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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....
Inventory 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....
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:
An individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
The Act restricts non-Canadians from avoiding the ban by...
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.
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.
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.
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.
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.
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....
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...
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.
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Home 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.
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% 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.
Metro 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.
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.
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.
Increased supply and slowing sales push Greater Vancouver toward balanced market for the first time in more than two years
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...
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 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.
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....
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.
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...
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...
<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...
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...
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.
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.
Key highlights from the national release include:
43% of survey respondents say a fully-equipped main-floor living space is essential for seniors planning to age in place.
Let’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...
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 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.
We’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.
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....
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.
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....
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...
Home 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...
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...
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.
14% of homeowners in Greater Vancouver, 13% in the Greater Toronto Area and 12% in the Greater Montreal Area own more than one property
More than 40% of secondary property owners in the greater regions of Vancouver and Toronto, and 21% in the Greater Montreal Area, used equity from their primary residence to make the purchase
65% of secondary property owners in Greater Vancouver, 64% in the Greater Toronto Area and 35% in the Greater Montreal Area, are collecting rental income, at least...
Aggregate price of a home in Canada rose 25.3% year-over-year in the second quarter
Demand expected to outstrip supply with upward pressure on prices, yet the pace of increases should moderate as peak price appreciation was reached in early Q2
Greater Montreal's aggregate home price forecast to increase 17.5% year-over-year; the highest in Canada among forecasted regions
Detached house prices continue to outpace condo appreciation, but the gap is narrowing...
While still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54% increase from the 2,443 sales recorded in June 2020, and an 11.9% decrease from the 4,268 homes sold in May 2021.
Last month's sales were 18.4% above the 10-year June sales average.
If you've been looking for a home to buy in Greater Vancouver or really anywhere in British Columbia for that matter, chances are high you’ve seen a home near power lines. Quite often the house you see is one you'll really like and you'll start questioning what affects the transmission lines will have on the property. Do power lines effect property values? Do power lines cause cancer? Are power lines bad for your health? Is it safe to live near power lines? How much do power lines effect home...
The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4% increase from the 1,485 sales recorded in May 2020, and a 13% decrease from the 4,908 homes sold in April 2021.
Last month’s sales were 27.7% above the 10-year May sales average.
75% of first-time homebuyers in Toronto and 69% in Vancouver reported feeling worried that they would not have a large enough down payment to purchase a home (68% and 58% in 2019, respectively)
In Montreal, 63% of survey respondents felt worried about the size of their down payment before purchasing their first home, in line with the national average of 62%
First-time homebuyers in all regions, with the exception of Alberta and the Prairies, reported higher rates of anxiety compared to...
Home sellers have become increasingly active in Metro Vancouver's housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6% increase from the 1,109 sales recorded in April 2020, and a 14% decrease from the 5,708 homes sold in March 2021.
Last month's sales were 56.2% above the 10-year April sales...
Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, an increase of 126.1% from the 2,524 sales recorded in March 2020, and an increase of 53.2% from the 3,727 homes sold in February 2021.
Last month's sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region....
Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3% increase from the 2,150 sales recorded in February 2020, and a 56% increase from the 2,389 homes sold in January 2021.
Last month's sales were 42.8% above the 10-year February sales average.
"Metro Vancouver's housing market is experiencing...
Royal LePage Survey: Nearly half of Canadians aged 25 to 35 own their home; one quarter of these homeowners have purchased a property since the onset of the COVID-19 pandemic
52% say remote work has increased likelihood of moving further from employer
Highlights:
68% of non-homeowners aged 25 to 35 intend to purchase a home within five years
72% of cohort feels confident in their short-term financial outlook
40% of cohort saw their savings grow since mid-March
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.
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.