The real estate market in Metro Vancouver demonstrated steadiness in October 2023, as balanced conditions brought opportunities for both buyers and sellers. While sales remained below historical averages, increased inventory levels and moderated price growth signaled a market adjusting to ongoing economic pressures.

Key Highlights for October 2023:

• Sales Activity:

  • Residential sales reached 1,996, a 3.7% increase compared to October 2022.

  • While sales were 29.5% below the 10-year seasonal average, the market showed resilience in a challenging financial environment.

  • Detached homes: Slight 0.7% decrease year-over-year.

  • Apartments: Sales grew by 4.9%, maintaining steady buyer interest.

  • Townhomes: Increased sales of 6.6%, reflecting robust demand in this category.

• Listings and Inventory:

  • New Listings: Increased by 15.4%, providing buyers with more choices compared to October 2022.

  • Active Listings: Total inventory rose by 12.6%, exceeding the 10-year seasonal average by a modest 0.6%.

• Pricing Trends:

  • Benchmark Price: All residential properties were priced at $1,196,500, up 4.4% year-over-year, with a slight 0.6% decline from September 2023.

  • Detached homes: $2,001,400, steady growth with a 4.0% annual increase.

  • Apartments: $770,200, up 5.1% annually, showing consistent strength in this segment.

  • Townhomes: $1,100,500, reflecting a 4.8% year-over-year increase.

Market Conditions by Segment:

• Detached Homes:
  A sales-to-active listings ratio of 12.9%, indicating balanced conditions.

• Townhomes:
  Strong demand with a ratio of 20.9%, leaning toward a seller’s market.

• Apartments:
  Steady performance with a ratio of 21.5%, also in seller’s territory.

Regional Insights:

• Burnaby:
  Detached home prices remained stable across all areas, while townhomes in Burnaby South saw notable buyer activity.

• New Westminster:
  Apartments continued to attract buyers with affordability and accessibility as key drivers.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Strong demand for townhomes and apartments underpinned price stability.

• Vancouver East and West:
  Both regions showed steady activity, with apartment prices holding firm and detached homes experiencing balanced conditions.

What This Means for Buyers and Sellers:

• For Sellers:
  Increased inventory offers more competition, making strategic pricing and marketing essential to stand out.

• For Buyers:
  Moderated price growth provides opportunities to enter the market or upgrade, particularly in areas with higher inventory levels.

Your Market Experts:

As the year draws to a close, understanding these trends is crucial for navigating the ever-changing real estate landscape. Whether buying, selling, or investing, contact me today to craft a strategy tailored to your needs.

The Metro Vancouver real estate market showed resilience in September 2023, with steady activity as buyers and sellers adjusted to the seasonal shift. While borrowing costs remained a consideration, balanced conditions across property types indicated a market in equilibrium.

Key Highlights for September 2023:

• Sales Volume:
  A total of 2,387 homes were sold, marking a 14.2% increase compared to September 2022. While sales remained below the 10-year seasonal average, the growth signals a gradual recovery in demand.

• Inventory Levels:
  The total number of active listings reached 10,107, a slight increase of 5.3% YoY, providing more options for buyers. However, listings remained 12.4% below the 10-year seasonal average.

• Benchmark Prices:

  • All residential properties: $1,217,800, up 4.3% compared to September 2022.

  • Detached homes: $2,025,900, a 3.6% annual increase.

  • Townhomes: $1,115,600, a 5.1% year-over-year increase.

  • Apartments: $773,200, up 5.3% annually.

Property-Specific Trends:

• Detached Homes:
  Representing 19.4% of sales, the detached market remained balanced with a sales-to-active listings ratio of 21.3%.

• Townhomes:
  Demand for townhomes surged, with a sales-to-active listings ratio of 33.8%, highlighting strong competition in this segment.

• Apartments:
  Leading the market with 54.2% of sales, apartments posted a sales-to-active listings ratio of 31.4%, driven by steady demand from first-time buyers and investors.

Regional Insights:

• Burnaby:
  The townhouse market remained highly competitive, particularly in Burnaby South, where prices climbed 0.7% month-over-month.

• New Westminster:
  Apartments continued to dominate sales activity, with steady price growth of 1.3% from August.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Coquitlam saw significant activity in the detached and townhouse segments, reflecting its ongoing appeal to families.

• Vancouver East & West:
  Both markets experienced balanced conditions, with consistent demand across property types.

What This Means for Buyers and Sellers:

• For Buyers:
  The gradual increase in inventory is creating opportunities to explore more options, while steady price growth offers reassurance to sellers. Competitive conditions in townhomes and apartments highlight the importance of preparation and strategic decision-making.

As Fall Unfolds, Stay Informed:

Whether you're navigating the market as a buyer or seller, staying informed about local trends can make all the difference. Contact me today to learn how these trends can impact your real estate goals.

As summer winds down, the Vancouver real estate market experienced its predictable seasonal deceleration. The August 2023 stats reflect a balanced market adapting to the pressures of elevated borrowing costs while still delivering notable activity.

Key Highlights:

• Sales Activity:
  August 2023 saw a total of 2,296 residential home sales across Metro Vancouver, a 21.4% increase compared to August 2022. Despite the uptick, this number remained 13.8% below the 10-year seasonal average.

• Inventory Levels:
  The number of homes listed for sale, at 10,082, reflected a 0.2% decrease compared to August 2022 and remained 13.4% below the decade-long average.

• Pricing Trends:
  The MLS® Home Price Index composite benchmark price for all residential properties stood at $1,208,400. This marks a 2.5% increase year-over-year but a slight 0.2% dip compared to July 2023.

By Property Type:

• Detached Homes:
  Sales rose 13.2% YoY, with a benchmark price of $2,018,500—up 3.3% from August 2022.

• Apartments:
  Leading the sales growth, apartment transactions surged 27.4% YoY. The benchmark price of $770,000 reflects a 4.4% annual increase.

• Townhomes:
  Sales increased 18.9% YoY, with a benchmark price of $1,103,900—up 3.9% annually.

Area-Specific Insights:

• Burnaby:
  Continued price stability, with steady sales in apartments and detached homes.

• New Westminster:
  A balanced market with moderate price gains for condos.

• Tri-Cities (Coquitlam, Port Coquitlam, and Port Moody):
  Townhome prices remained a standout, benefiting from strong buyer interest.

• Vancouver East and West:
  Sales activity remained steady, particularly in apartment segments.

What This Means for Buyers and Sellers:

• For Buyers:
  As borrowing costs weigh on the market, prospective buyers can find a range of opportunities amidst price stabilization.

• For Sellers:
  Sellers should note the increased competition and focus on strategic pricing and presentation to stand out.

With the fall market around the corner, we anticipate a continuation of these balanced trends, creating a healthy environment for buyers and sellers alike. Whether you're exploring opportunities or planning your next move, we’re here to guide you through this dynamic landscape.

The real estate market in Metro Vancouver showed remarkable resilience in July 2023, as strong sales pushed home prices higher despite elevated borrowing costs. This month’s activity highlights persistent demand in the region and offers key takeaways for buyers and sellers alike.

Key Insights:

• Sales Surge Despite High Rates:
  Residential home sales reached 2,455, a notable 28.9% increase compared to July 2022. However, sales remained 15.6% below the 10-year seasonal average.

• Inventory Challenges Continue:
  With 4,649 new listings added to the MLS®, inventory levels saw a 17% year-over-year increase but remained 5.2% below the 10-year seasonal average.

• Price Pressures Persist:

  • Composite Benchmark Price: $1,210,700 (+0.5% YoY, +0.6% MoM)

  • Detached Homes: $2,012,900 (+0.6% YoY)

  • Apartments: $771,600 (+2.6% YoY)

  • Attached Homes: $1,104,600 (+1.2% YoY)

Market Dynamics by Property Type:

• Detached Homes:
  Sales surged 28.7% YoY, with steady price growth and an active-to-sales ratio of 16.5%, indicating balanced conditions.

• Townhomes:
  With a sales-to-active ratio of 32%, townhomes experienced robust demand, reflecting a strong sellers’ market.

• Apartments:
  Representing the largest segment, apartment sales increased 20.7% YoY, with a sales-to-active ratio of 30.6%, showcasing persistent buyer interest.

Local Highlights:

• Burnaby:
  Prices and demand remained strong, particularly for townhomes, where the active-to-sales ratio indicated upward pressure.

• New Westminster:
  Continued price stability, coupled with high demand for apartments, characterized the market.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  The region saw mixed activity, with steady demand for apartments and attached properties.

• Vancouver East & West:
  Both areas showed consistent price growth across all property types, underpinned by high buyer activity.

What This Means for Buyers and Sellers:

• For Sellers:
  Robust demand and tight inventory present opportunities to capitalize on favorable market conditions.

• For Buyers:
  While facing higher borrowing costs, buyers are adapting to market dynamics, with many still actively pursuing homeownership.

Ready to Navigate the Market?
Whether you're planning to buy or sell, understanding these trends is crucial for making informed decisions. Contact me today to explore your opportunities in Metro Vancouver’s dynamic real estate market.

The Greater Vancouver real estate market continued to showcase resilience through June 2023, with increasing home prices across all residential property types. This uptick reflects strong buyer demand in a market constrained by limited inventory.

The benchmark price for all residential properties in Metro Vancouver rose to $1,203,000, a 1.3% increase compared to May 2023, signaling sustained upward momentum despite elevated borrowing costs.

Key Highlights for June 2023:

Sales Activity:

• Detached Homes:
  Sales rose 28.3% YoY, with 848 units sold. The benchmark price reached $1,991,300, marking a 1.9% MoM increase.

• Apartments:
  A total of 1,573 apartment sales were recorded, representing an 18.6% YoY increase. The benchmark price rose to $767,000, nearing peak 2022 levels.

• Townhomes (Attached Homes):
  Sales increased 17.6% YoY, with the benchmark price climbing to $1,098,900 (+1.5% MoM).

Active Listings:

• New Listings:
  5,348 homes were listed in June, +1.3% YoY, though still 3.1% below the 10-year seasonal average.

• Total Active Inventory:
  The total inventory dropped to 9,990, a 7.9% decline YoY.

Sales-to-Active Listings Ratios:

• Apartments: 39.4%

• Townhomes: 38.5%

• Detached Homes: 20.9%

These ratios indicate significant upward pressure on prices, particularly in the apartment and townhouse segments.

Regional Performance:

• Burnaby:

  • Detached homes rose 2.7% MoM, with a benchmark price of $1,912,200 in Burnaby East.

  • Apartments in Burnaby South experienced steady growth (+0.8% MoM).

• New Westminster:

  • Apartment prices increased 1.0%, reaching a benchmark of $653,400, highlighting strong demand and affordability.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

  • Strong sales-to-active listings ratios reflect a competitive market.

  • Apartment prices in Port Moody rose 1.6% MoM, reaching a benchmark of $728,000.

A Note for Buyers and Sellers:

• For Buyers:
  The consistent rise in prices underscores the importance of timely decision-making and proactive strategies in navigating a competitive market.

• For Sellers:
  Sustained demand and limited inventory present an excellent opportunity to list properties.

Looking Ahead:

The upward trajectory in home prices and constrained inventory emphasize the need for continued policy adjustments, including a reassessment of the first-time buyer property transfer tax exemption thresholds.

Stay informed and empowered—connect with us today to discuss how these trends impact your buying or selling journey!

As the spring market came into full swing, the Greater Vancouver real estate market saw heightened activity in May 2023. While new listings remained below historical norms, buyer demand created competitive conditions, driving price increases and maintaining momentum across key property types.

Highlights from May 2023:

• Increased Sales Activity:
  Residential sales reached 3,411, marking a 15.7% increase from May 2022. While this figure was slightly below the 10-year seasonal average, it signals robust activity as buyers return to the market.

• Rising Prices:
  The benchmark price for all residential properties rose to $1,188,000, reflecting a 1.3% increase compared to April. Detached homes led the charge, with prices increasing 1.8% MoM to $1,953,600.

• Limited Inventory:
  New listings totaled 5,661, an 11.5% decline from May 2022. Total active listings were 9,293—down 10.5% year-over-year and significantly below the 10-year average.

• Sales-to-Active Listings Ratio:
  This key metric reached 38.4%, indicating a clear seller’s market. Townhomes and apartments were the strongest performers, each with ratios exceeding 45%, signaling high demand and tight inventory.

What This Means for Buyers and Sellers:

• For Sellers:
  The competitive market offers an opportunity to achieve strong sale prices. However, with fewer homes available, effective marketing strategies are key to standing out.

• For Buyers:
  Demand remains high, particularly for townhomes and apartments. Navigating this competitive environment requires preparation and strategic decision-making, including pre-approvals and targeted searches.

Regional Performance:

• Burnaby:
  Detached homes saw strong sales, supported by rising demand in apartments and townhomes.

• New Westminster:
  Apartments remained a popular choice, with affordability and connectivity driving interest.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  The Tri-Cities continued to see steady activity across all property types, with affordability playing a significant role in attracting buyers.

Looking Ahead:

While interest rates remain a factor influencing buyer power, the combination of limited inventory and resilient demand is likely to sustain upward pressure on prices. Whether you’re considering buying or selling, now is the time to align your real estate goals with expert guidance.

April 2023 brought renewed confidence to the Metro Vancouver real estate market as buyers adapted to the higher interest rate environment and activity picked up across various property types. While inventory levels remain well below historical averages, competitive conditions are driving price growth as buyer demand resurges.

Market Highlights:

• Sales Volume:
  Residential sales in Metro Vancouver reached 2,741 homes, marking a 16.5% decrease from April 2022. However, sales were robust relative to recent months, showing an upswing in market activity.

• New Listings:
  4,307 properties were newly listed, a significant 29.7% drop compared to April 2022 and 22% below the 10-year seasonal average.

• Inventory Levels:
  Total active listings stand at 8,790, down 4.2% year-over-year and 20.9% below the 10-year average.

• Prices:
  The MLS® Home Price Index composite benchmark price rose to $1,170,700—a 2.4% increase from March 2023 but still 7.4% below April 2022 levels.

Property Type Insights:

• Detached Homes:

  • Benchmark Price: $1,915,800 (+2.9% MoM, -8.8% YoY)

  • Sales-to-Active Listings Ratio: 24.4% (Balanced Market)

• Townhomes:

  • Benchmark Price: $1,078,400 (+2.1% MoM)

  • Sales-to-Active Listings Ratio: 40.1% (Strong Demand)

• Condos:

  • Benchmark Price: $752,300 (+2% MoM)

  • Sales-to-Active Listings Ratio: 37.4% (Competitive Market)

Regional Performance:

• Burnaby:

  • Price increases were observed across:

    • Burnaby East (+0.4%)

    • Burnaby North (+2.5%)

    • Burnaby South (+2.3%)

• New Westminster:

  • Prices showed modest growth of 0.4% from March, with increased buyer interest in condos and attached properties.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

  • Coquitlam saw a 1.1% price increase, while Port Moody experienced a slight decline of 0.5%, reflecting varied market activity across the region.

The Bigger Picture:

Despite elevated borrowing costs, low inventory levels continue to drive competition and upward pressure on prices. Buyers are showing resilience, and demand is expected to remain steady as confidence returns. However, sustained price growth depends on whether inventory can meet increasing demand.

As the spring market begins to take shape, Metro Vancouver's real estate landscape shows a blend of promising price growth and limited new listings. Despite higher borrowing costs, March 2023 demonstrated stronger-than-expected sales activity across several property types.

Key Insights from March 2023:

Home Prices Show Growth:
The composite benchmark price for residential properties in Metro Vancouver increased by 1.8% from February 2023, reaching $1,143,900. Detached homes saw a notable 2.7% rise month-over-month, while townhomes and apartments rose by 1.7% and 0.7%, respectively.

Sales Activity Improves:
Total home sales reached 2,535 in March, a significant 42.5% decline compared to March 2022 but an encouraging trend considering ongoing market challenges. Sales exceeded expectations despite elevated borrowing costs and below-average inventory levels.

Inventory Constraints:

There were 4,317 new listings in March 2023, marking a 35.5% decrease from March 2022 and 22.3% below the 10-year seasonal average. The total number of homes listed for sale was 8,617—17.3% below the 10-year average but 8.1% higher than last year.

Sales-to-Active Listings Ratios:

• Detached Homes: 23.3%

• Townhomes: 36.7%

• Apartments: 34.9%
  These ratios suggest balanced market conditions overall, with townhomes and apartments leaning toward a seller's market.

Regional Highlights:

• Burnaby: Detached benchmark prices saw modest increases across Burnaby East, North, and South, with Burnaby East standing at $1,727,900. Apartments showed steady gains, with Burnaby South leading at $774,900.

• New Westminster: Benchmark prices for apartments reached $648,000, a 2.3% monthly increase, while detached homes held steady at $1,430,100.

• Tri-Cities: Coquitlam, Port Coquitlam, and Port Moody showed continued resilience. Port Moody detached homes reached a benchmark price of $2,017,400, reflecting a 2.4% increase month-over-month.

What This Means for Buyers and Sellers:
For sellers, March's activity signals that strategic pricing is key to capturing interest in a market still adjusting to economic pressures. For buyers, opportunities remain across various property types, especially as inventory levels begin to stabilize.

As we head deeper into the spring market, staying informed and consulting a knowledgeable real estate professional will help navigate this evolving landscape.

The February 2023 real estate market in Greater Vancouver presented a mix of challenges and opportunities for buyers and sellers. Below-average sales activity continued, but a slight uptick in inventory offered hope for a more balanced market as spring approaches. Here’s a detailed look at the trends shaping the market last month.

Key Market Highlights:

• Sales Volume: February 2023 saw 1,808 residential property sales, marking a significant 47.2% decrease compared to February 2022. However, there was a notable 76.9% increase from January 2023, showing signs of gradual recovery.

• Inventory Levels: The total number of homes listed on the MLS® system reached 7,868, a 16.7% increase from February 2022. This slight growth in inventory is helping to alleviate the pressure in certain market segments.

• Sales-to-Active Listings Ratios:

  • Detached Homes: 16.8%

  • Townhomes: 30.1%

  • Apartments: 25.8%

  • A ratio exceeding 20% typically indicates upward pressure on prices, while ratios below 12% suggest downward pressure.

Market Performance by Property Type:

1. Detached Homes:

• Benchmark Price: $1,813,100

• Year-over-Year Change: -12%

• Month-over-Month Change: +0.7%

• Detached homes remain less competitive, with a balanced ratio reflecting cautious buyer behavior.

2. Townhomes:

• Benchmark Price: $1,038,500

• Year-over-Year Change: -6.3%

• Month-over-Month Change: +1.8%

• Strong demand in the townhome segment indicates its appeal to families seeking affordability and space.

3. Apartments:

• Benchmark Price: $732,200

• Year-over-Year Change: -3%

• Month-over-Month Change: +1.6%

• Apartments showed robust activity, particularly in Burnaby and Vancouver East, driven by first-time buyers and investors.

Regional Insights:

• Burnaby: Buyers continued to show interest in condos and townhomes, with a notable increase in sales activity compared to January 2023. Benchmark prices across all property types held steady with minor month-over-month changes.

• New Westminster: With its relative affordability, this area remains attractive to buyers, especially for attached and apartment properties.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam): Coquitlam saw a strong performance in the townhouse market, while Port Moody continues to hold premium appeal despite moderate price adjustments.

• Vancouver East and West: Apartment sales dominated activity, with Vancouver West showing higher price stability in the luxury segment.

Market Outlook:

While sales remain below historical norms, rising inventory and stabilized prices are creating a healthier environment for prospective buyers. With the spring market around the corner and mortgage rates expected to hold steady, we anticipate modest price growth in some segments.

Whether you’re considering buying or selling, understanding your local market dynamics is crucial. Let’s connect to discuss how these trends may impact your real estate goals.

The start of 2023 was marked by below-average home sales and persistently low inventory across the Greater Vancouver real estate market. According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in January totaled 1,022—a notable 55.3% decrease compared to January 2022 and a 21.1% drop from December 2022. This figure was also 42.9% below the 10-year January sales average.

Despite the slower start, the Bank of Canada’s decision to pause further interest rate hikes offers potential stability for buyers and sellers, signaling a cautious but optimistic outlook for the coming months.

Key Market Insights

1. Inventory Trends

   • January saw 3,297 newly listed properties—a 20.9% decrease compared to January 2022 but a significant increase of 173.4% from December 2022.

   • Total active listings rose slightly to 7,478, marking a 32.1% increase compared to January 2022 and a marginal 1.3% rise from December 2022.

2. Sales-to-Active Listings Ratios

   • Detached Homes: 10.2%

   • Townhomes: 13.4%

   • Apartments: 16.7%
     These figures indicate balanced market conditions across property types, though detached homes edged closer to a buyer’s market.

3. Price Movements

   • The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver stood at $1,111,400. This represented a 6.6% decrease from January 2022 and a 0.3% decrease compared to December 2022.

   • Detached Homes: Benchmark price of $1,801,300, down 9.1% year-over-year.

   • Apartments: Benchmark price of $720,700, down 1.1% year-over-year but up 1% from December 2022.

   • Attached Homes: Benchmark price of $1,020,400, down 3% year-over-year but up 0.8% from December 2022.

Regional Highlights

• Burnaby: Prices remained stable across property types, though sales activity was subdued.

• New Westminster: Benchmark prices showed resilience, especially in apartments, which saw a slight increase compared to December 2022.

• Tri-Cities (Coquitlam, Port Coquitlam, Port Moody): Market conditions varied, with Port Moody seeing a modest rise in prices for attached homes.

• Vancouver East and Vancouver West: Apartment sales remained the most active, while detached homes continued to see price adjustments.

Looking Ahead
The combination of low inventory and stabilized interest rates provides a foundation for potential market recovery as the year progresses. While year-over-year comparisons highlight significant price declines, these reflect adjustments that have already taken place, suggesting prices may have reached a plateau.

For buyers, the market presents opportunities, particularly in detached and attached homes where balanced conditions prevail. For sellers, customized strategies will be essential to achieve optimal results in this nuanced market.

Conclusion
January 2023 underscores the importance of navigating the market with a data-driven approach and professional guidance. Whether buying or selling, understanding these trends and their implications is key to making informed decisions in Greater Vancouver’s real estate landscape.

As we closed out 2022, the Greater Vancouver real estate market reflected a year of transition and adjustment, primarily driven by the Bank of Canada's aggressive interest rate increases. December’s market activity remained subdued, highlighting a cautious sentiment among buyers and sellers in response to higher borrowing costs.

Market Highlights:

• Sales Volumes: Residential home sales totaled 1,295 in December, a significant 51.8% drop from December 2021 and a 19.8% decrease from November 2022. This figure was 37.7% below the 10-year December sales average.

• New Listings: A total of 1,206 homes were newly listed for sale, representing a 38% decrease from December 2021 and a 60.5% decline from November 2022.

• Benchmark Prices: The MLS® composite benchmark price for all property types in Metro Vancouver stood at $1,114,300, a 3.3% decrease from December 2021 and a 9.8% decline over the past six months.

Detached, Attached, and Apartment Segments:

• Detached Homes: Sales for detached properties reached 371, down 53.3% from December 2021. The benchmark price decreased 5.1% year-over-year to $1,823,300.

• Townhomes: A total of 222 townhomes sold, reflecting a 48.4% drop from the previous year. The benchmark price slightly dipped by 0.2% to $1,012,700.

• Apartments: Apartment sales reached 702, down 52% from December 2021, with a benchmark price of $713,700—showing a modest 1.7% increase year-over-year.

Key Trends:

1. Balanced Market Dynamics: The overall sales-to-active listings ratio was 17.5%, edging closer to a balanced market. Apartments led the way with a 21.7% ratio, followed by townhomes at 19.5% and detached homes at 12.3%.

2. Localized Performance: Burnaby and New Westminster experienced notable declines in sales volumes, while areas like Vancouver East and Port Moody saw relatively steadier activity.

3. Price Adjustments: While prices showed some declines across most segments, apartments demonstrated resilience with modest gains in specific areas, reflecting stable demand in the entry-level market.

Looking Ahead:

The market's focus in 2023 will likely center on buyer and seller adjustments to higher interest rates. The spring market, traditionally a period of increased activity, will be closely monitored for shifts in sentiment and participation. For now, cautious optimism prevails as buyers navigate affordability and sellers recalibrate expectations.

In November of 2021, the BC Government announced its intent to introduce a “cooling off period” for British Columbian home buyers to address concerns with the precipitous pace of sales and price increases in the Lower Mainland housing market. 

They then tasked the BC Finacial Services Authority (the “BCFSA”) with researching and drafting a proposal for how to enact said “cooling off period” as best possible. Then, on April 25th, 2022, the BC legislation passed the Property Law Act Amendment enabling the creation of what is now formally known as the Home Buyer Recission Period.

The Home Buyer Recission Period will no be in effect as of January 3rd, 2023. This government regulation allows home buyers in British Columbia the right to release themselves from a Contract of Purchase and Sale - mutually agreed to by themselves and the selling party - without cause and a nominal cost anytime within 3 days of having entered said agreement to purchase real property.

Therefore, should a purchaser change their minds, for any reason, they may relinquish all liability they have to complete the agreed to contract should written notice be properly delivered to the Seller within 3 days of its acceptance time. In employing their right to do so, however, the purchaser will be liable to pay the seller an amount equal to 0.25% of the purchase price agreed to under the Contract of Purchase and Sale.

The intent of this regulation is to protect consumers during these significant financial transactions - particularly when the pace of the real estate market does not allow for great/proper amounts of due diligence and unconditional offers become the “norm” - that have the potential to have significant and long-term consequences on any individual.

This regulation of course as an impact on home sellers as well, which we won’t get into here, though, the BCFSA did take these possible negative impacts of this regulation into consideration when drafting and deciding upon this framework.

There are more specifics involved in the regulation including the types of properties that are excluded and the logistics for payment of compensation to the Seller. If you wish to learn more or have questions as to how this impacts your own position don't hesitate to reach out.