The hot Vancouver housing market is showing signs it is becoming overheated, while Toronto continues to display strong evidence that home prices are overvalued, Canada’s federal housing agency said on Wednesday.

On the whole, the Canada Mortgage and Housing Corporation (CMHC) said there was strong overall evidence of problematic conditions in the country’s housing market, the same threat assessment it gave in its last quarterly report in April.

The housing agency said there were moderate signs of overheating in Vancouver, up from a rating of weak in its last report, as town homes and...

Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday, the latest evidence that a cool-down in the housing sector is taking hold.

Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.

Home sales are down 14.1 per cent from the record level set in March.

"Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the...

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According to statistics released today by The Canadian Real Estate Association (CREA), national home sales cooled further in June 2017.

Highlights:

• National home sales dropped 6.7% from May to June.
• Actual (not seasonally adjusted) activity in June stood 11.4% below last June’s level.
• The number of newly listed homes edged back by 1.5% from May to June.
• The MLS® Home Price Index (HPI) was up 15.8% year-over-year (y-o-y) in June   2017.
• The national average sale price edged up just 0.4% y-o-y in June.

The number of homes sold via Canadian MLS® Systems fell 6.7% in June 2017,...

The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year. 

“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand...

The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent softness in inflation but judges this to be temporary. Recognizing the lag between monetary policy actions and future inflation, Governing Council considers it appropriate to raise its overnight rate target at this time.

The global economy continues to strengthen...

The trend in housing starts was 215,459 units in June 2017, compared to 214,570 units in May 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.

“The trend in housing starts for Canada reached its highest level in almost five years”, said Bob Dugan, CMHC’s chief economist. “So far this year, all regions are on pace to surpass construction levels from 2016 except for British Columbia, where starts have declined year-to-date after reaching...

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Canadians have come to expect ever cheaper debt. An interest rate hike this week would mark the reversal of that trend.

Announcements from the Bank of Canada are rarely something to get excited about, but this Wednesday is shaping up to be different. For the first time in seven years, the central bank could actually raise interest rates. Officials have strongly signalled over the past couple of weeks that a hike is coming on the back of positive economic data. For many economists, an increase is a foregone conclusion, and the bigger question is whether governor Stephen Poloz signals more tightening...

The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 per cent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand...

Gorgeous Views

3 Bed, 1054sqft Concrete Home

Priced at $634,800

Open: Jul 8 from 1 to 3

Gorgeous! The only way to describe this stunning home. Located in UniverCity; Vancouver's premier lifestyle neighborhood. Enjoy amazing views from every room that will exceed your expectations. This 3bed/2bath/1054sqft home offers an efficient open floor plan, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & so much more. Spacious master has walk-through closet, 4pc ensuite w/dble sinks & the 2nd & 3rd rooms are well-sized....