The share of foreign ownership in condominium apartments remains low in major Census Metropolitan Areas (CMAs). This analysis is the result of combined insight from two Housing Market Insight reports released by Canada Mortgage and Housing Corporation today.

National Report Highlights

• Foreign ownership of condominiums was highest in Vancouver and Toronto at 2.2% and 2.3%, respectively. However, both markets saw a decline in share of foreign ownership compared to last year.
• The 2016 shares in both Vancouver and Toronto were more in line with those in 2014. The relatively higher shares observed...

The commercial real estate market in the Lower Mainland remained active in the third quarter (Q3) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

There were 645 commercial real estate sales registered in the Lower Mainland in Q3 2016. This represents a 6.3 per cent increase from the 607 sales in Q3 2015.

The total dollar value of commercial real estate sales in the Lower Mainland in Q3 2016 was $2.399 billion, a 1.9 per cent decline from the $2.445 billion in Q3 2015.

“While we saw some declines...

Canada Mortgage and Housing Corporation (CMHC) released its third quarter financial results today as well as supplemental data on the Corporation’s Mortgage Loan Insurance, Securitization, and Covered Bonds business activities.

CMHC’s mortgage loan insurance and securitization guarantee programs operate on a commercial basis without support from Canadian taxpayers. During the quarter, CMHC generated $331 million in net income from these activities.

Report Highlights

• During the third quarter, CMHC facilitated access to mortgage financing by providing mortgage loan insurance...

The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today. 

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005. Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales. “Housing demand across...

Over the last several months, housing experts, stakeholders, and Canadians from all walks of life participated in “Let’s Talk Housing” consultations and shared their views to help shape a National Housing Strategy (NHS) that will strive to improve the lives of those in greatest need.

On the occasion of National Housing Day, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today released a “What We Heard” from Canadians report.

This summary report takes...

Royal Bank (TSX:RY) is hiking mortgage rates and making it more expensive for homebuyers who want to take more than 25 years to pay back their loan.

The bank is raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis and 25 basis points, respectively.

The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.

The company is also introducing new rates for homebuyers who opt for an amortization period longer...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in October 2016.

Highlights:

• National home sales rose 2.4% from September to October.
• Actual (not seasonally adjusted) activity was up 2.0% year-over-year (y-o-y) in October 2016.
• The number of newly listed homes edged up 1.7% from September to October.
• The MLS^® Home Price Index (HPI) in October was up 14.6% y-o-y.
• The national average sale price climbed 5.9% y-o-y.

The number of homes trading hands via Canadian MLS^® Systems rose...

The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year. 

“Housing demand remained mixed across the province in October,” said Cameron Muir, BCREA Chief Economist. “Home sales across...

Breath Taking Views

Priced at $574,800

Gorgeous home offering breath-taking views of Burrard Inlet & privacy from green space. This exceptionally bright 2bed/2bath/1039sqft home features a spacious layout, fireplace, floor to ceiling windows, a large balcony, granite counters, stainless apps & so much more. The large master has walk-in & ensuite w/dual sinks, soaker & shower. Bonus: custom closet organizers & cabinets add lots of in-suite storage & separate locker. Altaire, Polygon built, offers balance of 2-5-10 warranty & fully equipped exercise room. Close to: transit,...

Breath Taking Views

Priced at $574,800

Gorgeous home offering breath-taking views of Burrard Inlet & privacy from green space. This exceptionally bright 2bed/2bath/1039sqft home features a spacious layout, fireplace, floor to ceiling windows, a large balcony, granite counters, stainless apps & so much more. The large master has walk-in & ensuite w/dual sinks, soaker & shower. Bonus: custom closet organizers & cabinets add lots of in-suite storage & separate locker. Altaire, Polygon built, offers balance of 2-5-10 warranty & fully equipped exercise room. Close to: transit,...

The trend measure of housing starts in Canada was 199,920 units in October compared to 199,262 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) of housing starts.

“In October, housing starts remained stable, as the trend remained essentially unchanged from September,” said Bob Dugan, CMHC Chief Economist. “While apartment starts are on a downward trend in British Columbia after reaching an all-time high at the beginning of the year, increased construction of...

Canadian housing starts slowed in October as the once-hot British Columbia market braked sharply, while separate data on Tuesday showed the value of building permits slipped in September, suggesting the country's long property boom is cooling.

Groundbreaking on new homes fell to 192,928 units in October, roughly in line with expectations, from a revised seasonally adjusted annual rate of 219,363 units in September, the Canada Mortgage and Housing Corp said.

The slowdown in new construction was sharpest in British Columbia, where starts dropped 44.9 percent. Vancouver, Canada's most expensive housing...

After some very disturbing news from British Columbia this summer, where a Globe and Mail investigation discovered that our major banks were favouring foreign buyers by turning a blind eye to a prudent approval process when granting them uninsured mortgages, one has to wonder about the future of housing in this country. Have these deplorable bank practices, since rescinded, fearing the public outcry, been condoned and encouraged by our government, which previously voiced concern about foreign ownership? How else could Ottawa’s (only) recently introduced measures in closing loopholes...

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*. 

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. 

Last month’s sales were 15 per cent below the 10-year October sales average. 

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, REBGV...

Maclean’s Magazine has released its annual list of Canadian university rankings, and Simon Fraser University has topped the list for 2016 in the comprehensive category.

The post-secondary institution tops the list for a number of reasons, including the development of UniverCity, a model sustainable community on the Burnaby Mountain campus.

The Arthur Erickson-designed concrete buildings also got a nod from the magazine, despite them having “fallen into disrepair,” as well as the gorgeous views from the top of the mountain.

See also

• 5 must-do SFU campus traditions

Extensive co-op...

The renewal of the Bank of Canada’s framework for inflation targeting will help Canadian businesses and consumers by providing certainty around their financial plans, Governor Stephen S. Poloz said today.

In a speech to the Business Council of British Columbia, Governor Poloz said the Bank’s inflation-targeting agreement with the federal government, which has been in place for 25 years and which was renewed last week, has helped Canadians spend and invest with more confidence and improved their standard of living.

“Twenty-five is the silver anniversary, but inflation targeting...

Federal, provincial and territorial ministers responsible for housing met today to advance the development of a National Housing Strategy for Canada that will build on a strong housing foundation.

Continuing the progress achieved at their June meeting in Victoria, ministers discussed a shared vision for housing in Canada:

Canadians have housing that meets their needs and they can afford. Housing is a cornerstone of sustainable, healthy and inclusive communities and a strong Canadian economy where we can prosper and thrive.

The Ministers discussed their shared long-term aspirations to improve housing...