Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell from March to April 2018.
- National home sales fell 2.9% from March to April.
- Actual (not seasonally adjusted) activity was down 13.9% from April 2017.
- The number of newly listed homes declined 4.8% from March to April.
- The MLS® Home Price Index (HPI) in April was up 1.5% year-over-year (y-o-y).
- The national average sale price declined by 11.3% y-o-y in April.
National home sales via Canadian MLS® Systems declined by 2.9% in April 2018 to the lowest level in more than five years...
Younger homebuyers, who aim for cheaper mortgage options, will feel the impact the most
Expect a modest slowdown in housing activity and more demand for cheaper housing with the new qualifying mortgage rate, some experts say.
The Bank of Canada raised its mortgage qualifying rate to 5.34 per cent this week, meaning borrowers now face a higher bar in the federally mandated stress test. The rate was previously 5.14 per cent.
The qualifying rate, different from actual rates offered by lenders, is used as a benchmark to determine borrower eligibility. The rate is up from 4.64 per cent this time last...
The British Columbia Real Estate Association (BCREA) reports that a total of 8,203 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in April, a 16.8 per cent decrease from the same month last year. The average MLS® residential price in BC was $730,507, up 0.2 per cent from the previous year. Total sales dollar volume was $5.99 billion, a 16.7 per cent decline from April 2017.
“BC home sales were essentially unchanged in April compared to March, albeit up nearly 1 per cent on a seasonally adjusted basis,” said Cameron Muir,...
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The Canadian Real Estate Association (CREA) is proposing an amendment to Bill C-45 that would result in a moratorium on home cultivation of cannabis until the governments can enact rules and regulations for the entire country.
While speaking in front of Senate Standing Committee on Social Affairs, Science and Technology, Michael Bourque, CEO of CREA, which represents more than 125,000 REALTORS® across the country, outlined some of the hazards associated with home cannabis cultivation. “We know fire chiefs are concerned about fires; police organizations are concerned with increased crime;...
The Metro Vancouver* housing market saw fewer home buyers and more home sellers in April.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,579 in April 2018, a 27.4 per cent decrease from the 3,553 sales recorded in April 2017, and a 2.5 per cent increase compared to March 2018 when 2,517 homes sold.
Last month’s sales were 22.5 per cent below the 10-year April sales average. “Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home...
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.
The British Columbia Real Estate Association (BCREA) was pleased to see more details of the proposed speculation tax. Refinement of the areas of the province where the tax applies and the introduction of different rates for different owners indicate a more strategic approach, and provide greater certainty.
We look forward to more answers as the speculation tax takes shape, and more opportunities to minimize its negative impact in all affected areas for all homeowners who pay income tax in Canada. For example, homeowners in the City of Vancouver could potentially be charged twice for leaving...
Bright, spacious & shows well! This 1bed & den, 728sqft top floor home offers an excellent functional open layout with beautiful courtyard & water feature views; a must see. Features: 9' ceilings throughout, large open den, excellent sized kitchen with lots of counter & cupboard space, spacious living room, cozy gas fireplace, well sized master with walk-in closet, 4pc bathroom with soaker & excellent sized covered balcony. Located in Harmony, a pet & rental friendly building & well-appointed exercise facility. Close to: transit, shopping, indoor/outdoor rec. & a...
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales declined further in February 2018.
- National home sales declined by 6.5% from January to February.
- Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) in February.
- The number of newly listed homes recovered by 8.1% from January to February.
- The MLS® Home Price Index (HPI) in February was up 6.9% y-o-y.
- The national average sale price declined by 5% y-o-y in February
Home sales via Canadian MLS® Systems were down 6.5% in February. This marks the second ...
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and already elevated home prices are expected to...
In line with financial market expectations, the Bank of Canada announced on March 7, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.
Here are the four main reasons why the Bank held interest rates steady:
- Fourth quarter Canadian economic growth came in weaker than expected.
- That means inflationary pressures are lower than it expected when it updated its economic forecast in January
- Wage growth is lower than it would normally be for an economy with no labour market slack.
- The Bank likely wants to see stronger wage growth before it raises interest rates to prevent...
- The path of Canadian inflation will determine mortgage rates over the next year
- Canadian economy slowed in the second half of 2017
- Bank of Canada to weigh impact of higher rates and mortgage rules before acting
Mortgage Rate Outlook Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 per cent while discounted rates offered by lenders increased similarly to 3.39 per cent. The increases were driven by the earlier than expected rate increase by the Bank of Canada...
Metro Vancouver* home sales dipped below the longterm historical average in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.
Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were...
Changes are afoot at Simon Fraser University’s main campus atop Burnaby Mountain, as redevelopment plans show an elaborate new heart for the campus that even sets aside space for the future gondola.
The East Gateway project, located in the area of the existing UniverCity Town Centre and East Campus Road bus loop, will become the new main hub of the campus – where the academic campus to the west and new residential neighbourhood to the east meet.
Site of SFU East Gateway: 1. Parcel 24; 2. Future Gondola Station; 3. Art Museum; 4. East Campus Road Bus Loop; 5. Town Square (Perkins...