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2023 Achievements

Thank you to all my clients for your continued support and trust. Truly grateful and humbled to have been able to assist you with your real estate needs. Trust The Value.

2023 Year Achievements:

Royal LePage National Top 5%

Royal LePage Ruby Award Top 10% of all BC Agents

Royal LePage West Real Estate Services Top 10 (#7)

Greater Vancouver Realtors Medallion Award Top 10% of all agents

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Housing Market Activity Picks Up to Start 2024

Vancouver, BC – February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2024, an increase of 29.4 per cent from January 2023. The average MLS® residential price in BC in January 2024 was up 10.5 per cent at $957,909 compared to an average price of $866,922, the low-point for average prices over the past two years. The total sales dollar volume was $3.8 billion, an increase of 42.9 per cent from the same time in the previous year.

"Home sales are on a clear uptrend to start 2024," said BCREA Chief Economist Brendon Ogmundson. "A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines."

The total number of active listings, though up year-overyear, remains relatively low by historical standards. New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate.

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Provided by: BCREA

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January 2024 Top Ten

Thank you to my clients for your support and trusting me to assist you with your real estate needs. 

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Just Listed - 1928 Dawes Hill Road, Coquitlam, Capehorn

Brand New Home

7 Bed, 8 bath, 5,417sqft

Priced at $2,998,800

Open house Feb 24 & 25, 2-4pm

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Welcome to this custom-built home in the desirable Capehorn neighborhood of Coquitlam. This 5,417sqft/7bed/8bath/3lvl home on an extensively landscaped 9622sqft lot w/southern city views will not disappoint. Enjoy quality finishing & craftsmanship, an open layout & luxury features. Main: engineered oak & tile floors, formal dining & living rms, large kitchen w/top line appls, spice kitchen, family rm, bed w/4pc ensuite, large mud rm & a large covered deck. Up: spacious primary w/walk-in, 5pc & private deck & 3 well sized rms each w/ensuites. Down; rec rm, games rm, bar area, 4pc bath & a massive crawl space. The bright, partially above-ground 2bed/1bath suite is a perfect mortgage helper. Bonus: radiant heat/AC/HRV/Smart boiler, large dble car garage, tons of parking & lane access. Act Now!

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Home sales across Metro Vancouver’s housing market off to strong  start in 2024

VANCOUVER, BC – February 2, 2024 – 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 jump in home 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,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

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).

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.”

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, an 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.

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Provided by: REBGV

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, 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.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property. The Real Estate Board of Greater Vancouver is an association representing more than 15,000 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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Just Listed - 842 Runnymede Avenue, Coquitlam, Coquitlam West

Stunning, Brand New Home

7 Bed, 8 bath, 5447sqft

Priced at $3,398,800

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Luxury living at its finest. Top to bottom, in/out no expense spared. A 7bed/8bath/dbl garage/5447sqft home on a 7884sqft South facing level lot w/lane access in desirable Coquitlam West. Features: over height ceilings, 8 zone radiant heat, AC, 4 camera sec, Ubiquity WiFi, Fisher & Paykel appliance package, spice kitchen, guest bed on main floor, mud room, 2 bed legal suite, media room w/bar area; perfect for pool table, space for home gym, Sonos speaker system, rich designer feature walls & much more. The stunning great room has 20’ ceilings & direct yard access. Enjoy summer nights on the spacious covered deck w/speakers. Indulge in a stunning primary suite w/spa inspired ensuite, soaker tub & oversized shower. All this and a location that can’t be beat!

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BC Housing Market Set to Rebound Amidst Changing Interest Rate Environment

Vancouver, BC – January 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS® ) residential sales in BC are forecast to increase 7.8 per cent to 78,775 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,475 units.

"In 2023, the housing market faced headwinds due to elevated mortgage rates, but the recent decline in fixed mortgage rates and potential Bank of Canada rate cuts present an optimistic outlook for 2024," said Brendon Ogmundson, Chief Economist. "As we navigate through 2024, we expect a delicate balance between rising sales and normalizing inventories, which should lead to a relatively quiet year for prices." With substantial progress in bringing inflation back to 2 per cent and a softening in economic growth and employment, there is less necessity for monetary policy to remain stringent. Therefore, we anticipate the Bank of Canada will begin to lower its policy rate this year, leading to higher provincial home sales. The ultimate impact on prices hinges entirely on how inventory evolves this year. While risks to the economy remain, our view is that new listings normalize following a lull in activity last year. That normalization of new listing activity should result in a more balanced market this year with relatively stable pricing.

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Provided by: BCREA

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The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction. In China, low consumer confidence and policy uncertainty will likely restrain activity. Meanwhile, oil prices are about $10 per barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have eased, largely reversing the tightening that occurred last autumn.

The Bank now forecasts global GDP growth of 2½% in 2024 and 2¾% in 2025, following 2023’s 3% pace. With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025.

In Canada, the economy has stalled since the middle of 2023 and growth will likely remain close to zero through the first quarter of 2024. Consumers have pulled back their spending in response to higher prices and interest rates, and business investment has contracted. With weak growth, supply has caught up with demand and the economy now looks to be operating in modest excess supply. Labour market conditions have eased, with job vacancies returning to near pre-pandemic levels and new jobs being created at a slower rate than population growth. However, wages are still rising around 4% to 5%.

Economic growth is expected to strengthen gradually around the middle of 2024. In the second half of 2024, household spending will likely pick up and exports and business investment should get a boost from recovering foreign demand. Spending by governments contributes materially to growth through the year. Overall, the Bank forecasts GDP growth of 0.8% in 2024 and 2.4% in 2025, roughly unchanged from its October projection.

CPI inflation ended the year at 3.4%. Shelter costs remain the biggest contributor to above-target inflation. The Bank expects inflation to remain close to 3% during the first half of this year before gradually easing, returning to the 2% target in 2025. While the slowdown in demand is reducing price pressures in a broader number of CPI components and corporate pricing behaviour continues to normalize, core measures of inflation are not showing sustained declines.

Given the outlook, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.

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Provided by: Bank of Canada

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The 2023 Housing Market was Defined by High Rates and Slow Sales

Vancouver, BC – January 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 73,109 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2023, a 9.2 per cent decline from 80,506 units sold in 2022. The annual average MLS® residential price in BC was $971,144, a 2.6 per cent decrease from $996,943 recorded the previous year. Total sales dollar volume was $71 billion, an 11.5 per cent decline from 2022.

“The highest mortgage rates in over 15 years led to the slowest sales in a decade for BC,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates falling to start the year and the potential for Bank of Canada rate cuts on the horizon, the outlook for 2024 appears much brighter.”

A total of 3,596 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in December 2023, an increase of 2.6 per cent from December 2022. The average MLS® residential price in BC was $965,447 a 6.5 per cent increase from $906,356 recorded in December 2022. Total sales dollar volume was $3.5 billion, a 9.3 per cent increase from the same time last year.

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Provided by: BCREA

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When my wife and I embarked on the journey of buying and selling our home, we were fortunate enough to have Hafez as our realtor. Over the course of two property purchases and sales, Hafez has proven himself to be an exceptional real estate professional.

One of Hafez's standout qualities is his in-depth market knowledge. He provided us with exceptionally accurate insights, which were invaluable in making informed decisions about both buying and selling our properties especially in today's market. His advice was always spot-on, reflecting a deep understanding of the real estate market's dynamics.

Beyond his professional expertise, Hafez is an incredibly personable individual. His warm and friendly demeanor made every interaction enjoyable. Over time, he has become more than just our realtor; he has become a friend. This personal connection added a level of comfort and trust to our dealings that we hadn't experienced before.

Hafez's approach to real estate is commendable. He combines his market savvy with a genuine care for his clients' needs and desires. This combination not only led to the successful sale of our home but also to a truly enjoyable experience. We couldn't recommend Hafez enough to anyone looking for a knowledgeable, personable, and trustworthy real estate professional.

K. S. & C. M. 

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Just Sold - 137 1460 Southview Street, Coquitlam, Burke Mountain

Stunning Townhome

4 Bed, 4 bath, 1,900sqft

Priced at $1,099,900

Click here for more...

Burke Mountain: 1 of the best values available. Don't miss this one! South facing townhome complete with a fenced yard. Welcome to this 4bed/4bath/3lvl/1900sqft home located in Cedar Creek complex of desirable Burke Mountain. Main: 9' ceilings, great room style layout w/living area & kitchen w/SS appls, plenty of cupboard & counter space, island & breakfast bar, convenient pantry & access to large deck. Entertain in a formal dinning area w/cozy F/P & benefit from renovated powder rm & laundry. Up: large primary bedroom w/excellent closet space, 5pc ensuite w/dual sinks & soaker tub. The 2nd & 3rd rooms are well sized. Down: offers a huge room w/4pc bath; perfect for adult kids or guest room. Bonus: tons of storage, single car garage & covered carport.

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Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory

VANCOUVER, BC – January 3, 2024– Metro Vancouver’s1 housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021.

Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272).

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.”

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021.

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023.

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.”

December 2023 Summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114).

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 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.

Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023.

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023.

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse3 is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023.

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Provided by: REBGV

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, 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.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 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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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.