News & Tips

Vancouver home sales dip, but prices continue to rise Sales fell 8.2% last month from July 2016, according to the Real Estate Board of Greater Vancouver report released this week, but prices continue to rise as the benchmark price across all property types in Metro Vancouver surpasses $1 million for the first time. The average […]

Vancouver city staff presented a proposed regulatory framework to city council this week that would move the city closer to legalizing short-term rentals, such as those booked through sites like Airbnb and HomeAway. Under the proposed rules, short-term rentals – defined as those shorter than 30 days – would be allowed in the principal residences […]

Bank of Canada raises overnight rate for first time in seven years Bank of Canada Interest Rate Decision – July 12, 2017 – The Bank of Canada announced this morning that it is raising its target for the overnight rate by 25 basis points to 0.75 per cent. In the press release accompanying the decision, the […]

Imbalance Between Supply and Demand in the Condo Market Creating Home Buyer Competition Across Metro Vancouver. “Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” […]

“While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of BC continue to rise.” Chilliwack and Sooke were the top two most affordable areas to purchase a condo apartment. Overall, the least affordable areas to purchase a home were West Vancouver, Lions Bay and North Vancouver; […]

  “Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline” – President, Real Estate Board of Greater Vancouver   MAY MARKET ACTIVITY HEATS UP  The benchmark price for a detached home in Greater Vancouver is $1,561,000. This represents a 3.1% […]

BC Home Sales Turn Higher, Inventories at 20-Year Low Vancouver BC – May 2017 – The British Columbia Real Estate Association (BCREA) that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was […]

TOWNHOME & CONDO DEMAND DRIVING VANCOUVER’S REAL ESTATE MARKET Between January and April 2017, condo and townhome sales contributed to 68.5% of total home sales across Metro Vancouver, according to Real Estate Board of Greater Vancouver data released May 2nd. Over the last three months, the benchmark price of condominiums has seen the largest increase […]

Higher Demand Than Supply for Homes Across Vancouver Low housing inventory coupled with strong demand, specifically for condos and townhomes, propelled the market in March. The number of new listings has not been this low since March 2009. Ongoing competition to purchase condos and townhomes means attached home prices will likely continue to increase until […]

The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017. Homes that are deemed empty will be subject to a tax of 1% of the property’s BC Assessment value. Most homes will not be subject to the tax, as it does not apply to principal residences or homes […]