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Metro Vancouver Housing Update: 2022 Overview + December’s Housing Market

As we welcome in a new year, we also look forward to welcoming buyers and sellers to the new 2023 market.

There were certainly different playing cards held last year compared to the previous two, as the Metro Vancouver* property market found ways to adjust after the record-setting pandemic period. However, it became a balancing act for prospective buyers and sellers between the levelling out of property costs and the rise of borrowing costs.

Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver (REBGV), commented, “The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada.”

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https://stilhavn.com/metro-vancouver-housing-update-december-2022/

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VANCOUVER airbnb RULES

Looking for a investment in a condo to run an airbnb? Most strata don't allow it so it is important to do your research.

All short-term rental operators in Vancouver must have a business licence and include their licence number in all online listings and advertising. 

Note You must have strata approval and/or your landlord must permit the use of short-term rentals in your home before you apply for a licence.


For the Do's and Dont's of airbnb in Vancouver read more...

https://vancouver.ca/doing-business/short-term-rentals.aspx
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Top 5: Festive Food Favourites

To some, their favourite part of Christmas is being with loved ones. To others, it’s the giving and receiving of thoughtful gifts. But to many of us, well, we’re also here for the food!

Whether you’re passionate about cooking and are happy to spend full days kitchen-bound or you simply want to create an impressive, yet timely spread, we’ve listed a few of our festive food favourites, because hey, ‘tis the season to deck those… tables!

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https://stilhavn.com/top-5-festive-food-favourites/

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Metro Vancouver Housing Update: November 2022

It was beginning to look a little more festive around the region last month; colourful lights started to pop up, snow began to fall, and home sales – in typical seasonal fashion – also began to relax as we ease further toward the holiday season.

Andrew Lis, Director of Economics and Data Analysis at the Real Estate Board of Greater Vancouver (REBGV) commented on last month’s market activity, sharing that “With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels. While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year.”


Housing Market at a Glance

Last month, the REBGV reported that home sales in the region totalled 1,614. This figure came in at less than half (-52.9%) of the sales recorded in the same month back in 2021 (3,428). When compared to one month prior in October, sales dipped during that time by 15.2% – down from 1,903.

Read on...

https://stilhavn.com/metro-vancouver-housing-update-november-2022/


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Metro Vancouver Housing Update: October 2022

It wasn’t only the ghost stories, carved pumpkins, and ghoulish get-up’s spooking people across the Metro Vancouver region last month, the local property market was too!

Inflation and rising interest rates have created ongoing caution for buyers and sellers, with home sale activity trending well below historical averages for October.

Andrew Lis, Director of Economics and Data Analysis at the Real Estate Board of Greater Vancouver (REBGV) commented on these trends saying, “Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

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https://stilhavn.com/metro-vancouver-housing-update-october-2022/

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Curb Appeal: Home Exterior Renovations That Boost Value

Maximizing your curb’s attributes and curating the front yard helps elevate the street-side view from your home. In addition to improving the value of your property, landscaping for curb appeal helps minimize the obvious problem areas of your yard. The process of transforming your yard into an attractive space doesn’t have to be difficult, daunting, or expensive. Here are some DIY options that don’t break the bank:

https://stilhavn.com/curb-appeal-home-exterior-renovations-that-boost-value/

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Top 5: DIY Tips To Make Your Home Wickedly Welcoming This Halloween

The witching hour is upon us where ghouls search for goodies, skulls allude to sweets and cauldrons boil with creepy crawly treats.

It’s trick-or-treating time and we have a few spooky suggestions for how you can decorate your home with DYI decor that are fun for the whole family. It’s eerie, made easy…

https://stilhavn.com/top-5-diy-tips-to-make-your-home-wickedly-welcoming-this-halloween/

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Metro Vancouver Housing Update: September 2022

It seems the fall weather hasn’t deterred sellers from entering the local property market last month, however buyers remained cautious, with demand levels sitting below the region’s long-term averages.

Andrew Lis, Director, economics and data analytics at the Real Estate Board of Greater Vancouver (REBGV) released comment as to why September’s records may have showed fewer buyers across Metro Vancouver*. He shared that, “With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period. This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”


Read more...

https://stilhavn.com/metro-vancouver-housing-update-september-2022/


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Top 5: Tips for Picking the Perfect Tub

You’ve decided to turn your bathroom into your home’s ultimate relaxation refuge. You’ve decided that the ‘70s green fibreglass tub needs to step into the current decade. Or you’ve moved into your new home and realized that the solo-shower situo, needs to become more of a convenient shower-tub situo.

Whatever your reasons for adding or replacing a bathtub, you might find our top 5 tips on how to pick out the perfect tub, to be quite helpful…

https://stilhavn.com/top-5-tips-for-picking-the-perfect-tub/

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.