FRANK FU 傅浩桓

Real Estate Consultant, CIPS®, SRES®, MCNE®

Personal Real Estate Corporation

KELLER WILLIAMS Realty VanCentral 英語,普通話,粵語

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Summary:

  • Both residential unit sales and average price were decreased from the same time last year.
  • Home sales have risen for three consecutive months and yet matched by new listings coming onto the market, which causes the price to rise.


Vancouver, BC – May 11, 2023.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5 per cent decrease from the same time last year.


“BC home sales have now risen for three consecutive months, but that recovery in sales has not been matched by listings which continue to fall well below normal levels,” said BCREA Chief Economist Brendon Ogmundson....
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SURREY, BC – Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.


In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service® (MLS®), virtually unchanged compared to March and a slight decrease of 5.1 per cent compared to April 2022.


“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”


The Board received 2,478 new listings in April, off by 3.2 per cent compared to March, and down by 31.6 per cent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 per cent increase over...

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With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.



The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 



“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains...

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Changes to Strata Property Regulation expand exemptions to 55+ bylaws

Changes to the Strata Property Regulation will ensure that people living in stratas with 55+ age restrictions will be able to stay in their homes even if their family structure changes.


“Starting a family is a big decision and big change for many people, and that shouldn’t come with the risk of people losing their home,” said Ravi Kahlon, Minister of Housing. “After hearing from a few people experiencing similar situations, we’ve made changes so they and others can grow their families or support their children, while knowing that they’ll be able to stay in the home they know and love.”


Taking effect immediately, this amendment expands the list of exemptions to 55-and-over bylaws in strata buildings to include future children and spouses or partners of current residents. It will also create an exemption to permit adult children of current residents to move back home with their parents or former caregivers.


“I’m relieved that the ...

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Tax-Free First Home Savings Account (FHSA)

Canada Tax-Free First Home Savings Account:

  • The account will be available starting April 1, 2023
  • This is a registered plan that allows prospective first-time home buyers to save up to $40,000 tax-free for a downpayment on a home.
  • Contributions are tax-deductible like an RRSP
  • Money withdrawn from the account will be non-taxable like a TFSA
  • The annual contribution limit is $8,000 and the lifetime contribution limit is $40,000 as of April 1, 2023.
  • Canadian residents who are 18+ and who have not owned a home in the past 5 years are eligible to open the account.
  • The Account must be closed after 15 years of opening or when the account holder turns 71 years old. 
  • Savings can be used to buy a qualifying home or transferred to an RRSP, RRIF, or withdrawn on a taxable basis.
  • The account can hold the same qualified investments as a TFSA. Common investment methods are listed below:
    • Cash
    • Mutual Funds
    • Securities listed on a designated stock exchange
    • Guaranteed investment certificates (GICs)
    • Bonds...
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The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.


With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and down by 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.


“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.”


Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6 per cent compared to this time last year....

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Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.


Last month’s sales were 42.9 per cent below the 10-year January sales average.


“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “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. This should provide more certainty for home buyers...

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Housing Market Activity Remains Slow in November


Vancouver, BC – December 13, 2022.


The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year.


“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”


Year-to-date, BC residential sales dollar volume was down 28.7 per cent from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4 per cent to 77,376 units, while the average MLS® residential price was up 8.6 per cent to $1 million.   
 


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