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January 2025 GVR Residential Market Report

This is a reprint of the The Greater Vancouver REALTORS® (GVR) January 2025 GVR Residential Market Report:

Home sellers off to an active start in 2025

Homes newly listed on the MLS® in Metro Vancouver rose 46 per cent year-over-year in January, as sellers appear eager to enter the market to start the year. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,552 in January 2025, an 8.8 per cent increase from the 1,427 sales recorded in January 2024. This was 11.3 per cent below the 10-year seasonal average (1,749). 

“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the new year,” Andrew Lis, GVR’s director of economics and data analytics said. “Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.” 

There were 5,566 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9 per cent increase compared to the 3,788 properties listed in January 2024. This was 31.1 per cent above the 10-year seasonal average (4,247). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1 per cent increase compared to January 2024 (8,633). This is 33.2 per cent above the 10-year seasonal average (8,632). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2025 is 14.1 per cent. By property type, the ratio is 9.2 per cent for detached homes, 18.5 per cent for attached, and 16.5 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 new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” Lis said. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,000. This represents a 0.5 per cent increase over January 2024 and a 0.1 per cent increase compared to December 2024. 

Sales of detached homes in January 2025 reached 380, a 0.3 per cent increase from the 379 detached sales recorded in January 2024. The benchmark price for a detached home is $2,005,400. This represents a 3.1 per cent increase from January 2024 and a 0.4 per cent increase compared to December 2024. 

Sales of apartment homes reached 846 in January 2025, a 13.4 per cent increase compared to the 746 sales in January 2024. The benchmark price of an apartment home is $748,100. This represents a 1.7 per cent decrease from January 2024 and a 0.2 per cent decrease compared to December 2024. 

Attached home sales in January 2025 totalled 321, a 12.6 per cent increase compared to the 285 sales in January 2024. The benchmark price of a townhouse is $1,105,600. This represents a 2.7 per cent increase from January 2024 and a 0.8 per cent decrease compared to December 2024. 

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BC Short-Term Rental Registry: Deadline Approaching – What Hosts Need to Know Before May 1, 2025

Summary:

The BC short-term rental registry deadline is fast approaching, with all hosts required to register by May 1, 2025. If you operate an Airbnb, Vrbo, or other short-term rental in Vancouver, North Vancouver, or West Vancouver, these new rules will impact you.

Failure to register on time could result in listings being removed and future bookings being canceled. While government intervention in real estate can be confusing, this registry is separate from the Speculation & Vacancy Tax and the City of Vancouver’s short-term rental license.

This post breaks down who needs to register, key deadlines, compliance rules, and what this means for short-term rental owners. Whether you plan to continue operating or are considering alternatives, now is the time to prepare.

📌 Check the official government sources for full details:
🔗 BC Short-Term Rental Registry
🔗 BC Short-Term Rental Legislation

(Disclaimer: This blog is for informational purposes only and should not be considered legal or tax advice. Always refer to government websites for the latest regulations.)

Why Is BC Introducing This Registry?

  • The goal is to increase housing availability for residents by reducing speculation-driven short-term rentals.

  • The government aims to ensure that homes are used for people living and working in BC, not just as investment properties.

  • Annual registration fees will help fund enforcement efforts to crack down on non-compliant rentals.

Who Needs to Register?

  • Short-term rental hosts (Airbnb, Vrbo, and other short-term operators)

  • Platforms (Airbnb, Expedia, etc.)

  • Strata hotel platforms (buildings that allow short-term rentals)

Key Deadlines & Registration Fees

Early Registration Discounts 

50% discount if registered by Feb 28, 2025
25% discount if registered by March 31, 2025

Final Registration Deadline 

  • All hosts must register by May 1, 2025.

  • Listings that fail to comply will be removed starting May 1, 2025.

  • Future bookings will be canceled starting June 1, 2025.

What Happens If You Don’t Register?

The new compliance and enforcement unit will: 

  • Monitor compliance and issue fines

  • Order platforms to remove unregistered listings

Hosts who fail to comply risk: 

Losing rental income
Facing penalties and enforcement actions

How This Affects Homeowners & Condo Investors in Greater Vancouver

If you own a condo: 

  • Many stratas already prohibit short-term rentals—check your bylaws before registering.

If you rely on short-term rental income: 

  • You must comply with these new rules or explore alternative rental strategies.

If you’re buying an investment property:

  • Consider long-term rentals instead, as regulations continue to tighten.

Alternatives to Short-Term Rentals

  • Convert your unit to a long-term rental for steady, stable income.

  • Sell your property if short-term rental restrictions make it less viable as an investment.

  • Explore furnished mid-term rentals (e.g., 30+ day executive rentals), which may still be permitted under local laws.

Final Thoughts & Call-to-Action

  • Government regulations are changing the short-term rental landscape in Greater Vancouver.

  • Register before May 1, 2025, to avoid penalties and disruptions to your rental income.

  • If these changes affect your investment strategy, let’s discuss your options.

📌 Check official sources for full details:
🔗 BC Short-Term Rental Registry
🔗 BC Short-Term Rental Legislation

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

#ShortTermRentalRules #VancouverRealEstate #NorthVancouverHomes #WestVancouverInvestments

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Find Dog-Friendly Condos in Lower Lonsdale!

Looking for a pet-friendly condo that welcomes your four-legged friend? 🐶🏡

I’ve put together a FREE guide with a complete list of dog-friendly condo buildings in Lower Lonsdale, North Vancouver. Whether you're a long-time dog owner or thinking of getting a new pup, this guide will simplify your search so you can find a home you both love.

🐾 What's Inside the Guide?

✔ A list of strata buildings that allow dogs
✔ Important pet-related strata rules to consider
✔ Tips to make your home search easier

📥 Click below to download your FREE Dog-Friendly Condos in Lower Lonsdale guide instantly!

About Davis Kosowan

Hi, I’m Davis Kosowan, a North Shore Realtor and dog owner. I know how important it is to find a condo that not only works for you but is also in a strata building that allows dogs!

That’s why I created this guide—to make your Lower Lonsdale condo search easier. I’ve done the research so you don’t have to!

Need help finding the right home for you and your dog? Let’s chat! 🐕📞

CLICK HERE TO CONNECT!

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Is Now a Good Time to Sell Your North Vancouver Condo?

If you own a condo in North Vancouver and have been considering selling, you might be wondering: Is now the right time? The real estate market has been shifting, and with mortgage rates stabilizing and buyer activity increasing, 2025 is shaping up to be an interesting year for sellers. Let’s take a look at what’s happening in the North Vancouver condo market and whether now is a good time to list your property.

1. Buyer Activity Is on the Rise

After a period of hesitation due to higher mortgage rates, buyers are returning to the market. According to recent data, home sales in Metro Vancouver surged over 30% in December 2024 compared to the previous year, signaling renewed momentum. With interest rates expected to continue easing, more buyers will be looking to secure a property before prices rise.

2. Condo Prices Remain Strong

The MLS® Home Price Index for Metro Vancouver shows that condo prices have remained relatively stable, even with market fluctuations. While overall sales volume was below the 10-year average last year, North Vancouver remains one of the most desirable areas for condo buyers.

How Does This Benefit Sellers?

  • Stable prices mean less risk of underpricing your condo.

  • Increased buyer demand creates more competition among buyers.

  • If you list now, you could sell before inventory levels increase.

3. North Vancouver’s Desirability Continues to Grow

North Vancouver remains a top choice for condo buyers due to:
✅ Proximity to downtown Vancouver
✅ Access to world-class outdoor amenities and parks
✅ Strong sense of community and urban convenience
✅ Limited condo inventory keeping demand high

What Types of Condos Are in Demand?

  • Move-in ready condos with updated kitchens & bathrooms

  • Well-managed strata buildings with strong financials

4. Market Trends Favor Serious Sellers

Buyers today are well-informed and selective. They want modern, well-maintained condos with updated finishes and strong strata financials. If your condo is in great condition and priced competitively, it could sell quickly.

What to Expect in the 2025 Market

  • More buyers entering the market as interest rates decline

  • Potential price increases in the next few months

  • Growing competition from other sellers waiting to list

So, Should You Sell Now?

✅ If you want to take advantage of increased buyer activity, now is a good time to list.
✅ If you have an updated, well-maintained condo, you could attract multiple offers.
✅ If interest rates continue to drop, the market could see further price increases—but also more competition from other sellers.

If you’re thinking about selling, having the right strategy is key. Pricing your condo correctly, staging it effectively, and marketing it to the right buyers will make all the difference.

Next Steps: Let’s Talk!

Selling a condo in North Vancouver requires a smart approach. If you want to know what your condo is worth in today’s market and how to maximize your sale, let’s connect for a personalized consultation.

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

#NorthVancouverRealEstate #CondoMarketTrends #SellingYourHome #VancouverRealEstate

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Why Adding a Bedroom to Your Strata Unit May Not Work

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!

#StrataLivingTips #HomeRenovationAdvice #NorthVancouverRealEstate #WestVancouverHomes

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Home sales register a strong finish to cap off 2024

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

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Doorbell Camera Dispute: CRT Rules on Strata Privacy vs. Security

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

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4 Reasons Why 2025 Could Be a Busy Year for Real Estate

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!

#NorthVanRealEstate #CondoRealEstateAgentNorthVancouver #2025RealEstateTrends #CondoSpecialistNorthVan

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Etsy’s 2025 Color of the Year: Lime Cream and Its Role in Home Staging

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

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What You Need to Know About the New BC Home Flipping Tax

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

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Canadian Home Sales Surge 12% in Q4: Optimism for 2025

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

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Serial B.C. home flipper fined $2M for tax evasion

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.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.