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…
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…
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…
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…
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…
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…
