Vancouver Real Estate Archives - Page 3 of 18

05Jan

How much is your home worth now? B.C. Assessment Authority updates property value database for 2022

[Vancouver Sun - January 2, 2022] Since the pandemic began in March 2020, house prices across Canada have jumped 34 per cent The B.C. Assessment Authority has updated its website allowing home owners to see what the value of their home was as of July 1, 2021. The Crown corporation will be releasing full details of property value increases across the province on Jan. 4. To check your home’s value go to their bcassessment.ca and search under the address. To see how much [...]

British Columbia, Vancouver Real Estate

21Oct

Putting Off a Home Renovation? Here Are 4 Tips for Getting Started

[Fool.com - October 13, 2021] Here's how to get a home improvement project off the ground. In the course of the pandemic, many people have taken to spending more time at home -- especially those whose offices have been shuttered over the past 18 months. It's not surprising, then, that many homeowners have been renovating their properties, whether by adding square footage or reconfiguring their existing setups. If you've been thinking of renovating your home, you may have encountered some barriers along [...]

Remodel + Renovation, Vancouver Real Estate

17Oct

House prices in Vancouver, Victoria, Nanaimo expected to jump this fall

[News 1130 - October 6, 2021] NANAIMO (NEWS 1130) — While temperatures are expected to cool in the coming months, home prices in B.C. will not, according to the new Fall Housing Market outlook report by RE/MAX. RE/MAX projects housing prices will rise by two to five per cent through the end of 2021 in Vancouver. However, it is not the most expensive area. The largest jump is expected to be for homes sold in two cities on Vancouver Island: Nanaimo (nine [...]

British Columbia, Economic Outlook, Vancouver Real Estate

16Oct

Home demand still outstrips supply in Metro Vancouver but price hikes slow: report

[Times Colonist - October 4, 2021] VANCOUVER — Home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply. The board's housing market report for September shows sales were 20.8 per cent above the 10-year average for the month while new listings were 1.2 per cent below. Just over 9,000 condos, townhomes and single-detached homes were listed for sale in September and statistics from the board [...]

Vancouver Real Estate

28Jul

Bank of Canada researchers argue in favour of inflation overshoots following recessions

[Globe and Mail - July 28, 2021] Central bankers should let inflation run temporarily above target when the economy is coming out of a severe recession, according to new Bank of Canada research that provides a window into how the central bank is thinking about inflation as the pandemic wanes. The paper, published last week by three senior bank economists, argues that monetary policy should allow inflation to rise above the bank’s 2-per-cent target following major recessions where interest rates hit [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

28Jul

Banking on mom and dad

[Toronto Sun - July 24, 2021] As housing prices hit an all-time high and continue to rise across the country, homeownership is out of reach for about three-quarters of Canadians, leaving many new homebuyers counting on the Bank of Mom and Dad. “With the housing market pricing many Canadians out of the market, younger generations are forced to turn to their parents to close the gap,” says Manulife Bank president and CEO Rick Lunny. If you’re thinking of helping your child purchase [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

28Jul

New stress test rate makes it more difficult for home buyers to qualify for mortgage

[Toronto Sun - July 3, 2021] Home buyers have contended with a series of costly hurdles in this ongoing, high-octane housing market — supply shortages, growing and pent-up demand, red hot prices and bidding wars just to name a few. It’s been a great time for sellers, but not so great for those looking to get into the market or upsize. Now the federal government is effectively putting another significant hurdle on the path to home ownership that will especially impact first-time [...]

Canada, Mortgage Education Centre, Mortgage Insurance, Mortgage Qualification, Vancouver Real Estate

22Jul

A new wave of buyers expected to hit B.C. real estate market

[The Globe and Mail - July 2, 2021] Throughout the pandemic, home sales soared, and in some markets, set record prices. Industry insiders say that postpandemic, the B.C. housing market is expected to boom again – driven by Canadians returning home and the federal government’s plan to bring in more than 1.2 million immigrants by 2023. The wave is already happening according to Jacky Chan, president of BakerWest Real Estate Inc., who works closely with developers. BakerWest is the new Vancouver [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

22Apr

Forget Pent-Up Demand, Let’s Talk About Pent-Up Housing Supply

[CREA Cafe - April 21, 2021] On Thursday, April 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of March. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members. As everyone already knows, home sales have been setting major records since last summer. In previous posts I’ve said the market wouldn't be able to keep that up at [...]

Canada, Vancouver Real Estate

22Apr

Bank of Canada keeps benchmark rate at record low but economic outlook brightens

Bank forecasting a 6.5% increase in GDP growth in 2021, up from 4% [CBC - April 21, 2021] The Bank of Canada opted to keep its benchmark interest rate steady at a record-low 0.25 per cent Wednesday, saying the pandemic recovery "continues to require extraordinary monetary policy support." At the same time, it significantly increased its growth estimates, forecasting a 6.5 per cent increase this year, up from an earlier prediction of four per cent. The bank said in a statement that it intends to [...]

Bank of Canada announcements, British Columbia, Canada, COVID-19, Economic Outlook, Vancouver Real Estate