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Blog by Micah Verceles

Is the worst over for Vancouver’s housing market?

July 29th, 2019
Greater Vancouver’s housing market may finally be bottoming out.

Bryan Yu, deputy chief economist of Central 1 Credit Union, tells Livabl that it looks like home sales activity across the province — and Greater Vancouver in particular — appears to be scraping the bottom of the cycle.

“Prices are still expected to drift lower over the second half of the year,” he adds in an email.

In June, Gre ...

B.C. Is Home To The Fastest Cooling Real Estate Markets In Canada

July 26th, 2019
B.C. real estate markets are the fastest cooling in the country right now. Canadian Real Estate Association (CREA) numbers show sales to new listings ratios made a mild decline across the country. Most markets made improvements on a year-over-year basis. However, B.C.’s markets are cooling so fast, it was enough to weight the national market.

Sales To New Listings Ratio (SNLR)

The sales to ne ...

Residential Market Commentary - Interest rate early warnings

July 24th, 2019
The interest rate dominoes are starting to tumble. In a surprise move the South Korean central bank trimmed a quarter-point off its benchmark rate last week. The Koreans were following similar moves by central banks in Indonesia and South Africa. The U.S. Federal Reserve and the European Central Bank have also been hinting they could be getting ready to trim rates as well.

The key difference ...

Canadian home prices hit decade low for growth

July 22nd, 2019
Increases in Canadian home prices haven’t been this sluggish since Canada’s housing market was withering in the wake of the Great Recession.

So suggests the Teranet-National Bank House Price Index, which is based off property records from public land registries.

In June, the composite index measuring price changes in 11 major markets, showed an increase of 0.5 percent year-over-year, the smal ...

Bank of Canada lowers qualifying rate used in mortgage stress tests

July 19th, 2019
OTTAWA — The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years.

The central bank's five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent.

It's the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to ...

Housing returns as economic driver

July 17th, 2019
The Bank of Canada has, once again, held the line on interest rates. For the sixth consecutive setting the benchmark, overnight rate remains at 1.75% and the bank continues to signal it is in no hurry to make any changes, up or down.

The rate announcement was no surprise but the quarterly Monetary Policy Report provided some deeper insights about the bank’s thinking.

The bank has made a numbe ...

House Prices Are Falling In 25 Canadian Communities ― Here’s The Scoreboard

July 15th, 2019
Royal LePage's house price forecast sees eastern cities outperforming western ones this year.

Western Canada’s housing market doldrums will continue, while some previously sleepy housing markets in the east will be Canada’s strongest this year, a forecast from Royal LePage predicts.

The real estate brokerage collected median house price data for 63 communities across Canada and offered forec ...

Vancouver is still in a housing crisis. But when will we know if it's over?

July 10th, 2019
It's a question without a defined answer — but one that could have big policy implications down the road

All words have meaning. But sometimes, it's hard to get people to agree on what that meaning is.

Take the words "balanced" or "crisis." They've been used ad nauseam in the last four years in Vancouver as home prices soared to record heights, upending governments and dominating political ...

Greater Vancouver home sales lowest June on record in nearly 20 years

July 8th, 2019
Property sales plummeted across the Lower Mainland in June

Home sales are down across the Lower Mainland and for the first time in two years the composite benchmark price of a home in Metro Vancouver is below $1 million.

Both the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board (FVREB) reported lower than average sales for the month of June. In Greater ...

Residential Market Commentary - Affordability improves, a little

July 5th, 2019
Housing affordability got a little better in Canada in the first quarter of this year, but not so much that anyone would really notice.

The latest report from one of the country’s big banks shows a 0.3 percentage point drop in its affordability measure for Q1. It is a small reduction but it marks the second straight quarter of decline. The measure now puts the cost of home ownership at 51.4% ...

The Real Estate Board of Greater Vancouver - June 2019 Stats

July 4th, 2019
With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*.

June 2018 2,425 Sold June 2019 2,077 Sold (-14.4)

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 an ...