Strata Corporation Documents - including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, information concerning special assessments, either proposed or levied, and a current Information Certificate (Form “B”).

____________

Representatives from Greater Vancouver REALTORS® (GVR), along with the Fraser Valley and Chilliwack real estate boards, have finalized a series of changes to the Rules of Cooperation, which will take effect on August 1, 2024.

Since we announced these changes, we’ve received a few questions about the new rules. To help you understand how these changes will affect your business, we’ve put together an FAQ explaining the new rules.

What changes are coming to the Rules of Cooperation?

There are seven key changes coming to the Rules of Cooperation:

• All members will need to communicate with each other in a timely and effective manner.

• Members are responsible for the actions of their unlicensed assistants, administrators and employees.

• Members are accountable for upholding the reputation of the profession.

• Brokers will have an obligation to report completion date changes.

• Listings that are part of a residential land assembly are exempt from CREA’s REALTOR® Cooperation Policy that specifies that all Realtors across Canada must place their residential listings on the MLS® System within three days of public marketing.

• Manufactured, modular, and park model homes must have a photograph of the CSA or BC Electrical Inspection label must be posted as an associated document to their listing.

• Members must have, or order, a current Information Certificate (Form B) before they post a strata listing to the MLS®.

When will the new amendments to the Rules of Cooperation come into effect?

The changes will be effective August 1, 2024.

Why are we updating the Rules of Cooperation?

The changes are a key part of our ongoing work to raise standards in the profession and implement recommendations from our professionalism white paper.

These amendments clarify areas of confusion and, most importantly, eliminate behaviour and practices that commonly frustrate members.

Will Realtors need a Form B in hand before a listing goes live?

No, like with strata documents under the current rules, the Form B doesn’t have to be in hand when the listing goes live, but you must have proof that those documents were ordered.

Simply put, under the amended rules, the Form B will be included in the list of documents that must be ordered up front before a listing goes live.

How will these rules be enforced?

If you encounter someone who chooses to disregard their professional obligations, we want to hear about it. We encourage members to hold each other accountable by reporting misconduct to concerns@gvrealtors.ca. 

Do these changes only affect GVR members?

Once implemented, these changes will be required standards for all Lower Mainland Realtors.

Where can I read more about these rules?

• Read the full wording of the changes

• Review a side-by-side comparison of the previous and new standards

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms on July 24.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

1. Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.

2. Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.

3. Closed – Listings will automatically move to this status at the end of their completion date.

The “Active Under Contract” status will be available to all members with agent modify ability, but your brokerage may apply rules on whether you can use it, or how you can use it. Please check with your office to see how they intend to use the status.

Please note that association staff will not be updating listings from Active to Active Under Contract.

What to expect

At 8 pm on Tuesday, July 23, Paragon will revert to a read-only state for the system update. You will not be able to enter new listings or make changes to existing listings. We expect the update to finish in the early hours on Wednesday, July 24. 

Throughout the day on July 24, saved searches will be automatically updated to include the new statuses. Saved searches for Active listings will include Active Under Contract listings. Saved Sold Searches will now include both Pending and Closed Statuses. If you don't want to include these in your search results, you'll need to adjust your saved searches and remove those you do not wish to see.

Watch for an email next week with full details. 

With a phased rollout of changes to residential tenancy laws in British Columbia that started this spring with Bill 14, the Tenancy Statutes Amendment Act, REALTORS® selling tenant-occupied properties are now in a transitional period. Since Bill 14’s changes involve regulating landlord-tenant relationships, REALTORS® must remain aware of this changing tenancy landscape to advise their clients properly. As the new rules come into effect at different times, it is possible that the rules framing previous deals no longer apply to current or future ones, adding to the challenge of selling tenant-occupied properties.

Transitional period rules

Since the Bill’s changes come into effect at different times – after its introduction, upon royal assent, and throughout the summer of 2024 – Bill 14 also includes transitional period rules (Transitional Provisions), which specify whether the old or new rules apply.

• For example, Bill 14 makes significant changes to a tenant’s compensation (RTA Section 51 – Tenant’s Compensation: Section 49 notice) if a landlord does not occupy the property for personal use contemplated by RTA Section 49 – Landlord’s Notice: Landlord’s Use of Property. Prior to Bill 14, if a landlord evicted their tenants for the landlord’s (or a buyer’s) personal use of the property, the landlord (or the buyer) or their immediate family member had to demonstrate a good faith intent to occupy the unit for at least six months. Bill 14 changes this six-month period to a 12-month period (or to a shorter period of at least six months if one is otherwise prescribed).

If the landlord cannot establish that the requirements of RTA Sections 49 and 51 have been met, the tenant is entitled to compensation in the form of 12 times the monthly rent under the tenancy agreement. For REALTORS® selling or buying tenant-occupied properties, the increase in the length of the landlord’s (or buyer’s) occupancy period could have wide-ranging effects on deals, particularly if the buyer requests vacant possession. It is prudent to obtain written confirmation from buyers requesting vacant possession that they will occupy the property for the minimum period required by the RTA.

The Transitional Provisions provide that notices given pursuant to RTA Section 49 before or on the date of the First Reading (being April 2, 2024) are not impacted by these amendments to RTA Sections 49 and 51; however, notices given after the date of the First Reading are impacted. This means that the landlord’s notices to terminate the tenancy for personal use given on or prior to April 2, 2024, are governed by the pre-Bill 14 requirements of six months of occupancy, while notices given after April 2, 2024, are now governed by the Bill 14 amendments and require a 12-month occupancy.

• Another example of Bill 14’s major changes is the introduction of the new RTA Section 22.1, which provides a landlord must not increase the rent based on the number of occupants due to the addition of an occupant who is a minor or an occupant who, when the tenancy agreement was entered into, was a minor but is no longer a minor. RTA Section 22.1 came into effect upon the Bill’s royal assent on May 16, 2024, and is also subject to the Transitional Provisions.

The Transitional Provisions provide that Section 22.1 applies to tenancy agreements that were entered into prior to May 16, 2024, but it does not affect rent variances that took effect before Section 22.1 came into force on May 16, 2024.

It is advised that REALTORS® review the entirety of Bill 14, including the Transitional Provisions to fully understand the changes to the residential tenancy laws.

Advice on best practices

One of our instructors for the Selling Tenant Occupied Properties course, Richard Collins, shared his best practices for managing deals during the transitional period:

Drawing your practice lines

Collins emphasizes the importance of drawing clear lines between what is a REALTOR®’s expertise and what is not. Even though it is important for REALTORS® to stay updated on RTA changes, they are not property managers or lawyers. This is particularly important when setting out notices to end tenancies and delivery of vacant possession in the Contract of Purchase and Sale (CPS). Given that there is currently no standardized clause specifying that purchasers must complete even if the tenant fails to leave after being given proper notice, Collins advises REALTORS® to speak with their managing brokers, who can then coordinate with legal advisers about potentially inserting clauses in the CPS.

Always warn clients of potential risks

Collins also highlights the importance of REALTORS® upholding their fiduciary duties to their clients. Part of this duty is warning them of potential risks, including possible liability for tenant compensation, additional closing costs, and potential loss of rental income, involved with the deal. Tenants are entitled to one month of compensation when a tenancy is ended for the landlord’s (or buyer’s) personal use. In addition to that automatic compensation, Collins predicts we may see more “cash for key” deals; a practice where the landlord and tenant voluntarily agree to end the tenancy for a pre-specified amount of compensation. His best practice advice is for REALTORS® to use their negotiation and communication skills to establish rapport with the tenants, which can help clients navigate the tricky situations of negotiating compensation with them. He notes that REALTORS® should only do this with their client’s permission. Since it is unclear when the rest of Bill 14’s changes will take effect, clients are also at risk of having their deals affected by new laws. Given these pending changes, Collins advises that REALTORS® should warn their clients of this risk and encourage them to complete deals as soon as possible when it can be done without putting the client at undue risk.

Recognizing specialty products

Ultimately, Collins advises REALTORS® working with tenant-occupied properties to know their product, both the property and the tenant-landlord situation. He cautions REALTORS® who are not familiar with tenant-occupied properties to refer clients who are dealing with them to those who are.

“Selling a tenant-occupied property is becoming a specialty,” says Collins. “If you are going to venture into this area, do your due diligence.”

The inaugural issue of BrokerConnect, BCREA’s newsletter aimed at managing brokers, provided a detailed breakdown of these changes and their timelines. Bill 14’s effects on the RTA are also addressed in a recently published Legally Speaking #574: Landlords Take Notice – Recent Amendments to BC Tenancy Legislation” by Amy Peck.

New rules around evictions require BC landlords looking to evict tenants for personal or caretaker use to use a new website to create Notices to End Tenancy starting July 18, 2024.

The Landlord Use Web Portal will require landlords to provide detailed information when issuing these notices, allowing the government to monitor eviction patterns and enforce penalties for violations.

“With this new tool, we’re taking action to better protect tenants from being evicted under false pretences and ensure that landlords who need to legitimately reclaim their units have a straightforward pathway to do so,” said Ravi Kahlon, minister of housing in a statement. “The portal will also provide government with a window to better understand when and how often these evictions occur so that we can continue to build on our work to improve services for renters and landlords.”

Issuing a Notice to End Tenancy

If a landlord is looking to evict a tenant for personal occupancy or caretaker use on or after July 18, they will first need a Basic BCeID.

Using the Basic BCeID, they’ll be able to log into the web portal to generate a Notice to End Tenancy for personal occupancy or caretaker use and include information about the person or persons moving into the home.

The generated notice will include a unique ID.

The information entered into the portal will be used by the Rental Tenancy Branch (RTB) to track these types of evictions, and in post-eviction compliance audits.

New rules and a more standardized, streamlined process

Alongside the portal’s launch on July 18, the provincial government is updating the rules around evictions for personal or caretaker use to streamline and standardize the process while making it more transparent.

Key changes include:

• Landlords must provide four months' notice for personal-use or caretaker evictions (previously two months)

• Tenants will have 30 days to dispute evictions (previously 15 days)

• The person moving into the unit must live there for at least 12 months

• Landlords evicting in bad faith may owe tenants 12 months' rent

What’s considered personal occupancy or caretaker use?

Under the Residential Tenancy Act, a landlord can evict a tenant for personal occupancy or caretaker use if the following people will be moving in:

• The owner/landlord

• Close family member (parent, spouse, or child)

• Purchaser of the property or a close family member of the purchaser

• Superintendent for the building

Questions about selling tenant-occupied properties

REALTORS® need to be aware of these new rules when representing clients who are buying or selling tenant-occupied properties if the buyer wants vacant possession (whether on the completion date or otherwise).

How does this affect homes sold on or after July 18?

Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, can’t end the tenancy until after the expiration of the four-month notice period. 

How do the new requirements impact an offer on a home when rent is paid on the first of each month? 

If all contract subjects were satisfied or waived on July 22, 2024, a Four-Month Notice to tenants using the portal’s notice generator could be provided on or before July 31, 2024, and could require the tenant to vacate the home by November 31, 2024.

What if the tenant does not vacate the home?

As has always been the case with tenant-occupied properties, sellers and buyers should be advised to obtain legal advice to ensure they understand their rights and responsibilities in circumstances when a tenant does not comply with a notice to vacate and remains in the home after the date that the tenancy was supposed to end.

Ongoing transactions

We strongly advise anyone currently in the middle of a transaction involving a tenant-occupied property seek legal advice to navigate these new regulations.

Legal advice can help ensure compliance with the transition to the new rules and protect the interests of all parties involved by informing them of their rights and obligations arising under the new rules.

GVR’s response

Your association is working with the BC Real Estate Association and other boards and associations across the province to respond to the latest changes to the residential tenancy laws in BC.

We’ll provide more information in the coming weeks.

Resources and more information

• Register for a Basic BCeID

• Read the Homes for People action plan

• Residential tenancy resources

• Learn more about other housing-related actions the province is taking

Government announcement in other languages

You can also find the announcement in the following languages:

• Simplified Chinese

• Traditional Chinese

• French

• Punjabi

• Tagalog

Updated on Thursday, July 4, 2024

1. Federal Home Buyers’ Plan

Qualifying homebuyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must begin repaying within five years and repay within 15 years. Eligibility to use program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency. Learn more.

2. Federal Tax-Free First Home Savings Account (FHSA)

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a down payment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan. Learn more.

3. First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home) for homes priced up to $835,000, with the first $500,000 exempt from the PTT. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. New thresholds begin April 1, 2024. Foreign entities, taxable trustees, ineligible. Learn more. 1-888-355-2700.

4. Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $1,100,000, and a partial exemption on newly built homes priced up to $1,150,000. Begins April 1, 2024. Learn more. 1-888-355-2700. 

5. Provincial new purpose-built rental buildings exemption

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025, and ending December 31, 2030. The purpose-built rental building must have at least four separate apartments that are non-stratified and held as rentals monthly or longer, for at least 10 years. Learn more. 1-888-841-0090. 

6. Provincial flipping tax exemption

Effective January 1, 2025, homebuyers who sell a residential property, including a presale assignment, within two years of buying will be taxed 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. A property is tax exempt if homebuyers are adding to the housing supply, developing/constructing housing; or have life changes – separation, divorce, death, disability, illness, work relocation work, job loss, insolvency, or personal safety. Homeowners selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income. Learn more. Questions: ITBTaxQuestions@gov.bc.ca. 

7. Provincial secondary suite incentive loan program

Forgivable loans up to $40,000 for homeowners to build and rent an affordable secondary suite at below market rates to increase affordable rental supply. Learn more and check eligibility. 604‑439‑4727 or 1‑877‑757‑2577 and select option three or use this secondary suite web form. 

8. Federal First-Time Home Buyers’ Tax Credit (HBTC)

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns. Learn more and here. 1-800-959-8281.

9. Provincial renter tax credit

If a renter has low-to-moderate-income ($60,000 or less) there's a new annual income-tested tax credit of up to $400 per year for renters. Learn more. 1‑800‑959‑8281.

10. GST/HST New Housing Rebate

Homebuyers buying a newly-built home can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+. Learn more. 1-800-959-8287.

11. CMHC Mortgage Loan Insurance Premium refund

Provides homebuyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.

12. BC Home Owner Grant

Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. The grant is reduced by $5 for each $1,000 above the threshold. The grant threshold applies across the province. The amounts are:

• $570 for the basic grant;

• $770 if the home is located in a northern or rural area;

• Up to $845 for homeowners age 65 and more or a homeowner with a disability; and

• Up to $1,045 for homeowners age 65 and more or a homeowner with a disability where the home is in a northern or rural area. Learn more. hogadmin@gov.bc.ca. 1‑888‑355‑2700.

13. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes.

Property Tax Deferment Program – Financial Hardship: qualifying low-income homeowners can defer property taxes.

Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.

Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.

14. Multigenerational Home Renovation Tax Credit

Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs. Learn more.

15. Home Accessibility Tax Credit

Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations. Learn more. 

16. Homebuyers’ tax credit for persons with disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time home buyer. Learn more.

17. Tax deductions for moving for work

Persons who get a new job and move a minimum of 40 kilometres closer to work may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing. Learn more.

18. Expanded heat-pump program

BC’s expanded heat-pump program is taking applications, with savings of up to $24,000. Learn more here or call 1-833-856-0333 or email IncomeQualifed@betterhomesbc.ca.

19. BC Rebate for Accessible Home Adaptations

This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability. Learn more. 604-433-2218 or 1-800-257-7756.

20. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more. 1-800-959-8281.

21. BC Electricity Affordability Tax Credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills. Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills. Learn more.

Download

Download 21 grants and rebates for homebuyers and owners (opens 2-page PDF).

• Rules of Cooperation - August 2024

• Rules of Cooperation - What’s Changing (side by side comparison of the previous and new standards)

If you have a child in grade 12 in 2024, we encourage them to apply for one of our annual entrance scholarships!

Each year we award five $1,500 entrance scholarships to our members’ children entering post-secondary education.

We award scholarships based on performance in academics, athletics, fine arts, and community service. The recipients are chosen by a team of independent adjudicators.

Your child is eligible to apply if

• you, as their parent or legal guardian, are an active member of Greater Vancouver REALTORS®

• they’re currently in grade 12

• they’ll be enrolled in full-time studies in fall 2024 in a program of at least two years’ duration leading to a recognized degree, diploma, or certificate at a university, college, or institute recognized by Universities Canada

Key Information

• Deadline for applications is August 30, 2024. Adjudication will take place in September, and successful applicants notified in October.

• Successful applicants will be asked to submit a certified copy of their final transcript (all grade 11 and 12 marks and provincial exam results). The applicant’s transcript will be mailed to them by the provincial government. The student’s school may also certify copies.

• Applicants are advised to begin collecting required documents early, as some references may not be available during the summer.

Request your scholarship application here

Questions?

Email scholarship@gvrealtors.ca.

The Goods and Services Tax (GST) is a key factor in real estate transactions, applying to commissions, fees, and even some housing.

It’s important for Greater Vancouver REALTORS® (GVR) members to understand how GST is applied so you can properly guide your clients.

Here’s a collection of resources you can use to ensure you’re up to speed on GST.

GST on housing fact sheet for Realtors

GST applies to the purchase of a new residential home in BC – but what exactly does the government consider a “new” home? And are there any rebates or exemptions?

To help you understand the rules around GST, we’ve compiled all this information and more into a fact sheet for Realtors.

You can also download a PDF version.

Need to know more? Take our course

Our GST for Realtors and Real Estate Transactions course provides you with a basic understanding of how the GST applies to your business. You’ll learn how it applies to both commercial and residential real estate transactions, and how you can determine if you have a GST situation that needs action.

You’ll also learn about risks and liabilities associated with the GST and when you should advise your client(s) to seek legal or professional tax advice.

This course also complements BCREA’s Tax Tips for Selling Real Estate course.

The next available date for our course:
June 25, 9:30 am – 3:30 pm via Zoom webinar

Register today.

MLS® rules around GST

Residential listings on the MLS® have an optional field for GST. This yes-or-no field gives you the option to let other members know if the listing price includes GST or not.

If you have a listing that GST applies to and you want to include GST in the listing price, we encourage you to use this field.

Note that all sales prices must be reported to GVR without the tax included even if your original listing included the GST in its price.

When in doubt, ask an expert

If you’re in doubt about GST, we recommend you ask an expert like an accountant, or ask your managing broker for advice.

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms in July. We'll announce the exact date in the coming weeks.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

1. Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.

2. Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.

3. Closed – Listings will automatically move to this status at the end of their completion date.

The “Active Under Contract” status will be available to all members with agent modify ability, but your brokerage may apply rules on whether you can use it, or how you can use it. Please check with your office to see how they intend to use the status.

Please note that association staff will not be updating listings from Active to Active Under Contract.

More recent sold prices coming to Realtor.ca

Along with the new sale statuses, we also plan on including more recent sold prices for listings on public-facing listing websites like Realtor.ca.

After the starting date in July, all listings with the new “Closed” status will automatically show their sale price.

We’ll provide more information on the new sale statuses and public facing sold prices in the coming weeks.

Questions? Please contact the MLS® department at mls@gvrealtors.ca

The Bank of Canada decided to reduce its target for the overnight lending rate from 5% to 4.75%. The move was widely expected by financial markets and marked the Bank’s first rate reduction since the onset of the pandemic four years ago, bringing rates down to where they stood exactly one year ago.

In a scheduled announcement on Wednesday, June 5, 2024, the Bank noted Canada’s economy picked up in the first quarter of 2024 but still came in weaker than anticipated. While growth in consumer spending, business investment, and the housing market remained solid, the Bank once again made note of the fact that employment has been rising at a slower pace than working-age population growth.

The Bank continues to focus on elevated shelter costs as a significant contributor to inflation. However, it also noted that both headline and core measures of inflation are showing signs of downward momentum and are close to historical averages.

With inflation now back in the Bank’s preferred range of 1-3% and increased confidence that inflation continues to move toward its 2% target, the Bank stated, “monetary policy no longer needs to be as restrictive” in its decision to lower the policy rate by 25 basis points.

The Bank of Canada will make its next scheduled interest rate announcement on July 24, 2024, as well as publish its full outlook for the economy and inflation in its next Monetary Policy Report.

Are you looking for interest rate information to share with your clients? REALTOR.ca Living Room has put together an article for prospective home buyers about what they should do if they’re buying a home in the current market, and why working with a REALTOR® is important.

VANCOUVER, BC – June 4, 2024 – The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver1. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

GVR Stats Package for May 2024

SURREY, BC – Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

FVREB Stats Package for May 2024