The British Columbia Real Estate Association (BCREA) is encouraged by the focus on housing affordability as a key priority in each of the major party's platforms in the lead-up to September's federal election. However, while parties pledge to build more homes and make purchasing easier, without detailed plans to quickly turn those promises into action that will increase supply, campaign promises will lead to municipal bottlenecks, failed policy and disappointed homebuyers. [read more]
You are about to hear a lot more about the Land Owner Transparency Act (“LOTA”) and the Land Owner Transparency Register (“LOTR”) between now and Dec. 1, 2020. Tony Spagnuolo is keeping us updated so we can keep you informed. [read more]
“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.” [read more]
When it comes to choosing new flooring for your home or apartment, the options can be overwhelming. Almost every type of flooring has some sort of advantage over other kinds, and taking in all the information from a salesperson or contractor is a lot to process. [read more]
The average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming policy response from the Bank of Canada to the COVID-19 pandemic. [read more]
“Pandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,” notes Ogmundson. [read more]
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.” [read more]
“The strong recovery in sales activity continued in July,” said BCREA Chief Economist Brendon Ogmundson. “Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes.” [read more]
This was another good news report. Employment in BC grew by 70,000 jobs (3%, m/m) in July, reaching almost 94% of the February employment level. This followed job gains of 118,100 in June and 43,000 in May. [read more]
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