Rob Blair

Cell 604-617-1208 | robblair@remax.net

I have listed a new property at 31 5850 177B ST in Surrey. See details here

Dogwood Gardens, 4 Bedrooms and a den up, 3 Bathrooms, hard to wrong with this spacious, over 1500 square foot home, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One parking spot, designated visitor parking throughout the complex, and loads street parking for visitors. Loads of upgrades already done! Move in before Christmas! Children and pet friendly, this home is for you, with a fully fenced yard backing on to greenspace,and the complex also has a playground and outdoor pool for those long summer lazy days

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I have sold a property at 2 3122 160 ST in Surrey. See details here

Hard to go wrong with Wills Creek! This lovingly cared for, extremely well maintained, one owner townhome is ready for you. Featuring 3 bedrooms up, 1 bedroom down, 4 washrooms including 3 ensuites, loads of light, top of the line appliances, brand new hot water tank, large Western exposed patio, geo-thermal heating, gas fireplace, large double garage, and much more. The complex also has its own gym, hot tub, and an outdoor pool for those long summer days, no age restrictions, and yes 2 pets are allowed. This one is a must see, don't delay!

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I have listed a new property at 1712 57 STREET ST in Tsawwassen. See details here

Tsawwassens own Beach Grove living! A 1967 1 owner home waiting for your fresh ideas. This 3 level split features 3 bedrooms, 2 bathrooms, spacious living, family, and game rooms, a huge fenced yard, and a detached 380 square foot shed. Can we talk about street appeal? Close to shopping, recreation, the water and so much more, don't wait as this one is ready for you!

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I have listed a new property at 3779 202 ST in Langley. See details here

The quintessential Brookswood home! This well maintained 2 owner home boasts 3 bedrooms, 2 bathrooms, 1570 square foot rancher on a huge 12,350 square foot corner lot! Enjoy the wood fireplace, the detached double garage with heat and power, loads of additional parking, along with a large greenhouse, the composite tile roof has plenty of life left. Great starter home, a blank slate in its original condition, offering a growing family loads of room inside and out. A must see in Brookswood!

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I have listed a new property at 2 3122 160 ST in Surrey. See details here

Hard to go wrong with Wills Creek! This lovingly cared for, extremely well maintained, one owner townhome is ready for you. Featuring 3 bedrooms up, 1 bedroom down, 4 washrooms including 3 ensuites, loads of light, top of the line appliances, brand new hot water tank, large Western exposed patio, geo-thermal heating, gas fireplace, large double garage, and much more. The complex also has its own gym, hot tub, and an outdoor pool for those long summer days, no age restrictions, and yes 2 pets are allowed. This one is a must see, don't delay!

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Housing prices remain soft, sales flat, throughout the Fraser Valley


SURREY, BC — Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.


In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 per cent compared to last month and a 53.5 per cent decrease compared to this time last year.


 

The Board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.


With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.)


“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”

 

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.


 

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision.”

 

The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).


MLS® HPI Benchmark Price Activity


  • Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021.
  • Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021.
  • Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021.


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Choosing the Best Paint for a Steel Door

paint cans and brush

Painting your front door can give your home a major curb appeal boost, but if it’s steel, you’ll want to go about it a little bit differently than you would if it were wood or laminate. The good news: the best paint for a steel door is similar to what you would use for most any other home painting project, though you’ll want to keep some very specific factors in mind as you look at your options.

Here’s what to know before you get going so that you can pick up the right supplies and ensure your steel door ends up with an attractive and long-lasting finish.

What is the best paint for a steel door?

Most paints work well on metal with the right application process, and you should have good results with most high-quality varieties, including both water-based acrylic paints (also called latex paints) and oil-based paints (also called solvent-based paints). Look for a paint that is rust- and fade-resistant, and that is suitable for use on an exterior door.

Pros often use oil-based paints for metal surfaces, since they’re the most durable for the job. However, these types of paint are more toxic than their water-based counterparts, and require both a longer drying time and a tougher clean-up process.

It’s up to you to decide what you’re up for and what’s in your skill set as a DIYer, but here’s a breakdown of the pros and cons of both types to help you choose.

Water-based (aka acrylic or latex) paints for metal

Pros

    • Fast drying
    • Easy to work with
    • Less toxic
    • Quick clean-up
    • Not prone to fading

Cons

    • Not fully rust resistant
    • Less durable over time

Oil-based paints for metal

Pros

    • Highly rust-resistant
    • Very durable

Cons

    • Faster to fade
    • Long drying time
    • Higher toxicity

All of these factors are things to keep in mind as you go about your project. If you do opt for oil-based paints, make sure to paint your steel door in a well-ventilated area (outside is best) and to wear protective gear such as a mask and gloves.

Tips for choosing paint for a metal door

    • Stick to door paint. The best paint for a steel door isn’t usually going to be your standard interior or exterior paint, since again, you want a formula that has been optimized to resist rust and fading. Rust-Oleum makes some good options, as do many other popular brands.
    • Don’t skimp on quality. This is your front door, meaning anyone who drives past your home is going to see it. It’s worth splurging a bit on quality since this is such an important part of your home’s wider appeal. Fortunately, it’s a small surface area and a couple coats of paint should be sufficient, so you likely won’t need more than a quart.
    • Consider your climate. The more wear and tear your steel front door is likely to face, the more durability you’ll need in your paint. If your door faces a strong eastern sun, for example, or if you tend to have high levels of humidity, factor those in when choosing the right paint for your project.
    • Don’t forget the finish. Just as essential as your paint type and color is its finish. Satin or semi-gloss are both good choices for a steel front door, since in addition to having a nice sheen they won’t show nicks or scratches as easily as a flat or eggshell finish.

Other supplies you need to paint a steel door

Picking out the best paint for a steel door is one part of the process, but it’s not the only thing you’ll want to be sure to grab at the store. These are the other items you’ll need.

Toolkit – While it’s not required that you remove your door completely from its frame in order to paint it, it is an important step if you want to achieve optimal results. Have a basic toolkit with you so that you can remove the hinges and hardware, and be sure to store all pieces you remove together in a bag or box so you can easily find them later on.

Degreaser – This is used to prep your steel door for painting by first stripping off any grease or oil stains on the surface.

Paint stripper or heat gun – If your metal door is already painted then you’ll want to remove that prior to adding on new layers. Whichever method you choose, work slow and with a delicate hand to ensure that you don’t accidentally scratch or otherwise damage the steel surface underneath.

Sandpaper – Sanding is key, even if you’re painting a steel door that hasn’t previously had a coat of paint on it. Go with a fine sandpaper at or around 400 grit, and use a light touch to gently buff the outer surface.

Multi-surface primer – Even the best paint for a metal door can only go so far if you don’t take the time to prime first. A multi-surface primer will work with both water- and oil-based paints, and will give you a good surface to start from—just be sure to check the directions on the can and apply enough coats (and to let your primer fully dry in between).

Other general painting supplies you’ll need for painting a steel door:

    • Painter’s tape
    • Paint roller (no bigger than 3/8” nap)
    • Angled paintbrush
    • Roller tray

Don’t forget protective painting gear too. You’ll want goggles and a mask for sanding, as well as the same items plus gloves if you’re planning to use oil-based paints.

For cleaning your paintbrushes and rollers, soap and water will work just fine for water-based paints but you’ll need to use special chemical solvents for removing oil-based paint.

FAQS about painting steel doors

If you’ve never painted metal before then you may be wary about tackling this project on your own. To help you out, we’ve got some quick answers to common questions about painting steel front doors, including some reasons you might want to call in a pro instead.

Can I use interior paint on a steel door?

Technically yes in that it will adhere, but it’s not going to offer you the best long-term results. Go with an exterior paint, or better yet, a paint that is specially formulated for painting metal surfaces, including doors.

How do you paint a steel door without removing it?

If you’d rather have your front door in place while you paint it that’s fine, but you’ll need to be extra careful—especially when it comes to ventilation. Use painter’s tape to carefully section off any hardware and keep windows open in addition to using a box fan or two to allow the air to circulate. Also make sure to keep children or pets away both while you’re painting and while each coat is drying.

How long should I wait in between coats of paint?

Applying another coat of paint before the previous one is fully dry will likely leave you with streaks or other unwanted texture. Read the directions carefully on both the paint and primer that you choose to see what the drying times are, and allow for plenty of air circulation to ensure that each coat dries efficiently.

When is it better to have a professional do the job?

This is ultimately up to you and depends on your skill level and confidence. Painting a steel front door isn’t necessarily a hard project, but it is time-consuming and—depending on the type of paint you’ve chosen—exposes you to toxins. If you’re at all concerned, call a service provider for a quote and find out if it would be worth handing off the task.

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Metro Vancouver homes sales slide but prices stick

With more than 15,700 homes listed for sale in a slowing market, prices may face further downward pressure

House for sale East VanSales are down, listings up and pricea are holding steady. | Western Investor

September housing sales across Greater Vancouver and the Fraser Valley dropped as much as 50 per cent compared to a year earlier, but benchmark home prices are holding relatively firm.

However, with more than 15,700 homes for sale in a slowing market, prices may face downward pressure.

Sales fell to 1,687 in the month, the lowest level for September since 2018, which marked the slowest sales month in 30 years, according to data from the Real Estate Board of Greater Vancouver (REBGV).

Total transactions through the multiple listing service were down 47 per cent from a year earlier, with some markets seeing declines above 51 per cent.

Last month’s sales were 35.7 per cent below the 10-year September sales average.

 

Despite the year-over-year sales skid, the composite benchmark home price in Greater Vancouver was up 3.9 per cent from September of last year to $1.15 million.

Sales of detached houses dropped 44.7 per cent over the year, but the benchmark price was 3.8 per cent higher than a year earlier and down just 2.4 per cent from August 2022, at $1.90 million.

In the Fraser Valley, total housing sales in September nosedived 51.9 per cent compared to September 2021, but the benchmark price of a detached house was up 4.1 per cent on the year, to $1.46 million. Townhouse benchmark prices increased 11.6 per cent from a year earlier to $822,400, while condo apartment prices were up 14.5 per cent in the same period to $530,400, despite slumping sales.

Home prices across Metro Vancouver, however, have been declining by an average of about 1.5 per cent per month for the past six months, real estate data shows.

 

“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, president of the Fraser Valley Real Estate Board. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in.”

She added, “ In the meantime, we anticipate prices may continue to decline across all categories.”

Kevin Skipworth, a partner in Dexter Associates Realty of Vancouver, noted that interest rates have increased less than prices have fallen, on a percentage basis.

The average five-year fixed-rate mortgage rate increased by 1.95 per cent in the last six months, but the price of a detached house in East Vancouver has fallen 10.6 per cent and it dropped by 13.4 per cent in North Vancouverm he said, and by double-digits in East and South Burnaby, Port Coquitlam, Maple Ridge, Pitt Meadows and Ladner, compared to April 2022.

“The benchmark detached house price in Greater Vancouver is now $173,400 less than it was six months ago, and it has fallen by $270,000 in the Fraser Valley,” Skipworth said, “That covers a lot of mortgage payments”

Listings are increasing, which may keep prices from rallying.

In Greater Vancouver, the total number of homes currently listed is 9,971, an 8 per cent increase compared to September 2021 and up 3.2 per cent from August 2022, the REBGV reports.

There are now 5,805 homes for sale in the Fraser Valley, up 52.3 per cent compared to September of 2021, the Fraser Real Estate Board reports.

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This new development is set to be the tallest tower on Beresford Street (PHOTOS)

Oct 11 2022, 8:16 am
 

If, like us, you’re naturally curious about new developments in the city and surrounding area, you’ll definitely want to check out this stunning addition.

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The construction of one of Metrotown’s tallest residential towers, Highline Metrotown, is currently underway. And, once completed in the summer of 2023, the 48-storey building will be the highest structure on Beresford Street.

Leading real estate developer Thind is currently launching the second phase of the project — the Sky Estates collection. Spanning floors 33 to 48, this exclusive collection will consist of luxurious one-, two-, and three-bedroom homes.

Each condo will soar above Metrotown, giving residents a breathtaking view from every angle. With unobstructed views of the mountains, central Burnaby, and the water, there will be unique beauty everywhere you look.  

Elevated design

The Sky Estates homes offer a level of sophistication and elevation that rivals even the finest five-star hotels. Inside, the developer and designers have prioritized attention to detail everywhere, from functionality to luxury finishes. Imported Italian cabinetry, airy 9 ft ceilings, ultra-wide-plank laminate wood flooring, and high-efficiency heating and air-conditioning for year-round comfort are among the exceptional features in every home.

Each space also boasts a sizeable balcony, creating a desirable outdoor living area where you can take in the magnificent views. To ensure maximum privacy, roller shades are also featured in the bedrooms.

Stunning interiors

Sleek and modern interiors make for a sight almost as beautiful as the landscape outside your window. The Sky Estates kitchens are spaces you’ll truly want to spend time in, whether it’s cooking up everyday meals or hosting a dinner party with friends. Features include engineered quartz stone countertops, full-height backsplashes, abundant storage, overhead illuminated recessed lighting, and soft, under-cabinet lighting.

Bathrooms continue the elevated tone, with stainless steel rainfall glass door showers, quartz countertops, expansive mirrors, and porcelain and marble tiles — all creating a spa-like ambience. 

Amenities galore

The location of the tower in Metrotown, Burnaby — an area on its way to becoming an urban hotspot with a fast-growing population — means everything you need is within reach. Highline is just steps away from numerous cafes, parks, schools, and, of course, Metropolis at Metrotown — BC’s largest shopping mall. It’s also conveniently situated a stone’s throw from Metrotown SkyTrain Station, making commuting effortless. 

What’s more, Sky Estates residents will also have access to an on-site, full-service concierge to handle their daily needs, as well as a fully secured underground parking garage with remote entry. The building also features secure FOB entry and elevator access on each floor for residents’ safety.


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The gap between construction and demand is expected to be as much as 3.5 million units by 2030, Crown corporation says

CMHC: Housing starts to fall short of demand even under best-case scenarios

Even under the most optimistic scenarios, housing starts are likely to end up significantly lower than the 2030 affordable housing supply targets established by the Canada Mortgage and Housing Corporation, the agency said in a new report.

Markets that will be particularly affected are British Columbia, Ontario, and Quebec.

“Two-thirds of the 3.5 million housing unit gap are in Ontario and British Columbia,” CMHC said. “These two provinces have housing markets that are not affordable, and they have faced large declines in affordability.”

 

Only Alberta is expected to achieve its affordable housing supply target by 2030.

“We didn’t think the challenges were this acute,” said Dana Senagama, report co-author and senior specialist in market insights at CMHC. “We thought that there was more capacity in order to achieve these goals. These provinces are going to have problems, but how much they will have… is what was more surprising.”

Read moreStatCan on the pace of growth in building permit values

“There are significant barriers to achieving this quantity of supply,” CMHC said. “Currently, skills shortages and supply-chain challenges are pushing up construction costs – meaning it can take more time to build.”

Complicating matters are the long-standing challenges posed by regulatory red tape, CMHC added.

 

“It can take many years to obtain approval for new construction in some parts of Canada. Without any means of lowering Canadians’ demand for housing, increased housing supply is the only means of achieving affordability.”

Senagam suggested an intensified focus on building apartments to address the lack of supply.

“Labour is able to get more things done within the same building, so it’s easier to move equipment and cranes as opposed to in those big, low-rise subdivisions, where it appears … that more workers are needed to move between one house and another,” Senagam said.

 
 
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News Release


Metro Vancouver saw more home sellers and fewer buyers in September:


Vancouver, B.C. – October 4, 2022 – Home sellers were more active in Metro Vancouver’s*
housing market in September while home buyer demand remained below the region’s long-term
averages.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded
in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.
Last month’s sales were 35.7 per cent below the 10-year September sales average.


“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,” said
Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more
challenging environment for borrowers looking to purchase a home, and home sales across the
region have dropped accordingly.”


There were 4,229 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an
18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent
increase compared to August 2022 when 3,328 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase
compared to August 2022 (9,662).


“With fewer homes selling and new listings continuing to come to market, inventory is
beginning to accumulate, providing buyers with more selection compared to last year,” Lis said.
“With more supply and less demand within this market cycle, residential home prices have
edged down in the region over the last six months.”


For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By
property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and
20.9 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021,
an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August
2022.


Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950
detached sales recorded in September 2021. The benchmark price for a detached home is
$1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent
decrease compared to August 2022.


Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to
the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This
represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared
to August 2022.


Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the
578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This
represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to
August 2022.



*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple
Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,
Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.


The real estate industry is a key economic driver in British Columbia. In 2021, 43,999 homes changed ownership in
the Board’s area, generating $2.98 billion in economic spin-off activity and an estimated 20,942 jobs. The total
dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $53.4 billion in
2021.


The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.

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Fraser Valley real estate market continues to stabilize heading into fall season


SURREY, BC — Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.


In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service® (MLS®), a decrease of 11.8 per cent compared to last month and a 51.9 per cent decrease compared to this time last year.


 


The Board received 2,273 new listings in September, an increase of 11.1 per cent compared to August, and only 2.9 per cent less than September 2021. The month ended with a total active inventory of 5,805, a decrease of 1.1 per cent from last month but up by 52.3 per cent compared to September 2021. Once again, September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).


 


“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”


 


Weaker demand in the face of interest rate hikes, continued to bring downward pressure on Benchmark prices across all property categories. Prices have been falling steadily since late spring and, in the case of detached homes, are at October 2021 levels.


“It’s encouraging to see inventories start to rise in the region, however slight,” said Board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”


 


Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.
  • Townhomes: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.
  • Apartments: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021.
 
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I have sold a property at TH-5 4182 DAWSON ST in Burnaby. See details here

Rarely available townhouse in Tandem 3 in the heart of North Burnaby's fast growing Brentwood Park community. Only minutes walk away from Gilmore Skytrain Station, Brentwood Mall, restaurants, and only a short commute away from SFU and downtown Vancouver! The clean and tastefully updated interior boasts two bedrooms, two bathrooms, newer kitchen stainless steel appliances, new washer and dryer, MYSA smart home, storage locker, and two dedicated, secured parking stalls at your back door through your own mud room . Top the list off with high vaulted ceilings, floor to ceiling windows with electric blinds, multiple outdoor patio areas, nice lawn space as well! Amenities include hot tub, sauna, exercise center and a rooftop garden for entertaining. Pet and rental friendly.

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METRO VANCOUVER MARKET HIGHLIGHTS
AUGUST 2022
DETACHED
Active Listings:
4,230
Sales:
517
Benchmark Price:
$1,954,100
Avg. Days On Market:
31
TOWNHOUSE
Active Listings:
1,404
Sales:
355
Benchmark Price:
$1,069,100
Avg. Days On Market:
28
APARTMENT
Active Listings:
4,028
Sales:
998
Benchmark Price:
$740,100
Avg. Days On Market:
28

Metro Vancouver's housing market sees fewer home buyers and sellers in August

August 2021
3,152
Sold
August 2022
1,870
Sold
(-40.7%)
Residential property sales in Metro Vancouver

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."
Andrew Lis, REBGV Director, economics and data analytics

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Sales-to-active listings ratio - August 2022
Detached homes
12.2%
Townhomes
25.3%
Condominiums
24.8%
Total 19.4%

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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

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Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises


SURREY, BC — Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.


In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.

 


The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).


 


“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”


 


Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.


“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”


 


Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.
  • Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.
  • Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.


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Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market


SURREY, BC – The Fraser Valley real estate market saw sales fall again in July in the face of continued interest rate hikes, as the government struggles to bring inflation under control.


In July, the Fraser Valley Real Estate Board (FVREB) processed 993 sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent from the previous month and a 50.5 per cent drop compared to July 2021, when the province was still in acute pandemic mode. July new listings totaled 2,385, a 28.4 per cent decrease compared to June and a decrease of 1.9 per cent compared to July 2021.


 


Active listings, at 6,413, remained relatively unchanged from June and were up 30.9 per cent over last July — bringing the sector into balance for townhomes and detached homes (sales-to-active ratios: 18 per cent and 12 per cent, respectively); and favouring sellers slightly for apartments (28 per cent). The market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent.


 


The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March. Residential combined properties benchmark prices are still up year-over-year by 18.1 per cent.


 


“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz. “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property."


Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.




 


“With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®,” said Board CEO, Baldev Gill. “Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.”


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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.