The housing market in British Columbia has been a hot topic of discussion and concern for residents and people hoping to own a home. Depending on whether you already own property or not, you might want house prices to skyrocket by 30 per cent this year or completely crash.
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Government increases exemptions for those living in 55 and over condos
Author of the article:
David Carrigg, Published May 01, 2023 •
PHOTO BY MONKEYBUSINESSIMAGES /Getty Images/iStockphoto
Last November, the B.C. NDP banned all rental restriction bylaws in strata agreements — except for over-55 strata buildings.
As a result, hundreds of strata properties adopted the 55-plus age restriction.
VANCOUVER, BC – May 2, 2023
With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”
VANCOUVER, BC – April 3, 2023
Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.
On Wednesday, March 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of February 2023. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:
We’ve been wondering for a few months whether—and to what extent—2023 would be a recovery year for housing markets following a steep drop-off in 2022, albeit from a lofty start.
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Total population closing in on 40 million as Canada remains fastest-growing G7 country: StatsCan
Canada’s population grew by 1 million in 2022: StatsCan
New Statistics Canada figures show the country added more than one million new people in 2022 — the biggest one-year population spike since 1957. But while a growing population brings new energy and ideas, it comes as Canada struggles with a serious housing crisis.
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February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.
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Based on recent developments and trends, British Columbia’s housing market is expected to experience a “strong recovery” in 2024, according to the BC Real Estate Association’s (BCREA) forecast update released today.
But before that recovery happens, the pronounced slump that began in 2022 will continue well into 2023, with total home sales across the province expected to fall 7.1% this year to 75,150 units . Such home sales volumes would be higher than in 2018 and 2019.
The average home price will also fall by 7% to $925,500 in 2023 compared to 2022.
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Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.
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More people moving to the Tri-Cities will live in 500 sq-ft. studios or junior one-bedrooms in new condos across Coquitlam and Port Moody.
A housing form called junior one-bedroom is becoming more common in new Tri-Cities developments.
Also known as a studio apartment, micro condo or compact housing, these homes can be 500 sq. ft. or less.
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