Another happy client removes subjects on their new home in SFU. Just Sold: 2 bed, 2 bath 1078sqft, concrete home in Novo I. Beautiful South East views.

The British Columbia Real Estate Association (BCREA) was pleased to see more details of the proposed speculation tax. Refinement of the areas of the province where the tax applies and the introduction of different rates for different owners indicate a more strategic approach, and provide greater certainty. 

We look forward to more answers as the speculation tax takes shape, and more opportunities to minimize its negative impact in all affected areas for all homeowners who pay income tax in Canada. For example, homeowners in the City of Vancouver could potentially be charged twice for leaving...

Bright, spacious & shows well! This 1bed & den, 728sqft top floor home offers an excellent functional open layout with beautiful courtyard & water feature views; a must see. Features: 9' ceilings throughout, large open den, excellent sized kitchen with lots of counter & cupboard space, spacious living room, cozy gas fireplace, well sized master with walk-in closet, 4pc bathroom with soaker & excellent sized covered balcony. Located in Harmony, a pet & rental friendly building & well-appointed exercise facility. Close to: transit, shopping, indoor/outdoor rec. & a...

Statistics released today by The Canadian Real Estate Association (CREA) show national home sales declined further in February 2018.

Highlights:

• National home sales declined by 6.5% from January to February.
• Actual (not seasonally adjusted) activity was down 16.9% year-over-year (y-o-y) in February.
• The number of newly listed homes recovered by 8.1% from January to February.
• The MLS® Home Price Index (HPI) in February was up 6.9% y-o-y.
• The national average sale price declined by 5% y-o-y in February

Home sales via Canadian MLS® Systems were down 6.5% in February. This marks the second ...

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 per cent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 per cent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units into 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and already elevated home prices are expected to...

In line with financial market expectations, the Bank of Canada announced on March 7, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.

Here are the four main reasons why the Bank held interest rates steady:

1. Fourth quarter Canadian economic growth came in weaker than expected.
   • That means inflationary pressures are lower than it expected when it updated its economic forecast in January
2. Wage growth is lower than it would normally be for an economy with no labour market slack.
   • The Bank likely wants to see stronger wage growth before it raises interest rates to prevent...

HIGHLIGHTS 

•  The path of Canadian inflation will determine mortgage rates over the next year
•  Canadian economy slowed in the second half of 2017
•  Bank of Canada to weigh impact of higher rates and mortgage rules before acting 

Mortgage Rate Outlook Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 per cent while discounted rates offered by lenders increased similarly to 3.39 per cent. The increases were driven by the earlier than expected rate increase by the Bank of Canada...

Metro Vancouver* home sales dipped below the longterm historical average in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.

Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were...

Changes are afoot at Simon Fraser University’s main campus atop Burnaby Mountain, as redevelopment plans show an elaborate new heart for the campus that even sets aside space for the future gondola.

The East Gateway project, located in the area of the existing UniverCity Town Centre and East Campus Road bus loop, will become the new main hub of the campus – where the academic campus to the west and new residential neighbourhood to the east meet.

Site of SFU East Gateway: 1. Parcel 24; 2. Future Gondola Station; 3. Art Museum; 4. East Campus Road Bus Loop; 5. Town Square (Perkins...

One University Crescent-1188 SQ.FT., Stunning luxury 2 Bedroom & Den(could easily be a 3rd Bedroom) & 2 full bath unit will impress the most discerning of buyers. This is a 10+ unit with East -West orientation featuring 2 spacious Front and Back decks with spectacular view vistas from Port Moody to Mt. Baker. Fantastic layout with top of the lines finishes and fixtures. Living on SFU lands, you will have the privilege of accessing the intellectual, social, cultural and recreational diversity of one of Canada's finest Universities, with access to the university library, indoor pool and tennis...

Vancouver/Shutterstock

As part of Budget 2018, which is also the BC NDP provincial government’s first, BC Minister of Finance Carole James announced a number of taxation changes on residential properties, which she said are meant to further address the housing crisis in BC.

See also

• BUDGET 2018: MSP Premiums in BC will be eliminated starting in 2020
• BUDGET 2018: BC to provide $450 million to build 5,000 new student housing beds
• BUDGET 2018: 86,000 families to receive up to $1,250 per month for childcare
• BUDGET 2018: BC commits $6.5 billion to build 114,000 affordable homes

The first...

Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018.

Highlights:

• National home sales declined by 14.5% from December 2017 to January 2018.
• Actual (not seasonally adjusted) activity was down 2.4% year-over-year (y-o-y) in January.
• The number of newly listed homes plunged 21.6% from December 2017 to January 2018.
• The MLS® Home Price Index (HPI) in January was up 7.7% y-o-y.
• The national average sale price advanced by 2.3% y-o-y.

Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to...

The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.

“BC home sales dipped 10 per cent from December to January, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “New...

Summary Findings:

•Our analysis indicates that the BC HOME Partnership program (HPP) contributed to an annualized increase of 0.55 per cent to the market price of an apartment and an increase of 0.57 per cent to the market price of a townhouse in Metro Vancouver over the first threequarters of 2017.

• The HPP either paid or approved a total 1,395 transactions as of September 2017. This represented 1.7 per cent of total BC home sales and 0.9 per cent of the dollar volume.

• Approximately one-third of the HPP paid or approved transactions occurred in Metro Vancouver, comprising 1.2...

The trend in housing starts was 224,865 units in January 2018, compared to 226,346 units in December 2017, 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 held steady for a third consecutive month in January, remaining near the 10-year high set in December,” said Bob Dugan, CMHC’s chief economist. “This reflects higher starts of multi-unit dwellings in urban centres in recent months, which has...

Canada Mortgage and Housing Corporation today released a new study – Examining Escalating House Prices in Large Canadian Metropolitan Centres. The analysis shows that strong economic and population growth, together with low mortgage rates, have been important drivers of house price growth in Canada. As well, it also shows that the supply response has been weaker in Toronto and Vancouver, than in other Canadian metropolitan areas.

The report looked at data from Toronto, Vancouver, Montreal, Calgary and Edmonton from 2010 to 2016. These cities show marked differences in the growth...

The Unfair Vancouver Vacant Homes Tax Coalition describes its purpose in the name. The group is calling on the city to do something as the Feb. 2 deadline for the empty home tax declaration approaches. 

© THE CANADIAN PRESS IMAGES/Bayne Stanley

Rainer Borkenhagen says the group is made of members that are mostly retired and live across the country, but still own homes in Vancouver.

Borkenhagen himself lives in Gibsons, but owns a condo in Vancouver.

He said he tried to rent his condo once, but it turned out it was more practical to keep it and use it whenever his family needed it.

“We...

Canada Mortgage and Housing Corporation (CMHC) has released the 2018 Prospective Home Buyer Survey (#PHBS2018). This survey, the first of its kind for CMHC, explores the dynamics of home buying intentions for three groups of future homebuyers, including First-Time Buyers, Previous Owners and Current Owners, and provides a comprehensive review of overall awareness and understanding of the home buying process.

“The Survey findings provide insights and valuable information for mortgage professionals about their future clients and their needs,” said Nathalie Fredette, Vice-President, Client...

Attached and apartment homes are in demand across Metro Vancouver* while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased...