News: Vancouver Real Estate MarketSeasonal pullback brings stability to prices in Metro Vancouver area 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.
Strong sales push Metro Vancouver home prices past the rate hike in July 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... Latest interest rate hike will soften housing market activity, but home prices are not likely to go down 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... Resilient Greater Vancouver Real Estate Market Embraces Active Summer SeasonREBGV 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... JUNE 2023 Market InsightsContinuing 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 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 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).... Fear of missing out on buying a home due to insufficient down payment growing among Canada’s first-time buyers 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... Competition heats up among buyers as summer arrives 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... 1 in 4 Canadians intend to buy an investment property in the next five years 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... Prices continue to rise across Greater Vancouver as confidence returnsWith 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 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... Spring sees price increases while supply remains dormantHome 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... Lower than average home sales helps inventory to inch upwards
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....
Property sales move below long-term averages and inventory remains low to start 2023Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
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.... Key points on the federal ban preventing foreign buyers from purchasing property in CanadaThe 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:
Canada ends 2022 with modest decline in national aggregate home price; prices remain well above pre-pandemic levelsAccording 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... Key facts about the B.C. homebuyers 3 day rescission periodOn 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:
Climbing mortgage rates brought uncertainty and prudence to Greater Vancouver’s real estate market in 2022After 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 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... Real estate activity trends below long-term averages in NovemberWhile 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 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.... Real estate below market value - the opportunity!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... What's the Coquitlam real estate market like?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. Oasis by Concord Brentwood - Like a perpetual vacation at home!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! Inflation and rising interest rates continue to weigh on Metro Vancouver's housing marketHome sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.
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... September saw more home sellers and fewer buyers in Metro VancouverHome 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% 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... Housing market in Metro Vancouver sees fewer home buyers and sellers in AugustMetro Vancouver's* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.
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... Metro Vancouver home buyer demand continues to easeMetro 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.
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... Royal LePage's Q2 2022 House Price Update and Market ForecastIncreased supply and slowing sales push Greater Vancouver toward balanced market for the first time in more than two years
Listings up, sales down & prices starting to easeWith 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 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... Spring brings a calmer housing market to Metro Vancouver
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.... 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... 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... Housing was the focus of Federal Budget 2022
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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... 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... 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:
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... BCREA'S 30 POLICY RECOMMENDATIONS TO STRENGTHEN CONSUMER PROTECTION IN REAL ESTATE
The BC Real Estate Association (BCREA), with support of BC’s real estate boards, published a white paper on February 28, 2022 that contains 30 policy recommendations for the provincial government.
Essential Home Features to Age in Place
The recently distributed Royal LePage report on essential home features for Canadians planning to age in place was distributed to the media this week. The release includes insights from experts across Canada into the most important features and consideration for older Canadians who wish to remain in their homes longer.
Our Home Buying ProcessLet’s take a look at the process behind buying and selling a home, and the value our passionate real estate team can provide. Our team believes in the value of real estate and that owning real estate is the foundation to building long term wealth. To be a successful homebuyer, particularly in challenging markets, you need someone with experience, to support and guide you through the process, and that’s where the Reimers Group comes in. There is a lot of free information out there, but... Low supply continues upward pressure on home prices across Greater Vancouver’s housing market
The first month of 2022 saw home sales come down from last year's record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4% decrease from the 2,389 sales recorded in January last year, and a 15% decrease from the 2,688 homes sold in December 2021. Last month's sales were 25.3% above the 10-year January... Metro Vancouver home sales set a record in 2021
Metro Vancouver home sales reached an all-time high last year as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 % increase from the 30,944 sales recorded in 2020, a 73.6 % increase from the 25,351 homes sold in 2019, and a four % increase over the previous all-time sales record of 42,326 set in 2015. Last year's sales... Get to know usWe’d be honoured to partner with you on your real estate journey. We offer personal one-on-one expert advisory services gained from years of front-line experience. Leverage our knowledge and negotiation skills today and make sure you have us on your side! First-class marketing using every available tool to market and sell your home is what you can expect! If you're thinking it - we're doing it! Reach out today to get started - 604-340-4400. Double digit price increases expected for 2022
After 2 years of strong price appreciation, Canadian home prices are expected to increase significantly in 2022, albeit at a slower pace than in previous years. According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to rise 10.5% year-over-year to $859,700 in the fourth quarter of 2022, with the median price of a single-family detached property projected to increase 11.0% to $918,000, and the median price of a condominium expected to increase 8.0% to $594,000.... Home sales up, listings down across Greater Vancouver
As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9 per cent increase from the 3,064 sales recorded in November 2020, and a 1.9 per cent decrease from the 3,494 homes sold in October 2021.
Last month’s... Greater Vancouver home buyers compete for limited home listings in October
Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,494 in Oct. 2021, a 5.2 % decrease from the 3,687 sales recorded in Oct. 2020, and an 11 % increase from the 3,149 homes sold in September 2021. Last month’s sales were 22.4 % above the 10-year Oct. sales average.... Canadian home prices soar as persistent supply shortage results in continued seller’s marketNational aggregate home price increases 21.4% year-over-year Third quarter highlights:
STUDY SAYS OWNING HAS MORE BENEFITS THAN RENTING
A new study from Royal LePage has found that homeowners who can afford 20% down payments are much better off in the long run than renters. In fact, buying a home in Canada with an uninsured mortgage puts homeowners ahead of renters in 91% of cases analysed. "Canadians strongly value homeownership for many reasons. Not only is it a great source of pride, it is likely the largest and most significant financial investment most people will ever make," Karen Yolevski, chief operating officer of Royal LePage... Higher home sale activity continues to deplete the supply of homes for sale in Metro VancouverHome sale activity remains elevated across Metro Vancouver's housing market while the pace of homes being listed for sale continues to follow long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 % decrease from the 3,643 sales recorded in September 2020, and a 0.1 % decrease from the 3,152 homes sold in August 2021. Last month's sales were 20.8 % above the 10-year September... Home listing supply declines across Metro Vancouver over the summer.
While home buyers remained active in Metro Vancouver throughout the summer, the supply of homes for sale declined steadily since June. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4% year over year increase and a 5.2% decrease from the 3,326 homes sold in July 2021. Last month's sales were 20.4% above the 10-year August average. "August was busier than expected, and listings activity isn't keeping up with... STEADY SALES, REDUCED LISTINGS AND VIRTUALLY UNCHANGED HOME PRICES IN JULY
Metro Vancouver's housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded in July 2020, and an 11.6% decrease from the 3,762 homes sold in June 2021. Last month's sales were 13.3% above the 10-year July sales average. "Moderation... MORE THAN ONE IN TEN HOMEOWNERS IN CANADA'S THREE LARGEST URBAN CENTRES OWNS MULTIPLE PROPERTIES
Highlights:
Canadian home price forecast revised upward to 16% as roaring spring market eases into summer
Second quarter regional highlights:
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.
