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 Commercial Real Estate Slows in Q2 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 Stabilizing Despite Slower 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...Job Market Weakens As Economy Slows
Posted on Sep 09, 2022 in Economics
The August employment report, released this morning by Statistics Canada, was considerably weaker than expected. Higher interest rates have slowed the red-hot labour market. The Canadian economy shed 39,700 jobs in August, missing market expectations of a 15,000 rise and bringing cumulative declines since May 2022 to 113,500 (see chart below). The...Rising Mortgage Rates to Slow BC Housing Market in 2023
Posted on Sep 08, 2022 in Market Update
The British Columbia Real Estate Association (BCREA) released its 2022 Third Quarter Housing Forecast Update today.Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 34.4 per cent from a record high 2021 to 81,900 units this year. In 2023, MLS® residential sales are forecast to fall an additional 5 per cent to 77,790 u...
Bank of Canada Interest Rate Announcement - September 2022
Posted on Sep 07, 2022 in Mortgage News
As was widely expected, the Bank of Canada raised its overnight policy rate by 0.75 basis points, bringing it to 3.25 per cent. In the statement accompanying the decision, the Bank noted that while CPI inflation eased somewhat in July, that easing was due only to a fall in gasoline prices and more broad-based measures of price growth like core infl...
