The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year. 

“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand...

The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent softness in inflation but judges this to be temporary. Recognizing the lag between monetary policy actions and future inflation, Governing Council considers it appropriate to raise its overnight rate target at this time.

The global economy continues to strengthen...

The trend in housing starts was 215,459 units in June 2017, compared to 214,570 units in May 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 trend in housing starts for Canada reached its highest level in almost five years”, said Bob Dugan, CMHC’s chief economist. “So far this year, all regions are on pace to surpass construction levels from 2016 except for British Columbia, where starts have declined year-to-date after reaching...

Gorgeous Views

3 Bed, 1054sqft Concrete Home

Priced at $634,800

Open: Jul 8 from 1 to 3

Gorgeous! The only way to describe this stunning home. Located in UniverCity; Vancouver's premier lifestyle neighborhood. Enjoy amazing views from every room that will exceed your expectations. This 3bed/2bath/1054sqft home offers an efficient open floor plan, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & so much more. Spacious master has walk-through closet, 4pc ensuite w/dble sinks & the 2nd & 3rd rooms are well-sized. Altitude...

Canadians have come to expect ever cheaper debt. An interest rate hike this week would mark the reversal of that trend.

Announcements from the Bank of Canada are rarely something to get excited about, but this Wednesday is shaping up to be different. For the first time in seven years, the central bank could actually raise interest rates. Officials have strongly signalled over the past couple of weeks that a hike is coming on the back of positive economic data. For many economists, an increase is a foregone conclusion, and the bigger question is whether governor Stephen Poloz signals more tightening...

The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when 4,364 homes sold.

Last month’s sales were 14.5 per cent above the 10-year June sales average.

“Two distinct markets have emerged this summer. The detached home market has seen demand...

Gorgeous Views

3 Bed, 1054sqft Concrete Home

Priced at $634,800

Open: Jul 8 from 1 to 3

Gorgeous! The only way to describe this stunning home. Located in UniverCity; Vancouver's premier lifestyle neighborhood. Enjoy amazing views from every room that will exceed your expectations. This 3bed/2bath/1054sqft home offers an efficient open floor plan, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & so much more. Spacious master has walk-through closet, 4pc ensuite w/dble sinks & the 2nd & 3rd rooms are well-sized....

HIGHLIGHTS:

• Hawkish turn at the Bank of Canada?

• Canadian economy heating up

• Falling oil prices and low inflation may keep Bank on hold until 2018

Mortgage Rate Outlook

For the past six months, the relative calm in the Canadian economy meant that mortgage rates were guided more by external factors than domestic ones. Most prominent has been the quieting of previously bullish sentiment on US growth and inflation, as neither the trillion-dollar infrastructure plan nor tax cuts promised by the Trump administration have been proposed, never mind passed, despite one-party control...

Some Vancouver condo owners faced with having to pay the country’s first-ever municipal vacancy tax are planning to lie and see if they get caught.

Others are using creative methods to avoid it, like putting their units in the name of one family member and renting to another.

And some are buckling to the new rules by renting out their multimillion-dollar suites.

That’s what realtors, property managers, and other observers of the Vancouver real-estate scene say is happening as the July 1 deadline approaches for owners of second homes to either rent...

The BC Liberal Party is introducing a new rent-to-own housing scheme, aimed at gradually moving 50,000 households out of renting and into homeownership, the Lieutenant Government announced at the Throne Speech from the legislature in Victoria June 22.

The Liberal Party was seen to have lost key seats in Vancouver after being accused by the opposition NDP of not doing enough on affordable home ownership or rental. This new move seems to be the latest of the party’s eleventh-hour policies, as it tries to cling to its current, tenuous minority government and win the confidence of the House.

JUST SOLD OVER ASKING 5 DAYS!!

South East Facing

2 Bed & Nook, 869sqft Concrete Home

Priced at $518,800

Open: Jun 17 from 2 to 4

Stunning, is the best way to describe this home located in UniverCity; Vancouver's premier lifestyle & family friendly neighborhood. Enjoy South/East exposure & Mountain views from every room. This 2bed/2bath/869sqft home offers an efficient open floor plan, 9' ceilings, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & much more. Spacious master has walkin closet, 4pc ensuite w/dble sinks....

The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units....

The British Columbia Real Estate Association says a lack of homes on the market means buyers are paying more for housing across the province.

The association has released figures for May showing 12,402 homes were sold in B.C. last month, down 7.9 per cent when compared with May last year.

Total listings also fell 11.1 per cent to 28,404 over the same period.

But the association says sales remained very active in May, surpassing the number of new listings by 20 per cent in nine of B.C.'s 11 real estate boards and topping 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Prices...

The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron...

Excellent Layout

3bed/2bath/1196sqft

Priced at $558,800

Bright, spacious & open layout are just a few ways to describe this home. This 1196sqft/3bed/2bath, corner unit is one of the larger plans in the Harmony complex. Your wait is over. Features: open living & dining rooms, laminate floors, excellent room separation, spacious kitchen with eating area, stainless appliances & access to covered balcony. The large master has ensuite w/soaker tub & walk-in closet. The well-sized 2nd & 3rd rooms complete this home. The Harmony complex offers gym facilities & allows for rentals...

South East Facing

2 Bed & Nook, 869sqft Concrete Home

Priced at $518,800

Open: Jun 17 from 2 to 4

Stunning, is the best way to describe this home located in UniverCity; Vancouver's premier lifestyle & family friendly neighborhood. Enjoy South/East exposure & Mountain views from every room. This 2bed/2bath/869sqft home offers an efficient open floor plan, 9' ceilings, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & much more. Spacious master has walkin closet, 4pc ensuite w/dble sinks. Gaze at Mnt Baker from a well-sized...

Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2017 compared to last year while the total dollar value of sales increased across most property types.

There were 561 commercial real estate sales in the Lower Mainland in Q1 2017, a 19.7 per cent decrease over the 699 sales in Q1 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $3.884 billion in Q1 2017, an 18.2 per ...

Last year, a series of government interventions was implemented to cool Metro Vancouver’s runaway property market and increase affordability. And yet, the market is hotter than ever, and the gap between house prices and incomes is growing wider in unexpected parts of the region.

Greater Vancouver reached a record benchmark price of $967,500 - an 8.8-per-cent increase from the year before. The average price of a detached house reached a record $1.831-million in May.

Over all, median property prices in the region went up in the months after the introduction of the 15-per-cent foreign-buyers...

The trend in housing starts was 214,621 units in May 2017, compared to 213,435 units in April 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.

“Housing starts trended higher in May in Canada’s urban areas”, said Bob Dugan, CMHC’s Chief Economist. “Row and apartment units led the upward move, while construction has slowed for pricier single- and semi-detached houses.”

Monthly highlights

Halifax

Apartment construction...

Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey. The largest survey of its kind, the Mortgage Consumer Survey provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.

“Relationships and referrals are a very important part of the mortgage lending industry” said Nathalie Fredette, Vice-President, Client Relationship Management. “The Survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience....