Buyer confidence and activity is increasing in B.C. despite continued short supply and price escalation, according to real estate professionals. Sales increased by eight per cent month over month in Metro Vancouver in April, said MLA Canada’s Brittany Reimer, a partner and managing director in the real estate agency’s Fraser Valley office. Brendon Ogmundson, chief…
With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…
There is nothing typical about our real estate market since the start of the Covid 19 pandemic. 2023 first three months sales are down by quite a bit relative to 2021 and 2022 unusually strong market years. North Vancouver sales down 43% and 54% respectively from 2022 and 2021 Q1’s. West Vancouver down 37% and…
With demand outpacing supply, Royal LePage adjusts forecast upward following stronger-than-expected start to 2023. Royal LePage is forecasting that the aggregate price of a home in Canada will increase 4.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised upward to reflect an earlier-than-expected boost…
March home prices showed modest increase across Metro Vancouver’s housing market showed modest, 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. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…
In West Vancouver, there were 8.2 months of inventory (MOI). This represents a buyer’s market based on MOI. The sales to new listings percentage was 39%, which represents a balanced market. In North Vancouver, there were 2.6 months of inventory. This represents a seller’s market based on MOI. The sales to new listings percentage was…
As the first quarter of 2023 draws to a close, Greater Vancouver’s real estate market has continued to rally, with aggregate home values soaring to an average sales price of $1,269,098. The largest gain was observed in the detached market, where the average price surged to $2,175,092, marking a significant 14% increase or a gain…
The Real Estate Board of Greater Vancouver (REBGV) February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. The REBGV reports that…
Is being close to water such as an ocean, river, stream or lake, a benefit or a liability? It depends on whether the area has a floodplain map and if the area has ever had a flood, according to research from Ebbwater Consulting, The Impact of Flood Hazard on Real Estate Values. Decrease in…
Residential real estate has a seasonality to it. The number of homes sold in the spring is almost always much greater than at any other time of the year. West Vancouver residential property sales totaled 27 in January 2023, a 41.2% decrease from the 46 sales recorded in January 2022, and a 30.77% decrease from…
