The B.C. government plans to incentivize homeowners to build secondary suites on their property with a new three-year pilot program. The Secondary Suite Incentive Program will help homeowners create affordable housing in their communities. The program will provide money to help homeowners create a new secondary suite on their property to be rented out for…
As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. Sales The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023,…
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. Sales The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9…
Wildfires can be devastating for communities across our province, with potentially hundreds of fires burning at once. Before this happens, it’s important to understand what you should expect from your insurance. What to expect Trying to obtain fire insurance can be difficult in areas under the threat of wildfires. While insurance underwriters follow…
Recent stats from our local real estate board shows home prices continue to rise in Metro Vancouver’s housing market to kick off the summer. Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up…
Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives. While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…
Something that’s been catching my eye in the market data in recent months is the lack of new listings coming to market, especially as we enter the full swing of the spring market. This trend has had some knock-on effects, such as slower sales (since you can’t sell what’s not listed), and I’ve noticed “housing…
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…
With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…
There is nothing typical about our real estate market since the start of the Covid 19 pandemic. 2023 first three months sales are down by quite a bit relative to 2021 and 2022 unusually strong market years. North Vancouver sales down 43% and 54% respectively from 2022 and 2021 Q1’s. West Vancouver down 37% and…
