The British Columbia Real Estate Association (BCREA) reports that a total of 8,989 residential sales were recorded by the Multiple Listing Service® (MLS®) in June, up 24.9 per cent from June 2013. Total sales dollar volume was $5 billion, an increase of 30.5 per cent compared to a year ago. The average MLS® residential price in the province rose
to $556,977, up 4.5 per cent from the same month last year.

“Home sales finished the second quarter on an upward trend,” said Cameron Muir, BCREA Chief Economist. “The increase in provincial housing...

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

Total CPI inflation has moved up to around the 2 per cent target in recent months, sooner than expected. Core inflation has also increased but remains below 2 per cent. Recent higher inflation is attributable to the temporary effects of higher energy prices, exchange rate pass-through and other sector-specific shocks, rather than to any change in domestic economic fundamentals. Over the next two years, inflation...

The Bank of Canada announced on July 16^th, 2014 that it was keeping its trend-setting overnight lending rate at 1 per cent.

The overnight rate has not moved in almost four years, and the Bank’s July announcement and accompanying Monetary Policy Report (MPR) suggest the most likely scenario right now is that the overnight rate will remain parked where it is for at least another year and a half.

That said, the Bank made clear that it was “neutral” with respect to not only the timing but also the direction of any future change to the policy rate. The Bank is taking a wait and see...

The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers...