REGBV Report April 2019 – The Trend of Reduced Demand And Increased Supply Still Prevails In The Market.

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The latest Real Estate Board of Greater Vancouver (REGBV) report on the April 2019 real estate market, shows that buyers are reluctant to get into the market and sellers are being forced to be creative. Product that is staying on the market for more than a month is seeing discounts that were unheard of 2 […]

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The 2019 Federal Budget – Making Home Ownership More Possible.

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The 2019 Budget that the Liberal government has recently put forth allows more middle income Canadians fulfill their homeownership dream, by helping them lower their mortgage costs. Specifically, it is implementing 3 measures: CMHC First-Time Home Buyer Incentive Eligible buyers will be offered a 10-per-cent, shared equity mortgage for a new home or five per […]

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REBGV Market Update February 2019 – Increased Supply From Home Sellers And Below Average Demand From Home Buyers

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The Real Estate Board of Greater Vancouver (REBGV) released its February 2019 housing report, and it clearly showed that homebuyers appear to be the ones with power in the current market. Phil Moore, the President of the REBGV said “For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted […]

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REBGV market Update For January 2019 – Fewer Deals And Higher Inventory

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The January 2019 stats released by the Real Estate Board of Greater Vancouver (REBGV) confirmed a continuation of the past few months, whereby home listings continued to increase and homebuyer activity continued to remain below historical averages. “Realtors are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain […]

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Luxury Home Sales And Prices Have Plummeted. Is It Time To Buy?

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The Foreign buyers tax, Mortgage stress test and incremental mortgage hikes have severely impacted the Vancouver real estate market in the past 2 years. The luxury home market has been hit the hardest:  In 2017 there were 4,282 homes that sold over $1 million – in 2018 only 3,151 units were sold – a drop […]

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REBGV Market Update For September 2018 – Home Sales Continue To Plunge.

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The September 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV) made a very clear statement – supply continues to increase and demand remains below typical levels for this time of the year. “Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” […]

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Now Is A Great Opportunity To Take Advantage Of The Softer Market And Invest In Real Estate.

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Investing in real estate is an alternative to investing in the stock market. We are in a buyers market with the number of available listings at all time highs. Now is a great opportunity to take advantage of this situation as prices will eventually start to rise, and you may miss out on a fabulous […]

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REBGV Market Update For August 2018 – Housing Market Calmer.

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All housing types are continuing to see reduced demand as was made clear in the August 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV). August 2018 sales were 25% below the 10 year August sales average. “Home buyers have been less active in recent months and we’re beginning to see […]

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Good News For The Self Employed – Buying A Home Will Be Much Easier

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Self-Employed individuals have had a harder time qualifying for a mortgage as their incomes may vary or be less predictable. This will soon change as from October 1 2018, Canada Mortgage and Housing Corporation (CMHC) will make changes that will make it easier for the self employed to secure a mortgage. The self employed make […]

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Corporate Secrecy On Landownership In BC May Soon Be Gone

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In 2001 when Gordon Campbell became premier of this province, he amended the Business Corporations Act, by declaring a law (Section 49) that prevented the media from visiting a corporate registered records office to find out who owns the company. This was a thorny issue with Transparency International Canada, which has been saying all along, […]

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REBGV Market Update For June 2018 – Supply Of Homes For Sale Reached A 3 Year High

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The highlight of the June 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV), showed that home sales dipped below long term historic averages, and supply reached a 3 year high. “Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t […]

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How US President Trump’s Steel Tariffs Can Have Dire Consequences For The Canadian Construction Industry.

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The temporary reprieve we wrote about in March was just that – a temporary reprieve. (read our blog “The Steel Tariffs: We Have A Temporary Reprieve, But Will Trump’s Proposed Tariffs Affect Canadian Real Estate?” ) Last month the unthinkable did happen when US President Donald Trump slapped tariffs on some $20 billion worth of Canadian […]

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Here’s What You Need To Know About The New Real Estate Rules Recently Rolled Out.

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On June 15, the BCREA rolled out new rules aimed at better protecting both home buyers and sellers. The real estate board mandated an independent advisory group in June 2016 to look at market conduct in view of the white-hot market and all the scandals and shady dealings that were affecting consumers at the time. […]

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REBGV Market Update For May 2018 – Housing Inventory Increased As Supply Accumulated.

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The May 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV) noted that reduced demand allowed the housing supply to accumulate across Metro Vancouver. “With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes […]

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REBGV Market Update For April 2018 – Fewer Home Buyers And More Sellers.

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The April 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV) noted that market conditions are changing, whereby home sales declined and seller activity increased. “Market conditions are changing. Home sales declined in our region last month to a 17 year April low and home sellers have become more active than […]

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Areas In The Lower Mainland That Are Most Likely To Be Impacted During An Earthquake

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The Big One is coming! We live in earthquake country and earthquakes occur off our coasts on a daily basis. Luckily most residents are totally unaware and never feel any effects. The Lower Mainland has been dodging the bullet and has not had a major earthquake….yet. Geographically, we are positioned close to a fault line […]

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REBGV Market Report For March 2018 – Housing Sales Dip While Prices Rise

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The Real Estate Board of Greater Vancouver (REBGV) released its housing report for March 2018. It reported that Metro Vancouver home sales continued to drop on a year-over-year basis. According to RBC Senior Economist Robert Hogue, the region’s sales decline is not surprising due to the mortgage stress test that had been introduced at the […]

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The Steel Tariffs: We Have A Temporary Reprieve, But Will Trump’s Proposed Tariffs Affect Canadian Real Estate?

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Last week, US President Donald Trump announced plans to impose a 25% tariff on steel imports and a 10% tariff on aluminum, in a bid to boost domestic production and add new jobs. Yesterday we got some relief as the proposed tariffs for Canada have been shelved for the time being. But, if the tariffs […]

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REBGV Market Report For February 2018 – A Weak February Overall.

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According to the Real Estate Board of Greater Vancouver (REBGV) report for February 2018, condo prices rose as inventory failed to keep up with demand, but single-family homes continued to be in a buyer’s market. Despite the condo market’s strong performance, the statistics show that it was a weak February overall, as new mortgage qualification rules, rising […]

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Latest BC Budget Takes Shots At Cooling The Red Hot Real Estate Market.

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The long awaited budget by the new NDP government has lived up to its promise by aggressively addressing BC’s urban real estate market.  This budget is aimed at cooling speculation, dropping house prices and taxing wealthy offshore buyers. However, there is no way to see how these measures will affect the market in the long […]

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REBGV Market Report For January 2018 – Condos and Townhomes Were Still In Demand. Detached Homes Lacked Buyers.

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The Real Estate Board of Greater Vancouver (REBGV) report for January 2018 was released early this month. Townhomes and condos continued to dominate the real estate market  – a trend that has carried forward from 2017. Detached homes, on the other hand, faced less competition. “Demand remains elevated and listings scarce in the attached and […]

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REBGV Market Update For December 2017 – Condo and Townhome Sales Continued to Dominate.

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The December 2017 Real Estate Board Of Greater Vancouver (REBGV) market report showed that the prevailing trend of the last few months, continued in December. Home Sales December sales of detached, attached and apartment properties totaled 2,016, a 17.6% increase from December 2016 and a 27.9% decrease from the previous month. December sales were 7.5% […]

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New Mortgage Rules – Important Information For Homebuyers, Especially First-Time Homebuyers.

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Beginning on January 1st 2018, the Office of the Superintendent of Financial Institutions (OFSI) introduced 3 new rules that hit first time homebuyers and those thinking of refinancing their homes, the hardest. New minimum qualification rate or “stress test” All prospective homebuyers, even those with a down payment of over 20% have to pass this […]

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Here’s A Summary of Vancouver’s New Housing Strategy For The Next 10 Years

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Vancouver is ranked as one the most unaffordable cities in the world in terms of owning a home and has a vacancy rate for rental units of under 1%. After a year of studies and consultations, The City of Vancouver is proposing sweeping changes in a new 10-year housing strategy just released. It’s a plan […]

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REBGV Market Update For November 2017 – We Are Continuing To Experience Above-Average Demand And Below-Average Supply

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The latest Real Estate Board of Greater Vancouver (REGBV) report on the November 2017 real estate market, showed modest home listing changes and steady demand. Jill Oudil, the current REGBV President remarked, “ We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium […]

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BCREA – BC Housing Market Will Continue To Cool In 2018, But Prices Will Not Soften

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In the release of its 2017 Fourth Quarter Housing Forecast, the British Columbia Real Estate Association (BCREA) is showing an expected 8.8% decrease in residential prices across the Province this year, and a further 10.4% decline next year. The average MLS residential price in BC is forecast to increase 3.1% to $712,300 this year, and […]

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Vancouver Approves New Bylaws To Regulate Short-term Rentals Such As Airbnb.

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On November 14, Vancouver City Council voted 7-4 to approve controversial short-term rental regulations. Starting April 1st 2018, owners and renters will only be allowed to rent out their principal residence, for a period of less than 30 days at a time. Each applicant will have to pay a one-time activation fee of $54, a […]

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All You Need To Know About The Latest Rules To Strengthen Consumer Protection In The BC Real Estate Market

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In a move to improve consumer protection in BC’s real estate industry, starting March 15, 2018, BC real estate professionals will no longer be able to practice dual agency: a single agent will not be allowed to act on behalf of both the buyer and seller in the same deal. According to Michael Noseworthy, BC’s […]

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REGBV Market Update For October 2017 – We Continued To Be In Seller Market Territory.

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Once again the majority of the sales for October were concentrated in the townhouse and condominium market.  Last month’s sales were 15% above the 10 year October Sales average. According to the REGBC president, “Conditions (in October) continue to vary significantly based on property type. The detached home market is well supplied with homes for […]

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Three Principal Reasons Why The Condo Market Is So Hot in Vancouver

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The market for detached homes may have cooled when compared to last year, but on the other hand, Vancouver’s condominium market has seen double-digit percentage increases from last year. What is responsible for this year’s super hot condo market? A perfect storm comprising of three competing sectors: First Time Buyers Normally, a condo is what […]

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A Year After the Foreign Home Buyers Tax – It’s a Great Time To Buy A Luxury Home.

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It’s been just over 1 year since the Provincial government introduced the 15% foreign homebuyers tax to cool the then ultra hot Vancouver real estate market. Since the implementation of the tax in August 2016, Metro Vancouver sales have dropped 44%, and the 3 most popular markets for foreign buyers – West Vancouver, Richmond and […]

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Bank Of Canada’s Overnight Rate Hiked For Second Time In Two Months – What Does This Mean To You As A Homeowner?

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On September 6, The Bank Of Canada (BOC) announced that it was raising the overnight lending rate another 25 basis points to 1%. This followed the recent rate hike in July when rates increased from 0.50% to 0.75%. The reasoning for the rate hike can be attributed to the fact that economic growth in Canada […]

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REBBGV Market Update For August 2017 – Condo and Townhouse Sales Soar, While The Detached Market Continues To Cool

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The August 2017 stats released by the Real Estate Board Of Greater Vancouver (REBGV) show a month that has turned out to be much busier than anticipated, thanks to continued demand for relatively affordable housing options. Jill Oudill, REBGV President released the following statement with regards to the August stats: ”First  time homebuyers have led […]

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