Vancouver's housing market has, according to the local real estate board, entered a "new cycle marked by quieter home buyer demand."

In its monthly report, the Real Estate Board of Greater Vancouver said it's seeing a slower demand, coupled with a gradual rising in supply.

The report released Wednesday says 1,887 residential homes sold last month. This is a 43.3 per cent decrease from what the board saw last July, and down 22.8 per cent from June of this year.

Compared to what is typically seen in July in the region, the number of sales is down 35.2 per cent, the board said.

Read More: Vancouver's housing market has entered a new cycle.

Before you roll out the wallet, think about what household projects are likely to provide the best return on your investment, say specialists in this field.

“There are a myriad of outdoor home improvements, but some provide better resale value for your home than others,” says Carla Bouchard, a broker with Royal LePage Metro in Moncton, New Brunswick. “Be sure to invest your time, money and resources in a project that is going pay back when it comes time to sell your home.” Bouchard recommends these top three outdoor home improvements:

Read here: Top Summer Home Improvement Ideas

Mike Holmes says summer maintenance should include checking for cracks around and below windows, torn screens, holes in mortar or loose bricks. Also check your deck, roof, gutters, driveway, etc...

Regular maintenance keeps your house clean, and your systems and appliances work more efficiently when properly maintained. Even newly constructed homes require routine upkeep and will last longer, keeping your family safe and secure for years to come.

READ MORE: It’s inspection season | National Post

We may think of Canada as the winter capital of the world, but summers can get very hot. A prolonged period of heat can become dangerous for many people.

Prolonged exposure to extreme heat can result in heat-related emergencies, such as heat cramps, heat exhaustion, and heat stroke. The best way to protect yourself and your family in case of a heat wave is to follow these steps:

• Stay hydrated and cool.
• Check with your neighbours, friends and those at risk.
• Be prepared for power outages, and have an emergency plan in place.
• Check the contents of your emergency kit in case of a power outage. 

Read More: Heat Waves: Before, During & After

Squamish will be included in the Speculation and Vacancy Tax, the provincial government has announced. North Cowichan, Duncan, Ladysmith, Lake Cowichan, and Lions Bay are also included in this tax.

These changes will come into effect in January 2023, meaning home owners declare and claim an exemption for the first time in January 2024.

READ MORE in our Squamish Reporter: BC expands Speculation and Vacancy Tax to Squamish - The Squamish Reporter

In the past 6 months, there has been a major shift in Real Estate in Squamish.  First, when the interest rates rose slightly, there was a calming effect and people didn't feel the need to pay over the asking price.  The volume of transactions in the Squamish Real Estate market started to fall.  Everyone was wondering if the next rate hike would have an impact on prices.  I eluded to this fact in my market report sent to my clients in May, that a 1% rate hike would have to potential to initiate falling prices.  I was right about that.  The Squamish Real Estate market hasn't looked back since. Prices really stalled and have now started to pull back.  With rising interest rates, this has created a dilemma for buyers and most are sitting on the sidelines waiting.   

If you are one of the buyers sitting on the sidelines, make sure you have a long rate hold in place. This is the only way for you to really take advantage of a falling market.  If you do not have a rate hold, then as prices drop and interest rates rise, your payments will remain very close to what they were if you had bought earlier.  The market has a tendency to do this.  Keep this in mind when you are looking at properties.  it all balances out in the end.  The best thing you can do is to find the "right" property for you....one that you are happy with.

As a seller, if you are not moving into another home right away, then you need to sell as soon as possible as prices will continue to drop for the foreseeable future.  Keep this in mind.  The downtrend in prices could last as long as 5 years depending on how quickly prices adjust to the rate increases and depending on how quickly the BoC raises rates.

For more information about the right path, reach out, and I will answer any questions you have.

A Canadian first: How B.C. plans to protect buyers entering the real estate market

The provincial finance minister announced details of Phase 1 at a news conference in Vancouver Thursday, during which she described the measures as a first in the country.

The measures are meant to protect buyers from taking on too much risk in the housing market, Selina Robinson said.

She told reporters the government has heard many stories of buyers feeling that they need to waive all conditions when buying a home. The new legal protections, which come into effect on Jan. 1, 2023, are meant to combat that risk...

READ MORE: Canadian real estate: B.C. measures to protect buyers | CTV News

Key facts

• The new cooling off period will be effective January 1, 2023.
• Buyers will have three days to back out of a residential purchase after signing a contract.
• Buyers who back out of a contract within this three-day period will have to pay a rescission (cancellation) fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500.