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New listings in Greater Vancouver are running at 20-year lows, as home sales decreased 46% in September over last year. Last month’s sales were 36% below the 10-year September sales average. There have only been 3 slower months of September over the past 30 years. Sales in Fraser Valley continue to slow, down 52% from last year, and 11.8% compared to the previous month. New listings increased 11.1% over the month before.

There are buyers eager to make a move, and sellers holding back because most are selling first and then buying. Low listing volumes are keeping the market tight and prices relatively balanced. The market has changed since the covid induced seller’s frenzy, and a balanced market is requiring a corresponding shift in perspective—as there may be an anchoring bias on a price that is no longer obtainable. Median sold prices for the Greater Vancouver and Fraser Valley board areas declined in September, on average across home types, by 1.2% and 1.9% respectively, compared to August. The median sales price of a detached house in the Fraser Valley is down 25% from the peak in February.

Foreign Buyer Ban
 

The Act, which comes into effect January 1st, 2023, prohibits non-Canadians from purchasing residential property in Canada for 2 years. Only permanent residents or temporary residents are exempt. The Government is proposing to provide or clarify existing legislative exceptions in the regulations for the following groups of people:
  • Indigenous peoples;
  • International students on the path to permanent residency;
  • Individuals with work permits residing in Canada;
  • Individuals fleeing international crises and other vulnerable populations; and
  • Accredited members of foreign missions in Canada.
Recreational properties are excluded from the prohibition, as well as any residential property located outside of a Census Metropolitan Area or Census Agglomeration. It will be applied to vacant land, only where the land has been zoned for residential use or mixed use by municipal authorities.

"Any person or entity that knowingly assists a non-Canadian in contravening the prohibition, is guilty of an offence and liable on summary conviction to a fine of up to $10,000. If a non-Canadian is convicted of having contravened the prohibition, the superior court of the province in which the residential property to which the contravention relates is situated may, on application of the responsible Minister, order the residential property to be sold. The Act establishes that any such court-ordered sale will result in the non-Canadian receiving no more than the purchase price paid for the residential property."

Price Adjustments

324 LAVAL STREET
Maillardville
Original price: $2,900,000
List price: $1,990,000
List date: 7/11/2022
3216 197 STREET
Brookswood Langley
Original price: $2,499,000
List price: $2,199,000
List date: 9/22/2022
3413 PRITCHETT PLACE
Burke Mountain
Original price: $2,468,888
List price: $2,288,000
List date: 8/2/2022

Featured Listings

1650 Alberni in Coal Harbour
Set to become one of downtown Vancouver’s tallest luxury residential towers, 1650 Alberni is an icon of the future. Designed by SOM, the architects behind some of the most innovative and engaging buildings in the world over the past few decades, 1650 Alberni will expand Landa’s mission of creating timeless properties that enrich lives and contribute to their communities.
Florin condos, townhomes and heritage homes in West Coquitlam
From $439,900

An alluring collection of studio, 1, 2, and 3-bedroom condos, townhomes, and 3 single-family heritage homes, coming soon to Austin Heights in West Coquitlam. Situated on the prestigious Rochester Avenue, the neighbourhood boasts a rich history, established homes, and tranquil tree-lined streets, perfect for a leisurely stroll or refreshing run. Please contact me to stay up to date on how to secure your future home at Florin.
Adera's Mass Timber community in West Coquitlam
1 to 3 bedroom mass timber homes, coming soon to the blossoming West Coquitlam area, only blocks away from convenient urban amenities, amazing scenery and outdoor adventures. Built with Adera’s proprietary SmartWood®, SÕL balances stylish, sophisticated design aesthetics and superior acoustics, with high-performing, sustainable and innovative Mass Timber construction technologies for unparalleled livability that matches the strength and durability of concrete.

MLS® Listings

Detached Homes

Attached Homes

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Your referrals are greatly appreciated.
Who do you know that is thinking about buying or selling real estate anywhere in the world?
Please send them my way, I would love to help.
Thank you for your time today.
Contact me with any questions you may have, I am always available.

 
Adam Naamani
REALTOR® with eXp Realty
+1 (604) 889-7943
adam.naamani@exprealty.com
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