VANCOUVER, CANADA SELLERS AWAIT BUYERS' RETURN AFTER QUIETER SUMMER MARKET Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close. Greater Vancouver REALTORS® (GVR) reports that residential sales in the region 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). “From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, 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.” 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). 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). 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. “Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said. “With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 per cent decrease over August 2023 and a 0.1 per cent decrease compared to July 2024. 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. 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 a 0 per cent decrease compared to July 2024. 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.

VANCOUVER, CANADA HOME BUYER DEMAND CONTINUES TO STRENGTHEN IN NOVEMBER Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.  The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500). “When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”  There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535).  The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).  Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 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.  “Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024.  Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024.  Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024.  Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.

VANCOUVER, CANADA BUYER DEMAND SURGES IN OCTOBER After months of tracking approximately twenty percent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 percent year-over-year in October. The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 percent increase from the 1,996 sales recorded in October 2023. This was 5.5 percent below the 10-year seasonal average (2,784). “Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.” There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 percent increase compared to the 4,664 properties listed in October 2023. This was 20 percent above the 10-year seasonal average (4,545). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 percent increase compared to October 2023 (11,599). This total is also 26.2 percent above the 10-year seasonal average (11,475). Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 percent. By property type, the ratio is 13.4 percent for detached homes, 22.5 percent for attached, and 22.2 percent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months. “While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end." The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 percent decrease over October 2023 and a 0.6 percent decrease compared to September 2024. Sales of detached homes in October 2024 reached 724, a 25.5 percent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 percent increase from October 2023 and a 1 percent decrease compared to September 2024. Sales of apartment homes reached 1,393 in October 2024, a 33.4 percent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 percent decrease from October 2023 and a 0.6 percent decrease compared to September 2024. Attached home sales in October 2024 totalled 501, a 40.7 percent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 percent increase from October 2023 and a 0.9 percent increase compared to September 2024.

  Introducing Parksville 96: Your New Place in Surrey, BC      Developer: Darshan Co. Nearest SkyTrain Station: King George SkyTrain Station Neighbourhood: Surrey City Centre Completion: Winter 2028 Address: 9611 140th Street, Surrey, BC   Introducing Parksville 96, a stunning 34-storey luxury tower by Darshan Co., poised to redefine the skyline of Central Surrey.    Located just minutes from King George SkyTrain Station, shopping areas, transit options, parks, and recreational spaces.    With breathtaking 360-degree views, Parksville 96 features a range of condominiums and townhomes designed for modern city life.   FEATURES AND PRICE INFO Parking and Storage: A six-level underground parking garage will offer storage for 732 bicycles and stalls for 383 vehicles, including 38 for visitors, 8 accessible spots, and 6 commercial areas. Home Sizes: Select from condominium floor plans ranging from 377 to 1,474 sq ft, with the largest options, plans PH7, PU26, and PU31, featuring 2 bedrooms.  For townhouses, floor plans are available from 1,200 to 1,500 sq ft, offering configurations from Jr. 3 beds to Jr. 3 beds + flex. Variety Homes: Choose from studio to 3 bedroom layouts to fit your preferences.  Floor Plans: Studio from $390,900 Jr 1 Bedroom from $409,900 1 Bedroom from $516,900 1 Bed + Den / Jr 2 Bedroom from $624,900 2 Bedroom from $766,900 3 Bedroom Townhomes from $999,900 Deposit Structure: $10,000 on signing - top up to 5% due 60 days after acceptance 5% due 120 days after previous deposit Final 5% due on Building Permit & Financing Elevated Kitchens: Each kitchen is equipped with Italian-made Bertazzoni appliances: 24" Fully Integrated Refrigerator Panasonic Microwave & Trim Kit Quartz countertops 24" / 30" Glass Induction Cooktop with touch controls 24" Fully Integrated Dishwasher 24" / 30" Convection Wall Oven INDOOR AMENITIES Enjoy the ground-level indoor event space with a kitchen, a games room complete with a golf simulator, and a children's playroom. On Level 7, you'll find party rooms, a wellness center, and a co-working space. Plus, two guest suites! OUTDOOR AMENITIES Unwind in the west-facing courtyard, complete with an outdoor reading nook for kids, a dog run, picnic tables, and a pergola-covered dining area with a barbecue.  Explore the inviting outdoor spaces featuring firepit lounges, dining tables with barbecues, a community garden, a children's play area, and a raised exercise deck.  Be sure to visit the rooftop lounge, which offers a variety of social spaces, including cafe seating, fire pits, and a games area with billiards or ping pong. LOCAL AMENITIES Parksville 96 is situated right next to over 450 acres of Urban Forest at Green Timbers, with the future SkyTrain less than 100 meters away.  Enjoy uninterrupted views and a convenient location, just a 20-minute walk to Surrey Memorial Hospital, the future UBC campus, SFU Surrey, and Surrey Central. Plus, you're only a 5 to 10-minute drive from Costco, Walmart, Brown Social House, and Chuck Bailey Recreation Centre. SCHOOLS Parksville 96 is located within School District 36, with nearby schools such as: Simon Cunningham Elementary School and Queen Elizabeth Secondary School, both just 5 minutes away.  Sprott Shaw College and SFU Campus are conveniently nearby.   Discover the perfect balance of urban living and peaceful forest vibes at Parksville 96, where city dwellers can unwind and recharge in nature while enjoying the comforts of their own neighborhood!