August 2023 Market Statistics
Posted on Sep 07, 2023 in Statistics
In the Lower Mainland, prices have remained relatively stable over the past year, without significant appreciation. The Bank of Canada's decision to maintain the interest rate at 5% has provided some relief to potential homeowners, as they can secure their mortgages at stable rates. We expect to see more buyers enter the market this month, which sh...
July 2023 Market Statistics
Posted on Aug 04, 2023 in Statistics
THE REAL ESTATE MARKET OF 2023 TO DATE
In January 2023, Greater Vancouver experienced a notable shift in the real estate market with house prices increasing for the first time in eight months. This price decline was a consequence of seven rate hikes by the Bank of Canada, which led to a 10-20% drop in home prices, with even higher declines in the Fr...
Updated Strata Rules for EV Charging
Posted on Aug 01, 2023
Facilitating EV Charging Stations on Strata Properties: A Step Forward by the Government of B.C.
In a progressive move, the Government of British Columbia is clearing the path for increased accessibility to electric vehicle (EV) charging stations on strata properties.
With recently enacted legislation, strata corporations and owners now have a smoothe...
June 2023 Market Statistics
Posted on Jul 07, 2023 in Statistics
Last month, as we were just about to send out our May newsletter, we received the news of the Bank of Canada raising its key lending rate to 4.75%, the highest level in 22 years. You would expect that to dampen the number of sales across all cities, however, June sales results were actually positive in the more affordable areas. In the Greater Vanc...
May 2023 Market Statistics
Posted on Jun 05, 2023 in Statistics
In May, there has been a noticeable increase in activity within the real estate market. Properties that are priced appropriately are garnering significant attention, leading to the resurgence of multiple offers. It's worth reminding potential buyers that the current prices are still generally lower than a year ago.
Since this time last year:
Condos...
Since this time last year:
Condos...
April 2023 Market Statistics
Posted on May 05, 2023 in Statistics
The cork in the bottle of buyer demand here on the West Coast has finally popped. This can be seen by looking at the average sale price of all properties sold in April, which is 99.2% of the asking price. This means that that there are many properties that are selling for over their asking price. This might also imply that sellers have become more...