Metro Vancouver Housing Market shows resilience in 2023, Ending the year in Balanced Territory

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021.

Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272).

Prices for Tri-City homes up in 2023 amid high borrowing rates

If you were looking for a new home last year, there wasn’t much to shop for.

Numbers released this week by the Real Estate Board of Greater Vancouver (REBGV), an organization that represents 15,000 realtors from Whistler to Maple Ridge, show 7.5 per cent fewer properties on the market in Metro Vancouver compared with 2022.

Still, with the dip in listings and the high cost of borrowing for purchasers, sellers continued to push up prices as buyers competed for the few homes available.

The benchmark home price in Metro was $1.1 million, a five per cent uptick over 2022.

Assessed property values stabilize in parts of B.C. including Metro Vancouver

VANCOUVER — The latest housing assessment figures in British Columbia show residential property prices have stabilized in several provincial housing markets.

BC Assessment says changes in Metro Vancouver have been “notably less” than previous years, with only single-family homes in the Village of Belcarra seeing a shift greater than five per cent with a nine per cent increase for a typical family home to just over $2 million.

The assessed value of a single-family home in Vancouver which reflected the market on July 1, 2023, rose four per cent to just above $2.2 million, while strata properties remained nearly unchanged at $807,000.

Balanced conditions come to the Metro Vancouver housing market for the holiday season

With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver¹ among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales² in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).

“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,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

Metro Vancouver housing prices to increase as sales to drop in 2024, Re/Max predicts

Meanwhile, economist forecasts no rate cuts coming until mid-2024

Those hoping for Metro Vancouver housing prices to soften may have to wait a little longer.

Predictions for the local real estate market going into 2024 include a two per cent increase in average residential prices and a decrease in sales by three per cent, according to a Nov. 28 report from Re/Max Canada.

“It’s no secret that the Bank of Canada has really held the cards as far as the market is concerned in Canada, and affordability has remained a challenge throughout the balance of 2023. Going into next year, it looks like we’re going to continue to have high rates for a few months,” said Christopher Alexander, president of Re/Max Canada, in an interview.

Vancouver leads way as average Canadian rental prices hit new highs: report

Price of renting average one-bedroom unit in Vancouver up 6.7 per cent since last year

By The Canadian Press | November 14, 2023, 8:30am

A new report says the average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row. Prices were even higher in Vancouver. | Dan Toulgoet

The average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row.

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.”

The CP Holiday Train is returning. Here’s when you’ll see it in Port Moody and Port Coquitlam

By the time the Holiday Train program wraps up at its last stop in Port Coquitlam, its two trains will have visited six provinces and 14 states.

The 2022 CP Holiday Train rolled into Port Coquitlam, marking the end of the Canadian Pacific Railway Holiday Train’s cross-country journey. JENNIFER GAUTHIER/TRI-CITY NEWS FILE PHOTO

The CP Holiday Train will be pulling into stations in Port Moody and Port Coquitlam for its annual visit on Dec. 18.

The cross-North America journey by two trains, decorated with thousands of colourful LED lights and seasonal designs, is celebrating its 25th anniversary of raising money, food and awareness for local food banks.

Tour the Tri-Cities’ haunted homes for a fright before Halloween

COQUITLAM — Where are the best Halloween houses in the Tri-Cities?

Janis Cleugha, October 15, 2023

The season of zombies and skeletons is back with plenty of haunted homes in the Tri-Cities ready to welcome thrill-seekers and trick-or-treaters.

Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra already have some ghoulish displays up — and a few homeowners are even collecting donations for charities while they’ve got an attentive audience by their door.

Spend the next two weeks touring the Tri-City neighbourhoods to see who has the best props and fright shows.

Interest, Fees Increase Amount Owed for Property Tax Deferment

If your clients are deferring their property taxes, interest rates and fees will increase the amount they owe.

Who is eligible to defer property taxes

Regular program

Seniors age 55+.
A surviving spouse of any age.
Persons with disabilities.

Families with Children program

Parents, step-parents or anyone financially supporting a child.

Financial Hardship program

This program was only available in 2009 and 2010 (some older clients may still use this program)

Interest charged

Interest is charged on the tax deferment loan from the date the property tax is due or the date your client applies to defer their taxes, whichever is later.

The interest rate charged depends on the tax deferment program. The interest rates are:

set every April 1 and October 1 and arn’t changed outside of these dates;
calculated on the 23rd of each month; and
not compounded.