While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the volume of home sales.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

"It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions. If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand." - Andrew Lis, REBGV director of economics and data analytics

Listings

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Sales-to-active listings ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 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.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said.

“If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

By property type

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

REBGV Stats Package for January 2024

SURREY, BC – The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.

FVREB Stats Package for January 2024

Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations are lengthy and complex and brokers and REALTORS®  often experience difficulties in their quest to comply.

To assist brokers and Realtors, the Canadian Real Estate Association (CREA) provides a range of FINTRAC regime compliance materials, which it has just updated. 

Important changes highlight areas where real estate professionals are encountering difficulties in complying, including: 

1. Revisions to the client risk section of CREA’s Information Record templates to assist members in determining a client’s risk of money laundering and terrorist financing.

2. A revised Receipt of Funds template to make it clearer that information on the person providing the funds needs to be recorded.

3. An updated Risk Assessment Form that’s intended to assist brokers, step-by-step, in determining their brokerage’s risk of money laundering or terrorist financing.

These updated materials are now posted on CREA’s FINTRAC compliance portal. 

FINTRAC forms are also now available on CREA WEBForms®.

If you have questions, concerns of comments, contact CREA’s Legal team by email at legal@CREA.ca.

You can also contact Harriet Permut, Real Estate Board of Greater Vancouver director of government relations at hpermut@rebgv.org.

Note from Unilife Realty: the FINTRAC forms have been updated on the Unilife Realty Intranet. You can also find the revised FINTRAC FAQ from December 2023 in the FINTRAC FORMS category on the DOCUMENTS page.

If you use FINTRAC forms that have been saved to your computer, please replace them with the most current versions. 

You will see ‘2014 - 2023. v.1.0.’ or  '2021 - 2023. v.1.0.' as the revision date at the bottom of the updated forms.

The FINTRAC forms with the 2014 - 2023. v.1.0. revision date includes:

• FINTRAC - Corporation Entity Identification Information Record - (CREA)

• FINTRAC - Individual Identification Information Record - (CREA)

• FINTRAC - Receipt Of Funds Record - (CREA) 

The FINTRAC forms with the 2021 - 2023. v.1.0. revision date includes:

• FINTRAC - Beneficial Ownership Record - (CREA)

• FINTRAC - Politically Exposed Person_Head of International Organization Checklist_Record - (CREA)

The updated FINTRAC forms are also available on WEBForms.

CHANCE TO WIN $10,010 cash

DATE: Thursday January. 25, 2024

TIME: 2:00 pm

LOCATION: JUNO Sales Gallery, #1-13890 104 Ave., Surrey

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Step into the glamour of Hollywood as we transform Surrey's largest Sales Gallery into a red-carpet affair. Indulge in an afternoon of exquisite cocktails, delightful canapés, entertainment, and the chance to win fabulous prizes. Don't miss this exclusive opportunity to discover more about Surrey's hottest pre-sale. RSVP now and be a part of the excitement!

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Parking:
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*business card required upon event and giveaway entry 

Get Directions to Our Sales Gallery

DATE:          Friday, February 02, 2024

TIME:          11:30 am

LOCATION: Oakridge Park Gallery | 1067 West Cordova St., Vancouver

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Mr. Grant Murray will be presenting the PIANO. A standout architectural masterpiece with a curved façade, forming a grand motor court and a secluded courtyard.

DATE:          Tuesday January 30, 2024

TIME:          10:30 am – 12:00 pm (complimentary breakfast)

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Federal and provincial statutes, the Criminal Code, common law, regulations, rules, standards, and our obligations that come with the REALTOR® Code and Rules of Cooperation have a lot to say about how we conduct ourselves and what we must do in particular situations. 

Regulators and the statutes they enforce can be quite prescriptive, meaning they’re very specific about what we’re required to do in certain circumstances; for example, getting a potential client to promptly execute a Disclosure of Representation in Trading Services form and giving a written disclosure to buyers when a material latent property defect has been discovered. 

Codes of conduct often aren’t as prescriptive because they’re more general and aspirational. For example, they might state, “We’re REALTORS® and we will conduct ourselves with absolute civility.” This is pretty subjective, with as many shades as there are members. 

The problem with prescriptive requirements is they don’t cover all situations, and they sometimes prompt those who are being regulated to look for “workarounds.” Should we, as professionals, be looking for loopholes in our conduct requirements? Or should we act within the requirements and the spirit of those requirements? What do you think?

"Human nature being what it is, there’s no way to create rules and standards covering everything we do. The more rules and standards we have, the more opportunity there is to argue whether they apply in a particular situation and what a workaround might be. That, by the way, is where I spend a lot of time: talking to members about a standard or rule and how it affects them."

We have written standards generally telling us how we should act and what we must do in specific situations. 

This brings me to my theme of the glue holding everything together. That’s a phrase that reminds me of suffering through grade 10 physics, with my teacher shaking his head while calling me a great steaming twit (times were different back then). I learned about the things that hold our universe together, which I’ve now forgotten. Maybe it’s gravity. Who knows? I also learned—and then forgot—about the things holding our atoms and molecules together.

You get the point, I hope.

The universe, our bodies, solar systems, and, yes, our profession have a type of glue holding everything together. Each has individual components—planets, atoms, molecules—swirling around, sometimes in isolation and other times colliding. 

For us and our profession, it’s the Real Estate Services Act and all the other relevant acts, the BC Financial Services Authority, FINTRAC, and the competition police (to name a few), as well as our Board’s standards: the REALTOR® Code of Ethics, Rules of Cooperation, and the Constitution and Bylaws. All describe how we should behave and what we must do.

These are also the source of a lot of complaints. For example:

“They didn’t tell me there was more than one offer as required by ROC 4.04.” 

“The seller accepted an early offer, contrary to ROC 4.02.” 

“So-and-so used my photos in their new listing (ROC 3.06(a).” 

These examples are only some of the reasons why members complain. Mostly, members complain about how they’ve been treated by other members. The behaviour they expected from a colleague didn’t happen, and they’re miffed about it. 

What we expect from others isn’t usually written down and codified. I call that behaviour expected business conduct. It’s similar (and in many respects tied to) the social norms and niceties we expect in a civil society. Expected business conduct like civility doesn’t live in a document or a place on the Internet. It lives in each of us and governs the behaviour we expect from others. When the behaviour matches or is close to what we expect, we’re pleased. When it isn’t, we’re not.

So along with all the laws, rules, and regulations, expected business conduct also binds us together. This is not something that can be codified the way rules are, but your Pledge of Professionalism and the “do unto others, as you would have them do unto you” written into our REALTOR® Code are evidence of expected business conduct. They don’t, and can’t, describe everything, but in general terms, they represent how we ought to behave as members of this profession. And even though they aren’t spelled out for every possible case, I believe most of us have a pretty good idea of how professionals ought to conduct themselves.

"Paying attention to statutes, rules, and codes is the minimum standard we should expect from colleagues. The higher standard is paying attention to all that PLUS being civil, respectful, compassionate, communicative, and yes, knowledgeable. Together, that’s the glue that holds us together."

With the start of a new year, give a few minutes to think about that glue and how important it is to you and your professional experiences. Expected business conduct isn’t optional. It’s as vital to the you and your profession as food, air, and security is to every living thing.

I wish you the best. 

Property owners receive their 2024 assessment notices the first week of January, an assessment which reflects the market value as of July 1, 2023.

Assessments remained in a narrow range compared to last year in Greater Vancouver and “most homeowners can expect only modest changes in the range of -5% to +5%,” according to BC Assessment (BCA) Assessor Bryan Murao. “These assessment changes are notably less than previous years,” Murao said.

For detached homes, Belcarra led the way with a nine per cent increase, followed by Burnaby, Coquitlam, and Vancouver, each with four per cent increases.

For strata homes, Richmond led the way with a four per cent increase followed by New Westminster and Port Coquitlam, each with a three per cent increase.

For detached homes, the biggest drop was in Sechelt which saw a six per cent decrease, followed by Gibsons, with a four per cent decrease. Squamish stratas declined two per cent, while Whistler stratas declined one per cent.

For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2023.

Viewing the assessment notice

Property owners can also see a property’s assessment using the address on BCA’s website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.

If property details are incorrect, property owners are directed to complete and submit an Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed. 

Deadline to appeal assessment is January 31, 2024

Property owners who disagree with their assessment should do homework by:

• comparing their assessment with neighbouring properties; and

• contacting BCA at 1-866-825-8322, talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.

Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal.  

Each year less than one per cent of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1‑866-825-8322. 

Sample property value changes year-over-year, by neighbourhood

Source: BC Assessment

Read more about Greater Vancouver assessments.

Did you know?

• BCA is a provincial Crown corporation, since 1974 responsible for determining and reporting property value estimates.

• Number of properties assessed province-wide: 2,184,692 an increase of one per cent from 2023.  

• Total value of the 2024 roll is $2.79 trillion, an increase of three per cent from 2023.

• Total value of new construction, subdivisions and rezoning: $39.62 billion, an increase of 18+ per cent from the 2023 Roll of $33.52 billion.

• For the Lower Mainland region, total assessments increased to nearly $2 trillion in 2024, up from $1.94 trillion in 2023.

• $27.2 billion of the Lower Mainland region's updated assessments is from new construction, subdivisions and the rezoning of properties. 

Read about Lower Mainland highlights

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?

Contact BC Assessment

More info

View BC’s 500 highest valued properties.

Learn more about Lower Mainland assessments.

Learn about province-wide assessments. 

Starting on January 4, 2024, please start using the updated version of the Privacy Notice and Consent and the Exclusive Listing Contract. These forms have been updated on the Unilife Intranet and in WEBForms.

If you have a previous version saved to your computer, please update with the current version dated JAN 2024.

• Privacy Notice and Consent

• Exclusive Listing Contract