Below Average Home Sales Allow Inventory To Inch Upwards

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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“Strong Recovery” Expected For The BC Housing Market in 2024

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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Home Sales Decline Below Long-Term Averages and Inventory Remains Low To Start 2023

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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Living In small condos may be the future for more Tri-Cities home buyers

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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Experts Say Foreign-Buyer Ban Won’t Bite B.C. Real Estate Prices

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.
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Rising Mortgage Rates Brought Uncertainty & Caution To Metro Vancouver’s Housing Market in 2022

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.
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2022 Market Insights for Greater Vancouver

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.
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Home Sale and Listing Activity Continue Trending Below Long-Term Averages In November

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.
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Real Estate Forecast: Here’s What Canadian Home Prices Will Look Like in 2023

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.
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Canada’s Foreign Buyer Ban Begins in January

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:
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