Many sellers ask me if they should renovate before lisitng their home for sale.

It depends.

If the entire home is in original shape, and you don't intend to renovate top to bottom, I would leave it as is. That provides the buyer with full rein to choose all new colors and textures for every room - which also creates a cohesiveness throughout the space. If you just renovate one room, like a bathroom or bedroom, the stark comparison to the rest of the home makes it look worse - and more work.

Sometimes a buyer won't purchase a home if the reno is brand new but not to their liking.

However, if your home is in good shape but the bathrooms are tired looking, overhauling those would be a good idea.

The best mini reno on most places is always a fresh coat of paint - done by a professional! A neutral white or off white is a great choice.

Every month, our real estate board publishes the listing and sales activity for all municipalities in the lower mainland.

Below is a link to the Vancouver report!

file:///Users/bridgetross/Dropbox/July%20Stats.pdf

Here are some Vancouver westside highlights about how July 2020 compares to July 2019:

Houses - fewer listings available, down 25%

               sales down slightly by 3.8%

               prices up slightly by 3%

Condos - listings up by 1.3%

                sales down by 4%

                prices up by 5.6%

Townhouses - listings down by 22 %

                       sales are the same 

                       prices up 2.3%

If you are buying a condo in BC, I would highly recommend that you buy one that:

1. was built before the leaky condo period (1980's, 1990's)

2. has already been rainscreened

3. is a newer build

4. you work Monday to Friday 8-4 pm

...so you are not home while they jack hammer the concrete off the side of your building right out side your home office!

It is a noisy, messy process that generally takes up to a year depending on the size of your building. Yes, it will increase the value of your investment but be prepared for a major inconvenience in your life. In a couple of days, all the window coverings need to be removed from all the windows in my unit - even though the windows won't be replaced for 3 weeks. Lots of time will be spent in the bathroom for the only privacy left!

But seriously, buying a condo is more than just falling in love with a wonderful home with great views and spacious rooms. You are investing in the whole building so be prepared for all that that entails - with our help!

Steady increases in home sale and listing activity continue

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.

Last month’s sales were 21.9 per cent below the 10-year June sales average.

“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.”

For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 per cent for apartments.

Generally, analysts say 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.

“Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020.

Sales and benchmark prices by property type

Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020.

Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020.

Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020.