News: Vancouver Real Estate Market

 

 

 
Six of the top 10 cities are in the Lower Mainland, according to annual rankings.

 

The rapidly growing city of Surrey is once again ranked as the best bet to invest your buck in real estate, according to an annual ranking by the Real Estate Investment Network (REIN).

The 2017 survey identifies the top 10 cities in the province for real estate investment, based on REIN's research. REIN's methodology includes "all economic and demographic fundamental key drivers combined...

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Vancouver, BC – February 22, 2017. On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.

 

BCREA appreciates this government’s attention to the needs of first-time homebuyers. To keep pace with the dynamic real estate market...

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During its first five days of operation, 45,000 Compass cards were used on the new Evergreen SkyTrain extension, according to early data from TransLink.

 

“We’ll be studying it more going forward, but it’s off to a pretty good start,” TransLink CEO Kevin Desmond said Thursday after a board of directors meeting, noting the figure is more than the populations of Port Moody, Anmore and Belcarra combined. “A lot of people are trying the system out.”...

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The Federal Government announced significant changes to regulations for new-government backed insured mortgages today. Effective October 17, 2016, all insured homebuyers will have to qualify at the posted 5-year qualifying rate. This is a change from previous policy where only variable rate mortgages and mortgages with terms less than 5-years were subject to a higher qualifying rate.

 

With this move, the Federal Government has chosen to offset a modest risk to the taxpayer by severely eroding...

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A combination of high house prices and a drop in listings hasn't quelled the dream of homeownership and the Tri-Cities is seeing an unusually busy winter real estate market.

 

Tri-City real estate market shows no signs of cooling

 

"It's a supply and demand issue. It's not being driven on the local level in the Tri-Cities by foreign investments or that kind of thing. It's primarily local buyers and sellers and a lot of people that already live in the Tri-Cities," said Darcy McLeod, president of the Real Estate Board of Greater Vancouver.

 ...

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New down payment rules will go into effective February 15, 2016.

 

“The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not overburdening other regions,” Finance Minister Bill Morneau said in a release. “They also rebalance government support for the housing sector to promote long-term stability and balanced economic...

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Vancouver's booming real estate industry is being targeted in a federal money-laundering audit that could potentially lead to massive fines and jail time for realtors.

     

Ottawa's increased examination of Vancouver real estate deals has been under way for several months and has been revealed in a Province investigation that obtained rare internal data and risk-analysis reports from Canada's financial intelligence unit, Fintrac.

 

Documents obtained under access to information...

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Professional negotiation skills are a must for all real estate agents helping home buyers and sellers, particularly in the current market.


David Reimers has been awarded the Certified Negotiation Expert (CNE®) designation by the Real Estate Negotiation Institute (RENI). The CNE® is earned by real estate professionals after successfully completing formal negotiation training from the Real Estate Negotiation Institute. Agents who receive this certification are in the top 1% of all agents nationally....

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   TORONTO - One of the country's big banking groups has issued a report saying that a cooling in Canadian house prices may not be all bad news.

 

The CIBC World Markets says the slowing of Canadian home sales will "take a bite" out of economic growth but adds there could be "winners as well as losers across the economy."

 

For more information click here.

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MISSISSAUGA, Ont. - The latest real estate outlook from ReMax says Canadian home sales increased or held steady in much of the country this year despite tighter financing and economic uncertainty abroad.

 

ReMax says the trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013.

 

The report found that the number of homes sold is expected to match or exceed 2011 levels, led by strong activity in Calgary and other western...

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About a third of Baby Boomers plan to sell their home to fund their retirement, according to a study that questions whether buyers will dry up as that massive segment of the population downsizes.

 

Bank of Montreal is warning Boomers not to count on that nest egg, while other observers suggest that even if prices don’t plunge, big increases in property values are a thing of the past.

 

“They shouldn’t be relying on their homes because there are risks,” says Marlena...

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While many concerns stem from the Canadian housing market, it will not see an American-style crash, a new Canadian Imperial Bank of Commerce report says.

 

House prices will likely fall north of the border in the next year or two, but a number of factors are likely to mitigate the impact on borrowers and the broader economy here, it suggests. It forecasts that the Canadian market will likely go through a soft landing, which is exactly what policy makers in Ottawa are hoping.

 

Factors that...

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Number of units being built year-to-date more than 10 per cent higher than 2011


Construction is going strong in Metro Vancouver, even though home resale prices are dropping slightly and sales activity is significantly below historical levels.

 

Metro Vancouver housing starts in were on pace in September to reach 20,000 units by year’s end, mostly driven by multi-family developments, Canada Mortgage and Housing Corporation reported Tuesday.

 

There were 293 single-detached housing starts...

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Vancouver’s real estate board says there have probably been “some reductions” in prices in some of its hottest markets, acknowledging the country’s most expensive city to buy a home in is now a buyer’s market.

 

The Real Estate Board of Greater Vancouver maintains that prices remain stable overall in its market. It says its benchmark price index is $606,100, a 0.8% drop from a year ago and a 2.3% decline over the last three months.

 

But there is no mistaking...

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The slumping real estate market is illustrative of the effect it has on the economy as homeowners feel a negative 'wealth effect'

 

The slump in British Columbia's real estate market serves as a cautionary note for other provinces that are bracing for bumps in economic growth.

 

When homes slip in price, consumers rein in spending, producing a ripple effect on local merchants and slowing down the broader economy.

 

Jacques Marcil, senior economist at Toronto-Dominion Bank, points to...

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Sagging home sales and flat prices have prompted speculation that the “housing bubble” might be
about to burst — a prospect that immediately catches the attention of British Columbians.

 

But there is no housing bubble, according to Tsur Somerville, director of the University of B.C.’s Centre
for Urban Economics in the Sauder School of Business.

 

“You can’t burst a bubble that wasn’t there,” said Somerville. “But you can have prices...

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Metro Vancouver realtors saw their second-slowest August for residential property sales since 1998,
but prices are relatively stable, the region’s main real estate board reported Wednesday.

 

“We’ve seen a slowdown in the market in terms of the number of transactions, but there’s relative price
stability,” Real Estate Board of Greater Vancouver president Eugen Klein said.

 

Detached housing prices were relatively flat in August compared with a year ago, while...

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The average price of homes sold in B.C. is forecast to fall 7.8 per cent this year, but that doesn’t mean
the price of a typical home will drop, the B.C. Real Estate Association’s chief economist Cameron Muir
said Thursday.

 

The average Multiple Listings Service price is down and will continue to fall because fewer single-family
homes in tony neighbourhoods are selling, while more less-expensive homes are selling, Muir said,
adding that there has been a noticeable lull in demand...

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The average price of homes sold in B.C. is forecast to fall 7.8 per cent this year, but that doesn’t mean
the price of a typical home will drop, the B.C. Real Estate Association’s chief economist Cameron Muir
said Thursday.

 

The average Multiple Listings Service price is down and will continue to fall because fewer single-family
homes in tony neighbourhoods are selling, while more less-expensive homes are selling, Muir said,
adding that there has been a noticeable lull in demand...

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RBC Royal Bank raised two of its mortgage rates by one-fifth of a point each on Tuesday, and it’s likely
other lenders will soon follow suit, an economist told The Sun.

 

Helmut Pastrick, chief economist at Central 1 Credit Union, said bond yields have gone up by about 0.3
per cent in the past four weeks, and that is probably driving the increase.

 

“Sentiment has improved with respect to Europe and the economic outlook,” Pastrick said. “The
economic news was quite...

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Buying a first home is one of life’s most significant purchases, and a new poll shows many first-time homebuyers wish they had done things differently.

 

More than half of those who were asked said they would make a bigger down payment and that they would buy a home sooner, the 2012 TD Canada Trust First Time Home Buyers Report found.

 

“The survey results reveal that people generally want the best of both worlds, to be able to buy a home sooner and to have a bigger down payment,...

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Metro Vancouver home prices may slip a bit over the next year, but don’t expect them to drop sharply, according to a
report released Wednesday by Central 1 Credit Union.

 

The report was released on the same day as a Scotiabank report with a more pessimistic outlook for prices, saying the
downside risks to Canada’s housing market are increasing with a correction concentrated in Toronto and Vancouver, and


that prices should fall 10 per cent over the next two or three years.

 ...

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Metro Vancouver apartment building sales are on par with last year, although values have soared in the central city,
according to a recently released report.

 

“They [buyers] are buying tired buildings that haven’t been kept up and then spending a lot of money on renovating
them,” said apartment broker David Goodman, co-owner of HQ Commercial Real Estate Services and author of the
Goodman Report, a Metro Vancouver apartment building market review.

 

The report concluded...

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Canada's Housing Market at a Tipping Point

National price appreciation forecast to soften modestly for the remainder of the year

TORONTO, July 10, 2012 – The Royal LePage House Price Survey and Market Survey Forecast released today showed the average price of a home in Canada increased year-over-year between 3.3 and 5.5 per cent in the second quarter of 2012. By the end of 2012, Royal LePage expects national average prices to be 3.2 per cent higher compared to the same period of 2011, in line...

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VANCOUVER -- Prices of homes in the Greater Vancouver area continue to climb while home sales have dropped to some of the lowest levels seen in a decade, the Real Estate Board of Greater Vancouver said Tuesday.

 

Sales of residential properties were down 29.6 per cent in March compared to a year earlier, the second-slowest March since 2002. Yet the price for a benchmark or typical home went up 5.3 per cent to $679,000 from last year.

 

For more information click here.

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Metro Vancouver residents are split this year over whether spring is a good time to buy real estate, according to a new consumer confidence survey.
 

“What’s really interesting is how definitive it’s become,” said Ian Martin, general manager of REW.ca, the online real estate search site that commissioned the survey. “It’s polarized. Split right down the middle.”

 

For more information click here.

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Yesterday, the provincial government announced a one-time refundable income tax credit first-time home buyers who purchase a newly constructed home, effective yesterday, February 21, 2012 through to March 31, 2013.

 

The credit is calculated as five per cent of the purchase price of the home up to a maximum of $10000, and includes detached houses, duplexes, townhouses, condos, mobile homes, floating homes and cooperative housing units where the HST is now payable. Only one credit can be claimed...

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Canada Mortgage and Housing Corporation defended its methodology of evaluating properties on Thursday, after a newspaper report questioned whether the practice has led to artificially inflated home prices.

 

"CMHC looks at the specific characteristics of the property in question," the federal agency said in a statement Thursday.

 

The CMHC, which is tasked with overseeing Canada's housing market, said it uses different sources of information to assess the value of a specific property.

 ...

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VANCOUVER - Richmond and Vancouver's west side housing markets are red hot, according to a monthly real estate report released Wednesday.

 

"It's a huge sellers' market, the strongest in those areas I've ever seen," Real Estate Board of Greater Vancouver president Jake Moldowan said in an interview. "And there's no question that it's the offshore market that's focused on these two areas." (Click here to download full story in PDF)

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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.

Click here...

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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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 Vancouver-area residential home sales improved in November compared to the previous four months, says the Real Estate Board of Greater Vancouver.

 

The number of sales posted on the Multiple Listing Service came in slightly higher than the 10-year average for that month, although still well below the mark reached in November 2009 the board said in a release Thursday.   (Click here to download full story in PDF

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 Four years ago the federal government announced that publicly traded income trusts, which provide big tax advantages over traditional corporations, would lose that edge by the end of 2010.

 

The market reaction was swift and terrible, erasing $25 billion from the market value of income trusts and raising a cacophony of anger from investers who had put many of their eggs in the income trust basket.

 

But one type of income trust was mostly spared by Ottawa: the Real Estate Investment...

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