August 2024 Market Update

Data Points: B.C. home sales improve as the average Vancouver price hits peak

Housing market activity in B.C. picked up pace in June, following months of low sales volume. Seasonally adjusted MLS home sales in B.C. came in at 6,166 units, increasing by 2.8 per cent month to month, following a 2.3-per-cent increase from April to May.

Year over year, sales were down by 14.3 per cent in the province and still near recessionary lows. Despite this, home values in the province increased by 1.4 per cent in June.

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B.C. Real Estate News

MACDONALD REALTY IN THE NEWS

BC rezoning bill doesn't go far enough to address Vancouver's missing middle (The Georgia Straight)

LOWER MAINLAND

Property investors still see Vancouver as low-risk, high-reward market (BIV)

'Mansion tax' plan for luxury property owners to pay more shut down by Vancouver council (CTV News)

Weak Greater Vancouver Real Estate Market "Surprising" After Two Rate Cuts: GVR (STOREYS)

Summer Tri-City real estate sales stay steady despite 20% yearly drop (Tricity News)

Vancouver home sales slid 5% in July, compared to year ago (Investment Executive)

VICTORIA AND VANCOUVER ISLAND

Here's the latest update on the Victoria real estate market (Victoria Buzz)

Greater Victoria real estate sales, prices hold steady in July (Times Colonist)

OKANAGAN

Slight uptick in Thompson-Okanagan housing market activity as inventory increases (Castanet)

Asking rent prices drop in July for both one- and two-bedroom units (Castanet)

BRITISH COLUMBIA

B.C. shortens eviction notice period for properties being sold (Vancouver Sun)

B.C. updates notice period for personal-use evictions (CBC News)

CANADA

Over 100,000 short-term rentals could be homes: StatsCan report (CBC News)

Vancouver's July home sales slid 5% from last year, listings up 20% (Yahoo! Finance)

Toronto Homes Sales Rose 3% In July, Vancouver Sales Fell 5% (Baystreet.ca)