November 2021

Home Sales Surge in October

Posted on Nov 19, 2021 in Market Update

Vancouver Home Sales Surge in OctoberToday the Canadian Real Estate Association (CREA) released statistics showing national existing-home sales rose a whopping 8.6% in October, its most robust month-over-month pace since July 2020, when the first lockdown eased briefly. This was on the heels of a modest uptick in September--the first gain since March of this year.

Sales were up month...

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Inflation Surge Is No Need For Hysteria

Posted on Nov 19, 2021 in Economics

Inflation in Vancouver Real EstateStatsCanada today reported that consumer price inflation rose to 4.7% from year-ago levels in October, compared to 4.4% in September. This is in line with market expectations and is well below the US's 6.2% pace reported for the same period. Inflation is rising all over the world, the direct result of extreme weather events and supply chain chaos g...

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BC Housing Market at Historically Low Level of Supply

Posted on Nov 12, 2021 in Economics

BC Real Estate MLS Vancouver Supply LevelsThe British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS® residential price in BC was $964,777, an 18.9 per cent increase from $811,307 recorded in October 2020. Total sa...

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7 Steps for Vancouver Mortgage Prep & Pre-Approval

Posted on Nov 08, 2021 in Mortgage News

Mortgage Approval and Rates in VancouverStep 1 - Your Credit Score

Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not requ...

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A More Normal Jobs Report In October 2021

Posted on Nov 08, 2021 in Economics

A More Normal Jobs Report In October 2021Statistics Canada released the October Labour Force Survey this morning, reporting a slowdown in employment growth from the blockbuster pace of recent months. While some commentators were disappointed in the results, I have a more positive take. Canada returned its pre-pandemic level of employment in September ahead of the US and other G-7 countrie...

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Vancouver Real Estate Statistics - October 2021

Posted on Nov 02, 2021 in Market Update

Vancouver Real Estate Statistics - October 2021Metro Vancouver home buyers compete for fewer home listings in October

Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3...

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