March 2020

BC Home Sales Trend Higher in February

Posted on Mar 12, 2020 in Market Update

5 Year Mortgage TrendsThe British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3 per cent from February 2019. The average MLS® residential price in BC was $758,863, a 12 per cent increase from $677,681 recorded the previous year. Tot...

Read More

Canadian Housing Starts (February 2020)

Posted on Mar 10, 2020 in Economics

Canadian Housing Starts Feb 2020Canadian housing starts decreased by 1.9% m/m in February to 210,069 units at a seasonally adjusted annual rate (SAAR). The decrease was driven by Quebec. The trend in national housing starts fell, averaging about 209,000 units SAAR over the past six months.

In BC, housing starts rose by 52% m/m to 39,968 units SAAR, which follows last month's 39...

Read More

Canadian Employment (February 2020)

Posted on Mar 07, 2020 in Economics

Canadian Employment Numbers Feb 2020Canadian employment was little changed in February, increasing by 30,000 jobs (0.2%). The unemployment rate increased by 0.1 percentage points to 5.6%, as more people searched for work. This report does not yet account for impacts arising from COVID-19 due to the survey's timing.

Regionally, increases were primarily in Quebec (20,000), Alberta (11...

Read More

Interest Rates Nosedive as Bank of Canada Cuts Rates 50 bps

Posted on Mar 06, 2020 in Mortgage News

Mortgage Rate News & ForecastFollowing yesterday's surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signaled it is poised to do more if necessary. 

The BoC lowered its target for the overnight rate by 50 bps to 1.25%, suggesting that "the COVID-19 virus is a material negative shock to the Canadian and global outlooks." This i...

Read More

Bank of Canada Interest Rate Announcement

Posted on Mar 04, 2020 in Mortgage News

Canadian Interest Rate AnnouncementThe Bank of Canada lowered its overnight rate by 50 basis points this morning to 1.25 per cent. This move is part of a coordinated action by global central banks to guard against the negative consequences of the Coronavirus outbreak. In its statement, the Bank noted that although the Canadian economy is operating near potential and inflation is at...

Read More

February 2020 - Vancouver Real Estate Statistics

Posted on Mar 03, 2020 in Market Update

February Vancouver Real EstateSteady demand and low supply benefits home sellers

February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, a...

Read More