Central 1 Credit Union is forecasting a recovery for Metro Vancouver and B.C.'s real estate market

A new report from Central 1 Credit Union suggests Metro Vancouver’s housing market could be bouncing back faster than anticipated.

The institution’s 2019-2021 B.C. Resale Market Housing Outlook said demand is picking up once again after the 2018 real estate slowdown, amid lower mortgage rates and continued population growth.

Vancouver's empty homes tax should not be increased beyond its current rate in order to ensure people keep paying it, a city staff report states.

While the report, which will be presented to city council on Tuesday, said further exemptions for second homes should not go ahead, staff do recommend further exemptions to homes under renovation.

The tax applies a one per cent levy on a home's assessed value if owners cannot prove they occupy the property for more than six months of the year, either themselves or with renters.

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were unchanged from September to October 2019.

Highlights:

• National home sales held steady on a month-over-month (m-o-m) basis in October.
• Actual (not seasonally adjusted) activity was up 12.9% year-over-year (y-o-y).
• The number of newly listed properties declined by 1.8% m-o-m.
• The MLS® Home Price Index (HPI) advanced by 0.6% m-o-m and 1.8% y-o-y.
• The actual (not seasonally adjusted) national average sale price climbed 5.8% y-o-y.

Home sales recorded via Canadian MLS® Systems remained...

BCREA 2019 Fourth Quarter Housing Forecast

After a slow start to 2019, MLS® home sales in BC have embarked on a sustained upward trend since the spring. Slower BC economic growth and headwinds emanating from the South, along with the dampening effects of federal mortgage rules and provincial tax policy, mean that home sales are simply returning to trend after sustaining a significant shock, rather than returning to the heights of recent years.

Despite the significant improvement in market activity, sluggishness out of the gate will likely mean that provincial MLS® sales decline for a third...

Another sincere thank you to all of my clients that have placed their trust in me to assist them with their real estate needs. I am Proud to be part of the Royal LePage West Real Estate Services team and congrats to my fellow realtors.

The Metro Vancouver* housing market is experiencing a fall pickup in home sale activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

Last month’s sales were 9.8 per cent above the 10-year October sales average.

“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices...