Winter is here, and it’s time to prepare your home for the colder months. Whether you live in a detached home, condo, or townhome, maintenance tasks vary based on your property type. Here are tailored tips to keep your home safe, comfortable, and efficient this season.

For Detached Homes: Comprehensive Care Inside and Out

Detached homeowners are responsible for both the interior and exterior of their property, making winter preparation essential.

1. Inspect and Maintain Your Roof

• Check for damaged or missing shingles and clear debris to prevent leaks.

• Ensure gutters and downspouts are clean to avoid ice dams.

2. Winterize Outdoor Spaces

• Trim tree branches near your home to prevent damage from snow or ice.

• Drain outdoor faucets and cover pipes to avoid freezing.

3. Check Windows and Doors

• Inspect for drafts, cracks, or gaps in seals. Apply caulk or weather stripping to retain heat.

4. Holiday Lighting Safety

• Use Outdoor-Rated Equipment: Ensure lights, cords, and outlets are appropriate for exterior use.

• Ladder Safety: Set up on even ground and secure the ladder while installing decorations.

• Energy-Efficient Lights: Switch to LED lights to reduce energy use and minimize fire risks.

5. Heating System Maintenance

• Schedule furnace servicing and replace air filters for better efficiency.

• Test smoke and carbon monoxide detectors, especially if you use fireplaces or space heaters.

For Condos: Focus on Interior Comfort and Compliance

In condos, strata corporations handle the building's exterior, windows, and often heating systems, so residents should concentrate on interior maintenance.

1. Heating and Ventilation

• Many condos have common heating systems; ensure vents are clear to optimize warmth.

• If individual units control their heating, test thermostats and consider smart devices to manage temperature.

2. Check for Gaps in Windows and Doors

• While exterior windows are typically strata-managed, report cracks or failed seals to your strata promptly.

• Use draft stoppers on doors to keep your unit cozy.

3. Holiday Decoration Guidelines

• Follow Strata Rules: Check restrictions for balcony, window, and door decorations.

• Safe Decorating: Use command hooks or other non-damaging materials for indoor holiday displays.

4. Emergency Preparedness

• Familiarize yourself with the building's emergency plan and evacuation routes.

• Keep essentials like flashlights and portable phone chargers for power outages.

For Townhomes: A Mix of Interior and Limited Exterior Maintenance

Townhomes often have small yards or private outdoor spaces to maintain while strata handles the building's overall exterior.

1. Outdoor Maintenance

• Clear walkways and stairs of snow and ice; use salt or sand to prevent slips.

• Prune plants and store outdoor furniture for the winter.

2. Heating Systems

• Some townhomes share heating systems through strata, but others have individual furnaces and hot water tanks. If you maintain your system:

  • Schedule servicing for your furnace.

  • Insulate your hot water tank and pipes to prevent heat loss.

3. Inspect Windows and Doors

• Report any cracks or gaps to your strata for repair. Use draft stoppers and heavy curtains for extra insulation.

4. Holiday Decoration Tips

• Know the Rules: Strata may have guidelines for exterior lighting or yard decorations.

• Install Safely: Use clips or adhesive hooks to avoid damaging siding or trim.

General Tips for All Home Types

• Test Safety Devices: Check smoke detectors, carbon monoxide alarms, and fire extinguishers.

• Driveway and Walkway Safety: Use de-icing materials to reduce hazards.

• Energy Efficiency: Use programmable thermostats and timers for lights to save energy and lower bills.

A Safe and Cheerful Winter

From hanging lights on a detached home to decorating a condo balcony or a townhome’s front yard, these winter maintenance tips will keep your home safe, cozy, and festive all season long. For specific advice, consult your strata bylaws or a home maintenance professional.

Stay warm, stay safe, and enjoy the holiday season!

As we approach the year-end, the November 2024 Greater Vancouver real estate market showcased steady activity amidst evolving buyer and seller dynamics. A combination of increased inventory, balanced conditions, and modest price adjustments continues to shape the market. Let’s dive into the key highlights from this month’s report and what they mean for buyers, sellers, and investors.

Key Market Highlights

1. Sales Activity

   • Residential sales totaled 1,990 units, a 4.5% decrease year-over-year and 18% below the 10-year seasonal average.

   • Detached homes saw increased interest, with a 3.2% rise in sales compared to November 2023, while condos and townhomes experienced slight declines in activity.

2. Inventory Levels

   • New listings reached 4,786, representing a 5.6% increase from November 2023, adding further options for buyers heading into the holiday season.

   • Total active listings climbed to 13,512, a 30% increase compared to last year, creating a more favorable environment for buyers.

3. Pricing Trends

   • The MLS® Home Price Index composite benchmark price for all residential properties sits at $1,165,900, reflecting a 1.3% decrease year-over-year and a 0.5% month-over-month decline.

   • Detached homes: Benchmark price of $2,012,000 (-0.8% YoY).

   • Townhomes: Benchmark price of $1,112,300 (-1.2% YoY).

   • Condos: Benchmark price of $756,000 (-0.5% YoY).

Area Insights

Burnaby:

• Detached homes in Burnaby South held steady, while townhome and condo markets in Burnaby North showcased resilient demand.

• Burnaby East experienced modest price decreases, providing attractive opportunities for buyers.

New Westminster:

• With its affordability and accessibility, New Westminster condos continue to attract first-time buyers and investors, with a benchmark price of $652,200.

Vancouver East & West:

• Vancouver West remains the most expensive market, with a detached home benchmark of $3,462,000, while Vancouver East offers relative affordability with a benchmark of $1,776,500 for detached homes.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

• Coquitlam's townhome segment showed robust performance, while Port Moody and Port Coquitlam detached homes experienced steady activity.

Market Dynamics

The sales-to-active listings ratio sits at 14.7%, maintaining balanced conditions across most property types:

• Detached homes: 10.8% (buyer’s market territory).

• Townhomes: 17.6%.

• Condos: 18.4%.

This ratio signals stable prices overall but highlights opportunities for buyers in the detached home segment.

What This Means for Buyers and Sellers

• For Buyers: Increased inventory across Greater Vancouver provides a wider selection heading into 2025. Detached homes in areas like Burnaby South and Coquitlam present particularly good value.

• For Sellers: Competitive pricing and strategic marketing will remain critical to attract active, motivated buyers in a market with expanded choices.

Looking Ahead

With the final Bank of Canada rate decision for the year on the horizon and expectations of continued economic stabilization, the real estate market could see an uptick in activity as we move into 2025. Whether you’re buying a condo in New Westminster, selling a townhome in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding the latest trends is key to success.

Contact me today for personalized advice on navigating this dynamic market. Together, we’ll craft a plan tailored to your goals.

The fall market in Greater Vancouver has shown signs of renewed activity, with a significant uptick in sales for October. With a 31.9% increase in sales compared to last year, recent interest rate cuts appear to be breathing life into the market, although sales remain just below the 10-year seasonal average. Here’s a look at the key trends and what they mean for buyers, sellers, and investors across Burnaby, New Westminster, Vancouver East, Vancouver West, and the Tri-Cities.

Market Snapshot

• Sales Increase: October saw a notable rise in residential sales, reaching 31.9% above last year’s levels. However, overall sales still sit 5.5% below the 10-year seasonal average.

• New Listings Surge: The number of new listings rose by 16.9% year-over-year, providing buyers with more options and maintaining balanced conditions across many segments.

• Sales-to-Active Listings Ratio: At 18.8%, the overall ratio suggests a balanced market, with attached homes and apartments moving toward a seller’s market at 22.5% and 22.2%, respectively.

Area Highlights

Burnaby

• Burnaby East: The benchmark price for residential properties stands at $1,139,700, with stability in detached home prices at $1,995,600.

• Burnaby North: The detached home benchmark price is $2,130,700. Attached homes have seen a small rise in sales activity, with prices remaining relatively stable.

• Burnaby South: Detached homes in this area show a slight increase in benchmark prices, now at $2,241,800, while apartments are experiencing modest price drops.

New Westminster

Sales in New Westminster have picked up pace, especially in detached homes, which have a stable benchmark price of $1,597,800. Apartment prices are slightly down at $646,000, though demand remains consistent.

Vancouver East

Vancouver East shows a strengthening market, particularly for detached homes, with a benchmark price of $1,891,900. The attached and apartment segments are stable, leaning toward a seller’s market as activity rises.

Vancouver West

Detached homes in Vancouver West maintain high benchmark prices at $3,369,100, although prices are slightly down. Both the attached and apartment markets are holding steady, demonstrating resilience in demand.

Tri-Cities (Coquitlam, Port Moody, Port Coquitlam)

• Coquitlam: Detached home prices are stable, with a benchmark of $1,804,300. Apartment prices have shown slight gains, indicating steady demand.

• Port Moody: Detached homes are valued at $2,126,400, reflecting slight dips but steady demand, especially for attached homes.

• Port Coquitlam: Detached homes benchmark at $1,456,900, with stable demand across other property types as well.

What This Means for Buyers, Sellers, and Investors

• Buyers: With more listings on the market, buyers have greater choice, creating an opportunity to explore properties without excessive price pressure. If sales momentum continues, competition could increase, so those ready to buy may want to consider acting soon.

• Sellers: Demand is particularly strong in attached and apartment segments across Vancouver East, Burnaby, and the Tri-Cities. Sellers in these areas may benefit from the market’s current strength, but competitive pricing and good presentation are key to capturing buyer interest.

• Investors: Stabilizing prices in key areas like Vancouver West and Burnaby, combined with recent rate cuts, create opportunities for investors to secure financing at more favorable rates while entering the market during a period of relative price stability.

Looking Forward

With four rate cuts from the Bank of Canada in recent months, potential buyers who had previously hesitated may now be encouraged to enter the market. As we move further into the fall, there is a possibility of heightened activity if interest rates continue to favorably impact borrowing conditions.

The Greater Vancouver real estate market in October 2024 saw a significant resurgence in buyer activity following months of subdued performance. Home sales rose dramatically with a 31.9% increase year-over-year, signaling renewed interest driven by favorable borrowing conditions. This rebound demonstrates the resilience of our market, even as broader economic challenges persist.

Sales and Listings Surge

• Total sales for October reached 2,632 units, a notable recovery, though still 5.5% below the 10-year seasonal average.

• Detached, attached, and apartment sales all saw substantial increases, highlighting broad-based buyer interest.

• New listings climbed by 16.9% compared to October 2023, providing more opportunities for buyers to find their ideal homes.

Interest Rates and Market Dynamics

• Recent mortgage rate reductions, with expectations of further cuts, have spurred many buyers who had been waiting on the sidelines.

• Andrew Lis, Director of Economics and Data Analytics for Greater Vancouver REALTORS®, notes that this uptick in activity could mark the beginning of a more sustained recovery.

• Sales-to-active listings ratio now sits at 18.8%, with attached and apartment segments approaching seller’s market territory.

Prices Show Resilience

• The composite benchmark price for all property types is $1,172,200, reflecting a modest 1.9% decrease year-over-year but a mere 0.6% dip month-over-month.

• While detached homes saw a slight 1% decline from September, townhomes and apartments posted stable prices, indicating balanced market conditions.

Highlights Across Our Key Areas:

• Burnaby North:

  • Detached home prices averaged $2,130,700, with a slight uptick in buyer activity.

  • Apartments remained steady, showcasing an attractive entry point for first-time buyers.

• New Westminster:

  • Apartments continue to dominate, with the benchmark price at $646,000.

  • Sales activity surged by 45.9% year-over-year, reflecting the area’s appeal for affordability and convenience.

• Coquitlam:

  • Detached properties remain a stronghold.

  • Attached homes experienced an 84.6% jump in sales, indicative of family-focused buyers seeking more space.

Looking Ahead:

• As we transition into the final months of 2024, the market is poised for stabilization. Buyers are encouraged to act quickly to take advantage of historically low rates, while sellers should consider the upward momentum in activity when preparing their properties for sale.

This morning, the Bank of Canada reduced its overnight rate by 0.50%, bringing it to 3.75%. This is welcome news for borrowers and could create new opportunities for both buyers and sellers in the Greater Vancouver real estate market. Here’s what this change could mean for you.

Impact on Variable-Rate Mortgages and Borrowers

For those with variable-rate mortgages or home equity lines of credit (HELOCs), this rate cut provides immediate relief. As these loans are directly tied to the overnight rate, borrowers should experience lower monthly payments moving forward.

This reduction will ease financial pressure, making it easier for homeowners to manage their cash flow and budgets, especially if they were stretched by previous interest rate hikes.

How This Affects the Mortgage Stress Test

The Bank of Canada’s rate cut may also have a positive impact on the mortgage stress test, which lenders use to ensure buyers can handle higher rates in the future. Lower rates mean the qualifying rate used in the stress test will likely drop, making it easier for some buyers to qualify for mortgages. This opens the door for more individuals to enter the market and secure financing.

What About Fixed-Rate Mortgages?

While fixed-rate mortgages are not directly affected by the Bank’s overnight rate, they often follow trends in bond yields. If bond yields decline, we may see fixed mortgage rates move lower, providing another potential benefit for buyers. However, fixed-rate borrowers will need to monitor the bond market closely for any significant changes.

Opportunities for Buyers and Sellers

• For Buyers: The drop in borrowing costs makes homes more affordable and could lead to increased activity in the market. With the added benefit of improved qualification rates under the stress test, more buyers might now be able to secure a mortgage and find the right property.

• For Sellers: Sellers may benefit from a renewed sense of urgency among buyers, who could take advantage of these lower rates before further market changes occur. Presenting your property competitively will be key to attracting interest.

What’s Next?

The Bank of Canada has hinted at the possibility of further rate reductions in the coming months, with the next policy decision set for December 11. If borrowing conditions continue to improve, we could see even more buyers entering the market, leading to greater competition and potential price stabilization.

Need Advice? Let's Talk!

Navigating these changes can feel overwhelming, but you don’t have to do it alone. Whether you’re buying, selling, or considering refinancing, it’s important to understand how these developments impact your unique situation. If you have questions about your mortgage options, reach out to your trusted mortgage professional—or contact me, and I’ll connect you with someone who’s a great fit.

The fall market in Metro Vancouver started off with a cautious tone as home sales in September 2024 registered a 3.8% decline year-over-year. Buyers remain on the sidelines despite recent interest rate reductions, and sales are still 26% below the 10-year seasonal average, with 1,852 properties sold.

Rising Inventory Provides More Choice for Buyers

A key highlight in September is the increase in new listings. With 6,144 homes added to the market—12.8% more than last year—buyers now have more options. Overall inventory has grown by 31.2% year-over-year, giving those searching for a home more negotiating power.

Prices Show Modest Declines

The composite benchmark price for all residential properties in Metro Vancouver is now $1,179,700, representing a 1.8% decrease year-over-year and a 1.4% dip compared to August 2024.

• Detached Homes: Sales of detached homes reached 516, down 9.8% from September 2023. The benchmark price is $2,022,200, a slight 0.5% increase year-over-year but a 1.3% decrease month-over-month.

• Apartments: With 940 sales, apartment sales declined 4.9% year-over-year. The benchmark price for apartments is $762,000, down 0.8% from last year.

• Attached Homes: Townhouse sales increased by 7.4% compared to last year, with 378 sales in September. The benchmark price for attached homes is $1,099,200, a slight 0.5% decrease year-over-year.

Area-Specific Trends

• New Westminster: The benchmark price across all property types is $836,800, a 0.3% increase from last year, signaling relative stability in this market despite the broader cooling trend.

• Burnaby East: Detached homes in Burnaby East are performing well, with a benchmark price of $1,982,200, up 6.8% year-over-year.

• Vancouver East: The benchmark price in Vancouver East for all property types is $1,221,800, a 1.2% decrease from September 2023, reflecting a cooling in the market.

• Vancouver West: Prices in Vancouver West remain high, with the benchmark price of detached homes at $3,506,400, though this represents a 0.6% decrease year-over-year.

Sales-to-Active Listings Ratios

The overall sales-to-active listings ratio in September was 12.8%, signaling the market is balancing between buyers and sellers.

• Detached homes: 9.1%, indicating a buyer’s market.

• Attached homes: 16.9%, reflecting balanced conditions.

• Apartments: 14.6%, indicating stability but with room for negotiation.

What Does This Mean for Buyers, Sellers, and Investors?

• Buyers: Rising inventory means more choice and greater negotiating power. If you’ve been waiting for the right time, this could be your moment.

• Sellers: With more listings on the market, it’s critical to price competitively to attract interest. The market is becoming more buyer-friendly, so strategic pricing and presentation will be key.

• Investors: The shift in market dynamics could present long-term opportunities, particularly in detached homes where prices are showing signs of softening.

Looking Ahead

With two more interest rate decisions expected before the year ends, and with inventory on the rise, buyers could regain confidence as borrowing costs fall further. If you’re looking to buy, sell, or invest, reach out for personalized advice on how to navigate these shifting market conditions.

The Greater Vancouver real estate market in September 2024 continued to display a dynamic balance of activity, influenced by seasonal trends, borrowing rates, and shifting buyer preferences. This month, a noteworthy 12.8% increase in new listings compared to September 2023 provided greater choice for buyers, while sales figures remained relatively steady.

Key Highlights:

Sales Activity

• Residential sales totaled 1,852 in September, down 3.8% year-over-year, but still tracking to outperform 2023’s total by year-end.

• Sales were 26% below the 10-year seasonal average, reflecting caution among buyers navigating the current market conditions.

Inventory Growth

• There were 6,144 new listings across all property types, with total active listings reaching 14,932—a 31.2% increase compared to last year.

• This growth in supply, while positive for buyers, contributed to modest price declines due to slower absorption.

Price Trends

• The MLS® Home Price Index composite benchmark price dipped to $1,179,700, a 1.8% decline year-over-year.

  • Detached homes: Slight price increase of 0.5% YoY, reaching $2,022,200.

  • Apartments and attached homes experienced minor declines.

Sales-to-Active Listings Ratio

• The ratio stood at 12.8%, flirting with buyers’ market territory. A breakdown by property type showed:

  • Detached: 9.1%

  • Attached: 16.9%

  • Apartments: 14.6%

Insights from Our Focus Areas:

• Burnaby:

  • Burnaby East led with a modest decline in benchmark prices (-0.8%).

  • Burnaby North and South showed softer activity, with detached homes in Burnaby South experiencing a 4.5% year-over-year price decrease.

• New Westminster:

  • New listings increased, providing more opportunities for buyers.

  • Prices remained relatively stable, with attached homes performing well.

• Tri-Cities:

  • Coquitlam, Port Moody, and Port Coquitlam maintained solid activity.

  • Port Moody stood out with a 2.3% year-over-year price increase for detached homes.

• Vancouver:

  • Vancouver West’s detached home prices remained the highest in the region at $3,471,900.

  • Vancouver East showcased stronger affordability but saw moderate price decreases.

What This Means for Buyers and Sellers:

• For Buyers: The increased inventory presents a unique window of opportunity to find your ideal home with more selection.

• For Sellers: Sellers should adjust their strategies to align with evolving market dynamics, emphasizing competitive pricing and strong property marketing to attract buyers.

Looking Ahead:

• With two more policy rate decisions expected this year, market watchers anticipate further reductions that could spur demand.

• As borrowing costs ease, the potential for buyers to re-enter the market and stabilize activity remains promising.

Inflation in Canada has finally reached the Bank of Canada’s 2% target for the first time since early 2021. With inflation cooling and economists forecasting further interest rate cuts—potentially bringing rates down to 3% by early 2025—there are key takeaways for the real estate market in Greater Vancouver.

Impact on Buyers

Lower inflation and potential interest rate cuts mean that buyers could soon benefit from lower mortgage rates, making homes and condos more affordable. In our marketplace, where the average home price hovers around $1.195 million, this reduction in borrowing costs could open doors for those who’ve been priced out.

Impact on Sellers

For sellers, these changes could stimulate buyer activity. Lower rates tend to boost demand, so this might be the time to list your home, especially if you’ve been waiting for better market conditions. With more buyers gaining confidence in their purchasing power, you could see more competition for your property.

Impact on Investors

For real estate investors, interest rate cuts signal an opportunity to secure lower-cost financing for new investments or refinancing existing properties. As inflation stabilizes and the economy gains footing, the rental market may also see improvement, making it a potentially great time to expand your portfolio.

What Should You Do?

Every real estate situation is unique. If you’re considering buying, selling, or investing in real estate, reach out for personalized advice. And when it comes to mortgage questions, your trusted mortgage professional can help guide you through what these changes mean for your financing options. Don’t have one? Feel free to connect with me, and I’ll introduce you to a pro who’s a good fit for your needs.

On September 16, 2024, Finance Minister Chrystia Freeland announced significant changes to mortgage rules aimed at making homeownership more accessible. These reforms, which increase the insured mortgage cap and extend 30-year amortizations, could have a real impact on buyers and sellers navigating the real estate market.

Key Changes to Mortgage Rules

• Higher Cap for Insured Mortgages: The cap on insured mortgages has increased to $1.5 million, up from $1 million. This allows more buyers to qualify for mortgage insurance with just a 5% down payment, making homes more affordable in high-priced areas.

• Extended Amortization for First-Time Buyers: First-time buyers, or those purchasing newly built homes, can now take out loans with a 30-year amortization period. This provides more flexibility with monthly payments, helping ease the financial burden for new homeowners.

What Does This Mean for Buyers?

These changes could open doors for more Canadians to enter the housing market, particularly in regions like Vancouver, Burnaby, or New Westminster, where home prices often exceed the previous $1 million threshold. Buyers may now find it easier to secure financing with a smaller down payment, while the extended loan period can reduce monthly mortgage payments, helping them manage their budgets.

What Does This Mean for Sellers?

For sellers, these reforms could bring a fresh wave of interested buyers, especially in markets where affordability has been a concern. More buyers with access to insured mortgages and longer amortizations could increase demand, making this a potentially opportune time to sell.

Incentivizing New Housing

The government hopes these changes will encourage new housing construction by making it easier for buyers to finance newly built homes. This focus on new builds could help alleviate Canada’s housing shortage over time.

Stay Informed

While these reforms may positively impact many buyers and sellers, it’s essential to remember that every real estate situation is unique. If you're considering buying or selling a home, reach out for personalized advice on how these changes may affect your decisions. As the All Seasons Real Estate Agent, I’ve guided many clients through shifting market conditions and can help you navigate the path to homeownership.

As summer draws to a close, the Metro Vancouver real estate market reflects a period of recalibration. August typically sees slower activity compared to earlier summer months, and this year was no exception. Here’s an in-depth look at the trends shaping our local market:

Sales Activity Remains Below Historical Averages

• Residential sales in August totaled 1,904, marking a 17.1% decrease from the same month last year and sitting 26% below the 10-year seasonal average.

• Buyers continue to feel the weight of higher borrowing costs despite two recent reductions in the Bank of Canada's policy rate over the summer.

A Balanced Market in the Making

• The market-wide sales-to-active listings ratio for August stood at 14.3%, firmly placing us in balanced conditions.

• By property type:

  • Detached homes: 9.6%

  • Townhomes: 18%

  • Apartments: 17.2%

• Historically, ratios below 12% indicate downward pressure on prices, while sustained levels above 20% drive prices upward.

Price Adjustments Reflect Buyer Hesitation

• The MLS® Home Price Index composite benchmark price across all residential properties is $1,195,900, a 0.9% decrease from last year and a negligible 0.13% dip from July.

  • Detached homes: $2,048,400 (+1.8% YoY)

  • Townhomes and apartments remained relatively stable, with no significant fluctuations.

Inventory Growth Offers Buyers More Options

• The total number of active listings rose significantly to 13,812, a 37% increase from August 2023 and 20.8% above the 10-year seasonal average.

• This inventory growth gives buyers a broader range of choices as sellers enter the market in anticipation of fall activity.

Looking Ahead to Fall

• With September historically bringing increased activity, the question remains whether recent rate cuts will encourage buyers to re-engage with the market.

• Inventory levels suggest opportunity, but affordability challenges persist.

Local Insights for Burnaby and New Westminster

• In Burnaby:

  • Detached homes benchmarked at $2,048,400, showing a year-over-year increase of 1.8%.

  • Townhomes remained a solid investment, with a benchmark price of $945,700.

  • Apartments benchmarked at $768,200, reflecting overall stability in this segment.

• In New Westminster:

  • Detached home benchmarks rose 2.2% year-over-year to $1,613,500.

  • Townhomes maintained steady growth, while apartments offered affordability with a benchmark price of $656,800.

What This Means for You

Whether you're considering buying, selling, or investing, understanding these market dynamics is crucial. The transition into a balanced market offers opportunities, but timing and strategy are key in navigating current conditions.

If you'd like tailored advice on how to leverage this market for your real estate goals, reach out today. Together, we can make informed decisions to position you for success!