Real estate news and issues Province and national factors

See how external issues can effect your home buying or selling in Kelowna B.C.

Found 148 blog entries about Real estate news and issues Province and national factors.

BC real estate market newsThe B.C. Real Estate Association's latest housing forecast was released Tuesday and shows that while sales in 2020 did fall to "historic lows" in April, they have since rebounded to pre-pandemic levels and even puts the year on track to outdo 2019 sales.

Among the industries still grappling with the impacts of COVID-19 this year, the B.C. housing market is not one of them.

The Canadian real estate market dipped in April this year, amid the lockdowns and economic impacts brought about by COVID-19. Although the pandemic stopped what was predicted to be a strong spring 2020 market, transactions started to pick up around May and June.

The B.C. Real Estate Association’s latest housing forecast was released Tuesday and shows that while sales in 2020

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The Kelowna Housing marketB.C. real estate: home prices forecast to rise 7.7 percent by end of 2020, and 3.7 percent in 2021

B.C. realtors expect not only to sell more homes this year and the next compared to 2019.

They also anticipate prices to rise in 2020 and 2021. The B.C. Real Estate Association predicts 2020 to finish with a 7.7 percent increase in average price over 2019. The BCREA also forecasts a further increase of 3.7 percent in 2021.

In Greater Vancouver, the association anticipates the average price to jump 5.9 percent over 2019. For 2021, the average price in the region is predicted to rise 2.4 percent. In the Fraser Valley, the BCREA expects the average price to grow 6.7 percent in 2020, and 2.6 percent in 2021.

It can be recalled that the Canada

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BC real estate and RadonRadon Precautions for Buyers and Sellers

It is important for home buyers and sellers to understand the risks associated with radon levels in homes, and to have enough information about radon to make an informed decision when buying or selling real estate.

So what is Radon?

Radon is measured in becquerels per cubic metre (Bq/m3).

Radon is a naturally occurring, radioactive, odourless, and colourless gas that is generated through the decay of uranium and other elements in soil minerals. In fact, radon is present at different concentrations (depending on the makeup of bedrock or sediment) throughout Canada. As radon seeps up through the ground, it can find its way into your home through cracks in your property foundation and walls. If radon

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Kelowna Real Estate and CovidThe global pandemic may have brought the Canadian real estate sector to a near standstill this spring, but over the longer term it appears to have stoked homebuying intentions.

It almost goes without saying that COVID-19 has had a far-reaching impact on the Canadian economy and healthcare system in the first half of 2020. As expected, the spring housing market was much cooler than 2019, with the Canadian Real Estate Association (CREA) confirming that May 2020 recorded the lowest volume of sales in May since 1996. Despite the significant drop in sales volume due to the pandemic, though, national home prices remained relatively stable. 

After a quiet April, market activity began to pick up in local housing markets across the country in May: more

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Vancouver, BC – June 15, 2020.

BC Real Estate AssociationThe British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019.BC real estate market stats

With many markets across the country heading into 2020 with gusto, the COVID-19-pandemic has had an abrupt cooling effect upon real estate Canada-wide. Sales volume, listings, and demand are all showing obvious month-over-month dips; impacts of precautionary social distancing measures, and a national economy on pause.

Yet, not all hope is lost. There is a great deal of optimism that, should events unfold according to the predictions of the country’s public health officials, we may witness a slow crawl

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First time home buyers in KelownaYou may have heard of the incentive programs that the federal government has created to try to entice first time home buyers into the real estate market, but how much do you really understand? Is this something for you?

The government of Canada has a couple of programs that are designed to get first time buyers on the property ladder. Read on to see if they are right for you.

1) The Home Buyers' Plan (HBP). This is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period. So what are the rules?

  • Permits two first-time buyers in the same
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BC real estate newsSharp drop in B.C. home sales should be followed by steady recovery: BCREA

Ban on open houses foreshadows short- to mid-term trouble for property sales, as COVID-19 infects all aspects of the market

As COVID-19 makes its way around the globe, it is also bulldozing its way through the economy.  While airlines and event venues were the first to be infected, many are anxious about how the virus will affect other parts of the economy, including the real estate market – which made up 17.4 per cent of B.C.’s GDP in 2018.

Earlier this month, B.C. real estate brokers cancelled all open houses. When houses aren’t shown they become more difficult to sell, and when houses aren’t selling the broader market suffers. While the outlook doesn’t look good, it is

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Canada and CoronavirusCOVID-19 has hit 2020 like a wrecking ball, slowly making its way across borders.

Social distancing has us all pressing pause, letting go of priorities in favour of time spent indoors, connected only though our screens. Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy. Lucky for us, in this age of technological glory, real estate agents have access to some great solutions to ensure that processes remain safe, and transactions can continue to take place. This too will pass, and in the meantime, we can all use a little creativity to ensure that our brief pauses don’t turn into a full stop.

The Real Estate Board of Greater Vancouver is "strongly recommending" against its

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British Columbia AcreagesThe Province is proposing more residential flexibility for people living in the Agricultural Land Reserve (ALR) as outlined in a new policy intentions paper released Jan. 27, 2020, by the Ministry of Agriculture.

In order to support farmers and non-farmers living in the ALR, government is considering regulatory changes to enable landowners to have both a principal residence and a small secondary residence on their property, provided they have approval from their local government. ALR property owners would not be required to apply to the Agricultural Land Commission (ALC) for approval.

“We are continuing to do the work necessary to help farmers farm and protect farmland for future generations,” said Lana Popham, Minister of Agriculture. “The ALR is

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BCREA 2020 First Quarter Housing Forecast Update

Vancouver, BC – January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021. BC real estate sales

“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving

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