Homes sales return to more traditional levels as April sales were just 1.5% above the 10 year average. Greater Vancouver home sales have been above the 10 year average since July 2020, but over the last two months activity has slowed considerably. Desirable neighbourhoods and property types are still experiencing a strong sellers’ market, however the balance has been shifting more in the buyer’s favour. In many cases home buyers have more time to make decisions, secure financing and perform other due diligence such as home inspections.
Highlights from the Real Estate Board of Greater Vancouver’s latest stats package:
January sales were 25.3% above the 10 year average. Listing inventory is less than half of what it would be optimal to begin the year. With home prices reaching new highs, the need has never been greater for more housing supply. Here are some of the highlights from the Real Estate Board of Greater Vancouver’s latest stats package:
HOUSING PRICES (1 YEAR CHANGE %)
Single Family Dwellings Maple Ridge +38% Port Coquitlam +32% Coquitlam +27% Port Moody +26% New Westminster + 21% Burnaby +20%
Townhouses Maple Ridge +39% Port Coquitlam +32% Coquitlam +27% New Westminster +24% Port Moody + 23% North Vancouver +23%
Condos Maple Ridge +27% Port Coquitlam +20% Coquitlam +20% Port Moody +15% New Westminster +15% North Vancouver +15%
*Percentage change in price of a typical property in each city. Stats from the REBGV dated February 2, 2022.
As we wrap up the eventful year that is 2021, we wanted to reflect and share some the most memorable stand out properties we sold!
5 Bed | 6 Bath | 3,340 SF
Can you say kitchen goals? Pretty much sums up how we feel about this marvellous property in the Glenbrooke North neighbourhood. Custom built home with a beautiful modern design and a fantastic layout.
Best House Renovation
5 Bed | 4 Bath |3,063 SF
Beautiful home in the ever popular neighbourhood of Kitsilano. All the classic character you want with the modern features you expect. Completely renovated in 2015, it is an entertainers dream space.
Best Townhouse Renovation
3 Bed | 2 Bath | 1,306 SF
Fully renovated townhome in our favourite PoMo location: Close to Brewers Row! Freshly painted, with updated windows & french doors, Quartz counters, white oak engineered hardwood floors throughout, plus a vast crawlspace and storage shed for your bikes!
Best Condo Renovation
1 Bed | 1 Bath | 913 SF
Beautifully renovated New York Loft style end unit. This modern loft sits right in the heart of downtown New Westminster.
4 Bed | 3 Bath | 2,734 SF
Absolutely one of a kind property! Stunningly renovated 2 level townhouse is located on the Fraser River in the New Westminster Quay! Gives you the feeling of a home but without the maintenance. Floor to ceiling windows in each room showcasing a jaw dropping Fraser River view.
4 Bed | 3.5 Bath |1,880 SF
Fantastic 1/2 Duplex gem in Queensborough! Built by Anthem in 2021, this home features unobstructed views of the Fraser River, Downtown New West and North Shore Mountains. Simply stunning.
2 Bed | 2 Bath |1,075 SF
Meticulously maintained condo w/ over 600sqft of patio space! Enjoy these amazing panoramic views of the Fraser River, City, & Mountains. This 24th floor corner unit has that wow factor the moment you walk in. One of the best patio views in all of New West.
4 Bed | 3 Bath | 2,813 SF
Exquisitely renovated character-style home that can’t go without mention. Every inch of the main floor is thoughtfully updated with style and functionality in mind. Newly updated private back covered deck allows for all your outdoor occasions year-round.
Best House Renovation
4 Bed | 4 Bath | 3,057 SF
Fantastic layout in this family home with a stunning open concept kitchen, quartz counters, high end stainless appliances & huge centre island. Located in a prime corner in Queens Park we’d be remiss if we didn’t give this home a shout out.
Reduced inventory over the holidays generally means less competition for Sellers. Yes, there are cons- In parts of the country where it snows non-stop, buyers may think twice about bundling up in heavy coats, boots, and gloves to trudge through snow banks to go looking at homes when they’d rather be out shopping or staying home in front of the fireplace. But in Greater Vancouver, we have a relatively mild winter which means buyers are still on the hunt!
If You Plan on Selling Your Home During the Holidays
Back off on the decorations. Should you hang a wreath on your door or showcase a Christmas tree in front of a window? What’s overdoing it? What’s not?
By minimizing the holiday decorations, you are making your home feel more spacious. When buyers enter your home, you want them to imagine putting their own furniture in each room, making it theirs, and they can’t do that if your holiday decorations dominate the stage.
Too many decorations can be overwhelming and distracting. Don’t make the mistake of thinking buyers will “see past it” because some can’t.
Hard to Sell Unique Homes
Let’s face it…some homes take more finesse to sell. If you have a hard-to-sell home with drawbacks, maybe an undesirable location or outdated features, you might get shoved to the bottom of the showing list if you wait until Spring to sell your home. There might be too many other sparklier homes for sale at that time. Give your unique home a chance to rise to the top when there are fewer homes for sale over the holidays.
Holiday Decorating Compromises for Holiday Enthusiasts
If you decide you cannot live through a holiday season without decorating your home, keep the decorations to a minimum. Don’t block important selling features such as fireplace mantels, stairs, or new windows. The holiday decor should be replacing the current display, not bulking it up! Keep it neutral. You should think twice before displaying heavy religious focused décor during home showings ANYTIME of the year, Christmas season is no different.
So What Can you Do?!
Despite what other Realtors may say, I am totally on board with white exterior lights if they are nicely done. You can still have a tree! Just tone down the size of the tree. In place of a 10-foot tree, try decorating a table-top or four-foot version. (Hide the wrapped gifts or save the wrapping for the night before Christmas!) Absolutely display centrepieces made from pine cones or other wintry pieces of nature. Set a plate of cookies on the counter, next to festive paper napkins for guests. Simmer spicy apple cider on the stove and set out Christmasy cups and serving utensils. There are a number of ways to cheat the system – just keep it light!
New legislation is being proposed in British Columbia in an effort to protect buyers by allowing them to back out of an offer with little to no legal consequences.
Denny and Monica break down what the “cooling off period” is and discuss openly how they see it impacting buyers and sellers.
This episode will focus on the different processes of buying new construction versus resale properties, the impact of working with a trusted realtor in this industry, the importance of due diligence with subject-free offers, and the possibility of deception and fraud increasing in real estate with this new legislature.
Many builders face challenges and setbacks when trying to redevelop residential properties in the city of Vancouver.
Vinny Dumas from Sage Construction joins James and Denny on the podcast to provide an update on where the city stands in regards to permits, zoning, and redevelopment.
This episode will focus on the biggest challenges a homeowner may face when trying to redevelop, the different types of professionals needed for permit approval, the various factors that can affect the project timeline, the increasing acceptance of having multiple units on one lot, and the future of gas and electricity in the home.
The process of building a home can be a demanding and challenging task without the assistance of a knowledgeable team.
James and Denny invite Sage Construction partner Vinny Dumas onto the podcast to discuss his experience building custom homes in the greater Vancouver area.
This episode will focus on the influencing factor that location plays in determining project costs, the long-lasting effect of supply chain issues, the most common types of building mistakes made in the industry, and what to expect when dealing with cheaper trends and the benefits of high quality work long-term.
As we move forward in our careers, it can be easy to forget about the many experiences and learning opportunities that we have encountered over the years.
James and Denny reflect on memorable moments throughout their real estate careers and discuss the creation and growth of G+D.
This episode will focus on the early days when James and Denny first became partners, the importance of customer service and going the extra mile for a client, updating technology and changing strategies, important milestones for G+D, and the power of working with a great team.
With current market trends and increasing listing prices, it has become almost impossible to know a home’s sale price with complete certainty.
James and Denny share how buyers and sellers can best evaluate properties in this “moving target” type of real estate market.
This episode will focus on how to find comparable properties to base a listing price on, setting realistic expectations for multiple offer situations, knowing what type of products you can still find deals on, and understanding how quickly sale prices within a neighborhood can increase with each sale setting a precedent for the next one.
As the days get shorter and the weather much cooler, home listing strategies have to adjust to get the most out of a home this time of year.
James and Denny go over their fall listing strategies and share all the things that can make or break a sale.
This episode will focus on listing strategies for the fall, why now might be a good time to sell, how to get the most out of listing photos, the impact weather can have, and predictions for the fall and spring.
It is important to consider the time of year when determining a listing strategy for selling your home. Currently, it is the fourth quarter of 2021, and the strategies that sellers are using now may differ from the strategies that sellers will implement in early 2022.
Who is selling in the fall, and why did they decide to list now?
The seller has already bought something else and wants to move
Many homeowners may buy a property before selling their current home when the market is climbing and the demand is higher than the supply. Check out our podcast episode The Important Decision of Buying or Selling First to learn more about this topic.
They are an opportunistic seller and are choosing to list now when there are not many other options for buyers to choose from
We are currently seeing all-time peak pricing, which can act as a motivator for homeowners who have been thinking of downsizing for some time
The seller may be looking to relocate or rent
This property may be an investment property that the seller does not want to manage anymore or a property that they are willing to sell at a high price for a profit
Fall Home Listing Strategies:
Timing is key
A homeowner needs to move quickly when selling their home if they are looking to list in the fall. Do not spend too much time worrying about the little things (for example, changing the carpet or baseboards, painting, landscaping). Take photos and list as soon as possible. For townhouses and condos, make sure that you have all the necessary strata documents.
Be aware of when you are showing the property
In most circumstances, showings are best when it is light out. In the fall, buyers may not see the property with natural light during evening appointments. Furthermore, if the weather is poor, buyers may not see a condo’s view, which could be a key selling feature.
Limited supply means more buyers are looking at your home
Right now, there is very little supply available. Keep in mind that your listing could be very attractive compared to other available properties, leading to a higher offer. This point increases the urgency to list the property as soon as possible before the market changes.
December is coming
We rarely suggest listing in December unless you have to. Many people do not want to move or focus on the selling and buying process around Christmas time. January and February tend to be a better alternative for most homeowners trying to sell.
Home Listing Strategies are different in fall than in January or February
James and Denny stress that Realtors would be having a very different conversation with homeowners looking to sell in January or February than at the end of the current year.
At the beginning of the year, Realtors have more flexibility to make adjustments to find what is best for the sellers and the listing. There would be more time to experiment with a listing strategy, create a strong marketing plan, and take the best photos possible during ideal weather conditions. The Realtors can also post teasers to generate buyer interest on social media before the actual listing is available. Showing appointments can be planned around poor weather and during the daytime to offer the best first impression.
Moreover, homeowners have a better opportunity to carry out maintenance and minor renovations to increase a buyer’s offer. Landscaping, power washing the exterior, updating flooring, and a fresh coat of paint on the walls can make a big difference in a home’s overall appeal.
At the end of the year, the home listing strategy changes drastically. The main focus is how quickly the listing can be posted so that interested buyers can see it. Having a Realtor who is up-to-date on current trends in the market is key to having a successful sale during this time.
Are you thinking of listing your home this fall?
So far, this fall has been a seller’s market, but it can change quickly! As James and Denny say, it is not easy to predict what will happen next. It is important to talk to a Realtor who understands the market and provides the best information for your specific situation. Contact our team to find out how we can help you with all of your real estate needs!