Vancouver Real Estate Market Update

There is often a lot of confusion, and misinformation about the real estate market in Vancouver. The media likes to create "news", so often real estate market information is given a sensational "breaking news headline" - that perhaps sometimes misconstrues the facts somewhat.

Our attempt with this market update is to give you the facts about what has been happening in the Vancouver market focusing on the Vancouver West Side and Vancouver East Side. Remember, if you need a Vancouver Realtor don't hesitate to call, as we specialize in both Vancouver West Side and East Vancouver Real Estate.

For more detailed statistics for Vancouver neighbourhoods visit our Market Stats Page, where you can search each neighbourhood, for current information about pricing.

Check out stats for the following Neighbourhoods in Vancouver:

Vancouver East - Champlain Heights, Collingwood, Downtown East, Fraser, Fraserview, Grandview, Hastings, Hastings East, Killarney, Knight, Main, Mount Pleasant East, Renfrew, Renfrew Heights, South Vancouver, Victoria

Vancouver West - Arbutus, Cambie, Coal Harbour, Downtown West, Dunbar, Fairview West, False Creek, Kerrisdale, Kitsilano, Mackenzie Heights, Marpole, Mount Pleasant West, Oakridge, Point Grey, Quilchena, S.W. Marine, Shaughnessy, South Cambie, South Granville, Southlands, University, West End, Yaletown

*BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

RECENT CHANGES THAT EFFECT REAL ESTATE IN VANCOUVER

TAXES

Property Transfer Tax Increase effective February 2018 - The property transfer tax rate is:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
3% on the portion of the fair market value greater than $2,000,000, and
if the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).More Info on PTT

20% Foreign Buyer Tax - an addition to the Property Transfer Tax (PTT)
Effective February 20, 2018, a purchaser falling under the criteria of a foreign buyer will have to pay a supplementary PTT of 20%. This tax currently has geographical boundaries and applied to any properties located within the Greater Vancouver Regional District only. More Info on PTT - 20% Foreign Buyer

1% Empty Home Tax - City of Vancouver
In November 2016, City of Vancouver's Councillors voted to implement, as of January 1st, 2017, a 1% tax on empty homes. The City of Vancouver website provides details as to what it considers an empty home. The tax will not be due prior to 2018. More Info on Empty Home Tax

GRANDVIEW WOODLAND OFFICIAL COMMUNITY PLAN (GWOCP)
This OCP was released last year and will be effective sometimes in 2017. A lot of changes, some drastic others less so, are coming into this fantastic neighbourhood. The full details of this plan can be found on either our website or the City of Vancouver website. More Info on Grandview Woodland OCP

Citywide Character Home Rezoning
On October 3, 2017, Council approved amendments to the Zoning and Development Bylaw. The amendments introduce character retention incentives and increased opportunities for housing choice in all single-family (RS) zones across the city. More info on Character Home Zoning