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VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.” 

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact

Craig Munn V.P.,
Communication and Events Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org

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SURREY, BC – The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled. 

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region. 

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years. 

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days. 

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.
  • Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.
  • Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.
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Whether you're a homeowner looking to sell your home or are a prospective buyer hoping to get into the real estate market, there are certain key terms you should be familiar with, including "assessed value" and "market value". Basically, these terms refer to how much a home is worth.

Since they both involve the value of a home, how do assessed value and market value differ? Read on to find out what each term means and why it's important to differentiate between the two.

What Is Assessed Value vs. Market Value?

While both assessed value and market value involve determining how much a property is worth, they each serve different purposes.

Assessed Value

The assessed value is used by local governments to determine how much homeowners are required to pay in property taxes. It's basically the value that property assessors establish before applying the municipality's assessment rate. Every city has its own tax rate, which typically changes every year and is based on the cost of paying for services in the community, such as policing, fire departments, road maintenance, and education, among others.

Municipal tax assessors will evaluate multiple factors when assessing the value of a home.

This may include:

  •   comparable properties in the area
  •   recent improvements
  •   the cost to replace the home if it is ever destroyed
  •   whether or not the homeowner is collecting rent

The assessed value of the home is then multiplied by the jurisdiction's tax rate. This results in the property tax amount that homeowners must pay every year. The higher the assessed value of a home, the more property taxes the homeowner must pay.

What Is Market Value?

Market value is used by real estate agents, lenders, sellers, and buyers to determine the value of a property for the purpose of estimating how much a home is worth based on current market conditions. Essentially, the market value represents a price that a qualified buyer would be willing to pay for a specific home today.

How Do Real Estate Agents Use Market Value?

Real estate agents typically use the comparative market analysis method to estimate the current value of a property, though there are other methods available. With the comparative market analysis tactic, agents compare similar homes in the vicinity of the subject property that have recently sold. They then use the sale prices of these properties to come up with a competitive listing price for the home they're selling. Buyer agents also use the market value of a home to determine a fair offer price.

How Do Lenders Use Market Value?

Lenders typically hire professional home appraisers to determine the market value for homes when homebuyers apply for a mortgage to finance the properties. That way, lenders are assured that they're not loaning out more than what the properties are worth.

What Is Fair Market Value vs. Market Value?

Fair market value refers to the highest price a home could sell for in an open housing market between a seller and buyer who have all the information needed to make an informed decision. Ultimately, it's the buyer or seller who determines the fair market value of a home.

Market value, on the other hand, is determined by the real estate agent or appraiser. It refers to the price a home should sell for based on current market conditions.

Information provided by Mortgage Maestro

Wondering what your homes Tax Assessed Value is?
www.bcassessment.ca

Wondering what your homes Market Value is?
Call Bianca Myddleton* for your confidential Market Evaluation

*Personal Real Estate Corporation

www.535sold.com Bianca@535sold.com or 604-535-7653
103 - 3088 Croydon Dr. S. Surrey V3ZOT1


This communication is not intended to solicit anyone under contract with another Agent of Brokerage.





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VANCOUVER, BC – January 3, 2024– Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021.

Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272).

“You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.”

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021.

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023.

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.” 

“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.”

December 2023 summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114).

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023.

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023.

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023.

1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Mark Moldowan
Manager, Communication and Editorial Real Estate Board of Greater Vancouver
604.730.3153 mmoldowan@rebgv.org

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SURREY, BC – The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.

With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and down by 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.

“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”

Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6 per cent compared to this time last year.

“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we should see demand pick up.”

At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent from December and off by 15.1 per cent compared to January 2022.

“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well- advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take advantage of the anticipated market upswing.”

Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.

  • Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to

    December 2022 and decreased 8.8 per cent compared to January 2022.

  • Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent

    compared to December 2022 and decreased 5.9 per cent compared to January 2022.



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SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID‐19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10‐year average due to unrelenting, pent‐up consumer demand during the second half of 2020.  


In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.


The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.


In 2020, sales of the three main residential property types were as follows: 8,176 single‐family detached; 5,102 townhouses; and 4,357 apartments. Year‐over‐year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.                                                                                                                                                                        

Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six‐month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family‐sized homes in our region and so far, there is no sign of it slowing down.”


A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.


Baldev Gill, Chief Executive Officer of the Board, adds, "Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single‐family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.


 Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.


 Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.

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Fraser Valley January home sales typical; new listings lagging

SURREY, BC – January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month, while new listings finished 11 per cent below historical norms.


The Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 21.9 per cent decrease compared to sales in December 2019, and a 24.2 per cent increase compared to the 784 sales in January of last year.


Of the 974 total MLS® sales of residential and commercial combined in the Fraser Valley, 363 were single family detached homes, 241 were townhouses, and 248 were apartments.



"Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January," said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January's numbers remained consistent with that trend."



There were 5,143 active listings available in the Fraser Valley at the end of January, an increase of 9.8 per cent compared to December 2019’s inventory and a decrease of 14.2 per cent year-over-year.

Additionally, 2,216 new listings were received by the Board for the month, a significant increase compared to December 2019’s intake of 948 new listings and a 15.1 per cent decrease compared year-over-year.



"Where the weather may have had an impact in January, is on our housing supply," observed Germyn. "For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling. So, if you’re thinking of buying, talk to your REALTOR® about local market conditions to understand the variances."


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 per cent compared to December 2019 and, also increased 0.7 per cent compared to January 2019.
  • Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 per cent compared to December 2019 and decreased 0.8 per cent compared to January 2019.
  • Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 per cent compared to December 2019 and decreased 0.1 per cent compared to January 2019.


For the Fraser Valley region, the average number of days to sell an apartment in January was 49, and 47 for townhomes. Single family detached homes remained on the market for an average of 60 days before selling..
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Inventory rises and apartment sales take lead during modest January market


SURREY, BC – Overall inventory levels continued to recover as market activity remained moderate through January. The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 2 per cent decrease compared to sales in December 2018, and a 35.2 per cent decrease compared to the 1,210 sales in January of last year.


Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month. “This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”


There were 5,995 active listings available in the Fraser Valley at the end of January, an increase of 9.9 per cent compared to December 2018’s inventory and an increase of 51.3 per cent year-over-year.


Additionally, 2,609 new listings were received by the Board for the month, a significant increase compared to December 2018’s intake of 978 new listings and a 24.7 per cent increase compared year-over-year. “Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”


For the Fraser Valley region, the average number of days to sell an apartment in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.


HPI® Benchmark Price Activity


• Single Family Detached: At $954,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.2 per cent compared to December 2018 and decreased 3.3 per cent compared to January 2018.


• Townhomes: At $522,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.8 per cent compared to December 2018 and increased 0.5 per cent compared to January 2018.


• Apartments: At $409,000, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.2 per cent compared to December 2018 and increased 1.2 per cent compared to January 2018.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.