First quarter highlights
- CMHC provided more than $1.5 billion for housing programs on behalf of the Government of Canada.
- Budget 2017 proposed new federal investments of over $11.2 billion over 11 years, as well as preservation of social housing funding and new low-cost loans to support affordable housing under a National Housing Strategy. CMHC is well positioned to lead the development of a National Housing Strategy, a once-in-a-lifetime opportunity to ensure Canadians have the housing they need and that they can afford.
- Mortgage loan insurance facilitates access to housing...
The BCREA Commercial Leading Indicator (CLI) increased for the fifth consecutive quarter, rising 0.5 index points from the fourth quarter of 2016 to the first quarter of 2017. The index now sits at 128.0, a 4 per cent increase from a year ago and a 0.4 per cent gain on a quarterly basis. “The rising CLI mirrors the overall robust trend in the provincial economy,” says BCREA Economist Brendon Ogmundson. “The commercial real estate sector stands to benefit from BC’s strong economic growth through increased demand for commercial space and the attraction of invesment dollars....
Outlook still clouded by uncertainty
The Bank of Canada announced on May 24th, 2017 that it was keeping its trend-setting target overnight lending rate unchanged at 0.5 per cent.
The Bank indicated inflation remains below its 2% target and that the Canadian economy still has plenty of slack. Additionally, while recognizing a number of encouraging economic developments such as improving business investment, job growth and strong consumer spending, it also expects economic growth will slow down and economic “uncertainties… continue to cloud the global and Canadian outlook.”
The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Inflation is broadly in line with the Bank’s projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense retail competition, pushing inflation temporarily lower. The Bank’s three measures of core inflation remain below two per cent and wage growth is still subdued, consistent with ongoing excess capacity in the economy.
The global economy continues to gain traction...
Gorgeous Forest Views
1 Year Young
Priced at $374,800
Investor, student and first time buyer alert! This 1bed/1bath/544sqft above-ground home offers floor to ceiling windows and is nestled in lush forest and green space views. Features: an efficient floor plan, quality engineered floors, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has large closet space. Altitude is Vancouver’s highest rising tower, 1 yr young & rental & pet friendly. Bonus: locker & parking. Walk to: transit, campus, childcare, shopping,...
A repeat of Toronto's 1989 crash could have devastating effects on the entire economy
It's the question lingering behind every headline. It's whispered among homeowners, would-be buyers and sellers, economists and policy-makers. What actually happens if Canadian real estate prices crash?
On the one hand, a crash might be good for some Canadians already priced out of the market. And even a dramatic 40 per cent drop in prices would set homeowners in markets like Toronto or Vancouver back, what, two or three years?
But there are broader concerns for the market and the economy itself that...
Proud Sponsor of the University Highlands Elementary School annual Carnival. The Pony rides are always a huge hit with the kids. Join us, Saturday May 27th.
Gorgeous Forest Views
1 Year Young
Priced at $374,800
Investor, student and first time buyer alert! This 1bed/1bath/545sqft above-ground home offers floor to ceiling windows and is nestled in lush forest and green space views. Features: an efficient floor plan, quality engineered floors, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has large closet space. Altitude is Vancouver’s highest rising tower, 1 yr young & rental & pet friendly. Bonus: locker & parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor...
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined in April 2017.
- National home sales fell 1.7% from March to April.
- Actual (not seasonally adjusted) activity in April was down 7.5% from a year earlier.
- The number of newly listed homes jumped 10% from March to April.
- The MLS® Home Price Index (HPI) was up 19.8% year-over-year (y-o-y) in April 2017.
- The national average sale price rose 10.4% y-o-y in April.
Home sales over Canadian MLS® Systems fell by 1.7% in April 2017 from the all-time record set in March....
The British Columbia Real Estate Association (BCREA) reports that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.
“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist....
Home prices in Canada rose for the 15th straight month in a row in April, according to the Teranet-National Bank house price index, which once again hit its highest levels ever.
But virtually all the strength seen over the past year came from just three cities — Toronto, Hamilton and Victoria.
The index, which tracks repeat sales of single-family homes over time, found Toronto led the way, with the price index rising 2.6 per cent in April. The city has seen prices jump 7.3 per cent since the start of the year, and 26.3 per cent in the past 12 months.
Nearby Hamilton, which is experiencing...
Increases in home prices in the City of Vancouver have had a spillover effect in surrounding British Columbia municipalities. Centres within commuting distance of Vancouver City experienced the strongest spillover effect, however, price increases could also be seen in municipalities outside commuting range.
This analysis is part of Canada Mortgage and Housing Corporation’s (CMHC) latest Housing Market Insight (HMI) report on the link between Vancouver home prices and other major centres in British Columbia.
- Home price changes in the City of Vancouver have a measurable effect...
Canada Mortgage and Housing Corporation (CMHC) today released its 2016 Annual Report titled “Innovating for Better Housing Outcomes”.
In 2016, CMHC supported over 500,000 Canadian households through long-term social housing commitments and provided mortgage loan insurance for more than 350,000 homes. The report captures how CMHC, as Canada’s authority on housing, contributes to the stability of the housing market and financial system while providing support for Canadians in housing need.
Contributing to stability of the housing market and financial system
- Mortgage loan insurance...
Housing starts are trending higher at 213,768 units in April 2017, compared to 210,702 units in March 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.
“New housing construction increased in Canada, with seasonally adjusted data exceeding 200,000 units for five months in a row”, said Bob Dugan, CMHC’s Chief Economist. “The increase in the trend was mainly due to apartment construction in British Columbia and Québec, which...
Prices in Canada’s most expensive city for existing homes appear to have rebounded from the impact of a tax on foreign buyers as Vancouver realtors reported Tuesday a huge swing in demand for condominiums and townhomes in April.
The Real Estate Board of Greater Vancouver said the composite benchmark price for all residential properties in Metro Vancouver was $941,100 in April, an 11.4 per cent increase from a year ago but a five per cent jump in the past three months.
Sales of all property types dropped 25.7 per cent from a year ago to 3,533 in April but were 4.8 per cent above the 10-year...
Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market.
Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017.
April sales were 4.8 per cent above the 10-year average for the month.
For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve...
Over the next five years, the population at Simon Fraser University on Burnaby Mountain is expected to double to 10,000 residents, and campus stakeholders are aiming to tailor the area’s mix of commercial space to meet the needs of the emerging town centre.
Underscoring the growth at SFU was the recent announcement by the B.C. government, Burnaby school district and SFU stakeholders to jointly fund another 195 new spaces at the University Highlands Elementary School to the tune of $3.9 million, according to a news release sent out by the SFU Community Trust in March.
Another deal is nearing...