Due to seasonality, market activity is generally quieter in January. The same pattern occurred this past month as inventory remained low and home sales dipped well below monthly historical averages. This was no surprise given the rapid pace of interest rate hikes over the past six months. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance.

Let's talk prices! Will they increase or decrease?  Over the past six months as interest rates increased we started to see prices decline. In addition to declining prices we also witnessed a dramatic dip in inventory. What does this mean? Due to the lack of inventory on the…

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Navigating the real estate market can be daunting, but understanding the differences between neighbourhoods, property types, and price points is key!

No matter if you're just browsing or actively considering buying or selling take some time to fully understand what is happening in your market to ensure you make informed decisions when it comes time to buy or sell property.

Would you like specific market insights tailored to the neighbourhood and property type you're interested in? Just reach out. We are here to help. Hope to speak soon!

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BC assessments are out: most homeowners in BC saw their properties rise in value by 5%-15% from last year's assessed value. However, 2023 assessments released this week come with a cautionary note from B.C.'s property assessment agency: the figures are based on sales data from July 1st 2022 and do not reflect the current market in a climate of rising interest rates and slowing home sales.

Important to note:

*The assessed value of your home is not necessarily the same as market value. This is a tool used by the province of BC to assess your property taxes, not an accurate estimate of your current home value.

*An increase in assessment value does not, however, necessarily result in an increase in property taxes. Taxes are typically only affected…

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It's no secret that the real estate market has slowed considerably due to the the rise in inflation causing a rapid increase of interest rates in a very short period of time in hopes to combat inflation.

Unfortunately, this method of reducing inflation is costing many people thousands of dollars in equity and putting business owners in a tough situation again after making it through the pandemic.

A lot of people are confused, with good reason, and this has caused the market to stall slightly. Early 2020 - early 2022 saw a frantic market with historically low interest rates and sky rocketing prices. Now we are seeing the flip side of that. High interest rates and lower prices. So where has the demand gone? We don't think the demand…

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From January 1, 2023 any Non-Canadian or Non-Permanent Residents will be banned from purchasing residential real estate in Canada for 2 years. There are also several exemptions to this so please check out the video and description for more information.
 

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Every buyer purchasing residential real estate in 2023 will have a mandatory 3 business day rescission period outside of any terms and conditions in the contract. Check out the video and description for exemptions and penalties.   
 

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We have many great tools you can utilize on our website, whether you're  searching for your next property or just keeping an eye on the market! This video shows you exactly how to create an account, set up and save a search and most importantly never miss a new listing. 

It does require you to enter your contact details. This is so you can automatically receive email alerts for new listings, log back to the site and also for us to introduce ourselves in case you have any questions. You'll be able to use us and our site as resource for whatever stage of the process you're in. Whether you're in the research stage a ways out from a move or ready to start looking at properties we are here!

Start your search here:


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We hope you had a great November and are now as excited for the holidays as we are! We wish you a wonderful holiday season and lots of quality time with your loved ones.

Keep scrolling to find more on November housing market statistics separated by sub area. It's important to note that market trends in one area can differ largely from another, therefore, when discussing statistics we see value in both zooming in on each area as a separate entity in addition to looking at the general overarching trends.

As always, we are here for you, please don't hesitate to reach out if you have any questions or would like to see market information on your specific neighbourhood. 

Happy Holidays!

Overview:
• Overnight rate will increase from 3.75% to 4.25%…

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We hope everyone had a festive October between Thanksgiving and Halloween. Finally November has a arrived, a time to catch your breath and get ready for the busy next couple months.  

The Real Estate market is ever changing. Right now a lot of people seem to be a bit frozen and are unclear as to what they should be doing. This is very normal when there is uncertainty in the market. 

For that reason we thought it would be a great time to host a webinar "Buying and Selling in Todays Market." Our objective in this webinar is to shine some light on what is actually happening in the market, share our strategies we use to help our clients and ultimately help you to make smart choices. 

We are not going to tell you whether or not you should buy or sell right…

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