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Declaration period to Begin for BC Speculation & Vacancy Tax ...


Here is important, time sensitive information on the completion of a declaration and registration of an exemption regarding the speculation and vacancy taxation.... click on the link below for detailed information....


Speculation & Vacancy Tax declaration - click here




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BC Home Sales Continue at Slower Pace

Vancouver, BC – December 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.


“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”

Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years.

Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS® residential price was up 0.7 per cent to $713,302.

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For more information, please contact: 

Cameron Muir  
Chief Economist  
Direct: 604.742.2780  
Mobile: 778.229.1884  
Email: cmuir@bcrea.bc.ca  

The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.


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Zoning By-Law changes for cannabis

approved by Council



(December 11, 2018  ... News)

Vernon City Council has approved the changes to the Zoning Bylaw to permit cannabis sales, processing and cultivation in many of its commercial and industrial zones....


Click Here - for full story........


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RLP Downtown Realty

Disclosure of Representation in Trading Services Form

A complimentary introduction to the Real Estate Council of British Columbia's new requisite form meant to inform consumers about the types of representation they may receive from a REALTOR in a real estate transaction.


Helping You is What We Do!


Click Here -  Disclosure of Representation in Trading Services


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BC Home Sales to Rise in 2019 
BCREA 2018 Fourth Quarter Housing Forecast

Vancouver, BC – November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


To read the entire article -  click here..


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New Legislation makes it clear:  Farmland is for Farming.......




Legislation introduced on Monday, Nov. 5, 2018, makes it clear that land in the Agricultural Land Reserve (ALR) is for farming and ranching in British Columbia, not for dumping construction waste or building mega-mansions.

To read the entire article, see below....


Click Here to read entire Article


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Province targets speculators and vacant homes, supports housing affordability


The British Columbia government has introduced legislation to tackle speculation in B.C.'s housing market and help turn empty properties into homes for people...


https://news.gov.bc.ca/releases/2018FIN0075-002014

BCREA’s Position on Drug Operations

When a property has been involved in drug production, it can pose serious health and safety risks to the public resulting from mould, chemicals thrown out in the backyard, electrical fires and invasion by criminals looking for drugs, even if the property is no longer being used for drug production. It’s important for members of the public to be informed if a property they are interested in moving into was ever identified as having a history of drug production. Unfortunately, there is no consistency across the province on how municipalities make this information available, nor is there a provincial standard of remediation for buildings used to produce drugs.


To read full article - Click Here

The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.

 

To watch the entire presentation - click here

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On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how REALTORS® work with consumers will come into effect. The Rules, mandated by the Office of the Superintendent of Real Estate (OSRE) and finalized on April 27, 2018, have been amended to ensure that REALTORS® make adequate disclosures, so that consumers can make informed decisions


For the complete New Release - click here

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“Since the new Rules were finalized six weeks ago, BCREA has been hard at work to update our Applied Practice Courses for new licensees, continuing education courses and nearly two dozen standard legal forms that have been impacted by the changes,” said British Columbia Real Estate Association (BCREA) CEO Darlene Hyde. “The new rules governing real estate practices mark a significant shift in how REALTORS® in BC work with their clients. It’s important that consumers know what to expect when the changes come into effect.”

 

Click Here to read the whole story...

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New Mortgage Qualification Rules Temper Housing Demand

Vancouver, BC – March 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in February, a 5.7 per cent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 per cent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 per cent increase from February 2017...

 

Click Here for youtube - Chief Economist Update

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Vancouver, BC – February 15, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.  Click on the link below to hear the full Housing Update....

 

 

BCREA Housing Update for Feb 2018

 

 

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Vancouver, BC – October 12, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 8,340 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 9.9 per cent from the same period last year. Total sales dollar volume was $5.8 billion, up 30.2 per cent from September 2016. The average MLS® residential price in the province was $693,774, up 18.5 per cent from September 2016.

 

http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2017-09-statistical-release

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Vancouver, BC – August 14, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.

 

 

http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2017-07-statistical-release

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Vancouver, BC – May 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.....

 

 

http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2017-04-statistical-release

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Categories:   Vernon Real Estate

Housing Supply Not Keeping Pace With Demand in Most BC Regions...

 

 

Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by th

e Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year....

 

Click here to read entire article...

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.