The British Columbia Real Estate Association (BCREA) reports that a record 12,560 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 38 per cent from March of last year. Home sales last month eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion in March, up 66.9 per cent compared to the previous year. The average MLS® residential price in the province was up 20.2 per cent year-over-year, to $771,620.

“Housing demand has never been stronger in the province,” said Cameron Muir, BCREA...

Metro Vancouver* home sales eclipsed 5,000 in March for the first time on record.

Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.

Last month’s sales were 56 per cent above the 10-year sales average for the month.

"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods...

The trend measure of housing starts in Canada was 196,783 units in March compared to 201,618 in February, 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.

“Overall, starts were trending lower in March due to a slowdown in multi-unit construction,” said Bob Dugan, CMHC Chief Economist. “This was the case across the country, except in British Columbia where declining inventories of new and unsold units as well as low levels...

The topic of foreign ownership in Canada’s housing markets continues to gain in importance and attention. In line with its commitment to sharing insightful information as it becomes available, Canada Mortgage and Housing Corporation (CMHC) released today its latest Housing Market Insights (HMI) report on this topic.

The report looks at the share of foreign ownership by the age of structure and is meant to be read in tandem with CMHC’s fall 2015 HMI report on Foreign Ownership. Findings reveal that share of foreign ownership is most prominent in new condominium apartment...

Condominium investors in Vancouver and Toronto display stable characteristics over time. Most are small-scale investors that own only one secondary unit, nearly onehalf purchased their last secondary unit for rental income and most expect to own their investment property for more than five years, according to Canada Mortgage and Housing Corporation (CMHC) 2015 Condominium Owners Survey (COS) released today.

The annual report, focused on the Vancouver and Toronto Census Metropolitan Areas (CMAs), includes survey insights on what motivates condo purchases, how...

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According to statistics released today by The Canadian Real Estate Association (CREA), national home sales recorded a second consecutive month-over-month increase in February 2016.

Highlights:

• National home sales rose by 0.8% from January to February.
• Actual (not seasonally adjusted) activity was up 18.7% compared to February 2015.
• The number of newly listed homes edged up by 0.5% from January to February.
• The Canadian housing market has tightened but remains balanced overall.
• The MLS^® Home Price Index (HPI) rose 8.5% year-over-year in February.
• The national average sale price rose 16.4% on...

The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year. This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to the previous year. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

“Housing demand is now at a break-neck...

A strong fourth quarter closed 2015 as a record-breaking year in commercial real estate sales in the Lower Mainland.

There were a total of 2,307 commercial real estate sales in the Lower Mainland in 2015. This is a 16.2 per cent increase over the 1,985 sales in 2014, which was the previous five-year record holder.

Commercial real estate sales in 2015 were 15.3 per cent above the region’s five-year sales average.

The total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion in 2015, nearly 33.7 per cent above the $6.273 billion total in 2014.

“Last year...

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 progressing largely as the Bank anticipated in its January Monetary Policy Report (MPR). Financial market volatility, reflecting heightened concerns about economic momentum, appears to be abating. Although downside risks remain, the Bank still expects global growth to strengthen this year and next. Recent data indicate that the U.S. expansion remains broadly on track. At the same time,...

The trend measure of housing starts in Canada was 198,880 units in February compared to 199,107 in January, 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.

“The national housing starts trend held steady in February, despite some important regional variances,” said Bob Dugan, CMHC Chief Economist. “Housing starts are trending at a 4-year low in the Prairies where low oil prices have weakened consumer confidence. At the...

When Eileen Holt stepped into Vancouver’s dizzying housing market, she never imagined she would come out with a half duplex.

A business-development manager for an engineering consultant firm and a recent empty nester, Ms. Holt had spent two decades in a large suburban home and was looking for a detached house with a suite that she could rent out in Vancouver’s red-hot Commercial Drive area.

But as prices skyrocketed, she was left contemplating fixer-uppers that required major repairs – and found herself at the losing end of several bidding wars. “Anything that was in the...

Last month was the highest selling February on record for the Metro Vancouver* housing market.

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 homes sold.

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record.

“We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. &ld...

Last month was the highest selling February on record for the Metro Vancouver* housing market. Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 homes sold.

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record.

“We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. &ld...

The BCREA Commercial Leading Indicator (CLI) broke a string of two consecutive declines, eking out a 0.1 point increase to an index value of 120.0 in the fourth quarter of 2015. On a year-over-year basis, the CLI was 0.4 per cent higher than in 2014.

Although the trend in the CLI is currently pointing to a neutral economic and financial environment for commercial real estate, the overall BC economy remains strong, particularly in comparison to its neighboring provinces.

“Financial market jitters offset solid gains from a strong BC...

In the last week, the need for answers about Vancouver’s increasingly freakish real estate market has reached a fever pitch.

The need for action is particularly dire after a succession of revelations: The Globe’s investigation this week of the legal but controversial practice of contract assignment that has seen some real estate agents make windfall profits by selling and re-selling the same home. The appearance of crowdfunding firms targeting Vancouver property. The demolition of newly renovated mansions. And the finding that there’s been a 39 per cent increase in the number of...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales rebounded in January 2016 compared to the previous month.

Highlights:

• National home sales edged up by 0.5% from December to January
• Actual (not seasonally adjusted) activity was up 8% compared to January 2015.
• The number of newly listed homes retreated by 4.9% from December to January.
• The Canadian housing market has tightened but remains balanced overall.
• The MLS® Home Price Index (HPI) rose 7.7% year-over-year in January.
• The national average sale price rose 17% on a year-over-year basis...

The British Columbia Real Estate Association (BCREA) welcomes the proposed changes to the Property Transfer Tax (PTT) and other measures in Budget 2016 to improve housing affordability in the province and collect better information about property transactions.

The PTT exemption for new homes up to $750,000 will help stimulate supply of new housing and provide more opportunities for home ownership across the province. This exemption is commendable, however with many new housing projects taking years to complete, it may not have the immediate impact desired by the government....

The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.

The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.

“The BC housing market continues to build on momentum from a very strong 2015,” said Brendon Ogmundson, BCREA Economist. &ldqu...