Greater Vancouver Real Estate News

The CMHC First-Time Home Buyer Incentive is no longer available. It was an option to help qualified first-time homebuyers reduce their monthly mortgage costs by the government contributing to part of the home purchase. Basically, it was 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.

Greater Vancouver Real Estate Market Overview

In the past 12 months, the average price (based on dollar volume of sales) of a Greater Vancouver home has increased in value by $93,529, which is far higher than the average household income. In the detached house sector, where sales exploded in January, the average year-over-year price increase is well into the six digits.

Greater Vancouver Real Estate Market Overview

There were 3,181 properties sold of all types in Greater Vancouver in November this year compared with 3,787 sold last month, 2,546 sales in November last year and 1,633 sold in November 2018. It was the fifth highest amount of sales for the month of November on record in Greater Vancouver, and the highest for the month since 2015 at 3,603.

We're proud to be among the top real estate agents for the second month in a row at Dexter Realty! We love helping our clients buy and sell homes and always strive to offer the best service and advice. We'd like to thank all our clients for your support, business and referrals. We look forward to continuing our relationship as your trusted REALTORS®.

Greater Vancouver Real Estate Market Overview

There were 3,787 properties sold of all types in Greater Vancouver in October this year compared with 3,741 sold last month, 2,892 sales in October last year and 1,995 sold in October 2018. It was the second highest amount of sales for the month of October on record in Greater Vancouver, second to 3,942 in 2003. Each month it seems that the end of this run gets forecasted but we’ve yet to see that happen. Of course, as we go through a typical year of market cycles, November, December and January see activity slow down.

Greater Vancouver Real Estate Market Overview

Well contrary to what CMHC (Canadian Mortgage Housing Corporation) has been saying this year, the Greater Vancouver real estate market has remained strong. In fact, the Real Estate board recently reported that there was a record number of sales in September! Plus, there were almost a record number of new listings that came on the market, but given the lack of properties that have been available, this was and is still needed to contain run away price growth.