September 2024 Top 10
Thank you to my clients for your continued support and allowing me to assist you with your real estate needs.
Call 604-377-3689 or Email me today and let's discuss your next home sale or purchase.
Just Listed - 207 9288 University Cr., Burnaby, SFU, UniverCity
Bright & Spacious Layout
1 Bed + Den, 629sqft
Priced at $484,800
Open: Oct 27 from 2 to 4pm
Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver’s premier lifestyle neighborhood. This 1 bed & den, 1 bath 629sqft home, located in Novo I; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, laminate floors, well sized covered balcony. The bedroom has plenty of closet space and overlooks the balcony. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood! Act Now! Open Oct 27 from 2 to 4.
Just Listed - 903 Strathaven Drive, North Van, Seymour Heights
Desirable Cul-De-Sac Street
Large, Private Lot
Priced at $1,949,900
Open: Oct 19 & 20 from 2 to 4pm
Custom built, solid family home. First time on the market. Pride of ownership shows throughout. The possibilities are endless. This 4bed/3bath/2lvl/3173sqft SW facing home w/double car garage sits on an 8625sqft lot in the desirable Seymour neighborhood of North Van. Main: hardwood floors, formal dinning & living rooms w/gas F/P, spacious kitchen & family room also w/gas F/P, large deck spans the width of the home overlooking the tree lined backyard. The primary bed has 3pc ensuite & walk-in closet, 2 spacious rooms & 4pc main bath complete this lvl. Down: large laundry room, 4th/5th bed & open layout with many options. Easy to suite with separate entry & bathroom. Bonus: room for RV parking, newer roof, furnace & HW tank. Vacant & move-in ready. Act Now! Open house October 19 & 20 from 2 to 4pm.
Just Listed & New Price - 316 20696 Eastleigh Crescent, Langley, Langley City
Bright, Spacious, & Open Layout
2 Bed, 2 Bath, 761 sqft
Open: October 12th from 2-4pm
Priced at $499,900
Bright northwest facing home with a spacious and open floor plan. Welcome to Georgia East, located in the heart of Langley City close to all sort of amenities: schools, shopping, dining and so much more. This 2 bed, 2 bath, 761sqft home features granite counters, stainless appliances, quality laminate flooring, plenty of cupboard and counter space, large laundry closet with extra storage, tons of windows & more. The large primary has pass through closets & ensuite with double sinks. The 2nd bed is well sized with good closet space. Bonus: parking, rental & pet friendly. Something for everyone: investors, first time buyers or down sizing couples. Act Now! Book your private viewing today. Open house Saturday, October 12th from 2-4pm.
Buyers remain cautious to begin the fall market
VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).
“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”
There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 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.
“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.
With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.
Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.
Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.
Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.
Provided by: Greater Vancouver REALTORS®
Editor’s Note:
1. Areas covered by Greater Vancouver REALTORS® 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. On February 12, 2024, the Real Estate Board of Greater Vancouver changed its organizational name to Greater Vancouver REALTORS®.
Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association 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.gvrealtors.ca.
Government announces boldest mortgage reforms in decades to unlock homeownership for more Canadians
September 16, 2024 - Ottawa, Ontario - Department of Finance Canada
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, new mortgage rules came into effect on August 1, 2024, allowing 30 year insured mortgage amortizations for first-time homebuyers purchasing new builds.
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
- Increasing the $1 million price cap for insured mortgages to $1.5 million, effective December 15, 2024, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home.
- Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective December 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
These new measures build on the strengthened Canadian Mortgage Charter¸ announced in Budget 2024, which allows all insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. Not having to requalify when renewing with a different lender increases mortgage competition and enables more Canadians, with insured mortgages, to switch to the best, cheapest deal.
These measures are the most significant mortgage reforms in decades and part of the federal government’s plan to build nearly 4 million new homes—the most ambitious housing plan in Canadian history—to help more Canadians become homeowners. The government will bring forward regulatory amendments to implement these proposals, with further details to be announced in the coming weeks.
As the federal government works to make mortgages more affordable so more Canadians can become homeowners, it is also taking bold action to protect the rights of home buyers and renters. Today, as announced in Budget 2024, the government released the blueprints for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights. These new blueprints will protect renters from unfair practices, make leases simpler, and increase price transparency; and help make the process of buying a home, fairer, more open, and more transparent. The government is working with provinces and territories to implement these blueprints by leveraging the $5 billion in funding available to provinces and territories through the new Canada Housing Infrastructure Fund. As part of these negotiations, the federal government is calling on provinces and territories to implement measures such as protecting Canadians from renovictions and blind bidding, standardizing lease agreements, making sales price history available on title searches, and much more—to make the housing market fairer across the country.
Quotes
“We have taken bold action to help more Canadians afford a downpayment, including with the Tax-Free First Home Savings Account, through which more than 750,000 Canadians have already started saving. Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians. We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”
- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Everyone deserves a safe and affordable place to call home, and these mortgage measures will go a long way in helping Canadians looking to buy their first home.”
- The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
Sales Slow in August, but Falling Rates Should Drive Activity Higher in the Fall
Vancouver, BC – September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in August 2024, a 10 per cent decrease from August 2023. The average MLS® residential price in BC in August 2024 was down 1.7 per cent at $938,500 compared to an average price of $955,063 in August 2023.
The total sales dollar volume was $5.6 billion, an 11.5 per cent decline from the same time the previous year. BC MLS® unit sales were 22 per cent lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.”
Year-to-date, BC residential sales dollar volume is down 3.3 per cent to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6 per cent year-over-year at 51,505 units, while the average MLS® residential price is up 1.4 per cent to $985,609.
Provided by: BCREA
Sellers await buyers’ return after quieter summer market
VANCOUVER, BC – September 4, 2024 – Home sales registered on the MLS® in Metro Vancouver1 remained below their ten-year seasonal averages in August as summer holidays come to a close.
Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).
“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”
There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 per cent. By property type, the ratio is 9.6 per cent for detached homes, 18 per cent for attached, and 17.2 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.
“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said.
“With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 per cent decrease over August 2023 and a 0.13 per cent decrease compared to July 2024.
Sales of detached homes in August 2024 reached 509, a 13.9 per cent decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8 per cent increase from August 2023 and a 0.1 per cent decrease compared to July 2024.
Sales of apartment homes reached 1,012 in August 2024, a 20.3 per cent decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1 per cent decrease from August 2023 and is unchanged compared to July 2024.
Attached home sales in August 2024 totalled 370, a 12.3 per cent decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8 per cent increase from August 2023 and a 0.5 per cent decrease compared to July 2024.
Provided by: Greater Vancouver REALTORS®
Editor’s Note:
1. Areas covered by Greater Vancouver REALTORS® 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. On February 12, 2024, the Real Estate Board of Greater Vancouver changed its organizational name to Greater Vancouver REALTORS®.
3. In an earlier version of this release, the month to month per cent change for both the composite and detached home HPI were incorrectly stated. We've updated this version with the correct change.
Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association 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.gvrealtors.ca.
Just Listed - 316 20696 Eastleigh Crescent, Langley, Langley City
Bright, Spacious, & Open
2 Bed, 2 Bath, 761sqft
Priced at $548,800
Bright northwest facing home with a spacious and open floor plan. Welcome to Georgia East, located in the heart of Langley City close to all sort of amenities: schools, shopping, dining and so much more. This 2 bed, 2 bath, 761sqft home features granite counters, stainless appliances, quality laminate flooring, plenty of cupboard and counter space, large laundry closet with extra storage, tons of windows & more. The large primary has pass through closets & ensuite with double sinks. The 2nd bed is well sized with good closet space. Bonus: parking, rental & pet friendly. Something for everyone: investors, first time buyers or down sizing couples. Act Now! Book your private viewing today.
Just Sold - 213 3131 Murray Street, Port Moody, Port Moody Centre
Welcome to 50 Electronic, this 3 bed 2 bath corner unit is spacious and finished with premium touches. Enjoy a chef's kitchen with high-end Bosch appliances, a quartz waterfall island, and a custom pantry. Open concept living with space for a 6 person dining set and a large sectional sofa which opens to a large patio with NW exposure. The primary bedroom features a wardrobe wall, with 2 more spacious bedrooms and a versatile den. The building offers access to a three-stories of amenities: a gym, co-working space, children's play area, and luxurious lounge and a guest suite. The best location in Port Moody next to the shoreline trail, Inlet Park, and Brewers Row. Don't miss this one, book your showing today! 2 parking and 2 lockers included.
Listing offered by: RE/MAX Westcoast
Open House - 513 9877 University Cr., Burnaby, SFU, UniverCity
Open House: Saturday & Sunday, September 7th & 8th, from 2-4pm
Loft Style Home
1 Bed, 1 Bath, 756sqft
Priced at $498,800
Stunning! Just one way to describe this south facing loft style home with amazing natural light. Welcome to UniverCity at SFU, Vancouver's premier lifestyle neighborhood. Enjoy the peace & tranquility this area has to offer. This 1 bed, 1 bath, 756sqft home will not disappoint. Features: 17'+ ceilings, an abundance of windows, quality flooring, open layout, SS appls, plenty of cupboard & counter space, spacious living & dinning areas. The large primary bedroom offers plenty of closet space, plush carpeting & overlooks the living area. Ideally located, steps away from the centre of the community. Bonus: tons of in-suite storage, 1 parking & locker. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Act Now! Open house Saturday, September 7th & Sunday, September 8th from 2-4pm.
JUST SOLD - 507 9288 University Cr., Burnaby, SFU, UniverCity
Bright & Open Layout
1 Bed + Den, 1 Bath, 629sqft
Priced at $478,800
Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed & den, 1 bath 629sqft home, located in Novo I; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, SS appliances, laminate floors, well sized balcony. The bedroom has plenty of closet space and overlooks the balcony. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood!
Royal LePage West Real Estate Services
2185 Austin Avenue
Coquitlam, British Columbia V3K3R9
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.