Balanced conditions come to the Metro Vancouver housing market for the holiday season

With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of…

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Check out these 6 amazing locations to see holiday lights in Vancouver & the Fraser Valley for November & December 2023

Bright Nights at Stanley Park, Vancouver

Bright Nights at Stanley Park is a festive wonderland with over three million lights. This child-friendly event is a highlight of Vancouver's Christmas celebrations.

Location and Timing

The event is held in Vancouver's iconic Stanley Park. From November 30th to January 1st 4-10 pm. Closed Christmas Day.

Admission and More Details

Admission details are usually announced closer to the event. For more information, visit https://vancouver.ca/parks-recreation-culture/bright-nights-train.aspx.

Lafarge Winter Lights Display, Coquitlam

The Lafarge Winter Lights in Coquitlam is…

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Fraser Valley real estate market weakens as sales and prices continue to edge downward

Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home-buying and selling decisions on hold in the face of elevated interest rates.

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12- month high of 1,935 sales recorded in June.

At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.

“What we’re seeing in the Fraser Valley and indeed across the province is the impact of…

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Metro Vancouver housing market holds steady in October

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.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis,…

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In August, for the second consecutive month, Canadian real GDP was largely unchanged. A surge in sales of machinery, equipment, and supplies led to a 2.3 per cent increase in the Wholesale trade sector. Meanwhile, oil & gas extraction rose 1 per cent on higher extractions in Western Canada while mining and quarrying rose 4.2 per cent.

Manufacturing, on the other hand, fell 0.6 per cent, declining for the third consecutive month. Offices of real estate agents and brokers fell for the second consecutive month, dropping 3.8 per cent as sales softened over the late summer. Overall, Canadian real GDP is now 3.6 per cent above its pre-pandemic, February 2020 level.

Preliminary estimates suggest that output in the Canadian economy was again largely…

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Introduction

The Importance of Choosing the Right Realtor in Vancouver

Choosing the right realtor is like finding the right key to unlock a treasure chest, especially in a booming market like Vancouver. A top-notch realtor not only helps you navigate the real estate maze but also unlocks doors to hidden gems that you wouldn't find otherwise.

What Makes a Realtor the Best?

Is it experience, knowledge, or the ability to connect? It's a blend of all these and more. Let’s delve into what makes a realtor the "best" in Vancouver.

Why Vancouver?

Brief on Vancouver’s Real Estate Market

The real estate market in Vancouver is a kaleidoscope of opportunities. From sleek downtown condos to idyllic houses in the suburbs, the city offers something…

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Hawkish Hold By The Bank of Canada The Bank of Canada today held its target for the overnight rate at 5%, as was widely expected. The central bank continues to normalize its balance sheet through quantitative tightening, reducing its Government of Canada bonds holdings.

The Monetary Policy Report (MPR) detailed a slowdown in global economic growth “as past increases in policy rates and the recent surge in global bond yields weigh on demand.” Continued increases in longer-date bond yields reflect the stronger-than-expected growth in the US, where the Q3 economic growth rate, released tomorrow, is expected to be a whopping 5%. Ten-year yields in the US have risen to nearly 5%, boosting fixed mortgage rates in Canada.

Oil prices are higher than was…

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Increasing Mortgage Rates Weighed Heavily On Housing In September Mortgage rates continued to rise in September after BoC tightening and one of the largest bond selloffs in history.

Yields have retraced some of their rise more recently, but demand for new and existing homes has slowed. According to data released by the Canadian Real Estate Association, national home sales declined 1.9% m/m in September, its third consecutive monthly decline. At least September's drop was about half as large as in August, dominated by weakness in the Greater Vancouver and the Greater Toronto Area.

Sales gains were posted in Edmonton, Montreal, and the Kitchener-Waterloo region. The actual (not seasonally adjusted) number of transactions in September 2023 came in 1.9%…

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Introduction

Buying a home is a dream come true for many. However, the process involves more than just paying the price of the house. It comes with additional costs, which if not planned for, could catch you off guard.

Importance of Understanding Costs

Understanding the various costs associated with home buying will not only help you plan better but also avoid any unpleasant surprises.

Common Misconceptions

Many people often overlook or underestimate these costs which can lead to financial strain later on.

Breakdown of Costs

Property Transfer Tax

In Vancouver, one of the key costs incurred while buying a home is the Property Transfer Tax.

Rates and Exceptions

The rate of Property Transfer Tax is 1% on the first $200,000, 2%…

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Introduction

Buying a new house in Vancouver is an exciting venture, but it requires careful attention to detail to ensure a wise investment. It's crucial to be aware of the red flags that might indicate potential problems. Here are the five biggest red flags to watch for when purchasing a new house in this beautiful city.

1. Signs of Structural Damage

Structural integrity is vital for the safety and longevity of a home. Look out for cracks in the walls, ceilings, and foundation. Though some small cracks can be due to settling, large cracks could indicate serious structural issues.

2. Old or Damaged Roofing

A well-maintained roof is crucial to protect the home from the elements. Check for missing, loose, or damaged shingles, as well as any…

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