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