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Author: Jamie Taleb

Home buyer demand stays below historical averages in August

The Metro Vancouver(1) housing market continues to experience reduced demand across all housing types. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold. Last month’s sales were 25.2 per cent below the 10-year August sales average. “Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore,...

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Commercial real estate sales down, prices up in the Lower Mainland

Thursday, September 13, 2018The commercial real estate market in the Lower Mainland continued to see fewer transactions in the second quarter (Q2) of 2018 compared to recent years. There were 569 commercial real estate sales in the Lower Mainland in Q2 2018, a 16.3 per cent decrease over the 680 sales in Q2 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). The total dollar value of commercial real estate sales in the Lower Mainland was $4.047 billion in Q2 2018, a 13.4 per cent increase over $3.570...

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Tight Market Conditions Prevail Around the Province

Vancouver, BC – July 14, 2016. The British Columbia Real Estate Association (BCREA) reports that a record 12,906 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 14.3 per cent from the same month last year. Total sales dollar volume was $8.97 billion in June, up 25.7 per cent compared to the previous year. The average MLS® residential price in the province was up 10 per cent year-over-year, to $694,925. “Robust housing demand in the Lower Mainland, Vancouver Island and the Okanagan drove sales growth in June,” said Brendon Ogmundson, BCREA Economist. “At...

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Bank of Canada Interest Rate Announcement – July

The Bank of Canada announced this morning that it is holding its target for the overnight interest rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is on track to return to its target of 2 per cent by 2017, though heightened global uncertainty presents a risk to that forecast.  The Bank judges the overall risks to its forecast as roughly balanced, but noted financial vulnerabilities are elevated in the greater Vancouver and Toronto areas due to rising home prices. Economic growth in Canada appears to be slowing as expected in the second quarter. ...

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New Contract Assignment Requirements

As of May 16, 2016, new provincial rules relating to the assignment of real estate contracts will be in force. The provincial government has amended the Real Estate Services Regulation (the “Regulation”), and these new requirements will apply in all transactions where a licensee is acting for the seller and/or the prospective buyer of real estate. To find out more about contract assignments and the effects of the new regulations, check out the questions and answers in our FAQ below. Contract Assignments FAQ What is a contract assignment? A contract assignment occurs when a buyer transfers the...

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New Restrictions on Assignments of Contracts of Purchase and Sale

The Province has announced new regulations pursuant to the Real Estate Services Act (“RESA”) that impose new duties on licensed B.C. real estate agents effective May 16, 2016, that will restrict the assignment of contracts of purchase and sale of real estate.  The Regulations are intended to cool the overheated real estate market and reduce the number of contracts being assigned or flipped. The Regulations require that real estate agents include a term in any contract of purchase and sale, unless otherwise instructed by their client, that provides that: (a) the contract of purchase and sale...

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Contract Changes Benefit Real Estate Consumers

Vancouver, BC – May 10, 2016. Consumer awareness took a step forward with the announcement of new requirements for real estate contracts. Following on a promise made by Premier Clark in March, as of May 16, 2016 the government will require contracts prepared by real estate licensees to include clauses stating that the contract cannot be assigned without the written consent of the seller, and that any profit from an assignment goes to the initial seller. Clients can instruct licensees to omit or change the clauses. “Real estate consumers now have a tool to help them decide whether they want their...

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