Sales numbers in Metro Vancouver continued to rise through October, as they had also done in September and August compared to the same time last year. Below is the latest press release from the Real Estate Board of Greater Vancouver. You can also find the full press release here. "The Metro Vancouver housing market is experiencing a fall pickup in home sale activity. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled
Despite the summer months typically being a bit quieter than the spring, this July marked the second busiest month of this year in terms of number of sales. That said, sales across the Metro Vancouver region were still 7.8% slower than the 10 year average. If you are curious about a specific region or even neighbourhood, send me a message specifying which area or home type you would like sales information on and I'll be happy to provide you with the latest . The Real Estate B
Home buyers and sellers now know that the key interest rate will be remaining steady for the time being, or at least until the Bank of Canada's next meeting September 4th. This is the 6th time in a row that the Bank has decided to maintain the overnight rate citing a sluggish economy and global trade tensions. The Bank positively noted that "Recent data show the Canadian economy is returning to potential growth ... however, the outlook is clouded by persistent trade tensions.
As you may have heard, this March was the slowest in terms of sales in three decades. That said, March did have some good news for first time home buyers thanks to newly released incentives in the federal budget. The hope is that these changes, in combination with decreasing mortgage rates, will enable more people to afford a home and perhaps bolster the stalled market. Below is the market summary provided by the Real Estate Board of Greater Vancouver covering the sales activ
JANUARY REAL ESTATE STATISTICS Below is a summary for Metro Vancouver. You can find the statistics for specific property types in specific areas by going here (neighbourhoods in West Vancouver, North Vancouver, East Vancouver and Vancouver West are covered. Alternatively, feel free to get in touch with me and I'll be happy to provide the statistics for the area you are interested in. February has started off busy and January saw the number of listings increase across all hous
This is actually an old post that I'm re-sharing here. Many of my clients have has their assessed values decrease slightly this January for the first time in a several years. They've been wondering if this means that they will be paying less in property tax. However, a decrease or increase in assessed value doesn't directly correspond with how much tax you will later pay. What your property tax bill DOES depend on is is how much your property assessment increased or decreased
As was widely anticipated, the Bank of Canada raised the overnight target rate yesterday by a quarter percent, increasing it from 1.5% to 1.75%. Most major backs quickly followed suit, hiking their prime rates to 3.85% up from 3.7%. It appears that most increases are to follow.Avery Shenfeld, chief economist at CIBC Capital Markets explained in a message to clients shortly after the announcement that he felt the next increase could happen as early as the Bank of Canada's next
The latest real estate statistics are out for September. As most buyers and sellers are aware, housing demand is decreasing and overall prices are softening with this. At the same time, The Bank of Canada is expected to raise the key interest rate at it's next meeting on October 24th, with analysts predicting a total increase of 0.5% by early 2019 and more hikes likely to follow throughout the year. This means that many buyers will likely want to get in the market before the
2018 is here and so are the latest property assessments from BC Assessment and sales statistics from the Real Estate Board of Greater Vancouver. The BC government also bumped up the qualification threshold for homeowner grants from $1.6 million to $1.65 million to prevent a large number of people from being cut-out of the program (and their discount) given the overall increases. So exactly how much are property values going up? Looking at assessment numbers, Greater Vancouve
RISING INTEREST (AND MORTGAGE) RATES: By now there’s a good chance you’ve heard that the Bank of Canada raised it’s interest rates by another 25 basis points on September 6th. The move marks the second hike since July this year, with the key lending rate now standing at 1%. Wasting no time, Canada’s five big banks followed suit, raising their prime lending rate to 3.2% up from 2.95% with more expected to do the same. If you have a variable rate mortgage, it’s likely you’re al
As they announced in their June 22 throne speech in Victoria, the BC Liberal Party plans to introduce a new rent-to-own housing scheme to help make home ownership more attainable for middle-income earners. The program would initiate the construction of 50,000 new family and starter homes over the next 10 years, particularly along new transit lines and corridors. Prospective owners would start by renting the units, but a portion of their monthly payments would be put towards a
While Canada’s low mortgage rates began to creep up at the end of 2016, mortgagors have been happy to see them remain relatively unchanged since then. However, the March Mortgage Rate Forecast recently released by the BC Real Estate Association suggests that those days may be coming to an end. Citing a stronger Canadian economy and “a large degree of policy incoherence” in the United States, the report predicts an increase in mortgage rates throughout the second half of 2017.
"I've never been involved in a project that has attained this level of sophistication". - Ian Gillespie speaking of the upcoming Alberni by Kuma for Westbank tonight. Westbank's latest and possibly greatest project was the focal point of Ian Gillespie's keynote this evening. Featuring intricate design details and an impressive exterior form, the project anticipated completion date is 2019. The 43-floor building will sit near the entrance to Stanley Park and house a Japanese m