The Bank of Canada announced on October 25th it would be holding its key lending rate at 5.0%, the second consecutive hold since two quarter-point increases were made over the summer. Since March of last year, the central bank has imposed an unprecedented number of rate hikes in an effort to reduce pandemic-fueled inflation, taking interest rates from historic lows to a more than two-decade high. While approximately three quarters (74%) of Canadian mortgage holders currently have a fixed-rate agreement...
News: Vancouver Real Estate Market
As we near the end of summer, higher borrowing costs have begun to permeate the Greater Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per...
Despite a return to pre-pandemis travel and interest rate increases, demand still outnumber supply in amy recreational regions
A new study from Royal LePage has found that homeowners who can afford 20% down payments are much better off in the long run than renters.
In fact, buying a home in Canada with an uninsured mortgage puts homeowners ahead of renters in 91% of cases analysed.
"Canadians strongly value homeownership for many reasons. Not only is it a great source of pride, it is likely the largest and most significant financial investment most people will ever make," Karen Yolevski, chief operating officer of Royal LePage...
TORONTO, June 30, 2021 – According to a recent Royal LePage survey of boomers in Canada, defined by StatsCan as having been born...
INCREASING NUMBER OF CANADIANS ANXIOUS ABOUT MISSING OUT ON THEIR FIRST HOME DUE TO AN INSUFFICIENT DOWN PAYMENT
Royal LePage Survey: Nearly half of Canadians aged 25 to 35 own their home; one quarter of these homeowners have purchased a property since the onset of the COVID-19 pandemic
52% say remote work has increased likelihood of moving further from employer
MORE THAN HALF OF CANADA'S LARGEST REAL ESTATE MARKETS SEE DOUBLE-DIGIT PRICE GROWTH AS NATIONAL HOME VALUES SOAR 9.7% IN FORTH QUARTER
Fourth quarter regional highlights:
The Royal LePage 2019 Newcomer Survey, shows that Canadian newcomers are heading to make 680,000 home purcahses over the next five years. British Columbia is the third most popular destination for international migration.
There is a 32% homeownership rate in Greater Vancouver. “Greater Vancouver is one of the most desirable places in the world to live and we attract newcomers who are optimistic about what the city has to offer in terms of both lifestyle and employment,” said Randy Ryalls,...