News: Vancouver Real Estate Market

To help Canadians save more and spend less, the federal government has introduced new rules for government-backed insured mortgages.

New mortgage rules

  1. The government is reducing the maximum mortgage amortization period to 30 years from 35 years.
  2. The government is reducing the maximum amount of the value of a home that can be re-financed to 85 per cent from 90 per cent.
  3. The government will no longer provide insurance backing to financial institutions insuring home equity lines of credit.

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 OTTAWA — Home prices will continue a "moderate and steady climb" this year, helped along by an improving economy and low interest rates, according to a report released Thursday.

 

Real estate services firm Royal LePage said the average price of a home in Canada will rise three per cent to $348,600, even as the number of transactions falls two per cent.  (Click here to download full story in PDF)  

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  The Greater Vancouver residential housing market entered three distinctive phases in 2010. Continued buoyancy from the post-recession recovery began the year, followed by a summer lull and, throughout the fall, a sustained period of stability.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from...

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