Under Market Update

REBGV – Rate hikes and the impact on the Vancouver market | The Lede | 003

Andrew Lis, Director of economics and data analytics for the REBGV, has transformed the data by indexing it to an initial value to compare different cycles over time. By analyzing historical tightening cycles and their impact on sales and prices, Lis predicts that sales might return to normal in about 12 months, while prices could be back to normal in a little over 6 months if the current cycle tracks the '82 cycle. However, he cautions that anything can happen. [read more]

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BCREA – Stats Release – Signs of Recovery Heading into Spring

Provincial Housing Market Showing Signs of Recovery Heading into Spring...“While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.” [read more]

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Bank of Canada Rate Announcement Mar 8th, 2023

"In Canada, economic growth came in flat in the fourth quarter of 2022, lower than the Bank projected...Employment growth has been surprisingly strong, the unemployment rate remains near historic lows, and job vacancies are elevated... Overall, the latest data remains in line with the Bank’s expectation that CPI inflation will come down to around 3% in the middle of this year." [read more]

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BCREA – Economics Now – Canadian Monthly Economic Growth (Q4’2022)

Canadian real GDP declined 0.1 per cent in December, the first monthly decline since January of 2022. The decline in GDP was concentrated among goods-producing industries (-0.6 per cent) while services were flat. Canadian real GDP is now roughly 2.7 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy rose 0.3 per cent in January. [read more]

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How Employment Status Impacts Your Mortgage Application

Chances are if you’re applying for a mortgage, you feel confident about the state of your current employment or your ability to find a similar position if you need to. However, your actual employment status probably means more to the lender than you might think. You see, to a lender, your employment status is a strong indicator of your employer’s commitment to your continued employment. [read more]

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BCREA – Housing Market Activity Remains Slow in November

The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year. [read more]

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