A report by TD Bank suggests the average price of a home in Canada could fall 20 to 25 per cent from its peak seen earlier this year to the first quarter of 2023. The report also estimates the number of home sales will fall 35 per cent over the same time period. TD economist […]
Read more "Canadian home prices could drop up to 25% by early 2023: TD"Vancouver, BC – August 11, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2022, a decrease of 42.4 per cent from July 2021. The average MLS® residential price in BC was $923,449, a 3.6 per cent increase from […]
Read more "BC Home Sales Continue to Slow"Over the last three to four months, Vancouver’s real estate market has experienced a dramatic cooldown. Of course, this market correction comes after a well-documented and record-breaking two-and-a-half-year run that saw home sales and price growth across the Lower Mainland reach unprecedented heights between March 2020 and the first quarter of 2022. According to Kevin […]
Read more "Vancouver’s Housing Market Embraces Change, Prepares for Fall Rebound"It’s no surprise to most would-be homeowners: anyone looking to buy a home in two major British Columbia cities must have a six-figure income. A just-published report from mortgage rate comparison site RateHub.ca suggests those hoping to buy an average home in Vancouver need to earn about $231,950 to meet the requirements to obtain a mortgage. That […]
Read more "Here’s how much you’d need to earn per year to buy an average home in Vancouver"Vancouver’s housing market has, according to the local real estate board, entered a “new cycle marked by quieter home buyer demand.” In its monthly report, the Real Estate Board of Greater Vancouver said it’s seeing a slower demand, coupled with a gradual rising in supply. The report released Wednesday says 1,887 residential homes sold last […]
Read more "Vancouver’s housing market has entered a ‘new cycle.’ Here’s what that means."Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market. In June, the Board processed 1,281 sales on its Multiple Listing Service® (MLS®), a decrease of 5.8 per cent compared to May and a 43 […]
Read more "Fraser Valley real estate market cools as prices soften and supply increases."Sometimes you just don’t know how good or bad you have it. Take the mortgage business, for example. When it comes to mortgage pricing, Canada is a unique animal compared to many other countries, including the United States. Being married to a U.S. mortgage broker has made that all too clear for this author. And […]
Read more "MORTGAGE RATES: Canada vs. US"The oft-feared correction in the Canadian housing market is now running far and wide, according to Robert Hogue of RBC Economics. Taking early reports from regional real estate associations into account, “higher interest rates have taken a huge toll in July,” Hogue wrote in a new analysis. This was especially apparent in the traditional powerhouse […]
Read more "Housing correction now in full swing, says RBC’s Hogue"You’ve probably seen the headlines: the Bank of Canada has raised their key interest rate. Yet again. And this hike isn’t any less forgiving than the last one. In another unprecedented move (anyone sick of that word yet?) the rate increased by 0.50%, double the normal increase of 0.25%. Yes, it’s a big jump that’s […]
Read more "Rates Are On the Up and Up… But For How Much Longer?"From all accounts, floating-rate mortgages continue to outsell 5-year fixed terms. It doesn’t hurt that variables are priced at an average of 184 basis points below 5-year fixed rates. Come June 22, however, more people will be questioning their faith in variables. That’s when we’ll receive May inflation data, and it should be enough to […]
Read more "Fixed rate vs. Variable: Stop guessing at the mortgage game"
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