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GREATER VANCOUVER HOUSING SUPPLY INCREASES IN SEPTEMBER WITH LITTLE IMPACT ON PRICE
The Real Estate Board of Greater Vancouver released their recent report on the September market that shows a drop in prices, but not the extent that many Vancouverites were hoping for.
Findings from the report show that there were more active sellers than buyers in the market. Last month’s sales were 35.7 per cent below the 10-year September sales average. A statistic that Clay Jarvis, a spokesperson for NerdWallet, says is not surprising. While the market saw an uptick in housing supply, it had little effect on prices.
Despite the 27.1 per cent increase in new listings for detached, attached and apartment properties since August, there was only a 2.1 per cent decrease in price.
Other statistics outlined in the report show 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.
“It’s just that fewer people can afford today’s prices, and those who can are buying. And as long as they do, sellers won’t really feel much pressure to drop their prices unless they’re really encouraged to sell,” Jarvis said.
He added that when you take a longer view, Vancouver’s supply has not increased that much with new listings in September still down by 18.2 per cent year over year.
“At the end of the month there were still fewer than 10,000 active listings across all of Greater Vancouver. And that’s not a lot of supply, you know, for a population of 2.6 million people,” he said.
Jarvis recommends that prospective homebuyers reach out to a mortgage broker as soon as possible in order to find out what your budget is, the different loan options and to get pre-approved before rates increase any further.
He says that for those who have already purchased a home, this is probably the first time they’ve seen the market seize up which he acknowledges can be scary.
“Now, if the cost of homeownership is starting to worry you, it’s time to think about a path forward, you know, at first, maybe look at generating some revenue from your property. Maybe you can rent out a parking space, a garage or a spare room and make a few 100 extra bucks every month,” he said.
“I think people are expecting prices to fall a lot faster than they have been. So it’s always kind of good to take a look at that and just keep things in perspective. We’re in a housing correction, it’s not a crash.”
11 THINGS WE LOVE HAPPENING AT THE VANCOUVER FALL HOME SHOW
The Vancouver Fall Home Show is back for 2022, and it’s an especially exciting edition with the vibrant marketplace celebrating its 40th anniversary.
This year’s must-visit event takes place Oct. 20 to 23 at Vancouver Convention Centre – West Building.
Whether it’s for a condo, townhome or house, a major focus this season is on refreshing, styling and organizing the home. “Fresh off summer when you are usually on the go, travelling, and spending time outdoors; fall is when people hunker down, get the kids back to school, and start to re-focus,” says Amber Beaton, show manager for Marketplace Events, producers of the Vancouver Fall Home Show. “It’s a great time to get your space in order. If you’re organized at home, that can help with overall happiness in other parts of your life and keep you feeling refreshed.”
The Show has beautiful displays that offer design ideas for any home, appearances by renowned local and international home professionals, and the chance to pick up home-related products and services, with one-stop shopping and exclusive deals. Plus, the event supports Habitat For Humanity by collecting donations. Above all, the annual home extravaganza offers endless amounts of inspiration for a range of styles and budgets.
“You can walk away with a huge project in mind or with a small piece of decor,” Beaton adds. “There’s something for everybody.”
Here are 11 things people will love about visiting the 2022 Vancouver Fall Home Show.
Renovation tips from Sebastian Clovis
The host of HGTV Canada’s Save My Reno and Tackle My Reno is the brain trust of everything that is happening in the renovation industry. The creator, host and executive producer of the new series Gut Job will talk about trends, trades and tips related to general contracting and home ownership in his characteristically entertaining way.
Insights into the psychological benefits of decluttering
With a degree in psychology and ongoing study in neuroscience, Megan Golightly, the founder of Go Simplified, helps people understand the psychology of organizing. Decluttering may seem daunting, but simplifying the space we live in does wonders for our mental well-being.
How-tos + living in colour from Tiffany Pratt
The Toronto-based residential and commercial designer is known for her pink hair and standout fashion style. She’s a familiar face from her roles as an author, designer and co-host on HGTV Canada’s Your Two Cents; Buy It, Fix It, Sell It; and Food Network’s Project Bakeover. Pratt believes that designing a home isn’t just about beauty but about expressing who we are.
Before and after inspiration
Sometimes it can be hard to see what’s possible in your own home; that’s why looking at a before and after example can be so powerful. Jaime Bergman, a local professional home organizer who owns Crescent Living Co., specializes in working with busy households to provide simple but stunning organizational systems. In this Show feature Home Clean Home she’ll showcase some of the easy things people can do to become clutter-free and create a more balanced and stress-free lifestyle.
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The Wonder-Wall
An accent wall is an amazing — and amazingly simple — way to make a room pop with dimension, texture, intrigue and style. In this Show feature, Taylor Reiko Design will offer inspiration and ideas galore, working with themes of inspiration, including contemporary western, industrial and mid-century modern.
Green power tips
Whether at home or in a car, using clean power not only benefits the environment but can also help people save money. BC Hydro’s Learning Centre will be on-site with rebates on heat pumps and EV chargers as well as tips on how to save even more once clean power is in place.
Local and international culinary presentations
The kitchen is the heart of the home. New this year, the Sleep Country Main Stage will feature both a mix of design and renovation presentations, but also culinary presentations from top Vancouver chefs and culinary legends, including Joanna Tymkiw, purpose-driven chef and food journalist, Dawn Doucette, local legend and Top Chef Canada competitor, Kevin Reimer, the innovation chef at Meal Ticket Brands – a virtual restaurant network and Bruno Feldeisen, restaurateur, TV personality and French chef. Here’s where visitors can pick up cooking tips, culinary techniques, dinner inspiration and entertaining ideas via live demos by leading local chefs.
Relaxing in The Coastal Lounge
Tying in intentional designs with interior plants and natural textures, The Coastal Lounge, designed by Studio Haines Interiors and presented by Rogers Communications, will create an inspiring retreat for Showgoers. With beautiful Scandinavian modern furniture from Plenish and plants by Plantsome, Home Show guests can kick back and sip a cocktail or glass of wine while flipping through magazines like Westcoast Homes and Design or catching presentations (like those by the pros mentioned above) on the Sleep Country Main Stage.
Got Craft Pop-Up Market
This curated, eclectic market features all sorts of artisan goods from small, local, independent businesses. It’s a chance to pick up hand-made jewellery, ceramics, clothing, paper goods, food and drink and more by some of B.C.’s most creative makers.
Live music
Local artists will be playing in the lounge from 5 p.m. to 8 p.m. on Thursday, Friday and Saturday. Vicky Sjohall is an acoustic pop singer-songwriter who toured the world with her former pop-rock band Cherrybomb and who’s known for her soaring vocals and intricate melodies. Deep Cove’s Melanie Dekker is a singer-songwriter-guitarist who draws inspiration for her infectious music from hiking in the mountains.
Finishing touches at m(ART)ket
One-of-a-kind canvases, prints and photographs by local artists might be just the thing to brighten up a blank wall. Among the many local vendors featured are Theresa Eaton Fine Art, Mike Crane Photography and Jenna Jones Art.
GIVEAWAY ✨ Mark your calendars ✨ The Vancouver Fall Home Show is back from October 20th-23rd and we have tickets for you! Contact us and we’ll set you up!