News: Vancouver Real Estate Market

Royal LePage predicts continued stability in Canada’s winter recreational real estate market as interest rates expected to hold or moderate

• National single-family home price in Canada’s winter recreational market decreased 0.7% year over year in the first 10 months of 2023

• 24% of Royal LePage recreational property market experts reported a decline in buyer demand this year as a result of climate factors or environmental disasters, following unprecedented wildfire season

• 41% of experts reported an increase...

In the past 40 years, the Canadian economy has had three recessions, each of them different in cause, depth, and duration. The 2020 COVID-19 recession is said to be deep, but will not last long when compared to past recessions. The one glaring similarity throughout these recessions is how the BC housing market has both endured and recovered successfully.

According to the current forecast, the Canadian economy is said to contract approximately by 4% in the first quarter of 2020, followed by a startling...

In March 2020, the British Columbia Real Estate Association (BCREA), reported a total of 6,717 residential unit sales recorded by the Multiple Listing Service® (MLS®). This is a 17.2% increase from March 2019. The average MLS® residential price in BC was $789,548, a 15.1% increase from $685,592 recorded the previous year. The total sales dollar volume showed an increase of 35%, to $5.3 billion over 2019.

"Provincial housing markets started the month very strong before the COVID-19 pandemic...

The COVID-19 outbreak has caused a steep decline in interest rates, however, it is uncertain as to how severe the impact will be on economic activity. Considering the importance of tourism and our trade links with China, the magnitude of the impact is expected to be higher in BC. In addition, the Canadian economy also saw the collapse of oil prices and this makes the probability of a recession in Canada that much higher.

An unfortunate byproduct of recession is the loss of jobs and incomes, which...