Metro Vancouver’s* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term...

Analysis: ‘Buyers don’t know whether to purchase yet. And sellers don’t know if they should sell for less’

From all corners come the forecasts of lower housing prices in Canada. Everyone is nervous.

The predictions portend gloom for many who bought homes in recent years, particularly over-leveraged investors. But drastically reduced prices also signal a possible opening for middle-income earners so far barricaded out of ownership.

The Bank of Canada is expected to again hike the prime rate in September, to about 3.5 per cent. This will further deflate the housing bubble ...

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The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in July 2022, a decrease of 42.4 per cent from July 2021. The average MLS® residential price in BC was $923,449, a 3.6 per cent increase from $891,376 recorded in July 2021. Total sales dollar volume was $5.1 billion, a 40.3 per cent decline from the same time last year.

“High mortgage rates continued to lower sales activity in July,” said BCREA Chief Economist Brendon Ogmundson. “Many regions around the province...

Spacious 1 Bed Home

Excellent Condition

Priced at $439,800

Click here for more...

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed, 1 bath 624sqft home, located in Novo II; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, SS appliances, laminate floors, newer front load washer & dryer & covered balcony. The large bedroom has...

Metro Vancouver’s* housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 per cent decrease from the 3,326 sales recorded in July 2021, and a 22.8 per cent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 per cent below the 10-year July sales average.

“Home buyers are exercising more caution in today’s market in response to rising interest...

Spacious 1 Bed Home

Excellent Condition

Priced at $448,800

Click here for more... 

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed, 1 bath 624sqft home, located in Novo II; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, SS appliances, laminate floors, newer front load washer & dryer & covered balcony. The large bedroom...

Highlights:

• National home sales fell by 5.6% on a month-over-month basis in June.
• Actual (not seasonally adjusted) monthly activity came in 23.9% below the June record set in 2021.
• The number of newly listed properties was up 4.1% month-over-month.
• The MLS® Home Price Index (HPI) edged down 1.9% month-over-month but was still up 14.9% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 1.8% year-over-year decline in June.

Is housing affordable in Canada?

Not according to the data. A new survey shows that approximately 9 million Canadians are settling to rent forever or completely giving up on the idea of homeownership.

This comes shortly after RBC Economics released a report showing that housing affordability in Canada is at its lowest in 31 years and hot on the heels of multiple mortgage rate hikes – making homeownership even more unaffordable.

In the new ‘Generation Rent’ survey, 29% of Canadians – approximately 9 million adults (18+) – have either given up on the homeownership dream...

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16.2 per cent decrease from the 2,918 homes sold in May 2022.

Last month’s sales were 23.3 per cent below the 10-year June sales average.

“Home buyers have more selection to choose from and more time to make decisions than they did over the...

I couldn’t have done it without the support and referrals from my amazing Clients. Thank You, I am truly grateful!

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Enjoy bright, south east exposure from this penthouse home located in Harmony At The Highlands in UniverCity; Vancouver's premier lifestyle neighborhood! Features: soaring 12’ ceilings, laminate floors, open plan, stainless appliances & breakfast bar, plenty of storage space & cozy gas F/P. Excellent sized master w/nook space, ensuite with soaker & walk-in closet, well sized 2nd bed & 3pc main bath complete this home. Harmony is a rental and pet friendly complex with gym facilities. Bonus: 2 PARKING...

Spacious 1 Bed Home

Excellent Condition

Priced at $458,800

 Click here for more...

Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed, 1 bath 624sqft home, located in Novo II; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, SS appliances, laminate floors, newer front load washer & dryer & covered balcony. The large bedroom...

Top Floor Unit
12’ Ceilings, 2 Parking & Locker
Priced at $568,800

Click here for more...

Enjoy bright, south east exposure from this penthouse home located in Harmony At The Highlands in UniverCity; Vancouver's premier lifestyle neighborhood! Features: soaring 12’ ceilings, laminate floors, open plan, stainless appliances & breakfast bar, plenty of storage space & cozy gas F/P. Excellent sized master w/nook space, ensuite with soaker & walk-in closet, well sized 2nd bed & 3pc main bath complete this home. Harmony is a rental and pet friendly complex with gym facilities....

The WURI rankings measure how universities contribute to society and highlight creative and innovative approaches to university research and education.

“I am so proud of the creativity and ambition that our students, faculty and staff demonstrate each day, and excited that their groundbreaking innovations and entrepreneurial spirit have been recognized by WURI,” says SFU President Joy Johnson. “SFU is doing incredible work in the innovation space, from training students for jobs of the future to partnering with industry and communities to mobilize knowledge that makes a positive...

Highlights

• Bond markets expect very aggressive Bank of Canada
• Is Canada in a recession?
• Bank of Canada tightening aggressively now, only to cut rates in 2024?

In BCREA’s last Mortgage Rate Forecast, we anticipated Canadian 5-year fixed mortgage rates would reach 4 per cent later this year. Instead, rates have already sling-shotted to 4.69 per cent as elevated inflation continues to drive interest rate expectations.

Canadian bond markets – and Canadian mortgage rates in turn – have already priced in significant Bank of Canada tightening. The 2-year Canadian bond yield, a good indicator...

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The British Columbia Real Estate Association (BCREA) reports that a total of 8,214 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in May 2022, a decrease of 35.1 per cent from May 2021. The average MLS® residential price in BC was $1 million, a 9.3 per cent increase from $915,392 recorded in May 2021. Total sales dollar volume was $8.2 billion, a 29.1 per cent decline from the same time last year.

“Canadian mortgage rates continue to climb,” said BCREA Chief Economist Brendon Ogmundson. “The average 5- year fixed mortgage rate reached...