Home Flipping Tax

Confused about wat the new B.C. home flipping tax taking effect January 1, 2025 means to you, a Buyer? The BC home flipping tax webpage is your best source of information, and you can subscribe to the page to be notified about updates! Here are some scenarios for the tax that may help. Remember, the…

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Spring Market Gaining Momentum

The Greater Vancouver real estate market has maintained its upward trajectory with increased sale prices and burgeoning market activity throughout the initial quarter of 2024. Presently, the average property in Vancouver commands a price of $1,318,535, which represents yearly price growth of 3.9%. Since the year’s commencement, home values have surged by 6%, equating to…

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Primary Wildcard for 2024 Real Estate Activity?

Economic forecast….. Under the hood, 2024 is poised to be a growth year for the residential market across the Real Estate Board of Greater Vancouver’s areas. Fundamental factors that drive our market, such as household formation, population growth, and employment growth remain fairly strong despite continued concerns of potentially slower economic growth ahead. With that…

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Unexpected Home Sale Surge Closing 2023

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up noticeably on a month-over-month basis in December 2023. Highlights: National home sales jumped 8.7% month-over-month in December. Actual (not seasonally adjusted) monthly activity came in 3.7% above December 2022. The number of newly listed properties dropped 5.1% month-over-month. The…

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North Vancouver Real Estate Snapshot

Just released board stats show North Vancouver November home sales numbers strongest in the Lynn Valley, Boulevard and Upper Lonsdale neighborhoods, condo’s in Lower and Central Lonsdale areas and for townhomes, the Lynn Valley, Central and Lower Lonsdale neighborhoods. All property types sales-to-active ratio have been pretty much in Seller Market territory year-to-date. Below find…

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What’s Up With The Real Estate Market?

Recent local real estate board data at the end of November, shows West Vancouver Residential Composite* Benchmark Price down -1.3% from a year ago, and North Vancouver up +6%. *all properties including single family dwellings, townhomes and apartment/condos   In all housing markets, there are often, predictable ebbs and flows that happen each year. It’s…

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Chicken-and-Egg Nature of Real Estate Stats

March home prices showed modest increase across Metro Vancouver’s housing market showed modest, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…

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Interest Rate Changes

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…

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MLS® Sub-Areas?

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…

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Real Estate Markets

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,…

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Consumer Protection in BC’s Real Estate Market

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,…

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Top Valued BC Properties

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…

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Handy Real Estate Links

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…

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West Vancouver Real Estate Snapshot

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,…

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West Vancouver Real Estate Market

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…

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What is blind bidding?

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…

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West Vancouver Real Estate Snapshot

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…

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Trend of North Shore housing market supply and demand?

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…

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UHT?

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…

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How much do foreign buyers impact our real estate market?

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…

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Real Estate Market Insights – Metro Vancouver

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…

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Contractual obligations

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,…

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Strata: Resolving disputes

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…

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Real Estate Market Insights – Metro Vancouver

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.…

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Making a move to or from a West Vancouver or North Vancouver townhome? Infographics

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. …

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What’s the activity like for West Vancouver & North Vancouver apartments? Infographics

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…

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What’s happening in the West Vancouver & North Vancouver house market? Infographics

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…

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What’s up with North Vancouver housing Market?

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…

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Buying a home?

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…

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Real Estate Review Infograhic

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…

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Tree Bylaw Matrix

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…

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It’s that time again ~ Speculation and Vacancy Tax Declaration!

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…

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Housing Market Insight: July 2020

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…

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Buying? Heads Up – New Underwriting Criteria

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…

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Stratas and Pets

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…

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