The state of the Metro Vancouver real estate market comes down to this: “Over to you, sellers.”
Once again, statistics from the Real Estate Board of Greater Vancouver demonstrate that the market is showing signs of good health. All it needs is more listings, from sellers who have been waiting to see if the market has turned.
In its monthly news release, the REBGV said:
“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”
Home sales are down significantly (42.5), as expected, for March as compared to the same month in 2022 — when the market was hot. However, total sales of all types of housing rose by more than 37 per cent from February 2023 to March.
“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” said Andrew Lis, REBGV’s director of economics and data analytics. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”
In March, there were 4,317 new listings in all categories throughout Metro Vancouver. That’s down from 6,690 new listings for the same month a year ago, a drop of 35.5 per cent.
Meanwhile, home prices continue to rise. The sales-to-active listings ratio last month was 30.7 per cent. Anything over 20 per cent — for several months — puts upward pressure on home prices. They go up. The biggest increases are for townhomes (36.7 per cent) and apartments (34.9 per cent).
Sales are also increasing, modestly, compared to figures from February 2023.
The wait for the sellers continues.
Sometimes “less” really is “more.” How can that be? The accepted and somewhat traditional progression of life is acquiring “more.” It starts with a home and all that goes in it.
For Baby Boomers, that usually meant a house in the suburbs with a yard. The bigger, the better. For both! And when you have a big house and big yard, that’s a lot of space to fill with…stuff.
Well, for boomers and the generations following them, the times they are a-changin’…in so many ways. Every generation is gaining an insight into this new lifestyle, and an increasing number of people are buying into it.
Less really is more.
Life in the Lower Mainland is one of the ultimate examples. With a finite area in which to live and work, and with the population’s growing at a rapid pace because of the climate,
the beauty and the lifestyle, quality almost has to overcome quantity. A condo/apartment, generally with less square footage, has happily become the “home” that single-family dwellings always were. That lifestyle exemplifies the simplicity of “less really is more.”
Look beyond the square footage of your home. With a smaller domicile, there is less maintenance, less up-front cost, and less likelihood of fewer furnishings, be they couches and chairs, lamps or pictures on the wall. Here’s another advantage — less cleaning!
So if you’re moving from a larger space, it’s a good time to give a new life to those over-sized pieces of furniture, or the books overflowing the bookshelf, or the tools and kitchen accoutrements that seldom get used any more. Moving, after all, is a new life and with so many ways to sell items today, it’s an easier transition than it used to be.
And you don’t have to move to live a less-really-is-more existence, Researchers say that getting rid of clutter has been shown to add some calm to your life, whether it’s in a studio apartment or a five-bedroom home.
Simplifying your life goes beyond space. Many of the options in “less is more” lives are environmentally-friendly. It could be anything from recycling clothing, giving gifts that are clutter-free (gifts of time or gift cards) or just spending less on what we loosely call stuff.
The first question is: “Do you need the “more” in your life, or will you be just as happy with “less?” When it comes to housework, that’s a no-brainer, isn’t it?