The BCREA (British Columbia Real Estate Association) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of…
A House Price Survey was just released by Royal LePage. According to its regional summaries, the aggregate price of a home in Greater Vancouver increased 2.4 per cent year over-year to $1,250,200 in the third quarter of 2022. On a quarterly basis, the aggregate price of a home in the region decreased 4.7 per cent;…
Home sellers were more active in September while home buyer demand remained below the regions long term averages. Let’s take a closer look. Metro Vancouver Realtor®’s registered 1,687 home sales on the MLS® in September. This is a -46% decrease from this time last year and -36% below our 10 year sales average. Sellers new…
Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in…
The root issue that drives housing prices almost always is supply and demand. Several factors influence supply and demand such as mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. Check out the supply and demand trend for West Vancouver‘s apartments:
With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June…
After reaching record setting levels for many North Shore property types, last year home sale activity has returned to more typical, seasonal levels this Spring due in large part to rising interest rates. On the North Shore, REALTOR®s registered 287 North Vancouver and 69 West Vancouver home sales on MLS® in May. This is a…
One tool our real estate board uses to monitor supply and demand activity in the market is the sales-to-active listings ratio. When this ratio dips below 12% for a sustained period, it indicates the supply is outpacing the demand and prices typically decline as a result. When it surpasses 20% and for a sustained period,…
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,…
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…
