September in Metro Vancouver is a month where the city starts to truly transform, blending the last warmth of summer with the crisp beginnings of fall. The changing leaves paint the streets with saturated colours, while the weather still invites outdoor adventures and strolls on the seawall or through local parks. It’s also a time when the real estate market typically picks up, as buyers and sellers get back to business after the summer break. This year, despite the recent cuts in borrowing costs, home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September.

Residential Home Sales

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).

“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.” – Andrew Lis, REBGV director of economics and data analytics.

Inventory

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®)3 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).

Home Price Data Analysis

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).

Metro Vancouver Home Sales by Property Type

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.

Detached

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.

Apartments

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 Homes

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.

Reach out for details of your specific neighbourhood!

Bridget 604-805-6820

As housing affordability and availability continue to be top concerns for many families, small-scale, multi-unit housing is emerging as a crucial solution. This type of housing can offer an alternative to single-family housing that fits seamlessly into existing neighbourhoods. Throughout BC, new zoning regulations are making small-scale housing more accessible and encouraging communities to grow sustainably while meeting the needs of families.

Whether you’re a buyer, seller, or property owner looking to maximize the potential of your investment, here’s how small-scale, multi-unit housing can benefit you and your community.

What is Small-Scale, Multi-Unit Housing?
This housing includes:

• Secondary suites (units within a single-family home)

• Accessory dwelling units (ADUs), such as garden suites or laneway homes

• Triplexes and fourplexes

• Townhomes and house-plexes

These options offer more affordable alternatives to single-family homes and provide flexible living arrangements while preserving neighbourhood character.

Zoning Changes: Making Multi-Unit Housing Accessible
Across BC, new zoning rules allow secondary suites and ADUs in single-family zones across all municipalities and regional district electoral areas, without needing to rezone.

• In areas zoned for single-family or duplex homes, three to four units must be permitted if the property:

• Is within an urban containment boundary established by a regional growth strategy

• Is in a municipality with a population over 5,000, regardless of containment boundaries

For properties over 280m² located near frequent bus routes, zoning now allows up to six units. This supports transit-oriented development, encouraging sustainable living by reducing car reliance.

 Benefits for Buyers and Sellers

Whether you’re a buyer looking for affordable options or a seller looking to maximize your property’s value, small-scale, multi-unit housing offers numerous advantages. 

For Buyers:

• AFFORDABILITY: Multi-unit housing options like triplexes, townhomes, and ADUs provide more affordable alternatives to single-family homes, especially in competitive urban markets.

• FLEXIBILITY: Living in or owning a property with multiple units allows for rental income or multi-generational living, offering financial benefits and more flexible living arrangements.

• PROXIMITY TO TRANSIT: Properties near frequent bus routes reduce reliance on cars, cutting transportation costs and promoting sustainable lifestyles.

 For Sellers: 

• INCREASED PROPERTY VALUE: Properties that can accommodate multi-unit housing, especially near transit, are likely to see higher demand and increased property values.

• BROADER MARKET APPEAL: Multi-unit properties attract a wider range of buyers, from investors seeking rental income to families looking for flexible housing arrangements.

• INVESTMENT POTENTIAL: Adding secondary suites or ADUs can boost the appeal and value of your property, making it a more attractive investment for future buyers.

   Conclusion: The Future of Family-Friendly, Attainable Housing 

  As cities and communities grow, small-scale, multi-unit housing is poised to play a crucial role in providing affordable, family-oriented homes. With new zoning regulations, it’s easier than ever to add additional units to single-family lots, especially in areas near frequent transit. This shift not only helps address the housing crisis but also supports sustainable, transit-oriented growth.

  • Wondering how these changes might impact your home buying or selling experience? Don’t hesitate to reach out!

    Bridget Ross - 604-805-6820 - bridget@bridgetross.ca

*Article courtesy of Stilhavn Real Estate Services

When it comes to your child’s education, finding the right school is every parent’s top priority. But with so many options out there, how do you narrow down your choices? This guide will walk you through the process of researching schools and understanding catchment areas, helping you make an informed decision about your child’s educational future. Whether you’re a parent with school-aged children or planning for the future, keep reading for valuable insights to help you find the perfect home for you and your growing family.

Understanding School Catchments 

Public schools across BC adhere to the school catchment system. A school catchment is a defined geographic area around a school. Students living in this area are generally assigned to attend that school. This system differs from one based solely on distance, as catchment boundaries are clearly defined.

In some cases, families residing near the edge of a catchment area may not be assigned to the closest school. This can be surprising for homebuyers who may assume their children will always attend the school that is closest to their home.

Capacity Issues in Popular Catchments 

While students will typically attend their assigned “in catchment” school, living within a specific catchment doesn’t guarantee attendance at the catchment school. In densely populated areas or highly sought-after school catchments, it’s possible that the number of students within a catchment exceeds the school’s capacity. When this happens, some students may be assigned to schools outside their home catchment. This situation underscores the importance of researching school capacities.

Researching Schools in Your Target Area 

Now that we understand the basics of school catchments, let’s explore how to research and identify the best schools in your desired area. 

One of the most efficient ways to determine which schools serve a particular address is by using online school locator tools. Most school districts provide these resources on their websites. To find them, simply search for your city name followed by “school locator” in your preferred search engine. 

Vancouver residents can use the school locator tool available here. 

Kelowna residents can access their school locator here. 

Evaluating School Performance 

While knowing which schools serve an area is important, you’ll also want to assess the quality of those schools, particularly if your search spans a broader area. Here are some ways to evaluate school performance:

1. Standardized Test Scores: Many regions publish standardized test scores for public schools. These can provide insight into how well students are performing academically.

2. Graduation Rates: High school graduation rates can be another indicator of a school’s effectiveness. Schools with higher graduation rates may be better at supporting students through to completion of their studies.

3. Special Programs and Extracurricular Activities: Consider the variety of programs and activities offered by schools.

4. Visiting Schools in Person: If possible, arrange visits to the schools you’re considering. This allows you to observe the learning environment, meet staff, and get a feel for the school culture.

5. Speaking with Current Parents and Students in the Community: Connecting with families who currently have children attending the schools you’re interested in can provide valuable insights into what you can expect. 

Remember that while finding the “best” school is important, what really matters is finding the right fit for your child and your family’s needs. For guidance or if you have questions about how school districts might impact your home search or property values, don’t hesitate to reach out. As a former school teacher in Greater Vancouver, I have taught full time in Vancouver and South Surrey, and been a substitute teacher in dozens of schools. I love chatting about all things schools!

This year is no different. After a quieter summer market with sales below their ten-year seasonal averages in August, sellers await buyers’ return.

Residential Home Sales

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region1 totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572).

“Sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” – Andrew Lis, REBGV director of economics and data analytics.

Inventory

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179).

Home Price Data Analysis

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).

 Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 per cent. By property type, the ratio is 9.6 per cent for detached homes, 18 per cent for attached, and 17.2 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.

Detached

Sales of detached homes in August 2024 reached 509, a 13.9 per cent decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8 per cent increase from August 2023 and a 0.1 per cent decrease compared to July 2024.

 Apartments

Sales of apartment homes reached 1,012 in August 2024, a 20.3 per cent decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1 per cent decrease from August 2023 and unchanged compared to July 2024.

 Attached Homes

Attached home sales in August 2024 totalled 370, a 12.3 per cent decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8 per cent increase from August 2023 and a 0.5 per cent decrease compared to July 2024.

The Stilhavn Report

Whether you are looking to buy or sell a home or investment property in the coming months, or just curious about what’s happing in your neighbourhood, The Stilhavn Report has you covered. Providing in-depth market information and monthly summaries of what’s happening in the areas we service, this monthly report is the perfect starting point for first time buyers and market savvy investors alike.

Article courtesy of Stilhavn Real Estate Services

July in Vancouver draws locals and tourists alike to explore the city’s beautiful parks, beaches, and scenic spots, while the community markets and food festivals offer diverse culinary experiences, making it one of the most active months in Vancouver. Despite a July packed with events and festivals, it did not translate to a busy month for the housing market. Newly listed properties registered on the MLS® rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in Metro Vancouver.

Residential Home Sales:

On the demand side, the Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate.” – Andrew Lis, REBGV director of economics and data analytics.

Inventory:

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

Home Price Data Analysis

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

 Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9 per cent. By property type, the ratio is 12.8 per cent for detached homes, 20.1 per cent for attached, and 19.3 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.

Detached:

Sales of detached homes in July 2024 reached 688, a 1 per cent increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1 per cent increase from July 2023 and a 0.6 per cent decrease compared to June 2024.

Apartments:

Sales of apartment homes reached 1,192 in July 2024, a 6.9 per cent decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3 per cent decrease from July 2023 and a 0.7 per cent decrease compared to June 2024.

Attached Homes:

Attached home sales in July 2024 totalled 437, a 6.2 per cent decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4 per cent increase from July 2023 and a 1.2 per cent decrease compared to June 2024.

The Stilhavn Report

Whether you are looking to buy or sell a home or investment property in the coming months, or just curious about what’s happing in your neighbourhood, The Stilhavn Report has you covered. Providing in-depth market information and monthly summaries of what’s happening in the areas we service, this monthly report is the perfect starting point for first time buyers and market savvy investors alike.

Article courtesy of Stilhavn Real Estate Services

Real Estate Magazine recently revealed the results of a survey that indicated nearly 80 per cent of Canadians who bought a home within the last five years say they have no regrets despite rising interest rates and mortgage payments.

Of those who say they sometimes or regularly regret buying a home, the most common reason is learning that a different home or location would’ve been better.

 How to Avoid Buyer’s Remorse When Purchasing a Home: With a home purchase being such a large investment, it’s normal to worry if you’re making the right decision. The good news is there are steps you can take to minimize regret and feel confident you’ve selected the right home.

 Decide Your “Deal-breakers” vs. “Nice-to-Haves”:
First, decide what features are absolute must-haves versus nice-to-haves. Must-haves are deal-breakers. You just can’t live without them. Nice-to-haves are things you’d like but aren’t necessities. For example, you may be absolutely committed to a certain number of bedrooms but willing to be flexible when it comes to exterior space. Distinguishing needs from wants will help you identify homes that fit your criteria.

 Set a Realistic Budget:
Another tip is to set a realistic budget before house hunting. Going over budget is a common reason for buyer’s remorse. Make sure you factor in not only the purchase price but other costs that come with home ownership like closing costs, property taxes, and insurance.

Do Your Research:
It’s also key to thoroughly research the neighborhood, school district, commute times, etc. Many buyers regret not looking more into these things. Talk to locals to get opinions on the area. Verify school ratings if relevant. Check commute times to your workplace. This will ensure the surrounding area is a good fit for what you’re looking for.

Invest in a Home Inspection:
Finally, a home inspection (even if the property seems perfect) is one of the best investments you can make. Paying a few hundred dollars for an inspection is a small price to pay for peace of mind. Inspectors will check for issues like structural problems, leaks, pest infestation, faulty wiring, and furnace problems. Their report will inform you of any needed repairs and the approximate costs.

Work with an Experienced Real Estate Agent

One of the best defenses against buyer’s remorse is having an experienced real estate professional guide you through the process. An experienced agent will have the expertise and connections to help you avoid missteps and find a home aligned with your needs.

Look for an agent who is:

– Committed to understanding your unique needs and preferences.
– Local to the area so they can clearly communicate the pros and cons of specific neighbourhoods.
– Collaborative and able to work effectively with you and with other agent

I like to start all my relationships with Buyers with a meeting - to see if we are a good fit, and share with them my values, my knowledge and expertise. We can interview each other!

Every generation of first time homebuyers faces their own unique challenges. A recent report from Statistics Canada suggests that young people in BC are turning to family co-ownership as a means of overcoming some of those challenges. In fact, in BC, one out of every five residential properties owned by younger Millennials and older Gen Zers – those born in the 1990’s – is co-owned with a parent.

Reasons for co-ownership vary. In some cases, co-ownership is a purely financial decision. The adult child lives in the co-owned property while the parent lives elsewhere. Or, co-ownership can be based on social factors, with multigenerational living situations allowing for shared childcare responsibilities and combating social isolation.

But is co-ownership right for your family? Whether it’s finding the perfect multigenerational home or navigating the complexities of mortgage co-signing, at Stilhavn, we understand the benefits and challenges associated with co-ownership. Here are a few things to consider if you think this options could be for your family.

Benefits of Co-Owning with Family

Increased Buying Power and More Affordability
Combining finances with a family member typically allows buyers to qualify for a larger loan. Further, shared monthly costs can help to improve affordability.

Building Equity
As you pay down the mortgage, both parties build equity in the home. This provides a return on investment and longer term financial security.

Potential Tax Benefits
In some cases, co-ownership may provide tax deductions for mortgage interest, property taxes, or capital gains when the home is sold.

Shared Responsibility
Co-owning can mean sharing homeownership duties like maintenance and repairs. This can ease the burden, especially for aging parents.

Challenges of Co-Owning with Family

While co-ownership has benefits, it also comes with some things to consider:

Agreeing on Shared Decisions
As co-owners, you’ll need to agree on any major decisions regarding the property, including renovations, rental and the eventual sale of the home. Conflicting opinions can strain relationships.

Unequal Financial Commitment
If one party provides more for the down payment, they may want a larger share of proceeds when the home sells. This should be discussed upfront.

Complicated Exit Strategy
Selling a co-owned home requires navigating each person’s share of equity. Exiting the arrangement may be difficult if you have a falling out.

Questions to Ask Before Co-Owning

Before taking the leap into co-ownership, have an honest conversation about the following:

How much will each person contribute to the down payment and monthly costs?
How long do you plan to co-own the home? Under what conditions would you sell it?
What renovations or changes can each person make without approval?
What happens if one person faces financial hardship and can’t make payments?
What if one owner wants to move in with a significant other or new spouse?
How will household chores, repairs and maintenance be divided?
How will you resolve conflicts if they arise?
How will proceeds be divided when the home is sold?

Putting it in Writing

To prevent misunderstandings, put the co-ownership details in a written agreement. Having things in writing provides legal protection if disagreements come up and helps to avoid any strain on the relationship as a result. The agreement should address important topics such as ownership percentage, cost division, occupancy rules and repairs.

If this option is available to you as a FIRST TIME HOME BUYER, let’s chat: 604-805-6820, bridget@bridgetross.ca

Article courtesy of Stilhavn Real Estate Services

May was certainly cooler this year, not just in terms of temperatures, but also in the real estate market. In May, the number of transactions on the MLS® in Metro Vancouver1 saw a noticeable decline compared to the typical volume for this time of year. This decrease in buying activity has contributed to an accumulation of homes available for sale, resulting in over 13,000 properties now actively listed on the MLS® in the region.

The reduction in transactions suggests a potential cooling in the market, where buyers might be exercising more caution or waiting for more favourable conditions. Meanwhile, sellers continue to list their properties, leading to an increased supply of homes. This growing inventory could result in more competitive pricing and greater opportunities for buyers, potentially shifting market dynamics and influencing future trends in the real estate sector. As the market adjusts, both buyers and sellers may need to adapt their strategies to navigate the evolving landscape.

Residential Home Sales

The Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data.” – Andrew Lis, REBGV director of economics and data analytics.

Inventory

There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024. This represents a 12.6 per cent increase compared to the 5,661 properties listed in May 2023 and a seven per cent increase compared to the 10-year seasonal average (5,958).

Home Price Data Analysis

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also up 19.9 per cent above the 10-year seasonal average (11,344).

Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for detached homes, 25.1 per cent for attached, and 22.5 per cent for apartment properties.

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.

Detached

Sales of detached homes in May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is $2,062,600. This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent increase compared to April 2024.

Apartments

Sales of apartment homes reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730 sales in May 2023. The benchmark price of an apartment home is $776,200. This represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared to April 2024.

Attached Homes

Attached home sales in May 2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May 2023. The benchmark price of a townhouse is $1,145,500. This represents a 5.2 per cent increase from May 2023 and a 0.9 per cent increase compared to April 2024.

REPORT courtesy of Stilhavn Real Estate Services

*For more specific neighbourhood statistics, get in touch. I would love to hear from you!

bridget@bridgetross.ca

604-805-6820

In April, the number of homes listed for sale on the MLS® in Metro Vancouver1 saw a significant year-over-year increase, climbing by 42 percent to surpass the 12,000 mark. This level of inventory has not been observed in the region since the summer of 2020. The substantial rise in listings indicates a steady influx of available properties, showing increased seller activity and possibly a shift in market dynamics. This increase in listings may suggest a move towards a more balanced market between buyers and sellers.

Residential Home Sales:Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent below the 10-year seasonal average (3,223).

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” – Andrew Lis, REBGV director of economics and data analytics

 Inventory:There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.

This was 25.8 per cent above the 10-year seasonal average (5,637).

Home Price Data Analysis:The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).

This is 16.7 per cent above the 10-year seasonal average (10,704).

Metro Vancouver Home Sales by Property Type: Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 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.

Detached: Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.

Apartments: Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.

Attached Homes: Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse3 is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.

For more neighbourhood specific information, feel free to reach out!

Bridget: 604-805-6820

What is Title Insurance

Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. The policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. A title defect is a problem with the title which prevents free and clear ownership. There are many types of defects such as rights of way, encroachments (from neighbouring properties), unpaid liens, etc.

Title insurance policies protect you for as long as you own the property. It protects against a number of risks that a solicitor's opinion on title may not cover. These risks include:

• Fraud and forgery, including someone taking your title through fraud or forgery

• Encroachments that would be disclosed by a new survey (for example, a neighbour's deck being partly on your land)

• Easements (the right acquired for access to or over another person's property for a specific purpose, such as for a driveway or public utilities. This is referred to as "servitude" in the Province of Quebec) over the property that would be disclosed by a new survey

• Zoning non-compliance (i.e. where the property use does not meet the local municipal by-laws)

• Someone other than the home owner having interest (i.e. a previous owner of the property not being discharged from title)

How Do I Know if I Need Title Insurance?

If you are purchasing or refinancing your home, you should discuss title insurance with your lawyer/notary to see if a title insurance policy is right for you. Your lawyer/notary can arrange the purchase of a home owner's policy.

Benefits of Title Insurance

Comprehensive coverage

The policy can provide broader coverage than a solicitor/notary's opinion on title as well as post purchase fraud coverage.

Peace of mind

As the policy covers the items outlined above, you can rest easy knowing if there are defects affecting the title of your home that are covered by the title insurance policy, your title insurer will take steps to rectify the problem.

One time cost

The premium is usually due at the time of closing for purchases or refinances. Some insurers permit you to purchase title insurance at any time.

The Importance of Home Inspections: What to Look for and Why

A home inspection is important when buying a home to avoid any potential surprise costs. A qualified professional will thoroughly examine the physical condition of a home to look for visible defects, wear and tear, code violations, and potential problems.

After the inspection, the inspector will provide a detailed written report summarizing the condition of the home. This report will help you understand the true condition of the property and highlight any repairs needed.

Typical issues found during inspections include cracked foundations, faulty wiring, water damage, and pest infestations.

We’ll explore what exactly home inspectors look for, and how to find a quality inspector.

What Does the Home Inspector Check?

Home inspectors examine all aspects of the property during the inspection. Here are some of the major features and systems they will evaluate.

• Roof and Attic: Inspects roof age, condition, and remaining life; checks for leaks, ventilation issues, and water damage.

• Exterior: Checks siding, paint, trim, windows, and doors for damage and wear. Examines flashings, eaves, and drain spouts for issues.

• Foundation: Inspects visible foundation walls and structure for cracks or water damage.

• Structural: Evaluates floors, walls, and ceilings for sagging, cracks, or unusual settling that can indicate structural issues.

• Electrical: Checks condition of main panel and wiring; tests outlets, switches, and fixtures for functionality.

• Plumbing: Checks water pressure, piping, fixtures for leaks and damage.

• HVAC: Tests heating and cooling equipment; examines ductwork; ensures proper air flow.

• Ventilation: Confirms adequate ventilation in bathrooms, kitchen, and attic to prevent moisture and condensation issues.

• Appliances: Turns on major appliances to ensure proper operation.

• Pest/Rot Damage: Checks for evidence of wood boring insects, termites, carpenter ants, and rodents. Inspects for fungus or mold.

• Safety: Checks for presence of smoke detectors, CO detectors, proper railings, electrical hazards, potential trip points.

 How to Pick the Right Home Inspector

Not all home inspectors are equal when it comes to knowledge and experience. Here are tips for choosing the best one:

– Ask local real estate agents for inspector recommendations, but also do your own research.

– Look for an inspector who has been in business for several years and has extensive experience in your area. They’ll be familiar with local homes.

– Look online for customer reviews and feedback about the inspector. Look for responsiveness and clear reports.

– Make sure the inspector provides a detailed written report. Never accept just a verbal overview.

Following up on Inspection Findings

Your next steps after the inspection depend on the findings:

Minor issues: Small repairs or flaws can be addressed by the seller before closing.

Deal breakers: Costly foundation repairs or extensive water damage may mean walking away from the property completely.

Second opinion: If an issue is unclear or you get conflicting estimates about the repair cost, consider getting a second inspection.

Regardless of the findings, it’s up to you to determine if the home still meets your needs and if the price accounts for necessary updates. Use the inspection to make an informed decision, not an emotional one.

If the home inspection uncovers issues, the realtor acts as a facilitator between the buyer and seller to negotiate potential solutions. This includes coordinating any follow-up inspections, repairs, or final walkthroughs. Reach out to one of our market-leading Realtors® today.

article courtesy of Stilhavn Real Estate Services

The world is shifting to become more aware of the impact we have as individuals on the environment. According to Statistics Canada, 76% of households composted either kitchen or yard waste in 2022, and in 2021, 97% of households reported using their own bags or containers when grocery shopping. But, there’s still work to be done, because on the flip side of things, Canadians generated 10.9 million tonnes of residential waste in 2020—the highest amount on record, according to Statistics Canada. 

There are many ways you can be more sustainable at home, from small changes to larger considerations

Consider an energy audit

Finding ways to upgrade your home that are also energy efficient sounds like a no-brainer.

The federal and provincial governments (depending where you live) offer incentives to help with these changes, and the first step is an energy audit (also known as a home audit or energy assessment). Audits are even more important depending on the age of your home. Even a home built in the 1990s would benefit from an audit, as building codes have changed over the last 30 years. 

What are the steps in an energy audit?

• Pre-project assessment: where an assessor examines your home from top to bottom and provides you with reports on how your home is currently using energy, a list of recommended upgrades, as well as an EnerGuide label with your home’s efficiency score.
• Post-project assessment: performed once you have completed the recommended upgrades. The assessor returns to do a new audit and to confirm the upgrades. You’ll receive updated reports as well as a rebate verification. 

Once you’ve received the rebate verification you can apply for rebates. The Canada Greener Homes Program is available nationwide as a federal incentive program. Across the provinces and municipalities there are further incentives available which can be discussed with a registered energy advisor.