Statistics released today by the Canadian Real Estate Association (CREA) show national home sales dropped sharply from January to February 2019.
- National home sales plummeted 9.1% month-over-month (m-o-m) in February.
- Actual (not seasonally adjusted) activity was down 4.4% year-over-year (y-o-y).
- The number of newly listed homes fell 3.2% m-o-m.
- The MLS® Home Price Index (HPI) was virtually unchanged (-0.1% y-o-y).
- The national average sale price fell by 5.2% y-o-y.
Home sales via Canadian MLS® Systems plunged 9.1% m-o-m in February 2019 to the lowest level since November...
The British Columbia Real Estate Association (BCREA) reports that a total of 4,533 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, a decline of 27 per cent from the same month last year. The average MLS® residential price in the province was $678,625, a decline of 9.3 per cent from February 2018. Total sales dollar volume was $3.08 billion, a 33.8 per cent decline from the same month last year.
“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist....
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.
Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report (MPR). While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on confidence and economic activity. It is difficult to disentangle these confidence effects from other adverse factors, but it is clear...
The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.
Last month’s sales were 42.5 per cent below the 10-year February sales average.
“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted...
The BCREA Commercial Leading Indicator (CLI) declined by 1.8 points to 134.5 from the third to the fourth quarter of 2018. Compared to this time one year ago, the index is about 1 per cent lower.
“Following several years of robust growth, the BC economy slowed in 2018 and the CLI is reflecting that slowdown,” says BCREA Deputy Chief Economist Brendon Ogmundson. “That means the economic environment for commercial real estate activity will be less favourable in 2019.”
Slowing provincial economic activity continued in the fourth quarter, led by weak retail sales and a fourth...
BCREA 2019 First Quarter Housing Forecast Update
The British Columbia Real Estate Association (BCREA) released its 2019 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 2 per cent to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS® residential sales are forecast to increase a further 6.9 per cent to 85,500 units in 2020. The 10-year average for MLS® residential sales in the province is 85,800 units.
“The negative shock to affordability and purchasing...
BC Budget 2019, tabled on February 19, 2019 by Finance Minister Carole James, offers nothing to help home buyers – whether they’re first-timers or trading up.
The government is forecasting Property Transfer Tax (PTT) revenue to remain at $1.910 billion, despite a significant slowdown in home sales and housing starts.
Housing starts fell 6.4 per cent in 2018 and are forecast to drop 16.7 per cent to 34,000 units in 2019 from 40,857 units in 2018 and 43,664 in 2017. Starts are forecast to decline even further to 30,517 units in 2021.
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales in January 2019 were up from the previous month but remained below levels recorded one year ago.
- National home sales rose 3.6% between December 2018 and January 2019.
- Actual (not seasonally adjusted) activity was down by 4% from one year ago.
- The number of newly listed homes edged up 1% month-over-month in January.
- The MLS® Home Price Index (HPI) rose 0.8% year-over-year (y-o-y) in January.
- The national average sale price fell by 5.5% y-o-y in January.
Home sales via Canadian MLS...
The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2 per cent from the same month last year. The average MLS® residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 per cent decline from the same month last year. “BC households continue to grapple with the policyinduced affordability shock created last year by the federal government,” said Cameron Muir,...
Thank you to all my clients in 2018 that made this possible. #2 agent in the Royal LePage West Real Estate Services office consisting of 200+ realtors. Honoured to have been presented this award by Phil Soper President and CEO of Brookfield Real Estate Services owners of Royal LePage Canada.
The trend in housing starts was 208,131 units in January 2019, compared to 207,171 units in December 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.
"After recent declines, the national trend in housing starts held steady in January and remained above historical average," said Bob Dugan, CMHC's chief economist. "While single-detached starts continued to trend lower in January, this was offset by an uptick in the trend for multi-unit dwellings in urban...
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...