November 24, 2014
Canadian housing market not at major risk
Canada’s housing market is not in bubble territory and faces “very little risk” of a downturn, according to a new analysis of eight major urban centres released Monday by the Canada Mortgage and Housing Corporation.
Its chief economist cautioned, however, that the “very positive assessment” is based on a “backward-looking” examination of housing prices and underlying fundamentals in Toronto, Vancouver, Calgary, Edmonton, Ottawa, Montreal, Quebec City, and Halifax.
“When we do this kind of analysis … it assumes that the world of the future will...
November 18, 2014
Housing Demand Ratchets Higher in British Columbia
The British Columbia Real Estate Association (BCREA) released its 2014 Fourth Quarter Housing Forecast today.
“Consumer demand has ratcheted up this year and is expected to remain at a more elevated level through 2015,” said Cameron Muir, BCREA Chief Economist. “While historically low mortgage rates support demand, the housing market is also being underpinned by a more robust economy and associated job growth, strong net migration and consumer confidence.”
BC Multiple Listing Service® (MLS®) residential sales are forecast...
November 14, 2014
Year-to-Date Home Sales Eclipse 2013 Annual Total
The British Columbia Real Estate Association (BCREA) reports that a total of 7,648 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS® residential price in the province rose to $575,504, up 7.1 per cent from the same month last year.
“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist. “There were more...
November 13, 2014
Bank of Canada is Keeping a Close Eye on E-Money
The Bank of Canada is keeping a close eye on the risks posed by new forms of electronic money, given that the Bank’s job is to issue currency, promote financial stability and oversee Canada’s payment systems, Senior Deputy Governor Carolyn Wilkins said today in Waterloo, Ontario.
E-money is electronically-stored value that is not linked to a bank account. The Senior Deputy Governor talked about two types of e-money: the first is denominated in a national currency and is a claim on the issuer, such as PayPal balances or stored-value cards; the second is cryptocurrency such as Bitcoin,...
November 9, 2014
October 2014 Housing Starts in Canada
The trend measure of housing starts in Canada was 195,707 units in October compared to 197,763 in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.
“The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums,” said Bob Dugan, CMHC’s Chief Economist. “Given the elevated level of condominium units under construction, our expectation is that condominium starts will continue to trend lower...
November 4, 2014
Metro Vancouver home sales above average in October
Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.
Last month’s sales were 16.6 per cent above the 10-year sales average for October.
“We’ve seen strong and consistent demand from...
November 4, 2014
Financial Literacy Month: New CREA videos help homebuyers
Buying a home is among the biggest financial commitments most Canadians will make in their lives. The home buying process is often complex and confusing.
Just in time for Financial Literacy Month, The Canadian Real Estate Association (CREA) has collaborated with the Financial Consumer Agency of Canada (FCAC) to develop a series of short videos that define key terms and concepts, such as amortization period and mortgage prepayment.
New videos will be released every Tuesday and Thursday throughout November on CREA’s YouTube Channel. The first video was posted earlier today.
These videos complement...