Broker Update, September 15, 2023
Time’s running out - get your 20% PacificWest group discount before it expires!
You and the members in your office can enjoy the inaugural year of the PacificWest conference at a discounted rate if you register before September 18! Just assemble your group of 10 or more and use the code Broker20 at the checkout before September 18 to take advantage of a 20% discount on regular and VIP tickets.
If you have 10 or more members looking to register and they want to cover the costs themselves, we can register them for you and bill them individually.
Here’s how it works:
1. Download this spreadsheet and add the following information:
- Salesperson's name
- Salesperson's email
- Your company name
- Salesperson's title
- Admission type (VIP or General)
- What Board are you a member of?
- Where did you hear about us from?
2. Send the completed spreadsheet to info@pacificwest.ca or Heather Connelly at heather.connelly@fvreb.bc.ca. Once they've received your form, you'll receive a confirmation email. Your salespeople will receive an email with a link to pay for their ticket. They'll need to complete their payment by September 18.
VIP registration and Opening Night Party tickets are in high demand, and spots are limited with 80% of VIP tickets already sold. VIP tickets secure you front-of-the-line seats at the keynotes, access to our VIP lounge, and more!
I’m most excited for our world-class keynote speakers, Ben Nemtin and Shaun Kanungo. Watch this promotional video to get a taste of what you can expect from these dynamic and thought-provoking presenters.
Learn more about what you and your fellow REALTORS® can expect from PacificWest and secure your discounted tickets before it's too late!
Will home sales stay resilient in the face of high interest rates?
Since we published our H1 forecast in January, Metro Vancouver’s residential market has shown surprising resilience and strength, with the impact of the Bank of Canada’s most recent tightening cycle beginning to fade.
While mortgage rates remain at levels not seen in over ten years, home sales have been relatively strong with sales activity nearing pre-tightening cycle levels. But will this trend continue?
Our H2 forecast looks at current and historical market trends alongside economic factors like inflation and risk of recession to predict what the second half of 2023’s housing market will look like.
Key highlights
- With the actual number of sales falling just shy of the predicted year-to-date total we believe our H1 forecast remains on-track.
- Prices have already surpassed our year-end estimates from H1, and inventory remains historically low. We have revised our price growth estimates modestly upwards.
- While inflation is finally receding in Canada, the impact of higher interest rates still poses risks to the greater economy.
Watch a recording of our recent event
Andrew Lis, our director of economics and data analytics, recently hosted a free session to discuss the H2 forecast. Over 300 members attended. Watch a recording below:
Suggest a housing-related charity for our REALTORS Care® Shelter Drive to support
Each year the Board chooses up to three housing-related charities that we fundraise for as part of our REALTORS Care® Shelter Drive.
Members support these charities through our Shelter Drive by:
- buying home show tickets
- buying the annual REALTORS Care® Teldon calendar
- participating in other Board-sponsored fundraising, e.g. 50/50 tickets, donating to the Blanket Drive charity fundraiser
With your donations, Realtors have helped charities by providing services for women and children fleeing domestic violence, contributing to a youth caseworker's salary so they can help more at-risk teenagers, and giving to support programs for those with addiction challenges.
We’d like your help identifying housing-related charities we could consider. The charities must be:
- based in the Real Estate Board of Greater Vancouver area;
- housing-related, including shelters, transition houses, and affordable housing initiatives; and
- registered with the federal government.
Send your suggestion(s) to Fiona Youatt at fyouatt@rebgv.org or 604-730-3068.
Great closing gift options that support REALTORS Care®
Speaking of home show tickets and Teldon calendars, they’re available now but time is running out so don’t delay!
Vancouver Fall Home Show happens September 28 to October 1 and tickets are their lowest price yet – just $10 per ticket! You only pay for the tickets your clients redeem at the show. Learn more and order your tickets here.
Teldon calendars are available while supplies last. Our 2024 calendar includes tranquil images in nature accompanied by a brief description of the area and insightful facts. Learn more and order your calendars here.
Does density make homes more affordable? Tell us what you think
Vancouver has the highest population density in Canada, with more than 5,750 people per square kilometre, according to Statistics Canada. Toronto is second in density with 4,427 residents per square kilmometre.
In the United States, New York leads the way with 29,302 residents per square mile (75,892 residents per square kilometer), followed by San Francisco with 18,633 residents per square mile (48,254 residents per square kilometer), and Los Angeles with 8,304 residents per square mile (21,506 residents per square kilometer).
So, the question is if densification produces more affordable housing, why are Vancouver’s housing prices so expensive? What other factors are at play?
Tell us what you think. Send your comments to Harriet Permut, director of government relations at hpermut@rebgv.org.