Real Estate Matters – July 2024
Hello!
What does the new rental rules mean to you? For those not familiar with the most recent announcement, please see this link – Website launched to protect renters from bad-faith evictions | BC Gov News
The most impactful points to consider for landlords or potential landlords are:
– New portal established for July 18th, where if a landlord wishes to evict a tenant, he/she/they must fill out information in the portal to automatically generate the eviction notice to provide to tenants. It will also advise the proper timing as well as compensation through that portal.
– Eviction for self use (or caretaker, immediate family, etc.) notice period has been increased from 2 full calendar months to 4 full calendar months.
– After eviction, landlord (or caretaker) has to live in there without renting out for the subsequent 12 months.
What does this mean to you? How will this impact the market? What are some implications and details to look out for? More importantly, what opportunities are there? Please see the above video where I give real world thoughts to these new rules.
As usual, if I may be of service, I would be happy to chat! Just reply to this email and we can set up a time to do so!
From the Real Estate Board of Greater Vancouver Monthly Statistics letter:
VANCOUVER, BC – July 3, 2024 – Metro Vancouver1 home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.
“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”
“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-thannormal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”
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