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REAL ESTATE NEWS

Latest News about The Real Estate Laws and its impact to the industry.

bc detatched house

B.C. real estate: Bidding wars again hitting high-end housing market

February 24, 2021

When the COVID-19 real estate boom started, multiple offers and over-asking sale prices were mostly happening for detached homes in the $1.5 million to $2 million range in parts of East Vancouver and North Vancouver, and lower-prices houses in the Fraser Valley.
Now, there are signs of this moving into more expensive housing. In particular, there were two eye-popping sales in mid-February, one that went for over $700,000 the asking price, and the other for more than $1.6 million higher than the asking price. ...

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Sold property sign

Canada real estate: BMO Economics sees rising home prices as current listings good for only two months

February 16, 2021

BMO Economics says demand for housing in Canada is “piping hot”.
The bank released a report Tuesday (February 16) describing sales across the country as one marked by “hot hot heat”.
As Robert Kavcic, a senior economist and director of economics with BMO, put it: “The Canadian housing market is fully boiling.”
According to Kavcic, new listings fell 13.3 percent in January across the country. ...

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BC condo houses

Here's how much you'd have to earn to buy a house or condo in Vancouver

February 9, 2021

A recently released report confirms homeownership remains a distant dream for many living in one of Canada's priciest markets.
The latest Housing Affordability Monitor, a report issued by the National Bank of Canada, estimated just how much a perspective homebuyer would need to earn to be able to afford the typical home currently on the market in the Metro Vancouver area.
The report looks to benchmarks, a metric different than averages, as an indicator for how much a would-be buyer can expect to pay.
The bank estimates the price of the representative condo in the Vancouver area – meaning a condo that is typical of what's been available recently – at $633,030. ...

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aerial view of detatched houses

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static

February 3, 2021

COVID-19 doesn't affect all people equally — and it doesn't affect the housing market equally either.
The average selling price of a detached home in Greater Vancouver rose for the sixth straight month in January, the first time that had happened since 2013.
At $1.83 million it's the third highest monthly figure in the history of the Greater Vancouver Real Estate Board. To the east, the Fraser Valley Real Estate Board saw a 23 per cent increase in the average value of a detached home in the last year, and is now at $1.28 million, its highest number ever. ...

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Steve Mattoo and his firm A.S. Mattoo & Associates, located in the York Business Centre, deal in real estate law as a preferred area of practice. The firm's primary goal is to provide exceptional legal services with a focus on relationship building.

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