Brendan Connolly

Vancouver Real Estate: Westside, Eastside & Downtown

Residential Real Estate Consultant

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Housing supply up, home sales and prices down in June

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VANCOUVER, BC – July 3, 2019 –With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. Last month’s sales were 34.7 per cent below the 10-year … [Read more...] about Housing supply up, home sales and prices down in June

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Liability for strata insurance deductibles

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Many strata owners do not know they may be personally liable to reimburse their strata corporation for its insurance deductible, the portion of the loss the insured must pay in an insurance claim, which can be many thousands of dollars. The British Columbia Law Institute's formidable committee of strata experts (the "Committee") recently recommended changes to the Strata Property Act, which would require most owners to insure themselves against this liability.1 The Committee … [Read more...] about Liability for strata insurance deductibles

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May sees modest increase in home sales while housing supply reaches five-year high

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VANCOUVER, BC – June 4, 2019 – Monthly *Metro Vancouver(1) home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019. Last month’s sales were 22.9 per … [Read more...] about May sees modest increase in home sales while housing supply reaches five-year high

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31 ways home buyers, sellers and owners can save money

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Are you looking to save money? We can help! Here's 31 ways BC home buyers, sellers, and owners can save money. 1. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT of one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home priced up to $500,000. There is a proportional exemption for homes priced between $500,000 and $525,000. At $525,000 and above exemption is … [Read more...] about 31 ways home buyers, sellers and owners can save money

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Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

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VANCOUVER, BC – May 2, 2019 – Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver* housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019. Last month’s sales were 43.1 per cent below the 10-year April sales … [Read more...] about Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

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Prospective homebuyers remain on the sidelines in March

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VANCOUVER, BC – April 2, 2019 – Metro Vancouver* home sales dipped to the lowest levels seen in March in more than three decades. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019. Last month’s sales were 46.3 per cent below the 10-year March sales average and was … [Read more...] about Prospective homebuyers remain on the sidelines in March

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Housing market conditions continue to favour home buyers

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VANCOUVER, BC – March 04, 2019 – The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019. Last month’s sales were 42.5 per cent below the … [Read more...] about Housing market conditions continue to favour home buyers

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Home listings increase while buyers remain in holding pattern

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VANCOUVER, BC – February 04, 2019 – Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018. Last … [Read more...] about Home listings increase while buyers remain in holding pattern

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Metro Vancouver home sales decline below historical averages in 2018

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VANCOUVER, BC – January 03, 2019 – Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016. Last year’s sales total was 25 per cent … [Read more...] about Metro Vancouver home sales decline below historical averages in 2018

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Metro Vancouver homes sales down across all property types

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VANCOUVER, BC – December 04, 2018 – Home buyer demand remains below long-term historical averages in the Metro Vancouver housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 percent decrease from the 2,795 sales recorded in November 2017, and an 18.2 percent decrease compared to October 2018 when 1,966 homes sold. Last month’s sales were 34.7 percent below the 10-year November sales … [Read more...] about Metro Vancouver homes sales down across all property types