As we got closer to the holidays and the weather became colder, November showed an increase in housing inventory, giving home buyers across Metro Vancouver* among the largest selection to choose from since 2021. With one month left in 2023, home sales activity remained up but still modest compared to the long-term averages, and listings were down across Greater Vancouver’s housing market.

 Residential Home Sales

The Real Estate Board of Greater Vancouver (REBGV)^ reports that residential sales in the region totaled 1,702 in November 2023, a 4.7% increase from the 1,625 sales recorded in November 2022. This was 33% below the 10-year seasonal average (2,538).

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https://stilhavn.com/metro-vancouver-housing-update-november-2023/

The single-family home may become more scarce with the new housing legislation the Province of British Columbia is introducing.

“B.C. isn’t building enough small-scale multi-unit homes that fit into existing neighbourhoods and give people more housing options that are within reach. That’s why we’re taking action to fix zoning problems and deliver more homes for people, faster.” – said Premier David Eby.

Read more...

https://stilhavn.com/the-end-of-single-family-zoning-across-bc/

The FHSA - The First Home Savings Account is an incentivised savings strategy for first time home buyers.

You must be a minimum of 18 years old (19 in some provinces to enter into a legally binding contract) up to the age of 71 years 

For the purpose of opening an FHSA, you are considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home  (or what would be a qualifying home if located in Canada) as your principal place of residence that either:

• you owned or jointly owned
• your spouse  or common-law partner  (at the time the account is opened) owned or jointly owned

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html