Thinking about converting your 2-bedroom strata unit into a 3-bedroom? It’s tempting to imagine adding extra value to your property, especially if you’ve heard stories about renovators turning homes with unfinished basements into multi-bedroom money-makers. But in a strata—whether it’s an apartment or townhouse—the reality is very different. Here’s why this idea might not be as great as it sounds, especially in North and West Vancouver.

1. Hurdle #1: Strata Approval is No Walk in the Park

Before you can even think about renovations, you’ll need strata approval for your project. Strata councils don’t take changes like this lightly, as they can impact building safety, property value, and even the rights of other owners. Here’s the kicker: if you’re buying a 2-bedroom with the intent of converting it, you can’t even apply for permission until you own the property. That means you could purchase your dream project, only to be denied outright.

2. What Actually Counts as a Bedroom?

A bedroom isn’t just a space with a bed in it. It needs a window for safety, usually a closet, and proper access, including a door. In many strata units, particularly in the 800-1200 square foot range common to North Vancouver, there’s simply no room to carve out an additional hallway or door placement without a complete overhaul. And even then, you’re likely to end up with awkward spaces.

3. Space Constraints: Small Rooms Stay Small

Let’s be honest: second bedrooms in strata units are often on the smaller side. Splitting an already small space into two “bedrooms” is impractical and unlikely to meet building code requirements. The result? A cramped and unappealing layout that sacrifices functionality for the sake of squeezing in another room.

4. Resale Realities: Strata Buyers Want Standard Layouts

The North and West Vancouver real estate market is home to some of the most savvy and discerning buyers. They’re looking for clean, functional layouts—not “hodgepodge” floor plans or odd additions. Anything that feels non-standard or awkwardly converted is likely to turn buyers away. Strata buyers value “factory stock” properties with thoughtful upgrades like modern kitchens, fresh paint, and updated bathrooms—not Frankenstein layouts.

5. North Shore Homes Are Already Maxed Out

Strata properties in North and West Vancouver are designed with space efficiency in mind. Developers have already maximized the potential of these units to deliver the best value for their build. Unlike older cities with historic buildings or spacious warehouse conversions, the North Shore’s modern properties don’t have the kind of extra room that can be repurposed without major sacrifices to functionality.

So, What’s the Solution?

Instead of fighting against the constraints of a strata, work within the space you have. Consider these practical options:

• Choose a 2-bedroom + den: If your budget allows, a den can serve as a flexible space for a home office, guest room, or even a small play area.

• Use multi-functional furniture: For visiting guests, consider a hide-a-bed sofa or Murphy bed. For kids sharing a room, bunk beds are a space-saving classic.

• Plan for the future: If you need a true 3-bedroom for family or other reasons, consider moving outside North and West Vancouver. While it may not be ideal, looking 1-2 hours out of the city can open up more spacious and affordable options.

Final Thoughts

The idea of converting a 2-bedroom strata unit into a 3-bedroom may sound appealing, but in practice, it’s rarely worth the trouble. Between strata approval hurdles, space limitations, and resale challenges, it’s better to work within the layout you have or look for a property that already meets your needs.

Thinking of buying or selling in North or West Vancouver? Let’s connect!

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Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024. 

Last year’s sales total was 20.9 per cent below the 10-year annual sales average (33,559). 

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500. This represents a 0.5 per cent increase over December 2023 and a 0.1 per cent decrease compared to November 2024. 

“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said. “These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue. 

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few per cent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”  

Source-Greater Vancouver Realtors

A recent Civil Resolution Tribunal (CRT) decision highlights the balance between privacy and security in strata living. The case centered around a tenant who installed a doorbell camera without strata approval. Following complaints from a neighbor about privacy concerns, the strata requested its removal and later denied the tenant’s application to reinstall it.

The CRT ruled in favor of the strata, stating that its actions were not significantly unfair. The decision emphasized that strata corporations must balance individual security needs with the privacy rights of other residents. It also reinforced the importance of following bylaws, particularly when altering common property, and highlighted the need for clear communication between strata councils and residents.

This ruling serves as a reminder for anyone living in or managing strata properties:

• Always obtain strata approval before making changes to common property.

• Privacy concerns can outweigh individual security requests in shared spaces.

• Strata councils must act consistently and transparently to ensure fairness.

For buyers and sellers of strata properties in North and West Vancouver, understanding strata rules is crucial.

Thinking of buying or selling in North or West Vancouver? Let’s connect

2025: 4 Reasons Why 2025 Could Be an Active Year

The real estate market in North Vancouver and West Vancouver could see significant activity in 2025, thanks to four key changes introduced in 2024:

1. 30-Year Amortizations for Insured Mortgages: This extended timeline means lower monthly payments, making homeownership more accessible for many buyers.

2. Increased Insured Mortgage Limits: The jump from $1.0M to $1.5M for insured mortgages opens more opportunities for buyers to consider properties in higher price brackets, common in North Vancouver.

3. No Stress Test for Mortgage Transfers: Simplifying mortgage transfers between lenders will encourage buyers and sellers to stay competitive in the market without unnecessary hurdles.

4. Five Interest Rate Reductions: Lower rates mean more affordable borrowing, creating an environment ripe for both buyers and sellers.

For sellers, this is a golden opportunity to leverage an influx of motivated buyers. For buyers, the relaxed borrowing conditions open doors to condos and homes that were previously out of reach.

Want to know how these changes could affect your next move? Reach out today and follow me for expert insights into the North Vancouver real estate market!

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As 2025 approaches, Etsy has unveiled Lime Cream as its Color of the Year—a soothing, versatile green that’s both calming and optimistic. This trending hue is perfect for refreshing interiors and adds a subtle elegance to home décor. Whether you’re staging a condo in North Vancouver or a luxury home in West Vancouver, knowing trending colors like Lime Cream can make a difference in attracting buyers.

Lime Cream acts as a neutral, pairing effortlessly with other tones to create fresh, inviting spaces. From subtle accents to bold statements, this shade helps highlight a home’s best features, making it easier for buyers to envision themselves in the space. For a standout look, pair Lime Cream with warm orange tones to add depth and sophistication.

Even style icons like Gary Vaynerchuk are embracing this trend, underscoring its growing popularity. Whether you’re preparing your home for sale or simply looking to refresh your décor, this hue is a winner for 2025.

Discover more about Lime Cream and why it’s trending now. Click here to read the full article.

Need advice on staging your home or ready to list your property? Contact me today and follow for expert real estate tips tailored to North and West Vancouver.

#LimeCream #HomeStagingTips #NorthVancouverRealEstate #WestVancouverHomes

Starting January 1, 2025, a new tax in British Columbia aims to curb short-term property flipping and stabilize the housing market. The BC home flipping tax applies to any profit made from selling a property (including presale contracts) that has been owned for less than 730 days.

This tax, imposed under the Residential Property (Short-Term Holding) Profit Tax Act, is part of the provincial Homes for People Plan to address housing affordability. It's important to note that the BC home flipping tax is distinct from federal property flipping rules and is administered separately.

If you’re considering selling a property you’ve owned for less than two years, be aware of the potential tax implications. Properties purchased before January 1, 2025, could still be subject to the tax if sold after this date. However, exemptions may apply in certain cases.

For detailed information and exemptions, click here for the official government website. Disclaimer: This information is believed to be accurate, but please refer to the government website to confirm all details.

Interested in buying or selling? Let’s connect!

#BCRealEstate #HomeFlippingTax #VancouverRealEstate #CondoSpecialistNorthVancouver

The Canadian housing market is closing out 2024 with unexpected strength, as home sales surged by 12% quarter-over-quarter in Q4, according to TD Economics. This sharp rise has shifted earlier forecasts, with TD now predicting that sales have already reached pre-pandemic levels—ahead of schedule.

The strongest gains were observed in British Columbia and Ontario, highlighting the resilience of these key markets. Factors contributing to this growth include falling borrowing costs, robust economic expansion, and recent changes to mortgage regulations introduced in December. Together, these elements are creating a more favorable landscape for buyers and sellers alike.

For those navigating the competitive North Vancouver & West Vancouver housing market, this momentum signals an excellent time to consider buying or selling a property. Curious about what this means for your next move? Let's connect.

Click here to read the full article.

#VancouverRealEstate #HousingMarketTrends #CanadianRealEstate #HomeSalesSurge

In a landmark case for real estate in British Columbia, a Richmond-based property flipper has been convicted of tax evasion. The Canada Revenue Agency (CRA) reports that Balkar Bhullar failed to report nearly $7.5 million in earnings from 14 property transactions between 2011 and 2014. On December 19, Bhullar received a conditional sentence of two years less a day and was fined approximately $2.15 million, equivalent to his unpaid federal income tax.

This case highlights the importance of transparency in real estate transactions and the CRA's commitment to cracking down on tax evasion in the housing market. For investors and homebuyers in Greater Vancouver, it’s a reminder of the legal and ethical responsibilities tied to property dealings.

Click here to read the full article from Global News.

The Road to Foreclosure: 2 Cautionary Tales

Disclaimer: This is not real estate or financial advice.

Foreclosure is a word no homeowner wants to hear, regardless of whether they own a modest home or a luxury estate. The experience is universally distressing, with the potential loss of not just a property, but also years of financial stability and creditworthiness.

In this post, we’ll explore two foreclosure cases in West Vancouver. While these involve high-end properties, the lessons apply to homeowners at every price point. Having your bank take your home is a difficult process, whether the property is worth a $500,000 condo or $15,000,000 house (or condo ).

Case Study 1: Caulfield, West Vancouver

• Foreclosure List Price: $9,900,000

• Property Details: Waterfront

• Annual Property Taxes: $66,000

• BC Tax Assessment: $12,000,000

Pricing History Before Foreclosure

When the homeowner had the opportunity to sell and avoid foreclosure, the property went through a dramatic series of price reductions:

• 2020: Listed at $18,500,000

• 2021: Listed at $16,000,000

• 2022: Listed at $16,000,000

• 2023: Listed at $15,000,000

• 2024 (Pre-Foreclosure): Listed at $13,000,000

By the time it went into foreclosure in 2024, the property was listed at $9,900,000—nearly half the original 2020 asking price. Even the BC Tax Assessment valued the property at $12,000,000, higher than the foreclosure price.

The Takeaway: Unrealistic Market Timing and Emotional Toll

This homeowner’s refusal to adjust their expectations to market realities cost them dearly. Starting at $18,500,000, they faced year after year of price drops, eventually losing the ability to sell the property at all. Their decision to hold on too long, likely hoping for the market to bounce back, only exacerbated their financial difficulties.

The emotional toll of foreclosure cannot be overstated. Owners may feel trapped, watching their property linger on the market while mounting debt and holding costs loom over them. In hindsight, selling earlier—even at a perceived loss—would have saved them from the devastating aftermath of foreclosure.

Case Study 2: Chartwell, West Vancouver

• Foreclosure List Price: $3,500,000

• Property Details: Big view

• Annual Property Taxes: $13,000

• BC Tax Assessment: $4,000,000

Pricing History Before Foreclosure

This property tells a slightly different story—one that emphasizes the risks of speculative buying:

• 2016 Purchase Price: $5,100,000

• 2016 Relisted Price: $5,800,000 (potential flip)

  • Spring 2016 marked an all-time high for the market, followed by the introduction of the Foreign Buyers Tax in the summer.

• Over the years, the owner continued to lower the price:

  • 2023: Listed at $4,200,000

  • 2024 (Foreclosure): Listed at $3,500,000

Even the BC Tax Assessment placed the value at $4,000,000, highlighting the disparity between the assessed value and the foreclosure price.

The Takeaway: Emotional Attachment to Peak Value

This case illustrates the danger of anchoring expectations to a property’s peak value. The owner paid $5,100,000 during the height of the market, likely expecting to sell at an even higher price. When the market softened, they were unwilling or unable to adjust their expectations quickly enough.

This emotional attachment to past values often leads to unrealistic pricing. As a result, the property lingered on the market for years, while holding costs and debt accumulated. The eventual foreclosure listing price of $3,500,000 was far below what the owner had hoped to achieve.

The Foreclosure Pattern

Both stories, while unique, follow a predictable path:

1. Owner accrues debt.

   • Whether due to over-leveraging, market downturns, or personal circumstances, the debt becomes unmanageable.

2. The owner prices the property too high.

   • Unrealistic expectations (e.g., "what I want" vs. "what it’s worth") keep the property from selling.

3. The market rejects the price.

   • With no offers or significant interest, the property lingers on the market.

4. Lender claims title.

   • The foreclosure process begins, and the homeowner loses ownership.

5. The bank sells the property.

   • Often at a significant discount compared to its true market value.

6. The homeowner’s credit is damaged.

   • This makes it nearly impossible to purchase another property for years, if not decades.

These owners are not bad people. Life happens—whether it’s unexpected financial setbacks, market downturns, or poor decisions, the road to foreclosure is rarely intentional. However, the decisions made along the way, especially around pricing, play a significant role in how things unfold.

Lessons Learned

Don’t Overprice Your Property

The real estate market is unforgiving when it comes to overpricing. Stubbornly holding out for "what you want" instead of accepting "what it’s worth" can lead to months or even years of no offers, as seen in both cases.

The Hit Before Foreclosure Is Less Painfull Than the Hit of Foreclosure

Accepting a lower offer early on may feel like a loss, but it’s almost always better than the alternative:

• Losing the home to the bank.

• Taking a much bigger financial and emotional hit.

• Damaging your credit for years to come.

Stay Realistic About the Market

Markets shift, often unpredictably. For example, the Foreign Buyers Tax in 2016 caused a ripple effect, lowering demand in luxury markets. If you find yourself in a changing market, adjust your expectations and act quickly.

The Boring Old Real Estate Adage: Price It Right

This well-worn advice is repeated because it works: a properly priced home sells faster, with fewer complications. Overpricing your home may temporarily satisfy your ego or financial hopes, but the market only responds to what it’s worth.

Remember: the potential embarrassment of accepting a lower price today is far smaller than the embarrassment—and financial fallout—of losing your home in a foreclosure.

Final Thoughts

The road to foreclosure might be paved with good intentions, but it’s filled with hard lessons about debt, pricing, and market realities. Whether you’re selling a $500,000 condo or a $15,000,000 house (or condo ), the principles remain the same: act early, price strategically, and seek (and implement) expert advice when needed.

If you’re considering selling your home and want to avoid the pitfalls of foreclosure, connect with a trusted real estate professional who can guide you through the process and help you price your property to sell.

Disclaimer: This is not real estate or financial advice. Always consult a professional for personalized guidance. Prices are approximate and based on GVR data.

Serious About Moving? Here’s Why Pre-Approval Should Be Your First Move

If you’re serious about buying a home, getting pre-approved for a mortgage is not just a helpful step—it’s an essential one. Pre-approval sets the foundation for your home-buying process by giving you a clear understanding of your budget, streamlining the offer process, and showing sellers you’re ready to act. But it’s about more than just your income—lenders take a comprehensive look at your financial picture, which can make or break your approval. Let’s explore why pre-approval should be your first move as a serious buyer, the potential complexities involved, and how to navigate them.

What Is Pre-Approval, and Why Is It Essential?

Pre-approval is a lender’s initial review of your financial situation to determine how much mortgage you qualify for. This isn’t just an estimate—it’s a formal process that looks at your income, debts, credit history, and down payment. With pre-approval, you’ll know exactly how much you can spend, giving you the confidence to search for homes within your price range.

For serious buyers, pre-approval offers several key benefits:

• Clear Budgeting: Know what you can afford before you start house hunting.

• Strengthened Offers: Sellers see pre-approved buyers as serious and reliable.

• Time Savings: Eliminate guesswork and focus on homes you’re qualified to buy.

Why Income Alone Isn’t Enough

While your income is a critical piece of the puzzle, it’s far from the only factor lenders consider. Here are some of the other elements that can significantly impact your pre-approval:

1. Credit History and Score

   • A strong credit score (typically 660 or higher) shows lenders that you’re a reliable borrower.

   • Late payments, high credit utilization, or past bankruptcies can lower your approval odds, even with a high income.

2. Debt-to-Income Ratio

   • Lenders assess how much of your monthly income goes toward paying debts like car loans, student loans, or credit cards.

   • Your Gross Debt Service (GDS) ratio should stay under 39%, and your Total Debt Service (TDS) ratio under 44%.

3. Mortgage Stress Test

   • In Canada, lenders apply a stress test to ensure you can handle higher interest rates. They calculate affordability using either the benchmark rate (5.25%) or your contract rate +2%, whichever is higher.

4. Down Payment

   • The size of your down payment affects both your mortgage approval and monthly payments. Down payments start as low as 5% for an insured mortgage and 20%+ for an uninsured mortgage. In expensive markets like Vancouver, 5% is the only way to get into a market.

5. Additional Costs

   • Property taxes, closing costs, and maintenance expenses are all part of homeownership and factor into your overall affordability.

What If I Currently Own a Home?

If you already own a home, the pre-approval process can still be complex. Owning property might give you equity to leverage, but it can also come with complexities:

1. Mortgage Payout Penalties

   • If you’re breaking your current mortgage early, you may face penalties. These can vary depending on your lender and the terms of your mortgage.

   • Some lenders offer portable mortgages, allowing you to transfer your existing mortgage to a new home without penalties.

2. Bridging the Gap

   • If you’re buying before selling your current home, you may need bridge financing to cover the gap between closing dates.

3. Calculating Your Equity

   • Your home’s current market value minus any outstanding mortgage balance represents your equity, which can be used as part of your down payment for the new property.

4. Not Always a Slam Dunk

   • Even with home equity and a solid income, other factors like debt levels or credit issues can still complicate approval.

Consult the Experts

Navigating these complexities is where professional advice is invaluable.

• Speak with Your Mortgage Professional: A mortgage broker or lender can help assess potential penalties, financing options, and whether porting your mortgage makes sense.

• Lean on Your Realtor: A good real estate agent will have strong mortgage contacts to connect you with professionals who understand your unique situation.

How Pre-Approval Prepares You to Make an Offer

Being pre-approved gives you the tools you need to act quickly and confidently when you find the right home. Here’s how it helps:

1. A Competitive Edge

   • In a competitive market, a pre-approval letter shows sellers you’re financially ready to buy, making your offer more appealing.

2. Streamlined Decision-Making

   • With a clear budget, you can narrow your search to homes you can afford, saving time and avoiding disappointment.

3. Fewer Delays

   • When you’re pre-approved, much of the financial review process is already complete, allowing you to close faster once your offer is accepted.

And How Do I Do It?

Getting pre-approved is easier than you might think. Here are the steps:

1. Choose a Lender or Mortgage Broker

   • Research different lenders and brokers to find one that offers competitive rates and personalized service. A broker can compare multiple lenders for you.

2. Gather Your Documents

   • Most lenders will require:

     • Proof of income (pay stubs, T4s, or tax returns for the self-employed).

     • Bank statements to verify your savings and down payment.

     • Details of existing debts like car loans or credit cards.

     • Government-issued ID.

3. Check Your Credit Score

   • Lenders will pull your credit report as part of the process, but it’s a good idea to check it yourself beforehand to catch any errors or red flags.

4. Submit an Application

   • Fill out the pre-approval application with your chosen lender. They’ll review your financial situation and provide a pre-approval letter indicating how much you qualify for.

5. Understand the Terms

   • Your pre-approval will specify the maximum amount you can borrow, your estimated monthly payments, and the interest rate (often locked in for 90–120 days).

6. Stick to Your Budget

   • Just because you’re approved for a certain amount doesn’t mean you should max it out. Consider leaving room for property taxes, home maintenance, and other costs.

Ready to Get Started?

Getting pre-approved isn’t just about meeting lender requirements—it’s about setting yourself up for success. From understanding your budget to preparing for additional costs, pre-approval ensures you’re fully equipped to make a strong offer and secure your dream home.

If you’re serious about buying, don’t wait to take this critical first step. I can connect you with trusted mortgage professionals and guide you through the entire process. Ready to get pre-approved and move forward with confidence? Let’s talk today!

Home buyer demand continues to strengthen in November

Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.” 

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 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. 

“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024. 

Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024. 

Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024. 

Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.

Source- Greater Vancouver Realtors

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 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.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.