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August 2023 Real Estate Board of Greater Vancouver Statistics

August 2023 Real Estate Board Of Greater Vancouver Statistics

https://youtu.be/NgWfq8lx1JY?feature=shared August 2023 Real Estate Board of Greater Vancouver Statistics - the Real Estate Board of Greater Vancouver (REBGV) provided a monthly market report for August 2023, which offers insights into the real estate market in Metro Vancouver. Here are the key points: General Trends Sales started the year slowly but have caught up with price gains as fall approaches. Both sales and prices are now slowing to a pace more in line with historical seasonal patterns. Price Metrics The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,208,400. This is a 2.5%…

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July 2023 Real Estate Board Of Greater Vancouver Statistics Graph

July 2023 Real Estate Board Of Greater Vancouver Statistics

https://youtu.be/_rXI0AQdWX0 REBGV's July 2023 Market Insights Home prices across all home types in Metro Vancouver experienced a rise in July, with strong sales figures continuing to challenge the low levels of housing inventory. Overview of Metro Vancouver's Housing Market Despite reaching 10-year highs in mortgage rates, the demand in Metro Vancouver's housing market remains robust. In July, approximately 2,500 homes were sold on the MLS, marking a 29% increase from the previous year. This surge is noteworthy, especially considering that the previous July was when the Bank of Canada announced a one percent hike to the policy rate, which took…

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Real Estate Terms Canada

Real Estate Terms Canada – Jargon Explained

Real Estate Terms Canada - Jargon Explained Jargon in the real estate industry in Canada is filled with specific language and terms that can often be very confusing to those not familiar with this field. This is especially true in Canada with Realtor jargon, where certain terms and practices may differ from those in other countries. Furthermore, government regulatory bodies for real estate have a distinct fondness for very obscure language regarding quite common things in the field The following is a comprehensive list of real estate terms commonly used in Canada and their definitions to help you better navigate…

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BC Home Buyer Rescission Period

BC Home Buyer Rescission Period: A Comprehensive Guide

Written on July 22, 2023 by Mike Stewart Vancouver Realtor The BC Home Buyer Rescission Period or HBPR, also known as the "Cooling Off Period," is a new regulation introduced in British Columbia effective from January 3, 2023. This regulation provides homebuyers with a three-day window to reconsider their decision after signing a contract to purchase residential real estate. If a buyer decides to rescind their offer within this period, they are required to pay a rescission fee of 0.25% of the agreed-upon sale price to the seller. What is the BC Home Buyer Rescission Period? The BC Home Buyer…

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Should you buy a presale condo in 2023

Should you buy a Pre-Sale Condo in Vancouver in 2023

Should you buy a Pre-Sale Condo in Vancouver in 2023 This is the transcription of the June 26, 2023 webinar entitled "Should you buy a Pre-Sale Condo in Vancouver 2023?", with Christian Dy and Mike Stewart, Realtor with Oakwyn Realty, providing a comprehensive discussion on the current state of the Vancouver and British Columbia real estate market, with a particular focus on pre-construction condos. This analysis is crucial for anyone considering the question: "Should You Buy a Pre-Sale Condo in Vancouver in 2023?" Understanding the 2023 Real Estate Market in Vancouver Mike Stewart begins by providing an overview of the…

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The Real Estate Development Marketing Act REDMA in BC

REDMA – The Real Estate Development Marketing Act – What is it?

Updated by Mike Stewart Realtor on August 3, 2023 Real Estate Development Marketing Act When buying a presale condo or new home in British Columbia, home buyers get a large amount of paperwork that goes along with their purchase. The reason I wrote this post is that we have a huge amount of questions from presale buyers about this paperwork that is required for a new home purchase. Much of this paperwork is part of the real estate developer and/or the presale marketing team meeting their requirements under REDMA also know as the Real Estate Development Marketing Act. This article…

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REBGV May 2023 MS

May 2023 Real Estate Board Of Greater Vancouver Statistics Package With Charts & Graphs

 Competition heats up among buyers as summer arrives While the year started slower than usual, Metro Vancouver’s1 housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458). "Back in January, few people would have predicted prices to be up as much as they are…

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April 2023 BCREA – Canadian Inflation

Canadian Inflation (April 2023) – May 16, 2023 Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4 per cent on a year-over-year basis in April, a slight increase from the 4.3 per cent rate in March. Month over month, CPI rose 0.7 per cent, in large part due to higher gasoline prices, which jumped 6.3 per cent from last month. Shelter costs were up 4.9 per cent year over year, driven by much higher mortgage interest costs (up 28.5 per cent from last year) along with higher rents (up 6.1 per cent from April 2022). The homeowner’s replacement cost,…

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REBGV April 2023 Stats Graph

April 2023 Real Estate Board Of Greater Vancouver Statistics Package With Charts & Graphs

https://youtu.be/st24UhDn1Bw  Prices continue rising across Metro Vancouver as home buyer confidence returns VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below…

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Real Estate Commission Calculator BC - Realtor Fees Vancouver

Commission Calculator for Realtor Fees for Vancouver BC

Updated by Mike Stewart PREC March 23, 2023 Vancouver Commission Calculator Real Estate This page is to designed to create a clear understanding and calculation of real estate commissions in Vancouver and across British Columbia, Canada. How much are BC real estate fees? When it comes to real estate commission fees, I can only quote what I charge (which have not changed since I became a licensed BC Realtor in 2005). I charge a seller in a real estate commission of 7% on the first $100,000 of the sale price and 2.5% on the balance of the sale price for…

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REBGV March 2023 Stats Graph

March 2023 Real Estate Board Of Greater Vancouver Statistics Package With Charts & Graphs

https://youtu.be/9_mJc-zPyaI  Spring brings renewed price growth across Metro Vancouver’s housing market while new listings remain dormant VANCOUVER, BC – April 3, 2023 – Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4…

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March 2023 BCREA – Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC

 Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report Vancouver, BC– March 28, 2023. To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed. According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next…

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