July 2022

House Price Decline Accelerated in June

Posted on Jul 16, 2022 in Market Update

Vancouver Real Estate MLS ListingsStatistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. Home sales recorded over Canadian MLS® Systems fell by 5.6% between May and June 2022, taking second-quarter sales down sharply (see chart below). The actual (not seasonally adjusted...

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High Mortgage Rates Keeping Potential Buyers Sidelined

Posted on Jul 13, 2022 in Market Update

Canadian Mortgage RatesThe British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2022, a decrease of 35.7 per cent from June 2021. The average MLS® residential price in BC was $951,105, a 4.6 per cent increase from $909,657 recorded in June 2021. Total sales doll...

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Bank of Canada Interest Rate Announcement -July 13, 2022

Posted on Jul 13, 2022 in Mortgage News

Vancouver Real Estate MLS Listings Mortgage RatesThe Bank of Canada surprised markets with a larger than expected full point increase in its overnight rate, bringing its key policy rate to 2.5 per cent. In the statement accompanying the decision, the Bank noted that inflation is higher and more persistent than the Bank expected and will likely trend near 8 per cent through the summer before easin...

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Canadian Employment (June 2022)

Posted on Jul 08, 2022 in Economics

Canadian Real Estate EmploymentCanadian employment declined by 43,000 (-0.2 per cent) to 19.597 million in June, falling for the first time since January. As a result of fewer people looking for work, the Canadian unemployment rate also declined by 0.2 to 4.9 per cent, the lowest rate on record for a fourth consecutive month. Average hourly wages were up 5.2 per cent on a year-o...

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Vancouver Real Estate - Market Update June 2022

Posted on Jul 05, 2022 in Market Update

Vancouver real estate statistics - june 2022Home listings up, sales down and prices starting to decrease to start the summer season

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444...

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