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Boosting Your Home's Value in British Columbia: Top Renovation and Improvement Tips

In the ever-evolving real estate market of British Columbia (BC), homeowners looking to increase their property's value and appeal can significantly benefit from strategic home improvements and renovations. Whether you're preparing to sell or simply want to enhance your living space, certain upgrades can offer more bang for your buck. Here are some top tips for home improvement and renovation projects that are particularly beneficial in BC's diverse housing market.

1. Embrace Energy Efficiency
BC's commitment to sustainability means that energy-efficient upgrades not only appeal to environmentally conscious buyers but can also lead to savings on utility bills. Consider replacing older appliances with energy-efficient models, upgrading to high-efficiency windows, and adding extra insulation to your home. These improvements can make your home more comfortable, reduce your carbon footprint, and attract a broad audience of potential buyers.

2. Optimize Outdoor Living Spaces
With BC's stunning natural beauty and the work from home lifestyle we find ourselves in, outdoor living spaces are highly coveted. Enhancing your deck or patio, adding functional outdoor lighting, and investing in landscaping can significantly boost your home's desirability and value. Consider features that enable year-round enjoyment, such as covered areas, outdoor heaters, and fire pits.

3. Update Kitchens and Bathrooms
Kitchens and bathrooms remain critical focal points for buyers. Renovations in these areas can yield a high return on investment. You don't always need a full overhaul; sometimes, minor updates like new fixtures, countertops, or a fresh coat of paint can dramatically improve these spaces' look and feel. For those willing to invest more, consider opening up the kitchen space to create an open-concept design favoured in today's market.

4. Incorporate Smart Home Technology
The integration of smart home technology is increasingly popular among BC homeowners. Features like smart thermostats, security cameras, and lighting systems are not only convenient but can also make your home more attractive to tech-savvy buyers. These systems can enhance the functionality of your home, offering both efficiency and security.

5. Focus on Flooring
Updating your home's flooring can transform its appearance. Hardwood floors are a timeless choice that adds warmth and elegance to any space. In areas with higher moisture, consider using high-quality laminate or vinyl plank flooring that mimics the look of wood without the risk of damage. New flooring can refresh a home's interior and appeal to a wide range of buyers.

 6. Paint for a Fresh Look
Never underestimate the power of a fresh coat of paint. Choose neutral colours to make spaces appear larger, brighter, and more inviting. Painting is a relatively low-cost improvement that can significantly impact a home's aesthetics, helping to create a blank canvas that buyers can envision as their own.

7. Enhance Curb Appeal
First impressions are crucial. Enhancing your home's curb appeal can make a significant difference in how it's perceived by potential buyers. Simple updates like painting the front door, updating exterior light fixtures, and ensuring the landscaping is tidy can make your home stand out in the competitive BC real estate market.

Conclusion
In BC's dynamic real estate landscape, strategic home improvements and renovations can significantly enhance your property's value and appeal. By focusing on energy efficiency, outdoor living, key room updates, smart technology integration, and aesthetic improvements, you can create a more desirable and valuable home. Whether you're planning to sell soon or just looking to upgrade your living space, these tips can guide you to make impactful changes that resonate with the BC market's preferences.

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Monthly Market Trends - February 2024

The Vancouver Real Estate Journal

Trends, Market Insights, and Top Picks

February 2024

MARKET OVERVIEW

January saw a significant increase in home sales, pointing to a shift towards a market favourable to sellers. While the activity level varied by region, the general trend was increased sales, indicating a resurgence in buyer interest. New listings were below the usual numbers, adding to the market's vibrancy. The expectation that interest rates will soon decrease brings an added dimension of anticipation, hinting at a possible boost in activity for buyers and sellers across different areas.


Greater Vancouver 


Kicking off 2024 with a rise in demand, the market transitioned from balanced at the end of 2023 to a more seller-oriented market as the new year began. In January, the Greater Vancouver resale market witnessed 1,427 transactions, a significant 38.5% increase from January 2023's 1,030 sales. Despite this growth, these figures are still 20.2% below the 10-year January average of 1,788 resales.


January saw the introduction of 3,788 new listings, which is 9.1% less than the 10-year average for this month. Nonetheless, the total inventory reached 8,633, closely matching the 10-year average. This listing count proved inadequate to meet the rising demand in home sales.


The MLS® Home Price Index (HPI) benchmark price for all residential properties in Greater Vancouver stands at $1,161,300, down 0.6% from the prior month but up 4.2% from last year. Detached homes saw the highest annual price growth at 7.3%, while attached homes and apartments saw increases of 4.3% and 4.4%, respectively, compared to January 2023.


The market is overall balanced but is leaning towards favouring sellers, with a sales-to-active listings ratio of 17.2%. Detached homes are still in a buyer's market with a ratio of 11.9%, whereas townhomes are firmly in a seller's market with a ratio of 22.0%. Apartments are on the cusp of a seller's market with a ratio of 19.9%.


Fraser Valley Market


Things are looking up in the Fraser Valley! In January, there was a boost in the number of homes sold - 938, to be exact. This was the first time sales went up in six months, even though they're still a bit lower than what's usually seen over ten years. This jump in sales is a good sign that more people are interested in buying homes again, and more buyers are coming back into the market.


Also, in January, a lot more people decided to sell their homes, with 2,368 new listings popping up. That's a huge 151% more than in December and the biggest increase we've seen in five years. Thanks to all these new homes for sale, the total number of homes available went up to 4,877, which is more than last year and more than what's typical for January. Even with all these new homes for sale, because there weren't many homes available before and more people are looking to buy, sellers of condos and townhomes in the Fraser Valley are finding themselves in a good spot, with lots of interest in their properties.


The average price of homes was pretty steady at $985,900 in January, dropping just a little bit from December and still 18% less than the highest prices back in March 2022. With people expecting that interest rates won't go up much more, we're likely to see more buyers and sellers getting back into the market, which should make things even more lively in the Fraser Valley.

     

Top Real Estate News

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Ottawa’s decision to extend a ban on foreign homebuyers for an additional two years is a reasonable move, but will not go far to address the country’s housing affordability crisis because such buyers are not a major factor to begin with. ... Read More

Vancouver mayor says city could generate $100M via naming rights of buildings, parks

If that money were to be unlocked, Sim said, “you could have a situation where we actually have a property tax decrease in the future,” even with inflation running at three or four per cent....Read More

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The average nationally available deep-discount 5-year fixed rate available right now is 5.07% [...]. That’s down from 5.82% in October...Read More

     

 FEATURED PRESALE

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Portico By Wanson Group


This 7-story, 1-3 bedroom wood-frame condominium residence boasts an expansive courtyard and lush greenery. It offers the freedom to express yourself within enclosable balconies, dens, and 10' high ceilings. 


Location: Kemsley Ave & Clark Road

Completion date: Late 2026

Deposit: TBD 

Strata fee: TBD

Assignment Fee: TBD

Status: Coming Soon

https://lifeatportico.ca


Reach out for early access!

     
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Juno by Streetside


Situated within Surrey’s rapidly changing business district along 104th Avenue, this 34-storey residential high-rise and six-storey podium will bring over 340 condos to the market. Juno focuses on room to breathe – spacious studio to three-bedroom homes including smart lock-off suites, and an abundance of lush landscaped outdoor spaces and interconnected indoor amenities including coworking areas, a wellness centre, and rooftop sky lounge.


Location: 13870 104 Ave, Surrey

Completion date: Spring/Summer 2028

Deposit: 10% 

Strata fee: $0.59/sq.ft.

Assignment fee: 0% on the first 75 homes sold

Status: Contract Writing starting February 15th, 2024 **


Starting Price:

Studio | 374-383 SF | High $300k

One Bed | 488-540 SF | High $400k

One bed + Den | 549-608 SF | Mid $500k 

Jr. Two Bed | 600-624 SF | High $500k

Two Bed | 725-817 SF | High $600k 

Two Bed + Den | 837-859 SF | Low $800k

Three Bed/Three Bed Lock-off | 1200 SF | High $900k


Limited-Time Buyer Incentive: Upto $10k Discount!

     
Referral Program
     

Reach out for a free market evaluation of your home. 

Do you have questions about buying or selling? 

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Alan He


Realtor

MLA Canada Realty


C 778-980-5863

alanherealty@gmail.com

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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.