News: Vancouver Real Estate Market

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly 20% year over year in July, helping to maintain a healthy level of inventory in the Metro Vancouver housing market. 

On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5% decrease from the 2,455 sales recorded in July 2023. This was 17.6% below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that...

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...

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...

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...

A quick follow-up to last month's issue when I chose to focus on the primary reason for the current buyer's market, which generally is attributed to the B-20 mortgage stress test that the federal government’s banking regulator (OSFI) imposed.

In the interest of time and realizing most of my audience are busy with limited time to read a lengthy explanation on all the reasons, I chose to focus on the "primary" reason - which is by no means the only reason. Obviously the Feds had their reasons...