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Blog by Micah Verceles

Vancouver Real Estate Bubble - Causes and Reasons

October 31st, 2018
A really interesting perspective of Vancouver's real estate market from realtor Jamie Hooper

Interest rate signs point up

October 30th, 2018
As expected the Bank of Canada has boosted its trend-setting overnight rate by a quarter of a percent to 1.75%. It is the 5th hike since rate increases began in mid-2017. The bank rate is now above 1.5% for the first time since December 2008. 

The central bank has also signaled its intention to continue raising rates. In the statement that accompanied the October 24th setting the Bank droppe ...

Working With A Mortgage Broker

October 29th, 2018

Working Directly With a Bank vs. Working

With a Mortgage Broker When it comes to applying for a mortgage, Canadian consumers have two options; work directly with a bank or enlist the help of a mortgage broker. Depending on your wants and needs, either option can provide you with the support you need, whether you’re a first-time home owner or a seasoned expert.

Keep reading to learn how to d ...

One-third of Canadians fear bankruptcy ahead of expected interest rate hike

October 25th, 2018
Canadians are bracing for another interest rate hike and many are reporting they fear they are being pushed to the financial brink. 

It’s widely expected that the Bank of Canada will raise its benchmark interest rate Wednesday to 1.75 per cent from 1.5 per cent. The bank has already raised that key rate four times since the summer of 2017.

One in three respondents to a new Ipsos survey condu ...

Housing stress test disproportionately harms young homebuyers: mortgage industry

October 24th, 2018
A recently toughened stress test is making it more difficult for young people and newcomers to the country to buy homes, Canadian mortgage industry leaders say.

The stress test requirement came into effect in January. Anyone taking out an uninsured mortgage must be able to prove that they could continue to make their payments if their interest rate rose by two per cent, or to two per cent m ...

First-time homebuyers are maxed out, but confident

October 23rd, 2018
Canadians are not holding back when it comes to buying their first home. The annual mortgage consumer study by Canada Mortgage and Housing Corporation finds that 85% of first-time buyers are maxing-out their home-buying budgets.

The CMHC study indicates that affordability is the most important factor for both first-timers and repeat buyers, ahead of things like the condition of the home, th ...

October 2018 Canadian Rent Report

October 19th, 2018
Overall, 17 Canadian cities saw an upward trend, 4 downward, and 3 remained flat last month. Burnaby took the largest rental dip, down 4.2%, while Montréal saw the largest monthly rental growth rate in the country with a 5.2% increase. The top 10 cities stayed relatively stable with the biggest changes at the bottom. Calgary and Oshawa both climbed into the top 10, tied for 9th, and kicked ...

B.C. government moves ahead with speculation tax on vacant homes

October 18th, 2018
B.C.'s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties.

The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities, outlining a range of tax rates from 0.5 to two per cent and a number of exemptions.

If the legisla ...

Tech companies have a strong appetite for Vancouver’s offices

October 17th, 2018
A steady influx of investments by major technology companies is pushing Greater Vancouver’s commercial real estate market in a steady forward march, according to RE/MAX Western Canada regional executive vice president Elton Ash.

This is despite the region’s commercial sales activity going down from 886 transactions in Q1 2017 to 523 in the first quarter of this year – a trend that RE/MAX We ...

Residential Market Commentary - The growing concern around affordable housing

October 16th, 2018
In the various provincial and municipal elections across the country, over the past year or so, affordable housing has become a top campaign issue. Affordability has been a growing concern since the last federal election and it promises to be front-and-centre again in the next one, which is set for about a year from now.

Taxation and regulation efforts by all three levels of government seem ...

Vancouver leads Canada's first home sales decline in five months

October 15th, 2018
Condo flipping was never pervasive in the Vancouver and Toronto housing booms and that sliver of the market has faded over time, suggesting tougher measures to curb speculators won’t make those cities more affordable.

Just 3.4 per cent of Vancouver condominiums sold between April and June were units that had already been sold over the previous year, according to data compiled by Bloomberg f ...

Canadian housing starts fall to lowest in almost two years

October 12th, 2018
Canadian housing starts fell to the lowest in almost two years in September, led by a drop in British Columbia, a government report showed.

Builders began work on an annualized pace of 188,683 units last month, down 5.1 per cent from August, Canada Mortgage and Housing Corp. said. It was a third straight monthly decline and the lowest since November 2016, driven by an 8.9 per cent drop in u ...

OSFI to take new measures to address equity-based mortgage loans

October 10th, 2018
A federal regulator says it will have to take further action to address mortgage approvals by Canadian banks that still depend too much on the amount of equity in a home, and not enough on whether loans can actually be paid back.

The Office of the Superintendent of Financial Institutions telegraphed the move in an update released Monday on the effectiveness of new underwriting rules it anno ...

Canadian housing starts slower in September

October 9th, 2018
The annual pace of Canadian housing starts in September slowed compared with August.

Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate came in at 188,683 units in September, down from 198,843 in August.

Thomson Reuters Eikon says economists had expected an annual rate of 210,000 for September.

The annual rate last month slowed as the pace of urban starts fell by 5.9 ...

The Latest in Mortgage News – Home Prices and Rate Hikes

October 5th, 2018
Interest rates, and more specifically the growing certainty of higher rates to come, have been dominating headlines following the announcement of a new trade agreement between Canada, the U.S. and Mexico.

With the expectation of rising interest rates, many eyes are also on the developments in the real estate market, particularly in the Greater Toronto and Vancouver areas. This week we recei ...

The Real Estate Board of Greater Vancouver - September 2018 Stats

October 3rd, 2018
More supply and less demand seen across Metro Vancouver housing market

The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, ...

New CMHC guidelines could open doors to financing for self-employed

October 2nd, 2018
Muhammad Arif Omari, a driver from Edmonton, was set to renew his mortgage in September when he was told he wouldn’t be able to switch to a new lender offering a lower rate because he was self-employed.

Mr. Omari, a truck driver who did not like the long stretches away from home, quit his job over the summer after many years, with plans to become a self-employed cab driver. But he soon lear ...