B.C.’s hot markets have already cooled due to rising interest rates and the foreign-buyers tax has already deterred a number of foreign purchases
Author of the article: Derrick Penner Published Jan 02, 2023
Canada’s temporary ban on foreign purchases of residential real estate sends the world a mixed message just as this country is ramping up immigration, but few B.C. experts expect it to have a major effect in this province.
“The message it sends broadly is that we’re not open for business,” said realtor Adil Dinani, who is with the Dinani Group, Real Estate Advisors.
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 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.
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.
Here’s a summary of the December 2022 housing market statistics.
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 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.
Last month’s sales were 36.9 per cent below the 10-year November sales average.
Royal LePage has released its much-awaited yearly real estate forecast for next year, and things are going to change quite a bit for Canadians looking to buy a home.
So far this year, the Bank of Canada has increased its interest rate seven times, leading to a light fall in home prices, but not a hike in home purchases.
Homeowners, aspiring homeowners, and those curious about real estate investments can plan their next move according to Royal LePage’s quarterly predictions.
Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.
The federal government has still not released the supporting regulations for the foreign buyer ban. The regulations are expected to include definitions, exceptions, and enforcement elements to help REALTORS® and their clients understand and comply with the law. Below is a description of what we do know:
At a glance (2 minute read)
- Stratas can no longer enforce rental restrictions, except for short-term rental restrictions.
- There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw.
- Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.
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 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.
Last month’s sales were 33.3 per cent below the 10-year October sales average.
A casual alternative to the dining room table, the breakfast nook is perfect for anything from sitting down to a morning smoothie bowl, to standing in as a home office. Here are a half-dozen modern takes on the classic, cozy eating area.
- Marble Luxury
Kalu Interiors combined finishes for the breakfast nook in this updated 1970s Vancouver Special, including a smaller wood table with a marble base and rattan dining chairs. Velvety teal pillows add colour to the space and additional comfort to the wood floating bench.
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 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.