Posted on
September 29, 2017
by
Hafez Panju
Housing affordability in Canada hit the worst level in 27 years in the second quarter of this year, according to a Royal Bank of Canada report.

RBC Economics said in a report Friday that its housing affordability measure for Canada deteriorated for the eighth straight quarter.
The least-affordable place to purchase a home remains the Vancouver area, where affordability worsened after two straight quarters of improvement but remains better than a year ago. Outside of British Columbia and Ontario, affordability remains mostly stable, RBC said.
RBC’s housing affordability measure shows the proportion...
Posted on
September 19, 2017
by
Hafez Panju
HIGHLIGHTS
• 5-year fixed mortgage rates hit three-year high
• Rapid economic growth, but still no sign of inflation
• Bank of Canada tightening, but how quickly?
Mortgage Rate Outlook
Since our second quarter forecast, our projected rise in mortgage rates has occurred and accelerated, as the Bank of Canada—spurred by economic growth that far exceeded its outlook—turned suddenly hawkish. The Bank surprised with a 25-basis point increase in July and then again in September, taking its overnight rate back to 1 per cent, where it was before the precipitous drop in oil prices...
Posted on
September 15, 2017
by
Hafez Panju
According to statistics[1] released today by The Canadian Real Estate Association (CREA), Association (CREA), national home sales posted a small gain in August 2017.
Highlights:
- National home sales rose 1.3% from July to August.
- Actual (not seasonally adjusted) activity stood 9.9% below last August's level.
- The number of newly listed homes fell a further 3.9% from July to August.
- The MLS® Home Price Index (HPI) was up 11.2% year-over-year (y-o-y) in August 2017.
- The national average sale price climbed by 3.6% y-o-y in August.
The number of homes sold via Canadian MLS® Systems edged...
Posted on
September 14, 2017
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 2.4 per cent from the same period last year. Total sales dollar volume was $6.2 billion, up 22 per cent from August 2016. The average MLS® residential price in the province was $678,186, a 19.1 per cent increase from August 2016.

“BC home sales in August remained unchanged from July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Strong economic conditions...
Posted on
September 12, 2017
by
Hafez Panju
The BC Government's announcement to ban the practice of limited dual agency means that consumers can no longer choose the REALTORS® they want.
“Every day, REALTORS® help their clients understand real estate transactions, so they can make informed decisions,” said BC Real Estate Association (BCREA) President Jim Stewart. “Over my nearly 25-year career as a REALTOR®, many long-standing clients have developed trust with me, and now my clients have no choice but to start from the beginning and build new relationships. Trust is a crucial part of what is often the largest...
Posted on
September 6, 2017
by
Hafez Panju
The BCREA Commercial Leading Indicator (CLI) posted its largest increase since 2009, rising by 3.7 index points in the second quarter of 2017 to 133.1. That increase represents a 2.8 per cent rise over the first quarter and a 6.6 per cent increase from one year ago.
The sustained rise in the CLI reflects strong growth in economic sectors beneficial to commercial real estate activity. An uptick in economic activity last quarter further reinforces the already strong trend in the CLI. That signals a continued economic environment that is very supportive of growth in investment, leasing and other commercial...
Posted on
September 5, 2017
by
Hafez Panju
The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining. Consumer spending remains robust, underpinned by continued solid employment and income growth. There has also been more widespread strength in business investment and in exports.
Meanwhile, the housing sector appears to be cooling in some markets in response to recent changes...
Posted on
September 5, 2017
by
Hafez Panju
Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.
Last month’s sales were 19.6 per cent above the 10-year August sales average.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil,...