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June 2022 Market Update

 

3-day 'cooling off' period, transparent bidding recommended to transform B.C. real estate sector (CBC News)

The regulator for British Columbia's real estate sector has recommended that the province adopt a so-called "cooling-off" period of three business days to protect people buying a home, through legislation tabled this spring.

A report from the B.C. Financial Services Authority released Thursday advises that sellers be required to provide reasonable access for a property inspection during the three-day homebuyer protection period, which would start the day after an offer is accepted.

The fee "strikes a balance between discouraging frivolous offers and recognizing the disruption in the selling process," the report said.

Additional recommendations include a five-day "pre-offer" period after a property is listed, when a seller may not accept any offers, along with suggestions aimed at enhancing transparency in the transaction process.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

Saanich Peninsula

South Okanagan

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

12 Tips to Get Your House Ready for Summer Weather

You may be in the process of spring cleaning to clear out your rooms, closets, and dressers. But what about the exterior of your home? Will you need to make more adjustments to keep your house safe, clean, and cool? Maybe there’s more work to be done than you might have realized to “summerize” your home.

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B.C. Real Estate News

BRITISH COLUMBIA

Bank of Canada's rate hike comes as no surprise for B.C. real estate (Vancouver Sun)

Will changing B.C.'s real estate rules even out the playing field? (Global News)

LOWER MAINLAND

Home sales in Vancouver area calmer in May as interest rates cool hot market (CBC News)

Fraser Valley property sales drop over 50% in last 2 months: FVREB

Real estate beyond Vancouver: These cities, suburbs have seen biggest home value increases (CBC News)

Surrey investors home in on local real estate (Western Investor)

Average home prices in Metro Vancouver will grow by under 1% in 2023 (Daily Hive)

Services agreement signed for 11-tower Senakw development in Kitsilano (CTV News)

Here is how much the average apartment costs to rent in Vancouver in May 2022 (Vancouver is Awesome)

Vancouver's Gen Z buyers not sold on downtown living: report (CTV News)

Burnaby approves 40-acre Willingdon Lands project (Vancouver is Awesome)

Tallest tower in B.C. may be built in Burnaby as part of skyscraper project (CTV News)

WHISTLER & SQUAMISH

Here's which Squamish neighbourhoods saw the most home appreciation increases since 2020 (Squamish Chief)

VICTORIA & VANCOUVER ISLAND

Victoria real estate market finally cooling off, but too late for some (Times Colonist)

Victoria rent expected to rise up to 10 per cent in 2022, home sales trending towards normal (Chek News)

OKANAGAN

Okanagan home sales forecast to slow, but don't expect prices to fall (Castanet)

Kelowna commercial property interest thriving (Vernon Morning Star)

 
 

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