Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022. After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. The Real Estate Board of Greater…
Two new regulations affecting BC’s real estate market went into effect with the start of the new year earlier this week. Here’s the key information you need to know. BC home buyer rescission period – HBRP As of January 1, 2023, BC home buyers now have a 3 day period in which they…
B.C. Assessment Authority has updated its website for assessments of over two million B.C. properties! Go to bcasssessment.ca and search under the address to check out your home’s 2023 property assessment reflecting July 1, 2022 values. Assessor Bryan Murao says ‘Since July 1, we know that the real estate market has changed as interest…
What makes a trend? Do two data points in time make a trend? What about 100 data points? Or 10,000? When is something a trend, and when is it considered statistical noise? Believe it or not, this isn’t a simple question to answer. To attempt an answer, we need to narrow the scope, and…
In North Vancouver, for all property types, the sales-to-active listings ratio (SAR) for November is 28%. By property type, the ratio is 29% for detached homes, 14% for townhomes, and 33% for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period,…
In November, West Vancouver remained a buyer’s market based on sales to new listings. North Vancouver remained a seller’s market, based on sales to new listings. Prepared by: John Jennings, Royal LePage Sussex-John Jennings
The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 4.25 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand with tight labour markets and as a result inflation remains elevated. There…
While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded…
After the “frenzy” if 2021 and a “big peak and valley’ in 2022, the president of Re/Max Canada tells Global News that next year could see “balance” return to the national housing market. But Christopher Alexander says how high the Bank of Canada drives interest rates, and when it pauses or returns to…
The first-of-its kind in Canada, the Land Owner Transparency Registry (LOTR) is a registry of information about individuals who are deemed to have an indirect interest in land as defined in section 1 of LOTA (e.g. through corporations, trusts and partnerships) which is housed in a searchable, public database. As of November 30, 2020, the…
