October 2020 – Market Activity in Greater Vancouver

Home sale and listing resurgence extends into the fall

VANCOUVER, BC – November 3, 2020 – Home sale and new listing activity remained at near record levels across Metro Vancouver* in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per centincrease from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.

Shirley Carleton Passes Over the Real Estate Torch

Shirley Carleton retires from Real Estate. I personally will miss Shirley, as she has been a trusted business professional of mine during our time at Keller Williams Elite Realty. She has entrusted me with the future care of her clients and for this, I am truly grateful. Here is her message.
read more→

September sales in Greater Vancouver

VANCOUVER, BC – October 2, 2020 – Home sale and new listing activity reached record
levels in Metro Vancouver* in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded
in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the
highest total on record for the month.

Amid pandemic, July 2020 home sales in Greater Vancouver surpass historical levels

The Real Estate Board of Greater Vancouver reports that 3,128 homes were sold in July 2020.

According to the board, transactions exceeded historical levels.

In a media release Wednesday (August 5), the REBGV noted that last month’s sales were 9.4 percent above the 10-year July sales average.

The deals also represent a 22.3 percent increase from the 2,557 sales in July 2019.

In addition, last month’s sales constitute a 28 percent increase from the 2,443 homes sold in June 2020. The benchmark price of homes reached $1,031,400. The number represents a 4.5 percent increase over July 2019.

Metro Vancouver housing market sees steady summer activity

VANCOUVER, BC – August 5, 2020 – Home buyer and seller activity in Metro Vancouver* exceeded historical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020.

Last month’s sales were 9.4 per cent above the 10-year July sales average.

“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said. “Low interest rates and limited overall supply are also increasing competition across our market.”

If a property owner or buyer encounters a discriminating covenant in land title records, it can be a shocking surprise. Discriminating covenants are clauses that restrict the sale, ownership, occupation or use of land on the basis of sex, race, creed, colour, nationality, ancestry or place of origin of a person, and reflect a different cultural reality from our province’s history. In spite of several efforts to amend these records over the past 40 years, they are still periodically found on title for certain residential properties in British Columbia. But are these clauses legitimate? Why do these covenants still appear? And what can be done to change them?
read more→

BC REALTORS® Adapt “Open House” Practices to Protect Consumers

Vancouver, BC – July 8, 2020. The British Columbia Real Estate Association (BCREA), the Real Estate Council of British Columbia, and the Office of the Superintendent of Real Estate, with support from WorkSafeBC, have developed guidance to support BC’s REALTORS® in adapting traditional “open house” practices to keep consumers safe. While BC has entered Phase 3 of its Restart Plan, it will be anything but business as usual for Realtors and consumers when it comes to resuming open houses.
read more→

Blanket Ban on Residential Evictions Ends

On June 24, the BC Government made it possible to evict residential tenants for reasons other than non-payment of rent. That means real estate transactions that require vacant possession can now proceed.

Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ order effective immediately. Landlords can enter a rental suite with 24-hour notice and don’t need the tenant’s consent. And documents can now be served in person.

REALTORS® and landlords are expected to follow health guidelines like physical distancing, cleaning and wearing masks when appropriate. Please continue with your diligence in showing property and meeting with clients. Check out the protocols from WorkSafeBC for more information.
read more→

A Glimpse into COVID-19’s Effect on Canadian Housing Markets

During these unprecedented times, buyers and sellers across Canada remain wary of the lasting impacts that COVID-19 will have on the housing market. The prospect of making one of the biggest financial decisions of your life while many uncertainties remain in the current market puts many Canadians in a difficult position—either wait or act fast.

To help you stay informed, we’ve analyzed housing markets across Canada, so you can better understand the current outlook and plan accordingly. Check out our May 2020 snapshot below:
read more→

Home Prices Remain Steady, Buyers and Sellers Become More Comfortable Operating in Today’s Market

VANCOUVER, BC – June 2, 2020 – Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.

“Home prices have been stable during the COVID-19 period,” Colette Gerber, REBGV Chair said. “While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge.”
read more→