Category: Uncategorized

Despite higher interest rates, home sales in Toronto and Vancouver continued to rise in July. Toronto reported a 7.8% increase in home sales and 4.2% increase in the average selling price to $1.12 million. Meanwhile, Vancouver reported a 28.9% increase in home sales and a 0.5% increase in the median price to $1.21 million. New…

As of the end of June, home sales in GVA ↓ 23% yearly, with ~14.3K homes sold this year to date. Move-up buyers, who are relocating to larger homes, have been active in 2023 due to pent-up demand from delaying their purchases. The summer is expected to bring a seasonal slowdown in home sales, with…

The City of Vancouver is considering a new zoning policy that would allow up to six homes on each plot of land, rather than just one. This change would allow for more space to build larger laneway houses, duplexes, fourplexes, and sixplexes, making neighbourhoods more affordable by introducing different housing options. If approved, the new…

Vancouver's housing market is projected to see continued price growth in 2024. The supply of homes for sale will remain limited, putting upward pressure on prices. Demand from local and international buyers will contribute to the market's growth.

As the number of short-term rental listings continues to rise, and long-term rental accommodations become more difficult to find, calls are growing for the City of Vancouver to provide more clarity on what is permitted when it comes to offering short-term rentals. Residents have pointed out on social media and in messages to Postmedia News…

Despite rising vacancies and sublease opportunities, Colliers believes the worst is over for Vancouver's office market. Vancouver's office vacancies are estimated to be at 7.4%, and Victoria's at 6.3%, both below the national avg. ~30% of available office space is being offered on a sublease basis in Vancouver, indicating potential higher vacancies in the future.

In June, Vancouver had the largest ↑ in avg home prices in Canada. In June, Metro Vancouver home prices ↑ $15K to $1.20M. Potential buyers now need an annual income of $236K to purchase a home.

In 2017, Vancouver introduced the Empty Home Tax (EHT) to encourage owners to rent out their vacant residential properties in order to help alleviate pressure on the rental market. For properties that are tenanted or considered principal residences, the tax is generally not applicable. On June 28, 2023, Vancouver City Council amended the EHT to…