On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how REALTORS® work with consumers will come into effect. The Rules, mandated by the Office of the Superintendent of Real Estate (OSRE) and finalized on April 27, 2018, have been amended to ensure consumers have a thorough understanding of their relationship with their REALTOR®, particularly when it comes to conflicts of interest and remuneration.

“Since the new Rules were finalized six weeks ago, BCREA has been hard at work to update our Applied Practice Courses for new licensees, continuing...

In line with financial market expectations, the Bank of Canada announced on May 30, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.

The economy continues to unfold largely as expected. Inflation is close to the 2% target, a little higher than the Bank had projected back in April. That said, the Bank attributes most of that to the bump in gas prices in recent weeks and said that, as usual, it will look past the transitory impact of gas price fluctuations.

The Bank noted that “housing resale activity has remained soft into the second quarter, as the housing market...

Canada Mortgage and Housing Corporation (CMHC) today released its first quarter financial report demonstrating its contributions to the stability of housing markets and the financial system while also providing support for Canadians in housing need.

CMHC also published supplemental data on its Assisted Housing, Securitization and Covered Bonds activities. New this quarter is an expanded Mortgage Loan Insurance business supplement.

Contributing to the stability of the financial system and facilitating access to housing

For the three months ended March 31, 2018, we:

• Provided mortgage loan insurance...

Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell from March to April 2018.

Highlights:

• National home sales fell 2.9% from March to April.
• Actual (not seasonally adjusted) activity was down 13.9% from April 2017.
• The number of newly listed homes declined 4.8% from March to April.
• The MLS® Home Price Index (HPI) in April was up 1.5% year-over-year (y-o-y).
• The national average sale price declined by 11.3% y-o-y in April.

National home sales via Canadian MLS® Systems declined by 2.9% in April 2018 to the lowest level in more than five years...

Younger homebuyers, who aim for cheaper mortgage options, will feel the impact the most

Expect a modest slowdown in housing activity and more demand for cheaper housing with the new qualifying mortgage rate, some experts say.

The Bank of Canada raised its mortgage qualifying rate to 5.34 per cent this week, meaning borrowers now face a higher bar in the federally mandated stress test. The rate was previously 5.14 per cent.

The qualifying rate, different from actual rates offered by lenders, is used as a benchmark to determine borrower eligibility. The rate is up from 4.64 per cent this time last...

The Canadian Real Estate Association (CREA) is proposing an amendment to Bill C-45 that would result in a moratorium on home cultivation of cannabis until the governments can enact rules and regulations for the entire country.

While speaking in front of Senate Standing Committee on Social Affairs, Science and Technology, Michael Bourque, CEO of CREA, which represents more than 125,000 REALTORS® across the country, outlined some of the hazards associated with home cannabis cultivation. “We know fire chiefs are concerned about fires; police organizations are concerned with increased crime;...

Canada’s housing market overall remains highly vulnerable for the seventh consecutive quarter mainly due to evidence of overvaluation and price acceleration observed in Census Metropolitan Areas such as Toronto, Vancouver, Victoria, and Hamilton, according to Canada Mortgage and Housing Corporation (CMHC).

On a quarterly basis, CMHC issues its Housing Market Assessment (HMA) to provide Canadians with both expert and impartial insight and analysis, based on the best data available in Canada. This report acts as an “early warning system” for the country’s housing...

Vancouver’s empty homes tax will collect an estimated $30 million in its inaugural year.

Mayor Gregor Robertson shared preliminary results for the city’s empty homes tax on Monday morning in a news briefing outside Vancouver City Hall.

The revenue collected this year will cover the implementation of the new tax, with net proceeds reinvested into affordable housing, the mayor said.

The median amount of tax paid was $9,900, though taxed amounts varied from $1,500 up to more than $250,000.

Of the $30 million taxed, about $17 million has already been collected.

The city had previously extended...

The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent.

Inflation in Canada is close to 2 per cent as temporary factors that have been weighing on inflation have largely dissipated, as expected. Consistent with an economy operating with little slack, core measures of inflation have continued to edge up and are all now close to 2 per cent. The transitory impact of higher gasoline prices and recent minimum wage increases will likely cause inflation in 2018 to be modestly higher...