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BCREA 2024 Second Quarter Housing Forecast

Slow Start, Strong Finish:
BC Housing Market Expected to Rebound

BCREA 2024 Second Quarter Housing Forecast

Vancouver, BC – April 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent to 78,130 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,480 units.  

"After a slow start for the housing market in 2024, all eyes are on the Bank of Canada. Although fixed mortgages are down significantly, it appears that buyer confidence is hinging on seeing the Bank lower its policy rate," said Brendon Ogmundson, Chief Economist. ”Given weak economic growth, a slowing labour market, and a downward trend in inflation, we expect that the Bank will begin to loosen monetary policy this summer, which should spur some pent-up demand off the sidelines."
With prices starting to trend up in recent months, it will be crucial for the supply of new listings to keep pace with sales to contain price growth at a time when affordability has never been more challenging. We are confident that listings activity will rebound from a near-record low in 2023, which will help keep average price growth in a 1 to 2 per cent range this year.

For the complete news release, including detailed statistics, click here.

Brendon Ogmundson
Chief Economist

Copyright British Columbia Real Estate Association. Reprinted with permission."


Canadian Retail Sales (February 2024) - April 24, 2024
Canadian retail sales fell 0.1 per cent to $66.7 billion in February. Excluding volatile items, sales were flat on a month-over-month basis. In volume terms, adjusted for rising prices, retail sales fell 0.3 per cent in February.

After falling more than 2 per cent in January, retail sales in BC were up 1.2 per cent in February and were up 2.6 per cent from the same time last year. In the CMA of Vancouver, retail sales were down 0.2 per cent from the prior month and were up 4.2 from February 2023.


For more information, please contact:  

Brendon Ogmundson
Chief Economist

Copyright British Columbia Real Estate Association. Reprinted with permission."



Here’s how to start your home buying journey.

Buying your first home is a huge milestone. Congratulations! There are so many decisions to make along the way – everything from determining what you can comfortably afford to spend to maintaining your home over the years. 

In recognition of these important decisions you’ll have to make throughout your time as a homeowner, we’ve created The Ultimate Homebuyer’s Checklist to walk you through every step, ensuring you’re well-prepared and confident in your homebuying decisions.

The Ultimate Homebuyer’s Checklist includes the following 10 key steps to helping ensure a smooth transition into homeownership and throughout your homeownership journey:

Step 1 – Assess Your Financial Situation

  • Calculate your budget, including down payment, closing costs and ongoing monthly expenses
  • Check your credit score and work on improving it as needed
  • Get pre-approved for a mortgage with your mortgage broker or lender to determine what you can comfortably afford to spend

Step 2 – Define Your Home Preferences

  • List your must-haves, such as the number of bedrooms, location and desired features
  • Differentiate between your needs and wants to prioritize effectively
  • Research neighbourhoods and communities to find the perfect match for your lifestyle

Step 3 – Find a Real Estate Agent

  • Ask for recommendations from trusted friends, family and colleagues, and conduct interviews to select a reputable agent with whom you feel comfortable working
  • Ensure your agent has expertise in your preferred location/neighbourhoods
  • Communicate your goals and preferences clearly

Step 4 – Start House Hunting

  • Attend open houses and schedule viewings with your agent
  • Take notes and photos to compare different properties
  • Consider the potential for future growth and resale value of each property

Step 5 – Make an Offer

  • Work with your agent to craft a competitive offer
  • Negotiate terms, including the price, contingencies and closing date
  • Be prepared for counteroffers and stay flexible, but also be cognizant of your maximum purchase price

Step 6 – Inspect the Property

  • Hire a professional home inspector to evaluate the property’s condition
  • Review the inspection report carefully and address any concerns
  • Negotiate repairs or credits as necessary

Step 7 – Secure Financing

  • Review loan terms and with your mortgage broker or lender to ensure you understand the details
  • You’ll be required to get mortgage insurance if your down payment is less than 20% of the purchase price
  • Finalize your mortgage application with your mortgage broker or lender

Step 8 – Close the Deal

  • Review the closing documents with your lawyer/notary and agent
  • Conduct a final walkthrough to ensure the property’s condition
  • Sign the paperwork and receive the keys to your new home

Step 9 – Move and Settle In

  • Plan your move and hire movers if needed
  • Change your address, set up utilities and forward your mail
  • Personalize your new house so it feels like home

Step 10 – Maintain Your Investment

  • Create a maintenance schedule for your new home
  • Budget for repairs and improvements over time
  • Stay connected with your real estate agent and home inspector for future needs

Get The Home Buyer’s Checklist Before Your Buy!

To make your homebuying journey even more manageable, we’ve prepared a downloadable PDF version of The Ultimate Homebuyer’s Checklist. Print it out and keep it handy as you embark on this exciting adventure. With this checklist by your side, you’ll be well-prepared to find your dream home and make it your own.


Download The Ultimate HomeBuyer’s Checklist Here


Your path to homeownership starts here. Happy house hunting!


Find an Inspector near you:


Recreational property round up: 4 homes currently for sale in Canada’s cottage country markets
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A sunlit apartment living room with a stone fireplace overlooking the Rocky Mountains

With the weather beginning to warm and the days getting longer, the taste of summer is in the air. Many Canadians are looking forward to that first annual trip to the cottage. Perhaps this will be the year you and your family invest in a recreational property all your own… 

According to the Royal LePage® 2024 Spring Recreational Property Report, the median price of a single-family home in Canada’s recreational regions is forecast to increase 5.0% in 2024 to $678,930, compared to 2023, as a boost in consumer confidence brings sidelined buyers back to the market. All of Canada’s provincial recreational markets are forecast to see an increase in single-family home prices in 2024. Ontario is expected to record the greatest price appreciation, at 8.0%.

Looking to buy a cottage or cabin this year? Here are four homes you can purchase in Canada’s recreational property markets today:


Location: 120 Ch. Parmenter, Sutton

List price: $814,900

Size: 2,056 square feet

Rooms: 3 bedrooms, 1+1 bathrooms

Listing agent(s): Isabelle Gariépy (Residential Real Estate Broker) and Véronique Boucher (Residential Real Estate Broker), Royal LePage Au Sommet


Location: 5045 Ardoch Road, North Frontenac

List price: $1,800,000

Lot size: 3.65 acres 

Rooms: 4 bedrooms, 3 bathrooms, 

Listing agent(s): Diana Cassidy-Bush (Sales Representative), Royal LePage ProAlliance Realty


Location: 304-505 Spring Creek Drive, Canmore

List price: $999,000 

Size: 1,157 square feet

Rooms: 2+0 bedrooms, 2 bathrooms

Listing agent(s): Brad Hawker (Associate Broker) and Drew Betts (Associate Broker), Royal LePage Solutions

British Columbia

Location: 1254 Fosters Pl, Courtenay

List price: $1,380,000

Size: 2,676 square feet

Rooms: 5 bedrooms, 3 bathrooms

Listing agent(s): Rick Gibson (Sales Representative) and Felicity Buskard (Sales Associate), Royal LePage In The Comox Valley

Want to know more about recreational homes in Canada? Read about the latest market trends and insights in the recently-released Royal LePage® 2024 Spring Recreational Property Report

*Please note that since the time this article was published, the status of the property may have changed 


8 new housing policies announced in the 2024 federal budget

On Tuesday, April 16th, the Canadian federal government unveiled the 2024 budget. The annual fiscal announcement detailed dozens of new and ongoing initiatives aimed at creating new housing, along with policies targeted at making renting and home ownership more affordable for Canadians.

Here are eight standout housing policies announced in this year’s budget:

Canadian Renters’ Bill of Rights

More Canadians are renting for longer periods of time before they transition into home ownership. The 2024 budget announced several measures intended to more effectively protect tenants and strengthen their path to buying real estate.

Budget 2024 announced the creation of the Canadian Renters’ Bill of Rights, which proposes a nationwide standard lease agreement, and would require landlords to disclose rental price history on properties. Through the Canadian Mortgage Charter, the Budget also calls on banks and lenders to allow tenants to report their rental payment history to credit bureaus in order to better their credit scores, thereby strengthening their future mortgage applications.

Additionally, $15 million over five years has been allocated to a Tenant Protection Fund, which will provide legal support to tenants.

Funding for the construction of new homes

The federal government is promising billions of dollars in spending towards the construction of new housing.

The 2024 budget unveiled the Canada Builds initiative, which will enable the country’s Apartment Construction Loan Program to partner with provincial governments in order to build more rental accommodation. Starting next year, the program will receive $15 billion in additional funding for the creation of 30,000 new homes, topping up the program’s current funding allocation to over $55 billion for a total of 131,000 units, set to be built by 2031.

The Canadian Housing and Mortgage Corporation’s (CMHC) Housing Accelerator Fund will also receive $400 million in financial support to build 12,000 new housing units.

Infrastructure Canada will receive $6 billion over the next decade towards the Canada Housing Infrastructure Fund, which will support the creation of water and waste infrastructure needed for new communities. $100 million over two years will also be dedicated to Employment and Social Development Canada to support apprenticeship and skilled-trade programs that address the workforce shortage needed to build housing.

30-year mortgage amortizations for first-time buyers of new homes

Through the Canadian Mortgage Charter, the 2024 budget announced that starting on August 1st, first-time buyers purchasing a newly-constructed home can access 30-year mortgage amortizations, a product that has previously only been available to those with a down payment of at least 20%.

In practice, a longer amortization period would allow borrowers to pay off their mortgage over an extended timeline, thereby reducing their monthly payments.

Amendments to the Home Buyers’ Plan

Saving for a down payment is one of the largest hurdles new homebuyers face. To make it easier to access funds for a home purchase, Budget 2024 unveiled an amendment to the withdrawal limit on the Home Buyers’ Plan, which has been increased from $35,000 to $60,000 as of April 16th.

Support for single-family home suites

To encourage the creation of secondary housing units, the 2024 budget announced $409.6 million over four years towards a Canada Secondary Suite Loan Program, run by the CMHC. This will enable homeowners to borrow up to $40,000 in low-interest loans towards the cost of adding a secondary suite to their homes, which can be used for multi-generational living purposes or as a source of rental income.

Increase to the inclusion rate on capital gains above $250,000

Effective June 25th, Budget 2024 proposes an increase to the inclusion rate on capital gains realized annually above $250,000 by individuals, corporations and trusts from one-half to two-thirds, by amending the Income Tax Act. This would include the sale of secondary residences and investment properties.

Currently, only 50% of capital gains are taxable. The 2024 budget would increase the inclusion rate to 66% on capital gains above $250,000. The sale of principal residences will continue to be exempt from capital gains tax.

New funds for post-war housing catalog

In December 2023, the federal government announced that it would be modernizing its post-war home design catalog, providing standardized home blueprints that would accelerate the creation of much-needed housing. The 2024 budget unveiled $11.6 million towards the development of 50 home designs, which includes plans for row homes, fourplexes, sixplexes, accessory units and modular homes.

Conversion of public lands into housing

Land scarcity is one of the main barriers to the creation of new housing. The federal government intends to utilize public lands in order to free up space where new housing can be built, with a goal of building 250,000 new homes by 2031 under the Public Lands for Homes Plan. In Budget 2024, the government announced plans to lease public land to builders in order to lower capital costs, and review the federal lands portfolio to identify more usable lands for housing. The budget also outlines plans to reduce the footprint of federal office buildings, and convert these spaces into housing.

Over the next three years, $5 million will be allocated to the Canada Lands Company to support initiatives to build properties on public lands.

Want to know more about the 2024 federal budget? You can read the full budget announcement here.


Pent-up Demand Continues to Build as Sales Remain Slow
Vancouver, BC – April 15, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year.  
"March capped off a slow start to the first quarter of 2024," said BCREA Chief Economist, Brendon Ogmundson. "Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market."
Year-to-date, BC residential sales dollar volume was up 13 per cent to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4 per cent to 15,938 units, while the average MLS® residential price was up 6.5 per cent to $995,149.   



Royal LePage 2024 House Price Survey

Royal LePage upgrades national year-end home price forecast as Canadian real estate market hits 'critical tipping point': 
In 2024, Greater Toronto and Montreal home price appreciation expected to outpace former frontrunner, Calgary
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same period last year. Based on stronger-than-expected first quarter results, the previous forecast has been upgraded nationally and ... more


 Canadian Inflation (March 2024) - April  2024
Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.9 per cent on a year-over-year basis in March, up from a 2.8% increase in February. Month-over-month, on a seasonally adjusted basis, CPI rose by 0.3 per cent in March. The slight uptick in headline CPI was largely due to rising gasoline prices. Excluding energy costs, CPI rose 2.8 per cent year-over-year in March, down from 2.9 per cent in February. Shelter costs remain the major driver of inflation with mortgage interest costs up 25.4 per cent and rent up 8.5 per cent from the same time last year in March. Excluding shelter, consumer prices rose just 1.5 per cent, year over year. In BC, consumer prices rose 2.7 per cent year-over-year, up from 2.6 per cent in February. The Bank of Canada's preferred measures of core inflation, which strip out volatile components, fell to between 2.8 and 3.1 per cent per cent year-over-year in March. 

Inflation ticked slightly higher as expected in March due to rising gasoline prices, however the big surprise in this morning's data was the continued fall in the Bank of Canada's preferred measures of core inflation. Both CPI median and CPI trim were not only down an a 12-month basis but fell to well under 2 per cent when measured on a 3-month basis and to just over 2 per cent on a 6-month basis. Not only is core inflation falling, but it has become more and more clear that inflation in Canada is almost entirely a shelter driven phenomenon. Excluding the rising costs of rents and mortgages, not only is inflation falling, its negative when measured at a 3 and 6-month horizon. If the Bank of Canada is looking for a case to lower its policy rate in June, this report provides ample evidence in support of that move. 


Economics Now is produced by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

How the recent federal government's announcements might impact you

The federal government made several announcements claiming it will improve access to the housing market for first-time buyers.

The announcements include:

  • Increasing the maximum amortization period to 30 years from 25 for first-time buyers purchasing a new-build property with a down payment of less than 20%, otherwise known as a default-insured mortgage. This change will take effect August 1 of this year, although the government hasn’t specified if this applies to the date of the mortgage application or the funding date.
  • Increasing the Home Buyers’ Plan limit to $60,000 from $35,000. This federal program allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) tax-free as long as they are used towards the purchase of their first home and are repaid within the subsequent 15 years. This change will take effect April 16, 2024, the day of the federal budget.
  • First-time homebuyers who withdraw from their Home Buyers’ Plan between January 1, 2022 and December 31, 2025 will see their repayment grace period extended by three years. These buyers will now have a grace period of up to five years before they are required to start making repayments. Under the current rules of the Home Buyers' Plan, first-time homebuyers are required to start repaying the withdrawn amount back into their RRSPs within two years after the end of the year in which they withdrew the funds. However, the proposed change extends this repayment grace period by an additional three years.
  • Changes to the Canadian Mortgage Charter that allow for permanent amortization relief for qualifying existing homeowners. While there are few details about this change, the government says this relief will be made available to “at-risk” existing homeowners who meet specific eligibility criteria. You can read the full release from the  federal government here.

While there are some concerns about the increased amortization limit being restricted to new builds, this change will help those first-time buyers qualify for a mortgage. Having the option of a longer amortization period means they can benefit from lower monthly mortgage payments, in turn resulting in greater flexibility and reduced financial strain.

These measures are part of the federal government's just-released strategy to help address the country's housing affordability crisis. Its plan, Solving the housing crisis: Canada's Housing Plan, will be tabled in this week's budget and includes a list of new promises and measures, including a plan to unlock 3.87 million new homes by 2031.

I understand that keeping up with the ever-changing landscape of mortgage rules and regulations can feel daunting. However, I'm here to simplify the process for you.

If you're considering taking advantage of these opportunities or have any questions about how any of these changes may affect you, please don't hesitate to reach out.


Tracey Ridout Call for more information 604-760-6917

The Mortgage Group 


Increased seller activity is giving buyers more choice this spring
The number of Metro Vancouver1 homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.


The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512).
"If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer. Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties."
Andrew Lis, REBGV director of economics and data analytics


There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This represents a 15.9 per cent increase compared to the 4,317 properties listed in March 2023. This was 9.5 per cent below the 10-year seasonal average (5,524).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).

Sales-to-active listings ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said.

“With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”

By property type

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This represents a 4.5 per cent increase over March 2023 and a 1.1 per cent increase compared to February 2024.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totalled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

1 Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.


Pent-up Demand Continues to Build as Sales Remain Slow
Vancouver, BC – April 15, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year.  
"March capped off a slow start to the first quarter of 2024," said BCREA Chief Economist, Brendon Ogmundson. "Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market."
Year-to-date, BC residential sales dollar volume was up 13 per cent to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4 per cent to 15,938 units, while the average MLS® residential price was up 6.5 per cent to $995,149.   



Bank of Canada holds key lending rate at 5% for sixth consecutive time

In its third interest rate announcement for 2024, the Bank of Canada chose to hold its overnight lending rate at its current level of 5%. This marks the sixth consecutive hold to the rate since July of 2023.

In its scheduled interest rate announcement for April 10th, Canada’s central bank stated that it would hold the policy rate at 5% in an effort to “continue to normalize the Bank’s balance sheet.”

The Central Bank noted that while the consumer price index and core inflation have eased in recent months, overall inflation and economic risks remain. The Bank said that it will be looking out for evidence that the downward trend in inflation is sustained before moving to make a cut.

Tiff Macklem, Governor of the Bank of Canada, stated in a press conference following the announcement that the Bank does not wish to leave monetary policy this restrictive for longer than its needs to, but cautioned that lowering the policy rate prematurely could jeopardize the progress made to bringing inflation down.

“Based on our forecast and the risks, Governing Council decided it was appropriate to maintain the policy rate at 5%,” said Macklem. “We also concluded that, overall, the data since January have increased our confidence that inflation will continue to come down gradually even as economic activity strengthens. Our key indicators of inflation have all moved in the right direction and recent data point to a pickup in economic growth.”

Is an interest rate cut in sight?

Economists expect that the first chop to rates could come in June. As many as 100 basis points could be cut from the key lending rate this year, experts predict.

Macklem noted that while the Bank is seeing economic factors trend in the right direction for a rate cut, more time is needed to ensure inflation is truly coming under control.

“I realize that what most Canadians want to know is when we will lower our policy interest rate. What do we need to see to be convinced it’s time to cut? The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained,” said Macklam. “The further decline we’ve seen in core inflation is very recent. We need to be assured this is not just a temporary dip.”

The Bank of Canada will make its next announcement on Wednesday, June 5th, 2024.

Read the full April 10th report here.


Royal LePage's Q1 2024 Home Price Update and Market Forecast

Buyers reboot purchase plans in Q1 to get ahead of rising home prices, anticipated interest rate cuts

Nationally, home prices increased 2.9% on a quarterly basis in Q1 as more buyers moved off the sidelines

Spring is normally the most active period for Canada’s real estate market – the arrival of warmer weather triggers an increase in buying and selling activity across the country. In 2024, the traditionally-busy spring market kicked off early and is facing additional pressure, as homebuyer hopefuls who have been sitting on the sidelines jump back into the market ahead of anticipated interest rate cuts, and the tight competition and higher home prices that will inevitably follow. 

Royal LePage® is forecasting that the aggregate1 price of a home in Canada will increase 9.0% in the fourth quarter of 2024, compared to the same period last year. Based on stronger-than-expected first quarter results, the previous forecast has been upgraded nationally and in most major markets.

“Consistent with our previous forecast, the market did reach a critical tipping point in the first quarter of 2024, when home prices bottomed out and began to appreciate again. Clearly, more and more buyers are motivated by the need to get ahead of rising home prices, rather than adopting the strategy of waiting for mortgage rates to fall,” said Phil Soper, president and CEO, Royal LePage. 

How did home prices perform in Q1?

According to the Royal LePage House Price Survey, the aggregate price of a home in Canada increased 4.3% year over year to $812,100 in the first quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price increased 2.9%, an indication that sidelined buyers are rebooting their real estate purchase plans ahead of expected interest rate cuts, as predicted in January. 

When broken out by housing type, the national median price of a single-family detached home increased 4.5% year over year to $845,300, while the median price of a condominium increased 3.5% year over year to $591,900. 

Toronto and Montreal home price appreciation to outpace Calgary

The aggregate price of a home in the greater regions of Toronto and Montreal are forecast to increase 10.0% and 8.5% year over year, respectively, in the fourth quarter of 2024, outpacing price gains in the city of Calgary, which was previously expected to see the greatest increase in home values this year. 

“Last year, while property values dipped in most markets across the country, the Calgary real estate market bucked the trend and continued to record home price gains. While activity levels remain strong and prices continue to rise in Alberta, our research indicates that buyer demand, relative to available inventory, is strongest in the two largest urban centres in the country. We now expect Toronto and Montreal to log the highest home price appreciation this year,” added Soper. 

This sustained price appreciation is expected to close the gap between the country’s two most expensive real estate markets, Toronto and Vancouver. While Vancouver remains the nation’s most expensive market today, Royal LePage predicts that the aggregate price of a home in the GTA will surpass Greater Vancouver in the second half of 2024.

Busy spring, busier fall, on the cards for 2024

Within the first months of the new year, the Canadian housing market has already recorded solid price appreciation and higher sales activity. Starting in July of 2023, the Bank of Canada has held rates steady through six review periods. This has prompted many homebuyers to come off of the sidelines in advance of what they expect will be a more competitive spring market that will drive home prices higher. 

“Given the strong start to 2024, the cadence of the market for the balance of the year points to a normally busy spring market that will lead into an uncomfortably busy fall. It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” noted Soper. 

Read Royal LePage’s first quarter release for national and regional insights. 

First quarter press release highlights:

  • Among major regions, Calgary recorded highest year-over-year aggregate price appreciation (9.7%) for the second consecutive quarter; increased 1.9% on a quarterly basis
  • 89% of regions in the report recorded quarterly price appreciation in the first three months of the year, ahead of the traditionally busy spring market period
  • Royal LePage expects home prices in the Greater Toronto Area will surpass those in Greater Vancouver in 2024 

Fact sheet: Information about the GST on new housing 

The five per cent Goods and Services Tax (GST) applies to the purchase price of new residential homes in BC, including:

  • a newly built home;
  • a substantially renovated home;
  • a presale condominium or townhome;
  • an assignment of the contract for a new home;
  • a new mobile or floating home; and
  • vacant land.

If your client buys a new home, they'll pay the five per cent GST at completion, as per the contract of purchase and sale. The home can be fee simple or on leased land.

First Nations may charge their own GST. For example, the Tsawwassen First Nations levies a First Nations GST.

Property that has already been used for residential purposes is GST exempt. The GST should've been paid when the property was new. 

Learn more

GST new housing rebate

If your client buys a newly built residential property, the builder must collect and remit the GST on the sale. The buyer then applies for a GST rebate. The buyer should keep all paperwork that proves the GST has been paid in case there's a question later.

Your client may be eligible for a GST rebate under these circumstances:

  • They buy, as their primary residence, a new home priced up to $450,000. The rebate is equal to 36 per cent of the five per cent GST paid on the first $350,000 of the price of a new home. The GST rebate is phased out for homes priced between $350,000 and $450,000. New homes priced at $450,000 and above receive no GST rebate.
  • They buy a substantially renovated home in which all or, substantially all, of the existing building has been removed or replaced.
  • They build or substantially renovate their own primary residence and the fair market value of the home (not what it cost to build) is no more than $450,000.
Learn more

GST on renovations/rebuilds

If your client buys a home and tears it down or substantially renovates and rebuilds it, they must pay the GST because the home is considered to be a new home for GST purposes. The owner is considered a “builder” who has repurchased the new home at its fair-market value. The owner must self-assess the GST and remit it to the CRA when construction is completed. The owner may be eligible for a GST rebate.

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 GST and presale agreements

The five per cent GST is due when ownership and possession take place.

 Under a presale agreement, the GST on the deposit amount isn’t payable when the deposit is made. Instead, the buyer pays the full amount of GST owing when the deal completes and they take ownership and possession.

 However, under a presale agreement, if the buyer makes partial payments following the deposit, but before ownership and possession occur, the buyer must pay GST on each partial payment to the builder. When the deal completes and they take ownership and possession, the buyer pays the remaining amount of the GST.

GST on assignment sales

GST is applicable on all assignment sales of new or substantially renovated homes. Previously, an assignor may not have paid the GST on the assignment amount if they intended to reside in the property as their principal residence. However, under new rules, the GST is now payable by the assignor on any assignment amount.

The assignor is required to pay GST on the assignment amount, commonly called the lift.

GST isn't payable by the assignor on the total purchase price as the developer received the GST on the original purchase price portion and will be required to remit that.

GST is also not payable on the return of the deposit amount as this amount isn't income. 


For an example, let’s look at a residential pre-sale with an original purchase price of $800,000 and an assignment purchase price of $900,000, between a developer (who's a GST registrant) and an assignor and buyer who aren't GST registrants. 

The buyer/assignee would pay:

  • Original purchase price: $800,000
  • GST on purchase price: $40,000
  • Assignment amount: $100,000

The assignor would receive:

  • Assignment amount: $100,000
  • Brokerage commission, as applicable
  • GST on Assignment amount
  • Income tax on assignment amount

The assignor, following receipt of the assignment amount (which will include both the GST and Income Tax portions payable), will need to engage an accounting firm to make this payment to Canada Revenue Agency (CRA) within 30 days of the completion date of the transaction.

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Vacant land

The five per cent GST is applied to the sale of vacant land if:

  • the land is purchased from a developer; 
  • the land was used for business purposes at any time in the past, even if the land was purchased from an individual;
  • the land was subdivided into more than two lots (three or more), even if the land was purchased from an individual; or the land is capital property used primarily in a business.
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GST and new manufactured buildings and floating homes

There are three types of manufactured buildings:

  • manufactured portable buildings– includes floating homes and commercial use buildings, for example, construction site office; 
  • manufactured mobile homes– a house trailer parked in one place, used as a permanent living accommodation;  and
  • manufactured modular homes– a prefabricated home that consists of multiple sections or modules that are joined together on-site on a foundation to make a single building. 

If your client buys a newly constructed or substantially renovated mobile home or floating home, they'll pay the five per cent GST and can claim applicable rebates.

When leasing a new manufactured building, the GST applies only to the lease of a new manufactured portable building used for commercial use. 

 GST and used manufactured buildings

If your client buys or leases a used manufactured building for residential use, the GST doesn't apply to the sale. 

 However, if your client purchases or leases a used manufactured building for commercial use, then the GST does apply. 

Shares in a co-op

If your client bought shares in a co-operative housing complex for use as a primary residence, your client may qualify for a GST rebate. 

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GST and vacation property

Vacation property is property bought by an individual for personal use, short-term rental use (less than one month), or a combination of these two.

Vacation property includes detached and semi-detached houses, rowhouses and townhouses, and condominiums.

Generally, if your client buys a new vacation property, they’ll be required to pay the GST if the property is not used primarily (more than 50 per cent) as the vendor's primary residence and all or substantially all (90 per cent or more) of the rentals of the property are for periods of less than 60 days.

If your client plans to buy a vacation property and rent it as a short-term rental, they must register for the GST and get professional tax advice.

Read: The GST/HST and the Purchase, use and Sale of Vacation Properties by Individuals.

GST and commercial property

Commercial properties are subject to the GST. 

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Residential property exempt from the GST includes: 

  • the sale of an owner-occupied home if the home is bought and used primarily (more than 50 per cent) for personal use; 
  • used residential rental property for rent for periods of more than 30 days; 
  • the sale of a builder’s personal residence; or 
  • a residential property converted to an office – for example, an entire house converted to a dentist’s office. 

Removal of GST on new rental construction

The removal of GST will apply to new purpose-built rental housing, such as apartment buildings, student housing, and senior residences built specifically for long-term rental accommodation.

 The GST Rental Rebate increases to 100 per cent from 36 per cent and removes the existing GST Rental Rebate phase-out thresholds for purpose-built rental housing projects. The enhanced GST Rental Rebate applies to projects that began construction on or after September 14, 2023, and on or before December 31, 2030, and complete construction by December 31, 2035.

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Commissions and fees

The GST is applied to REALTOR® commissions and fees.

The standard multiple listing contract advises that the commission or fee is payable on the earlierof the following: 

  • the completion date under the Contract of Purchase and Sale; or
  • the actual date that the sale completes. 

If you have questions, contact the GST office at 1-800-959-5525.


The seven per cent Provincial Sales Tax (PST) doesn’t apply to sales of real property. The PST applies to construction inputs are used to construct or improve real property.

 The PST doesn’t apply to Realtor commissions and fees. PST does apply to legal and notary fees.

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BC brings in anti-flipping legislation
  • BC NDP government introduced home flipping tax legislation in line with their February 2024 budget promise.
  • Bill 15 2024 imposes a tax on profits from the sale of residential properties owned for less than 730 days, effective January 1, 2025.
  • Tax rates range from 20 per cent for sales within a year to no penalty after two years, with exemptions for certain life circumstances and real estate development activities.

The BC NDP government has followed through on a February 2024 budget promise and introduced legislation to tax home flipping, beginning in 2025.

Bill 15 2024: Budget measures implementation (Residential Property (Short-term holding) Profit Tax) Act, known as the home flipping tax, applies to income from the sale of a property, including presale contracts, in BC if the property was owned for less than 730 days.

Types of properties

The tax will apply to income earned from the sale of:

  • residential properties with a housing unit;
  • properties zoned for residential use; and
  • the right to acquire properties, such as the assignment of a purchase contract for a pre-build condo building.

Presale contracts

If your client enters into a presale contract to buy a property under development, and buys the property – they close on the property once it is complete, for the purposes of the two-year window of the tax – they’ll be considered to have acquired it on the date they entered into the presale contract.

If your client is assigned a pre-sale contract and then closes on the built property, the acquisition date is the date they were assigned the contract.

When your client assigns a presale contract to another person within two years of entering into the presale contract, they’ll pay tax on any income received from the assignment.

Tax amount

The tax applies to:

  • individuals or companies selling property; and
  • net taxable income from the sale of taxable property that was owned for less than 730 days.

The tax is:

  • 20 per cent tax on profits of homes sold within a year of purchase.
  • 10 per cent if sold after 18 months.
  • Not applied if your client sells after two years.

Key dates

The tax is effective on January 1, 2025. Residential property bought before this date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days unless an exemption applies.

For example:

  • If your client purchased a property on May 1, 2023, and sold the property on January 31, 2025, income earned from the sale of the property would be taxable.
  • If your client decided not to sell the property until June 1, 2025, then income earned from the sale would not be subject to the tax since your client owned the property for more than 729 days.

The property seller may be a BC resident or a resident anywhere else in the world.


There are exemptions for:

  • life circumstances including separation or divorce, death, disability or illness, relocation for work, involuntary job loss, a change in household membership, personal safety, or insolvency; and
  • those adding to the supply of housing or engaging in real estate development and construction.

The tax doesn’t apply to Indigenous Nations, charities, governments and government-owned corporations, and non-profits.

Primary residence deduction

If your client sells their primary residence and they owned the property for less than 730 days, they may qualify for a deduction of up to $20,000 from their taxable income if:

  • they owned the property for at least 365 consecutive days before they sold it; or
  • the property includes a housing unit that they lived in as their primary residence while they owned it.

If your client sells a portion of their interest in the property, their primary residence deduction amount will be proportionate to that interest.

More information available

The Ministry of Finance has provided more details on their website, including how the tax is calculated and additional examples related to pre-sales.

Note: the BC home flipping tax is NOT the federal property flipping rule, which is a separate federal tax.


Starting a Backyard Garden
Not every homeowner is willing or able to dedicate backyard space to a big garden, but the size of your garden shouldn’t deter you from looking into options for a very rewarding hobby.
Whether through simply growing a few herbs or flowers in containers, or by tilling a plot for bountiful harvests, gardening is known to improve physical activity and help reduce stress. Furthermore, tending to plants can help us develop personal resilience and learn to embrace acceptance on a psychological level. If you are a beginner, do not dismay – you will be surprised at the advice you can easily gather just by researching online or at a garden-centre.

Start with a plan based on the time you want to invest and the results you want to achieve, such as abundant foliage or luscious fruits and vegetables. Although each type requires specific care, indigenous plants tend to be hardiest. After determining growing schedules and sunlight requirements, you need to decide when and where to plant. Make sure taller species do not overshadow neighbouring sunlight-seekers, but also avoid over-exposing those needing shade. Before planting seeds or transplanting slips, condition the soil with recommended nutrients, and ensure water is readily accessible.

Selling your Home when You’re “Crazy-Busy”
Let’s face it. We all get busy at times. Sometimes we get “crazy-busy.” The trouble is, if you’re thinking of selling your property, having a jam-packed schedule might make you want to put off listing until a later date.
And, who knows what the market will be like later in the year?

The good news is, you can sell your home, even if you’re busy. There are plenty of ways to reduce the time, effort and stress involved.

The first step is to find out what needs to be done. Make a list. Turn that list into a plan and get that plan down on paper. That way, the process won’t just live in your imagination — where it might seem much bigger and more intimidating than it really is. Instead, it will be realistic and practical.

The next step is to see what can be done by others. If your schedule is already hectic, you want to minimize what you do on your own and outsource where possible. For example, you could hire a cleaning company, junk removal service, professional stager, and/or tradesperson. Of course, you’ll need to weigh that expense against the time you’d save, but it is often worth it.

Staying organized is also essential. When you’re busy, effective organization tools — to-do lists, calendar, scheduling app, etc. — will be your best friends. The more organized you are, the more you’ll feel on top of things.

Finally, get talking to professionals who are going to be able to help you — and even shoulder some of the heavy lifting.

The bottom line? Don’t let being “crazy-busy” prevent you from taking advantage of the opportunity to sell your home.

Fix it or Leave it As Is?
When you’re preparing your home for sale, you obviously want your property to look its best for buyers. That means fixing things that are broken, and, possibly, making a few improvements.

But, how do you decide whether to invest in fixing or improving something versus just leaving it as is?

Say, for example, the walls throughout your home are a bit faded. (They’ve gone through a lot of living!) You can get all the dents and holes filled and repaint the entire place. That would definitely make a huge difference in how your property looks to buyers. Or, you can choose NOT to do that project in the hopes your home will “show” well regardless.

There are a few things to consider before making that decision:

  • How much will the fix or improvement cost?

  • How much better will your home look to buyers?

  • Will the fix or improvement help sell your home faster?

  • Will the fix or improvement help sell your home for a higher price?

Once you have those answers, you’ll be in a much better position to make that decision.

By the way, painting is almost always a smart move when preparing your property for sale. The impact can be dramatic, and the cost is relatively low.


Everything You Wanted to Know About Short-Term Rental Changes
Posted by
Peter Borszcz
Montgomery Miles & Stone Law Firm

In brief, the legislative changes include:

  1. Limiting short-term rentals to the host’s principal residence plus one secondary suite or accessory dwelling unit (ADU) in most major BC communities (populations of 10,000 or more or adjacent communities) effective on May 1, 2024.
  2. Empowering regional districts to license short-term rentals located outside municipalities.
  3. Data sharing from short-term rental platforms is required to monitor and enforce the rules.
  4. Removal of legal non-conforming use or grandfathering of historical short-term rental use.
  5. Creation of a provincial registry for short-term rentals and a compliance and enforcement unit.

These rules exclude hotels, motels, strata hotels, timeshares, fishing lodges, First Nations reserve lands, and modern treaty lands (unless those First Nations opt in).

Importantly, the new rules serve as a baseline for the province, but they do not supplant stricter municipal restrictions; for example, the City of Kelowna has recently removed short-term rentals as a secondary use for all zones.

The new legislation will affect real estate across British Columbia. Here are some common questions from REALTORS® across the province:

Q: How do we advise clients who currently own short-term rental accommodations?

A: Clients should be aware that the new provincial Short-Term Rental Accommodations Act will come into force as of May 1, 2024. This Act is in addition to any municipal rules and strata bylaws that already apply. Clients should examine whether their use complies with the new law.

Q: I have a listing in a small or resort municipality; how do I know if the new short-term rental accommodations principal residence requirement applies here?

A: There are several exemptions: small and resort municipalities, mountain resort and electoral areas (including the Gulf Islands), and most municipalities with a population under 10,000 people (except those adjacent to larger municipalities; e.g., Highlands, Belcarra, Anmore, Qualicum Beach, Peachland). Small exempt municipalities, which are initially exempt from the principal residence requirement in the legislation, may opt in. Realtors should check the list of included and exempted municipalities as part of their due diligence (see the full list here).

Q: How do I advise buyers looking to purchase short-term rental accommodations?

A: The current housing shortage in British Columbia is prompting governments at all levels to respond in various ways. Clients should be aware that laws are constantly changing, and current permitted uses may change. Buyers looking to purchase short-term accommodations should be aware that a number of laws have been recently amended to address the housing shortage, including local bylaws, provincial laws (e.g., Short-Term Rental Accommodations Act, Speculation and Vacancy Tax, etc.), and federal laws (e.g., Foreign Buyers Ban, Underused Housing Tax, etc.), which may affect their intended and future uses. REALTORS® should draft specific subject conditions to allow buyers to do the legal due diligence necessary to determine if the target property will support short-term rental use.

Q: One of my clients purchased a pre-sale condo and intends to use it for short-term rentals. With the introduction of the legislation, do they now have a new right of rescission for a material change after their initial 7-day recission right has passed?

A: This will depend on the nature of the pre-sale condo development, the contract, and the disclosure statement applicable for that unit. Developers are required to provide continuous and accurate disclosure, and affected buyers should be advised to seek immediate legal advice specific to their situation.

Q: If I am listing a property that is currently a short-term rental, do I need to disclose the change in the law?

A: The change in law has been published and advertised by the government; therefore, this would not be considered to be a material latent defect and would not require separate Rule 59 disclosure. There may be practical reasons that a REALTOR® and a client may choose to provide this as prudent additional disclosure (for example, to ensure a smooth closing); however, this should only be done with your client's specific direction.

Q: A local strata building wants to petition the mayor to “opt-out” of these provisions. Are they able to do so?

A: While the legislation has “opt-out” mechanisms for local government where the rental vacancy rate is 3 per cent or higher for two or more years, these provisions are limited and only apply to a geographic area, not a specific building or parcel. There is no mechanism in the legislation for a single property or building to be exempted, even if the local government desires this. 

These legislative changes will affect buyers, sellers, strata corporations, and developers differently depending on each client's unique circumstances. As these are general guidelines only, REALTORS should ensure that their clients obtain legal advice specific to their respective clients' circumstances.

More information on how these changes affect BC's real estate is available from BCREA and BC Financial Services Authority.

Without limiting the Terms of Use applicable to your use of BCREA's website and the information contained thereon, the information contained in BCREA’s Legally Speaking publications is prepared by external third-party contributors and provided for general informational purposes only. The information in BCREA’s Legally Speaking publications should not be considered legal advice, and BCREA does not intend for it to amount to advice on which you should rely. You should not, in any circumstances, rely on the legal information without first consulting with your lawyer about its accuracy and applicability. BCREA makes no representation about and has no responsibility to you or any other person for the accuracy, reliability or timeliness of the information supplied by any external third-party contributors.


Create a personalized kids room that will grow with your child

The days are long, but the years are short. So, although it may be tempting to design a bedroom around your kids’ current wants and interests, it’s important to create a space that can evolve with them over time. Get inspired with these décor tips and create a bedroom that your children will love now and in five years’ time.

1. Don’t overdo the theme

Going all-in on your kids’ current obsession as an overall theme may seem like a no-brainer. But resist the urge to go overboard. Instead, add touches of your child’s desired theme throughout. Lamps, pillows, wall art and even themed bedding provide the perfect opportunities to be more daring and playful.

2. Invest in furniture that will last

Changing furniture every couple of years isn’t sustainable. Instead of spending money on child-sized tables and beds, consider investing in pieces that will stay grow with your child in terms of size and design. For example, if you have a young child that is graduating to a big kid bed, opt for a single bed that will last until they are a teen.

3. Get strategic with storage

Floating shelves, custom built-ins, bedroom benches, and under-bed storage are key to keeping your child’s room tidy. These in-room solutions will encourage kids to take control of their environment, inspiring independence and making your life easier.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.