“I won’t always tell you what you want to hear… but I will always tell you what you need to know.”
What do Realtors do? Norman protects and promotes your interests with agency. Ask him about the ‘Working with a Realtor’ brochure.
Are Realtors licensed to practice real estate? Norman has been licensed to practice real estate for over 40 years.
Are Realtors members of a professional association? Norman is a member of the Real Estate Board of Greater Vancouver, BCREA and CREA. He has qualified for the prestigious real estate professional designation of the RIBC, FRI as well as a B.Comm., in Urban Land Economics from UBC.
Do Realtors adhere to a code of ethics? Yes, Norman pledge to adhere to the Realtor Code of Ethics.
What commitment do I get that Realtors will do what they say? Norman put his duties and obligations in writing.
How will Realtors help me through the process of buying and selling property? Norman listens, discusses, prepares and explains.
How do Realtors keep me informed about what is going on? Norman communicates based on clients needs.
What do Realtors do to stay on top of changes in the industry? Norman, university educated in urban land economics and finance, meet mandatory education requirements as well as consistently taking in-house training.
What is MLS? Norman use the MLS to help client buy and sell properties.
How much will this cost me? Norman explains and outlines the costs involved so you know the bottom line before you buy or sell.
Be part of the amazing urban lifestyle in historic and hip Yaletown. The H&H Complex is a short stroll to the heart of Vancouver’s trendiest eateries, nightlife, and shopping boutiques.
A gorgeous 1 bedroom with quality finishing and a timeless teak brown and creamy white colour scheme. A chef’s inspired kitchen with gas stove, innovative cabinets, high end SS appliances, stone countertops, stainless steel backsplash, gooseneck faucet, recessed halogen lighting and an extra-large under-mount sink for that clean counter look.
In the bathroom, the bold stainless-steel faucet adorns the spa-white under-mount sink and the relaxing bathtub comes with armrests.
This unit features a highly efficient layout. Examples: the flex room can be used as a workstation or storage; bedroom with a cheater ensuite; double walk-through closets & a dual access balcony overlooking a lush green tree-lined street.
Amenities include a fitness centre, bike rooms, rooftop garden with playground and separate pet friendly area, party room (with full kitchen facilities) and rear lane driveway for easy drop-off/pickups. Insuite laundry and 1 underground parking space #179. Yaletown Skytrain station only minutes away.
Spring brings price growth while new listings remain dormant
Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages.
March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
Sales
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).
Home prices
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.
“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,” Andrew Lis, REBGV’s director of economics and data analytics said.
“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 favorable market conditions.”
Listings
There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10- year seasonal average (10,421).
Sales-to-active listings ratio
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments.
Analysis of 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.
“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said.
“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.”
Broken down by property type
Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.
Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.
Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.
Norman Lum . Realtor 