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REAL ESTATE NEWS

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

multiple listing sold

2021 home sales will rival 2016 boom year, says B.C. Real Estate Association

January 26, 2021

The market for single-family detached houses is so hot in Metro Vancouver that a realtor booked 130 tours of a Cloverdale home before turning away other potential customers.
“So sorry! Showings completely full, for every 15-minute slot. Can’t fit any more in, sorry. Do not show up without appointment,” a note on the Multiple Listing Service said last week for the house, which had an asking price of $1.05 million “We have had over 130 showings booked in 24 hours.” ...

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Sold property signs

B.C. real estate defies pandemic with sales, price growth in 2020

January 13, 2021

British Columbia’s real estate proved remarkably resistant to the COVID-19 pandemic, according to new data from the B.C. Real Estate Association.
The organization released data on the 2020 market Wednesday showing significant growth in both sales and in prices.
Nearly 94,000 homes sold last year, a jump of 21.5 per cent over 2019, it said. The average price for the year across all home types was over $782,000, up 11.7 per cent year over year. ...

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BC high rise views

The Hottest Suburban Markets in the British Columbia Real Estate Market

January 12, 2021

The British Columbia real estate market has had its ups and downs this year, much like every other major housing market in the country. For the most part, however, the province’s housing sector has been resilient throughout the entire coronavirus pandemic, thanks to a healthy mix of public policymaking and real estate agents adapting to changing industry conditions. It also helps that British Columbia continues to be a top destination for homeowners.
According to the British Columbia Real Estate Association (BCREA), residential unit sales surged 42.1 per cent year-over-year in November, and the average residential price climbed at an annualised rate of 9.3 per cent to more than $816,000. ...

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aerial view of Vancouver high rise

Vancouver real estate: Home sales surge 53.4%, setting new record

January 5, 2021

Vancouver's real estate market ended 2020 with a bang, as a December home-buying spree helped the market rebound from a weak 2019, despite the COVID-19 pandemic.
Home sales jumped 53.4 per cent in the final month of 2020 compared with December 2019, the Real Estate Board of Greater Vancouver said on Tuesday. The board said 3,093 homes were sold in December, up from 2,016 in December 2019 and slightly more than the 3,064 homes sold in November.
The board said the composite home price in Vancouver ended the year at $1,047,400, up 5.4 per cent from the same time last year. ...

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