Canadian housing starts update

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

Metro Vancouver housing market off to a quieter start than last year

“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

A heated year for Metro Vancouver real estate draws to a close

“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

Metro Vancouver apartment vacancy shrinks; average rent jumps 6.4% across the region over the past year - CMHC

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

BC Commercial Leading Indicator continues to push higher

“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

Canadian housing starts

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 sales and listings just below 10-year average

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

Home sale and listing activity dip below historical averages in October

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 housing market continues to expand in third quarter in the face of regulatory headwinds

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[1] 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