SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history. The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April, a decrease of [...]
In the span of four to six weeks, COVID-19 has dramatically changed the way we think, the way we look at the world, and most importantly for you, the way you conduct your business and ensure your livelihood continues. Pivot and adapt are words we’re seeing a lot now and in fact, it’s advice the [...]
New Canada Emergency Commercial Rent Assistance (CECRA) program Last week, Prime Minister Trudeau introduced a new Canada Emergency Commercial Rent Assistance (CECRA) program to help small businesses impacted by COVID-19 reduce their cost of rent by 75 per cent. In this morning’s update, the Prime Minister reported that the federal government has reached an agreement [...]
This pandemic has put a stranglehold on more than business and social life. It has also opened up some legal and procedural potholes and pushed the normal processes of selling, buying, conveyance, contracts, deposits, writs and enforcement into some tight corners. Order of possession In a recent NewsReal, we shared what an Order of Possession [...]
It’s been about six weeks of the COVID effect on the housing market. How bad is it? And what do the most recent numbers tell us about what’s in store? No one is watching MLS® data more closely than Brendon Ogmundson, BCREA’s Chief Economist.On April 20, BCREA released preliminary projections on how COVID is [...]
Provincial Government Renter Subsidy Application now open As part of the Province’s $5 billion action plan, the BC Temporary Rental Supplement Program gives tenants and landlords temporary support toward rent payments for renters impacted by COVID-19. The renter subsidy application process has been opened and the government has provided clarity on eligibility criteria. Further details [...]
by Paul Cowhig, Advisor, Professional Standards Last week we covered the new emergency measures in place affecting tenancy in BC suspending evictions during this COVID-19 pandemic, (except in “specific” circumstances.) But what happens if a home buying client purchased a home, gave an Order of Possession in mid-March, and plans to take possession at the [...]
by Paul Cowhig, Professional Standards Advisor We are in a remarkable moment in time – one of those rare times where everything changes… we don’t yet know how long this situation will last, and we won’t know until we get there but, in the meantime, I want to say, be careful! We are all [...]
SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic. By the end of March, the FVREB processed a [...]
SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10-year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below-average levels. The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) [...]
