In this Vancouver real estate market update for October 2023, we explore the impact of increasing property listings and analyze what this means for homeowners, homebuyers, and sellers in the area.
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The Importance of the 10-Year Average in Understanding the Housing Market
The housing market is a dynamic and complex ecosystem influenced by a multitude of factors, ranging from economic conditions and interest rates to government policies and local supply and demand. As prospective homebuyers, sellers, investors, and policymakers navigate this intricate landscape, one invaluable tool emerges as a guiding light: the 10-year average.
Continue reading →REBGV – The Million Dollar Wall | The Lede | 004
“Affordability” is a term that has become increasingly prevalent in discussions surrounding housing and real estate over the past decade. Whether you have personal experiences or professional involvement in these areas, you are likely familiar with the complexities associated with this loaded term.
Continue reading →REBGV – 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.
Continue reading →REBGV – Rate hikes and the impact on the Vancouver market | The Lede | 003
Andrew Lis, Director of economics and data analytics for the REBGV, has transformed the data by indexing it to an initial value to compare different cycles over time. By analyzing historical tightening cycles and their impact on sales and prices, Lis predicts that sales might return to normal in about 12 months, while prices could be back to normal in a little over 6 months if the current cycle tracks the ’82 cycle. However, he cautions that anything can happen.
Continue reading →REBGV – Economics’ Forecast 2023
Will Metro Vancouver housing prices increase in 2023? Home sales in 2023 will remain in line with last year while prices may see small increases, according to the Real Estate Board of Greater Vancouver’s first 2023 Residential Market Forecast.
Continue reading →BCREA VIDEO: Home Buyer Rescission Period, What Consumers Need to Know
With the Home Buyer Rescission Period (HBRP) coming into effect on January 3, 2023, BCREA has created a video for REALTORS® to share with their clients to help them understand buyer’s rights during the HBRP.
Continue reading →REBGV – BC government introduces “cooling off” period for home sales
On July 21, the provincial government introduced a home buyer protection period, the details of which are outlined in a new regulation that allows home buyers to back out of a residential purchase up to three business days after signing a contract.
Continue reading →REBGV – BC government to amend Property Law Act to add cooling off period – what you need to know
The BC government introduced legislation on March 28, 2022, known as Bill 12 – 2022, to allow for the creation of a cooling off period that will allow buyers to back out of a purchase after signing a Contract of Purchase and Sale.
Continue reading →REBGV – February 2022 Stats Package
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.
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