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As a first time home buyer, Hafez’s knowledge, patience, and commitment were absolutely key. Hafez made the buying process as painless as possible and was always available to answer any questions I had or assist. I love my new home and could not have done it without Hafez - I couldn’t be happier with his service.

A.O
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November 2023 Top Ten

Thank you to my clients for your support and business. Congratulations to my fellow colleagues.

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Softening Home Sales but Prices Remain Firm Across BC

Vancouver, BC – December 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,630 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in November 2023, an increase of 2.2 per cent from November 2022. The average MLS® residential price in BC was $964,246 up 6.6 per cent compared to November 2022. The total sales dollar volume was $4.5 billion, representing an 8.9 per cent increase from last year.

“Despite high mortgage rates and generally weak sales, home prices across the province have been remarkably resilient in 2023,” said BCREA Chief Economist Brendon Ogmundson. “Low inventory has meant that prices hold firm even at the much-reduced levels of sales activity experienced this year.”

On a seasonally adjusted basis, active listings in the province have increased for the sixth consecutive month and are now back to their highest level since August 2020.

Year-to-date BC residential sales dollar volume was down 12.4 per cent to $67.5 billion, compared with the same period in 2022. Residential unit sales were down 9.8 per cent to 69,551 units, while the average MLS® residential price was down 2.9 per cent to $971,069.

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Provided by: BCREA

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NEW PRICE - 842 Runnymede Avenue, Coquitlam, Coquitlam West

Stunning, Brand New Home

7 Bed, 8 bath, 5447sqft

New Price $3,388,800

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Luxury living at its finest. Top to bottom, in/out no expense spared. A 7bed/8bath/dbl garage/5,447sqft home on a 7,884sqft 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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Balanced conditions come to the Metro Vancouver housing market  for the holiday season

VANCOUVER, BC – December 4, 2023– With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2023. This represents a 9.8 per cent increase compared to the 3,069 properties listed in November 2022. This was 2.8 per cent below the 10-year seasonal average (3,464).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5 per cent increase compared to November 2022 (9,633). This is 3.7 per cent above the 10-year seasonal average (10,543).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3 per cent. By property type, the ratio is 12.7 per cent for detached homes, 19.8 per cent for attached, and 18.2 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.

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,185,100. This represents a 4.9 per cent increase over November 2022 and a one per cent decrease compared to October 2023.

Sales of detached homes in November 2023 reached 523, a seven per cent increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8 per cent increase from November 2022 and a 0.9 per cent decrease compared to October 2023.

Sales of apartment homes reached 850 in November 2023, a 0.4 per cent increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2 per cent increase from November 2022 and a one per cent decrease compared to October 2023.

Attached home sales in November 2023 totalled 316, a 12.5 per cent increase compared to the 281 sales in November 2022. The benchmark price of a townhouse3 is $1,092,600. This represents a 6.9 per cent increase from November 2022 and a 0.7 per cent decrease compared to October 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 Sold - 23404 Whippoorwill Avenue, Maple Ridge, Cottonwood

Rancher-style Home

3 Bed, 2 Bath, 1,384sqft

New Price $989,000

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Located in Cottonwood, a desirable suburb of Maple Ridge, this well-kept single-level rancher is the one you have been looking for. Welcome to this 3 bed, 2 bath, 1384sqft home on a 6956sqft level lot at the top of a cul-de-sac. Features: laminate flooring throughout, separate living and dining rooms, spacious kitchen with eating area, access to a large covered patio & a cozy fireplace. The massive primary bedroom has 4pc ensuite and large walk-in closet. The 2nd and 3rd rooms are well sized. Other notables include: single car garage, mud/laundry room, hi-efficiency furnace, double glazed windows and plenty of natural light. Bonus: tons of parking, including RV parking, and fully fenced yard. Act Now! Call for your private viewing.

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Just Sold - 307 1345 Comox Street, Vancouver, Vancouver West

Your chance to own this meticulastly renovated 1 bed home situated in the heart of the West End. You’ll love coming home to this quiet oasis featuring open floor plan, brand new chef’s kitchen w caesarstone waterfall counter & custom cabinetry, spa inspired bath, white oak flooring throughout, custom built storage & all renovations by professional builders, designers & trades. Enjoy the best of indoor/outdoor living w stunning covered private terrace, 1 secure parking stall, and oversized storage locker. Pets & Rentals welcome.

Listing offered by: Macdonald Realty Westmar

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Just Sold - 2784 Mara Drive, Coquitlam, Coquitlam East

Endless Views

5 Bed, 4 Bath, 4,447sqft

Priced at $2,198,800

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Stunning, unobstructed South/East views; Mt. Baker, Golden Ears and more. Perched at a high point, offering unrivaled privacy, sits this completely renovated 5bed/4bath/3lvl/4,447sqft home on a massive 12,508sqft lot in Coquitlam East. Main: open layout, wall-wall windows offering an abundance of light, Brazilian cherry floors, large kitchen w/stone counters, Thermador 6 burner stove & top-line SS appls, den, family rm w/gas FP & access to deck overlooking the yard. Up: spacious primary w/spa inspired ensuite, 2 well-sized rms & 4th bed/rec room. Down: bedroom, 3pc bath, rec rm w/wet bar, wine fridge & built-in speakers, gym w/glass wall & tons of storage. Bonuses: large finished garage, EV charger, tankless HW, A/C, backup generator, copper piping & more. Act now!

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BC Markets Finding Balance at Low Levels of Activity

Vancouver, BC – November 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,373 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in October 2023, an increase of 1.8 per cent from October 2022. The average MLS® residential price in BC was $968,786 up 4.1 per cent compared to October 2022. The total sales dollar volume was $5.2 billion, representing a 6 per cent increase from the same time last year.

“Home sales have slowed as expected given high borrowing costs and a punishing stress test,” said BCREA Chief Economist Brendon Ogmundson. “However, the inventory of homes for sale remains quite low, despite a modest uptick in new listings. Consequently, markets have found balance, though at a very low level of activity.”

On a seasonally adjusted basis, active listings in the province have increased for the fifth consecutive month, but still remain low by historical standards and fall short of what is typically required for a sustainable market balance in the long term.

Year-to-date BC residential sales dollar volume was down 13.6 per cent to $63.1 billion, compared with the same period in 2022. Residential unit sales were down 105 per cent to 64,936 units, while the average MLS® residential price was down 3.4 per cent to $971,802.

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Provided by: BCREA

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Just Listed w/ a NEW PRICE - 137 1460 Southview Street, Coquitlam, Burke Mountain

Stunning Townhome

4 Bed, 4 bath, 1,900sqft

Priced at $1,099,900

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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. Act Now! Open Nov 18 & 19 from 2 to 4.

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Just Listed - 2784 Mara Drive, Coquitlam, Coquitlam East

Endless Views

5 Bed, 4 Bath, 4 447sqft

Priced at $2,198,800

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Stunning, unobstructed South/East views; Mt. Baker, Golden Ears and more. Perched at a high point, offering unrivaled privacy, sits this completely renovated 5bed/4bath/3lvl/4,447sqft home on a massive 12,508sqft lot in Coquitlam East. Main: open layout, wall-wall windows offering an abundance of light, Brazilian cherry floors, large kitchen w/stone counters, Thermador 6 burner stove & top-line SS appls, den, family rm w/gas FP & access to deck overlooking the yard. Up: spacious primary w/spa inspired ensuite, 2 well-sized rms & 4th bed/rec room. Down: bedroom, 3pc bath, rec rm w/wet bar, wine fridge & built-in speakers, gym w/glass wall & tons of storage. Bonuses: large finished garage, EV charger, tankless HW, A/C, backup generator, copper piping & more. Act now! Open Nov 12 from 2 to 4.

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Just Sold - 12431 188A Street, Pitt Meadows, Central Meadows

Family Home

4 Bed, 3 Bath, 2,198sqft

Priced at $1,198,800

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Solid family home in desirable Central Meadows neighborhood of Pitt Meadows. Excellent location close to: Pitt River & Golden Ears bridges, West Coast Express, schools, parks, recreation, shopping and much more. This 4bed/3bath/2198sqft home sits on a fully fenced, private & level west facing 6000sqft lot. Features: laminate flooring, spacious master w/ensuite, well sized 2nd & 3rd rooms, & freshly painted including exterior trim. Lower: can be easily suited w/separate access; perfect mortgage helper, & a layout that can accommodate space for upstairs living; rec room or additional bedroom. Bonus: 2 gas F/Ps, huge double car garage, plenty of driveway parking, 4y/o HW tank, 1y/o furnace.

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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.