“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”
NEWSREAL | REAL ESTATE NEWS
FEBRUARY 2023 EDITION
MARKET STATS | CURRENT MARKET TRENDS
STRATA G | CONDO & TOWNHOME UPDATES
LATEST REAL ESTATE NEWS
FRASER VALLEY STATS | JANUARY 2023
CONDOS | Year Over Year Price - Down 5.9%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
TOWNHOMES | Year Over Year Price - Down 8.8%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
HOUSES | Year Over Year Price - Down 17.6%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
WHAT"S NEW
STRATA G
Guide To Condo & Townhome Topics
IS THERE ENOUGH IN THE CONTIGENCY? Most Strata Corporations in BC are Not Saving Enough for the Future (to avoid special levies). So, how much can buyers expect to pay in special levies because BC stratas aren’t saving enough in their CRFs to pay for all their future capital projects/expenditures? Based on the last 839 strata corporation reviews recently completed, as of today (January 2023), buyers can expect, on average to pay approximately $16,550 in total special levies over the upcoming 10 years . | |
IN THE NEWS
LATEST
FOREIGN BUYERS BAN
For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in Canada under the definition of “residential property.” Although further technical interpretations of the regulations are still pending, here is the current understanding of the regulations.
REALTORS®, along with lawyers and notaries, have an obligation to inform their clients. The legislation does not rely on REALTORS® to enforce the prohibition. However, REALTORS® who knowingly assist a non-Canadian in contravening the prohibition can be found guilty of an offence and liable on summary conviction to a fine of up to $10,000.
Importantly, REALTORS® do not have any information collection, processing or reporting requirements. REALTORS® should still engage in due diligence as a measure of risk mitigation. To support REALTORS® with their due diligence, the Canadian Real Estate Association (CREA) has developed a certificate: Certification and Consent of Purchaser.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.