The British Columbia Real Estate Association (BCREA) was pleased to see more details of the proposed speculation tax. Refinement of the areas of the province where the tax applies and the introduction of different rates for different owners indicate a more strategic approach, and provide greater certainty. 

We look forward to more answers as the speculation tax takes shape, and more opportunities to minimize its negative impact in all affected areas for all homeowners who pay income tax in Canada. For example, homeowners in the City of Vancouver could potentially be charged twice for leaving...

Bright, spacious & shows well! This 1bed & den, 728sqft top floor home offers an excellent functional open layout with beautiful courtyard & water feature views; a must see. Features: 9' ceilings throughout, large open den, excellent sized kitchen with lots of counter & cupboard space, spacious living room, cozy gas fireplace, well sized master with walk-in closet, 4pc bathroom with soaker & excellent sized covered balcony. Located in Harmony, a pet & rental friendly building & well-appointed exercise facility. Close to: transit, shopping, indoor/outdoor rec. & a...

Statistics released today by The Canadian Real Estate Association (CREA) show national home sales declined further in February 2018.

Highlights:

• National home sales declined by 6.5% from January to February.
• Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) in February.
• The number of newly listed homes recovered by 8.1% from January to February.
• The MLS® Home Price Index (HPI) in February was up 6.9% y-o-y.
• The national average sale price declined by 5% y-o-y in February

Home sales via Canadian MLS® Systems were down 6.5% in February. This marks the second ...

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and already elevated home prices are expected to...

In line with financial market expectations, the Bank of Canada announced on March 7, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.

Here are the four main reasons why the Bank held interest rates steady:

1. Fourth quarter Canadian economic growth came in weaker than expected.
   • That means inflationary pressures are lower than it expected when it updated its economic forecast in January
2. Wage growth is lower than it would normally be for an economy with no labour market slack.
   • The Bank likely wants to see stronger wage growth before it raises interest rates to prevent...

HIGHLIGHTS 

•  The path of Canadian inflation will determine mortgage rates over the next year
•  Canadian economy slowed in the second half of 2017
•  Bank of Canada to weigh impact of higher rates and mortgage rules before acting 

Mortgage Rate Outlook Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 per cent while discounted rates offered by lenders increased similarly to 3.39 per cent. The increases were driven by the earlier than expected rate increase by the Bank of Canada...

Metro Vancouver* home sales dipped below the longterm historical average in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.

Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were...

Changes are afoot at Simon Fraser University’s main campus atop Burnaby Mountain, as redevelopment plans show an elaborate new heart for the campus that even sets aside space for the future gondola.

The East Gateway project, located in the area of the existing UniverCity Town Centre and East Campus Road bus loop, will become the new main hub of the campus – where the academic campus to the west and new residential neighbourhood to the east meet.

Site of SFU East Gateway: 1. Parcel 24; 2. Future Gondola Station; 3. Art Museum; 4. East Campus Road Bus Loop; 5. Town Square (Perkins...