Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.
Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.
Under the EHT's current form, nearly 5,400 of the more than 7,900 homes deemed "vacant" were able to make use of exemptions to the tax.
Vancouver Mayor Kennedy Stewart is taking what could be the first steps toward his campaign promise of tripling the city's Empty Homes Tax (EHT).
In September, Stewart unveiled the promise to hike the tax rate to three per cent as one of the key planks in his housing platform.
Vancouver's EHT currently applies a one per cent tax on the assessed value of homes deemed to be vacant for more than six months per year, barring specific exceptions.
Big thank you to all my clients that have placed their trust in me to assist them with their real estate needs. Proud to be part of the Real Estate Board of Greater Vancouver's Medallion Presidents Club. Representing the top 1% of Greater Vancouver Realtors.
The British Columbia Real Estate Association (BCREA) reports that a total of 78,345 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2018, a decline of 24.5 per cent from the 103,758 units sold in 2017. The annual average MLS® residential price in BC was $712,508, an increase of 0.4 per cent from $709,601 recorded the previous year. Total sales dollar volume was $55.8 billion, a 24.2 per cent decline from 2017.
“BC home sales fell below the 10-year average of 84,800 units in 2018,” said Cameron Muir, BCREA Chief Economist. “The sharp decline...
The slowdown in Canada's housing market will get worse before it gets any better, a new analysis predicts, because the country is about to be flooded with a "huge amount" of new homes.
"Canada has been undergoing a construction boom," Capital Economics senior economist Stephen Brown wrote in the report issued last week. "As has been typical of historic real estate cycles around the world, new supply will reach the market just as demand is falling."
Indeed, home sales in Toronto in 2018 were 15 per cent below their historical norm in 2018, while in Vancouver they ran 40 per cent below the long-run...
The trend in housing starts was 206,981 units in December 2018, compared to 212,338 units in November 2018, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"The national trend in housing starts decreased in December, the fifth decline in the last six months," said Bob Dugan, CMHC's chief economist. "Reflecting these recent declines, total annual housing starts in 2018 were lower than in 2017, as lower single-detached starts more than offset a slight increase...
Last August, respondents to an Insights West poll in August identified four "primary causes" affecting the real-estate market.
They were, in order of responses, foreign homebuyers (84 percent), population growth (80 percent), shadow flipping (76 percent), and money laundering (73 percent).
But recently released B.C. government statistics suggest that foreign capital is not nearly as significant in the residential market as many might believe.
From January to November of 2018, foreign capital was involved in only 1,438 of the 49,210 transactions in Metro Vancouver.
Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.
Last year’s sales total was 25 per cent below the region’s 10-year sales average.
“This past year has been a transition period for the Metro Vancouver housing market...
A financial services institution is forecasting an ongoing slowdown in British Columbia's housing market, one day after the Canadian Real Estate Association predicted home sales will continue to dip in the province next year.
Central 1 Credit Union, which provides services to more than 300 credit unions across Canada, says in its housing forecast for 2018 to 2021 that B.C. experienced a "mild provincial housing recession" this year.
The report released Tuesday points to the federal government's mortgage stress test, higher interest rates and various provincial policy measures for the downturn and...
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales posted another monthly decline in November 2018.
- National home sales fell 2.3% from October to November.
- Actual (not seasonally adjusted) activity was down by 12.6% from one year ago.
- The number of newly listed homes declined by 3.3% from October to November.
- The MLS® Home Price Index (HPI) was up 2% year-over-year (y-o-y) in November.
- The national average sale price retreated by 2.9% y-o-y in November.
Home sales via Canadian MLS® Systems fell by 2.3% in November 2018, adding to...
The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.
“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir,...
• Oil prices prompt plunging bond yields
• Canadian economy slowing down
• How high can they go? Is the Bank of Canada already finished with rate increases?
Mortgage Rate Outlook
Midway through 2018, everything seemed to be pointing to sharply higher mortgage rates. The Canadian economy was soaring, the Bank of Canada and its counterpart in the US were resoundingly hawkish and bond yields were testing multi-year highs. However, declining oil prices, the stronger than expected impact of the B20 mortgage stress test and generally soft economic data in recent weeks have prompted...
Amazing turnout for this year's 12th Annual Client Appreciation event. Private screening of The Grinch.
So grateful for all of your continued support.
The natonal trend in housing starts increased in November, following four consecutve months of decline. While single-detached starts contnued to trend lower in November, this was more than ofset by a gain in the trend of mult-unit starts following several months of weakness.
The trend in housing starts was 210,038 units in November 2018, compared to 206,460 units in October 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 Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
The global economic expansion is moderating largely as expected, but signs are emerging that trade conflicts are weighing more heavily on global demand. Recent encouraging developments at the G20 meetings are a reminder that there are upside as well as downside risks around trade policy. Growth in major advanced economies has slowed, although activity in the United States remains above potential.
Oil prices have fallen...
Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.
Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.
“Home buyers have been taking a wait-and-see approach for most of 2018. This...
© Reuters/Reuters Photographer
- Following new mortgage regulations and higher rates, Canada's most expensive housing markets have slowed sharply this year.
- The housing market in Toronto has showed signs of stabilization in recent months.
- But Vancouver may not be headed for a similarly soft landing, economists say.
As Canada's housing market cools down, economists say some of its once-booming cities look poised for uneven corrections.
Canada's housing market has cooled since new mortgage regulations aimed at reining in demand and risky lending took effect...
Canada's annual inflation rate remained above the central bank's target for the ninth straight month in October, data showed on Friday, but markets saw few signs the Bank of Canada would hike interest rates next month.
Statistics Canada said the annual inflation rate edged up to 2.4 percent from 2.2 percent in September. Analysts in a Reuters poll had forecast it would stay at 2.2 percent.
The central bank, which has consistently said inflation will move back down toward its 2 percent target by early 2019, is due to announce its next interest rate decision on Dec. 5.
Andrew Grantham, senior...
Vancouver, BC – November 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2 per cent from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1 per cent from October 2017. Total sales dollar volume was $4.2 billion, a 29.3 per cent decline from October 2017.
“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir,...
Home sales in British Columbia have been subdued during 2018 and are expected to end the year 23% lower than 2017 with 80,000.
The figures from the British Columbia Real Estate Board (BCREA) reflect the tough year the province’s housing markets – especially Vancouver – following policy changes including the mortgage stress test and interest rate hikes. It could have been worse though had the economy not remained supportive.
But there is better news ahead with sales forecast to rise 12% in 2019 to 84,000 units, just above the 10-year average of 80,000.
“The marked erosion...