The population data from the census 2021 is now available and it offers us a wealth of information about where Canadians live, where they’re moving to and what communities are growing in size as a result. The latest census arrives at a critical time in Canada’s real estate history, when governments of all levels are weighing their options […]Read more "Here’s What the Census 2021 Data Can Tell Us About the Housing Market"
For the past two years, appraisal valuations have rarely fallen short. Instead, we routinely saw appraisals coming back at the purchase price—and often higher—due to the national pandemic-induced frenzy for real estate. Since February of this year, the music has stopped playing in many markets across the nation, and the real estate marketplace is balancing […]Read more "What happens when appraisal values come up short?"
The Big 6 banks have raised their expectations for Bank of Canada rate hikes, with most expecting another 125 to 150 basis points in tightening by the end of the year. RBC was the latest to revise its expectations, matching Scotiabank’s call that the Bank of Canada’s key lending rate will reach 2.50% this year. […]Read more "BoC rate hike expectations grow"
Housing affordability in Canada has deteriorated to its worst level in 31 years, according to RBC Economics. The bank’s aggregate affordability measure rose 1.6 percentage points in the fourth quarter to 49.4%. In the past year alone, the deterioration reached a near-record 7.2 percentage point. A move of that scale happened just once before, in […]Read more "Housing Affordability Reaches Worst Level in 31 Years"
A new Canadian startup is looking to shake up the homebuying process by allowing homeowners to make their next purchase before the sale of their current home. Fundible, which officially launched today in Alberta and Ontario, boasts 100% assured financing so that a homebuyer can make a financing-free purchase offer without having to worry about […]Read more "Newly Launched Fundible Allows Canadians to Buy Before Selling"
Over the past month, we have seen several fixed mortgage rate hikes from the banks and other lenders. We all suspected rates would rise eventually, but this is happening much sooner than expected. Do rising interest rates affect mortgage pre-approvals? Rising interest rates make mortgage pre-approvals much more relevant and meaningful. Not only does a mortgage pre-approval give you […]Read more "How a Mortgage Pre-Approval Can Protect You from Rising Rates"
The benchmark price of a detached home in the Fraser Valley rose to nearly $1.7 million and over $2 million in Metro Vancouver. The average price of townhome in Metro is now over $1 million. Homebuyers might be eyeing the Fraser Valley after a record volume of new listings in February, while home prices soared […]Read more "Record-breaking number of new home listings in the Fraser Valley, while house prices soar in Metro Vancouver"
Canadian real estate prices are some of the fastest growing in the world, and have been for some time. The US Federal Reserve (the Fed) updated its real home price index for Q3 2021. All G7 countries are seeing home price growth, but nowhere is quite like Canada. In Canada, real estate prices have grown almost double […]Read more "Canada’s Real Estate Bubble Has Grown Over 800% Faster Than US Home Prices"
A new forecast by the BC Real Estate Association (BCREA) anticipates the province’s average home price will see year-over-year increases of 8.5% to $1.006 million, and 2.7% to $1.033 million in 2023. This is up from $927,800 in 2021, when there was a 18.7% year-over-year increase from the pandemic shock year of 2020. This year […]Read more "Average BC home price will reach $1 million for the first time in 2022"
There were 2,135 new listings last month, an increase of 67.1 per cent compared with December. Homebuyers with an eye on the Fraser Valley may be in luck as real estate experts say home listings in the region surged in January. While the valley’s overall property sales cooled compared with December, the volume of new […]Read more "Fraser Valley home listings surged in January: Real estate board"