Get ready for the most anticipated event in the real estate profession: PacificWest is back from October 1-2, and it’s bigger and better than ever!

You won’t want to miss out on this exclusive opportunity to network with top professionals and gain invaluable insights to elevate your skills and your business.

Interested? Take a look at the full schedule and register today!

Gain valuable insights

At PacificWest 2024, we’re bringing together the best and brightest minds in the real estate ecosystem and beyond to explore cutting-edge topics. Our lineup of world-class presenters covers a wide range of topics, including:

• AI and its impact on real estate
• adapting to disruption
• wellness best practices
• navigating the future of regulation
• and more!

More than a conference

PacificWest is your chance to get the latest information on our profession, build new relationships and more. And, if you’re a member of the Greater Vancouver REALTORS® or Fraser Valley Real Estate Board, attending both days of PacificWest automatically earns you six self-directed PDP hours.

Beyond our seminars and workshops, you’ll:

• get inspired by keynote speakers Duncan Wardle, former head of innovation and creativity at Disney, and Diana Kander, New York Times best-selling author,
• celebrate in style at the legendary Welcome Party, included with the price of admission,
• make connections with colleagues from across the real estate ecosystem and
• find cutting-edge products and services at the trade show.

What is PacificWest?

A collaboration between the Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, PacificWest is a real estate conference designed for professionals across the real estate ecosystem.

In its inaugural year in 2023, PacificWest drew over 1,100 attendees.

For more information on PacificWest, check out pacificwest.ca.

Yesterday, the Real Estate Board of Greater Vancouver (REBGV) announced its upcoming name and brand change.

As of February 12, the organization will become Greater Vancouver Realtors (GVR) and will use this logo:

The logo’s mark depicts the community connection between properties and people that real estate makes.

Jeff King, CEO of GVR, says the organization wants to “make it easier for people to identify who we are, what we stand for and who we represent” through the new brand.

“With time and effort, we will strive to make the GVR name, and the members we represent, synonymous with quality, innovation, transparency and professionalism in real estate,” he explains.

While the Metro Vancouver housing market ended 2023 with some resilience and balance, this was among the backdrop of decade-high borrowing costs.

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics notes.

“Ultimately, the story of  2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis says. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”  

2023 sales

As reported by the Real Estate Board of Greater Vancouver (REBGV), the region saw 26,249 sales last year, which was 10.3 per cent less than 2022’s sales of 29,261 and 41.5 per cent less than 2021’s 44,884 sales. Last year’s sales were also 23.4 per cent under the 10-year annual sales average of 34,272.

2023 listings

Metro Vancouver MLS listings totalled 50,893 last year. This is 7.5 per cent less than the 55,047 properties listed in 2022 and 20.2 per cent below 2021’s 63,761 listed properties. Last year’s listings were also 10.5 per cent under the region’s 10-year total annual average of 56,868.

December sales

Residential sales in Metro Vancouver totalled 1,345 in December 2023, which is 3.2 per cent more than the 1,303 sales December 2022 and 36.4 per cent below the 10-year seasonal average of 2,114.

Benchmark price

Metro Vancouver’s benchmark price for all residential properties sits at $1,168,700, which is five per cent more than it was in December 2022 and 1.4 per cent less than in November 2023.

December listings

In December, the total number of Metro Vancouver properties listed for sale on MLS was 8,802, 13 per cent more than December 2022’s 7,791 listings and 0.3 per cent more than the 10-year seasonal average of 8,772.

There were 1,327 detached, attached and apartment properties newly listed for sale on Metro Vancouver’s MLS last month, 9.9 per cent over the 1,208 properties listed the year prior and 22.7 per cent below the 10-year seasonal average of 1,716.

Across all property types, the sales-to-active listings ratio for December was 16 per cent (11.1 per cent for detached homes, 18.7 per cent for attached homes and 19.6 per cent for apartments).

“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were,” Lis notes. “And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the new year.” 

Get more details and stats here.

Vancouver is seeing more housing inventory than it has since 2021. The Real Estate Board of Greater Vancouver (REBGV) reports that the region’s residential sales were 1,702 in November, a 4.7 per cent increase from the same time last year and 33 per cent below the 10-year seasonal average.

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” says Andrew Lis, REBGV’s director of economics and data analytics. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

A jump in listings and buyer choice

Last month, 3,369 detached, attached and apartment properties were newly listed for sale on Metro Vancouver’s MLS, representing a 9.8 per cent increase compared to the 3,069 properties listed in the year prior, and 2.8 per cent less than the 10-year seasonal average.

As for total listings in the region, there were 10,931, which is 13.5 per cent more than November 2022 and 3.7 per cent above the 10-year seasonal average. The sales-to-active listings ratio from November for all property types was 16.3 per cent.

More favorable market conditions for buyers

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis notes. “Prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

The MLS composite benchmark price for all residential properties in Metro Vancouver sits at $1.185 million, a 4.9 per cent boost from November last year and a one per cent drop from October 2023.

Read REBGV’s full report here.

Last month, more new listings gave Metro Vancouver buyers a broader range of options, though sales levels are nearly 30 per cent below long-term averages.

The region’s October sales were 1,996, a 3.7 per cent increase from the same period last year, reports the Real Estate Board of Greater Vancouver (REBGV).

“With properties coming to market at a rate roughly 5 per cent above the 10-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics says in a press release.

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

Number of listings

MLS had 4,664 detached, attached and apartment properties newly listed for sale in the region last month, a 15.4 per cent jump compared to 4,043 properties in October 2022. This is 4.8 per cent above the 10-year seasonal average for October.

As for the total number of properties on MLS in the area, this was just shy of 11,600, a 12.6 per cent increase from the same time last year and 0.6 per cent higher than the 10-year seasonal average. The sales-to-active listings ratio across all property types in October was 17.9 per cent.

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis notes.

“While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

Pricing

The MLS composite benchmark price for all Metro Vancouver residential properties is $1,196,500, representing a 4.4 per cent jump from October 2022 and a 0.6 per cent decline from September 2023.

Read more and download the stats package from REBGV here.

Metro Vancouver housing prices eased last month, thanks to a small boost in regional inventory and seasonal decline.

Andrew Lis, the Real Estate Board of Greater Vancouver (REBGV)’s director of economics and data analytics, points out they watched “The reluctance of some homeowners to list their homes (this year) given that mortgage rates are the highest they’ve been in over ten years.” He mentions, “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”

According to the REBGV, home sales went up over 13 per cent (1,926) from the same period last year – more than 26 per cent below the 10-year seasonal average (2,614).

New and total listings jumped in September

The 5,446 MLS listings of last month represent more than a 28 per cent bump from September 2022 and are 5.2 per cent higher than the 10-year seasonal average (5,179). Total listings went up over 9 per cent in the same period, 6.2 per cent below the 10-year seasonal average of 12,136.

More inventory leading to a more balanced market

Across property types, September’s sales-to-active listings ratio was 12.6 per cent for detached homes, 21.6 per cent for townhomes and 21.3 per cent for apartments (17.7 per cent overall).

In comparing to the spring and summer periods, Lis explains, “September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year.

When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”

Home prices in all categories have fallen

The MLS Home Price Index composite benchmark price for all Metro Vancouver residential properties is $1,203,300 – up 4.4 per cent from September 2022 and down 0.4 per cent from August of this year.

Detached home sales last month were just over 570, up 7.5 per cent from 2022’s same period. The detached home benchmark price is $2,017,100, a 5.8 per cent jump from September 2022 and 0.1 per cent less than August 2023’s benchmark.

Apartment home sales reached 988 last month, up over 11 per cent from September 2022. The benchmark price of this home type is $768,500, a 5.8 per cent jump from September 2022 and 0.2 per cent less than August 2023’s benchmark.

Finally, attached home sales in September were 352, more than a 28 per cent increase compared to the same period last year. The attached home benchmark price is $1,098,400, a 5.3 per cent jump from September 2022 and 0.5 per cent less than the August 2023 benchmark.

August 2023 saw residential home sales totalling 2,296, marking a 21.4 per cent increase from the same period in 2022 but 13.8 per cent below the 10-year seasonal average, signalling a notable slowdown.

The board is calling it an expected shift in market dynamics, with a cooldown in price gains and sales following the typical seasonal pattern.

“It’s been an interesting spring and summer market, to say the least,” says Andrew Lis, REBGV’s director of economics and data analytics. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.” 

Inventory on the rise 

Last month saw a surge in new property listings, with 3,943 detached, attached, and apartment properties hitting the market. This marked an 18.1% increase year-over-year. However, this number also falls short of the 10-year seasonal average by 5.3 per cent.

The total number of homes currently listed for sale on MLS in Metro Vancouver slightly decreased to 10,082, down 0.2 per cent compared to August 2022 and 13.4 per cent below the 10-year seasonal average of.

The sales-to-active listings ratio for August 2023 stands at 23.9 per cent across all property types, with detached homes at 14.2 per cent, townhomes at 30.3 per cent, and apartments at 31.9 per cent. 

As REBGV notes every month, 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 they surpass 20 per cent over several months. 

Summer’s tale: Sales catch up with price gains

Lis characterized the year as a “tortoise and hare story,” with a slow start to sales while prices surged due to low inventory levels. As fall approaches, sales have caught up with price gains, but both metrics are now following historical seasonal patterns, and “with what one might expect given that borrowing costs are where they are.”

The MLS HPI composite benchmark price for all residential properties in Metro Vancouver currently stands just under $1.21 million. This represents a 2.5 per cent increase over August 2022 and a marginal 0.2 per cent decrease compared to July 2023.

Detached homes see modest gains

Sales of detached homes in August 2023 reached 591, marking a 13.2 per cent increase year-over-year. The benchmark price for a detached home now stands near $2.02 million, reflecting a 3.3 per cent increase from August 2022 and a slight 0.3 per cent uptick month-over-month. 

Apartments remain in demand

Apartment home sales jumped 27.4 per cent year-over-year, with 1,270 sales. The benchmark price for an apartment home stands at $770,000, reflecting a 4.4 per cent increase from August 2022, and a minor 0.2 per cent decrease compared to July 2023.

Attached homes gain momentum

The attached home segment also witnessed a surge in sales, totalling 422 in August 2023, marking an 18.9 per cent increase compared to the same period last year. The benchmark price for an attached home stands at more than $1.1 million, indicating a 3.9 per cent increase from August 2022, with a negligible 0.1 per cent decrease compared to July 2023.

In June 2023, residential home sales in Metro Vancouver reached a total of 2,988, marking a significant 21.1 per cent increase compared to the same period in 2022. However, despite the robust sales figures, this number fell 8.6 per cent below the 10-year seasonal average of 3,269.

Benchmark price of apartments nears 2022 peak

Andrew Lis, the director of economics and data analytics at REBGV, highlighted the apartment segment’s impressive performance in June, saying “The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June.” 

Lis further added that the benchmark price of apartment homes is on the verge of surpassing the peak reached in 2022, and apartment sales have exceeded the region’s ten-year seasonal average. This sets the apartment segment apart from the attached and detached segments, which saw sales remaining below the ten-year averages.

New listings of detached, attached, and apartment properties totalled 5,348 in June 2023, reflecting a modest 1.3 per cent increase compared to June 2022’s figure of 5,278 homes. However, this number fell 3.1 per cent below the 10-year seasonal average of 5,518 homes.

Listings down 7.9% year-over-year

The current number of homes listed for sale on MLS in Metro Vancouver stands at 9,990, representing a 7.9 per cent decrease from June 2022. These figures indicate a 17.4 per cent drop from the 10-year seasonal average of 12,091 homes.

The sales-to-active listings ratio for June 2023, including detached, attached, and apartment properties, is 31.4 per cent. The ratio further breaks down into 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments. REBGV notes historical data analysis reveals that when the ratio falls below 12 per cent for an extended period, downward pressure is exerted on home prices. Conversely, when the ratio exceeds 20 per cent over several months, home prices often experience upward pressure.

Limited inventory continues to drive up home prices

Despite increased borrowing costs, the limited resale inventory relative to the pool of buyers in Metro Vancouver continues to be the fundamental reason for the month-over-month price increases across all segments, according to Lis. 

He called on the provincial government to adjust the Property Transfer Tax exemption threshold for first-time homebuyers, which currently stands at $525,000. Lis argues that this threshold should better reflect the price of entry-level homes in the region, particularly as the benchmark price for apartments climbs to $767,000, adding, “This is a simple policy adjustment that could help more first-time buyers afford a home right now.” 

HPI up 1.3% month-over-month

As of now, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1.2 million. This represents a 2.4 per cent decrease compared to June 2022 but indicates a 1.3 per cent increase from May 2023.

In terms of property types, detached home sales reached 848 in June 2023, reflecting a significant 28.3 per cent increase from the 661 sales recorded in June 2022. The benchmark price for a detached home currently stands at $1.99 million, showing a 3.2 per cent decrease compared to June 2022 and a 1.9% per cent increase from May 2023.

Apartment home sales in June 2023 reached 1,573, signifying an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price for an apartment home is $767,000, marking a 0.5 per cent increase from June 2022 and a 0.8 per cent increase from May 2023.

Finally, attached home sales in June 2023 totalled 547, representing a notable 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1.1 million, indicating a one per cent decrease from June 2022 but a 1.5 per cent increase from May 2023.