August 4, 2017
Metro Vancouver sees fewer home sales and more listings in Jul
Home buyer activity returned to more typical summer levels in Metro Vancouver* last month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month’s sales were 0.7 per cent above the 10-year July sales average.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends...
August 1, 2017
In Canada, a nation of realtors braces for the end of the boom
Canada's long housing boom has drawn thousands into the sector, from realtors and home stagers to construction workers, and a looming slowdown threatens to trigger an exodus that could wipe out many of those jobs and force the economy to shift down.
While housing has long been the main engine of Canadian growth, economists say a drop in home sales has already started to weigh on the economy and if price declines follow, consumer spending and jobs will suffer.
"To a lot of people, it is a get-rich-quick scheme," Toronto realtor David Fleming said about the real estate market. "But history shows when...
July 31, 2017
JUST SOLD: 415 9339 University, Burnaby, SFU, UniverCity
UniverCity's Harmony by Polygon. Seldom available North West facing PENTHOUSE CORNER UNIT features 9' ceiling throughout and a 12' ceiling in the living/dining room, separate kitchen with nook and balcony, big windows on both sides for lots of natural light and natural air, and overlooks a beautiful water fountain that provides for a calm and serene home. Upgraded laminate wood flooring throughout, ensuite with large tub, master bedroom large enough for a king size bed with walk in closet, and second bathroom with stand up shower adjacent to bedroom. Extra large parking stall next to entrance....
July 26, 2017
Vancouver housing market showing signs of overheating, CMHC says
The hot Vancouver housing market is showing signs it is becoming overheated, while Toronto continues to display strong evidence that home prices are overvalued, Canada’s federal housing agency said on Wednesday.
On the whole, the Canada Mortgage and Housing Corporation (CMHC) said there was strong overall evidence of problematic conditions in the country’s housing market, the same threat assessment it gave in its last quarterly report in April.
The housing agency said there were moderate signs of overheating in Vancouver, up from a rating of weak in its last report, as town homes and...
July 17, 2017
National home sales see biggest drop in 7 years
Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday, the latest evidence that a cool-down in the housing sector is taking hold.
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
Home sales are down 14.1 per cent from the record level set in March.
"Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the...
July 17, 2017
JUST SOLD: 512 9009 Cornerstone Mews., Simon Fraser University
EXCELLENT OPPORTUNITY AT THE HUB, Unit H 1 bedroom suite located in the heart of SFU. Eco friendly green home built by Liberty Homes is steps to campus, transit, banks, restaurants, gym and pool and easy access to Nesters. One of the best locations up at Burnaby Mountain with extremely low strata fees. This 1 bedroom and 1 bathroom unit provides a very efficient layout with features including an open plan kitchen, S/S appliances, insuite laundry & large living space. Concrete LEED Silver building comes with one secured underground parking and one locker. Excellent investment or personal use....
July 17, 2017
Canadian home sales drop again in June
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales cooled further in June 2017.
- National home sales dropped 6.7% from May to June.
- Actual (not seasonally adjusted) activity in June stood 11.4% below last June’s level.
- The number of newly listed homes edged back by 1.5% from May to June.
- The MLS® Home Price Index (HPI) was up 15.8% year-over-year (y-o-y) in June 2017.
- The national average sale price edged up just 0.4% y-o-y in June.
The number of homes sold via Canadian MLS® Systems fell 6.7% in June 2017,...
July 14, 2017
Strong Economy Keeps Housing Demand Above Long-Run Average
The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.
“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand...
July 12, 2017
Bank of Canada increases overnight rate target to 3/4 per cent
The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent softness in inflation but judges this to be temporary. Recognizing the lag between monetary policy actions and future inflation, Governing Council considers it appropriate to raise its overnight rate target at this time.
The global economy continues to strengthen...
July 11, 2017
Canadian housing starts trend increased in June
The trend in housing starts was 215,459 units in June 2017, compared to 214,570 units in May 2017, 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 trend in housing starts for Canada reached its highest level in almost five years”, said Bob Dugan, CMHC’s chief economist. “So far this year, all regions are on pace to surpass construction levels from 2016 except for British Columbia, where starts have declined year-to-date after reaching...
July 10, 2017
JUST SOLD: 1003 9060 University Cr., Burnaby, Simon Fraser University
3 Bed, 1054sqft Concrete Home
Priced at $634,800
Open: Jul 8 from 1 to 3
Gorgeous! The only way to describe this stunning home. Located in UniverCity; Vancouver's premier lifestyle neighborhood. Enjoy amazing views from every room that will exceed your expectations. This 3bed/2bath/1054sqft home offers an efficient open floor plan, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & so much more. Spacious master has walk-through closet, 4pc ensuite w/dble sinks & the 2nd & 3rd rooms are well-sized. Altitude...
July 10, 2017
What higher interest rates mean for real estate, debt and the economy
Canadians have come to expect ever cheaper debt. An interest rate hike this week would mark the reversal of that trend.
Announcements from the Bank of Canada are rarely something to get excited about, but this Wednesday is shaping up to be different. For the first time in seven years, the central bank could actually raise interest rates. Officials have strongly signalled over the past couple of weeks that a hike is coming on the back of positive economic data. For many economists, an increase is a foregone conclusion, and the bigger question is whether governor Stephen Poloz signals more tightening...
July 5, 2017
Demand for condominiums continues to outstrip supply
The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.
Last month’s sales were 14.5 per cent above the 10-year June sales average.
“Two distinct markets have emerged this summer. The detached home market has seen demand...
July 4, 2017
Just Listed: 1003 9060 University Cr., Simon Fraser University
3 Bed, 1054sqft Concrete Home
Priced at $634,800
Open: Jul 8 from 1 to 3
Gorgeous! The only way to describe this stunning home. Located in UniverCity; Vancouver's premier lifestyle neighborhood. Enjoy amazing views from every room that will exceed your expectations. This 3bed/2bath/1054sqft home offers an efficient open floor plan, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & so much more. Spacious master has walk-through closet, 4pc ensuite w/dble sinks & the 2nd & 3rd rooms are well-sized....
June 29, 2017
STRONG CANADIAN ECONOMY COULD SIGNAL CHANGE IN INTEREST RATES
• Hawkish turn at the Bank of Canada?
• Canadian economy heating up
• Falling oil prices and low inflation may keep Bank on hold until 2018
Mortgage Rate Outlook
For the past six months, the relative calm in the Canadian economy meant that mortgage rates were guided more by external factors than domestic ones. Most prominent has been the quieting of previously bullish sentiment on US growth and inflation, as neither the trillion-dollar infrastructure plan nor tax cuts promised by the Trump administration have been proposed, never mind passed, despite one-party control...
June 26, 2017
Few Vancouver condo owners selling as vacancy tax looms
Some Vancouver condo owners faced with having to pay the country’s first-ever municipal vacancy tax are planning to lie and see if they get caught.
Others are using creative methods to avoid it, like putting their units in the name of one family member and renting to another.
And some are buckling to the new rules by renting out their multimillion-dollar suites.
But few are selling to avoid the tax.
That’s what realtors, property managers, and other observers of the Vancouver real-estate scene say is happening as the July 1 deadline approaches for owners of second homes to either rent...
June 26, 2017
BC Liberals Announce Rent-to-Own Housing Scheme
The BC Liberal Party is introducing a new rent-to-own housing scheme, aimed at gradually moving 50,000 households out of renting and into homeownership, the Lieutenant Government announced at the Throne Speech from the legislature in Victoria June 22.
The Liberal Party was seen to have lost key seats in Vancouver after being accused by the opposition NDP of not doing enough on affordable home ownership or rental. This new move seems to be the latest of the party’s eleventh-hour policies, as it tries to cling to its current, tenuous minority government and win the confidence of the House.
June 22, 2017
JUST SOLD: 702 9060 University, Simon Fraser, Burnaby BC
JUST SOLD OVER ASKING 5 DAYS!!
South East Facing
2 Bed & Nook, 869sqft Concrete Home
Priced at $518,800
Open: Jun 17 from 2 to 4
Stunning, is the best way to describe this home located in UniverCity; Vancouver's premier lifestyle & family friendly neighborhood. Enjoy South/East exposure & Mountain views from every room. This 2bed/2bath/869sqft home offers an efficient open floor plan, 9' ceilings, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & much more. Spacious master has walkin closet, 4pc ensuite w/dble sinks....
June 19, 2017
BC Home Sales to Exceed 100,000 Units for Third Consecutive Year
The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units....