Most B.C. real estate markets now ‘back in balanced conditions’

Most B.C. real estate markets now ‘back in balanced conditions’

Year-over-year declines in home sales across the province, combined with a jump in listings inventory, have put most of B.C. regions back into balanced-market territory, according to the B.C. Real Estate Association. However, some regional markets are exceptions to that rule, the association observed.  There were 7,884 home sales were recorded by the Multiple Listing […]

B.C. real estate market tips to balance amid new mortgage rules: association

B.C. real estate market tips to balance amid new mortgage rules: association

The British Columbia Real Estate Association says tighter mortgage rules and lower demand are bringing the provincial housing market into balance. The association says 7,884 units were sold within the Multiple Listing Service across the province in June, a 32.5 per cent decrease from the same month last year. Advertisement The average residential price was […]

Supply up  in hot BC real estate market

Supply up in hot BC real estate market

Real estate numbers for the month of June 2018 show slowing sales despite increased availability in some of B.C.’s hottest markets — which, according to several real estate boards, suggests new demand-side measures are working as intended. The Real Estate Board of Greater Vancouver says supply of residential homes hit a three-year high in June, […]

Passing on home inspection turns into nightmare for Nanaimo family

Passing on home inspection turns into nightmare for Nanaimo family

“It looked immaculate on the outside. They made it look that way,” said Mathew Noel. “It said beautiful brand new 1-year-old, fully authorized home.” “It’s just sad,” said Wendy Ettinger. “This house is ruining our lives.” These first time home buyers bought in 2016, amid this still burning hot housing market. With multiple offers on […]

Unclear if new BC real estate registry will make housing more affordable

Unclear if new BC real estate registry will make housing more affordable

It’s too early to say if it will allow more people to enter the local housing market, but a new public registry identifying property owners has support from the Real Estate Board of Greater Vancouver. Board President Phil Moore, who represents more than 14,000 realtors and brokers, says it’s difficult to predict how this will impact […]

Foreign buyers tax on trial — but B.C. claims crisis called for action

Foreign buyers tax on trial — but B.C. claims crisis called for action

A landmark civil trial kicked off Monday testing the legality of a foreign buyers tax enacted by the province of British Columbia in response to a housing affordability crisis. The legal battle pits the government against a proposed class of foreign nationals who claim they’ve been discriminated against in violation of the Canadian Constitution. A lawyer for the […]

Nothing ‘nefarious’ about foreign-buyer tax: B.C. gov’t lawyer

Nothing ‘nefarious’ about foreign-buyer tax: B.C. gov’t lawyer

A lawyer for the B.C. government argued in court Monday that there is nothing “nefarious” about a 20-per-cent foreign-buyer tax aimed at cooling the red-hot residential real estate market in the province. Karen Horsman made the comment in B.C. Supreme Court in Vancouver as part of the government’s bid to dismiss a lawsuit filed by […]