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Market Information Prohibition on Rental and Age Restrictions in Strata Buildings On November 24, 2022, Bill 44, the Building and Strata Statutes Amendment Act, 2022 (the “Act”),  was enacted and removed most rental and age restrictions in strata  buildings. > Bylaws that prohibit the rental of strata lots are no longer enforceable. All strata lots can now be rented out. > Bylaws that enforce only a […]
Bank of Canada Interest Rate Hike The Bank of Canada raised its overnight policy rate by 25 basis points to 4.5 per cent on January 25. In the statement accompanying the decision, the Bank noted that recent economic growth in Canada as been stronger than expected and labour markets remain tight but it sees growing evidence that monetary policy is working […]
A Consumer’s Guide to Understanding the Home Buyer Rescission Period The provincial government’s announcement on regulatory changes for the Home Buyer Rescission Period (HBRP) came into effect on January 3, 2023. This video explains the buyer’s rights during the Home Buyer Rescission Period. The HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement within a specified period […]
Market Information Canada’s foreign buyer ban: What to know The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) is now in force, as of January 1, 2023. The ban will be in effect for a period of two years. Under the ban, non-citizens, non-permanent residents, and foreign commercial enterprises are blocked from purchasing Canadian homes — with some […]
Fraser Valley sales dip below 10-year average for first time in nearly 2 years SURREY, BC – Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to the previous month, and while the figure is still the sixth-highest April on record for the past ten years, it marks the first time monthly sales have fallen below the ten-year average since June 2020. […]
What You Need to Know About Inflation and Real Estate In recent years, it’s likely you’ve heard the media, your colleagues and even politicians speak about “inflation.” You also may have noticed prices for regular everyday items including food, gas, or larger purchases such as homes, furniture and vehicles have risen sharply since the start of the COVID-19 pandemic. Up until a few months ago, […]
Market Information Bank of Canada Posts Largest Rate Increase in More than 20 years The Bank of Canada continued its stated goal of monetary tightening, raising the target overnight rate by 0.5% to 1%. The Bank rate now stands at 1.25% and the deposit rate going forward will be set at 1%. Traditionally, the Bank of Canada moves interest rates slowly, a quarter point at a time, but it appears […]
Market Information A new year, a new market? Not yet, say the January numbers According to January MLS® data, Fraser Valley members can expect a busy spring. Sales remain high, supply is tight and the impact on prices, dramatic. For our January ‘Eye on the Market’, Board President Larry Anderson headed to the community where detached homes have increased the most. Can you guess where? Source: FVREB Communications
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Bank of Canada Interest Rate Announcement – January 26, 2022 While the majority of expert opinion had swung toward the Bank of Canada raising its overnight rate this morning, the Bank instead maintained its overnight rate at 0.25 per cent. However, in the statement accompanying the decision the Bank noted that slack in the economy has been absorbed and it is ending what it calls […]
Housing Market Update – January 2022 Watch BCREA Chief Economist Brendon Ogmundson discuss the December 2021 statistics.
5 Highest Assessed Homes in the Lower Mainland in 2022 Here are the top 5 most expensive homes in the Lower Mainland according to BC Assessment released for the year 2022. If you add the taxable value of Vancouver’s top 10, the value of those single-family homes would be equal to the GDP of Tonga, a country with over 100,000 people living in it.
Lower Mainland 2022 Property Assessments: Market Trends As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region’s updated assessments is from new construction, subdivisions […]
Market Information Fraser Valley real estate market sees busiest year in 100‐year history News ReleaseFraser Valley Real Estate Board  SURREY, BC – Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016. The FVREB processed 27,692 sales its Multiple Listing Service® (MLS®) in 2021, an […]
Toronto, Vancouver home sales smash records in 2021 Two of Canada’s most expensive housing markets hit records in 2021 as the pandemic housing frenzy continued and tight supply sparked bidding wars. A record 121,712 homes were sold in Toronto, up 7.7 per cent from the previous high in 2016, the Toronto Regional Real Estate Board said Thursday.  Learn more here: https://financialpost.com/real-estate/toronto-vancouver-home-sales-smash-records-in-2021
Real Estate Market December 2021 Watch BCREA Chief Economist Brendon Ogmundson discuss the November 2021 statistics.
Benefits of working with a Realtor Working with a realtor is an important step to take if you are selling or buying a property, here are the top reasons why.
BC government announces cooling off period for residential real estate transactions Today, the BC government announced its intent to introduce legislation requiring cooling off periods for real estate transactions involving residential resale and newly built homes. Cooling off periods are limited periods of time in which buyers can change their minds and cancel the purchase with no or diminished legal consequences.  This change is expected to be […]
Market Information Market Highlights The Bank of Canada kept its policy rate at 0.25% (same level it has been throughout the pandemic), but is signalling that higher rates are coming soon. The Bank is ending quantitative easing (QE) and moving into the reinvestment phase, during which it will purchase Government of Canada bonds solely to replace maturing bonds. QE […]
UBC expanding presence in Surrey with $70M land acquisition University of British Columbia’s expansion to Surrey is another indicator of the City’s rising prominence in the region. UBC Properties Trust has acquired a 135,000-square-foot property at the intersection of King George Boulevard and Fraser Highway. This project will definitely provide more opportunities to access post-secondary education and skills training in the fast-growing Fraser region. […]

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