March 27, 2017
JUST SOLD: 300 9300 University Cr., Burnaby, SFU
"Spacious & Luxurious" This 3 Bedroom and 2 Bath Condo offers 1,283 sf with excellent layout, 9' ceiling, very Clean, Bright and Quiet Living. Elevator shared only by 3 units each floor of 10-story Concrete building. 2 large covered Balconies and stunning Mountain views. New Paint, New Engineered Hardwood Floor, Updated Lights Fixtures. Open concept Kitchen with S/S Appliances, Quartz Counters and Breakfast Bar. Spacious Living Room and Dining with electric Fireplace, with additional Media room space. Large Master Bedroom has his & her walk-in closets & 5 piece ensuite bath. 2nd and...
March 20, 2017
Commercial real estate sales reach a five-year high in the Lower Mainland
Demand for land helped commercial real estate sales and dollar value reach fiveyear highs in the Lower Mainland in 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
There were 2,848 commercial real estate sales in the Lower Mainland in 2016, a 21 per cent increase over the 2,353 sales in 2015.
Commercial real estate sales in 2016 were 29.7 per cent above the region’s five-year sales average.
The total dollar value of commercial real estate sales in the Lower Mainland was $12.990 billion in 2016, a 47.4...
March 20, 2017
BC extends foreign buyer tax exemptions
More foreign buyers of homes in British Columbia will be able to claim exemption from the additional property transfer tax introduced last year.
The government said Friday that the exemption will apply for workers moving to the province under the BC Provincial Nominee Program who buy a home in Metro Vancouver as their principal residence.
“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” said Premier Christy Clark. “Our growing tech sector depends on the Provincial Nominee Program, and that’s why we’re...
March 17, 2017
Some foreign buyers get break from tax they face on Vancouver real estate
The province has expanded its exemptions to the foreign-buyer tax on real estate to include workers coming into B.C. under the provincial nominee program, Premier Christy Clark announced Friday.
She also said the government will rebate the tax to foreign nationals who become permanent residents of Canada within a year of purchasing a principal residence, so long as they lived in the home for a full year.
Because the 15-per-cent tax has helped cool Metro Vancouver’s property markets, Finance Minister Mike de Jong said the province “is now in a position to provide targeted relief...
March 17, 2017
CMHC mortgage insurance gets more expensive today
Starting today, premiums on mortgage insurance from Canada Mortgage Housing Corp. go up across the country.
CMHC says its average client will pay about $5 more per month.
The price of mortgage insurance, required for homebuyers making a down payment of less than 20 per cent, varies across Canada, as calculations by mortgage-comparison website Ratehub.ca show.
For example, a homebuyer in Halifax, where the average home price is $279,362, would pay $4.71 more per month under CMHC's new premiums. That's an increase of $1,413 over the life of a 25-year mortgage.
In Vancouver, however, where...
March 17, 2017
Why we shouldn’t worry about debt-to-income record
One big bank is arguing the debt-to-income ratio is the most “useless economic indicator out there.”
You’ll read a lot about these two numbers in the coming days. That’s the debt to income ratio for all Canadians and it just hit a new high in Q4 of last year.
It’ll be whipped out when arguing against mortgage debt and for policies aimed at safeguarding Canadians from taking on even more debt.
But it isn’t that simple, according to Benjamin Tal, chief economist with CIBC. And the ratio isn’t even that useful.
“The attractiveness of the ratio is...
March 16, 2017
MORTGAGE RATES EXPECTED TO RISE IN SECOND HALF OF 2017
Mortgage Rate Outlook
After an initial upward adjustment in global interest rates following the US presidential election, bond markets have since adopted a wait and see approach to US economic policy. As a result, the yield on the benchmark five-year bond has stayed constant through the first quarter of the year. Consequently, Canadian mortgage rates have also remained relatively unchanged. However, we could see some upward movement in interest rates over the second half of 2017, due to a stronger Canadian economy and a large degree of policy incoherence in the United States. Indeed, for the first...
March 15, 2017
Canadian home sales climb in February
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in February 2017.
- National home sales rose 5.2% from January to February.
- Actual (not seasonally adjusted) activity in February was down 2.6% from a year earlier.
- The number of newly listed homes was up 4.8% from January to February.
- The MLS® Home Price Index (HPI) in February was up 16% year-over-year (y-o-y).
- The national average sale price edged up 3.5% y-o-y in February.
Home sales over Canadian MLS® Systems rose by 5.2%...
March 15, 2017
CREA Updates and Extends Resale Housing Market Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2017 and 2018.
Canadian housing market trends continue to display considerable regional divergence. In British Columbia, activity in the Lower Mainland has cooled markedly from all-time highs recorded early last year; however, sales and price pressures elsewhere in the province remain historically strong.
In the resource-intensive provinces of Alberta, Saskatchewan, and Newfoundland and Labrador,...
March 15, 2017
February Home Sales Reflect Typical Consumer Demand
The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.
“Consumer demand has returned to a more typical level over the first two months of the year,” says Cameron Muir, BCREA Chief Economist. “While...
March 10, 2017
Chinese home buyers turn attention away from Vancouver
Potential Chinese property buyers dramatically shifted their inquiries from Vancouver to other major Canadian cities after a foreign-buyer tax was introduced in Vancouver this past summer, according to data from Chinese foreign-property portal Juwai.com.
Inquiries for Vancouver properties on Juwai – China’s largest international-property website – fell 81 per cent in July compared to the same month a year earlier, and 78 per cent in August, and continued lower through the remaining months in 2016.
At the same time, inquiries spiked in other Canadian cities, with Toronto climbing...
March 7, 2017
No more housing rule changes, mortgage group urges federal government
The group that represents mortgage brokers across Canada was in Ottawa on Tuesday to urge parliamentarians to tinker with their recent rule changes, and hit the brakes on any new ones.
Mortgage Professionals Canada, who represents more than 11,000 mortgage brokers, urged lawmakers to rethink rule changes introduced last October aimed at reining in consumers who may be taking on too much debt to buy a home. Among the major changes was the implementation of a "stress test" whereby borrowers would be judged on their ability to pay their mortgage assuming that rates were much higher than they are right...
March 6, 2017
JUST SOLD: 405 9262 University Cr., Burnaby, SFU
Spacious 1 Bed & Den
Priced at $339,800
Open: March 4 from 1 to 3
University, a city within a city. Enjoy the peace & tranquility this area has to offer. This 1 bed & den 669 sqft unit will not disappoint. Features: open layout, granite counters throughout, stainless steel appliances, laminate floors, front load washer & dryer, large covered balcony, & excellent sized den. Located in Novo II, this building offers recreation facilities & allows for rentals & pets. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only...
March 3, 2017
JUST SOLD: 602 9298 University Cr., Burnaby, SFU
What a view! Perfect for the students, singles or investors alike. This bright 376sqft studio is in excellent condition & shows well. Features: over height ceilings, granite counters, updated appliances, in-suite laundry, 1 parking & beautiful City and open Sky views. Located in Novo I a concrete building with exercise room and pet and rental friendly. Move-in or generate excellent cash flow from high rental demand. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great lifestyle...
March 2, 2017
Bank of Canada keeps rates on hold
The Bank of Canada announced on March 1st, 2017 it was keeping its trend-setting target overnight lending rate at 0.5 percent.
It said recent data confirm that the Canadian economy is on track for better growth, as predicted in its January Monetary Policy Report (MPR).
The Canadian economy is forecast to grow by 2.1% in 2017 and 2018, helped along in 2017 by Government spending. The Bank also anticipates, as it has for some time, that exports and business investment will gain better traction in 2018.
However, that outlook would be severely downgraded should U.S. trade policy become more...
March 1, 2017
Vancouver home sales drop in February
Home sales across Metro Vancouver were down dramatically last month compared with last year's record-breaking pace, while prices across the region remained more stable.
The Greater Vancouver Real Estate Board says a limited supply of listings and an unusually snowy start to the year affected the market.
It says residential sales totalled 2,425 in February, an almost 42-per-cent plunge from February 2016.
But sales in February were up about 59 per cent from January.
The board says the number of properties that changed hands was 7.7 per cent below the 10-year sales average for February.
The board says...
March 1, 2017
Low supply continues to limit Metro Vancouver home buyers
Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.
Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.
Last month’s sales were 7.7 per cent below the 10-year February sales average.
“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,...