Vancouver Real Estate Market Update For November 2019!

A 45.4% increase in sales since October 2018, a liberal minority government, a new single regulator for the financial services sector including real estate, and Moving Waldo. Find out what this all means in this Vancouver real estate market update!

This is your Vancouver real estate market update for November, 2019 and we’re getting after it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC. I was named one of the top 50 video influencers in real estate, in North America, for the past 2 consecutive years for the way I utilize video to sell my client’s homes and educate them as well. In today’s video I’m going to cover what’s happened in the Vancouver real estate market in the month of October, what’s coming that could affect the market, and a piece of technology I’m utilizing to make your home selling and buying experience a smoother one. I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please subscribe to my channel, hit that thumbs up button and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

All right, let’s get into it. The Metro Vancouver housing market definitely experienced a fall pick up in home sale activity. There was a a 45 1/2 per cent increase from the sales recorded in October 2018, and a 22.5 per cent increase from the homes sold in September 2019. With prices coming down over the last year and interest rates remaining low, it appears that hopeful home buyers are becoming more active this fall. Over the past 6 weeks, I’ve shot 6 videos about the hottest neighbourhoods in Vancouver and the North Shore. If you missed them you can catch up here. Now, as always friends, to download the full market reports for your area simply click on the images below to get either the Metro Vancouver or Greater Vancouver reports. If you’re watching this on Youtube, in the description section below is a link to a sample report. You can review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

We’ve just had our federal election and the Liberals have a minority government. Many people are wondering what does this mean for real estate in Vancouver? Well, the First Time Home Buyers Incentive is going to be increased from $480,000 to $789,000 which is great for anyone living in the Metro Vancouver area. This will probably appeal to many first time home buyers but my recommendation would be to avoid it if at all possible. You have to remember, under this program, homebuyers receive between 5-10% of the purchase price as an incentive but it is not a gift. This is not free money. The government will have an equity stake in your home.

The Liberals also announced a one-per-cent vacant home tax applied to non-Canadians, not living in Canada, although, there are very few details at this point about how the tax will be administered.

A big announcement yesterday by Finance Minister, Carol James is that the Province of BC will be moving to a single regulator model for the financial services sector including real estate. Currently, the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) oversee the real estate industry. These agencies will be integrated within the BCFSA. The BC Financial Services Authority, which officially became a Crown agency on Nov. 1st 2019. The BCFSA is currently responsible for regulating mortgage brokers, private pension plans and financial institutions and will soon include the real estate industry. The goal of this move is to provide effective consumer protection and to increase public confidence in the broader financial services sector.

Now a piece of technology I’m utilizing to make your home selling and buying experience a smoother one is Moving Waldo. Once you’ve sold or purchased your home, there are so many people and companies you need to contact and notify about your upcoming change of address. Moving Waldo is a moving app that not only takes the headache out of the process but saves you up to 10 hours of time. Since discovering it, I have been recommending it to all my friends and clients. Down in the description below will be a link t the Moving Waldo website for you. And, the best part is this is a free service for you to use. It’s a no-brainer. The next time you’re moving, use Moving Waldo.

Now over the past 6 weeks I’ve shot a ton of videos about the hottest neighbourhoods in Vancouver, North Vancouver, and West Vancouver. If you haven’t seen those yet you can catch up with them here. As I mentioned, I’ve shot a ton of videos of various areas around Vancouver and will be shooting many more areas over the next few weeks so stay tuned.

I hope you’ve enjoyed this video. If so, please hit that thumbs up button and give it a like and make sure to leave a comment down below.

Thanks for watching. Have a fantastic day and remember, this is where you Live. Love. Own Vancouver!