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The Fraser Valley housing market continues its trend heading into the holiday season. Novembers total sales were 839, a 57.5% decrease year over year from November 2021 and down 6.9% from October 2022. Currently there 6.35 months of inventory in the market and the average days on Market is 30 days. Single Family Detached: At $1,404,900, the Benchmark price for a FVREB single-family detached home decreased 2.2 per cent compared to October 2022. Townhomes: At $799,400, the Benchmark price for a FVREB townhome decreased 1.3 per cent compared to October 2022. Apartments: At $518,400, the Benchmark price for a FVREB apartment/condo decreased 1.8 per cent compared to October 2022. The holding pattern presents opportunities for savvy buyers and for sellers to move well priced properties. Contact me if you're considering a move.

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Posted in 55 and over, buying a strata, rental restriction, senior housing, short term rental restrictions, strata age restrictions
The Government of B.C. announced changes to legislation that will remove rental restrictions in strata properties and introduced the new Housing Supply Act which will provide select municipalities with increased powers to address housing development. Premier David Eby estimated that 2,900 strata units in B.C. are sitting empty, and said opening up just half of those to renters would help. Amendments to the Strata Property Act will end all strata rental-restriction bylaws and limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors’ housing through the “55 and over” rule in strata housing. Moving forward, it will not be permissible for a strata to have 19-plus age restrictions; however, “seniors only” strata will still be allowed.If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnB, will continue to be allowed.
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Categories:   2024 real estate forecast | 55 and over | BC foreign buyer ban | buyers | buying a strata | buying tips | first time home buyer | Fraser Valley Market update | Fraser Valley Real Estate update | home buyer protection | home buyer rescission | Home owner tips | housing demand | Housing supply | Interest rate hikes | market update | real estate market | recreational property | rental restriction | Royal Lepage Market Forecast | senior housing | short term rental restrictions | strata age restrictions | waterfront property

Personal, Honest and Professional

When you choose to use me with your next real estate transaction,  whether buying or selling, my goal is always the same. To offer you and your family the absolute best service I can.

 

I take great pride in being upfront and honest while giving you professional service. It's not only about doing good business, but being a good person.

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