Effective July 18, 2024, landlords will be required to provide tenants with 4 months' notice if they or a purchaser intend to move into the rental unit. Landlords will need to generate their notice to end tenancy for landlord or purchaser occupancy using a web portal on the RTB website.

Implications for the Real Estate Market:

1. The mandatory use of the web portal may streamline and standardize the process for ending tenancies, reducing errors and disputes.

2. Longer Notice Period: Extending the notice period to four months provides tenants with more time to find new housing, potentially reducing the immediate impact on their lives.

3. Planning for Landlords: Landlords will need to plan further in advance if they or a buyer intend to occupy a rental property, which could affect the timing of property sales and occupancy changes.

4. Market Stability: This change might create a more stable rental market by providing tenants with greater security and predictability, but it could also lead to longer vacancies if landlords or buyers need to wait to move in.

5. Impact on Sales: Buyers who intend to occupy a property may need to consider the extended notice period in their purchase decisions, potentially delaying transactions.

Overall, these changes aim to balance the interests of both landlords and tenants, fostering a fairer rental market environment.

Call today to discuss your options as a landlord/ buyer or renter:

604-442-9422- Anna Litvak Joseph 

ABOUT ANNA LITVAK JOSEPH

Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and through the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.

With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a  Medallion Club Member in 2018, 2019, 2020, 2021, 2022,  and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.

Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.  

About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.

Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.

BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.

BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers. 

MEET TEAM MEMBERS

Listings  | Selling a Home  | Home Evaluation  | Moving to BC  | Investors 

Market Statistics  | Customized Market Insights 

Metro Vancouver home sales registered on the MLS® stayed below seasonal and historical averages in June. With less competition among buyers, inventory has risen to levels not seen since spring 2019. The June data continues to show a trend where buyers are hesitant to transact at typical volumes for this time of year, while sellers remain eager to list their properties. This situation is driving inventory levels to a healthy range not seen since before the pandemic, giving buyers more options and leading all market segments toward balanced conditions.

Detached Home Sales- In June 2024, 694 detached homes were sold, marking an 18.2% decrease from the 848 detached sales in June 2023. The benchmark price for a detached home is $2,061,000.

Apartment Home Sales- In June 2024, 1,245 apartment homes were sold, representing a 20.9% decrease from the 1,573 sales in June 2023. The benchmark price for an apartment home is $773,400.

Attached Home Sales- In June 2024, 456 attached homes were sold, marking a 16.6% decrease from the 547 sales in June 2023. The benchmark price for a townhouse is $1,138,100.

Upcoming interest rate announcement from the Bank of Canada in July could lead to another policy rate cut this summer, further favoring buyers even if the increase in affordability is modest. However, The below-average transaction volumes in June suggest that many buyers remain cautious, causing inventory to build up and limiting upward price pressure across market segments. Nevertheless, the data shows that well-priced properties continue to sell quickly, highlighting that astute buyers can identify and capitalize on good opportunities.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets discuss all the available options. 

Please contact us today at 604-442-9422

ABOUT ANNA LITVAK JOSEPH

Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and through the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.

With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a  Medallion Club Member in 2018, 2019, 2020, 2021, 2022,  and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.

Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.  

About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.

Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.

BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.

BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers. 

MEET TEAM MEMBERS

Listings  | Selling a Home  | Home Evaluation  | Moving to BC  | Investors 

Market Statistics  | Customized Market Insights