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…
