News: Vancouver Real Estate Market

When comparing the real estate markets from coast to coast across Canada, a home with a price tag of $1 million can differ greatly. As the nation’s short supply persists and buyers struggle with affording housing, there remains a vast variation of the definition of a $1-million home across major markets.  

In examining what a budget of around $1 million – give or take $50,000 – can buy in Canada’s major housing markets, Royal LePage® determined in a new report that the average home in Canada...

Read

Bill 44 Housing Statutes (Residential Development) Amendment Act, 2023 has the potential to make housing for affordable by increasing the amount of small-scale multi-unit housing in neighbourhoods that are mostly comprised of single-family homes. This includes townhomes, triplexes and laneway homes, and a plan to fix outdated zoning rules to help the process of building homes quicker. These new zoning requirements would permit higher density in areas previously zoned for single family or...

Read

The Canadian government has recently announced a two-year extension to the ban on foreign ownership of Canadian housing. This move reflects the government's commitment to ensuring that Canadians have access to affordable housing, promoting stability in the real estate market, and addressing concerns about the impact of foreign investment on housing prices.

The decision to extend the ban comes in the wake of growing concerns about the role of foreign investors in the Canadian real estate market. In...

Read

While the Metro Vancouver market ended 2023 in balanced market territory, in January conditions began shifting back in favor of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that in the region residential sales totaled 1,427 in January 2024, a 38.5% increase from the 1,030 sales recorded in January 2023. This was 20.2% below the 10-year seasonal average (1,788).

“It’s hard to believe that...

Read

Royal LePage expects sidelined buyers to re-engage this quarter ahead of expected rate cuts by the Bank of Canada.

National Summary

National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter. Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023.

Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%);...

Read

 In 2023, Metro Vancouver’s housing market closed out with balanced market conditions, but the year-end totals there is a story of surprising resilience in the face of the highest borrowing costs seen in over a 10 years. 


The Real Estate Board of Greater Vancouver (REBGV) reports that there was a total of 26,249 residential sales in the region in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. ...

Read

Canada’s housing market could return to more normal levels of activity and price trends next year, following several years of unprecedented ups and downs. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to an rise in demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping...

Read

Canadians may see the real estate market return closer to normal in 2024, after years of unprecedented irregularity. According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140.

“Looking ahead, we see 2024 as an important tipping point...

Read

The Bank of Canada is widely expected to hold its benchmark interest rate when it meets next week, but a lot has changed since October. Cooling inflation, here and south of the border, and a weakening economy have turned markets’ attention from rate hikes to rate cuts. Investors are now fully pricing in a 25 bps rate cut by April, a 75 per cent chance by March and even a 20 per cent chance by next week.

Stephen Brown, deputy chief North American economist for Capital Economics, thinks odds of a cut...

Read

With 2023 coming to an end, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region was 1,702 in November 2023, which was a 4.7% increase from the 1,625 sales recorded in last year in November. This was 33% below the 10-year seasonal average (2,538).

Andrew Lis, REBGV’s director of economics and data analytics said,...

Read

Royal LePage predicts continued stability in Canada’s winter recreational real estate market as interest rates expected to hold or moderate

  • National single-family home price in Canada’s winter recreational market decreased 0.7% year over year in the first 10 months of 2023

  • 24% of Royal LePage recreational property market experts reported a decline in buyer demand this year as a result of climate factors or environmental disasters, following unprecedented wildfire season

  • 41% of experts reported an increase...

Read

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

Read

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7% increase from the 1,924 sales recorded in October 2022. This total is 29.5% below the 10-year seasonal average (2,832) for October.

"With properties coming to market at a rate roughly five% above the ten-year seasonal average,...

Read

Best Coquitlam Realtor

Choosing the right REALTOR® is a crucial step to ensure your journey to buying or selling real estate in Coquitlam is a success. A skilled and experienced REALTOR® can make the process smoother and more successful, while an inexperienced or ineffective agent can lead to frustration and missed opportunities. To ensure you make the best choice, this blog post will guide you through the essential factors to consider when selecting the best Coquitlam REALTOR® for your needs.

Experience and Local Knowledge...

Read

The Bank of Canada announced on October 25th it would be holding its key lending rate at 5.0%, the second consecutive hold since two quarter-point increases were made over the summer. Since March of last year, the central bank has imposed an unprecedented number of rate hikes in an effort to reduce pandemic-fueled inflation, taking interest rates from historic lows to a more than two-decade high. While approximately three quarters (74%) of Canadian mortgage holders currently have a fixed-rate agreement...

Read

Greater Vanvouver 5 Year Trend

The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614). ...

Read

As we near the end of summer, higher borrowing costs have begun to permeate the Greater Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663). ...

Read

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. 

 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 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909). 

 “While sales remain about 15 per...

Read

Canadians continue to grapple with the increased cost of living, and the Bank of Canada’s latest hike to interest rates this week will add more pressure to variable rate mortgage holders, as well as those looking to qualify for lending. While buyers who have secured a rate hold are anxious to make a purchase before it expires, some sellers have hit the pause button on listing their homes until economic conditions stabilize, further contributing to a lack of available inventory. Additional demand pressures...

Read

REBGV Market Activity – June 2023

The Greater Vancouver real estate housing market is showing some conflicting indicators, suggesting a potential shift on the horizon. While the REBGV aggregate HPI benchmark price rose to $1,203,000, the overall average sales price experienced a decline, marking the first decrease since January. In June, the aggregate average property value decreased by $41,275, resulting in a final price of $1,270,619. However, when compared to the previous year, average sale prices...

Read

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

REBGV 

Read

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269)....

Read

As home prices and interest rates continue to rise, whilst inventory remains extremely tight, Canada’s first-time buyers are feeling increasingly worried about missing out on their desired home because they don’t have enough of a down payment.

According to a recent survey released by Sagen™, conducted by Environics Research with a series of questions for Royal LePage, 67% of first-time buyers (those that purchased a home within the last two years) said that before buying, they worried they might miss...

Read

While the year started slower than usual, Metro Vancouver’s1 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 the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

"Back in January, few people would have predicted...

Read

51 % of current investors and 23% of non-investors are considering buying an investment property before 2028

Despite higher lending rates and lower levels of inventory, the desire to own a home in Canada remains strong, especially among those who see ownership as a way to support their financial future. Canadians continue to look to the housing market as a means of building generational wealth and an additional source of income, and many are planning to try their hand in real estate investing within...

Read

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.

Real estate market stats

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below...

Read

Home prices in Metro Vancouver's housing market saw modest increases in March, despite new listings remaining below long-term historical averages. However, data from March suggests that home sales are performing better than expected for the spring season, even with elevated borrowing costs.

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 2,535 in March 2023, a 42.5% decrease from the 4,405 sales recorded in March 2022 and 28.4% below the 10-year...

Read

The latest data for February indicates that prospective home sellers in Metro Vancouver are still hesitant to participate in the housing market, resulting in below average sales activity and a subsequent increase in the number of available homes for sale. According to the Real Estate Board of Greater Vancouver (REBGV), there were only 1,808 residential home sales in February 2023, a decrease of 47.2% from the previous year. The sales activity was also 33% below the 10-year February sales average....
Read

Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.

Vancouver real estate stats

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3% decrease from the 2,285 sales recorded in January 2022, and a 21.1% decrease from the 1,295 homes sold in December 2022.

Last month's sales were 42.9% below the 10-year January sales average.

"Due to seasonality, market activity is quieter in January....

Read

The Federal government’s new legislation banning foreign buyers from directly or indirectly purchasing property in Canada for a period of 2 years came into effect on January 1, 2023.

Who is a Foreign Buyer or Non-Canadian for the the purpose of this legislation?

The act defines a non-Canadian as:

  1. An individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
  2. The Act restricts non-Canadians from avoiding the ban by...
Read

According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada decreased 2.8 per cent  year-over year to $757,100 in the fourth quarter of 2022; the first year-over-year decline recorded since the end of 2008 during the global  financial crisis. On a quarter-over-quarter basis, the aggregate price of a home in Canada decreased 2.3 per cent. This is the third consecutive quarterly decline, and the smallest decrease so far. 

In December, Royal...

Read

On January 1, 2023 the government introduced a cooling off period for buyers, a home buyer protection period, that allows home buyers three business days to back out of an accepted offer.

Key Points about the home buyer rescission period:

  • The period will be effective January 1, 2023.
  • Buyers will have three business days following the accepted offer date to back out of a residential purchase agreement.
  • The period is mandatory and can't be waived by the parties to the contract.
  • Buyers who back...
Read

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.

Coquitlam real estate market statistics

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3% decrease from the 43,999 sales recorded last year, and a 6.6% decrease from the 30,944 homes sold in 2020.

The 2022 sales total was 13.4% below the...

Read

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.


Vancouver real estate stats


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9% decrease from the 3,428 sales recorded in November 2021, and a 15.2% decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9% below the 10-year November sales average....

Read

 
So there is an opportunity in the market now for first time buyers, families and investors.
 
A new selection of undervalued properties have recently become available with values more than 10% BELOW MARKET. If this sounds too good to be true, it's not. Here's why.
 
In an effort to increase the supply of more "affordable" housing, the provincial government has just introduced new legislation that prohibits long term rental restriction bylaws in strata properties. They have...
Read

I get asked this question all the time. The answer really depends on two factors. 1. The area. Despite what you may hear in the media, there is no Canadian real estate market. All real estate markets are hyper local. 2. The type of product. Are we talking about condos, town houses or single family homes.

If you would like the local real estate statistics for your area simply send me an email and I would be happy to forward you a copy.

Read

This video makes me feel like travelling. Where is your favourite beach vacation?

The beach at Oasis is one of kind with very creative convertible solariums for year-round indoor-outdoor living. Very cool!

First release of West Tower SOLD OUT! East Tower new release includes penthouses and select 1, 2, and 3 bedroom homes! Message us for a private viewing.

Call 604 340 4400 to book a private appointment today!

Read

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

Vancouver real estate stats

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5% decrease from the 3,494 sales recorded in October last year, and a 12.8% increase from the 1,687 homes sold in September 2022. Last month's sales were 33.3% below the 10-year October sales average.

"Inflation and rising interest rates continue...

Read

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.

greater vancouver housing price index

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% decrease from the 3,149 sales recorded in September 2021, and a 9.8% decrease from the 1,870 homes sold in August 2022.

Last month's sales were 35.7% below the 10-year September sales average.

"With the Bank...

Read

Metro Vancouver's* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

Housing Statistics

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month's sales were 29.2 per cent below the 10-year August sales average.

"With inflationary pressure and interest...

Read

Metro Vancouver's housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

Greater Vancouver real estate market stats

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3% decrease from the 3,326 sales recorded in July 2021, and a 22.8% decrease from the 2,444 homes sold in June 2022.

Last month's sales were 35.2% below the 10-year July sales average.

"Home buyers are exercising more caution...

Read

Increased supply and slowing sales push Greater Vancouver toward balanced market for the first time in more than two years

Royal LePage House Price Survey

Key highlights from the release include:
  • Royal LePage reduces national home price forecast to +5.0% in fourth quarter of 2022; expects home prices to hold relatively flat through the second half of the year in greater regions of Toronto and Vancouver. Greater Montreal Area expected to see continued price appreciation.
  • National aggregate home price increases 12.1% year-over-year...
Read

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

Greater Vancouver real estate market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35% decrease from the 3,762 sales recorded in June 2021, and a 16.2% decrease from the 2,918 homes sold in May 2022.

Last month’s sales were 23.3% below the 10-year June sales average.

"Home buyers have more selection...

Read

After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6% decrease from the 4,268 sales recorded in May 2021, and a 9.7% decrease from the 3,232 homes sold in April 2022.

Last month’s sales were 12.9% below the 10-year May sales average....

Read

Seller’s market persists in Greater Vancouver despite slight rise in supply and some moderation in demand

Detached home prices increased 20.7% in the first quarter of 2022

According to the Royal LePage House Price Survey released today, the aggregate price of a home in Greater Vancouver increased 18.2% 1 year-over-year to $1,368,600 in the first quarter of 2022. Broken out by housing type, the median price of a single-family detached home increased 20.7% to $1,870,100, while the median price of a condominium increased 20.4% to $828,400 during the same period.

"While the supply of listings is beginning...

Read

Greater Vancouver home sales come back to more traditional levels in April

Home buyer demand returned to more typical levels in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1% decrease from the 4,908 sales recorded a year ago, and a 25.6% decrease from the 4,344 homes sold last month.

April 2022 sales were 1.5% above the 10-year sales average for April.

"So far this spring, we've seen home sales ease down from the record-breaking pace of the last year," Daniel John, REBGV Chair...

Read

Housing was the focus of Federal Budget 2022


The Federal Budget 2022, released April 7, 2022, had a significant focus on housing for Canadians. Finance Minister Chrystia Freeland laid out how the government is planning to address housing affordability by adopting policies in three categories: building, saving and anti-flipping/foreign investment.

“This was a housing-focused budget and there’s considerable detail within the document that we need to analyze and better understand,” REBGV Chair Daniel John said. “We support...

Read

HOME BUYER DEMAND REMAIN ELEVATED BUT CALMER THAN LAST SPRING'S RECORD PACE IN METRO VANCOUVER

<p>While down from last year's record numbers, Metro Vancouver's home sale activity remained elevated in March. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region decreased 23.9% from the 5,708 sales recorded in March 2021 (4,344 in March 2022) and a 26.9% increase from the 3,424 homes sold in February 2022.

Last month's sales were 25.5% above the 10-year March sales average.

"March of 2021 was the highest selling month in our history. This year's...

Read

DOUBLE DIGIT GAINS FORCAST IN NATIONAL RECREATION HOUSE PRICE IN 2022

Despite a return to pre-pandemis travel and interest rate increases, demand still outnumber supply in amy recreational regions 

Highlights:

  • Aggregate price of a single-family waterfront property surged 21.5% year-over-year in 2021 nationally
  • Single-family homes in Ontario’s recreational property market recorded the highest year-over-year aggregate price appreciation in 2021, rising 34.6%
  • Quebec and Atlantic Canada expected to see highest recreational property price gains in 2022, rising...
Read

METRO VANCOUVER'S FEBRUARY HOUSING MARKET DEMAND REMAINED STEADY WHILE LISTINGS AND PRICE GAINS CONTINUED

The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.  

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022. 

Last month’s sales were 26.9% above the 10-year February...

Read
Categories
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.