Newsletter











          SEPTEMBER 2024 

Welcome to the Greater Vancouver Real Estate Newsletter, September Edition!

Whether you’re a prospective buyer hunting for your dream home, a seller looking to capitalize on the investment, or an investor scouting for lucrative opportunities, now is the time to capitalize on the summer surge. In such a dynamic market, knowledge and preparation are essential. Whether buying or selling, staying informed and proactive will help you navigate the season’s opportunities and challenges effectively. Here’s the real estate market updates for summer!

Sellers await buyers’ return after quieter summer market

VANCOUVER, BC – September 4, 2024 – Home sales registered on the MLS® in Metro Vancouver1 remained below their ten-year seasonal averages in August as summer holidays come to a close. Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This total was also 26 per cent below the 10-year seasonal average (2,572). “From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per cent below the 10-year seasonal average (4,179). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is also 20.8 per cent above the 10-year seasonal average (11,432).









REBGV Housing Market Updates
                  

"Real estate is not just about property; it's about people and their dreams."




Metro Vancouver Market Highlights

GVR's 2024 H2 forecast: Mid-year update and review

The market has shifted in some expected, and unexpected ways since we published our first-half (H1) forecast  in January.

Sales volumes remain in line with our expectations, but sellers have come to ....



Help Will mortgage rates drop in line with the latest interest rate cut?

As predicted by many Canadian economists, the Bank of Canada reduced the overnight lending rate to 4.25% (previously 4.50%), marking a third consecutive rate cut. A majority of bank ...



Finding the right strata property for you

If you plan to buy a strata property, it’s important you work closely with a REALTOR®.REALTORS® help clients thoroughly investigate a strata property before making a buying decision....



 Market Insights









          AUGUST 2024 

Welcome to the Greater Vancouver Real Estate Newsletter, August Edition!

Whether you’re a prospective buyer hunting for your dream home, a seller looking to capitalize on the investment, or an investor scouting for lucrative opportunities, now is the time to capitalize on the summer surge. In such a dynamic market, knowledge and preparation are essential. Whether buying or selling, staying informed and proactive will help you navigate the season’s opportunities and challenges effectively. Here’s the real estate market updates for summer!

More selection not translating to more transactions

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver1 housing market. On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831). “The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics said. “With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.” There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968). The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).









REBGV Housing Market Updates
                       

"Real estate is not just about property; it's about people and their dreams."



Metro Vancouver Market Highlights


BCREA: BC government to industry ...

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



30-year mortgages now available ...

First-time homebuyers looking to purchase a new home can now take advantage of 30-year mortgages. The new measure, previously announced 

in the 2024 federal budget and effective August 1, 2024, extends the mortgage ...



Help those affected by wildfires in Alberta

The Canadian Real Estate Association (CREA) is raising funds for wildfire relief efforts in Alberta, and you can help! The wildfires around Jasper displaced approximately 25,000 people and ...



 Market Insights








         

         JULY 2024 

Welcome to the Greater Vancouver Real Estate Newsletter, June Edition!

Whether you’re a seasoned investor, a first-time buyer, or simply keeping an eye on the market, we’re here to provide you with the latest insights, trends, and opportunities in our vibrant real estate landscape. Dive into our curated selection of articles, market analyses, and community highlights. Let’s get on this journey together to find your Dream-Home in beautiful Greater Vancouver!

Metro Vancouver home sales down in May while inventory continues to increase

VANCOUVER, BC – June 4, 2024– The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver1 . This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region. The Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398). “The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”

Read more









REBGV Housing Market Updates






Metro Vancouver Market Highlights


Property taxes 101

Property taxes due first week of July

Homeowners and businesses received their annual property tax notice in June. Property taxes are due the first or second business day in July, depending on the municipality...



Tenants may qualify for free portable air conditioners

BC Hydro is encouraging low-income and vulnerable customers to get prepared for the summer heat now by applying for a free AC at bchydro.com/freeAC  ...



Who’s listing? Is everyone listing their home for sale?

By Andrew Lis, GVR Director Economics and Data Analytics

Walking my dog around my neighborhood, I feel like I’ve been noticing a lot more properties coming to market. Or stated ...



 Market Insights







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Morteza Neeki - Personal Real Estate Corporation

Mobile: (604) 780-9565

Phone: (778) 379-7888

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Team 3000 Realty

#305 9940 Lougheed Hwy  Burnaby,  BC  V3J 1N3 

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