BC Home Sales Trend Higher in February
Posted on Mar 12, 2020 in Market Update
The 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...Canadian Housing Starts (February 2020)
Posted on Mar 10, 2020 in Economics
Canadian 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...
Canadian Employment (February 2020)
Posted on Mar 07, 2020 in Economics
Canadian 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...
Interest Rates Nosedive as Bank of Canada Cuts Rates 50 bps
Posted on Mar 06, 2020 in Mortgage News
Following 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...
Bank of Canada Interest Rate Announcement
Posted on Mar 04, 2020 in Mortgage News
The 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...February 2020 - Vancouver Real Estate Statistics
Posted on Mar 03, 2020 in Market Update
Steady demand and low supply benefits home sellers
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...
