Greater Vancouver Real Estate News

Affordability, lack of supply and mortgage rules are making it more difficult for many Canadians to own a home. As REALTORS®, unfortunately, we see this too often.

Discover What's Happening in Greater Vancouver Real Estate

The River Distirct is a popular neighbourhood in Vancouver, BC Canada. It's nestled in the southeast corner of Vancouver along the Fraser River (south of Marine Drive).

With miles of riverfront walking and biking trails, parks, picnic areas, tennis courts, plus the golf course minutes away, it's a perfect location for people looking for a peaceful nature oriented location to live. Plus, it has lots of shops, amenities and restaurants within walking distance. Plus you can drive to Champlain Square a few minutes away or drive to Metrotown or Burnaby's Byrne Road shopping district which is approximately 10 minutes away.

Abbotsford, British Columbia, Canada is nestled between the Fraser River and Mission to the north, the Washington U.S.A. border to the south, Langley to the west, and if you travel east down the highway, you'll arrive at Chilliwack. Abbotsford is approximately 1 hour from Vancouver, BC, and features gorgeous views of the BC mountains, Mt Baker and the Fraser River.

On June 1st, 2021, the Canadian bank regulators, Office of the Superintendent of Financial Institutions (OSFI), implemented the new Stress Test requirements.

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage costs by the government contributing to part of the home purchase. Basically, it's a shared equity mortgage with the Canadian Government.

Greater Vancouver Real Estate Market Overview

March housing sales skyrocketed more than 126% higher than in March 2020 – the month the COVID-19 pandemic began – to the highest monthly sales pace ever recorded in Greater Vancouver.

The Canadian bank regulators, Office of the Superintendent of Financial Institutions (OSFI), are proposing a higher stress test level in order to curb the hot market and ensure that buyers do not over extend themselves if mortgage rates increase.

Condominium investors will want to keep an eye on condo rentals in New Westminster.

On March 30, the city won a BC Supreme Court ruling that cements B.C.’s first bylaw that allows retroactive rezoning of condos to rental units in six specific rental buildings. So far approximately 270 units are affected, but there is no guarantee the bylaw won’t be extended. Read the article.

Find out what your home is worth in today's market.

Greater Vancouver Real Estate Market Overview

Housing sales hit the highest monthly level since June 2017, with prices arcing nearly 9% higher than a year earlier to a composite benchmark of $1,084,000. The typical detached house now sells for more than $1.62 million –an average increase of $221,000 from February 2020 – with sales up 80% from a year ago.