Monday, January 30, 2023

REBGV looks back at the five biggest stories affecting our real estate market in 2022. 

The headline story in our market in 2022 was undoubtedly the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy interest rate. 

The Bank of Canada decided to increase the policy rate at seven of the eight interest rate announcements last year.  

This increase has impacted those holding variable-rate mortgages, those looking to renew, and those wishing to enter the market. 

MLS® data shows that these increases have translated into downward pressure on home sale activity, and to a lesser extent, home prices in Metro Vancouver. 

 

Interventions by the federal and provincial governments were a major story in 2022.  

Many of these were set to begin January 1, like the provincial cooling off period and the federal foreign buyer ban. Others will happen later this year.  

The industry spent much of 2022 preparing for these changes. We’ll monitor the market to see what the impacts, intended and unintended, are. 

While the province began to lift pandemic restrictions in 2021, 2022 was the first full year of relaxed safety protocols. Previously closed offices began opening their doors again, including REBGV. 

We welcomed members to visit us in-person and introduced a hybrid workplace model.  

The flexibility that work-from-home and hybrid models offer employees while maintaining productivity has meant commercial office space continues to be underused.  

As REALTORS® and businesses continue to adapt to this hybrid landscape, REBGV continues to look for hybrid solutions such as  multi-format PDP courses ranging from traditional in-person classes to virtual live instructors and self-paced online options.

The evolution of smart phones and devices has put the tools of the trade closer to our fingertips than ever before. 

E-signatures and digital contracts have already changed how we manage documents.  

Some real estate platforms – particularly in the US – have already adopted a mobile-first approach. The local real estate sector, however, is still in the early stages of having new mobile technologies that support client interactions. 

Later this year, REBGV will introduce a new version of Paragon Connect with an enhanced user interface and more integration with geospatial data such as walk scores, local amenities, and city services. 

The past few years have put a long-needed spotlight on diversity, equity, and inclusion (DEI).  

We believe the real estate community recognizes the need to stand up for inclusion. 

At REBGV, we created a DEI statement and an advisory group of members, who are working with staff and experts to develop a DEI program focused on delivering education and fostering conversations.