January 2021

Bank of Canada Interest Rate Announcement

Posted on Jan 20, 2021 in Mortgage News

Bank of Canada Interest Rates - January 2021The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent tar...

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Real Estate in Vancouver - 2020 in Review

Posted on Jan 19, 2021 in Market Update

Year In Review - Vancouver Real EstateA Year Like No Other

Taking a look back on 2020, it’s quite remarkable that we ended the year with as many transactions as we did. In early 2020 the market stalled as the pandemic took centre stage.

However, as the year progressed we’ve seen a huge uptake in the number of transactions, driven by people’s desire for more space and more affordable hous...

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Canadian Housing Starts (December 2020)

Posted on Jan 18, 2021 in Economics

BC Housing Starts - Vancouver Real EstateCanadian housing starts decreased by 12.6% m/m to 228,279 units in December at a seasonally adjusted annual rate (SAAR), following a strong increase of 14% in the previous month. Housing starts decreased in 8 of 10 provinces with the largest decline in Manitoba (-40.5%). Building activity declined in both the single-detached (-6.2%) and multi-unit...

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Record December Canadian Housing Market Caps Record Year

Posted on Jan 15, 2021 in Market Update

Home Prices Vancouver MLS Real Estate Listings

2020 Was a Blockbuster Year for Housing

Despite the fears leading into the pandemic last Spring, 2020 marked a record number of home resales as new listings lagged and prices climbed. December housing data released by the Canadian Real Estate Association (CREA) today shows national home sales surged 7.2% month-over-month (m-o-m) at a time of the yea...

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Strong December Home Sales Close Out an Unprecedented Year

Posted on Jan 13, 2021 in Market Update

BC Real Estate Sales - MLS ListingsThe British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the...

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Canadian Employment (December 2020)

Posted on Jan 08, 2021 in Economics

Canadian Jobs - Vancouver Real EstateCanadian employment lost 63k jobs in December (-0.3%, m/m), representing the first decline since April 2020. This comes on the heels of many provinces reinstating public health measures that closed recreational facilities and in-person dining services. The decline was led by part-time employment, specifically among youth aged 15 to 24 and those 55...

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