As the Bank of Canada aggressively raised rates over the past year to fight multi-decade-high inflation, fears are mounting that tighter monetary policy will push the Canadian economy into recession. Indeed, central banks have a poor historical track record in achieving “soft landings” following tightening cycles. That is, amid high inflation, central banks often struggle to “thread...
What is the latest Bank of Canada rate hike means for inflation, consumers
The Bank of Canada hiked its key policy rate by half a percentage point to 4.25 per cent -- the highest it's been since January 2008 -- on Wednesday in its final rate decision of a year that has been marked by stubbornly high inflation and rapidly increasing interest rates.
The bank, which has made a steady succession of large hikes over the course of the year, is widely believed to be nearing an end...
CMHC’s New Underwriting Criteria: What Changed and What it Means for Home Buyers
The Canadian Mortgage and Housing Corporation (CMHC) has implemented new underwriting criteria (eligibility requirements) to apply for homeowner transactional and portfolio mortgage insurance. Introduced earlier this summer, these new adjustments from CMHC come as a precaution while the COVID-19 pandemic continues to impact consumers in the real estate market and many other aspects...
UPDATE: COVID-19 Reopening Dashboard
The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province's subsequent state of emergency.
To monitor the province's progress toward a "new normal," we benchmark...
Real Estate Board of Greater Vancouver reports far fewer home sales in April but benchmark price rises
Not surprisingly, the COVID-19 pandemic had a devastating impact on the number of transactions in the Metro Vancouver housing market.
This morning, the Real Estate Board of Greater Vancouver announced a 56.1 percent decline in sales in April compared to the previous month.
The April sales were a whopping 62.7 percent below the 10-year average for that month and the lowest since the deep recession of...
Looking to Buy A Home? What Canada’s Stress Test Means for You
Sure, you can afford your home now, but what if mortgage rates go up?
Low interest rates and mortgages have been a fact of life in Canada for some time now. At the time of publication, the 5-year average mortgage rate has hovered around 5% for nearly a decade. This is a far cry from late 1981 when mortgage rates were as much as 21%.
New mortgage rules
In 2017, the Office of the Superintendent of Financial...
How COVID-19 will Impact the BC Housing Market
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- While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal.
- Based on our scenario analysis, BC home sales and prices will likely face declines in the spring...
Demand for commercial real estate declines in 2018
The commercial real estate market in the Lower Mainland saw fewer sales and lower dollar volumes in 2018 compared to recent years.
There were 2,266 commercial real estate sales in the Lower Mainland in 2018, a 13.6 per cent decrease from 2,624 sales in 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
How the Canadian Housing Market Kicked Off the Year
The annual pace of housing starts – new housing construction projects – slowed, according to Canada Mortgage and Housing Corporation (CMHC), but dropped less than what was expected for the beginning of the year.
It’s too early to say where the Canadian housing market is heading. But we can start tracking its direction by looking at some significant January figures....
Penthouse of iconic Vancouver co-op relisted at 25% discount
Luxury condo previously listed at $17.3 million was just put back on the market for $12,995,000
View full listing details here.
The penthouse of this iconic co-op building right on the beach of Vancouver's English Bay features 2,740-square-foot, two-bedroom-plus-den home was originally listed at a jaw-dropping $17.3 million in October 2018, ranking in as Vancouver's second...
January 2019 Vancouver Market Report
Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales...