in sales
sqft of residential and commercial sold
families and business served
5 star online reviews
Websites advertising reach
Stats as of Dec 2023

$ 750,000,000 +
in sales
1,850,000 +
sqft of residential and commercial sold
1,000 +
families and businesses served
100's
5 star online reviews
26,000 +
Websites advertising reach
*Stats as of Dec 2023
meet-mansour-real-estate-group

MEET MANSOUR REAL ESTATE GROUP

Meet the team that brings over two decades of expertise to every transaction. fueled by a singular mission: to impact and improve the lives and business of our clients through real estate.

WHAT WE DO

At Mansour Real Estate Group, we provide services ranging from residential resales and exclusive Pre-Sales to bespoke developer consultations, each meticulously crafted to not just meet but surpass your real estate goals.

RESIDENTIAL
RESALE MARKET

Offering unparalleled expertise in navigating the nuances of the housing market, ensuring a smooth and successful process for sellers and buyers alike.

PRE-SALES

Early-stage development opportunities, offering clients exclusive access and insightful guidance to secure prime real estate projects in the Lower Mainland.

DEVELOPER
CONSULTATIONS

We work collaboratively with clients to define idealized outcomes, focus objectives, build internal processes and systems, and provide ongoing executive support / management for their real estate development marketing and sales.

REAL ESTATE RESOURCES

Calculate mortgages, evaluate homes, explore properties, and gain expert insights with our buyer's and seller's guides-all in one place!

BLOG

Dive into real estate blog for expert insights, trends, and tips.

The Real Estate Journey

July 17, 2024

Written By: Buffini & Co
The road to homeownership may seem overwhelming but when you take it step by step, you'll soon reach your destination - your dream home! Your First Home:
  • Set up a designated down payment savings account.
  • Pay down credit card and other debit.
  • Look into first-time homebuyer programs.
Need More Space:
  • Make bigger (or additional) mortgage payments.
  • Refinance and shorten your mortgage loan term.
  • Reduce expenses to save money.
Time to Downsize (or invest in property):
  • Talk to your financial professional about tapping into your home's equity.
  • Think about the type of home and community you want to live in.
  • Start organizing now.
Journey Essentials:
  • Good credit and low consumer debt.
  • A professional agent in your corner.
  • A positive attitude - don't give up!
The Road Ahead Homeownership provides stability, security and the freedom to make space your own. It also offers financial advantages - not only will you get tax benefits, building equity in your home is like a ready-made savings plan.  
  • Average home prices have increased 746% between 1980 - 2020.
  • Nearly 50% of Canadian wealth accumulation is due to home ownership for the past three months.
  • 34% of homeowners own their home free and clear.
  • From Q4 2010 to Q1 2023, homeowners' net worth grew from 9x household disposable income to 13x.
With home prices rising, consider buying now and refinancing later. Discussing options with a financial professional is always a good idea.  

Hesitant Homeseekers: Why BC Sales Are Still Unexpectedly Low

July 17, 2024

Written by: Erin Best of REW
Buyers are exercising caution despite dropping rates and rising inventory. Vancouver's real estate market is witnessing an unexpected trend: potential home buyers are showing marked hesitation despite the Bank of Canada's recent rate cuts. Several issues are contributing to this reluctance, creating a complex landscape for both buyers and sellers, framed by too much inventory and buyers remaining on the sidelines. On June 5, 2024, the Bank of Canada (BoC) made a strategic move by reducing its key interest rate by 25 basis points. While aimed, in part, at stimulating the housing market and making home loans more affordable, many real estate buyers remain cautious. If you recall in our Dexter Realty May Market Update, sales in May were down 20 percent year-over-year. It also marked the first month-over-month decline in sales in 2024. One of the main reasons for buyer hesitation is ongoing inflation. Or at least, rising living costs. Despite the BoC's efforts to lower borrowing costs, inflation continues to affect everyday expenses. Rising prices for goods and services reduce disposable incomes, making it harder for potential buyers to save for down payments and manage monthly mortgage payments. The fear that inflation will continue to erode purchasing power makes many hesitant to commit to long-term financial obligations.  

Costs keep on rising.

The Vancouver real estate market has seen significant price increases over the past few years. This trend continues to keep home prices at levels that many find unaffordable. Even with a lower interest rate, the high principal amounts required to purchase a home translate into substantial monthly payments. A huge mortgage payment on top of existing monthly expenses simply stretches a monthly budget too thin. For many, the reduction in interest rates simply does not sufficiently offset the high costs of buying a property. The average monthly mortgage payment in Canada for 2022-2023 varied significantly by metropolitan area. In Vancouver, the average sale price of detached single-family homes was nearly three times the national average. In 2021, buying a home with a 25-year mortgage in Canada typically cost about 45 percent of the median household income. However, in Vancouver, it was nearly 64 percent.  

Salaries are not keeping up.

Save My Taxes recently wrote an article outlining the average salaries in Canada, which shows incomes in BC don't always line up with the cost of living here. A closer look at the monthly budget for a family of four in Canada with an average income shows it can range from $5,000 to $9,000 per month. According to Numbeo, a family of four can expect to spend $5,696.40 before housing costs. This number also doesn't even include extra-curricular activities, family trips or incidental expenses. The wide range can be attributed to factors like daycare and housing costs, which can vary depending on where you live in Canada. And one unexpected expense can derail even the best planned budgets.  

Proceeding with caution.

When you consider the high cost of living and average salaries in BC, it’s not a surprise that buyers are cautious. Many buyers expect the housing market may cool down in the future, potentially leading to more favourable buying conditions. This wait-and-see approach means that even with lower interest rates, buyers are not in a hurry to make purchases. They prefer to wait for a possible market correction that could lead to lower home prices and better buying opportunities. While we know real estate has typically never gotten cheaper, one can only hope. It’s interesting, too, because currently the inventory volume alone in the Lower Mainland would in theory make buyers feel more confident, but we continue seeing lower than average reported sales in the Vancouver area. Homebuyers sitting on the sidelines are looking for more direct support measures, like tax credits, grants for first-time buyers and, probably the most important measure, increased housing supply initiatives. Without complementary policies, the impact of a rate cut is limited. The Bank of Canada's rate drop in June 2024 is a well-intentioned move aimed at stimulating the housing market. However, economic uncertainty, high property prices and low consumer confidence collectively undermine its effectiveness. To truly excite buyers, a more comprehensive approach that addresses these multifaceted challenges is essential. Potential homebuyers need not just lower rates, but also stable employment, affordable housing options and a robust economic outlook to feel confident in making one of the biggest financial decisions of their lives.  

New(er) Home Resale Report: June 2024

July 17, 2024

Written By: Manraj Dosanjh of Dexter Realty
A guide for first-time buyers, young families, and presale purchasers seeking the latest insights for newer resale homes in popular Metro Vancouver neighbourhoods. The Bank of Canada's 0.25% rate decrease in early June has yet to provide the boost the Metro Vancouver real estate market had anticipated. Recent announcements regarding future interest rate decisions, changes in rental policies for tenanted properties, adjustments to capital gains tax and new rules for short-term rentals are continuing to impact the market. Apart from the entry-level single-family segment, which saw a 10% increase in sales over the year, all other markets experienced double-digit declines. Sales of newer townhomes, one-bedroom condos and two-bedroom condos decreased by 38%, 44% and 36%, respectively, over the year. It is interesting to note, however, that prices for all tracked product types have remained relatively flat across most markets, with some even experiencing increases in median sale prices over the year. Data shows that sellers are holding firm on listing prices, anticipating that further rate cuts in the second half of the year will boost demand for resale properties. This detailed breakdown of submarkets in the newer resale market highlights the importance of analyzing each product type and submarket independently, as there is a clear divide between markets with strong demand and those without. Affordability continues to drive demand, with over a quarter of all June 2024 sales occurring in the Surrey, South Surrey and Willoughby, Langley markets. In the new home market, the presale sector remains attractive in select areas of the region. Developers are offering incentives and the price difference between newer resale and presale units is narrower than in previous years. Analyzing newer resale market data can help buyers identify opportunities in the presale market.  

Townhomes sales dipped compared to last year

Sales in June 2024 were down 38% compared to the same period last year. As anticipated, total sales decreased over the month as we moved into the summer season, while listings grew by 17%. Except for Willoughby, Langley, most other tracked markets currently favour buyers. With rates now declining, this presents an opportune time for buyers considering purchasing a townhome in Metro Vancouver. For those seeking affordable townhome options, the Fraser Valley markets remain attractive. Surrey, South Surrey and Willoughby offer inventory with a median list price of $950,000 or below, nearly $275,000 less than Coquitlam, the most affordable market north of the Fraser.  

One-bedroom condos are one of the hardest-hit segments

Sales in June 2024 were down 44% compared to the same period last year. The one-bedroom condo market has been one of the hardest-hit segments, with both first-time buyers and investors particularly affected by increased interest rates and changes in policies such as capital gains and rental protection laws. For those seeking affordable, newer one-bedroom condos north of the Fraser, Coquitlam is an excellent option. In June 2024, the median sale price was $585,000, over $80,000 more affordable than neighboring Burnaby. Surrey City Centre and Downtown Vancouver remain the strongest buyers' markets, each with a 7% sales-to-active listings ratio. The median list price of active listings is $498,888 in Downtown Surrey and $788,000 in Downtown Vancouver, a spread of nearly $300,000.  

Two-bedroom condos are still struggling

In June 2024, sales decreased by 36% compared to the same period last year. Sales were down just 5% from last month, while inventory increased by a modest 4%. Coquitlam experienced the largest monthly jump in sales, with a 22% increase. This is attributed to Coquitlam being the most affordable submarket for purchasing two-bedroom condos north of the Fraser. The $80,000 difference in median list prices between Coquitlam and neighboring markets such as Burnaby will continue to fuel demand in this area. It remains the only market north of the Fraser that favours sellers. Similar to the one-bedroom condo market, Downtown Surrey and Downtown Vancouver are the strongest buyer’s markets, with sales-to-active ratios of only 7% and 8%, respectively. The median sale price in June 2024 was $642,500 in Downtown Surrey and $1,293,950 in Downtown Vancouver, a spread of nearly $650,000.  

Single-family homes are slow to move

Entry-level single-family home sales remain sluggish, with a 21% monthly decrease and a modest 10% annual increase, reaching a total of 34 sales, up by four compared to June 2023. Demographically, young professionals and families aiming to upgrade to entry-level detached properties have been significantly affected by rising interest rates and affordability challenges. Surrey offers the most affordable median entry point into the newer entry-level market at $1,729,999, while Coquitlam represents the most affordable market north of the Fraser at $2,175,000. More than 55% of available entry-level supply is located in the tracked Fraser Valley markets. Another quarter is situated in the City of Vancouver, where the median list price for available supply is $2,890,000 in East Vancouver and $4,288,000 on the Westside.  

Reasons why you should consider newer-home resale data:

  • Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
  • Great for those looking to purchase housing that is still in the early stages of its lifecycle – this means less repairs & maintenance during the first few years of ownership.
  • More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.
  • Homes include some of the latest design and technology – great for resale value.
  • Monthly sales statistics crucial for evaluating and planning new housing developments.
  • These figures are routinely used by industry stakeholders such as real estate developers to understand the value of land, and anticipated market values for newly completed homes.

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