The real estate industry has certainly been in the spotlight lately. The much awaited Final Report of the Independent Advisory Group was published last week. The next day the BC Government announced their intention to end self-regulation in the real estate industry and to establish a dedicated Superintendent of Real Estate.
Statements by REBGV, RECBC, and BCREA fully support this change in order to restore public confidence in the industry.
There is also an initiative taking place to amalgamate the current structure of 11 real estate boards and BCREA into a single entity. There will be a Special General Meeting for REALTORS® to vote on this proposal in December. The vote was originally scheduled for June, but leadership across the province recognized that membership needs more time to have a deep understanding of the proposal.
I personally welcome the changes that are taking place and look forward to the implementation of recommendations by the IAG.
That being said, the question of affordability in Vancouver is still a hot topic. There have been many influencing factors and many suggestions on how (or whether) to cool the market. The REBGV news release and stats package which is released every month has been showing upward trending prices for years now, most dramatically in the detached home category. The graph on the last page of the stats package says it all.
While the market is unpredictable, here is an analysis of what has happened to home prices following a period of rapid price acceleration: BCREA Market Intelligence Report: What Happens Next to Home Prices?
Remember, it’s my pleasure to help you with your real estate needs. I appreciate your trust and look forward to working with you.
