RBC Monthly Housing Market Update reports Canada’s housing market inches closer to a cyclical bottom. ‘Home resales are now gradually stabilizing in most parts of the country after plunging through the spring and summer amid soaring interest rates. Nationwide activity even picked up slightly on a month-to-month basis for the second time in three…
Metro Vancouver* housing market experienced a year of caution in 2022. Due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. REALTOR®’S registered 28,903 home sales on MLS® in 2022. A 34% decrease over 2021 and 13% below the 10-year average. Sellers listed 53,865 on the MLS® in 2022. A…
Our real estate board reports that residential property sales in West Vancouver was down approximately 34% and 13% from sales recorded in 2021 and 2020 respectively. Last year’s sales total was approximately 25% below the 10-year sales average. This sale activity trend was similar to North Vancouver. “The headline story in our market in 2022…
Recent Real Estate Board of Greater Vancouver (REBGV) stats release shows that residential property sales in North Vancouver was down, not unlike West Vancouver, approximately 32% and 10% from sales recorded in 2021 and 2020 respectively. Last year’s sales total was approximately 9% below the 10-year sales average. “Closing out 2022, the data show…
In real estate months of inventory, MOI, is defined as the amount of time (or months) it would take for all current MLS® listings to sell given that no new listings enter the market. MOI is calculated by dividing the total number of homes for sale by the total number of homes sold for a…
Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022. After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. The Real Estate Board of Greater…
Two new regulations affecting BC’s real estate market went into effect with the start of the new year earlier this week. Here’s the key information you need to know. BC home buyer rescission period – HBRP As of January 1, 2023, BC home buyers now have a 3 day period in which they…
B.C. Assessment Authority has updated its website for assessments of over two million B.C. properties! Go to bcasssessment.ca and search under the address to check out your home’s 2023 property assessment reflecting July 1, 2022 values. Assessor Bryan Murao says ‘Since July 1, we know that the real estate market has changed as interest…
What makes a trend? Do two data points in time make a trend? What about 100 data points? Or 10,000? When is something a trend, and when is it considered statistical noise? Believe it or not, this isn’t a simple question to answer. To attempt an answer, we need to narrow the scope, and…
Generally, analysts say 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. In West Vancouver, for all property types, the sales-to-active listings ratio (SAR) for November is 5%.…
In North Vancouver, for all property types, the sales-to-active listings ratio (SAR) for November is 28%. By property type, the ratio is 29% for detached homes, 14% for townhomes, and 33% for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period,…
In November, West Vancouver remained a buyer’s market based on sales to new listings. North Vancouver remained a seller’s market, based on sales to new listings. Prepared by: John Jennings, Royal LePage Sussex-John Jennings
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…
Inflation, rising interest rates create caution across Metro Vancouver’s housing market Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,903 in October 2022, a 45.5 per cent…
The Bank of Canada hiked its target for the overnight lending rate by 50 basis points to 3.75% while continuing its policy of quantitative tightening on Wednesday, October 26. Additionally, it was stated the policy rate could rise further given elevated inflation and inflation expectations as well as ongoing demand pressures in the economy. Following…
Our real estate board reports that a total of 128 North Vancouver residential property sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of -44% from September 2021. The MLS® residential property House Price Index (HPI) was $1,320,400, +1.5% increase from $1,301, 200 recorded in same month last year. September…
A House Price Survey was just released by Royal LePage. According to its regional summaries, the aggregate price of a home in Greater Vancouver increased 2.4 per cent year over-year to $1,250,200 in the third quarter of 2022. On a quarterly basis, the aggregate price of a home in the region decreased 4.7 per cent;…
Stats recently released by our real estate board show West Vancouver is in a different market than earlier this year. Residential property sales decreased -41% from same time last year and down -41% from the 10 year monthly sale average. We’re likely in this market because interest rates have more than doubled since the…
Home sellers were more active in September while home buyer demand remained below the regions long term averages. Let’s take a closer look. Metro Vancouver Realtor®’s registered 1,687 home sales on the MLS® in September. This is a -46% decrease from this time last year and -36% below our 10 year sales average. Sellers new…
Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in…
The root issue that drives housing prices almost always is supply and demand. Several factors influence supply and demand such as mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. Check out the supply and demand trend for West Vancouver‘s apartments:
West Vancouver and North Vancouver market activity for detached homes has shifted below our long term averages. Inflationary pressure and rising interest rates are likely key drivers of these trends. This shift in market conditions may cause prices to continually edge down as they have over the past while. At this time, many…
Our board just released its monthly stats saying “Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity”. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales…
Beginning September 12th, Real Estate Board of Greater Vancouver historical home sale prices will be displayed on REALTOR.ca for listings actively listed for sale on the Multiple Listing Service® (MLS®). It’s important to note that the previous sale price will only appear if the sale occurred at least one year before the homes most recent…
Even if you don’t consider yourself handy—and there’s no shame in that—having a well-equipped toolbox is a must for every homeowner. You never know when you’ll need to screw a cabinet handle back in, hammer down a floorboard, or tighten a loose pipe until a professional can do a permanent fix. Your toolbox doesn’t need…
Find it confusing when your on a home search mission, driving realtor.ca or realtylink.org? All you’d like to do is focus on specific West Vancouver and or North Vancouver neighborhoods for your next address but uncertain about neighborhood boundaries? This might help! Our real estate boards most current neighborhood boundaries for West Vancouver totals 36…
47 West Vancouver home* sales were registered on MLS® in July 2022. This is a -43% decrease from this time last year (YOY) and is -38% below our 10 year average. WV sellers listed 145 homes on MLS® last month. That’s a -8% decrease from last year and -27% decrease from last month. This brings…
Our real estate boards new Director of Economics and Data Analytics when asked ‘In your opinion, what economic indicators are the most telling about what’s happening in the real estate market?’ Andrews Lis replied: “I think most people would focus on average (or median) prices and sales volumes. We certainly see lots of discussion about…
With interest rates and housing supply increasing North Vancouver home buyers are operating in a changing market place. Let’s take a closer look! MLS® stats show North Vancouver had 174 home* sales in July 2022. This is a -30% decrease from this time last year (YOY) and is -20% below North Vancouver’s 10 year monthly…
Chartered banks recently raised their posted mortgage rates in response to higher bond yields. A home buyer with less than a 20 per cent down payment is required by the federal Office of the Superintendent of Financial Institutions (OSFI) to obtain an insured mortgage and pass a stress test. This stress test adds an additional…
BC’s provincial government recently introduced a home buyer protection period, the details of which are outlined in a new regulation that allows home buyers to back out of a residential purchase up to three business days after signing a contract. The government will begin to enforce this regulation starting January 1, 2023. The province claims…
Buyers poised to benefit from moderating prices and reduced real estate sales activity! In July, sales activity continued to slow as compared to 2021. Prices also continued to moderate following the peak seen in March 2022, however, benchmark prices in the Greater Vancouver Area remain ahead of last year by a significant margin. The…
Royal Lepage just released a ‘House Price Update and Market Report‘. It includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts. Key highlights from the release include: • Royal LePage reduces national home price forecast to +5.0% in fourth quarter of 2022;…
Much like in May, June was again a buyer’s market in West Vancouver based on sales to new listings. In North Vancouver, June was once again a balanced market, based on sales to new listings. For a full picture of the today’s housing market reach out to [email protected] 604-790-1900
In North Vancouver sales numbers for most property types were down in June compared to same month last year and from May 2022. Detached homes sale totals were down -47.5% from same month last year and -21.25% from May 2022, apartments -28.1% and -37.01% respectively. NV townhomes June sale activity was down -32.2% from June…
What’s happening in West Vancouver‘s property market? Recent stats from our real estate board shows detached home sales were down -45% from June 2021 and -30% from May 2022. In contrast condo sales increased a bit from the same time last year and the month before; +5.3% and +11.11% respectively. The MLS HPI Benchmark Price…
With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June…
After reaching record setting levels for many North Shore property types, last year home sale activity has returned to more typical, seasonal levels this Spring due in large part to rising interest rates. On the North Shore, REALTOR®s registered 287 North Vancouver and 69 West Vancouver home sales on MLS® in May. This is a…
Based on sales to active listings West Vancouver house market has been trending in the vicinity of buyer and balanced market territory since April 2021 and apartments since June 2018. WV townhome SAR (Sales-to-Active Listings Ratio) market trend line is erratic and not really reliable as a result of insufficient monthly sale and active listing…
May was again a seller’s market for North Vancouver homes, apartments and townhomes. Seller’s market conditions have held since June 2020 for NV homes, September 2020 for apartments and May 2020 for townhomes.! Seller’s market A seller’s market is when there are more people looking to buy then there are homes available. This causes…
The housing market, like most markets, is cyclical. These cycles can be greatly influenced by a number of factors, including interest rates, economic conditions and consumer confidence, which can create a shortage or surplus in housing. A seller’s market happens when there’s a shortage in housing or more potential buyers than homes. A buyer’s market,…
After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,918 in May 2022, a 31.6 per cent decrease…
For the first time since 2018, the Bank of Canada (BoC) increased its target for the mortgage-influencing overnight rate earlier this year, kick-starting what’s predicted to be one of many increases to mortgage rates in 2022. Experts have slightly different takes on where the overnight rate—which influences how banks will determine their own lending rates—will…
The British Columbia Real Estate Association (BCREA) released its 2022 Second Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 22 per cent from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 per cent…
BC Financial Services Authority (“BCFSA”) announced today that it has delivered its report, Enhancing Consumer Protection in B.C.’s Real Estate Market, to the Minister of Finance. The report contains a suite of advice on potential parameters of the Government’s proposed homebuyer protection period, commonly referred to as the cooling-off period, for residential real estate sales,…
West Vancouver total active listing numbers for all property types was up this April from the month before; +10.9% for detached homes, +44.4% for condo’s and +18.2% for townhomes. However one-year change was down for all property types, -10.1%, -22.6% and -50% for detached homes, condos and townhomes respectively. WV April residential sale numbers was…
The one-year change for North Vancouver April 2022 residential sales was less for all property types; down -47.5% for detached homes, -39.6% for condos and -24.6% for townhomes. One-month change for all property types was down too; -18% for detached homes, -22.2% for condos and -12.1%. This April total active listings for all property types…
Deciding on what home improvements yield the greatest return on investment can be daunting. According to a recent survey, kitchen renovation is the most worthwhile home improvement project and next is a bathroom renovation. If you might be looking for general guidance on what to home improvements to invest in, check out the great visual…
So far this spring, we’ve seen Metro Vancouver* home sales ease down from the record-breaking pace of the last year. While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and…
Home buyer demand in Metro Vancouver* returned to more historically typical levels in April. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from…
Has the pandemic changed what we want from our homes? The following article says the pandemic has changed what folks want from their homes and builders say they expect those changes to last! The big picture: A ton of pandemic-era adaptations are becoming common fixtures in new homes. The model homes that builders are showing…
West Vancouver March active property listing numbers were not much different from the month before however detached properties were down -8.6%, condos -50.5% and townhomes -42.1% from same month last year. Property sales too were down this March compared to March 2021. Detached properties down -35.7%, condos down -71% and townhomes down -11.1%. The only…
North Vancouver property sales picked up in March from the month before for all property types but down compared to March 2021. SALES One-Month Change One-Year Change Detached Homes …
March home sale activity in Metro Vancouver’s housing market remained elevated while down from last years record numbers. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9…
If you are thinking of selling your home in the upcoming months find below a great infographic. It offers lots of tips on what you might tackle to get your home ready to list. The actions mentioned help to focus on how to make your home inviting, show it’s cared for, and enhance your curb…
As 2022 unfolds, North Vancouver continues to experience persistently low inventory numbers and rising prices for all property types. The trend of seller market conditions has been holding on since the Fall 2021 for NV homes, apartments and townhomes! Seller’s market A seller’s market is when there are more people looking to buy then…
West Vancouver strata listings remain stubbornly low in the early part of 2022 in contrast to detached homes. January and February apartment inventory was down -65.3% and -60.2% from the same month in 2021, townhomes -70.8% and -36.4% and detached homes down -12.7% and -1.2%. The real goods….. Both WV detached homes and apartment…
Sales at the beginning of 2022 remained elevated and new listings are entering the market at more typical levels. Going forward, we expect sales to pull back and price growth to remain elevated. Our real estate board Economist assesses Metro Vancouver’s house market activity over the first quarter of 2022 and projects what home…
The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in…
John Jennings just released his monthly ‘North Shore Real Estate Update’ reporting February was a good month in both North and West Vancouver! If you have any questions about the market, please feel free to ask: 604-790-1900 and or [email protected] NORTH SHORE MARKET: DETACHED HOMES FEBRUARY 2022 Prepared by: JohnJennings.com
At the start of the pandemic, the Bank of Canada drastically cut Canadian interest rates from 1.75% to 0.25% (March 2020). Today, the Bank hiked the rate by a quarter-point bringing the overnight target rate to 0.50%. The Bank said today, “interest rates will need to rise further”. For more details click here for…
BC owners of strata property in buildings with rental restrictions are no longer exempt from the BC Speculation and Vacancy Tax (SVT) as of January 1, 2022. This exemption, which ends December 31, 2021, applied to strata property owners who: were banned from renting units due to a rental restriction in place on or before…
West Vancouver January house and condo sale activity one year change was up +13.8% and +18.2 respectively. The one year change for the MLS® HPI Benchmark Price increased +11.3% for detached WV properties and +7.2% for condos. Our board stats show that 67% of January house sales was in the $2,000,000 to $3,999,999 range and…
Despite low residential sale numbers for all North Vancouver property types the MLS® HPI Benchmark price edged up! Our board stats shows house sale activity was down -21.3% from the same month last year and many of the 37 January house sales took place in the following neighborhoods: 5 – Edgemont 4 – Canyon Heights…
Can you believe it’s already February? If you are thinking of selling your home, traditionally the best time of year to sell is February to June. As a result, now is a great time to get an update on your home value. I believe that selling or buying real estate should be a…
The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, we expect to see continued upward pressure on home prices in all…
Just released board stats show January 2022 home sales were down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across across Metro Vancouver. “Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home…
A recent forecast presentation by our board’s economist had three takeaways: Year-over Year sales will decline 9 to 20 percent in 2022 It’s difficult to set a record for sales two years in a row, so the real question is what kind of decline will we see? Our forecast sees a decline of…
Last year BC Assessment assessed over two million properties. Overall Greater Vancouver assessments for both detached and strata homes went up. The BC Assessment website is handy to do searches for property assessment(s), available services and products, for example, the assessment process, appeal, etc., and property information and trends While perusing the website I found…
There has been much speculation about the likelihood of an interest rate hike from the Bank of Canada and what it could do to housing market. Some economists are predicting an interest rate hike in the middle of the year or sooner. Others, like senior economist Jean-Francois Perrault, is forecasting ‘…as early as next week…
Through out the pandemic the MLS® Home Price Index (MLS® HPI) rose for all North Shore property types. North Vancouver MLS® HPI 2020 year average was up +6.9% from 2019 and West Vancouver was up +3.3%. 2021 NV detached home MLS® HPI year average was up +17.7% from 2020 and WV was up +17.1%. …
The number of home sales in BC is expected to fall and home price growth will moderate because of rising interest rates according to a new report from British Columbia Real Estate Association examining the potential impacts of the likely Bank of Canada’s rate tightening. The report is written by BCREA Chief Economist and explores…
One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for West Vancouver apartments despite the continuing waves of Covid-19. On top of that, the number of new listings were down substantially compared to 2020. Seller’s market conditions prevailed for most of 2021. Click the video to…
North Vancouver 2021 apartment sales accounted for 48% of all NV residential sales. The balance was 34% and 18% for detached home and townhome sales respectively. Since 2016 apartment sales ‘crossed the line’ with more year-end sales than detached homes. 2021 was a record year for NV apartments sales and was +38% above 2020 and…
One tool our real estate board uses to monitor supply and demand activity in the market is the sales-to-active listings ratio. When this ratio dips below 12% for a sustained period, it indicates the supply is outpacing the demand and prices typically decline as a result. When it surpasses 20% and for a sustained period,…
A measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices is the MLS® HPI. West Vancouver detached house benchmark price ended 2021 at $3,224,500 despite a full year of COVID-19 impacts. It was -4% below the record monthly high of $3,365,600,…
2021 was a fascinating real estate year. Who would have thought the pandemic would play a significant role in the real estate market! Year end board stats showed North Vancouver and West Vancouver sales totals up as well as MLS® Home Price Index (HPI) for all property types (homes, townhomes and apartments). Check out the…
In West Vancouver, there were 41 sales in the month of December. The sales to new listings ratio was 113%, which represents a very strong seller’s market. For December 2021, the sales to total active listings percentage was 14%, a decrease from 18% in December 2020. Sales for December 2021 were down by 12 units…
2021 homes sales reached an all-time record high! Our real estate board reports that Metro Vancouver residential home sales in 2021 increased +42.2% from 2020, +73.6% increase from 2019 and +4% increase over the previous all-time sales record set in 2015. Steady, home listing activity did not keep pace with the record demand seen throughout…
Grab a friend or the family and head to the heart of downtown to walk and ‘snap’ your way through Vancouver’s Fleurs de Villes Noel event! Local florists are paired with retailers and businesses to create 45 floral pop-up extravaganza installations. All displays are created in outdoor spaces. It’s a perfect way to get in…
BC Government Links First Time Buyers’ Program reduces or eliminate the amount of property transfer tax you pay when you purchase your first home New Home Registry provides the name of the builder or developer and contact information of the warranty provider Registry of Licensed Residential Builders (including Building Envelope Renovators) Search a particular builder…
West Vancouver November residential real estate numbers shows interesting trends! WV detached homes and condo’s MLS® HPI Benchmark Price increased +15.6%,and +2.3% respectively from same month last year. Of WV’s 35 neighborhoods*, Ambleside had 27 of the 44 November WV house sales. Balance of houses sales sprinkled throughout the other WV neighbourhoods. *Altamont, Ambleside, Bayridge,…
November was a busy month for North Vancouver residential real estate transactions. House sales activity was down a titch from 93 in November 2020, to 71 in November 2021, townhomes and apartments up, 34 and 128 in November 2020, to 38 and 133 in November 2021 respectively. The MLS® HPI Benchmark Price for homes increased…
Our real estate board just released its latest economic analysis. It takes a deeper look at housing supply trends in Metro Vancouver* and the ratio of buyers to sellers that have been active in the market throughout the COVID-19 pandemic. *Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster,…
There are three classifications experts use to describe the balance of supply and demand in the housing market: Seller’s market A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by…
Several factors influence the housing market, including mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. All of these influence the supply and demand of the market which, in turn, affects prices. There are three classifications experts use to describe the balance of supply and…
As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9…
As a result of highly competitive market conditions and escalating housing prices, BC’s real estate regulator, the BC Financial Services Authority (BCFSA), is developing a consultation on “blind bidding” to understand whether changes to the offer process in real estate transactions could improve protection for homebuyers. This announcement was paired with recent news that the…
West Vancouver‘s sales-to-active listings ratio trend for different property types shows that market conditions vary by property type. Buyers’, sellers’, and balanced markets are terms that describe whether the market is putting upward, downward, or no pressure on home prices. Buyers’ markets typically occur when the sales-to-active listings ratio dips below the 12 per cent…
Our board’s economist Keith Stewart recently released a new quarterly housing market analysis provided below, that looks at MLS® housing market data and other fundamental economic measures affecting the market. Check out the videos with Keith that provide more bite-sized insights into the information in the report. In first video, Keith discusses what’s happening with…
Thinking of a North Vancouver purchase? Or giving thought whether the timing is right to sell your North Vancouver home? Check out the super helpful market activity snapshots below to help you get a sense of today’s real estate market. They are a great breakdown of market activity stats for different North Vancouver property types,…
Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years. *Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South…
In West Vancouver, there were 60 sales in the month of October. The sales to new listings ratio was 47% which represents a balanced market. For October 2021, the sales to total active listings percentage was 15%, a decrease from 17% in October 2020. Sales for October 2021 were down by 14 units compared to…
What’s going on in today’s West Vancouver housing market? The most recent REALTOR® Report, a monthly real estate snapshot released by our real estate board shows a drop of homes sales of approximately -4% from September to August, up +5% for apartments and up +166% for townhomes. The month-over-month sales decline or increases does not…
Monthly, our real estate board provides a snapshot of North Vancouver market activity for different property types (houses, apartments and townhomes). It’s a super helpful real estate snapshot to determine whether the timing is right for you to sell and or buy! How so? Welcome your follow-up to discuss: [email protected] North Vancouver Real…
The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. A mean average is the average price obtained by dividing the total dollar volume of sales by the number of sales. To get a median price, all…
What’s happening to West Vancouver home prices and where are they headed? REALTORS® are asked these questions every day by clients trying to understand whether it’s a good time to buy or sell. To ensure you have the most accurate picture of home price trends, Real Estate Board of Greater Vancouver developed the MLS® Home…
In West Vancouver, there were 41 sales in the month of September. The sales to new listings ratio was 25% which represents a buyer’s market. For September 2021, the sales to total active listings percentage was 9%, a decrease from 15% in September 2020. Sales for September 2021 were down by 23 units compared to…
Be the first to know! Check out our real estate boards monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you. Home sale activity remains elevated across Metro Vancouver’s* housing market while the pace of homes being listed for…
You can start your search for your next home in West Vancouver and or North Vancouver on two platforms displaying residential listings from REALTORS® which includes REALTYLINK.org and REALTOR.ca or reach out to June Conway via [email protected]! What is the difference with two net platforms? REALTYLINK.org gives you access to homes listed for sale on…
This is a question that many Canadians ask themselves before entering the housing market. Home ownership can be advantageous in several ways. An owner has more stability and flexibility than a renter, as there is no landlord imposing restrictions or timelines. There are also financial benefits to owning your own home. In an effort to…
Mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies are factors that can impact the housing market. All of these influence the supply and demand of the market which, in turn, affects prices. There are three classifications experts use to describe the balance of supply…
Effective January 1, 2022, the federal Budget 2021 announced the government’s plans to implement a national, annual one-per-cent tax on the value of non-resident, non-Canadian owned residential real estate that’s vacant or underused. The government is finalizing draft legislation for the proposed underused housing tax (UHT). They’re releasing a draft later this year and will…
The past 18 months has been like no other for Metro Vancouver’s housing market! A steady recovery was well underway when the pandemic put the housing market and the rest of the economy into a lockdown in March of 2020. This lockdown, however, was short lived. To the surprise of many, home sales and, shortly…
How much do foreign buyers impact Metro Vancouver’s real estate market? “Non-Canadian or permanent resident home purchases have continued to fall throughout the pandemic,” said Keith Stewart, REBGV economist. “All measures of non-Canadian or permanent residents purchasing homes are less than or close to one per cent in July 2021.“ *Note: Areas covered by the…
A market update was recently presented to the REALTORS® of Metro Vancouver by Keith Stewart, REBGV economist, covering the effects of COVID-19 pandemic on Metro Vancouver and elsewhere. Here are the highlights. Jobs are recovering, but there’s room to improve A key economic indicator is unemployment. When unemployment levels spiked after the 2009 financial crisis,…
You’re casually talking about the housing market with a REALTOR® you’re interested in working with, when the conversation shifts to your personal financial situation. The Realtor stops the conversation and politely asks you to sign a form called “Disclosure of Representation in Trading Services” (DORTS) before they can continue. This may seem a little sudden,…
BC’s wildfire season is devastating communities across our province this year with nearly 270 fires burning right now. During this crisis, it’s important to understand what you should expect from your insurance. What to expect Trying to obtain fire insurance can be difficult in areas under the threat of wildfires. While insurance underwriters follow their…
There is more than one measure to determine how a real estate market doing. For example, months of inventory, sales-to-active listings ratio, new listings-to-sales ratio, days on the market, and house price index. MOI or Months of Inventory is a measure of how fast all the actively listed property types on the market last. You…
Months of Inventory is one measure to determine how West Vancouver‘s real estate market is doing! MOI or Months of Inventory is a measure of how fast all the actively listed property types on the market last. You simply divide, at the end of a month, the number of active listings by the number of…
Name of the game was moderation this past July. Metro Vancouver’s housing market saw more moderate sales, listings and pricing trend. REALTOR®s registered 3,326 sales in July this year. That’s a +6 increase over last year and +13% over the 10 year average for the month. On the supply side the Sellers listed 4,377 homes…
In West Vancouver, there were 54 sales in the month of July. The sales to new listings ratio was 46% which represents a balanced market. For July 2021, the sales to total active listings percentage was 12%, a decrease from 13% in July 2020. Sales for July 2021 were the same as for July 2020.…
If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance The federal government requires high-ratio mortgages with less than 20% down…
Did you know that in British Columbia, more residents live in a strata unit than a detached home, and this number will continue to grow! A strata unit can be a townhome, condo, or du/tri/multi-plex. Definitions of common strata terms is found here. Living in a strata is a form of communal living. Although residents…
Generally, analysts say 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. West Vancouver sales-to-active listings ratio (SAR) for the past seven months has been: Detached Homes Jan 8% Feb…
As home owners age and live longer, their income sources may no longer be enough to cover expenses, especially for those on fixed incomes. Many home owners in this phase of life look to the market value their homes have built since they purchased it, also known as equity, to help cover these expenses. But…
If you are up to it, you’ll find a whole whack of current real estate numbers below for North Vancouver residential properties including detached homes, condos and townhomes right here! To name a few this includes activity snapshots re total number of active listings, sales, days on the market and MLS HPI Benchmark Price, Sales-To-Active…
Real estate market insights for Metro Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Metro Vancouver’s housing market this past July saw more moderate sales, listings and pricing trends in July compared to the heightened activity…
According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Greater Vancouver increased 19.6 per cent year-over-year to $1,202,500 in the second quarter of 2021. Broken out by housing type, the median price of a single-family detached home increased 24.9 per cent to $1,625,000, while the median price…
Can you explain sellers’ and buyers’ contractual obligations? Buyers and sellers with signed contracts that are legally binding have many contractual obligations. Here are a few examples. Included items The standard form, Contract of Purchase and Sale, contains this clause: “The Purchase Price includes any buildings, improvements, fixtures, appurtenances and attachments thereto, and all blinds,…
While still elevated, home sales and listing activity in Metro Vancouver has eased back from record setting pace seen earlier this year. REALTORS® registered 3,762 home sales on MLS® in June. That’s a +54% increase over this time last year and +18% over the 10 year average for the month of June. On the supply…
West Vancouver sales-to-active listings ratio (SAR) for June 2021 was 12.6% for detached homes, 22.9% for condo’s and 19.2% for townhomes. In contrast, North Vancouver was 45.5% for detached homes, 50.8% for condo’s and 80.8% for townhomes. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for…
North Vancouver home sales totaled 120 in June 2021, a +42.9% increase from the 84 sales recorded in June 2020, and down -6.98% from the 129 homes sold in May 2021. NV May and June home sales were up +45% and +35% respectively from the 10 year monthly sales average. If you are up to…
In West Vancouver, there were 60 sales in the month of June. The sales to new listings ratio was 38% which represents a balanced market. For June 2021, the sales to total active listings percentage was 13%, an increase from 11% in June 2020. Sales for June 2021 were up by 17 units compared to…
Metro Vancouver’s housing market sets a steady, calmer pace to begin the summer season While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year. *Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge,…
You can search for your next home in Metro Vancouver and across BC on Realtylink.org. Owned and operated by the Real Estate Board of Greater Vancouver, Realtylink.org gives you access to over 25,000 homes listed for sale on the MLS®. Realtylink.org features On Realtylink.org, you can: Search the most up-to-date data from the MLS® systems…
Strata corporations, strata owners, residents and strata council members can access online services through the BC Civil Resolution Tribunal (CRT). non-payment of monthly strata fees or fines; unfair actions by the strata corporation or by those owning more than half of the strata lots in a complex; uneven, arbitrary or non-enforcement of strata bylaws (such…
The Office of the Superintendent of Financial Institutions (OFSI) and the Minister of Finance, Canada’s banking regulators, tightened the rules around the mortgage stress test on June 1. Under the new requirements, all mortgage applicants must be able to afford their mortgage at an interest rate of 5.25 per cent or two per cent over…
This May saw steady home sale and listing activity in the Metro Vancouver* area, a shift back from the record-breaking activity seen in the earlier spring months. Metro Vancouver includes: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.…
In West Vancouver, there were 60 sales in the month of May. The sales to new listings ratio was 31% which represents a buyer’s market. For May 2021, the sales to total active listings percentage was 13%, an increase from 7% in May 2020. Sales for May 2021 were up by 33 units compared to…
North Vancouver townhomes monthly sale totals and prices have reached historical highs the past months. In contrast, West Vancouver townhome style options are limited resulting in smaller sale numbers. The main difference between a townhome and apartment is structurally. Generally townhomes have no unit above or below but could have a unit on either side. …
Reported West Vancouver and North Vancouver apartment monthly inventory numbers since January has consistently been below their respective 10-year monthly average. Extraordinary apartment monthly sale numbers were recorded the past two months in both communities. West Vancouver totaled 28 in April and 31 in March, the highest monthly sales on record since 2017. In North…
Though West Vancouver house April sale activity was down -18% from the month before, sale totals were up +280% from April last year and +35% above the 10-year monthly average! North Vancouver total reported sales in April were up +4% from March, up an astronomical +381% from same month last year and up +212% above…
If you shopping for an apartment or a townhome on the North Shore you are apt to find more selection that works with your budget in North Vancouver in contrast to West Vancouver. At this time there are 308 North Vancouver apartments actively listed for sale on MLS® versus West Vancouver’s 86! North Vancouver (West…
The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3 per cent over April 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price…
North Vancouver apartment sales reached new historic records the past two months! Apartment sales reached 207 for the month of April. That’s 360% increase from the 45 sales in April 2020. April 2021 sales were 137% above the 10-year monthly sales average, and the highest monthly apartment sales ever recorded for North Vancouver. Experts are…
It’s all over the map what real estate forecasters are saying: ‘Sales are still projected to reach a record in 2021’ ‘Fatigued Buyers will regain the opportunity to shop the market more carefully’ ‘Market settling down’ “More balanced conditions will become the new normal’ ‘Something is changing’ To get a grasp of West Vancouver‘s housing…
Local headlines about our real estate market include: ‘Red-hot housing market starting to cool’ ‘Incredible froth’ ‘Housing market quietly slowing down’ ‘Fading real estate market momentum’ Will market conditions in the upcoming months change with more listings coming onto the market, bring inventory levels up? Check out North Vancouver house market activity the past 16…
Home sales and new listings set record set highs for Metro Vancouver housing market in April. With our market reaching these new levels and with the continued safety risks that Covid-19 poses, REALTOR®s have been focused this Spring on helping their clients making sound and responsible buying and selling decisions while continuing to strictly follow…
Just released is British Columbia Real Estate Association (BCREA), 2021 Second Quarter Housing Forecast. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 33.6 per cent to 125,600 units this year, after recording 94,013 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 20.3 per cent to…
In West Vancouver, there were 80 sales in the month of April. The sales to new listings ratio was 35% which represents a balanced market. For April 2021, the sales to total active listings percentage was 19%, an increase from 6% in April 2020. Sales for April 2021 were up by 58 units compared to…
Home sellers have become increasingly active in Metro Vancouver’s housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from…
Check out the results of a recent public opinion survey which asked British Columbians about their thoughts on the current hot housing market. From the causes of the historically busy market to Realtor practice, and government intervention, the public weighs in. This episode was recorded on April 26, 2021. Rundown: Introduction Feature Conversation: Mario Canseco,…
Metro Vancouver’s housing market is experiencing record home buyer demand. What do hopeful home buyers need to know to successfully navigate this hectic market? We sat down with Real Estate Board of Greater Vancouver (REBGV) Chair Taylor Biggar to find out. Q: What advice do you have for someone who’s just starting their home buying…
If you’ve heard the term “non-conforming strata” before, there’s something you should know: There’s no such thing, according to the Condominium Home Owners’ Association (CHOA). Typically, this term is used to describe strata properties with less than five units. However, a strata is legally defined as any property where a group of owners own their…
One month into 2021 Metro Vancouver’s housing market continues to follow the pattern set at the end of last year with home sale activity outpacing the supply of homes for sale. A closer look shows REALTOR®’s registered 2,389 home sales on MLS® in January. That’s a +52.1% increase over this time last year and is…
How did the Canadian housing market fare in 2020 with pandemic lockdowns? The Canadian Real Estate Association (CREA) was just released an infographic to show the year in review:
Generally, analysts say 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. West Vancouver sales-to-active listings ratio (SAR) for January 2020 was 8.5% for detached homes, 12.1% for condo’s and…
North Vancouver home sales totaled 47 in January 2021, a +95.8% increase from the 24 sales recorded in January 2020, and a -41.25% decreased from the 80 homes sold in December 2020. Last month’s home sales were on par with the 10 year January sales average. More real estate numbers follow showing January market activity…
In West Vancouver, there were 29 sales in the month of January. The sales to new listings ratio was 21% which represents a buyer’s market. For January 2021, the sales to total active listings percentage was 9%, an increase from 6% in January 2020. Sales for January 2021 were up by 8 units compared to…
In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale. Areas included in Metro Vancouver are: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,…
Despite the unusual year, North Vancouver 2020 year end home sale totals elevated for the second consecutive year and up +22% from last year. Throughout the year house inventory was pretty much below North Vancouver’s 10 year monthly inventory average and latter half of the year, NV months of inventory trended below the 10 year…
Helpful Advice: Get the basic knowledge you need before buying a home, plus useful advice to guide you throughout the process. Find it all here. Home listings on the Internet: Visit REALTOR.ca to view the latest home listings on whatever computer or device you’re using. Home listings app for your phone: Add our REALTOR.ca app…
West Vancouver house sales increased for the second consecutive year and up +28% from last year despite the pandemic. Throughout 2020 WV monthly inventory was below the 10 year monthly average and since May the Months of Inventory trended below the 10 year monthly MOI resulting in West Vancouver’s House Price Index edging ever-to-slightly up!…
Our local real estate board just created this great visual, a year-in-review infographic that tells the story of 2020 real estate housing market with images, icons, and statistics. Real Estate Board of Greater Vancouver areas includes: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine…
Many local governments in Greater Vancouver have a bylaw or policy addressing tree removal, retention, pruning and damage on private property. This matrix is an overview. Note: Bowen Island, North Vancouver City, Pemberton, Pitt Meadows, Squamish-Lillooet Regional District and the Gulf Islands do not have a tree bylaw or policy for private land. However, if…
Helpful Advice: Get the basic knowledge you need before selling your home, plus useful advice to guide you throughout the process. Home listings on the Internet: Find out at what price comparable houses in your area are listed. Visit REALTOR.ca to view the latest home listings on whatever computer or device you’re using. Home listings…
In communities where the speculation and vacancy tax (SVT) applies residential property owners will soon receive their declaration package and can complete it online at: https://gov.bc.ca/spectax All owners on the title, including spouses and relatives, must complete a declaration to claim an exemption or determine eligibility for a tax credit. Corporations must also complete a declaration…
Strong December activity brought Metro Vancouver’s annual home sales totals in line with the regions long term average. That however, only tells part of the story for 2020. Taking a closer look REALTORS® registered 30,944 homes on MLS® in 2020. That’s a +22% increase from 2019, and about -2.8% below the 10 year average. As…
BC property owners started receiving their 2021 assessment notices the first week of January, a valuation which reflects the market value as of July 1, 2020. Overall, assessments increased throughout Greater Vancouver for both detached and strata homes. For detached homes, Squamish and Vancouver led the way, each with a 10 per cent increase, followed…
In West Vancouver total December sale numbers for homes and condominiums improved from same month last year. Houses up +89.3%, Condos up +100.0% and, Townhomes 0.0%. Also up was the MLS® HPI Benchmark Price for most WV property types: Houses up +7.7%, Condos up +8.4% and, Townhomes —. Take a glance at WV December 2020…
North Vancouver December sale numbers popped up for all North Vancouver property types compared to the same month last year: Houses up +44.6%, Condos up +67.6% and, Townhomes +81.0%. In addition, the MLS® HPI Benchmark Price was up for all property types: Houses up +12.5%, Condos up +6.1% and, Townhomes up +9.2%. Find below a…
In West Vancouver, there were 53 sales in the month of December. The sales to new listings ratio was 120% which represents a strong seller’s market. For December 2020, the sales to total active listings percentage was 18%, an increase from 8% in December 2019. Sales for December 2020 were up by 25 units compared to December…
Our local real estate board reports strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average. The Real Estate Board of Greater Vancouver (REBGV) stats show that residential home sales in the region totaled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded…
Realtylink.org was created by the Real Estate Board of Greater Vancouver (REBGV) in 2019. The board says the site “provides a more modern online experience with enhanced search and filtering capabilities. Visitors can create a profile and save their searches and favorite listings. Search results can be organized in a map, gallery or list-based view.”…
For Canada’s housing market, 2020 was a year like no other. The onset of the COVID-19 pandemic in March pushed markets across the country off course, resulting in record-low spring sales followed by a swift post-lockdown recovery that remains in motion. As we approach the new year, now’s the time to consider how the ripple…
Hitting a new sales record and an all-time inventory low, November was yet another record-breaking month—bringing 2020 close to a record-breaking year! Take a glance at November’s stats across Canada:
A fundamental shift in real estate as a result of the COVID-19 pandemic is REALTORS® fully leveraging technology to ensure the real estate processes remain safe and transactions can continue to take place. It is now easier than ever to to get a good feel of a home before ever setting foot within the property…
In light of new public health orders by the Provincial Health Officer on November 19, our REALTOR® association, BCREA, encourages REALTORS® to continue COVID-19 conscious business practices, which includes using virtual tools when possible, to market, show and view properties to help slow the spread of COVID-19. The following are a couple of sample showing…
Housing demand in Metro Vancouver continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015. REALTOR®’s registered 3,064 homes sales on the MLS in November. That’s an increase of +23% over this time last year and is 25% above the 10 year for the month. On the listing side…
In West Vancouver total November sale numbers for homes and condominiums improved from same month last year: Houses up +19.2%, Condos up +66.7% and, Townhomes -50.0%. Also up was the MLS® HPI Benchmark Price for most WV property types: Houses up +7.7%, Condos up +6.8% and, Townhomes —. An essential factor in understanding home price…
In North Vancouver total November sale numbers increased for most North Vancouver property types from November 2019: Houses up +20.5%, Condos up +28% and, Townhomes 0.0%. The MLS® HPI Benchmark Price was up for all property types: Houses up +11.6%, Condos up +7.3% and, Townhomes up 10.1%. The supply of property types are a critical…
In West Vancouver, there were 62 sales in the month of November. The sales to new listings ratio was 84% which represents a strong seller’s market. For November 2020, the sales to total active listings percentage was 17%, an increase from 12% in November 2019. Sales for November 2020 were up by 10 units compared…
Our local real estate board reports ‘November home sales outpace seasonal norms and long-term averages Housing demand in Metro Vancouver continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.’ Residential home sales in the region totaled 3,064 in November 2020, a 22.7 per cent increase from the 2,498…
The Land Owner Transparency Act1 (LOTA) came into effect on November 30, 2020, and with it, the Land Owner Transparency Registry (LOTR). Now, with every change in title to a property in British Columbia, a transparency declaration must be filed with the Land Title and Survey Authority of British Columbia (LTSA). Individuals acquiring an interest…
In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership. What started years ago as a replacement for a survey certificate has now become standard on real estate purchase or refinance transactions. If you are buying or refinancing your home, expect title…
Our local real estate board just released the month stats package and reporting ‘Home sale and new listing activity reached record levels in Metro Vancouver in September. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the…
Our local real estate board reports Metro Vancouver home buyers and sellers remained active in August with home selling new listing activity outpacing the regions historical averages. Let’s take a closer look. People who put their home buying and selling plans on hold in the Spring have been returning to the market throughout the summer. REALTOR’s registered…
Before a buyer even steps through your front door, you’ve created a first impression. Keeping the outside of your home clean and tidy improves your home’s curb appeal and will make a difference when you’re looking to sell. Here’s six ways you can make your home look great and improve its resale value without spending…
Real estate market activity in Metro Vancouver exceeded historical levels in July. Metro Vancouver includes: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Over 3,100 home sales were registered by REALTORS in July. This is up +28% from last month…
Helpful Advice: Get the basic knowledge you need before buying a home, plus useful advice to guide you throughout the process. Find it all here. Home Listings on the Internet: Visit REALTOR.ca to view the latest home listings on whatever computer or device you’re using. Home listings app for your phone: Add our REALTOR.ca app to your phone to give…
Helpful Advice: Get the basic knowledge you need before selling your home, plus useful advice to guide you throughout the process. Home listings on the Internet: Find out at what price comparable houses in your area are listed. Visit REALTOR.ca to view the latest home listings on whatever computer or device you’re using. Home listings app for…
Introduced earlier this summer, the Canadian Mortgage and Housing Corporation (CMHC) implemented new underwriting criteria (eligibility requirements) to apply for homeowner transactional and portfolio mortgage insurance. These new adjustments from CMHC come as a precaution while the COVID-19 pandemic continues to impact consumers in the real estate market and many other aspects of day-to-day life. The following changes have…
Our local real estate board is reporting Metro Vancouver’s housing market activity is returning to historical levels as home buyers and sellers are becoming more comfortable with public health safety protocols. Real estate boards and associations across the province, in step with the Real Estate Council of BC, who regulates the practice of real estate…
May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada. On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to April—57% for sales and 69% for new listings—huge percentage increases, albeit from a…
The old real estate adage tells us that the 3 most important things to look for in a property are “location, location, location”. According CMHC recent survey, for the majority of Canadians who bought a home over the past year, the most important factors affecting their decision were price and affordability. When asked to name their…
The uncertainty of the covid situation has limited April listing and sale activity. You might be thinking how much is listing and sale activity compared to from last year or last month? We know home prices are driven by supply and demand. You may be questioning where are home prices if supply and demand are…
This February saw strong home buyer demand! Learn more in the video below how much demand has improved year-over year in February, how home sales struggled to keep pace, what the sales-to-active listings ratio is suggesting re type of market if sustained for a period of time, and the trend of prices.
Home sale and price activity remain steady in Metro Vancouver to start 2020 while home listing activity declined in January. Realtors registered 1,571 sales on our regions MLS in January. This is +42% above last year’s January total and about -7% below our 10 year average for the month. Looking at supply we are seeing few homes…
BC Assessment just released its 2020 assessments. The provincial agency appraises all properties, almost two million province wide on an annual basis. The assessment is an estimate of a property’s market value as of July 1, 2019 and physical condition as of October 31, 2019. BC Assessment said changes in property value reflect movement in the…
If you’re planning to buy a strata property and you have furry or feathered friends, find out whether pets are allowed and if there are restrictions. Under the Strata Property Act and Regulation, strata corporations can restrict owners and tenants from keeping pets or certain kinds of pets through the bylaws of the strata corporation. Pet…
