Vancouver, B.C. – October 4, 2022 – Home sellers were more active in Metro Vancouver’s* housing market in September while home buyer demand remained below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.

Last month’s sales were 35.7 per cent below the 10-year September sales average.

“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”

There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).

“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said.

“With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”

For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 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 $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.

Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950 detached sales recorded in September 2021. The benchmark price for a detached home is $1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent decrease compared to August 2022.

Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared to August 2022.

Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the 578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to August 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 totaled $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

Vice President, Communication

Real Estate Board of Greater Vancouver

604.730.3146

cmunn@rebgv.org

Video doorbells have become so popular that it’s not uncommon for visitors to smile as they come up to the door. They want to make a good impression on the video!

These doorbells are definitely convenient. Depending on the model you purchase, you can see who’s there and even speak to that person before opening your door. Some systems even allow for recording.

If you haven’t purchased a video doorbell yet, there are some important things to consider when shopping for one.

First, make sure the resolution is at least 1080p. If it’s less than that, the image quality will be blurry — especially at night.

Video doorbells come in wired or battery versions. Battery versions are easy to install, but you’ll need to keep the battery charged. Wired versions are more secure and reliable. However, the installation is more complex.

It’s recommended that you choose a video doorbell with cloud storage options (including date stamping.) That way, anything that’s recorded will be stored, and you’ll be able to recover it if needed.

If you’re thinking of selling, you’re probably planning to do a few minor improvements to make your property more appealing to buyers. That’s a smart idea.

So, what are the best small improvements to make? Here are a few ideas:

• Cabinet hardware. Upgrading the hardware on kitchen and bathroom cupboard doors and drawers can have a surprising impact on the look of those rooms. The best part is, this improvement is about as DIY-friendly as it gets!
• Cover plates. If you have older light and electrical switches, replacing the cover plates with something more stylish can make a difference. It’s probably the simplest way to give a room a more modern look.
• Countertops. Replacing kitchen or bathroom countertops isn’t cheap. However, it’s substantially less expensive than a full-on kitchen or bathroom renovation. And, new countertops make those rooms look refreshed.
• Kitchen sink and faucet. If your current sink is old and stained, replacing it is a fairly simple improvement that will have a big impact. Also consider updating the faucet to further enhance the look of the space. There are hundreds of styles available.
• Carpeting. Of all the types of flooring, carpets are the easiest and most affordable to replace. New carpets also create a clean and upgraded look. If you have old carpeting on the main floor or stairs, consider replacing it when selling.
  • Lights and fixtures. If you have old light fixtures in your home, especially in key areas such as the foyer and kitchen, your lighting may be dim. New fixtures will not only make those spaces more modern-looking and appealing, but the lighting will probably also be better too.

After putting in a huge amount of time and effort to get your home looking good and ready to sell, your hard work is finally going to pay off: your home is on the market—you’re ready to begin showing. Your house should always be at-the-ready for a tour, as agents may bring clients by with very little notice. If they catch you unprepared and you aren’t able to show the house on the spot, you could be losing out on a sale. Concentrate on the following areas to ensure your home is ready to show:

1. People

Homebuyers may feel like intruders if you are present while they view your house, and this will affect their overall impression. Consider taking the opportunity to visit the local coffee shop, go shopping, or take the kids to the park. If you can’t leave while the house is being shown, try to be as unassuming as possible. Do not move from room to room. Don’t offer information, but make yourself available to answer any questions the agent or buyers might have.

2. Lighting

When you know an agent is bringing someone by, make sure all of the drapes and window shades are open to let in as much daylight as possible, or—if the showing is taking place at night—to create a look of comfort and warmth when viewed from the outside. Open all the doors between rooms to create an open, inviting feel. Turn on all lamps and overhead lights, even during the day. Keeping lights on during the day softens the harsh shadows sunlight can create in a room, and illuminates dim corners. During nighttime showings, make sure all outdoor lights are on, as well as pool lights.

3. Cleanliness

Scan the floor for debris—newspapers and magazines tend to accumulate without our noticing. Make sure all the counters are clutter-free. Empty the kitchen garbage before every showing, particularly if the garbage can doesn’t have a lid. Keep everything freshly dusted and vacuumed. Beds should be made and bathrooms cleaned (toilet lid down). Every room should sparkle.

4. Scents and Sounds

Avoid using scented sprays before showing your home. Some people simply won’t enjoy the smell, and others may be allergic. If you want to make a room smell pleasant, consider a potpourri pot or a naturally-sourced aroma.
If you or your family is home while the agent is giving a tour, try to stay as quiet as possible. Turn off the television and the blaring radio. Put on some soothing background music at a low volume.

5. Pets

If you have pets, make sure your listing agent includes this in your listing on the Multiple Listing Service. This way, no one will be surprised by a furry welcome if the agent shows the house while you’re not there. If you know someone is coming to tour the house, ideally you should take the pets with you, or arrange to have a friend or family member take them. If this isn’t possible, keep dogs in the backyard, preferably in a penned area. Try to keep indoor cats in one room while people are touring the house, and put a sign on the door.