February 15, 2018
Canadian home sales drop in January
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018.
- National home sales declined by 14.5% from December 2017 to January 2018.
- Actual (not seasonally adjusted) activity was down 2.4% year-over-year (y-o-y) in January.
- The number of newly listed homes plunged 21.6% from December 2017 to January 2018.
- The MLS® Home Price Index (HPI) in January was up 7.7% y-o-y.
- The national average sale price advanced by 2.3% y-o-y.
Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to...
February 15, 2018
BC Home Sales Dip After Strong December
The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.
“BC home sales dipped 10 per cent from December to January, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “New...
February 13, 2018
The Impact of the BC HOME Partnership Program on Metro Vancouver Home Prices
•Our analysis indicates that the BC HOME Partnership program (HPP) contributed to an annualized increase of 0.55 per cent to the market price of an apartment and an increase of 0.57 per cent to the market price of a townhouse in Metro Vancouver over the first threequarters of 2017.
• The HPP either paid or approved a total 1,395 transactions as of September 2017. This represented 1.7 per cent of total BC home sales and 0.9 per cent of the dollar volume.
• Approximately one-third of the HPP paid or approved transactions occurred in Metro Vancouver, comprising 1.2...
February 8, 2018
Canadian housing starts trend stable in January
The trend in housing starts was 224,865 units in January 2018, compared to 226,346 units in December 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“The national trend in housing starts held steady for a third consecutive month in January, remaining near the 10-year high set in December,” said Bob Dugan, CMHC’s chief economist. “This reflects higher starts of multi-unit dwellings in urban centres in recent months, which has...
February 7, 2018
CMHC study looks at rising home prices in Canada
Canada Mortgage and Housing Corporation today released a new study – Examining Escalating House Prices in Large Canadian Metropolitan Centres. The analysis shows that strong economic and population growth, together with low mortgage rates, have been important drivers of house price growth in Canada. As well, it also shows that the supply response has been weaker in Toronto and Vancouver, than in other Canadian metropolitan areas.
The report looked at data from Toronto, Vancouver, Montreal, Calgary and Edmonton from 2010 to 2016. These cities show marked differences in the growth...
February 5, 2018
Vancouver homeowner says Empty Homes Tax is hurting those with second homes
The Unfair Vancouver Vacant Homes Tax Coalition describes its purpose in the name. The group is calling on the city to do something as the Feb. 2 deadline for the empty home tax declaration approaches.
© THE CANADIAN PRESS IMAGES/Bayne Stanley
Rainer Borkenhagen says the group is made of members that are mostly retired and live across the country, but still own homes in Vancouver.
Borkenhagen himself lives in Gibsons, but owns a condo in Vancouver.
He said he tried to rent his condo once, but it turned out it was more practical to keep it and use it whenever his family needed it.
February 5, 2018
New CMHC survey provides insight into attitudes and expectations of future Canadian homeowners
Canada Mortgage and Housing Corporation (CMHC) has released the 2018 Prospective Home Buyer Survey (#PHBS2018). This survey, the first of its kind for CMHC, explores the dynamics of home buying intentions for three groups of future homebuyers, including First-Time Buyers, Previous Owners and Current Owners, and provides a comprehensive review of overall awareness and understanding of the home buying process.
“The Survey findings provide insights and valuable information for mortgage professionals about their future clients and their needs,” said Nathalie Fredette, Vice-President, Client...
February 2, 2018
Home buyer demand depends on property type
Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.
Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased...
February 1, 2018
B.C.'s cities call for tax and rule changes to make housing more affordable
Port Coquitlam Mayor Greg Moore is heading a coalition of cities urging the provincial and federal governments to work on affordable housing solutions.
VANCOUVER — Local politicians in British Columbia are calling for an overhaul of the housing system with significant tax and regulatory changes in order to bring skyrocketing real estate and rental prices back to a level local residents can afford.
The Union of B.C. Municipalities has issued a report containing 32 recommendations for provincial and federal governments based on research and best practices from across Canada...