Canada’s housing market overall remains highly vulnerable for the seventh consecutive quarter mainly due to evidence of overvaluation and price acceleration observed in Census Metropolitan Areas such as Toronto, Vancouver, Victoria, and Hamilton, according to Canada Mortgage and Housing Corporation (CMHC).

On a quarterly basis, CMHC issues its Housing Market Assessment (HMA) to provide Canadians with both expert and impartial insight and analysis, based on the best data available in Canada. This report acts as an “early warning system” for the country’s housing...

Vancouver’s empty homes tax will collect an estimated $30 million in its inaugural year.

Mayor Gregor Robertson shared preliminary results for the city’s empty homes tax on Monday morning in a news briefing outside Vancouver City Hall.

The revenue collected this year will cover the implementation of the new tax, with net proceeds reinvested into affordable housing, the mayor said.

The median amount of tax paid was $9,900, though taxed amounts varied from $1,500 up to more than $250,000.

Of the $30 million taxed, about $17 million has already been collected.

The city had previously extended...

The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent.

Inflation in Canada is close to 2 per cent as temporary factors that have been weighing on inflation have largely dissipated, as expected. Consistent with an economy operating with little slack, core measures of inflation have continued to edge up and are all now close to 2 per cent. The transitory impact of higher gasoline prices and recent minimum wage increases will likely cause inflation in 2018 to be modestly higher...

Home buyers and sellers were less active in Metro Vancouver* throughout the first quarter of 2018. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23 per cent below the 10-year March sales average. There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter...

Vancouver, BC – April 12, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in March, a 24.6 per cent decrease from the same month last year. The average MLS® residential price in BC was $726,930, up 5.3 per cent from the previous year. Total sales dollar volume was $5.39 billion, a 20.6 per cent decline from March 2017.

“More burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,” said...

Another happy client removes subjects on their new home in SFU. Just Sold: 2 bed, 2 bath 1078sqft, concrete home in Novo I. Beautiful South East views.