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NEWSREAL | REAL ESTATE NEWS | FEBRUARY 2023

Posted on February 3, 2023 by RICK THE REALTOR®

FRASER VALLEY STATS | JANUARY 2023

CONDOS | Year Over Year Price - Down 5.9%

970 LISTINGS

198 SALES

20% OF LISTINGS SOLD

41 AVG DAYS TO SELL

TOWNHOMES | Year Over Year Price - Down 8.8%

659 LISTINGS

170 SALES

26% OF LISTINGS SOLD

40 AVG DAYS TO SELL

HOUSES | Year Over Year Price - Down 17.6%

1350 LISTINGS

182 SALES

13% OF LISTINGS SOLD

42 AVG DAYS TO SELL

IS THERE ENOUGH IN THE CONTIGENCY?

Most Strata Corporations in BC are Not Saving Enough for the Future (to avoid special levies). So,

how much can buyers expect to pay in special levies because BC stratas aren’t saving enough in their

CRFs to pay for all their future capital projects/expenditures?

Based on the last 839 strata corporation reviews recently completed, as of today (January 2023),

buyers can expect, on average to pay approximately $16,550 in total special levies over the upcoming 10 years .

For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in

Canada under the definition of “residential property.” Although further technical interpretations of the

regulations are still pending, here is the current understanding of the regulations.

REALTORS®, along with lawyers and notaries, have an obligation to inform their clients. The legislation does

not rely on REALTORS® to enforce the prohibition. However, REALTORS® who knowingly assist a non-Canadian

in contravening the prohibition can be found guilty of an offence and liable on summary conviction to a fine of

up to $10,000.

Importantly, REALTORS® do not have any information collection, processing or reporting requirements.

REALTORS® should still engage in due diligence as a measure of risk mitigation. To support REALTORS® with

their due diligence, the Canadian Real Estate Association (CREA) has developed a certificate:

Certification and Consent of Purchaser.