Today, we'll discuss the recent rule changes that are set to improve transparency in multiple offer situations across British Columbia. These changes directly affect three major real estate boards: the Vancouver Board, the Chilliwack Board, and the Fraser Valley Board.
Let's explore what these changes mean for both sellers and buyers and how they aim to create a more transparent buying process.
Under the new rules, the seller and the listing realtor play crucial roles in ensuring transparency. Once multiple offers are submitted and one offer is accepted, the seller has 24 hours to sign a form. This form specifies the number of bids received and the brokerages involved in the multiple offer process. The listing agent also needs to sign the form.
Subsequently, this completed form will be shared with all brokers who participated in the multiple bidding process, including the successful bidder and the unsuccessful bidders.
These rule changes bring significant benefits, particularly in high-pressure multiple offer situations where emotions can run high. By providing buyers with information on the number of bids and the brokerages involved, the new rules create a fairer and more level playing field.
Buyers gain insights into the process and have increased confidence in the transparency and fairness of the buying process.
We believe that transparency is key to building trust and confidence in real estate transactions. These new rule changes are a step forward in enhancing transparency for buyers involved in multiple offer scenarios.
If you have any questions or comments regarding these rule changes and their impact on your real estate venture, please don't hesitate to reach out. We're here to assist you and provide the guidance you need to navigate the evolving real estate landscape successfully.
Please call us at 604-657-7936, or email us at Andrew@AndrewHasman.com
Welcome to the latest offering from Andrew Hasman at Remax—the stunning two-bedroom and den condo listing at The McKinnon Building, located at 48th and West Boulevard. Built by Cressey, this remarkable residence epitomizes luxurious living with its impeccable design and top-notch features. Let's delve into the details and discover why this property is a must-see.
Boasting 1400 square feet of living space, this condo offers a spacious and comfortable environment for homeowners. Every aspect of the home exudes quality, showcasing Cressey's commitment to excellence. From the moment you step inside, you'll be greeted by an ambiance of elegance and sophistication.
The McKinnon Building is renowned for its attention to detail, ensuring that no aspect of luxury living is overlooked. High-end finishes, premium materials, and superior craftsmanship are evident throughout. You'll find yourself surrounded by exquisite features that elevate your living experience to unparalleled heights.
We invite you to watch the captivating videos and browse through the captivating photos that showcase the beauty of this remarkable property. Let your imagination wander as you envision the possibilities of making this condo your new home.
Once you've explored the visuals and fallen in love with The McKinnon Building, it's time to take the next step. Reach out to your trusted realtor and schedule an appointment to visit this luxurious condo.
At Andrew Hasman Remax, we take pride in presenting outstanding properties like The McKinnon Building. Our commitment to providing exceptional real estate experiences is unwavering. Contact us today, and we'll be delighted to assist you in making this dream home a reality.
For more information, please call us at 604-657-7936.
The Latest 2023 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
Activity Snapshot by Property
Type Detached Properties Report and Graph
Condo Report and Graph
Townhomes Report and Graph
Benchmark Price Graph
Average Price Per Square Foot
If you are interested in a report like this is for other areas, please contact us to request it and I'll send it to you.
Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments.
Analysis of the historical data suggests 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.
“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.
Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.
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.