Housing starts in BC slowed to begin the year from a torrid pace is 2016. Starts were down 33 per cent on a monthly basis and 13 per cent year-over-year, though unseasonably high snowfall in December and January likely played a role in limiting construction activity. Single detached starts were down 36 per cent while multiple unit starts were down 5 per cent year-over-year.Read More
The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year.Read More
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”Read More
“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.Read More
The vacancy rate across the Vancouver Census Metropolitan Area (CMA) slipped from 0.8% in October 2015 to 0.7% a year later, according to a Canada Mortgage and Housing Corporation report released November 28.Read More
“Job growth in key commercial sectors and robust consumer demand led the CLI higher in the third quarter," said BCREA Economist Brendon Ogmundson." A rising CLI points to continued strength in BC commercial real estate activity in 2017."Read More
Housing starts in BC jumped 72 per cent higher to 44,019 SAAR following a dip in October. Starts were up 64 per cent on a year-over-year basis as single detached starts rose 11 per cent and multiple unit starts nearly doubled.Read More
Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.Read More
Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”Read More
Canada’s residential real estate market continued to grow in the third quarter of 2016, posting a double-digit year-over-year aggregate house price increase, according to the Royal LePage House Price Survey released today. The Government of British Columbia’s new 15 per cent property transfer surtax on foreign nationals and foreign-controlled corporations, introduced early in the quarter, has contributed to slower sales activity but has had little impact to-date on Greater Vancouver home prices, which led the country in appreciation with year-over-year home prices increasing by 30.6 per cent in the quarter. While Ontario considers implementing a similar tax, over the same period house price increases in the Greater Toronto Area (GTA) also remained strong, increasing 13.6 per cent.Read More
Home buyer activity remains at near record levels across the Metro Vancouver housing market.Read More
Imagine living in a former church, school building or fire station for $50 a week. Consider a 25 per cent tax on people who leave their homes vacant. Or the city taking over the hard work of finding a tenant for owners wary of renting.
Starting in February, the minimum Down Payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000. This rule will be effective February 15th 2016.Read More
The US Federal Reserve ("the Fed") opted to leave its key interest rate unchanged at its current level of between zero and 0.25 per cent.Read More
The Georgia and Dunsmuir viaducts are coming down.Read More
The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.5 per cent.Read More
A convenient monthly summary of leading real estate statistics for North Vancouver, Vancouver and West Vancouver.Read More
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.Read More
Watch BCREA Chief Economist Cameron Muir discuss September 2015 statistics: