them from a distance. (For example, computers, electronic games, bicycles, exercise equipment, furniture.)
• Buyers don’t want to pay a “fair” price at a garage sale. They want a bargain basement deal! So, price items accordingly.
• Open early in the day. You’ll find that the biggest shoppers (the deal hunters) will stop by before 9 a.m. Some will be there before you open!
• Be sure to have some cash on hand to make change.

Of course, you should also be as safe as possible and comply with all applicable public health guidelines.

If some items don’t sell, consider donating them to a community thrift shop or dropping them off at a recycling centre.

Good luck with your sale!

When you plan to take a journey somewhere, you hope it will be smooth sailing all the way. That simply means the trip will be relatively trouble-free, and without stress or hassles.

Well, selling your property is like a journey. So, how do you ensure that adventure will be “smooth sailing” for you?

While no one can guarantee there won’t be a challenge or two to overcome on the road to selling your home, there are proven ways to help ensure everything goes well.

First of all, preparation goes a long way toward having a successful sale. Start early. Make a list of what you need to do around your property to get it ready for buyers. That list will include cleaning and tidying, of course. But, you might also need to get some minor repairs done, and perhaps even a few upgrades (such as painting or a new kitchen sink.)

Don’t wait until the last minute if you’ll need a contractor to do those repairs or upgrades. Find and book a professional now.

Second, take the time to fully understand the selling process and what to expect. Don’t be shy about asking questions. For example, if it’s been a while since you last sold a home, you might need to refresh your understanding of how scheduling works for viewings, what staging is all about, how offers are received and considered, etc.

The better you understand the selling process, the more comfortable you’ll feel.

Thirdly, and most importantly, give me a call early in the process. I can offer the advice and help you need to sell your property quickly and for the best price. I can also make your selling adventure go smoothly and successfully.

The asking prices of most homes on the market indicate the current state of the market, and usually mirror the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects, and competitive offers. While most selling agents counsel their clients to consider this equation when pricing their home, keep in mind that some homes are not properly priced.
It’s important to educate yourself about the current market before approaching the purchase of a home. The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:

1. Seller’s Market:

A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. As a buyer, you need to consider that many homes will sell above the asking price; in other words, you may have less room to negotiate, and may encounter competing offers. Though most buyers want to get a home for the lowest price possible, reducing your offer could mean opening the door for another buyer instead.

2. Buyer’s Market:

A buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. As a buyer, you will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, the seller will be more likely to come back with a counter-offer, so you can begin the process of negotiation.

3. Balanced Market:

In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of buyers. When a market is balanced there aren’t any concrete rules guiding whether you should make an offer at the higher end of your range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. You will have a decent number of homes to choose from, and may encounter some competition for offers on the home of your choice, or none at all.

Before you make an offer to purchase a home, establish whether the current market is a Buyer’s, Seller’s, or Balanced market. Also, evaluate the price similar properties have sold for in the area, and the length of time these properties spent on the market. Determine how the home you’re considering compares to these other sales. Is this one over-priced, under-priced, or a fair price? By establishing this information prior to making an offer, you will be in a position to negotiate the best price for the home and be prepared for any additional opportunities that may come your way.

Keep in mind, a realtor is trained to provide clients with this information about the market, helping you make the most informed decision possible. The right realtor will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect. These realtor resources and connections will prove to be invaluable as you navigate the real estate market.

The other main factors that affect market value are:

1. Location:

The proximity of the home to amenities, such as schools, parks, public transportation, and stores will affect its status on the market. Also, the quality of neighbourhood planning, and future plans for development and zoning will influence a home’s current market value, as well as the ways in which it might change.

2. Property:

The age, size, layout, style, and quality of construction of the building will all affect a property’s market value, as well as the size, shape, seclusion and landscaping of the yard.

3. Condition of the Home:

This includes the general condition of the home’s main systems, such as the furnace, central air, electrical system, etc., as well as the appearance and condition of the fixtures, the floor plan of the house, and its first appearances.

4. Comparable Properties:

Examine the selling and asking prices of similar homes in the neighbourhood. Ask your Realtor to prepare you a general market analysis of the neighbourhood you’re interested in, so you can determine a range of value for a particular property. A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in that area.

5. Market Conditions/ Economy:

The market value of a home is additionally affected by the number of homes currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.