Sales🔼 : 15% decrease compared from October 2022, and and 52.9% decrease from November 2021. Last month’s sales were 36.9% below the 10-year June sales average.
Inventories🔼 : 6.8% decrease compared to October 2022 (9,852) and a 28.5% increase compared to November 2021 (7,144).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 1.5% decrease over October 2022 and 0.6% decrease compared to November 2021.
My comments:
Removing rental restriction from all strata complexes has been a hot topic lately. How is it going to affect the real estate market? Official statement please click here
- Premiere Eby says the removal of rental restrictions is expected to affect about 300,000 units. In reality most of the units are owner occupied, it’s unlikely that a large inventory of rental units will be released just like that. Based on the number of owners who applied for exemptions to the speculation and vacancy tax, it has been estimated that at least 2,900 strata units are empty due to rental restrictions. It is not much help considering the number of new comers we have each year.
- There are indeed some really nice buildings out there with rental restriction, we have some braver investors starting to explore their options. Investors are able to target those more desirable buildings. One of our listings as an example: Click here the property is located in the highly desirable Vancouver Heights in Burnaby North with amazing views in every room! The unit has extensive renovation done recently. One of the drawback is the unit does not allow rental, and the unit just got sold few days after the removing of rental restriction. Example 2. Click here Boundary Park lakeside townhouse in Surrey Panorama Ridge: The growth used to be limited because of the rental restriction. With the new rule I can’t see investors not interested in units like this. With the rental restrictions lifted, I anticipated to see a lot more growth interest of this wonderful lakeside complex
My personal opinion is that the prices of buildings that had rental restrictions before will go up eventually. Rent might come down slightly but in the long run real estate is still a good investment approach.
