RICHMOND AND GREATER VANCOUVER REAL ESTATE NEWS

As we delve into the intricacies of the Greater Vancouver real estate market in 2023, it's imperative to acknowledge the dynamic and ever-evolving nature of this landscape. This analysis aims to provide a comprehensive overview, drawing upon recent data and trends.

1. Market Overview and Property Assessments

In 2023, the Greater Vancouver area witnessed significant growth in property values. More than 1.089 million properties in the Lower Mainland received their assessment notices, reflecting a market value as of July 1, 2023. The overall total assessments escalated from approximately $1.75 trillion in 2022 to over $1.94 trillion in 2023, with a notable portion emanating from new construction, subdivisions, and rezoning.

2. Residential Property Value Trends

Property values in various communities have shown diverse trends. For instance, the City of Vancouver observed a 7% increase in single-family home values, while areas like the Village of Pemberton experienced a more substantial increase of 16%. Strata properties (condos/townhouses) also exhibited notable growth, with the City of Vancouver seeing a 6% increase and the City of White Rock witnessing a striking 21% rise.

3. Sales and Listings Dynamics

The Vancouver housing market trended towards buyer's market territory, with a 5.5% annual increase in the average home price to $1,299,503. The benchmark price in Metro Vancouver stood at $1,196,500, showcasing a 4.4% yearly increase. The number of active listings by the end of October 2023 increased by 13% year-over-year, with a 15% rise in new listings compared to the previous year.

4. Long-Term Market Growth and Regulatory Impact.

Over the last 18 years, the increase in Vancouver home prices has significantly outpaced inflation and wage growth. Contrary to popular belief, land availability is not the primary constraint on housing production; rather, it is municipal regulations impacting housing development. This regulatory environment, coupled with fluctuating interest rates, has played a pivotal role in shaping the market

5. Inflation and Mortgage Rate Projections

Inflation and mortgage rates are crucial determinants of market dynamics. As of September 2023, the headline inflation rate was 3.8%, with projections suggesting a potential rise in the near future. Mortgage rates are expected to remain elevated for another year or so, with a gradual decline anticipated thereafter [?](https://wowa.ca/vancouver-housing-market).

Conclusion

The Greater Vancouver real estate market in 2023 is characterized by rising property values, an uptick in market activity, and regulatory challenges. Homeowners and potential buyers must navigate this complex landscape with a keen understanding of these factors. While the market shows signs of balancing, external economic factors like inflation and mortgage rates will continue to influence the trajectory of real estate in this region.

Looking Ahead

Prospective homeowners and investors should remain vigilant of the evolving market conditions, regulatory changes, and economic indicators to make informed decisions. It's crucial to stay abreast of the latest trends and forecasts to successfully navigate the Greater Vancouver real estate market.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source/Photo Michael Cowling

Embarking on the journey to homeownership is an exciting and significant milestone. However, for first-time home buyers, the process can seem daunting. To help you navigate this exciting venture with confidence, we've compiled 11 pieces of invaluable advice. From financial considerations to navigating the real estate market, this guide aims to make your home buying experience as smooth as possible.

1. Establish a Realistic Budget: Before diving into the world of home buying, assess your finances and determine a realistic budget. Factor in not just the mortgage but also additional costs like property taxes, insurance, and maintenance. Understanding your financial boundaries will guide your search and prevent unnecessary stress.

2. Get Pre-Approved for a Mortgage: Knowing how much you can borrow is crucial. Seek pre-approval for a mortgage to understand your purchasing power. This not only streamlines your home search but also positions you as a serious buyer in the eyes of sellers.

3. Prioritize Your Needs and Wants: Make a list differentiating between your must-haves and nice-to-haves. This will help you focus on homes that align with your priorities and avoid being swayed by aesthetically pleasing but impractical options.

4. Research Neighborhoods: Investigate potential neighborhoods thoroughly. Consider factors like safety, schools, amenities, and proximity to work. Visiting neighborhoods at different times of the day provides a comprehensive understanding of the area.

5. Work with a Reputable Realtor: A professional real estate agent can be your greatest asset. Choose someone with local expertise, a proven track record, and strong communication skills. They will guide you through the process, negotiate on your behalf, and ensure you make informed decisions.

6. Don't Skip the Home Inspection: Regardless of how good a home looks, always invest in a thorough home inspection. It reveals potential issues that may not be visible to the untrained eye, allowing you to negotiate repairs or adjust your offer accordingly.

7. Understand the Total Cost of Ownership: Beyond the mortgage, consider the ongoing costs associated with homeownership. Utilities, maintenance, and unexpected repairs should be factored into your budget to avoid financial strain down the road.

8. Be Patient and Open-Minded: Finding the perfect home takes time. Be patient and keep an open mind. Your dream home might not meet every criterion on your list, but it could still be the perfect fit with a few adjustments.

9. Negotiate Wisely: Don't hesitate to negotiate: Whether it's the price, closing costs, or repairs, effective negotiation can save you money and create a more favorable deal. Trust your realtor's guidance during this crucial phase.

10. Plan for the Future: Consider your long-term plans when buying a home. Are you planning to expand your family? Will your job require you to relocate? Anticipating future needs helps ensure that your home remains a suitable and valuable investment.

11. Stay Informed About the Market: Real estate markets fluctuate. Stay informed about market trends, interest rates, and local developments. This knowledge empowers you to make strategic decisions and seize opportunities when they arise.

Conclusion: Armed with these 11 pieces of advice, you're well-equipped to embark on your journey as a first-time home buyer. Remember, the key is to approach the process with careful consideration, a realistic mindset, and the guidance of experienced professionals. Happy house hunting!

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today! 

Source/Photo RE/MAX.ca

Short-Term Rental Accommodations Act

B.C. is facing a housing crisis, with a shortage of all forms of attainable housing, including long-term rentals.

The rise of short-term rental of entire homes is taking away much needed homes for British Columbians. More than 16,000 entire homes are being used as short-term rentals for the majority of the year in B.C. This is making it more challenging to find affordable long-term rentals.

Many local governments have taken action to regulate short-term rentals, but enforcement of bylaws is a challenge, and they have asked the Province for more tools and resources.

The purpose of the new rules is to:

• Give local governments stronger tools to enforce short-term rental bylaws
• Return short-term rental units to the long-term rental market
• Establish a new Provincial role in the regulation of short-term rentals

The new rules apply to all short-term rentals being offered to the public, including:

• Offers hosted by a platform, where people reserve and pay for the rental service (which may include, for example, Airbnb, VRBO, Expedia, and FlipKey)
• Offers on other web listing forums (which may include, for example, Facebook Marketplace, Kijiji, and Craigslist)
• Offers in classified ads in newspapers

The new rules will not apply to:

• Reserve lands
• Nisga’a Lands or the Treaty Lands of a Treaty First Nation (unless the Nation chooses to opt into all or part of the legislation through a coordination agreement with the Province)
• Hotels, motels

Some of these new rules, like the ability of regional districts to issue business licenses and increase maximum penalties, will take effect immediately. Other changes, like the Province's principal residence requirement and registration system will come later.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source/Photo RE/MAX.ca

The number of listings in Richmond also dropped for single-family homes, townhomes and apartments in October

After a month-to-month drop in housing prices in September, Richmond’s housing prices continued to decline in October, albeit just slightly.

The benchmark price of a residential home in Richmond declined by 0.4 per cent last month to $1,179,700.

This was a 0.7-per-cent decrease compared to July, according to Real Estate Board of Greater Vancouver (REBGV)’s stats released this month.

The benchmark price of a single-family home in Richmond was $2,155,600 in October, a 1.1-per-cent decline from the previous month, and townhouse prices dropped by 1.9 per cent month-over-month.

Apartments were the only category that saw an increase in prices. With a benchmark of $763,400, the price increased by 1.8 per cent from September and 3.1 per cent from July.

Meanwhile, the number of listings in all three categories in Richmond in October also dropped from September. There were 140 listed detached homes (-21.8 per cent), 94 listed townhouses (-17.5 per cent) and 242 listed apartments (-19.1 per cent).

In the Lower Mainland, the benchmark price in October was recorded at $1,131,800, a 0.8-per-cent decline from the previous month and 1.7 per cent down from three months ago.

There were 1,996 homes sold in the region in October, a 3.7-per-cent increase from the 1,924 sales recorded in October 2022.

This is almost 30 per cent below the 10-year seasonal average (2,832) for October.

“With properties coming to market at a rate roughly five per cent above the 10-year seasonal average, there seems to be a continuation of renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” said Andrew Lis, REBGV’s director of economics and data analytics.

“Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their 10-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source/Photo Richmond News