Statistics released today by The Canadian Real Estate Association (CREA) show a small increase in national home sales between July and August 2018.
- National home sales rose 0.9% from July to August.
- Actual (not seasonally adjusted) activity was down 3.8% from August 2017.
- The number of newly listed homes was unchanged from July to August.
- The MLS® Home Price Index (HPI) was up 2.5% year-over-year (y-o-y) in August.
- The national average sale price edged up 1% y-o-y in August.
National home sales via Canadian MLS® Systems edged up by 0.9% in August 2018, marking a fourth consecutive...
Mortgage Rate Outlook
The Canadian mortgage market is undergoing significant tightening with the availability of credit falling and interest rates rising. The mortgage stress test introduced in January negatively impacted home sales nationwide as prospective homebuyers with more than 20 per cent down payments were denied access to loans they would have qualified for under the old regulatory regime. As a result, mortgage credit growth in Canada has slowed dramatically. On the pricing side, monetary policy continues to be the primary driver of higher mortgage rates in 2018 as the Bank of Canada...
The British Columbia Real Estate Association (BCREA) reports that a total of 6,743 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in August, a 26.4 per cent decrease from the same month last year.
The average MLS® residential price in BC was $669,776, down 1.2 per cent from August 2017.Total sales dollar volume was $4.5 billion, a 27.3 per cent decline from August 2017.The downturn in housing demand induced by the mortgage stress-test is now largely behind us,” said Cameron Muir, BCREA Chief Economist.The BC housing market isevolving...
The trend in housing starts was 214,598 units in August 2018, compared to 219,656 units in July 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 natonal trend in housing starts contnued to decline in August from the historical peak that was recorded in March 2018," said Bob Dugan, CMHC's chief economist. "This moderaton brings total starts closer to historical averages, largely refectng recent declines in the trend of mult-unit starts...
The Bank of Canada's decision to leave its interest rate unchanged Wednesday could be just a brief pause that comes as it carefully follows the unpredictable twists in the country's trade talks with the United States.
The central bank kept its benchmark at 1.5 per cent, but many experts predict another increase could arrive as early as next month.
In a statement Wednesday, the Bank of Canada said more hikes should be expected thanks to encouraging numbers for business investment, exports and evidence that households are adjusting to pricier borrowing costs.
The bank, however, also made...
The Metro Vancouver* housing market continues to experience reduced demand across all housing types.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,929 in August 2018, a 36.6 per cent decrease from the 3,043 sales recorded in August 2017, and a 6.8 per cent decline compared to July 2018 when 2,070 homes sold.
Last month’s sales were 25.2 per cent below the 10-year August sales average.
“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,...
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Beautiful greenbelt views. This 2bed+den/2bath/1097sqft corner unit has a spacious layout; perfect for an owner occupier or the discerning investor. Located in Novo I, UniverCity at SFU; Vancouver's premier lifestyle neighborhood. Features: freshly painted, quality floors, granite counters, SS apps, breakfast bar, lots of windows, covered balcony & cozy F/P. The master has tons of closet space & 3 pc ensuite, the 2nd bed is well sized & the large den w/French doors & windows easily fits...
An Angus Reid survey has found the majority of people in Metro Vancouver want to see housing prices come down.
A majority of Metro Vancouver residents would welcome a drop in real estate prices in the region, according to a new poll.
The Angus Reid survey, released Monday, found that 62 per cent of those polled wanted to see prices fall. Of that group, 26 per cent wanted prices to fall by about 10 per cent, while 36 per cent wanted a price drop of 30 per cent or more.
According to the survey’s overview, “perhaps the most counter-intuitive finding for outsiders” was the s...
New listings were down in more than half of all local markets, led by Calgary, Edmonton and Greater Vancouver
Actual sales (not seasonally adjusted) on Canadian MLS Systems were down 1.3 percent in July 2018 from July last year, says the monthly report from the Canadian Real Estate Association (CREA).
This reflects fewer sales in major urban centres in British Columbia and an offsetting improvement in activity in the GTA.
“This year’s new stress test on mortgage applicants continues to weigh on home sales, but its effect may be starting to fade slightly in Toronto and nearby markets,...
Tides have turned for Greater Vancouver and Fraser Valley, finds study
Once Canada’s most fiercely competitive real estate market and famed for its bidding wars, Greater Vancouver is now the second-least competitive housing market in the country, according to a new study by real estate website Zoocasa.
In its analysis of nationwide listings and sales data, Zoocasa found that, of the major real estate markets, only Newfoundland and Labrador was in a true buyer’s market, followed by Greater Vancouver and the Fraser Valley.
The website used sales-to-new-listings ratios to determine...
The British Columbia Real Estate Association (BCREA) released its 2018 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.
“The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules...
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from June to July 2018.
- National home sales rose 1.9% from June to July.
- Actual (not seasonally adjusted) activity was down 1.3% from July 2017.
- The number of newly listed homes edged down 1.2% from June to July.
- The MLS® Home Price Index (HPI) in July was up 2.1% year-over-year (y-o-y).
- The national average sale price edged up 1% y-o-y.
National home sales via Canadian MLS® Systems rose 1.9% in July 2018, building on increases in each of the two previous months but still...
Lush Forest Backdrop
2 bed & Den Concrete Home
Open House Aug 18 from 1:00 to 3:00
Priced at $634,800
click here for more info...
Beautiful greenbelt views. This 2bed+den/2bath/1097sqft corner unit has a spacious layout; perfect for an owner occupier or the discerning investor. Located in Novo I, UniverCity at SFU; Vancouver's premier lifestyle neighborhood. Features: freshly painted, quality floors, granite counters, SS apps, breakfast bar, lots of windows, covered balcony & cozy F/P. The master has tons of closet space & 3 pc ensuite, the 2nd bed is well sized & the large...
The British Columbia Real Estate Association (BCREA) reports that a total of 7,055 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in July, a 23.9 per cent decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4 per cent from July 2017. Total sales dollar volume was $4.9 billion, a 24.2 per cent decline from July 2017.
“The BC housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules,” said Cameron Muir, BCREA...
Gorgeous Endless Views
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Stunning 270 degrees Mountain & Water views. Gorgeous & rare, SW facing 3bed/2bath/1427sqft home with 223sqft partially covered balcony, won't disappoint. Located in Aurora, of UniverCity at SFU, Vancouver's premier lifestyle neighborhood. Features: functional layout, 9' ceilings, expansive windows, tons of light, large kitchen w/loads of cupboard space, granite counters, gas stove & island w/breakfast bar. The master has walk-in closet & ensuite w/dble sinks &...
July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold. Last month’s sales were 29.3 per cent below the 10-year July sales average.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across...
To no one's surprise, Canada's mortgage industry really, really doesn't like federal regulators' new mortgage stress tests. Its principal industry association, Mortgage Professionals Canada, released a report this week on the impact of the tests that is almost apocalyptic in tone.
It blames the stress tests for this year's housing market slowdown, estimating that the reduced real estate activity will mean Canada will create 200,000 fewer jobs over the next three years than it otherwise would have.
About 18 per cent of prospective homebuyers in Canada would fail the stress test on...
For the eighth consecutive quarter Canada’s overall housing market remains highly vulnerable, primarily due to evidence of overvaluation and price acceleration in 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 markets — an important tool supporting financial...
Imagine living at SFU walking distance to everything you need. This 705', 1 Bedroom plus Den condo at Harmony by Polygon, is a beautiful, quiet Low-Rise Rain-screened condominium development featuring a central court yard with fountain, surrounded by lush forested walking, hiking & mountain bike trails. Den could be converted into a second bedroom. Gym, meeting facility, Bike Storage, & guest parking. Residents appreciate the many benefits of living at University including access to the University, shopping, cafes, and schools for the little ones. Mountain living close to everything. Includes...
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from May to June 2018.
- National home sales rose 4.1% from May to June.
- Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
- The number of newly listed homes eased 1.8% from May to June.
- The MLS® Home Price Index (HPI) in June was up 0.9% year-over-year (y-o-y).
- The national average sale price edged down 1.3% y-o-y in June.
National home sales via Canadian MLS® Systems rose 4.1% in June 2018 compared to May. While this marks the first substantive month...