Quiet December Closes Out the Year - Vancouver Island Real Estate Board Last month, 200 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 10% decrease from one year ago and a drop of 18% from November. Sales of condo apartments in December came in at 35, declining by 53% year over year and dropping by 36% from November. In the row/townhouse category, 27 u... Read more →

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The newly implemented Home Buyers Rescission Period takes effect on January 3, 2023. Now is a good time to review this information to help consumers understand what happens in a real estate transaction in British Columbia. Read more →

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Welcome everyone, I thought I would put a link to the information provided by the British Columbia Financial Services (BCFSA) on the upcoming changes to Real Estate in BC. These changes are to help buyers in multiple offer situations where they would have the opportunity to rescind their offers within a 3 business day period. There are consequences for buyers who make an offer and decide... Read more →

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CONTINUING INVENTORY GAINS POSITIVE SIGN FOR NEW YEAR Last month, 244 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 30 percent decrease from one year ago and down by two percent from October. There were 54 condo apartment sales in November 2022, a decline of 50 percent year over year and up by 29 percent from October. In the row/townhouse category, 46... Read more →

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HOUSING MARKET QUIETS AS YEAR-END APPROACHES Last month, 249 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 37 percent decrease from one year ago and up by three percent from September. There were 42 condo apartment sales in October 2022, a decline of 65 percent year over year and down by 19 percent from September. In the row/townhouse category, 51 uni... Read more →

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FALL BRINGS MORE BREATHING ROOM FOR BUYERS Vancouver Island Real Estate (excluding Victoria) - Last month, active listings of single-family detached properties nearly tripled from September 2021, jumping to 1,417. VIREB’s inventory of condo apartments was 332 in September 2022, up from 167 listings one year ago. There were 295 row/townhouses for sale last month, nearly tripling fro... Read more →

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When working with buyers in a real estate transaction in BC, REALTORS® may choose to use the Buyer’s Agency Exclusive Contract. BCREA has created this video for Realtors to share with their clients to help them better understand the purpose of this common standard form and its contents. Read more →

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CALMER MARKET CONDITIONS AS SUMMER DRAWS TO A CLOSE Inventory was up, and sales were down in August, reminiscent of a typical summer market in pre-COVID times. Last month, active listings of single-family detached properties (not acreage or waterfront) jumped to 1,368, a 153 percent increase from August 2021. VIREB’s inventory of condo apartments hit 332 last month, up from 164 lis... Read more →

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July Brings More Options for Buyers Due to a significant increase in inventory, July brought more options for buyers in the Vancouver Island Real Estate Board (VIREB) area. Last month, active listings of single-family homes (not acreage or waterfront) climbed by 142 per cent from July 2021 and 15 per cent from June 2022, reaching 1,387. VIREB’s inventory of condo apartments hit 336... Read more →

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One of two common listing contracts in British Columbia, the Multiple Listing Contract(MLC) is used when a seller engages a Realtor to list their property on the Multiple Listing Service (MLS). The MLC outlines the professional relationship between the Seller, the Seller’s Realtor, and the Seller’s Realtor’s Brokerage and also outlines the terms of the listing and agree... Read more →

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RISING INVENTORY A HOPEFUL SIGN FOR BUYERS Inventory in the Vancouver Island Real Estate Board (VIREB) area rose significantly last month, with listings of single-family homes more than doubling from June 2021. At the same time, sales dipped across the board area in most markets. Last month, active listings of single-family homes (not acreage or waterfront) climbed by 107 per cent from J... Read more →

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MARKET SHIFTING AMIDST LIGHTER DEMAND AND MORE INVENTORY The Vancouver Island Real Estate Board (VIREB) housing market appears to be shifting amidst lighter demand and increased inventory. Last month, active listings of single-family homes (not acreage or waterfront) climbed by 64 percent from May 2021 and 34 percent from April of this year. VIREB’s inventory of condo apartments in... Read more →

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ADDITIONAL INVENTORY POSITIVE NEWS FOR BUYERS Inventory in the Vancouver Island Real Estate Board (VIREB) area is climbing, but the housing supply is still far below the level needed to satisfy current demand. Active listings of single-family homes rose by 34 per cent from April 2021 and by 32 per cent from March of this year. VIREB’s inventory of condo apartments was 13 per cent l... Read more →

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INVENTORY INCHING UP BUT STILL FAR FROM IDEAL Inventory in the Vancouver Island Real Estate Board (VIREB) area is slowly inching up but is still far from ideal. Active listings of single-family homes rose by nine per cent from March 2021 and by 60 per cent from February. VIREB’s inventory of condo apartments in March dipped by 13 per from one year ago but increased by 28 per cent f... Read more →

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ADDITIONAL INVENTORY OFFERS LITTLE RELIEF FOR BUYERS February brought additional inventory to the table in the Vancouver Island Real Estate Board (VIREB) area. However, listings are still far below where they need to be to satisfy buyer demand. Active listings of single-family homes were 12 per cent lower last month than the previous February but rose by 34 per cent from January 2022. VI... Read more →

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2021 ENDS WITH NEAR-RECORD SALES AND RECORD-LOW INVENTORY The Vancouver Island Real Estate Board (VIREB) recorded 11,045 unit sales (all property types) in 2021, close to the 12,014 and 11,341 unit sales seen in 2016 and 2017. It is a remarkable outcome notwithstanding since it occurred amidst an environment of historically low inventory. Based on buyer demand, 2021 would have likely set... Read more →

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How Low Can Housing Inventory Go? Active listings in the Vancouver Island Real Estate Board (VIREB) area continue to drop, with demand far outpacing supply. Inventory has hit consecutive historical lows for several months running. Active listings of single-family homes were 44 per cent lower last month than in November 2020 and dropped by 24 per cent from the previous month. VIREB’... Read more →

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November Market Update for the Vancouver Island Real Estate Board (excluding Victoria) The predominant theme running through the housing market in the Vancouver Island Real Estate Board (VIREB) area is one of “different month, same issues.” By category, 398 single-family homes sold in October, a 23 three per cent decrease from one year ago. There were 122 condo apartment sale... Read more →

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View this email in your browser Vancouver Island Real Estate 2021 MARKET UPDATE, LOCAL NEWS & EVENTS RECEIVE HOT NEW LISTINGS! or do a quick search www.jackiewood.realtor SIGN UP NOW If you were happy with my service I would love to add your review on my Google business pageGoogle business page reviews SOCIAL MEDIA F O L L O W on F A C E B O O K F O L L O W on T W I T T E R F O L L O... Read more →

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I have decided to start a list of words and their definitions often used in real estate to educate sellers and buyers, I amhoping to help everyone when it comes down to understanding what we agents are talking about when reviewing contracts with our clients. Please reach out and let me know if there are any terms you would like me to add to my list. Agency:a type of relationship where th... Read more →

Permalink | Category: Real Estate Terminology & General Info