The British Columbia Real Estate Association (BCREA) reports that a total of 11,294 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, up 25.6 per cent from the same month last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $631,962, a 13.5 per cent increase since last June.

“BC home sales posted the second strongest June on record,” said Brendon Ogmundson, BCREA Economist. “A growing...

The trend measure of housing starts in Canada was 183,959 units in June compared to 179,908 in May, 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 trend in housing starts increased this month as multiple starts trended upward, offsetting a downward trend in single-detached home starts,” said Bob Dugan, CMHC’s Chief Economist. “The rise in the trend of multiple starts reflects a 53% increase in seasonally&n...

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Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth...

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An increase in raw land sales helped boost commercial real estate totals across the Lower Mainland in the first quarter of 2015, 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 sales in the region reached $1.5 billion in the first quarter (Q1) of 2015, a 7.6 per cent increase from Q1 2014.

There were 505 commercial real estate sales in the Lower Mainland in Q1 2015, according to Commercial Edge. This is an 8.6 per cent increase compared to the 465...

The vacancy rate for seniors’ residences decreased over the past year, reaching 8.1 per cent in 2015, compared to 8.7 per cent in 2014, according to the Seniors’ Housing Report – Canada Highlights released by Canada Mortgage and Housing Corporation.

“As was the case in 2014, the increase in the total number of spaces for seniors in 2015 was slightly outpaced by an increase in the total number of residents,” said Bob Dugan, Chief Economist at CMHC. “This led to a decrease in the overall vacancy rate in 2015.”

Our survey makes the distinction between...

According to the spring Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC), the average vacancy rate for primary purpose-built apartments in Canada’s 35 major centres was 2.9 per cent in April 2015, compared to 2.7 per cent in April 2014. This difference is not statistically significant, indicating stability in the overall vacancy rate.

“The stability of the national vacancy rate is due to offsetting regional trends that reflect the negative impact of lower oil prices on rental demand leading to higher vacancy rates...

Highlights:

• National home sales rose 3.1% from April to May.
• Actual (not seasonally adjusted) activity stood 2.7% above May 2014 levels.
• The number of newly listed homes was little changed from April to May.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 5.17% year-over-year in May.
• The national average sale price rose 8.1% on a year-over-year basis in May; excluding Greater Vancouver and Greater Toronto, it increased by 2.4%.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 3.1...

The British Columbia Real Estate Association (BCREA) reports that a total of 10,174 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 16.6 per cent from the same month last year. Total sales dollar volume was $6.4 billion, a 30.4 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $632,182, an 11.8 per cent increase since last May.

“Home sales for the month were at an eight year high for the month of May,” said Cameron Muir, BCREA Chief Economist....

The overall risk to financial stability in Canada has risen in the face of lower oil prices, but the resilience of the system continues to improve, the Bank of Canada said today as it released its biannual Financial System Review (FSR).

The FSR is intended to raise awareness of the key vulnerabilities, possible triggers and risks to the financial system. The Bank’s assessment is that there is a low probability that the risks identified in the FSR will materialize. Policies and regulations are in place to promote the strength and soundness of the Canadian financial system.

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The trend measure of housing starts in Canada was 181,231 units in May compared to 179,524 in April, 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 small increase in the trend was primarily driven by higher multiple starts in Ontario, the Atlantic region, and Québec. Despite month-to-month variation in multiple starts, CMHC expects builders will continue to focus on managing inventory of completed but unsold units — inventory that is still above...

It continues to be a competitive spring market for Metro Vancouver home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per...

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

“More robust economic growth, strong consumer confidence and rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007,” said Cameron Muir, BCREA Chief Economist.

Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 12.1 per cent to 94,300 units this year, before edging back 2.9 per cent to 91,600 units in 2015. The ten-year average is...

Canada Mortgage and Housing Corporation (CMHC) released today its first quarter financial report as well as complementary Mortgage Loan Insurance and Securitization Business Supplements.

CMHC provides mortgage loan insurance and securitization guarantee programs to facilitate access to mortgage financing and to contribute to the stability of the financial system. Consistent with our mandate, CMHC is present in all markets and through all economic cycles. During the first quarter, CMHC provided mortgage loan insurance for over 50,000 units across the country....

The Bank of Canada announced on May 27^th, 2015 that it was keeping its trend-setting overnight lending rate at 0.75 per cent.

Economic growth in the first quarter was weaker than the Bank expected, but it “expects a return to solid growth in the second quarter.” It still believes that exports and business investment will pick up and that the Canadian economy will grow by just under 2 per cent this year.

The Bank thinks the economic fallout from low oil prices will be neatly limited to the first quarter. If it proves to be longer lasting, the Bank may downgrade its economic outlook again...

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

“CMHC’s mortgage consumer survey provides valuable information around the habits of active Canadian mortgage consumers” said Nathalie Fredette, Vice-President, Client Relationship Management. “These insights allow mortgage professionals to better ...

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

Inflation in Canada continues to track the path outlined in the Bank’s April Monetary Policy Report (MPR). Total CPI inflation is near the bottom of the Bank's 1 to 3 per cent inflation control range, largely due to the transitory effects of sharply lower energy prices. Core inflation remains above 2 per cent, boosted by the pass-through effects of past depreciation of the Canadian dollar, as well as certain...

According to CMHC’s second quarter 2015 Housing Market Outlook, Canada Edition¹, housing markets will remain stable with housing starts moderating slightly in 2015 and 2016. There are, however, a number of risks and vulnerabilities that can affect the market outlook for Canada and each province. To account for these risks and vulnerabilities, CMHC produces forecast ranges for resale and new home markets.

“Lower oil prices are contributing to disparities between provincial housing markets. A slowdown in housing starts and resale transactions in oil-producing provinces such as Alberta...

Canada Mortgage and Housing Corporation (CMHC) released the results of its 2014 Condominium Owners Survey (COS) for Toronto and Vancouver today.

The COS is part of CMHC’s program of work on better understanding the role and prevalence of investors in Canadian housing markets.

The report includes survey insights on what motivates condo purchases, how long owners hold on to their units, and the borrower profile of condominium owners whose primary dwelling is a freehold or condominium unit but who also own at least one secondary unit that is a condominium.

For reporting purposes, such households...