Vancouver, BC – November 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2 per cent from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1 per cent from October 2017. Total sales dollar volume was $4.2 billion, a 29.3 per cent decline from October 2017.
“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir,...
Home sales in British Columbia have been subdued during 2018 and are expected to end the year 23% lower than 2017 with 80,000.
The figures from the British Columbia Real Estate Board (BCREA) reflect the tough year the province’s housing markets – especially Vancouver – following policy changes including the mortgage stress test and interest rate hikes. It could have been worse though had the economy not remained supportive.
But there is better news ahead with sales forecast to rise 12% in 2019 to 84,000 units, just above the 10-year average of 80,000.
“The marked erosion...
The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.
“The marked erosion of affordability and purchasing power caused by the mortgage stress test and rising interest rates...
Canada’s housing markets should see a moderation in both housing starts and sales while house prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth. This forecast for 2019 and 2020 is drawn from the 2018 Housing Market Outlook released today by Canada Mortgage and Housing Corporation (CMHC).
Nationally, CMHC’s outlook for 2019 projects total housing starts to edge down and range between 193,700 to 204,500 with the downward trend expected for both single and multi-unit starts. MLS sales are expected...
Home sale activity across Metro Vancouver* remained below long-term historical averages in October.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.
Last month’s sales were 26.8 per cent below the 10-year October sales average.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in...
Despite an easing in prices, the Canadian housing market remains “highly vulnerable,” according to the Canadian Mortgage and Housing Corporation.
Home sales and prices are coming down in Vancouver, but it is still an overheated market, according to a Canada Mortgage and Housing Corporation’s latest look at stability in real estate markets across the country.
“Metro Vancouver’s housing market remains highly vulnerable despite softening prices in the resale market,” said Eric Bond, CMHC’s Vancouver-based analyst.
“There are imbalances even though prices...
The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
The global economic outlook remains solid. The US economy is especially robust and is expected to moderate over the projection horizon, as forecast in the Bank’s July Monetary Policy Report (MPR). The new US-Mexico-Canada Agreement (USMCA) will reduce trade policy uncertainty in North America, which has been an important curb on business confidence and investment. However, trade conflict, particularly between...
Luxury home sales in two of Canada’s most expensive markets are down from a year, as the high-end real estate market feels the effect of foreign buyers taxes.
TORONTO — Sales of luxury homes in two of Canada’s most expensive cities fell this year, as the high-end real estate market continued to feel the impact of foreign buyers taxes.
Realty brokerage Re/Max says sales of single-detached homes priced from $1 million to $2 million fell 35 per cent from a year ago in both Toronto and Vancouver.
According to the annual report, released Tuesday, sales of single-detached homes...
The British Columbia Real Estate Association welcomes the Government of British Columbia’s inclusion of exemptions from the speculation and vacancy tax proposed as Bill 45 today, Tuesday, October 16, 2018. Some of the exemptions directly address concerns BCREA brought to the Province’s attention through its advocacy work.
The Bill allows for exemptions for British Columbians going through traumatic life events such as illness and divorces or separations. It also allows for exemptions for owners of properties that are being developed or undergoing renovations.
It also exempts...
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales edged down slightly between August and September 2018.
- National home sales edged back 0.4% from August to September.
- Actual (not seasonally adjusted) activity was down by 8.9% from one year ago.
- The number of newly listed homes rose by 3% from August to September.
- The MLS® Home Price Index (HPI) was up 2.3% year-over-year (y-o-y) in September.
- The national average sale price edged up a slight 0.2% y-o-y in September.
National home sales via Canadian MLS® Systems eased by 0.4% in...
Vancouver, BC – October 11, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017.
“BC home sales continue at a slower pace compared to last year,” said Cameron Muir,...
The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.
Last month’s sales were 36.1 per cent below the 10-year September sales average.
“Fewer home sales are allowing listings...
Canada and the U.S. have announced a tentative new trilateral trade deal with Mexico that includes some key concessions on issues of import to both countries — and also a reworked name: the United States-Mexico-Canada Agreement (USMCA).
"USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region," Foreign Affairs Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer said in a joint statement released late Sunday.
The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.
The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.
The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.
This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.
The maximum rent increase that was allowed...
Vancouver councillors have ended two days of public hearings by voting to allow duplexes in most city neighbourhoods currently restricted to single-family homes.
Mayor Gregor Robertson says the decision is another step toward adding homes in the city for the so-called ``missing middle,'' which includes young families pushed out of Vancouver by soaring property prices.
A news release from the mayor's office says the policy change means duplexes are now permitted on approximately 67,000 single family lots, offering an option that is more affordable than a detached home.
The 7-4 vote was split along...
Statistics released today by The Canadian Real Estate Association (CREA) show a small increase in national home sales between July and August 2018.
- National home sales rose 0.9% from July to August.
- Actual (not seasonally adjusted) activity was down 3.8% from August 2017.
- The number of newly listed homes was unchanged from July to August.
- The MLS® Home Price Index (HPI) was up 2.5% year-over-year (y-o-y) in August.
- The national average sale price edged up 1% y-o-y in August.
National home sales via Canadian MLS® Systems edged up by 0.9% in August 2018, marking a fourth consecutive...
Mortgage Rate Outlook
The Canadian mortgage market is undergoing significant tightening with the availability of credit falling and interest rates rising. The mortgage stress test introduced in January negatively impacted home sales nationwide as prospective homebuyers with more than 20 per cent down payments were denied access to loans they would have qualified for under the old regulatory regime. As a result, mortgage credit growth in Canada has slowed dramatically. On the pricing side, monetary policy continues to be the primary driver of higher mortgage rates in 2018 as the Bank of Canada...
The British Columbia Real Estate Association (BCREA) reports that a total of 6,743 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in August, a 26.4 per cent decrease from the same month last year.
The average MLS® residential price in BC was $669,776, down 1.2 per cent from August 2017.Total sales dollar volume was $4.5 billion, a 27.3 per cent decline from August 2017.The downturn in housing demand induced by the mortgage stress-test is now largely behind us,” said Cameron Muir, BCREA Chief Economist.The BC housing market isevolving...
The trend in housing starts was 214,598 units in August 2018, compared to 219,656 units in July 2018, according to Canada Mortgage and Housing Corporaton (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"The natonal trend in housing starts contnued to decline in August from the historical peak that was recorded in March 2018," said Bob Dugan, CMHC's chief economist. "This moderaton brings total starts closer to historical averages, largely refectng recent declines in the trend of mult-unit starts...
The Bank of Canada's decision to leave its interest rate unchanged Wednesday could be just a brief pause that comes as it carefully follows the unpredictable twists in the country's trade talks with the United States.
The central bank kept its benchmark at 1.5 per cent, but many experts predict another increase could arrive as early as next month.
In a statement Wednesday, the Bank of Canada said more hikes should be expected thanks to encouraging numbers for business investment, exports and evidence that households are adjusting to pricier borrowing costs.
The bank, however, also made...