News & Tips

ABOVE AVERAGE SALES AS BUYERS SNAP UP PROPERTIES AHEAD OF NEW MORTGAGE REQUIREMENTS IN JANUARY   October homes sales in Metro Vancouver were 15% above the 10-year October sales average.   “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the […]

Bank of Canada Interest Rate Announcement – October 25, 2017 – BCREA News Release   The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In the press release accompanying the decision, the Bank noted that inflation has edged up slightly and is expected […]

It’s about to become more difficult to qualify for a mortgage, but there is still a window of opportunity before the new mortgage rules take effect in January. Canada’s banking regulator has modified its controversial new mortgage stress-testing rule. The Office of the Superintendent of Financial Institutions published revised final guidelines for its mortgage qualification […]

Condos Favour Sellers, Detached Homes Edge Towards Buyers Vancouver condos and townhomes are firmly in a sellers’ market, while supply vs demand of detached homes is edging toward a buyers’ market, according to new figures from the Real Estate Board of Greater Vancouver. “Detached homes made up 30% of all sales in September and represented […]

 First-time Home Buyers Driving Competition for Condos & Townhomes “First time homebuyers have led a surge this summer in demand in our condominium and townhome markets,” said REBGV president … “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers”. Condos and townhouses remain a Sellers market. Benchmark apartment prices […]

Vancouver home sales dip, but prices continue to rise Sales fell 8.2% last month from July 2016, according to the Real Estate Board of Greater Vancouver report released this week, but prices continue to rise as the benchmark price across all property types in Metro Vancouver surpasses $1 million for the first time. The average […]

Vancouver city staff presented a proposed regulatory framework to city council this week that would move the city closer to legalizing short-term rentals, such as those booked through sites like Airbnb and HomeAway. Under the proposed rules, short-term rentals – defined as those shorter than 30 days – would be allowed in the principal residences […]

Bank of Canada raises overnight rate for first time in seven years Bank of Canada Interest Rate Decision – July 12, 2017 – The Bank of Canada announced this morning that it is raising its target for the overnight rate by 25 basis points to 0.75 per cent. In the press release accompanying the decision, the […]

Imbalance Between Supply and Demand in the Condo Market Creating Home Buyer Competition Across Metro Vancouver. “Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” […]

“While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of BC continue to rise.” Chilliwack and Sooke were the top two most affordable areas to purchase a condo apartment. Overall, the least affordable areas to purchase a home were West Vancouver, Lions Bay and North Vancouver; […]