Canada and the U.S. have announced a tentative new trilateral trade deal with Mexico that includes some key concessions on issues of import to both countries — and also a reworked name: the United States-Mexico-Canada Agreement (USMCA).
"USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region," Foreign Affairs Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer said in a joint statement released late Sunday.
The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.
The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.
The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.
This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.
The maximum rent increase that was allowed...
Vancouver councillors have ended two days of public hearings by voting to allow duplexes in most city neighbourhoods currently restricted to single-family homes.
Mayor Gregor Robertson says the decision is another step toward adding homes in the city for the so-called ``missing middle,'' which includes young families pushed out of Vancouver by soaring property prices.
A news release from the mayor's office says the policy change means duplexes are now permitted on approximately 67,000 single family lots, offering an option that is more affordable than a detached home.
The 7-4 vote was split along...
Statistics released today by The Canadian Real Estate Association (CREA) show a small increase in national home sales between July and August 2018.
- National home sales rose 0.9% from July to August.
- Actual (not seasonally adjusted) activity was down 3.8% from August 2017.
- The number of newly listed homes was unchanged from July to August.
- The MLS® Home Price Index (HPI) was up 2.5% year-over-year (y-o-y) in August.
- The national average sale price edged up 1% y-o-y in August.
National home sales via Canadian MLS® Systems edged up by 0.9% in August 2018, marking a fourth consecutive...
Mortgage Rate Outlook
The Canadian mortgage market is undergoing significant tightening with the availability of credit falling and interest rates rising. The mortgage stress test introduced in January negatively impacted home sales nationwide as prospective homebuyers with more than 20 per cent down payments were denied access to loans they would have qualified for under the old regulatory regime. As a result, mortgage credit growth in Canada has slowed dramatically. On the pricing side, monetary policy continues to be the primary driver of higher mortgage rates in 2018 as the Bank of Canada...
The British Columbia Real Estate Association (BCREA) reports that a total of 6,743 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in August, a 26.4 per cent decrease from the same month last year.
The average MLS® residential price in BC was $669,776, down 1.2 per cent from August 2017.Total sales dollar volume was $4.5 billion, a 27.3 per cent decline from August 2017.The downturn in housing demand induced by the mortgage stress-test is now largely behind us,” said Cameron Muir, BCREA Chief Economist.The BC housing market isevolving...
The trend in housing starts was 214,598 units in August 2018, compared to 219,656 units in July 2018, according to Canada Mortgage and Housing Corporaton (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"The natonal trend in housing starts contnued to decline in August from the historical peak that was recorded in March 2018," said Bob Dugan, CMHC's chief economist. "This moderaton brings total starts closer to historical averages, largely refectng recent declines in the trend of mult-unit starts...
The Bank of Canada's decision to leave its interest rate unchanged Wednesday could be just a brief pause that comes as it carefully follows the unpredictable twists in the country's trade talks with the United States.
The central bank kept its benchmark at 1.5 per cent, but many experts predict another increase could arrive as early as next month.
In a statement Wednesday, the Bank of Canada said more hikes should be expected thanks to encouraging numbers for business investment, exports and evidence that households are adjusting to pricier borrowing costs.
The bank, however, also made...
The Metro Vancouver* housing market continues to experience reduced demand across all housing types.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.
Last month’s sales were 25.2 per cent below the 10-year August sales average.
“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.