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- Following new mortgage regulations and higher rates, Canada's most expensive housing markets have slowed sharply this year.
- The housing market in Toronto has showed signs of stabilization in recent months.
- But Vancouver may not be headed for a similarly soft landing, economists say.
As Canada's housing market cools down, economists say some of its once-booming cities look poised for uneven corrections.
Canada's housing market has cooled since new mortgage regulations aimed at reining in demand and risky lending took effect...
Vancouver, BC – November 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2 per cent from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1 per cent from October 2017. Total sales dollar volume was $4.2 billion, a 29.3 per cent decline from October 2017.
“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir,...
Home sales in British Columbia have been subdued during 2018 and are expected to end the year 23% lower than 2017 with 80,000.
The figures from the British Columbia Real Estate Board (BCREA) reflect the tough year the province’s housing markets – especially Vancouver – following policy changes including the mortgage stress test and interest rate hikes. It could have been worse though had the economy not remained supportive.
But there is better news ahead with sales forecast to rise 12% in 2019 to 84,000 units, just above the 10-year average of 80,000.
“The marked erosion...
The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.
“The marked erosion of affordability and purchasing power caused by the mortgage stress test and rising interest rates...
Canada’s housing markets should see a moderation in both housing starts and sales while house prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth. This forecast for 2019 and 2020 is drawn from the 2018 Housing Market Outlook released today by Canada Mortgage and Housing Corporation (CMHC).
Nationally, CMHC’s outlook for 2019 projects total housing starts to edge down and range between 193,700 to 204,500 with the downward trend expected for both single and multi-unit starts. MLS sales are expected...
Home sale activity across Metro Vancouver* remained below long-term historical averages in October.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.
Last month’s sales were 26.8 per cent below the 10-year October sales average.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.