Greater Vancouver Market Update Here

Metro Vancouver Market Update     Here

Fraser Valley Market Update              Here

Detached Annual Variances                Here

Attached Annual Variances                 Here

Get the Full Report                                   Here

With borrowing costs now on the decline, we've seen buyers returning in numbers after a brief hiatus. The recent sales figures are trending back to long-term historical averages, which indicates there may still be significant potential upside for sales as we move into 2025—especially if this recent strength continues.

Notably, December 2024 saw remarkable increases in sales across various categories: detached homes rose over 30% compared to December 2023, apartment homes increased by 23.9%, and attached homes surged by an impressive 55.9%. This positions the market for a much more active year ahead than we've experienced in recent times.

For those considering buying, now is the time to act before the Spring Frenzy kicks in! And for our sellers, it’s a great opportunity to list your property with less competition currently in the market.

If you have any questions or would like to discuss these exciting developments further, please feel free to reach out—I’m always here to help!

HOW THE LATEST BANK OF CANADA RATE CUT MAY IMPACT YOU

• The Bank of Canada (BoC) just cut its lending rate by 50 basis points, bringing it down from 3.75% to 3.25%

• When the BoC cuts its lending rate, it can become cheaper for Canadians to borrow money.

• For Canadians with variable rate mortgages, rate cuts can mean more of their money goes toward the principal on their mortgage, and less towards interest.

• For Canadians with fixed rate mortgages, this recent BoC rate cut will not immediately make an impact. 

• Fixed rate mortgages are based on five-year bond yields, and financial markets have already been expecting the BoC to cut rates this year. Those expected cuts are, to some degree, already factored into bond yields, and are therefore reflected in current fixed mortgage rates.

• TD Economics believe there will be more rate cuts in the new year and expect the BoC’s lending rate to be cut down to 2.25% by the end of 2025.

Is your mortgage due in 2025?  Reach out to me and I'd be happy to refer you to a preferred Mortgage Broker who can guide you in the right direction.  

Thinking of making a move in 2025?  With over 31 years of experience in Residential Real Estate, let us Help You Make the Right Move! 

Greater Vancouver Market Update Here

Metro Vancouver Market Update     HERE

Fraser Valley Market Update              HERE

Detached Monthly Variances              Here

Attached Monthly Variances               Here 

Get the Full Report                                   Here

Home buyer demand continued to strengthen in November! It seems like buyers are continuing to take advantage of the relatively balanced market conditions while they last. You know how it goes—when the market feels right, people jump in. And that’s exactly what’s happening now.

Even though we’re seeing an uptick in demand as we approach year-end, the number of newly listed properties has been holding steady. This balance is crucial because it helps keep prices from skyrocketing across all segments. But here's where things get interesting: as we move into the New Year, if this strong demand keeps up and new listings don’t rise to meet it, we could be looking at a shift in dynamics. It might not be long before upward pressure on prices makes a comeback! So for anyone thinking about buying or selling soon, keeping an eye on these trends is more important than ever.

Greater Vancouver Market Update HERE

Metro Vancouver Market Update     HERE

Fraser Valley Market Update              HERE

Detached Monthly Variances              HERE

Attached Monthly Variances               HERE

Get the Full Report                                   HERE

When it comes to investing, let's be real: no one can predict the market. Not even the great Warren Buffett himself! So, why should you try to emulate his every move? The key is to buy or sell when it feels right for you and your family.

This past October brought a wave of renewed confidence in the market. If you're looking to buy, there are some fantastic opportunities out there. Take your time; do your due diligence, and don't feel pressured into making hasty decisions. It’s all about finding what aligns with your goals.

On the flip side, if you're considering selling, you’re in a sweet spot too! Inventory remains low, and with this newfound enthusiasm in buyers—just take a look at those bustling open houses—you’re likely to see more offers coming your way. Many properties experienced favourable sales prices last month thanks to this uptick in demand. So trust yourself; navigate the market at your own pace!

With over 31 years of experience, let Rob Britch Help You Make the Right Move! 

Greater Vancouver Market Update Here

Metro Vancouver Market Update     Here

Fraser Valley Market Update              Here 

Detached Monthly Variances             Here 

Attached Monthly Variances              Here 

Get the Full Report                                  Here 

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 31 years of experience in your market, let me Help You Make the Right Move! 

Greater Vancouver Market Update here

Metro Vancouver Market Update     here

Fraser Valley Market Update              here

Detached Monthly Variances              here

Attached Monthly Variances               here

Get the full report                                     here

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move! 

Key Changes Effective July 18th, 2024

     1.  Mandatory Use of Landlord Use of New Web Portal: 

• Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use.

• Landlords using the website portal will be required to have a Basic BCeID to access the site.

• The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant.

• While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith.

• They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.

     2.  Extended Notice Period:

• The Two-Month Notice is changing to a Four-Month Notice on July 18, 2024.

• Tenants will have 30 days to dispute Notices to End Tenancy, extended from 15 days.

     3.  Occupancy Requirements:

• The individual moving into the property must occupy it for at least 12 months.

• Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

It's crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024.

Greater Vancouver Market Update  HERE

Metro Vancouver Market Update      HERE

Fraser Valley Market Update               HERE

Detached Monthly Variance                HERE

Attached Monthly Variance                 HERE

Get the Full Report                                   HERE

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move! 

Greater Vancouver Market Update  Here     

Metro Vancouver Market Update      Here  

Fraser Valley Market Update               Here                

Monthly Detached Variance                 here        

Attached Monthly Variance                  here        

Get the full Report                                    here   

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move! 

The Province, through its Homes for People action plan, committed to cut down on unlawful evictions and strengthen the security of tenants, while supporting landlords.

Government is proposing the following amendments to the Residential Tenancy Act and the Manufactured Home Park Tenancy Act that, if passed, will come into force in various phases this spring and summer.

After Bill Introduction:

• prohibiting personal occupancy evictions in purpose-built rental buildings with five or more units; and

• increasing landlord’s occupancy period from six months to 12 months.

Upon royal assent:

• prohibiting rent increases for additional occupants who are minors and making it an offence to do so; and

• making a clear prohibition for a landlord to give frivolous notices to end tenancy.

By regulation expected by summer 2024:

• requiring landlords to use a web portal to generate Notices to End Tenancy for personal occupancy;

• increasing the notice period that a landlord must give a tenant for eviction for personal use; and

• increasing the tenant dispute period from 15 days to 30 days.

Future regulations:

• providing regulation-making authority in the Residential Tenancy Act to:

  • prohibit conversion of rental units to specific non-residential uses, such as short-term rental accommodation or storage;

  • prescribe increased amounts of compensation for evicting long-term tenants for landlord use; and

  • clarify the criteria by which the landlord could legally end a tenancy for a problematic tenant.

• Increasing administrative monetary penalties to improve deterrence from contravening the Residential Tenancy Act.

Greater Vancouver Market Update Here

Metro Vancouver Market Update     HERE

Fraser Valley Market Update              HERE

Monthly Detached Variance               HERE

Monthly Attached Variance                HERE

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move! 

Greater Vancouver Market Update  HERE

Metro Vancouver Market Update     HERE

Fraser Valley Market Update               HERE

Detached Monthly Variance                 HERE

Attached Monthly Variance                  HERE

Read the Full News Release                 HERE

If you or anyone you know needs any help with Real Estate, reach out to me as I’m never too busy to help!  With over 30 years experience in Metro Vancouver’s Real Estate Market, let me Help You Make the Right Move.