The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 4.25 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand with tight labour markets and as a result inflation remains elevated. There…
While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded…
After the “frenzy” if 2021 and a “big peak and valley’ in 2022, the president of Re/Max Canada tells Global News that next year could see “balance” return to the national housing market. But Christopher Alexander says how high the Bank of Canada drives interest rates, and when it pauses or returns to…
The first-of-its kind in Canada, the Land Owner Transparency Registry (LOTR) is a registry of information about individuals who are deemed to have an indirect interest in land as defined in section 1 of LOTA (e.g. through corporations, trusts and partnerships) which is housed in a searchable, public database. As of November 30, 2020, the…
On November 21, 2022, the Office of the Premier of British Columbia announced changes to the Strata Property Act (“SPA”) impacting strata properties in British Columbia. Then on November 24, 2022 the BC Government passed amendments to the Strata Property Act which take immediate effect and immediately overrides any strata bylaw that restricts rentals in…
West Vancouver October stats recently released by our real estate board showed residential property sales decreased -47% from same month last year and up +14% from the month before. The October residential property House Price Index increased +2% from same month last year and up a bit from the month before, +1%. The total number…
190 North Vancouver residential property sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of -25% from October 2021. The MLS® residential property House Price Index (HPI) was $1,330,800, +2% increase from $1,305,200 recorded in same month last year. October residential property new listing levels were up +18% compared to…
The Home Buyer Rescission Period (HBPP), previously known as “Homebuyer Protection Period” and “cooling-off period,” is expected to be implemented province-wide on January 3, 2023. What is the Home Buyer Rescission Period (HBRP)? The HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement…
2022 Fourth Quarter Housing Forecast was just released by the British Columbia Real Estate Association (BCREA). Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 34.4 per cent from a record high 2021 to 82,345 units this year. In 2023, MLS® residential sales are forecast to fall an additional 11.4 per cent…
In October, West Vancouver remained a buyer’s market based on sales to new listings. North Vancouver has changed from a buyer’s market to a seller’s market, based on sales to new listings. North Shore Market: Detached Homes October 2022 Detached Homes 2022…..2021 West Vancouver – October Sales 27…..60 Sales YTD 395…..603 Avg. Price YTD…
