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January 2023 Market Update

 

Who's exempt from Canada's foreign homebuyers ban? Here's what you need to know.

Canada's ban on foreign homebuyers is now in effect, barring commercial enterprises and individuals outside of Canada from buying residential properties in the country. Passed by Parliament in June of last year, the ban officially began on Jan. 1 and will remain in place for two years.

High levels of demand for housing throughout the COVID-19 pandemic prompted average home prices to skyrocket, hitting a national peak of $816,720 in February 2022. Competition within Canadian housing markets also reached new levels, with properties often receiving multiple offers and buyers submitting purchase agreements with few terms and conditions, leading them to assume more risk.

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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

Greater Victoria

Gulf Islands

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Okanagan

North Surrey

North Vancouver

Parksville / Qualicum

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

Vancouver Island

Victoria Core

Westshore

West Vancouver

Whistler

These are the top living room design trends for 2023

In 2023, answers to the question, "how should I decorate my living room?" are about to get a lot more varied. The reason is because maximalism is emerging as an important part of the panorama of decorating choices. Alongside the minimalist solutions, these new approach offers a more colorful, eclectic, and personalized approach to interiors.

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B.C. Real Estate News

BRITISH COLUMBIA

B.C. real estate assessments show smaller increases after last summer's cooling market (The Globe and Mail)

B.C. becomes first province to require 3-day cooling-off period for homebuyers (CBC)

B.C. property assessments up despite softening market (Global News)

Who's exempt from Canada's foreign homebuyers ban? Here's what you need to know (CTV News)

LOWER MAINLAND

Vancouver's December home sales down 52% from year ago: B.C. real estate board (The Globe and Mail)

VICTORIA & VANCOUVER ISLAND

Greater Victoria real estate sales crater by nearly a third in 2022 (Vancouver Island Free Daily)

Here's how much home assessments rose on Vancouver Island this year (CTV News)

OKANAGAN

Okanagan real estate market year in review (Global News)

Housing prices on the rise around Thompson-Okanagan (Kelowna Capital News)

 
 

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©2023 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com