In response to the ongoing housing crisis in British Columbia, 10 out of 47 municipalities have taken proactive steps to address the issue head-on. These municipalities have received specific assignments to build more homes, marking a significant step toward alleviating the housing shortage in the region.
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Housing Affordability and Rates: Impact on Canadian Buyers and Sellers
The impact of Canadian housing affordability and rates has been a topic of discussion for quite some time now, with affordability being a key concern. Recent headlines have fueled these concerns, but let’s take a closer look at the data to understand how it’s impacting both home buyers and sellers.
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B.C. Housing Initiatives: Faster Permits and Secondary Suites for Rent
In response to the pressing need for affordable housing in British Columbia, the provincial government is taking bold steps to address the housing crisis. These measures aim to accelerate the permitting process and promote the construction of secondary suites for rent. Here’s a closer look at how the B.C. Housing Initiatives will impact homeowners and the real estate market.
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Navigating the Canadian Housing Market: August 2023 Insights
When it comes to the Canadian housing market, staying informed about trends and fluctuations is essential. In August 2023, housing starts across the nation underwent some notable changes. Let’s dive into the latest statistics and what they mean for homeowners and prospective buyers.
Continue reading →BCREA – Stats Release – Signs of Recovery Heading into Spring
Provincial Housing Market Showing Signs of Recovery Heading into Spring…“While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”
Continue reading →BCREA – Economics Now – Canadian Monthly Economic Growth (Q4’2022)
Canadian real GDP declined 0.1 per cent in December, the first monthly decline since January of 2022. The decline in GDP was concentrated among goods-producing industries (-0.6 per cent) while services were flat. Canadian real GDP is now roughly 2.7 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy rose 0.3 per cent in January.
Continue reading →BCREA Economics – Housing Market Forecast
“A slowing economy and still elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect a strong recovery, boosted by an expected decline in mortgage rates and record high immigration that will carry significant momentum into 2024.”
Continue reading →REBGV – Economics’ Forecast 2023
Will Metro Vancouver housing prices increase in 2023? Home sales in 2023 will remain in line with last year while prices may see small increases, according to the Real Estate Board of Greater Vancouver’s first 2023 Residential Market Forecast.
Continue reading →2021 Federal Election
Mortgage Professionals Canada’s continuing effort to represent our industry to government was rewarded in recent weeks as each of the federal Liberal, Conservative, and NDP parties reached out to us to discuss their housing policies, and their now published election platforms related to housing and affordability.
Continue reading →Election Housing Promises Destined to Fail Without Detailed Plans to Increase Supply
The British Columbia Real Estate Association (BCREA) is encouraged by the focus on housing affordability as a key priority in each of the major party’s platforms in the lead-up to September’s federal election. However, while parties pledge to build more homes and make purchasing easier, without detailed plans to quickly turn those promises into action that will increase supply, campaign promises will lead to municipal bottlenecks, failed policy and disappointed homebuyers.
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