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,…
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…
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…
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…
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…
