Residential tenancy. What is it?
Well, last week the province of British Columbia announced an allowable rent increase of 2% for 2023.
This means that for all landlords wanting to increase the rent for their tenants can do so, with a notice to those tenants by the end of this month (September) to be ready for January 1st.
The pricing used to be tied to the consumer price index, however it is now a whopping 2%.
In previous years, it was a 0% increase due to the COVID-19 pandemic, which was slowly then raised to about 1.5%. With the current inflation rate being at around 9%, many landlords are struggling with their pricing, which is why there is the 2% increase.
As prices are going back up, we’ll keep you updated with the latest in the Vancouver real estate market news.
We’ve also included the full list of rules here, as provided by the British Columbian government.
What other questions do you have about the current state of the market? Let us know: 604-657-7936
Summer is slowly coming to an end, which means that the fall and winter months are approaching. As you start getting your home ready for the upcoming seasons, there are a few things we recommend you do to prepare your home beforehand.
We recommend you check and keep up with the maintenance of your furnace and/or boiler annually. If you’ve run your furnace and some areas in your home appear to be cooler than others, you don’t necessarily need to upgrade your furnace just yet. Adjust the furnace or get your ducts cleaned and opt for a quality air filter to keep dust and any other debris out of the ducts. This goes the same with ensuring all heat registers and/or zones are working in your home.
You’ll thank yourself for inspecting your roof and chimneys now before the rainy season. Factors such as severe weather can speed up the deterioration process of your roof. Look for signs of worn or lost shingles, as well as mold, and that everything on your roof is installed properly.
Check to make sure there are no bird or squirrel nests inside your chimney, as well as is also any crumbling bricks. If you cannot see all areas of your roof and it’s older than 15 years, a roof inspection is a good idea. Not comfortable climbing onto your roof? Please reach out to us for a referral to a professional who will inspect it.
Stack and cover the wood neatly in an outside location away from the soil. Keep the firewood in your yard on top of plastic sheeting, and remember to dispose of any old and rotten firewood.
Easy to forget, but make sure to check your gutters! They could potentially be clogged with last year’s leaves & debris. One way to check the integrity of your gutters is to go outside when it's raining and check your downspouts. Using a garden hose to spray water on your roof to see if your gutters are leaking is also another great way to check.
Inspect the exterior of the home for gaps around windows, door frames, and joints. Search your home for any other gaps and ensure that there are no caulking gaps as they may happen. Be up to date with the condition of the caulking around your home.
Windows should be latching correctly to avoid unwanted drafts and loss of heat. Check weather stripping around exterior doors, as well as the exterior lighting.
Shut down your pool and sprinkler system properly, as well as drain the outside faucets. The fall season is a great time to get any pool work done, especially if there’s a problem. Your outside water faucet is completely unprotected from the elements. It will freeze over the winter and there is a greater chance of basement flooding or other nasty leaks.
You can do a basic drain of the line, by shutting off the water valve to your outside spigot, going outside then opening the exterior spigot valve. From here, let the water drain out of the line. If the water in there freezes, there is plenty of room to expand without breaking any pipes or seals. Leave the water shut off to the faucet until you need to use the hose.
Since most of us stay mostly indoors during the colder months, make sure you change the batteries in your smoke detectors. Clean and inspect both your fireplace and dryer vents, as well.
Scan the trees on your property for broken limbs or limbs hanging over your house. These limbs might need to be pruned back. If they need to be pruned, learning proper tree pruning techniques will help your trees flourish and keep them staying and looking fresh.
This includes items such as snowblowers and shovels. Keep your driveways clear with salt and ice melt. The earlier you get these items the better, as most people wait for the first snowstorm to buy these items.
Lastly, we recommend you get your lawn fertilized and ready for spring growth. This can look like mowing early or often, trimming trees and bushes, and assessing the soil, to name a few. Fertilization will help give a big boost of nutrients to stimulate recovery and prepare it for the upcoming seasons.
Contact us if you need a referral for one of our preferred service providers.
Let us know: what else would you recommend to get your home ready for the colder seasons?
Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.
Last month’s sales were 29.2 per cent below the 10-year August sales average.
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”
There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).
“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”
For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.
Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.
Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.
Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.