Canadian mortgage rates are still falling, but will then level off for at least a year, predicts association.

Five-year discounted mortgage interest rates are still falling and will drop to an average of 2.77 per cent by the end of the year, then hold firm for a full year, according to the B.C. Real Estate Association’s latest forecast.

The average fixed five-year rate in 2019’s third quarter is expected to be 2.86 per cent, which is down from an average of 3.16 per cent in Q2. This is just an average, as some five-year fixed rates are currently available as low as 2.25 per cent....

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up in August 2019.

Highlights:

• National home sales rose 1.4% month-over-month (m-o-m) in August.
• Actual (not seasonally adjusted) activity was up 5% year-over-year (y-o-y).
• The number of newly listed homes climbed 1.1% m-o-m.
• The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 0.9% y-o-y.
• The actual (not seasonally adjusted) national average sale price was up 3.9% y-o-y.

Home sales recorded via Canadian MLS® Systems advanced for the sixth consecutive month in August. Transactions...

A sincere thank you to all my clients that have placed their trust in me to assist them with their real estate needs. I am Proud to be part of the Royal LePage West Real Estate Services team and congrats to my fellow realtors. 

Total home transactions across province expected to rise 11 per cent versus 2019, with average sale prices also predicted to increase in every area

Although every region in B.C. is expected to see lower home sales in 2019 than in 2018, sales will more than recover in 2020, according to a September 5 forecast by the British Columbia Real Estate Association (BCREA). 

Overall in 2019, residential transactions across the province are predicted to be five per cent lower, at about 75,000 units, than the 78,505 sales of 2018. Every one of B.C.’s 12 boards is expected to report a year-over-year...

Home buyer activity increased to more typical levels in Metro Vancouver* throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,”...