Canadian housing starts slowed in October as the once-hot British Columbia market braked sharply, while separate data on Tuesday showed the value of building permits slipped in September, suggesting the country's long property boom is cooling.

Groundbreaking on new homes fell to 192,928 units in October, roughly in line with expectations, from a revised seasonally adjusted annual rate of 219,363 units in September, the Canada Mortgage and Housing Corp said.

The slowdown in new construction was sharpest in British Columbia, where starts dropped 44.9 percent. Vancouver, Canada's most expensive housing...

After some very disturbing news from British Columbia this summer, where a Globe and Mail investigation discovered that our major banks were favouring foreign buyers by turning a blind eye to a prudent approval process when granting them uninsured mortgages, one has to wonder about the future of housing in this country. Have these deplorable bank practices, since rescinded, fearing the public outcry, been condoned and encouraged by our government, which previously voiced concern about foreign ownership? How else could Ottawa’s (only) recently introduced measures in closing loopholes...

Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*. 

Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. 

Last month’s sales were 15 per cent below the 10-year October sales average. 

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, REBGV...

Maclean’s Magazine has released its annual list of Canadian university rankings, and Simon Fraser University has topped the list for 2016 in the comprehensive category.

The post-secondary institution tops the list for a number of reasons, including the development of UniverCity, a model sustainable community on the Burnaby Mountain campus.

The Arthur Erickson-designed concrete buildings also got a nod from the magazine, despite them having “fallen into disrepair,” as well as the gorgeous views from the top of the mountain.

See also

• 5 must-do SFU campus traditions

Extensive co-op...

The renewal of the Bank of Canada’s framework for inflation targeting will help Canadian businesses and consumers by providing certainty around their financial plans, Governor Stephen S. Poloz said today.

In a speech to the Business Council of British Columbia, Governor Poloz said the Bank’s inflation-targeting agreement with the federal government, which has been in place for 25 years and which was renewed last week, has helped Canadians spend and invest with more confidence and improved their standard of living.

“Twenty-five is the silver anniversary, but inflation targeting...

Federal, provincial and territorial ministers responsible for housing met today to advance the development of a National Housing Strategy for Canada that will build on a strong housing foundation.

Continuing the progress achieved at their June meeting in Victoria, ministers discussed a shared vision for housing in Canada:

Canadians have housing that meets their needs and they can afford. Housing is a cornerstone of sustainable, healthy and inclusive communities and a strong Canadian economy where we can prosper and thrive.

The Ministers discussed their shared long-term aspirations to improve housing...

Canada Mortgage and Housing Corporation (CMHC) is finding strong evidence of problematic conditions for Canada overall. Home prices have risen ahead of economic fundamentals such as personal disposable income and population growth, resulting in overvaluation in many Canadian housing markets. However, the combination of overvaluation and overbuilding should help slow the growth in resales and house prices and lead to a moderation in the pace of housing starts.

This analysis is the result of combined insight from two major CMHC reports published concurrently for the first time, today: the Housing...

The Bank of Canada announced on October 19^th, 2016 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent.

The announcement and accompanying Monetary Policy Report (MPR) indicated that:

• Canadian economic growth will be lower than previously expected, “due in large part to slower near-term housing resale activity and a lower [growth] trajectory for exports.”
• The economy is now on track to “[return] to full capacity around mid-2018,” which is “materially later than Bank had anticipated in July.”
• Recently tightened mortgage regulations...

The Bank of Canada today announced that it 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.

The global economy is expected to regain momentum in the second half of this year and through 2017 and 2018. After a weak first half, the US economy in particular is strengthening: solid consumption is being underpinned by strong employment growth and robust consumer confidence. However, because of elevated uncertainty, US business investment is on a lower track than expected.

Looking through the choppiness...

The decline in home sales in Vancouver which seems to have been exacerbated by the tax on foreign buyers, does not reflect the wider provincial housing market.

The British Columbia Real Estate Association says that, although there are other cities showing declining sales, there are also areas showing continued growth.

"Housing demand in the province continued to trend lower in September," said Cameron Muir, BCREA Chief Economist. "While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential tr...

Forget all the housing crash talk says a new report that suggests prices acceleration in Canada’s housing market will slow down without any hard landing.

Moody’s Analytics, which used the Brookfield RPS house price index for its models, maintains that prices in Canada will slow down as some markets, especially Vancouver and Toronto, see homes become overvalued and less affordable while international capital inflows slow down.

“We are predicting that the housing market will slow down, in terms of house price growth, significantly,” said Andrew Carbacho-Burgos, an economist...

The British Columbia Real Estate Association (BCREA) reports that 7,591 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, down 11.2 per cent from the same month last year. Total sales dollar volume was $4.45 billion in September, down 14.1 per cent compared to the previous year. The average MLS® residential price in the province was $585,844, a decline of 3.2 per cent compared to the same month last year.

“Housing demand in the province continued to trend lower in September,” said Cameron Muir, BCREA...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged slightly higher in September 2016 compared to August.

Highlights:

• National home sales edged up 0.8% from August to September.
• Actual (not seasonally adjusted) activity in September rose 4.2% year-over-year (y-o-y).
• The number of newly listed homes ticked up 0.5% from August to September.
• The MLS^® Home Price Index (HPI) in September was up 14.4% y-o-y.
• The national average sale price climbed 9.5% y-o-y.

The number of homes trading hands via Canadian MLS^® Systems rose...

The trend measure of housing starts in Canada was 199,503 units in September compared to 196,465 in August, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“Housing starts were on an upward trend in September, as residential construction increased across the country with the exception of Ontario, where the multiples segment softened to levels that are more consistent with household formation," said Bob Dugan, CMHC Chief Economist. “Quebec saw the largest gain...

Metro Vancouver* home sales dipped below the 10- year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold. 

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president...

Investor, student and first time buyer alert! This 1bed/1bath/599sq home features Inlet & green space views, an efficient floor plan, quality flooring, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has walk-through closet to a cheater 4pc bathroom. Altitude is Vancouver's highest rising tower, 1 yr young & rental & pet friendly. Bonus: 1 locker & Parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor rec. & a host of resident-only perks. Do not miss your chance to enjoy living in this great lifestyle...

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Investor, student and first time buyer alert! This 1bed/1bath/599sq home features Inlet & green space views, an efficient floor plan, quality flooring, GE Cafe appliances, quartz counters, a spacious kitchen w/breakfast bar & covered balcony. Spacious master has walk-through closet to a cheater 4pc bathroom. Altitude is Vancouver's highest rising tower, 1 yr young & rental & pet friendly. Bonus: 1 locker & Parking. Walk to: transit, campus, childcare, shopping, indoor/outdoor rec. & a host of resident-only perks. Do not miss your chance to enjoy living in this great lifestyle...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined for a fourth consecutive month in August 2016.

Highlights:

• National home sales fell 3.1% from July to August.
• Actual (not seasonally adjusted) activity came in 10.2% above August 2015.
• The number of newly listed homes declined 2.7% from July to August.
• The MLS^® Home Price Index (HPI) rose 14.7% year-over-year in August.
• The national average sale price climbed 5.4% in August from one year ago.

The number of homes trading hands via Canadian MLS^® Systems fell by 3.1...

The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year. 

“Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month,” said Cameron Muir, BCREA...