Market Stats

Average rent in Canada hits new record high in August

Average rent in Canada hits new record high in August

Canada’s rental market continues to reach record heights, with average asking rents soaring to $2,117 in August. This represents a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent according to the latest National Rent Report by Rentals.ca and Urbanation.

Over the past three months, the Canadian rental market has seen a staggering 5.1 per cent increase in asking rents. This translates to a monthly rent increase of over $100.

Shaun Hildebrand, president of Urbanation, notes that, unlike the United States, Canada’s rent inflation shows no signs of cooling down despite rental completions “having reached their highest level in decades.”

He adds, “This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”

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Strong sales push Metro Vancouver home prices past the rate hike in July

Strong sales push Metro Vancouver home prices past the rate hike in July

Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”

There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).

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Home Prices Continue To Rise in Metro Vancouver’s Housing Market To Kick Off The summer

Home Prices Continue To Rise in Metro Vancouver’s Housing Market To Kick Off The summer

July 05, 2023

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).

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Beedie Unveils Fraser Mills Master-Planned Community in South Coquitlam

Beedie Unveils Fraser Mills Master-Planned Community in South Coquitlam

By Rob MacDougall, June 12, 2023

Located along the banks of the Fraser River in South Coquitlam, Fraser Mills will be the city’s first and only waterfront community. When complete, this 96-acre neighbourhood will be home to a collection of residences, restaurants, shops, extensive green space, plazas, and an aquatic and community centre. As a new landmark in the region, Fraser Mills will shape the future of Coquitlam and become a legacy milestone community for Beedie.

Beedie’s integrated team has envisioned a community in the spirit of the working river it runs alongside. Fraser Mills will celebrate the historic and cultural significance of the village that was built around the thriving sawmill. Masterplan partnerships include the City of Coquitlam, TransLink, Perkins & Will, Perry + Associates, and Bunt & Associates.

“WE ARE INCREDIBLY EXCITED TO BRING FRASER MILLS TO LIFE. AS COQUITLAM’S FIRST AND ONLY WATERFRONT COMMUNITY, THE PRIME LOCATION ON THE RIVER OFFERS A VIBRANT MIX OF HOMES, WORKPLACES, AND PUBLIC SPACES THAT CATER TO EVERY STAGE OF LIFE.”

– RYAN BEEDIE, PRESIDENT.

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Competition Heats Up Among Buyers As Summer Arrives

Competition Heats Up Among Buyers As Summer Arrives

While the year started slower than usual, Metro Vancouver’s1 housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).
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B.C. strata changes: Boomerang kids allowed in 55-plus strata buildings

B.C. strata changes: Boomerang kids allowed in 55-plus strata buildings

Government increases exemptions for those living in 55 and over condos

Author of the article:

David CarriggPublished 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.

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Prices Continue Rising As Home Buyer Confidence Returns

Prices Continue Rising As Home Buyer Confidence Returns

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.”

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Spring Brings Renewed Price Growth Across Metro Vancouver’s Housing Market While New Listings Remain Dormant

Spring Brings Renewed Price Growth Across Metro Vancouver’s Housing Market While New Listings Remain Dormant

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.

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Below Average Home Sales Allow Inventory To Inch Upwards

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

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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