VANCOUVER, BC – September 2, 2022 – Metro Vancouver’s* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 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 $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 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 industry is a key economic driver in British Columbia. In 2021, 43,999 homes changed ownership in
the Board’s area, generating $2.98 billion in economic spin-off activity and an estimated 20,942 jobs. The total
dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $53.4 billion in
2021.

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

Until a couple of years ago, internet access was a nice-to-have for most homeowners. But these days, it’s fast becoming a necessity. Kids need good internet to do homework assignments. You may need reliable internet to work from home and attend online meetings.

So, when shopping for a new home, it’s wise to check if the property which you’re interested in making an offer on has good internet available. The last thing you want is to move into a home only to discover that the internet service is slow and faster options are unavailable.

There are many ways to do find out.

For example, most internet services websites have a feature where you can type on the address and find out what type of internet services are available. Pay attention to how the service is delivered to your home, as well as the upload and download speeds.

Traditionally, cable and fiber offer the highest speeds with the most stable connections. However, satellite and DSL can be very good, too, depending on the service provider.

For online meetings (i.e., ZOOM) you’ll need an internet service with 4Mbps upload and 3Mbps download. (Most internet service plan descriptions show those download and upload numbers.) Keep in mind that if you have several internet users in your home — watching a movie, playing a game, etc., — you’ll need higher upload and download speeds.

Your best bet is to call the internet service company and explain your requirements. Learn what service options are available for the home you’re thinking of buying.

Imagine you’re shopping for a car. You find one that’s a suitable model, a recent year, and hasn’t been driven a lot. The price is right, too.

But, there’s a caveat.

The paint is worn off in several places. The driver’s seat upholstery is torn and requires repair. And, the tires needed to be replaced… a long time ago.

Would you still buy it? You might. However, unless you enjoy fixing up cars, you’d probably hesitate to make the purchase.

After all, in addition to seeing the car itself, you’re noticing the work that needs to be done to fix it.

The same holds true when selling your home.

The more “move-in” ready you make the property the more likely buyers are to become interested in buying it. Like when viewing a car, you want buyers to focus on all your home’s wonderful features, not on the repairs and updates that need to be done.

That being said, how important is it that your home be “move-in ready” when you sell?

That depends, in large part, on the market. If it’s currently a seller’s market in the neighbourhood — lots of buyers but comparatively few properties for sale — getting your home move-in ready is less important. There is already high demand for your property. (However, getting all repairs done and staging your property effectively will still provide a significant advantage.)

In a buyer’s market, where there are more homes for sale than buyers, you’re in a competitive situation. So, anything you can do to give your listing an advantage is worth the effort. That includes making it as “move-in” ready as possible.

Once you’ve minimized the clutter in your home, clearing out excess items and furniture, you’ll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh—the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.

Walls and Ceiling:

Examine all the ceilings and walls for water stains or dirt. We don’t often look closely at the walls that surround us, so be careful—there could be residual stains from leaks that have long been fixed, or an accumulation of dirt in an area you hadn’t noticed.

Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.

Carpet and Flooring:

Does your carpet appear old, or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find replacement carpeting that is relatively inexpensive. And always opt for neutral colours.

Any visibly broken floor tiles should be replaced. But make sure you don’t spend too much on these replacements. The goal isn’t to re-vamp the entire home, but, rather, to avoid causing any negative impressions due to noticeable damage or wear around the house.

Doors and Windows:

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you’re having trouble. This should loosen them up.

The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each door knob turns smoothly and polish it to gleaming.

Odour Check:

Begin by airing out the house. Chances are, you’d be the last person to notice any strange or unpleasant smell that may be immediately apparent to visitors.
If you smoke indoors, you’ll want to minimize the smell before you show your home. Take your cigarettes outside for a period of time before you begin showing. Ozone sprays also help eliminate those lingering odours without leaving a masking, perfumed smell.
Be careful if you have a pet. You may have become used to the particular smell of your cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as possible. You may want to intermittently sprinkle your carpets with carpet freshener as well.

Plumbing and Fixtures:

All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them into shape. Replacing them can be done fairly easily and inexpensively. Check to make sure all hot and cold faucets are easy to turn and that none of the faucets leaks. If you do find a leaking faucet, change the washer. Again, this is an easy and inexpensive procedure.

Finally, check the water pressure of each faucet, and look for any stains on the porcelain of the sinks or tubs.
Once you’ve covered all these bases, your house will be in prime shape for its time on the market. Congratulations—you’re ready to begin showing!