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Canadian home sales rise in February despite drop in new supply

Highlights:

  • National home sales rose 2.3% month-over-month in February.
  • Actual (not seasonally adjusted) monthly activity came in 40% below February 2022.
  • The number of newly listed properties dropped 7.9% month-over-month.
  • The MLS® Home Price Index (HPI) edged down 1.1% month-over-month and was down 15.8% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted an 18.9% year-over-year decline in February.

Home sales recorded over Canadian MLS® Systems posted a 2.3% increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and...

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Provincial Housing Market Showing Signs of Recovery Heading into Spring

The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS® ) systems in February 2023, a decrease of 46.5 per cent from February 2022. The average MLS ® residential price in BC in 2023 was 941,575, down 14.7 per cent compared to the average price of over $1.1 million in February 2022, recorded at the market's peak. The total sales dollar volume was $4.5 billion, representing a 54.4 per cent decrease from the same time in the previous year.

“While activity across provincial housing markets...

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After eight successive rate hikes the Bank of Canada has decided to maintain its target for the overnight lending rate at 4.5%, while continuing its policy of quantitative tightening.

The Bank indicated global economic developments have evolved in line with their expectations amidst a backdrop of slowing global growth and easing inflationary pressures. However, China’s economic recovery along with the Russia-Ukraine war were cited as key sources of upside risk. According to the Bank, overall financial conditions have tightened in recent months along with the Canadian dollar losing value against...

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Renters will get a tax credit, families will get a bump in the B.C. Family Benefit and prescription contraception will be free. But the carbon tax is going up, which means gas will get more expensive.

David Eby’s first budget as premier delivered a $4.2 billion deficit to pay for the long-promised $400 renters’ credit, free prescription contraception, new rental housing and $200 million to expand mental health and addiction services across B.C.

The 2023/24 budget, presented Tuesday by Finance Minister Katrine Conroy, also provides cash to help people with the affordability crisis amid...

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Below average home sales allow inventory to inch upwards

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s...

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Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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