Many strata owners are facing significant increases in insurance premiums and deductibles. While the word "crisis" is used often in media articles, BCREA believes long-term government policy changes should be made very carefully and with as much information as possible.
There are about 30,000 strata corporations in BC and at least one-quarter of the population lives in strata units. Higher insurance costs for strata corporations get passed down to owners in the form of increased strata fees. If the increases are significant, then there's a negative impact on housing affordability.
The current situation...
Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test.
The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.
Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market.
In October 2016, Finance Canada introduced...
For many Canadians, their home is the most important investment they will make in their lifetime. That is why the Government of Canada has introduced measures to help more Canadians achieve their housing needs while also taking measured actions to contain risks in the housing market. A stable and healthy housing market is part of a strong economy, which is vital to building and supporting a strong middle class.
Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test....
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined between December 2019 and January 2020.
- National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January.
- Actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y).
- The number of newly listed properties was little changed (+0.2%) m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y.
Home sales recorded over Canadian MLS®&n...
The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.
“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect...
Home sale and price activity remained steady in Metro Vancouver* to start 2020 while home listing activity declined in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3 per cent below the 10-year January sales average.
“We've begun 2020 with steady home buyer demand that tracks close to the region's long-term average,”...
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.