Buyers remain cautious to begin the fall market Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far. Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502). “Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.” There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027). Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments. 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 it surpasses 20 per cent over several months. “With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said. With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024. Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024. Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024. Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024. 

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The US economy has again proven stronger than anticipated, buoyed by resilient consumption and robust business and government spending. US GDP growth is expected to slow in the second half of this year, but remain stronger than forecast in January. The euro area is projected to gradually recover from current weak growth. Global oil prices have moved up, averaging about $5 higher than assumed in the January Monetary Policy Report (MPR). Since January, bond yields have increased but, with narrower corporate credit spreads and sharply higher equity markets, overall financial conditions have eased. The Bank has revised up its forecast for global GDP growth to 2¾% in 2024 and about 3% in 2025 and 2026. Inflation continues to slow across most advanced economies, although progress will likely be bumpy. Inflation rates are projected to reach central bank targets in 2025. In Canada, economic growth stalled in the second half of last year and the economy moved into excess supply. A broad range of indicators suggest that labour market conditions continue to ease. Employment has been growing more slowly than the working-age population and the unemployment rate has risen gradually, reaching 6.1% in March. There are some recent signs that wage pressures are moderating. Economic growth is forecast to pick up in 2024. This largely reflects both strong population growth and a recovery in spending by households. Residential investment is strengthening, responding to continued robust demand for housing. The contribution to growth from spending by governments has also increased. Business investment is projected to recover gradually after considerable weakness in the second half of last year. The Bank expects exports to continue to grow solidly through 2024. Overall, the Bank forecasts GDP growth of 1.5% in 2024, 2.2% in 2025, and 1.9% in 2026. The strengthening economy will gradually absorb excess supply through 2025 and into 2026. CPI inflation slowed to 2.8% in February, with easing in price pressures becoming more broad-based across goods and services. However, shelter price inflation is still very elevated, driven by growth in rent and mortgage interest costs. Core measures of inflation, which had been running around 3½%, slowed to just over 3% in February, and 3-month annualized rates are suggesting downward momentum. The Bank expects CPI inflation to be close to 3% during the first half of this year, move below 2½% in the second half, and reach the 2% inflation target in 2025. Based on the outlook, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained. Governing Council is particularly watching the evolution of core inflation, and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Featured Engel & Völkers Listing 3902 1033 Marinaside Crescent, Yaletown 2 Bed | 2 Bath | 1,359 SF Offered at $2,748,000 Rare penthouse at desirable Quaywest. Sky high living at its finest with unobstructed water & mountain views. Featuring over height ceilings and extra large windows to take in the most vibrant sunsets & glistening False Creek vistas.    Over 1350 sq ft renovated to perfection with an oversized balcony,  2 separated bedrooms  with expansive open plan living/dining room with gas fireplace + den. Electric blinds, air con, built ins, custom lighting, 300 lbs black glass feature wall to maximize the sweeping panoramic view.    Italian porcelain, upgraded kitchen with Liebehr & Bosch appliances, high gloss white cabinets with high end organizers, waterfall quartz island, & lots of storage. Dreamy spa like baths with designer tiling and radiant in floor heating.       BEST concierge in Yaletown, 60’ indoor pool, sauna/steam, gym, bike & kayak storage, carwash area, movie rm, party room, Steps to Seawall, Marina, Schools, Skytrain & more! 2 parking, 1 locker.  Listed by Amy Leong & Ally Ballam in our Engel & Volkers Yaletown office View listing here 3902 1033 Marinaside Crescent    

Embarking on home renovations in Vancouver, British Columbia  can be a rewarding journey, not only for personal comfort but also for enhancing the resale value of your property. Before diving into renovations, it's crucial to understand the unique aspects of Vancouver's real estate market and focus on strategic improvements that resonate with potential buyers.   Vancouver homeowners are increasingly drawn to modern, open-concept designs that maximize natural light and space. Consider upgrading your kitchen with contemporary fixtures, energy-efficient appliances, and durable, stylish materials. Additionally, bathroom renovations with spa-like features, such as rain showers and luxurious finishes, can significantly boost your home's appeal. Sustainable and eco-friendly upgrades, such as energy-efficient windows or smart home technologies, align with the city's commitment to environmental consciousness and can attract environmentally-aware buyers.   Not all renovations need to break the bank. Consider cost-effective upgrades that offer a high return on investment. Fresh coats of neutral paint, refinishing hardwood floors, and upgrading lighting fixtures can breathe new life into your home without a substantial financial burden. Landscaping improvements, such as creating an inviting outdoor space or installing energy-efficient windows, not only enhance curb appeal but also contribute to energy savings over time.   Before undertaking any renovations, conduct thorough research and consult with a local Vancouver real estate advisor to understand the specific preferences of the market. Identify key areas that may need attention, such as addressing any structural issues or outdated systems. A pre-renovation home appraisal can provide valuable insights into the potential return on your investment. Ultimately, the goal is to strike a balance between personal preferences and market demands, ensuring that your renovations contribute positively to your home's resale value while aligning with the dynamic tastes of Vancouver's homebuyers. In conclusion, strategic renovations in Vancouver involve a careful blend of modern trends, cost-effective upgrades, and informed decision-making. By aligning your renovations with market demands and emphasizing sustainability, you not only enhance your living space but also position your home as a valuable and appealing asset in the competitive Vancouver real estate market. As always, if you have any questions about this topic or would like to get additional info, please reach out to us.   Sincerely,  Peter Raab    

Are you considering the vibrant and urban lifestyle that comes with condo living in Vancouver, British Columbia? The city's skyline is dotted with sleek high-rises, offering an enticing array of options for potential buyers. However, before you take the plunge into condominium ownership, it's crucial to understand the intricacies of Vancouver's real estate market and the unique aspects of strata living. Continue reading below to familiarize yourself with a few key notes to consider.   Understanding Strata Regulations: In Vancouver, condominiums operate under strata corporations, and it's imperative to familiarize yourself with the associated regulations. Strata bylaws govern everything from pet ownership and rental restrictions to noise policies and common area usage. Before committing to a purchase, thoroughly review the strata documents to ensure they align with your lifestyle and preferences. A diligent examination of these regulations will prevent unexpected surprises down the road. Additionally, it's important to work with a trusted Real Estate Advisor who may have additional info to offer.   Navigating Strata Fees: Strata fees are a common concern for condo buyers, covering maintenance, amenities, and other shared expenses. When evaluating a condominium investment, consider not only the current strata fees but also potential future increases. Assess what amenities are included, such as a gym or concierge services, and determine if the fees are reasonable in relation to the services provided. A well-managed strata will transparently communicate any upcoming maintenance projects or fee adjustments, ensuring you are financially prepared.   Tips for Evaluating Condo Investments:  To make a sound investment, research the building's history, management reputation, and any major repairs or pending renovations. Pay attention to the depreciation report, as it outlines the expected lifespan of key building components. Engage with current residents to gain insights into the community dynamics and the effectiveness of the strata council. Finally, work with a knowledgeable real estate advisor who is experienced in Vancouver's condominium market to guide you through the process and provide valuable advice tailored to your needs.    Condo living in Vancouver can offer a convenient and luxurious lifestyle, but thorough research and understanding of strata regulations are key to a successful investment. Take the time to assess your priorities, budget, and long-term goals, ensuring that your condo purchase aligns seamlessly with your lifestyle in this dynamic and bustling city.   Feel free to reach to us if you have any questions on this topic as we would be more than happy to help out.       

Embarking on the journey of purchasing your first home in Vancouver, is an exciting adventure that comes with its own set of considerations. As a bustling metropolitan area with diverse neighborhoods and a competitive real estate market, Vancouver demands a strategic approach to ensure a successful homebuying experience. Here are three crucial factors to keep in mind as you take the leap into homeownership in this dynamic city. First, lets start off with location, location, location: Choosing the right neighborhood is paramount when buying your first home in Vancouver. Each district has its own personality, amenities, and lifestyle offerings. Consider proximity to work, schools, public transportation, and recreational spaces. Vancouver boasts a rich tapestry of neighborhoods, from the vibrant downtown core to the more serene surroundings of suburbs like Burnaby or North Vancouver. Research each area thoroughly to find the one that aligns with your preferences and daily needs. Secondly..affordability and budgeting: Vancouver's real estate market is known for its competitiveness, and it's essential to establish a realistic budget before diving in. Consider not only the purchase price but also additional costs such as property taxes, maintenance fees, and potential renovations. Explore different financing options, and consult with a mortgage broker ( we know a guy who knows a guy!) to determine the best approach for your financial situation. Being clear about your budget from the outset will help you narrow down your search and avoid potential disappointments. Last but not least.. market trends and timing: Stay ontop of the ever-changing real estate market trends in Vancouver. Keep an eye on factors like interest rates, market inventory, and property values. Understanding these dynamics will empower you to make informed decisions and negotiate effectively. Be patient and strategic in your approach; sometimes, waiting for the right moment can lead to better opportunities. Buying your first home in Vancouver is an exciting venture that requires careful consideration. By focusing on the right location, managing your budget wisely, and staying informed about market trends, you can navigate the Vancouver real estate landscape with confidence. Remember that each step is a learning experience, and with the right guidance, you'll soon be calling Vancouver your home. Our team is available to answer any questions you may have, and always happy to help.      

The holiday season is upon us, and there's no better way to embrace the festive spirit than by transforming your home into a winter wonderland. Start by focusing on the heart of holiday décor—the Christmas tree. Choose a theme that resonates with your style, whether it's a classic red and green palette or a modern winter wonderland with silver and blue. Adorn the tree with a mix of cherished ornaments, twinkling lights, and a show-stopping tree topper. Consider incorporating personal touches like handmade ornaments or sentimental decorations to add a touch of warmth and nostalgia. Extend the festive atmosphere beyond the tree by decking the halls with garlands, wreaths, and festive accents. A well-placed wreath on the front door sets the tone for holiday cheer, while garlands draped along banisters and mantels create a cohesive and inviting look. Don't forget the power of scents to enhance the holiday ambiance. Light scented candles or diffuse essential oils with fragrances like cinnamon, pine, or vanilla to fill your home with the comforting and familiar scents of the season. Layering cozy blankets and festive throw pillows in living spaces can also add a touch of warmth and comfort, inviting friends and family to gather and create lasting holiday memories. Prepare your home for holiday gatherings by organizing and decluttering. Clearing space in the living and dining areas ensures that your guests can move freely and comfortably enjoy the festive atmosphere. Consider creating a dedicated space for holiday treats and beverages, turning your kitchen into a festive focal point. Set a welcoming table with holiday-themed tableware and centerpieces, adding a touch of elegance to your dining experience. For a finishing touch, curate a playlist of your favorite holiday tunes to fill your home with the joyful sounds of the season. As you decorate and prepare your home for the Christmas holidays, remember that the most important element is the joy and warmth you bring to the space. Whether you opt for a traditional, cozy Christmas look or a more modern and chic aesthetic, infuse your home with love and creativity. After all, the magic of the holidays lies in the shared moments and cherished traditions that make your home truly festive and welcoming.

Nestled on the scenic shores of West Vancouver, Gleaneagles quietly stands as a secret gem, captivating those fortunate enough to explore its unique charm. Known for its breathtaking waterfront views and serene atmosphere, this neighborhood offers a perfect blend of natural beauty and suburban tranquility. Gleaneagles is a haven for outdoor enthusiasts, boasting proximity to the lush greens of the Gleneagles Golf Course and the rugged trails of Whytecliff Park. Residents can indulge in picturesque walks along the waterfront, taking in the awe-inspiring vistas of the Pacific Ocean and the coastal mountains. What sets Gleaneagles apart is its intimate community feel, where neighbors become friends, and a strong sense of camaraderie permeates the area. The local shops and cafes add to the neighborhood's appeal, creating a welcoming and close-knit atmosphere. The real estate landscape in Gleaneagles comprises an eclectic mix of architectural styles, from classic waterfront estates to modern residences, providing options that cater to various tastes. Whether you're drawn to the tranquility of coastal living or the allure of well-designed homes, Gleaneagles remains a well-kept secret that unveils the beauty of West Vancouver living. Gleaneagles is also known for the excellent educational opportunities it offers. Families residing in Gleaneagles benefit from access to top-notch schools that prioritize academic excellence and community engagement. The neighborhood is served by reputable institutions known for their commitment to providing a well-rounded education. With dedicated educators, modern facilities, and a focus on individualized learning, these schools contribute to the overall appeal of Gleaneagles as a family-friendly enclave. Parents can take comfort in knowing that their children are not only surrounded by the scenic wonders of West Vancouver but are also receiving a quality education that lays the foundation for future success.  As one ventures further into Gleaneagles, the allure of its recreational amenities becomes apparent. The Gleneagles Community Centre offers a hub for fitness, cultural events, and social gatherings, fostering a sense of community engagement. Families are drawn to the excellent local schools, making Gleaneagles an ideal setting for those looking to combine a peaceful residential lifestyle with educational opportunities. Gleaneagles, with its panoramic views, tight-knit community, and proximity to natural wonders, emerges as a hidden treasure in West Vancouver, inviting those who seek a harmonious blend of coastal beauty and community warmth to call it home.  

In the dynamic world of real estate, the art of negotiation often plays a pivotal role in determining the success of a property transaction. Whether you're a buyer seeking the best deal on your dream home or a seller aiming to maximize your property's value, mastering the negotiation process is essential. For buyers, it's crucial to approach negotiations with a clear understanding of the local market, comparable property values, and a realistic budget. Sellers, on the other hand, must carefully assess offers, consider market conditions, and strategically position their property. The key is finding a balance that satisfies both parties, and the following tips can guide buyers and sellers alike through the intricacies of negotiation. For Buyers: Buyers should begin by conducting thorough research on the local real estate market. Understanding recent sales data and property values in the desired neighborhood provides a solid foundation for informed negotiations. It's also essential to be patient and not rush into decisions. Establishing a maximum budget and being prepared to walk away if the terms are not favorable ensures that buyers maintain a position of strength during negotiations. Additionally, buyers should work closely with their real estate agent to craft compelling offers that stand out, considering factors beyond just the price, such as flexible closing dates or a pre-approved mortgage. For Sellers: Sellers, too, need to be well-informed about the market and comparable property prices. This knowledge empowers them to set a competitive yet reasonable asking price and respond thoughtfully to offers. Being open to negotiation while also having clear boundaries can help sellers navigate the process effectively. It's crucial for sellers to highlight the unique features and value of their property during negotiations, showcasing why it stands out in the market. Working with a skilled real estate agent can make a significant difference, as they bring expertise in negotiation strategies and can act as intermediaries, ensuring a fair deal for all parties involved. In the complex dance of real estate negotiations, both buyers and sellers can benefit from honing their negotiation skills. Transparency, communication, and a willingness to find common ground are key elements in successful real estate transactions. By approaching negotiations with a strategic mindset and understanding the nuances of the market, buyers and sellers can navigate the process with confidence, ultimately achieving outcomes that align with their goals and expectations.      

As a distinguished address in the heart of Yaletown, the building at 1152 Mainland Street boasts a rich history that mirrors the evolution of this vibrant Vancouver neighborhood. Originally constructed in the late 19th century, the structure has undergone several transformations, adapting to the changing landscape of Yaletown. Once a hub for warehouses and industrial activity during Vancouver's early years, the building at 1152 Mainland Street now stands as a symbol of urban revitalization, having been repurposed into a contemporary space that embodies the spirit of modern living. This transformation reflects the broader narrative of Yaletown's metamorphosis from an industrial district into a trendy and sought-after residential and commercial enclave, making 1152 Mainland Street not just a physical structure but a living testament to the dynamic history of Yaletown.Engel & Völkers real estate office is located at 1152 Mainland Street and stands as a beacon of sophistication and expertise. As you step into their welcoming space, it's evident that this isn't just a real estate office; it's a hub of elegance where dreams of finding the perfect home come to life. The sleek interior design and friendly atmosphere set the stage for a seamless and enjoyable real estate experience. Engel & Völkers Yaletown boasts a team of seasoned real estate professionals who are not just knowledgeable about the local market but also passionate about helping clients find their dream homes. Whether you're in the market for a modern condominium with skyline views or a charming townhouse on a tree-lined street, the diverse range of properties represented by Engel & Völkers Yaletown ensures there's something for every discerning taste. The personalized service and attention to detail make navigating Vancouver's competitive real estate landscape a breeze, transforming the process of buying or selling a property into an exciting and enjoyable journey.What truly sets Engel & Völkers Yaletown apart is their commitment to building lasting relationships with clients. It's not just about transactions; it's about understanding the unique needs and aspirations of each individual. The Yaletown office isn't merely a real estate destination; it's a community where the pursuit of extraordinary living spaces is met with unparalleled expertise and a genuine passion for helping clients find their perfect place to call home. Discover the essence of upscale real estate in Vancouver with Engel & Völkers Yaletown, where every step is a testament to the art of exceptional living.  

Horseshoe Bay, nestled along the rugged coastline of West Vancouver, is a picturesque village renowned for its stunning natural beauty and maritime charm. Serving as a major transportation hub, the bay is a gateway to the scenic Howe Sound, connecting travelers to popular destinations like Bowen Island and Nanaimo on Vancouver Island. The waterfront area is dotted with quaint shops, seafood restaurants, and a bustling marina, creating a vibrant atmosphere for both locals and visitors. With its breathtaking views of the surrounding mountains and serene waters, Horseshoe Bay offers a tranquil escape just a short drive from the bustling city of Vancouver. We’ve compiled a list of some of our favourite attractions in Horseshoe Bay below.   1️⃣ Gleneagles Golf Course: A popular golf course that features an 9 hole, par-35 layout that spans through beautiful terrain with panoramic views of ocean and mountains. A great way the spend the afternoon with friends or get a great lesson in.   2️⃣ Orchard Restaurant: Located in the Gleneagles clubhouse, Orchard offers casual dining with an elevated country fair. Stop by for breakfast, lunch or dinner!   3️⃣ Whytecliff Park: A popular destination that attracts people from everywhere! Tons of hiking trails that offer insane views. Great for bird watching, hitting the sand and pebble beach, picnics and even scuba diving.   4️⃣ Horseshoe Bay Park: Bordered by Sewell's Marina and the public pier to the north, the newly revitalized Horseshoe Bay park features a new playground, shoreline lookout structures, stairs connecting the park to the beach and waters. Perfect for family outings and a great addition to the community.   5️⃣ Ferry Terminal: Horseshoe Bay is home to a major ferry terminal that provides easy access to popular destinations such as Nanaimo and Victoria. Planning the perfect long weekend getaway has never been easier or more convenient! Horseshoe Bay stands as a gem on the West Vancouver coastline, captivating all who visit with its natural splendor and maritime allure. Whether one is drawn to the bustling ferry terminal, the charming waterfront shops, or the breathtaking views of Howe Sound, Horseshoe Bay offers a diverse range of experiences for locals and tourists alike. Its seamless blend of convenience, picturesque surroundings, and a vibrant community make it a destination that continues to enchant and beckon visitors to explore the beauty of British Columbia's coastal landscapes.

Beach District in Vancouver offers a remarkable coastal lifestyle and is one of the most desirable neighbourhoods in Downtown, Vancouver. Residents are able to enjoy the unparalleled beauty of the Beach District, featuring sandy beaches, awe-inspiring sunsets, and water activities, making it a sought-after destination for beach lovers and outdoor enthusiasts.  With its diverse dining options, waterfront parks, and a plethora of recreational opportunities, Beach District Vancouver provides a dynamic, enriching community experience, perfect for those seeking an exceptional quality of life on the West Coast. Explore the beachside bliss, urban amenities, and natural serenity that define living in Beach District Vancouver. Located just steps away from the seawall is one of our favourite featured listings. 505 990 Beach Avenue is a home that is very unique and rare to come by. This stunning waterfront home features two levels and boasts almost 1,500 square feet throughout. A true open concept home filled with an abundance of bright, natural light. This highly sought after property features two large bedrooms both with ensuites. A powder room is located on the main level. This home is well suited for those who like to entertain as the kitchen features an extra large countertop island, high end appliances like Sub Zero and large living and dining room areas. Morning coffees have never gotten better with floor to ceiling windows throughout offering unparalleled views of the marina and Granville island. Watching those West Coast sunrises and sunsets will never get old.  As if this property could not get any better, the complex itself offers resort style living with 24 hour concierge service and a 7,000 square foot health club featuring a glass bottom pool.  The Beach District's blend of urban living and natural beauty provides an exceptional quality of life for those fortunate enough to call it home. For any more information about this property please contact us directly and we would love send over more detailed information or to set up a private viewing.

 MARKET UPDATE  NOVEMBER 2023 Metro Vancouver housing market holds steady in October An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 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 ten-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 said. “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.” There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526). Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments. 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 it surpasses 20 per cent over several months. “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 said. “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.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023. Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per c\ent decrease compared to September 2023. Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023. Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

Bank of Canada maintains policy rate, continues quantitative tightening. The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. While this global growth outlook is little changed from the July Monetary Policy Report (MPR), the composition has shifted, with the US economy proving stronger and economic activity in China weaker than expected. Growth in the euro area has slowed further. Inflation has been easing in most economies, as supply bottlenecks resolve and weaker demand relieves price pressures. However, with underlying inflation persisting, central banks continue to be vigilant. Oil prices are higher than was assumed in July, and the war in Israel and Gaza is a new source of geopolitical uncertainty. In Canada, there is growing evidence that past interest rate increases are dampening economic activity and relieving price pressures. Consumption has been subdued, with softer demand for housing, durable goods and many services. Weaker demand and higher borrowing costs are weighing on business investment. The surge in Canada’s population is easing labour market pressures in some sectors while adding to housing demand and consumption. In the labour market, recent job gains have been below labour force growth and job vacancies have continued to ease. However, the labour market remains on the tight side and wage pressures persist. Overall, a range of indicators suggest that supply and demand in the economy are now approaching balance. After averaging 1% over the past year, economic growth is expected to continue to be weak for the next year before increasing in late 2024 and through 2025. The near-term weakness in growth reflects both the broadening impact of past increases in interest rates and slower foreign demand. The subsequent pickup is driven by household spending as well as stronger exports and business investment in response to improving foreign demand. Spending by governments contributes materially to growth over the forecast horizon. Overall, the Bank expects the Canadian economy to grow by 1.2% this year, 0.9% in 2024 and 2.5% in 2025. CPI inflation has been volatile in recent months—2.8% in June, 4.0% in August, and 3.8% in September. Higher interest rates are moderating inflation in many goods that people buy on credit, and this is spreading to services. Food inflation is easing from very high rates. However, in addition to elevated mortgage interest costs, inflation in rent and other housing costs remains high. Near-term inflation expectations and corporate pricing behaviour are normalizing only gradually, and wages are still growing around 4% to 5%. The Bank’s preferred measures of core inflation show little downward momentum. In the Bank’s October projection, CPI inflation is expected to average about 3½% through the middle of next year before gradually easing to 2% in 2025. Inflation returns to target about the same time as in the July projection, but the near-term path is higher because of energy prices and ongoing persistence in core inflation. With clearer signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. However, Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed. Governing Council wants to see downward momentum in core inflation, and continues to be focused on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.

MARKET UPDATE  OCTOBER 2023 As inventory increases, price gains relent in Metro Vancouver to begin the fall season The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing marketin September due to a seasonal decline in sales and a modest increase in inventory levels across the region.  The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).  “A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”  There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4 per cent increase compared to the 4,243 homes listed in September 2022.   This was 5.2 per cent above the 10-year seasonal average (5,179).  The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent below the 10-year seasonal average (12,136).  Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments.  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 it surpasses 20 per cent over several months.  “In contrast to the spring and summer, the 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,” Lis said. “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.”  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023.  Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023.  Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023.  Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the 274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to August 2023. 

The Bank of Canada today held its target for the overnight rate at 5%. Central banks in advanced economies focus on price stability amid elevated core inflation levels. Global growth slowed in Q2 2023, particularly in China due to property sector weaknesses. The U.S. saw robust growth from consumer spending, while Europe's service sector countered manufacturing declines. Rising global bond yields and oil prices challenge economic stability. Canada experiences a necessary period of weaker growth to alleviate inflationary pressures. Q2 2023 witnessed a 0.2% output decline, driven by weakened consumption, housing, and wildfires. Slower household credit growth results from higher rates. Inflation persists, with CPI at 3.3% in July, and core inflation remains around 3.5%. The central bank maintains a 5% policy interest rate but stands ready to adjust if needed, closely monitoring various economic indicators. Their unwavering commitment remains restoring price stability.

 MARKET UPDATE  SEPTEMBER 2023  Seasonal slowdown brings price stability to Metro Vancouver As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.  The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).  “It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”  There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).  The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).  Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments.  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 it surpasses 20 per cent over several months.  “It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.  Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.  Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.  Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.