Economic Outlook Archives - Page 8 of 10

07Feb

Metro Vancouver home prices to bottom in 2019 and then bounce back: forecast

[BIV - January 21, 2019] Home prices in Metro Vancouver may slide further in 2019 but then will recover as demand continues and supply remains constrained, according to a panel of developers at a 2019 forecast event. Speaking at the Urban Development Institute’s annual Forecast Luncheon on January 17, Neil Chrystal, president and CEO of Polygon Homes, said, “This year, the single-family home market will remain slow, and experience further price corrections…. In order for prices in the multi-family market to stabilize, [...]

Economic Outlook, Vancouver Real Estate

19Dec

Modest Home Price Growth Forecasted for 2019

[The Province - December 12, 2018] TORONTO — Home prices across the country are expected to rise in 2019, but only at a moderate pace compared with recent years, according to two of Canada’s largest residential real estate brokerages. Royal LePage is anticipating the national median home price will increase by 1.2 per cent in 2019, with prices in Toronto and the surrounding areas expected to rise 1.3 per cent to $854,552. Home prices in Greater Vancouver are forecast to go up [...]

Canada, Economic Outlook

25Sep

Canadian borrowers will feel this week’s U.S. interest rate hike

[CBC News - September 24, 2018] The world's biggest central bank is expected to raise rates this week — and then keep raising them. With two eyes on the future, U.S. Federal Reserve chair Jerome Powell is expected to raise interest rates this week — and then keep raising them to keep inflation under control. (Yuri Gripas/Reuters) Markets are so certain that U.S. Federal Reserve chair Jerome Powell will raise rates this week that a failure to hike would likely have worse consequences for [...]

Canada, Economic Outlook, International Influence

01Sep

Waiting to see if declines in real estate sales translate into falling prices

[Source: CBC News - August 14, 2018] The Canadian real estate industry is used to disregarding gloomy predictions. But now, after a decade of laughing in the face of repeated false warnings that a housing slump was imminent, most Canadians affected by real estate — in other words, just about all of us — have suddenly become a little more wary. No one disputes the meteoric rise in Canadian house prices has come to an end. The latest figures from both Vancouver and [...]

British Columbia, Canada, Economic Outlook

02Jun

These are the trends to look for in Vancouver’s housing market this summer

[Source: BuzzBuzzNews - May 23, 2018] As the weather warms up, industry experts agree that home sales and prices will continue cooling in Metro Vancouver as the market adjusts to stricter mortgage regulations and new BC housing policies. “It’s a lot for the market to adjust to and it could take a little bit longer for the market to adjust to those measures,” RBC Senior Economist Robert Hogue tells BuzzBuzzNews. Since February, year-over-year home sales have been declining in Metro Vancouver. In [...]

British Columbia, Economic Outlook, Vancouver Real Estate

17Mar

Too Much Too Late? – The NDP’s Affordablity Plan

In the NDP budget speech on February 20, 2018, Finance Minister Carole James highlighted some of the government's 30-point plan for making, buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign buyers, and increase the supply of available housing. Many are wondering if this is too much too late! Some of the new changes are as follows: INCREASE PROPERTY TRANSFER TAX - one time tax at time of title [...]

British Columbia, Economic Outlook

21Feb

16 things that really affect you announced in today’s BC Budget 2018

[Source: DailyHive, February 20, 2018] Earlier today, British Columbia’s New Democratic Party (BC NDP) delivered its first provincial budget for the first time in about two decades. The ambitious budget prepared by BC Minister of Finance Carole James focuses on housing affordability, childcare, and increasing provided services. She forecasts consecutive balanced budgets, with annual surpluses of $219 million for 2018-19, $281 million for 2019-20, and $284 million for 2020-21. However, total provincial debt will rise by $11.8 billion to $77.1 billion by 2020-21 [...]

British Columbia, Economic Outlook

21Feb

How the B.C. budget tackles the province’s housing crisis

[Source: BC CTV News, February 20, 2018] Ever since the B.C. NDP formed government last summer, the public has been waiting to see how the party plans to address the province's out-of-control housing market – and now the wait is over. In her 2018 budget speech Tuesday, Finance Minister Carole James highlighted some of the government's 30-point plan for making buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign [...]

British Columbia, Economic Outlook

12Jan

RBC hikes mortgage rates ahead of Bank of Canada rate decision

[Source: BNN, January 12, 2018] Royal Bank of Canada raised its posted five-year fixed mortgage rate on Thursday, the first of Canada’s Big Five banks to make the move ahead of the Bank of Canada’s interest rate decision next week. RBC increased its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes reflect recent activity by competitors, and the current costs that we incur for funds on the wholesale market [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

12Jan

Will the Bank of Canada hike rates next week? It looks more and more likely

[Source: Global News, January 8, 2018] The Bank of Canada (BoC) is likely to raise interest rates again when it makes its next monetary policy announcement on Jan. 17, according to economists at Canada’s big banks. Increasing the chances of another rate hike is the upbeat tone of the latest quarterly release of the so-called Business Outlook Survey, a closely watched barometer of business sentiment in this country, which the central bank released on Monday. Canadian companies are feeling optimistic about the future and [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook