Rob Johnson : Blog : Latest Blog Posts

Greater Vancouver Realtors - March Stats

Fri, 10 Apr 2026 16:40:00 GMT

Buyer's market continues. Here’s the link to the YouTube video: https://youtu.be/cDj-ox8amUc?si=41GvLlpXKb3wpzpU

Land Title Decision - A Potential Game Changer!!

Fri, 15 Aug 2025 16:28:51 GMT

Check out this article published in REM by Courtney Zwicker on August 14 covering the BC Ruling regarding Aboriginal Title over land in Richmond - https://realestatemagazine.ca/cowichan-title-ruling-may-reshape-b-c-property-rights-lawyer-says/

Tariff Uncertainty Continues to Affect Consumer Confidence

Tue, 13 May 2025 16:18:39 GMT

Sales continue to slump across the country. More details here: https://realestatemagazine.ca/trade-war-takes-toll-on-canadas-housing-markets/

BC Home Flipping Tax

Thu, 02 Jan 2025 22:32:33 GMT

If you sell a property within 2 years you are subject to BC Home Flipping Tax - 20% which diminishes up to the 730days. Full details here: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax

More on Interest Rates & 1st Time Homebuyers

Wed, 25 Sep 2024 18:06:09 GMT

Here’s a good article published in REM September 19 by Karen Yolevski, Royal Lepage explaining how declining rates will eventually trigger more buyers to enter the market, which will cause prices to increase. The question is when will rates bottom out? https://realestatemagazine.ca/unlocking-homeownership-why-interest-rate-cuts-are-not-the-only-key-to-getting-first-time-buyers-in-the-door/

Changes to Mortgage Rules Announced - Increasing Insured Ceiling$ & 30 Year Amortization for 1st Time Buyers

Thu, 19 Sep 2024 16:53:53 GMT

Read on…..https://www.canada.ca/en/department-finance/news/2024/09/government-announces-boldest-mortgage-reforms-in-decades-to-unlock-homeownership-for-more-canadians.html?utm_source=sfmc&utm_medium=email&utm_campaign=COMM_News2Me_EN_2024-09-19&utm_term=https%3a%2f%2fwww.canada.ca%2fen%2fdepartment-finance%2fnews%2f2024%2f09%2fgovernment-announces-boldest-mortgage-reforms-in-decades-to-unlock-homeownership-for-more-canadians.html&utm_id=1124535&sfmc_id=22383141

Canadian Real Estate Market Update + Interest Rates%

Thu, 19 Sep 2024 16:45:48 GMT

Here’s an interesting article regarding the state of the market across the country posted by Matt Day September 17th on CREA’s website: https://www.creacafe.ca/canadian-real-estate-activity-flat-as-a-pancake-in-august/?utm_source=sfmc&utm_medium=email&utm_campaign=COMM_News2Me_EN_2024-09-19&utm_term=https%3a%2f%2fwww.creacafe.ca%2fcanadian-real-estate-activity-flat-as-a-pancake-in-august%2f&utm_id=1124535&sfmc_id=22383141

This supports my feeling that most buyer’s are sitting on the sidelines right now waiting for interest rates & pricing to bottom out before acting.

Tenant Protection Gets Stronger

Thu, 11 Jul 2024 02:57:26 GMT

Here’s the details on the B.C. Government website - https://news.gov.bc.ca/releases/2024HOUS0115-001044

BC Government Responds to Industry Feedback on Residential Tenancy Act

Changes

In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties.

The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice - instead of the previous two months' notice - for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days.

Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024. Here’s the link to the various types of evictions & the procedures:

https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/ending-a-tenancy/evictions/types-of-evictions

Presale Tips & Pitfalls

Wed, 26 Jun 2024 17:24:10 GMT

Most everyone thinks presale properties are a “deal.” Why? Because in recent years the market has performed extremely well. For a relatively small down payment you can secure a piece of real estate & most likely make money!! Historically the ability to make a profit was excellent, by either “flipping” the property before completion or renting it for short / long term. However, the market does not always go up. Remember the global economic melt down during 2008? Interest rates have jumped significantly lately + consumer & government debt is at an all time high.

Note: there’s lots of changes to the restrictions & taxation related to flipping /rentals now. Be aware of these pitfalls. Get some independent professional advice before you commit. Otherwise there might be some serious consequences. Remember the sales reps at the presentation centre represent the developer not you!!

Here’s a great video from Spagnuolo & Co that outlines some key points related to presales: https://youtu.be/Tsm4ScBf_ow

Mortgage Rate % History In Perspective

Tue, 18 Jun 2024 18:19:24 GMT

Here’s an informative article that puts the current mortgage interest rate environment in perspective:

https://www.forbes.com/advisor/ca/mortgages/mortgage-rates-history/

By Fiona Campbell in Forbes Advisor - March 14, 2024

Provincial Migration Due To Affordability

Wed, 29 May 2024 17:05:23 GMT

Here’s a good article posted on MSN from Global News' Craig Lord regarding the migration to other provinces due to lack of affordability:

https://www.msn.com/en-ca/money/finance-real-estate/quebec-city-or-edmonton-who-s-moving-where-for-affordable-housing/ar-BB1neVp8?ocid=nl_article_link

Housing Prices in World Class Vancouver - No Turning Back!!

Mon, 13 May 2024 16:34:39 GMT

Here’s a great article on this history about how we have grown in recent decades & why there’s no turning back. In the long run we are almost surrounded by ocean, mountains & boarder with U.S.A. - growth can only occur by going east or up. Increase population due to our popularity on a world stage only means increased density.

https://realestatemagazine.ca/the-great-vancouver-identity-crisis-and-whats-missing-from-our-a-list-city-reality/

Written by Trevor Hargreaves & posted in Real Estate Magazine May 13, 2024

BC Short Term Rental Restrictions

Sat, 27 Apr 2024 17:38:47 GMT

Here’s the link to the new regulations starting May 1, 2024 - https://www2.gov.bc.ca/gov/content/housing-tenancy/short-term-rentals/principal-residence-requirement

NAR (Nation Assoc. of Realtors) Settlement in U.S.A.

Wed, 27 Mar 2024 22:19:26 GMT

Here's an interesting article regarding everyones favorite industry topic "commission" based on the recent NAR settlement. The comment claiming that Buyer agency is free is inaccruate - even though the the commission is paid by the seller, the buyer is paying for it in the purchase price. This typically helps with buyer financing & is my understanding why it's been done this way for years. Otherwise, especially 1st time buyer's (typically with limited funds) will have to pay the buyer's agent on top of other closing costs.

The NAR settlement and its far-reaching implications: What does it mean for the Canadian industry? by Natalka Falcomer in REM March 25, 2024.

https://realestatemagazine.ca/the-nar-settlement-and-its-far-reaching-implications-what-does-it-mean-for-the-canadian-industry/

Parents Helping With Affordability

Wed, 27 Mar 2024 21:59:16 GMT

With affordability becoming an issue nearly everywhere over the last few years, parents are assisting their children get a foot in the door for their housing needs. Here's a couple interesting articles addressing some of the factors:

The Bank of Mom & Dad: Susan Doran in REM March 26, 2024

https://realestatemagazine.ca/the-bank-of-mom-and-dad-taking-extremes-to-secure-childrens-homeownership-dreams-in-steep-markets/

Young Canadian Homebuyers embrace trade-offs for early ownership: REM Editorial Team March 25, 2024

https://realestatemagazine.ca/young-canadian-homebuyers-embrace-trade-offs-for-early-ownership-houseful/

Signs of Financial Stress in Housing Market

Wed, 22 Nov 2023 17:29:23 GMT

Interesting analysis from Daniel Foch posted in R.E.M. November 18th showing more signs of a weakening market - https://realestatemagazine.ca/canadians-feeling-the-strain-as-weak-sales-persist/

Another report by Global News posted on MSN illustrates that the government is recognizing the stress on mortgagors as their terms come up for renewal. Although these measures, combined with rates likely peaking, doesn't cause buyer's to act from my experience. People tend to act when they have to act - ie. when rates bottom out. When rates are on the decline the majority sit on the sideline watching & waiting while costs & pricing diminish. Hence I don't see a significant increase in demand in the near future. Check out the link to the Global News report here - https://www.msn.com/en-ca/money/other/ottawa-loosens-mortgage-stress-test-in-housing-focused-fall-fiscal-update/ar-AA1kjpUW?ocid=NL_ENCA_A1_00010101_1_1

The Tides Are Changing…

Mon, 06 Nov 2023 17:39:56 GMT

Here's 2 great articles recently posted by R.E.M. (Real Estate Magazine) that appear to illustrate we are heading for a further market decline:

Danny Kucharsky's Oct. 31 post The State the Condo Market: GTA and Vancouver may be about condos but rest assured this will affect detached & townhome markets too. Kind of like the pebble in the pond & the ripple effect. Read on... https://realestatemagazine.ca/state-of-the-condo-market-gta-and-vancouver/

He also writes about the Power of Sale in his Oct. 26 post. Although this speaks about mostly private lenders, I think this is an indication of what's to come with conventional lenders and foreclosures. https://realestatemagazine.ca/power-of-sales-avoid-trouble-navigating-the-surge-with-tips-tricks-and-expert-advice/

There is no doubt that the increase in interest rates & rising inflation is having a huge impact on affordability with no relief in sight for the near future!!

Short Term Rentals - New Regulations Coming....

Sun, 22 Oct 2023 22:42:46 GMT

If you own or are considering purchasing a short term rental property, beware of new rules & restrictions on the horizon - https://news.gov.bc.ca/releases/2023HOUS0060-001598

The Potential Cost of Walking Away

Wed, 11 Oct 2023 22:13:31 GMT

Excellent article regarding the misconcenption most people have if you don't complete your contractual obligations - https://realestatemagazine.ca/sellers-awarded-210000-after-buyers-fail-to-close-due-to-unforeseen-circumstances/

Source: James R.G. Cook posted in the Real Estate Magazine September 29, 2023

Considering Co-ownership?

Fri, 08 Sep 2023 16:32:46 GMT

Here's a good article on an increasing trend of co-ownership given recent rise in affordability due to increased costs (ie. interest rate rise) + increased pricing due to supply & demand factors:

https://realestatemagazine.ca/co-ownership-trend-grows-among-canadian-homebuyers/

Source:

Co-ownership trend grows among Canadian homebuyers

REM Editorial Team | Aug 31, 2023

Review My Service

Tue, 22 Aug 2023 01:57:00 GMT

To all my past clients & referral sources, please take a minute to rate my service on one or all of the following online platforms. Today the online world is such an important tool for researching all kinds of services. Your input & feedback is greatly appreciated. It will help others with their decision when choosing the right realtor for their needs.

Google Review (requires a Google account): https://g.page/r/CaKDZ-FPrTG7EAE/review
Facebook Review: https://www.facebook.com/robjohnsonrealtor
(.....then click on recommend)

If you prefer not to use any of the above, you can simply send me an email to robjohnsonrealtor@gmail.com with your permission to post on my website. Your trust & referrals are the corner-stone of my business since 1994!! Thank you for continued support :)

Where Are Interest Rates Headed?

Fri, 14 Jul 2023 16:45:07 GMT

A great article explaining the interest rate environment, government policy & influencing factors. For those who thought the low mortgage rates were here to stay, unfortunately they were sadly mistaken. Remember rates were on the rise prior to the pandemic. Read on for more on Daniel Foch's article posted in the Real Estate Magazine - https://realestatemagazine.ca/opinion-is-the-bank-of-canadas-latest-rate-hike-the-final-nail-in-the-coffin/

Considering a Basement Suite?

Wed, 12 Jul 2023 17:26:02 GMT

Here's a good article by REW outlining the primary advantages to having a secondary accommodation & some associated pitfalls too: https://guide.rew.ca/articles/owner-occupied?utm_source=Agents%3A+Market+Insights&utm_campaign=ae51af6ba9-REWnews_38&utm_medium=email&utm_term=0_14f9ba90ce-ae51af6ba9-93810443

Multiple Offer Transparency…Finally!! :)

Thu, 29 Jun 2023 17:35:01 GMT

New rule and form coming July 17 that is focused on enhancing transparency in multiple offer situations

The real estate boards across the Lower Mainland will implement a new multiple offer disclosure form on July 17 2023 that seller’s agents will be required to complete and communicate to buyer’s agents who participated in a multiple offer situation.

The new Disclosure of Multiple Offers Presented (DMOP) form lists all of the competing offers received and the name of the submitting brokerage. The listing Realtor and the seller will be required to sign this form. The listing Realtor will then need to provide it to the buyer’s agents as well as to any unrepresented buyers who submitted offers, no later than one calendar day after the seller has decided on all the presented offers.

To accommodate this change, the boards of directors at REBGV, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate Board all recently approved changes to the Rules of Cooperation.

This change is the result of considerable research and discussion by a committee of brokers and Realtors over the past few years. The intent behind this rule is to allow for greater transparency in multiple offer situations and to give buyers whose offers were not accepted comfort that listing Realtors and their clients review and consider all offers.

Humans vs Technology

Fri, 12 May 2023 15:09:25 GMT

A great article illustrating how technology in the real estate industry, much like everywhere, is a huge factor. However, real estate is NOT AN EXACT SCIENCE!! The role of a good realtor will never be replaced by a computer. Read on.....https://realestatemagazine.ca/the-enduring-value-of-realtors-in-the-age-of-ai/

Another Government Rule Change - Now to 55+

Wed, 03 May 2023 16:21:42 GMT

Strata properties with age restrictions of 55+ years means nothing now. If you think you are buying into an age restricted property in BC, you are not!! Read on…

https://globalnews.ca/news/9664903/bc-changes-rules-strata-buildings/

Market Timing

Fri, 24 Feb 2023 23:25:12 GMT

Home sales decline below long-term averages and inventory remains low

Here’s January stats report:
https://www.rebgv.org/market-watch/monthly-market-report/january-2023.html

Note the comments from the author (Andrew Lis) regarding prices reaching a footing. This could be true especially if supply doesn’t increase significantly. I’ve already noticed several multiple offer situations since seller’s realize the market shift & are pricing more realistically. In some instances pricing below market value in hopes of creating the multiple offer to push the sale price beyond the list price. One key difference that has changed from past years is the mandatory buyer rescission period.

Mandatory Recission Period & Foreign Buyer Ban

Thu, 17 Nov 2022 23:33:00 GMT

More important changes to the real estate industry coming in the new year.

Mandatory Recission Period

The Mandatory Buyer Recission Period which will be effective January 3, 2023.

Here's the link to the key details as posted by the British Columbia Real Estate Association:

https://www.bcrea.bc.ca/advocacy/bcs-home-buyer-rescission-period-your-questions-answered/

There seems to be some confusion & concerns about the implementation of this new legislation. It's going to be interesting to see how this unfolds. I understand the intent, which was to protect buyers in "subject free" offer situations. This was extremely comon over the past few years. Trust me it wasn't a lot of fun representing buyers at this time! The unfortunate thing is the market conditions have totally changed now & these "subject free" offers are rare now.

Foreign Buyer Ban

Here's a great article on the projected effect of this new government ban effective January 1, 2023.

https://realestatemagazine.ca/opinion-canadas-foreign-buyer-ban-will-have-little-impact/

Published by Yousaf Iqbal is director IQI Canada, the Canadian arm of real estate technology group Juwai IQI.

Have questions? Give me a call to discuss.

Things to know about Canada’s current housing market

Tue, 28 Jun 2022 16:52:49 GMT

Housing Cooling Off Period On The Horizon

Tue, 29 Mar 2022 22:38:52 GMT

BC Assessment Explains How Assessments Affect Property Taxes

Wed, 26 Jan 2022 21:31:22 GMT

With the massive surge in value for most homes, many are concerned about how this will affect their property taxes. Here's a great video from BC Assessments that explains the process well - https://www.youtube.com/watch?v=GJ1mzeCm5jw

2021 Sets New Record for Sales in Metro Vancouver

Wed, 05 Jan 2022 16:45:22 GMT

Full Report Details here:

http://members.rebgv.org/news/REBGV-Stats-Pkg-December-2021.pdf?_cldee=cm9iam9obnNvbnJlYWx0b3JAZ21haWwuY29t&recipientid=contact-9ad653020f77e811a95a000d3af490cc-34aae04aedfa4ea99018c77a9d86c34c&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=0f40722a-cc68-ec11-8f8e-000d3a09fdeb

BCREA Interest Rates Forecast

Thu, 23 Dec 2021 17:37:12 GMT

Mortgage renewing soon? Recently purchased and getting a new mortgage? Here's a good article from the BC Real Estate Association (Posted by Brendon Ogmundson Chief Economist) - https://www.bcrea.bc.ca/economics/mortgage-rate-forecast/

Proposed Government Intervention in the Free Market

Tue, 02 Nov 2021 17:40:00 GMT

Buyer cooling off period proposed to cool down the housing market. Here's the announcement details: https://news.gov.bc.ca/releases/2021FIN0070-002097?_cldee=cm9iam9obnNvbnJlYWx0b3JAZ21haWwuY29t&recipientid=contact-9ad653020f77e811a95a000d3af490cc-3312916ddc6641728b495d263dbe01c8&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Member%20Update&esid=0425413c-be3d-ec11-8c62-000d3a09fb41

Here's an article in the Financial Post that does not support the government proposal to prevent "blind bidding" -

https://financialpost.com/opinion/paul-a-johnson-blind-bidding-isnt-the-problem-in-housing

Vancouver Condo Rental Market

Sat, 23 Oct 2021 18:26:13 GMT

Interested in relocating to another area of BC?

Fri, 15 Oct 2021 16:43:49 GMT

Here's what's happening around the province ..... https://www.bcrea.bc.ca/economics/housing-market-update/

Posted by
Brendon Ogmundson
Chief Economist - BCREA

Demand Remains High & Inventory Low

Sun, 10 Oct 2021 21:23:06 GMT

September REBGV Sales Stats

Mon, 04 Oct 2021 15:56:17 GMT

Here's the latest update. Click on the link below for the full report .....

"Elevated home sale activity continues to outstrip the supply of homes for sale in Metro Vancouver

Home sale activity remains elevated across Metro Vancouver’s housing market while the pace of homes being listed for sale continues to follow long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021.

Last month’s sales were 20.8 per cent above the 10-year September sales average. ....."

Download the September 2021 stats package.

Real Estate Board of Greater Vancouver

REBGV Q3 2021 Housing Overview

Thu, 23 Sep 2021 16:45:39 GMT

Great insight from our real estate board economist - Keith Stewart, Economist
Real Estate Board of Greater Vancouver

https://www.rebgv.org/news-archive/rebgv-q3-2021-housing-overview.html

Land Owner Transparency Act - Deadline Approaching

Thu, 23 Sep 2021 16:12:13 GMT

"If you own land for the benefit of a corporation, a trust or legal partnership, you must check if you need to file with the Land Owner Transparency Registry. Pre-existing reporting bodies who are required to file must do so before November 30, 2021." Here's the link if this applies to you - https://www2.gov.bc.ca/gov/content/housing-tenancy/real-estate-bc/land-owner-transparency-registry

Politics & Housing - Hot Topic in Upcoming Election

Fri, 10 Sep 2021 15:33:13 GMT

Here's another interesting article that talks about politians not addressing the housing supply. https://dailyhive.com/vancouver/flipping-housing-foreign-buyers-election?__vfz=medium%3Dsharebar

Written for Daily Hive by Trevor Hargreaves, Vice President, Government and Stakeholder Relations, BC Real Estate Association

August Sale & Listing Stats Show Low Supply

Thu, 02 Sep 2021 16:02:04 GMT

Summer sees home listing supply decline across Metro Vancouver

While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Download the August 2021 stats package.

Real Estate Board of Greater Vancouver

CREA Believes..."Banning Blind Bidding Does Not Address a Lack of Housing Supply"

Wed, 25 Aug 2021 02:44:00 GMT

Here's the link to the arcle posted by CREA - https://www.crea.ca/news/banning-blind-bidding-does-not-address-a-lack-of-housing-supply/

"7 Things the Fall Housing Market Could Have in Store for Buyers in BC"

Sun, 22 Aug 2021 17:43:25 GMT

Here's a prediction from Justin Kerby posted at rew.ca on August 20th - https://www.rew.ca/news/7-things-the-fall-housing-market-could-have-in-store-for-buyers-in-bc

Will the upcoming federal election improve housing affordability?

Wed, 18 Aug 2021 15:16:32 GMT

Interesting article by CBC News: "Politicians talk about the problem, but real estate has only become more expensive, says columnist Mark Ting." Read on.... https://www.cbc.ca/news/canada/british-columbia/will-the-upcoming-federal-election-improve-housing-affordability-1.6140976

New Real Estate Regulator

Fri, 06 Aug 2021 18:37:54 GMT

BC Financial Services Authority’s Integration with B.C.’s Real Estate Regulators Is Now Complete. Check out the announcement details here - https://www.bcfsa.ca/about-us/news/news-release/bc-financial-services-authoritys-integration-with-bcs-real-estate-regulators-now-complete

Canadian families are pooling resources to buy luxury homes

Wed, 04 Aug 2021 19:44:06 GMT

Steady sales, reduced listings and virtually unchanged home prices in July

Wed, 04 Aug 2021 15:40:06 GMT

Metro Vancouver’s housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.

Last month’s sales were 13.3 per cent above the 10-year July sales average.

“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types.”

There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4 per cent decrease compared to the 5,948 homes listed in July 2020 and a 25.2 per cent decrease compared to June 2021 when 5,849 homes were listed.

July’s new listings were 12.3 per cent below the 10-year average for the month.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5 per cent decrease compared to July 2020 (12,083) and a 9.1 per cent decrease compared to June 2021 (10,839).

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. "Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."

For all property types, the sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8 per cent increase over July 2020 and is unchanged from June 2021.

Sales of detached homes in July 2021 reached 1,050, a 6.3 per cent decrease from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. This represents a 21 per cent increase from July 2020 and is unchanged from June 2021.

Sales of apartment homes reached 1,666 in July 2021, a 19 per cent increase compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. This represents an 8.4 per cent increase from July 2020 and a 0.1 per cent decrease compared to June 2021.

Attached home sales in July 2021 totalled 610, a 0.5 per cent increase compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7 per cent increase from July 2020 and a 0.3 per cent increase compared to June 2021.

Download the July 2021 stats package.

Real Estate Board of Greater Vancouver

2433 Spruce Street, Vancouver, BC V6H 4C8

Metro Vancouver’s housing market sets a steady, calmer pace to begin the summer season

Tue, 06 Jul 2021 16:47:27 GMT

While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4 per cent above the 10-year June sales average.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”

There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease compared to May 2021 (10,970).

“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.

Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.

Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4 per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.

Download the June 2021 stats package.

Real Estate Board of Greater Vancouver

Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace

Mon, 14 Jun 2021 22:39:54 GMT

The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4 per cent increase from the 1,485 sales recorded in May 2020, and a 13 per cent decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7 per cent above the 10-year May sales average.

“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.”

There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4 per cent increase compared to the 3,684 homes listed in May 2020 and a 10.2 per cent decrease compared to April 2021 when 7,938 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5 per cent increase compared to May 2020 (9,927) and a 7.1 per cent increase compared to April 2021 (10,245).

"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.

For all property types, the sales-to-active listings ratio for May 2021 is 38.9 per cent. By property type, the ratio is 29.8 per cent for detached homes, 53.8 per cent for townhomes, and 43.5 per cent for apartments.

“The seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”

The MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14 per cent increase over May 2020 and a 1.5 per cent increase compared to April 2021.

Sales of detached homes in May 2021 reached 1,430, a 166 per cent increase from the 537 detached sales recorded in May 2020. The benchmark price for a detached home is $1,800,600. This represents a 22.8 per cent increase from May 2020 and a 1.7 per cent increase compared to April 2021.

Sales of apartment homes reached 2,049 in May 2021, a 213 per cent increase compared to the 653 sales in May 2020. The benchmark price of an apartment home is $737,100. This represents a 7.9 per cent increase from May 2020 and a 1.2 per cent increase compared to April 2021.

Attached home sales in May 2021 totalled 800, a 168 per cent increase compared to the 298 sales in May 2020. The benchmark price of an attached home is $936,300. This represents a 16.3 per cent increase from May 2020 and a 1.8 per cent increase compared to April 2021.

Click here to download the May 2021 stats package.