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....

With Toronto’s housing market showing signs of cooling, and Vancouver’s days of heady price increases now well behind it, a new top dog is emerging in Canada’s real estate market: Montreal.

The city posted record-high sales in May, jumping 15 per cent from the same month a year ago, according to data released Tuesday by the Greater Montreal Real Estate Board. That's the highest volume the city has seen since before the financial crisis of 2008-9.

“This was an exceptional month of May on Montreal’s residential real estate market,” Mathieu Cousineau, president of...

Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest selling May on record. 

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater...

First quarter highlights

• CMHC provided more than $1.5 billion for housing programs on behalf of the Government of Canada.
• Budget 2017 proposed new federal investments of over $11.2 billion over 11 years, as well as preservation of social housing funding and new low-cost loans to support affordable housing under a National Housing Strategy. CMHC is well positioned to lead the development of a National Housing Strategy, a once-in-a-lifetime opportunity to ensure Canadians have the housing they need and that they can afford.
• Mortgage loan insurance facilitates access to housing...

The BCREA Commercial Leading Indicator (CLI) increased for the fifth consecutive quarter, rising 0.5 index points from the fourth quarter of 2016 to the first quarter of 2017. The index now sits at 128.0, a 4 per cent increase from a year ago and a 0.4 per cent gain on a quarterly basis. “The rising CLI mirrors the overall robust trend in the provincial economy,” says BCREA Economist Brendon Ogmundson. “The commercial real estate sector stands to benefit from BC’s strong economic growth through increased demand for commercial space and the attraction of invesment dollars....

Outlook still clouded by uncertainty

The Bank of Canada announced on May 24^th, 2017 that it was keeping its trend-setting target overnight lending rate unchanged at 0.5 per cent.

The Bank indicated inflation remains below its 2% target and that the Canadian economy still has plenty of slack. Additionally, while recognizing a number of encouraging economic developments such as improving business investment, job growth and strong consumer spending, it also expects economic growth will slow down and economic “uncertainties… continue to cloud the global and Canadian outlook.”

Given...

The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Inflation is broadly in line with the Bank’s projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense retail competition, pushing inflation temporarily lower. The Bank’s three measures of core inflation remain below two per cent and wage growth is still subdued, consistent with ongoing excess capacity in the economy.

The global economy continues to gain traction...

Gorgeous Forest Views

1 Year Young

Priced at $374,800

Investor, student and first time buyer alert! This 1bed/1bath/544sqft above-ground home offers floor to ceiling windows and is nestled in lush forest and green space views. Features: an efficient floor plan, quality engineered floors, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has large closet space. Altitude is Vancouver’s highest rising tower, 1 yr young & rental & pet friendly. Bonus: locker & parking. Walk to: transit, campus, childcare, shopping,...

A repeat of Toronto's 1989 crash could have devastating effects on the entire economy

It's the question lingering behind every headline. It's whispered among homeowners, would-be buyers and sellers, economists and policy-makers. What actually happens if Canadian real estate prices crash?

On the one hand, a crash might be good for some Canadians already priced out of the market. And even a dramatic 40 per cent drop in prices would set homeowners in markets like Toronto or Vancouver back, what, two or three years?

But there are broader concerns for the market and the economy itself that...

Proud Sponsor of the University Highlands Elementary School annual Carnival. The Pony rides are always a huge hit with the kids. Join us, Saturday May 27th.

Gorgeous Forest Views

1 Year Young

Priced at $374,800

Investor, student and first time buyer alert! This 1bed/1bath/545sqft above-ground home offers floor to ceiling windows and is nestled in lush forest and green space views. Features: an efficient floor plan, quality engineered floors, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has large closet space. Altitude is Vancouver’s highest rising tower, 1 yr young & rental & pet friendly. Bonus: locker & parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor...

According to statistics^[1] released today by The Canadian Real Estate Association (CREA), national home sales declined in April 2017.

Highlights:

• National home sales fell 1.7% from March to April.
• Actual (not seasonally adjusted) activity in April was down 7.5% from a year earlier.
• The number of newly listed homes jumped 10% from March to April.
• The MLS® Home Price Index (HPI) was up 19.8% year-over-year (y-o-y) in April 2017.
• The national average sale price rose 10.4% y-o-y in April.

The British Columbia Real Estate Association (BCREA) reports that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year. 

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist....

Home prices in Canada rose for the 15th straight month in a row in April, according to the Teranet-National Bank house price index, which once again hit its highest levels ever.

But virtually all the strength seen over the past year came from just three cities — Toronto, Hamilton and Victoria.

The index, which tracks repeat sales of single-family homes over time, found Toronto led the way, with the price index rising 2.6 per cent in April. The city has seen prices jump 7.3 per cent since the start of the year, and 26.3 per cent in the past 12 months.

Nearby Hamilton, which is experiencing...