Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. 

Last month’s sales were 7.8 per cent below the 10-year July sales average. 

“While home sale activity remains below long-term averages,...

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TransLink to consider three possible routes

The dream of one day gliding up Burnaby Mountain in a gondola is one step closer to coming true, thanks to a unanimous vote of the Mayors’ Council on Regional Transportation.

Metro Vancouver mayors advanced the planning process for the proposed project Thursday. It will now go to public consultation, and TransLink staff will start trying to secure funding from senior levels of government. 

The agency’s vice-president of transportation planning and policy, Geoff Cross, explained the mountain’s topography makes it hard to build other...

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The Heart of SFU

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Looking for that perfect 1 bed condo & can't seem to find it? Well your search ends here! Located in the "The Heart" of SFU, UniverCity, in The Hub, a concrete, LEED building. This 1bed/1bath/594sqft home is perfect for investors, first time buyers, aspiring students & everyone else in between. Features: an open concept plan, plenty of natural light, wood floors, a kitchen with SS apps, quartz counters & plenty of cupboards. The well sized master offers excellent closet space & large windows looking...

The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners who have been struggling to pass the B-20 stress test. The benchmark posted 5-year fixed rate has fallen from 5.34% to 5.19%. It’s the first change since May 9, 2018. And it’s the first decrease since Sept. 7, 2016, despite a 106-basis-point nosedive in Canada’s 5-year bond rate since November 8 (see chart below).

Five-Year Canadian Bond Yield

The benchmark...

The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year. “BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage...

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were little changed in June 2019 from the previous month.

Highlights:

• National home sales edged back 0.2% month-over-month (m-o-m) in June.
• Actual (not seasonally adjusted) activity ticked up 0.3% year-over-year (y-o-y).
• The number of newly listed homes rose 0.8% m-o-m.
• The MLS® Home Price Index (HPI) climbed 0.3% m-o-m in June but was down 0.3% y-o-y.
• The actual (not seasonally adjusted) national average sale price was up 1.7% y-o-y.

Home sales recorded via Canadian MLS® Systems were...

Spacious 1 Bed Condo

The Heart of SFU

Open: July 14, from 2 to 4

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Looking for that perfect 1 bed condo & can't seem to find it? Well your search ends here! Located in the "The Heart" of SFU, UniverCity, in The Hub, a concrete, LEED building. This 1bed/1bath/594sqft home is perfect for investors, first time buyers, aspiring students & everyone else in between. Features: an open concept plan, plenty of natural light, wood floors, a kitchen with SS apps, quartz counters & plenty of cupboards. The well sized master offers excellent closet space &...

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. 

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000. 

“We’re continuing to see an expectation...

Real estate prices in the region have risen by 316 per cent since 2000; New York just 103 per cent

We all know that real estate prices in Metro Vancouver have gone nuts over the past decade or so, but how does that growth compare with other North American cities? 

Canadian housing blog Better Dwelling crunched the numbers and came up with a jaw-dropping graph that shows just how dramatically prices have risen in the region since 2000, as compared with cities such as New York, San Francisco, Los Angeles, Toronto and Montreal.

It found that Metro Vancouver home prices have risen a whopping...

Rising atop Burnaby Mountain, this stylish one bedroom apartment residence at Veritas by Polygon is ideally situated for higher learning. Steps from a protected forest renowned for its natural beauty and spectacular views, Veritas enjoys immediate access to Simon Fraser University - Canada's top comprehensive university and a setting rich in culture and lifestyle opportunities. It is a very spacious one bedroom. The flex room is a bonus which can be used as study room. It is a great opportunity to own your dream home! Walk to SFU campus, bus loop, Nestors Market, and all the shops and restaurants....

The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing...

The trend in housing starts was 201,983 units in May 2019, compared to 205,717 units in April 2019, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The national trend in housing starts decreased in May as a result of continuing decline in the trend for single starts as well as a decline in the trend of multi-unit starts that follows gains in this segment in recent months, in urban areas," said Bob Dugan, CMHC's chief economist. "The decrease in the trend of...

Fixed and variable loans have gotten cheaper because costs for lenders are down too

Spring is typically a busy time for home sales, so lenders are competing fiercely right now for new business — and that's adding up to record low rates for borrowers. (Ty Wright/Bloomberg)

House prices may be as high as ever in many parts of the country, but Canadian homebuyers are being offered some of the lowest mortgage rates seen in years as lenders battle to drum up new business.

Rates on a standard five-year fixed-rate mortgage have fallen to their lowest level in two years, according to...

The BCREA Commercial Leading Indicator (CLI) rose by 1.3 points to 135.2 in the first quarter of 2019. Compared to this time one year ago, the index is 1.1 per cent higher.

“While economic activity remained tepid at the start of 2019, a rebound in financial markets pushed the CLI higher,” says BCREA Deputy Chief Economist Brendon Ogmundson. “That signals a lower risk environment, but a slowing economy may impact future commercial real estate activity.”

Following several years of robust growth, the BC economy continues to slow in the early part of 2019. The economic activity...

Monthly *Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019. 

Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000. 

“High home prices and mortgage q...