We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

Metro Vancouver home sales down slightly, prices unchanged in July: REBGV

Tiffany Crawford
The Province

Low housing supply continues to be a challenge in Metro Vancouver and will determine the next direction for housing price trends, says REBGV’s economist Keith Stewart

Home sales remained steady in July but there are still challenges with low housing supply. Photo by RICHARD LAM /PNG
Metro Vancouver home sales were down slightly while pricing remained steady in July, according to a Real Estate Board of Greater Vancouver report on Wednesday.
The report says there were 3,326 home sales in the region last month, an 11.6 per cent decrease from the month previous and a 6.3 per cent increase from July 2020.
Last month’s sales were 13.3 per cent above the 10-year July sales average, according to the board.
“Moderation was the name of the game in July,” REBGV’s economist Keith Stewart said in a statement Wednesday.
“Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has levelled off in most areas and home types.”
New listings were also down 25.2 per cent to 4,377 last month compared with June and the report says July’s new listings were 12.3 per cent below the 10-year average for the month.
Stewart said low housing supply continues to be a challenge in Metro Vancouver and will determine the next direction for housing price trends.
For all property types, the report says sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.
Prices begin to drop when the ratio dips below 12 per cent for a sustained period while prices go up when it’s more than 20 per cent over several months.
The composite benchmark price for all residential properties in Metro Vancouver is $1,175,500, according to the report, which is unchanged from June and a 13.8 per cent increase over last July.
For a detached home it was $1,801,100, an apartment property was $736,900, and the benchmark price for a townhouse was $949,400.

© 2021 The Province

Where to Find Resources From BCFSA, Real Estate’s New Regulator

Shaheed Devji
BCREA

On August 1, 2021, the BC Financial Services Authority (BCFSA) became the new regulator for real estate service providers in BC. That means the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) no longer exist.  

BCREA recently published a blog post with a video explaining the change in regulators and a series of resources to help you better navigate the shift. If you haven’t read it, click here.  

Still have questions or looking for other resources? We’ve got you covered! Below is a list resources to help REALTORS^® with the transition.

 

1.Frequently Asked Questions regarding the change in regulators  

BCFSA has published an “Integration Update” which answers a number of common questions related to the change in regulators. From licensing to mandatory forms, education, discipline, contact information and more, this FAQ should help you get up to speed. 

 

 

 2.Resources previously found on RECBC website such as Knowledge Base, Education and Licensing, etc.

 

Many resources that Realtors have come to expect from RECBC have been moved to the new BCFSA website as the RECBC website no longer exists.

 

Here is a list of common resources with new links:

3.Revised Real Estate Services Rules 

 

With RECBC and OSRE ceasing to exist as of August 1, BCFSA – the new regulator of real estate service providers in BC – has renumbered the Real Estate Services Rules and made minor language changes to align with provincial drafting standards.

 

 

4.BCFSA social media channels 

 

Stay tuned to the latest news for real estate’s new regulator by following BCFSA on social media.

 

Here are the channels:

 

Didn’t find what you were looking for? Contact BCFSA with any questions you have. 

BCREA would also like to hear about your experience during the transition from RECBC and OSRE to BCFSA. If you have any comments you would like to share, email our Government Relations team at [email protected].  

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

 

Copyright © 2021 British Columbia Real Estate Association