Rising Sales and Stable Prices Amid Interest Rate Drops. In October, home sales in Greater Vancouver surged across all asset classes, reflecting a dynamic shift in the market. A total of 2,624 properties went under contract, a remarkable 42 per cent increase from the previous month and a 37 per cent year-over year rise. Despite this upswing in sales volume, home prices remained relatively st ...

In October 2024, Metro Vancouver's housing market experienced a significant turnaround, with home sales rising over 30% year-over-year after months of subdued activity. According to the Greater Vancouver REALTORS® (GVR), 2,632 residential sales were recorded, reflecting a robust 31.9% increase from the previous October, although still falling short of the ten-year seasonal average. This surge ...

With upcoming mortgage reforms designed to enhance affordability and flexibility, both homebuyers and homeowners should anticipate major changes. Staying informed about these developments is crucial. Here are a few of the changes:Refinance up to 90% of your home’s value to build a secondary suite (effective January 15th, 2025) Homeowners can refinance up to 90% of their property’s value, incl ...

The Greater Vancouver housing market concluded the summer with higher inventory and lower sales compared to the previous year. In August, the average home sold for $1,252,393, reflecting a 2 per cent annual decrease. Active listings remain elevated, with 13,278 homes on the market—an 11 per cent increase above the 10-year monthly average. Sales activity over the summer remained sluggish, with ...

With the Bank of Canada trimming the overnight lending rate for the third time this year, the timing couldn’t be more opportune for homebuyers poised to re-enter the market. With fall marking a surge in housing activity in some markets, and borrowing costs potentially lowering, Canadians who have been on the fence may be feeling more optimistic. Will reduced rates spark renewed interest among ...

The Bank of Canada's interest rate cut announcment this week could very much stimulate British Columbia's real estate market. In addition to making homeownership more affordable, reduced rates generally incentivize developers to undertake new projects, boosting the housing supply. Click Here To Read the Full Royal LePage Story Click Here To Read the Bank of Canada Release

For specific details about the changes that took effect in June 2024CLICK HERE     Canada’s new capital gains tax rules that took effect in June 2024 are part of the changes introduced in the April 2024 Federal Budget. Capital gains tax (CGT) is typically applied to the profit from selling certain assets, such as rental properties, stocks, or other investments. The key changes included the t ...

In this report, we delve into the latest updates regarding Vancouver's real estate inventory, focusing on market statistics for detached homes, townhomes, and condominiums. A notable legislative development, Bill 44, mandates some municipalities to amend their zoning bylaws to accommodate up to four units on a standard residential lot. READ FULL UPDATE HERE

I am quite optimistic about the effects of the Bank of Canada's interest rate cut on the real estate market. Lower interest rates generally stimulate both demand and supply in the housing market, benefiting both buyers and sellers. Developers also stand to gain, as lower borrowing costs make it more feasible to initiate new projects. In terms of a broader economic impact, a thriving real esta ...

CLICK HERE TO READ THE FULL REPORT Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same period last year. Based on stronger-than-expected first quarter results, the previous forecast has been upgraded nationally and in most major markets.According to the Royal LePage House Price Survey re ...