BC Real Estate Association - Mortgage Rate Forecast
Posted on Sep 23, 2022 in Mortgage News
Mortgage Rate Outlook
Volatility continued in the Canadian mortgage market over the third quarter. Financial markets are currently digesting a complex economic environment as still high, though perhaps peaking, inflation collides with anxiety over a potential recession. That anxiety has expressed itself as volatility across Canadian bond markets wit...Inflation Cooled Again in August, But Higher Rates Still Coming
Posted on Sep 20, 2022 in Economics
Canada's headline inflation rate cooled again in August, even a bit more than expected. The consumer price index rose 7.0% from a year ago, down from 7.6% in July and a forty-year high of 8.1% in June, mainly on the back of lower gasoline prices. The CPI fell 0.3% in August, the most significant monthly decline since the early months of the COVID-1...
Housing Softens Again in August
Posted on Sep 16, 2022 in Market Update
The full effects of the most recent rate hikes have not yet manifested. Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates continued in August, albeit at a slower pace. Home sales recorded over Canadian MLS® Systems fell by 1.0% between July and Au...Canadian Housing Starts (August 2022)
Posted on Sep 16, 2022 in Economics
Canadian housing starts fell by 7.7k (2.8 per cent) to 267.4k units in August at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from August of 2021 (2.5 per cent). Single-detached housing starts rose 1 per cent to 73.4k, while multi-family and others declined 4.2 per cent to 194k (SAAR). In British Columbia, star...
Lower Mainland’s commercial real estate market sees fewer transactions in the second quarter of 2022
Posted on Sep 15, 2022 in Market Update
Activity in the Lower Mainland’s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisker pace experienced at the start of the year.There were 485 commercial real estate sales in the Lower Mainland in Q2 2022, a 34.3 per cent decrease from the 738 sales in Q2 2021, according to data from Commercial Edge, a commer...
BC Housing Market Showing Signs of Stabilizing Despite Decreased Activity
Posted on Sep 13, 2022 in Market Update
The British Columbia Real Estate Association (BCREA) reports that a total of 5,645 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2022, a decrease of 40.8 per cent from August 2021. The average MLS® residential price in BC was $918,378, a 2.1 per cent increase from $899,428 recorded in August 2021. Total sale...