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…
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…
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…
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…
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…
