Canada's housing market churned out another strong month in October with average resale prices rising more than 8 per cent. It was the second-best October on record in nearly six years, led by soaring property values in Toronto and Vancouver, prompting some housing analysts to abandon their long-held predictions for a soft landing and instead issue warnings about the risks of a sharp price correction.

Average resale home prices soared an annualized 15.6 per cent in the Greater Vancouver Area to $947,334, the Canadian Real Estate Association Reported. Prices jumped 7.6 per cent in the Greater Toronto...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month.

Highlights:

• National home sales rose by 1.8% from September to October.
• Actual (not seasonally adjusted) activity was little changed (+0.1%) compared to October 2014.
• The number of newly listed homes was up 0.9% from September to October.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.7% year-over-year in October.
• The national average sale price rose 8.3% on a year-over-year basis in October;...

The Bank of Canada is putting innovative thinking at the heart of its corporate strategy through an ambitious research agenda and initiatives to engage people outside the Bank, Senior Deputy Governor Carolyn Wilkins said today.

“Confident as we are in how we do things now, the Bank keeps its eyes on the future,” she said in a speech to the Rotman School of Management and the Munk School of Global Affairs.

As part of its strategic plan, the Bank’s research agenda is centred on critical issues that arose from the global financial crisis. Bank researchers are analyzing innovative...

The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.

“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in...

Buying your first home is an exciting time but it also comes with many questions, concerns and in some cases, nerves. With that in mind, Canada Mortgage and Housing Corporation (CMHC) released today its 2015 First-Time Homebuyers Survey (#FirstTimeBuyers) coinciding with the fifth anniversary of Financial Literacy Month (#FLM2015).

“For many Canadians, buying their first home is the single, largest purchase they have ever made.” says Nathalie Fredette, Vice- President, Client Relationship Management. “Our aim is to provide mortgage brokers,...

The chief executive officer of the Canada Mortgage and Housing Corp. says foreign buyers may be playing a role in overvaluation in the Vancouver and Toronto housing markets and says the federal agency is seeking new data on real estate ownership.

Foreign buyers may be contributing to an overvaluation of residential real estate, especially in the luxury segment, Siddall said....

The 21st annual REALTORS Care® Blanket Drive kicks off on November 16. The program is the Lower Mainland’s largest and longest-running blanket drive.

Each year, the REALTORS Care® Blanket Drive provides warm clothing and blankets to more than 19,000 Lower Mainland residents in need.

From November 16 to 23, volunteer Realtors across the region will work with their clients to coordinate donations of blankets and warm winter clothing for those most in need. The donations are then sorted and delivered to charities in the same community in which they were collected.

“Every community...

The British Columbia Real Estate Association (BCREA) released its 2015 Fourth Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are projected to surpass 100,000 units this year. This level ofhome sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year
average.

After climbing 15 per cent in 2014 and nearly 20 per cent this year, BC MLS® residential sales are forecast to decline 7 per cent to 93,700 units in 2016. “Less latent pent-up demand...

The trend measure of housing starts in Canada was 206,089 units in October compared to 202,793 in September, 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.

“New condominium and rental starts continued to push the trend higher in October,” said Bob Dugan, CMHC’s Chief Economist. “Rental starts across urban centres are poised to reach their highest level since 1992 due to low vacancy rates in recent years.”

CMHC uses the trend measure as a complement...

Home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015.

This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015. Last month’s sales were 36.2 per cent above the 10-year sales average for the month.

“Home sales are more than one-third...

Canada’s 35 larger centres saw the average vacancy rate in privately initiated purpose-built rental apartments increase to 3.3 per cent in October 2015, from 2.8 per cent in October 2014, according to preliminary data from the fall Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC).

“The rise in the national vacancy rate was due to lower net migration in regions most affected by low oil prices as well as an increase in the supply of purpose-built rental apartment units,” said Bob Dugan, Chief Economist at CMHC.

Overall, the average rent for t...

Canada Mortgage and Housing Corporation (CMHC) released its Housing Market Assessment (HMA) report formerly known as the House Price Analysis and Assessment (HPAA) that evaluates the extent to which there is evidence of problematic housing market conditions in 15 Census Metropolitan Areas (CMAs).

The HMA points to strong overall evidence of problematic conditions in Toronto, Winnipeg, Saskatoon and Regina. In Toronto, strong evidence of problematic conditions reflects a combination of price acceleration and overvaluation. Strong evidence of problematic conditions in Winnipeg, Saskatoon, and...

Bright & Spacious
2 Level, 2 Bed Town home
Priced at $424,800
Open: Sat Sep 19 from 1 to 3

Detached style living with strata convenience! Welcome to UniverCity at SFU, Vancouver’s premier lifestyle neighborhood. This bright 2lvl/2bed/2bath/1094sqft home is in great condition & shows very well. Features: open layout, excellent room separation, large kitchen w/eating area & SS apps. Enjoy outdoor living on your extended patio. Top floor: master with 3pc ensuite, tons of closet space, 4pc bath, a large 2nd bedroom & conveniently located...

CMHC’s fourth quarter 2015 Housing Market Outlook, Canada Edition, expects housing markets to moderate in 2016 and 2017.

“In 2015, increased housing market activity in provinces like Ontario and British Columbia – provinces that have benefitted from declining energy prices, a lower Canadian dollar and continued low mortgage rates – offset slowdowns in oil-producing provinces like Alberta,” said Bob Dugan, CMHC Chief Economist. “We expect, however, that this counterbalancing effect will decrease over time. As such, housing...

Garden Level Patio

Prestigious One University

Open House Oct 31 from 2:00 to 4:00

Priced at $408,800

Looking for outdoor space as an extension of your indoor living? Look no further! Calling all outdoor, garden and pet lovers. Enjoy the 371sqft ground level patio of this 2bed/2bath/973sqft home in the luxurious concrete tower of OneUniversity located in UniverCity; Vancouver's premier lifestyle neighborhood. Features: espresso color floor, 9’ ceilings, shaker style cabinets, quartz counters, SS apps, excellent room separation, cozy fireplace & more. The large master has his/her walk-through...

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.

Inflation has evolved in line with the outlook in the Bank’s July Monetary Policy Report (MPR). Total CPI inflation remains near the bottom of the Bank’s target range, owing to declines in consumer energy prices. Core inflation is close to 2 per cent as the transitory effects of the past depreciation of the Canadian dollar are roughly offsetting disinflationary pressures from economic slack, which...

House prices across Metro Vancouver jumped yet again this quarter, bringing up the aggregate home price to just under a million bucks, according to a Royal LePage report released Wednesday.

The aggregate price for condos, bungalows and two-storey houses across the region rose by 12.9 per cent to $928,532 in the third quarter of 2015. Richmond and Burnaby posted the highest increase across housing types, with aggregate prices rising to $868,105 and $832.411 respectively, according to the report.

But Vancouver, where insane real estate prices prompted the #donthave1million campaign drawing attention...

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before.

Highlights:

• National home sales declined by 2.1% from August to September.
• Actual (not seasonally adjusted) activity edged up 0.7% compared to September 2014.
• The number of newly listed homes retreated 2.1% from August to September.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.9% year-over-year in September.
• The national average sale price rose 6.1% on a year-over-year basis in September;...

The British Columbia Real Estate Association (BCREA) reports that a total of 8,553 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, up 12 per cent from the same month last year. Total sales dollar volume was $5.2 billion, up 18 per cent compared to the previous year. The average MLS® residential price in the province rose to $605,258, up 5.3 per cent from September 2014.

“Strong consumer demand has pulled down the inventory of homes for sale to its lowest level in eight years,” said Cameron Muir, BCREA...