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July 2023 Market Update
“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”
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 →BCFSA – What Is A Bully Offer?
But sometimes buyers wait for the seller’s offer presentation date, only to find out the property has been sold before the date arrives. How does this happen? It may be that the seller has accepted a pre-emptive offer – often referred to as a “bully” offer. These are offers that expire before the date and time set by the seller for offer presentation. While submitting or accepting a bully offer is not illegal, there are risks that buyers and sellers should be aware of.
Continue reading →Getting a Mortgage After Bankruptcy
Sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn’t mean your life is over, and it doesn’t mean you won’t ever qualify for a mortgage again.
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.
Continue reading →ARE MORTGAGE RATES REALLY GOING UP?
With all the economic uncertainty caused by a global pandemic, unprecedented unemployment levels, and government stimulus, mortgage rates have been on a steady decline for almost a year. In fact, we’ve hit some historic lows along the way.
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