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...

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 This includes townhomes, triplexes and laneway homes, and a plan to fix outdated zoning rules to help the process of building homes quicker.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...

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...

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...