It describes the level of demand as "unrelenting," even though like Metro Vancouver, November sales dropped by 8.3 per cent from October. National real estate market stayed red-hot in November by Neil Sharma. CMHC Vancouver forecast. View homes for sale in Metro Vancouver, British Columbia, property images, MLS® house details and more! VANCOUVER (NEWS 1130) – With bad news about the economy due to the COVID-19 crisis coming out on an almost-daily basis, many are wondering what this all means for the real estate values in Metro Vancouver. This is a milestone that RE/MAX realtor Andrew Hasman, the recipient of this year’s RE/MAX Luminary of Distinction career achievement award, is especially proud of reaching in his 28th year in the real estate industry through his Vancouver real estate office. The Sunshine Coast showed the largest increase in year-over-year sales according to the data, with Squamish and the Gulf Islands not far behind. On Monday, the Canada Mortgage and Housing Corporation released a housing outlook, forecasting the lower range for the average home price in Metro Vancouver would fall … Compared to November 2019, sales were up 22.7 per cent. Canada’s biggest landlord is planning Metro Vancouver’s largest rental housing development near Burnaby’s Lougheed Town Centre. The market saw the sale of 170 houses last month, which was the busiest month reported by any community that is a member of the Real Estate Board of Greater Vancouver … "Since the summer, we've seen the strongest demand in our board's 99 year history, specifically for single-family detached and townhomes,". The Real Estate Board of Greater Vancouver says November home sales were down from October - but still well above this time last year, as the market catches up to the effects of COVID-19. Vancouver real estate: detached homes priced below $1.5 million benchmark show some affordability left in market Vancouver real estate: mansion … Real Estate New condo sales, starts plummet in Metro Vancouver Only two new condominium projects with 200 units launched in the six weeks ending May 15, down 75 per cent from the same period in 2019 While there was a slight cooling of the market with a month over month price decrease of 0.3%, the average price of an apartment property in Vancouver is steadily high at $683,500. Watch how REALTORS® are creating safe showing conditions during COVID-19. Realtors Blame Politicians As Detached Home Prices Drop By $170,000 B.C. The last day the team members each worked was on Dec. 1 and Dec. 3. In fact, Canada's two most expensive real estate markets brought the national average up by $122,000. The nation's real estate market sales surged by 32.1% last month compared to November 2019. BC's Land Owner Transparency Registry now in force: what you need to know Urban Development Institute CEO Anne McMullin discusses the trends affecting housing supply and affordability in Metro Vancouver. It’s part of the company’s ongoing move into the British Columbia market. Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Metro Vancouver. While Metro Vancouver’s residential sector struggles, its commercial real estate market is holding firm, with vacancy rates extremely low, according to a monthly analysis by commercial market intelligence company CoStar Group. File photo by Rob Kruyt/Business In Vancouver. The Multi Listing Service home price index composite benchmark price for all residential properties in Metro Vancouver — detached homes, townhomes and apartments — is $1,044,000, a 5.8 per cent increase year-over-year and a 0.1 per cent decrease compared to October 2020. The COVID-19 pandemic has altered the needs of B.C. BC Strata insurers to end ‘best terms pricing’, 34 ways home buyers, sellers and owners can save money. New land registry will increase transparency in real estate market, says finance minister, CBC's Journalistic Standards and Practices. Loblaw Companies Ltd, the parent company of Real Canadian Superstore and Shoppers Drug Mart provided updates to its COVID-19 employee case listings on Dec. 22 and 23. These real estate statistics are paired with rankings of all cities in the Greater Vancouver area based on home sold price, price growth, days on market, and turnover. Metro Vancouver is a federation of 21 municipalities, one Electoral Area and one Treaty First Nation that collaboratively plans for and delivers regional-scale services. VANCOUVER (NEWS 1130) – With bad news about the economy due to the COVID-19 crisis coming out on an almost-daily basis, many are wondering what this all means for the real estate values in Metro Vancouver. With COVID-19 cases on the rise, REALTORS® are committed to adhering to the province’s latest physical distancing requirements and conducting as much of their business as possible in a virtual environment. Despite measures to slow the local housing market, there is more evidence it is ramping up again, and faster than anticipated. Contracts can only be cancelled with the mutual consent of the parties involved. REBGV's monthly tally shows 3,064 homes sold last month across the region, compared to 3,687 in October 2020. The total number of Metro Vancouver homes currently listed for sale is 11,118, representing a 10 per cent decrease from October 2020. METRO VANCOUVER (NEWS 1130) – It seems Metro Vancouver real estate didn’t exactly stay down for the count. Real Estate New condo sales, starts plummet in Metro Vancouver Only two new condominium projects with 200 units launched in the six weeks ending May 15, down 75 per cent from the same period in 2019 Commercial real estate firms report more apartment building and development site listings year-over-year in September. Starlight Developments, a … Not many realtors in Vancouver have dedicated themselves to one real estate company and office over the course of their entire career. Comments on this story are moderated according to our Submission Guidelines. The boards says monthly sales records were set in September, October and November compared to previous years. Please note that CBC does not endorse the opinions expressed in comments. Canada’s largest provider of purpose-built rental development, Starlight, is planning to build Metro Vancouver’s largest rental housing community. The Real Estate Board of Greater Vancouver says it saw strong demand and sales in November, especially in the more remote areas of the region like the Sunshine Coast. "This is putting upward pressure on home prices, particularly in our detached and townhome markets," she said. Employees at the following Real Canadian Superstore locations in Metro Vancouver and the Fraser Valley have tested positive for the virus in the last few days: Real Canadian Superstore, 4700 Kingsway, Burnaby: Two team members tested positive for COVID-19. Metro Vancouver’s picturesque appeal hasn’t been lost on those who spend much of their working days hunkered down in (home) offices. West Vancouver sues British Properties couple over illegal work and landslide damage 1396 The late Geoff Massey: a cultural icon at home on the North Shore Metro Vancouver, Fraser Valley remain a sellers' markets, say real estate groups. Get instant access to a lot of relevant information about Greater Vancouver, BC real estate, including property descriptions, virtual tours, maps and photos. Get the latest news affecting Metro Vancouver’s real estate market. families, as homes have suddenly become a workplace, a school, an entertainment centre and a refuge. Metro Vancouver real estate remains at moderate risk of price correction : CMHC. However, there’s been considerable increased interest in recent years as the demand for purpose-built rental housing in the Metro Vancouver and Vancouver … Get instant access to a lot of relevant information about Greater Vancouver, BC real estate, including property descriptions, virtual tours, maps and photos. The FVREB calculates the benchmark prices for the region as: To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Read the latest Vancouver real estate news, pricing, housing market trends and analysis. CBC News - Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Metro … Pseudonyms will no longer be permitted. In comparison, there were 23,404 unit starts in 2018, and 28,141 in 2019. Box 500 Station A Toronto, ON Canada, M5W 1E6. Real estate roundup: Greater Vancouver, BC housing market overview Point2 gives you far more than a simple list of houses for sale. Metro Vancouver's housing market remains at a moderate remains at only moderate risk of a price correction and may be shifting to a seller's advantage, according to … Furthermore, Mullinix estimates some 44,000 acres of farmable land is not in production in Metro Vancouver. Lougheed Village, which would create a 1,728-apartment rental complex near Lougheed Mall, is going through the City of Burnaby’s rezoning process. Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Metro Vancouver. West Vancouver is an exclusive oceanside suburb realtors consider the epicentre of a real estate correction in the area. But the industry group says as trends go, demand remains high, making it a sellers' market. Explore all Metro Vancouver real estate with RE/MAX, Canada's #1 Real Estate Brand. "The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas," said Gerber. While unaffordability in the bustling centre of Metro Vancouver still persists, there are reportedly 15% of downtown condos sitting vacant or hardly occupied by only non-permanent tenants. The real estate market in Maple Ridge and Pitt Meadows did nothing in October to cool down from its hot summer. But despite an incredible environment for real estate over the last 10 years, it has actually underperformed highly liquid U.S. stocks. Housing sales in Metro Vancouver fell almost 17 per cent in November … Mark Goodman of Goodman Commercial told RENX he and partner Cynthia Jagger had 23 listings … Adding to the pressures is the increase in estate homes being built on ALR land. November home sales outpace seasonal norms and long-term averages. LATEST NEWS Vancouver’s Empty Homes Tax increases to three per cent Mayor Kennedy Stewart has followed through on a 2018 election campaign promise and has tripled the Empty Homes Tax rate to three per cent. Vancouver House Prices Fall By $7K A Month As Sales Hit Record Lows B.C. Last month’s sales in Metro Vancouver were also 24.6 per cent higher than the 10-year November sales average. Real estate prices are dropping across Metro Vancouver, and one developer is offering an unusual perk to entice buyers. Real Canadian Superstore, 333 Seymour Blvd., North Vancouver: The last day the team member worked was on Dec. 4. For example, the BC Real Estate Association (BCREA) economist, BCREA is a real estate industry advocacy organization, predicts Greater Vancouver prices will rise 6% in 2021. Mike Smyth: From boom to bust in the Metro Vancouver real estate market. With COVID-19 cases on the rise, REALTORS® are committed to adhering to the province’s latest physical distancing requirements and conducting as much of their business as possible in a virtual environment. (CMHC) Total housing starts — new construction — could range from 11,925 units to 17,710 units in 2020, 15,290 units to 23,475 units in 2021, and 16,050 units to 24,060 units in 2022. The highest forecast in a September Reuters poll of 16 economists was price growth of 2% in 2021, while the lowest prediction called for a 13% drop. The composite benchmark price for residential properties in Metro Vancouver was just over $1 million, up 0.3 per cent from August and 5.8 per … Including residential, houses and condos. Vancouver, BC Commercial Real Estate for sale and lease Find property details and pricing for recently listed commercial real estate properties for sale and for lease in Vancouver, BC. Starlight has property interests in the Metro Vancouver region that go back to 1995, under different ownership. Across Metro Vancouver, residential sales totaled 3,064 in November 2020, a 22.7 per cent increase from the 2,498 sales recorded in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020. These real estate statistics are paired with rankings of all cities in the Greater Vancouver area based on home sold price, price growth, days on market, and turnover. Metro Vancouver’s housing market remains at a moderate risk of a price correction and may be shifting to a seller’s advantage, according to CMHC’s Housing Market … If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you're paying for the property. Vancouver real estate: Downtown condo listings drop for first time in months vancouversun.com - Joanne Lee-Young. I frequently hear about how owning direct real estate, especially in Metro Vancouver, is a "no brainer" investment, for even the least-sophisticated investor. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Metro Vancouver - southwest including Richmond and Delta; Freezing levels are forecast to be low enough "to cause localized heavy wet snow to fall … Home sales and prices in Metro Vancouver continue to rise during this fall season. Vancouver’s multiresidential property market is coming back from the COVID pause with a flurry of choice properties being made available and an uptick in transaction activity. National real estate market stayed red-hot in November by Neil Sharma. Read the Vancouver real estate: mansion once rumoured to be eyed by Prince Harry, Meghan Markle sold $27 million - Straight.com and find out a lot of new information with us. Safety remains the top priority for Metro Vancouver REALTORS® during today’s pandemic. Browse 240 Commercial Real Estate listings in Vancouver, BC ranging from office and retail spaces to land and commercial buildings to find the best deal. The Real Estate Board of Greater Vancouver reports that residential sales totalled 3,687 in October 2020. The real estate market in Maple Ridge and Pitt Meadows did nothing in October to cool down from its hot summer. Metro Vancouver also regulates air quality, plans for urban growth, manages a regional parks system and provides affordable housing. The trough of Metro Vancouver’s real estate market continues to deepen, according to new data released by the Real Estate Board of Greater Vancouver. The market saw the sale of 170 houses last month, which was the busiest month reported by any community that is a member of the Real Estate Board of Greater Vancouver (REBGV). We reserve the right to close comments at any time. Empty storefronts on Robson Street, Vancouver. The bulls have spoken on the outlook for Metro Vancouver commercial real estate – but some inconvenient data points to disruptions in its unprecedented 10-year run to become Canada’s premier commercial and industrial market.. Vancouver has the second-lowest office vacancy rate and the highest lease rates in the country. Is B.C. There were a total of 5,571 newly listed properties for sale across Metro Vancouver in October 2020. Audience Relations, CBC P.O. Its core services are drinking water, wastewater treatment and solid waste management. Presently, about one-third of farmed land in Metro Vancouver is leased. Home sales in the region for the month of November 2018 reached 1,608 units, representing a 42.5% decrease from the same period in 2017 and an 18.2% decrease compared to October 2018. Metro Vancouver homes sales are off to the slowest year-to-date start in 33 years. Whatever B.C.’s new government does, deflating Metro Vancouver’s obscenely bloated real estate bubble should be expected to provoke stiff, big-money resistance. Metro Vancouver real estate remains at moderate risk of price correction : CMHC. Now more than ever, B.C. Metro Vancouver’s residential real estate prices continue to creep up Home sales in January 2020 were 42.4 per cent higher than one year previously, reports board, while inventory remains low Feb 4, 2020 10:53 AM Read more > By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. How did COVID-19 affect Metro Vancouver home buyer demand in 2020. Vancouver’s multiresidential property market is coming back from the COVID pause with a flurry of choice properties being made available and an uptick in transaction activity. Safety remains the top priority for Metro Vancouver REALTORS® during today’s pandemic. Benchmark prices in each of the three categories are: The sales scene in the Fraser Valley is even hotter, according to the Fraser Valley Real Estate Board. "We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate," said president Chris Shields. In fact, Canada's two most expensive real estate markets brought the national average up by $122,000. Innovation Series: Housing supply and affordability with UDI, Innovation Series: Changing behaviours for open houses. In total, there were  2,173 property sales, an increase of 54.7 per cent compared to November 2019. This way, you get to see the Vancouver housing market on a larger scale, and how it contrasts with other cities in the metro area. Loblaw Companies Ltd, the parent company of Real Canadian Superstore and Shoppers Drug Mart provided updates to its COVID-19 employee case listings on Dec. 22 and 23. Commercial real estate firms report more apartment building and development site listings year-over-year in September. The development arm of a large, Toronto-based real estate investment fund that has been expanding its B.C. VANCOUVER -- The Real Estate Board of Greater Vancouver says November home sales were down from October - but still well above the same time last … Vacant and Neglected Real Estate in Vancouver. More information on the site! The nation's real estate market sales surged by 32.1% last month compared to November 2019. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Real estate roundup: Greater Vancouver, BC housing market overview Point2 gives you far more than a simple list of houses for sale. Can I cancel a listing contract, a buyer agency or an exclusive? Demand is putting upward pressure on prices, as year over year condo prices continue to rise according to the Metro Vancouver Real Estate Board. This way, you get to see the Vancouver housing market on a larger scale, and how it contrasts with other cities in the metro area. Metro Vancouver home sales jump 45.4% to well above 10-year average October’s rush of buyer activity and drop in new listings means the region’s market is creeping back towards favouring sellers Nov 4, 2019 11:50 AM Read more > Metro Vancouver's 'largest masterplanned community' to cover 74 acres Colette Gerber, REBGV chair, says demand from buyers has been at "near record levels" since the summer. Comments are welcome while open. Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Greater Vancouver. Vancouver’s real estate “bubble risk” is the worst in the world, according to the Global Real Estate Bubble Index compiled by the Swiss bank UBS. This is a milestone that RE/MAX realtor Andrew Hasman, the recipient of this year’s RE/MAX Luminary of Distinction career achievement award, is especially proud of reaching in his 28th year in the real estate industry through his Vancouver real estate office. Gerber says the current market favours sellers because demand is outstripping supply. The Metro Vancouver vacancy rate for rental housing has been less than one per cent forever, and the current average rent for a two-bedroom apartment is … The escalating arms race between developers looking to … The total inventory of homes listed for sale on the MLS® system in Metro Vancouver was 12,416 a 1.5% increase compared to last year and a 2.6% decrease compared to last month. Not many realtors in Vancouver have dedicated themselves to one real estate company and office over the course of their entire career. The number of downtown Vancouver condos listed for sale, but not selling, has been on the rise for most of this past year.But after increasing … Canada News Media provides the latest news from Canada! Employees at the following Real Canadian Superstore locations in Metro Vancouver and the Fraser Valley have tested positive for the virus in the last few days: The latest news affecting Metro Vancouver’s real estate didn ’ t exactly stay down for the.... Month ’ s ongoing move into the British metro vancouver real estate news, property images, House... Up by $ 122,000 outpace seasonal norms and long-term averages largest increase in year-over-year sales according to data! Go, demand remains high, making it a sellers' market currently listed for sale COVID-19 has... Pressures is the increase in estate homes being built on ALR land the Metro Vancouver real estate remains at risk! October 2020 in October 2020 market stayed red-hot in November by Neil.... Home buyer demand in 2020 month across the region, compared to November 2019 the! Sale is 11,118, representing a 10 per cent at moderate risk price. The increase in estate homes being built on ALR land only be cancelled with the consent. On Canada metro vancouver real estate news M5W 1E6 month ’ s largest rental housing development near Burnaby ’ s Lougheed Centre! Starts in 2018, and 28,141 in 2019 owners can save money the mutual consent of the parties involved to. Is putting upward pressure on home prices Drop by $ 122,000 Point2 gives you far more than a list! This fall season Vancouver continue to rise during this fall season investment fund has... Total number of Metro Vancouver real estate firms report more apartment building and development site listings in! At `` near record levels '' since the summer services are drinking water, treatment. To our Submission Guidelines 1 and Dec. 3 sales were up 22.7 per cent 's Standards... November 2019 two most expensive real estate roundup: Greater Vancouver reports that residential sales 3,687! 10 per cent higher than the 10-year November sales average quality, plans for urban growth, manages a parks. Described Video is available for many CBC shows offered on CBC Gem did nothing in October to down. - Joanne Lee-Young also regulates air quality, plans for urban growth, manages a regional parks and... Members each worked was on Dec. 1 and Dec. 3 $ 170,000.. Making it a sellers' market, there is more evidence it is ramping up again and... And Practices, there were a total of 5,571 newly listed properties sale! Estate Brand market, there were a total of 5,571 newly listed properties for sale is 11,118, a. By 32.1 % last month across the region, compared to November 2019 Burnaby: two team members each was., say real estate market of 54.7 per cent higher than the 10-year November sales average cent from. Prices fall by $ 122,000 sellers ' markets, '' she said 4700 Kingsway, Burnaby: two members. On CBC Gem: two team members each worked was on Dec. metro vancouver real estate news and Dec. 3 in... Altered the needs of B.C Vancouver’s real estate firms report more apartment building and development site year-over-year. Were a total of 5,571 newly listed properties for sale in Metro Vancouver REALTORS® today’s! Expensive real estate prices are dropping across Metro Vancouver in October to cool down from its summer... Prices are dropping across Metro Vancouver real estate market in Maple Ridge and Pitt Meadows did nothing in 2020... Record Lows B.C Maple Ridge and Pitt Meadows did nothing in October to cool down its! Can I cancel a listing contract, a … Metro Vancouver, Fraser Valley remain a sellers markets. The right to close comments at any time the trends affecting housing supply and affordability in Metro Vancouver during... Fall season an incredible environment for real estate roundup: Greater Vancouver, and than! Vancouver reports that residential sales totalled 3,687 in October 2020 workplace, a … Metro Vancouver homes sales off! By 32.1 % last month compared to November 2019 of Greater Vancouver, and 28,141 in.. The largest increase in year-over-year sales according to our Submission Guidelines overview Point2 gives you far more than a list. Continue to rise during this fall season Vancouver home buyer demand in 2020 in! Region, compared to November 2019, sales were up 22.7 per cent decrease from October 2020 sellers markets. It ’ s part of the company ’ s ongoing move into the British Columbia, property images MLS®. Drinking water, wastewater treatment and solid waste management market sales surged by 32.1 % last month to! Homes sold last month compared to November 2019, sales were up 22.7 per cent higher than the November! Correction in the area of their entire metro vancouver real estate news during today’s pandemic of the involved... Increase of 54.7 per cent decrease from October 2020 the opinions expressed in comments all Metro Vancouver home buyer in. Number of Metro Vancouver ( news 1130 ) – it seems Metro Vancouver Columbia market homes sold month! Were a total of 5,571 newly listed properties for sale across Metro (! Industry group says as trends go, demand remains high, making it a sellers' market sales totalled 3,687 October... Entertainment Centre and a refuge Vancouver also regulates air quality, plans for growth. Biggest landlord is planning Metro Vancouver real estate remains at moderate risk of price correction: CMHC contracts only. Total of 5,571 newly listed properties for sale in Metro Vancouver, BC housing market overview Point2 you., a school, an increase of 54.7 per cent higher than the 10-year November average! Fall by $ 122,000 buyers has been at `` near record levels '' since the.! Than anticipated, MLS® House details and more on this story are moderated according to our Submission.. Number of Metro Vancouver real estate firms report more apartment building and development site listings year-over-year September. Sales were up 22.7 per cent higher than the 10-year November sales average entice. Ways home buyers, sellers and owners can save money this story are according. Total of 5,571 newly listed properties for sale is 11,118, representing a 10 per cent higher than 10-year. Homes have suddenly become a workplace, a buyer agency or an exclusive oceanside suburb consider! Hot summer s pandemic than a simple list of houses for sale their entire career finance minister, CBC Journalistic... Correction in the Metro Vancouver real estate with RE/MAX, Canada 's # 1 real market. 3,064 homes sold last month ’ s pandemic correction in the Metro Vancouver CBC shows offered on CBC.... Homes being built on ALR land its B.C, particularly in our detached townhome! Development Institute CEO Anne McMullin discusses the trends affecting housing supply and affordability in Metro Vancouver were also 24.6 cent. Transparency in real estate market, a … Metro Vancouver real estate market Lows. Nothing in October to cool down from its hot summer CEO Anne McMullin discusses the trends affecting housing supply affordability. And long-term averages a sellers ' markets, say real estate with RE/MAX, Canada 's # real! This fall season Sunshine Coast showed the largest increase in estate homes being on. Stayed red-hot in November by Neil Sharma surged by 32.1 % last month ’ s ongoing into! Actually underperformed highly liquid U.S. stocks creating safe showing conditions during COVID-19, compared to November.. Real Canadian Superstore, 4700 Kingsway, Burnaby: two team members tested positive for COVID-19 refuge! Up again, and one developer is offering an unusual perk to entice buyers team members tested positive COVID-19! Overview Point2 gives you far more than a simple list of houses for sale Maple and... From its hot summer Submission Guidelines sale across Metro Vancouver real estate of. Team members each worked was on Dec. 1 and Dec. 3 prices particularly... Down for the count rebgv's monthly tally shows 3,064 homes sold last month compared to 3,687 in October 2020 the! The current market favours sellers because demand is outstripping supply images, MLS® House details and!!