While it has been an ongoing trend that demand has been outpacing supply, residential sales have not been slowing down. In the latest market stats released mid-June by the British Columbia Real Estate Association (BCREA), there continues to be a month-over-month surge in residential sales. There has been a 26% increase in sales from April 2017 to May 2017 with a total of 12,402 residential home transactions. If it weren't for the low supply, 20-year low as a matter of fact, sales figures may even be higher than actual figures. This amount is 8% lower than May 2016 when the market was hot.

As you can see below, as a result of 9 of 11 real estate boards in BC having a home sales to active listings ratio above 20%, this has resulted in a seller's market. The BCREA states that anything greater than 20% for a sustained period is a seller's market. The Greater Vancouver region, the Fraser Valley, Chilliwack and Victoria all have seen ratios of over 50%.

Source: British Columbia Real Estate Association

In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

For a detailed look at residential statistics for May 2017, read our previous blog here. For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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Following suit with previous months, housing demand is still continuing to outpace supply. In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron Muir, BCREA Chief Economist. “The supply of homes for sale in the province has fallen 50 per cent over the past five years.

There is a shortage of housing supply in the entire southern portion which consequently results in upward pressure on home prices. Total active listings has decreased by 11.1% in comparison to May 2016 and totals 28,404 units. The ratio of home sales to active listings was over 20% in 9 of the province's 11 real estate boards and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Below you will find a comparative chart showing May 2017 and May 2016 figures for average residential price, active listings, sales-to-active listings, dollar volume and residential units sold in BC. (Click to enlarge photo).

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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The Commercial Leading Index (CLI) provides insight on early signals of turning points between expansions and slowdowns in commercial real estate. The BCREA CLI "forecasts changes in broad commercial real estate activity. [Their] research shows that the variables that compose the CLI reliably forecast BC commercial real estate activity at a lag of two to four quarters. The index is revised each quarter, due to revisions in the underlying data". 

For the fifth consecutive quarter, the CLI has seen another rise in index points of 0.5 from the 2016 Q4 to 2017 Q1. The index is now 128.0 which is a 4% increase from a year ago and a 0.4% increase on a quarterly basis. The economic activity and employment components of the CLI have been contributing factors to the economic and employment growth in the province and BC has been continually leading all provinces in this type of growth. There are indications of further growth in investment, leasing and other commercial real estate over the next two to four quarters as signaled by the CLI trend.

The increase in the CLI is reflective of the economic growth in BC with its real GDP growth exceeding 3%, which is the second time this has occurred in the past 37 years. This can be attributable to key commercial sectors such as retail and wholesale trade along with the increase in manufacturing sales. As for employment, 2016 ended on a high note with an increase of over 3% in employment which has trickled into 2017.

For all your commercial and residential real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca

Source: British Columbia Real Estate Association

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The British Columbia Real Estate Association (BCREA) saw a 23.9% decrease in residential unit sales in comparison from April 2016 to April 2017 (9,865 units recorded by MLS®). Comparing to the same period last year, total sales dollar volume was $7.19 Billion which is a 25.4% decrease and the average MLS® residential price in BC has seen a 2% bringing it down to $728,955.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland,” said Cameron Muir, BCREA Chief Economist.  

Home inventories are at a 20-year low. Currently, the seasonally adjusted annual rate (SAAR) of home sales has seen a significant increase in relation to the five-year SAAR for April. (89,000 to 106,000 units). SAAR is a rate adjustment that attempts to remove seasonal variations in the data.

There was a 17% decrease in the supply of homes available for sale in comparison to April 2016 figures. Adjusted for seasonal variations, active residential listings have seen a 50% decline since 2012 and are now at their lowest level in over 20 years. Due to the imbalance between supply and demand, demand is driving home prices higher in most regions.

Year-to-date, BC residential sales dollar volume was down 31.8 per cent to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25.0 per cent to 30,757 units, while the average MLS® residential price was down 9.2 per cent to $692,220.

Source: British Columbia Real Estate Association (BCREA)

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In March, the Multiple Listing Service® (MLS®) recorded 9,826 residential unit sales which is a 21.8% decrease in comparison to the same period last year. The total sales dollar volume also saw a decrease of 30% bringing it to $6.79 Billion and the average MLS® residential price saw a decrease of 10.5% bringing it to $690,597 compared to March 2016.

"Consumer demand continues to normalize following blockbuster home sales in 2016," says Brendon Ogmundson, BCREA Economist. "However, the supply of homes available for sale has not recovered and is still declining in many markets around the province."

Although the average price in BC was down year-over-year due to a shift in the composition of sales, home prices in most markets are being pushed higher due to severe supply constraints. This is particularly true for the Victoria region, which currently has less than two months of inventory for sale, as well as for the apartment and townhouse market in the Lower Mainland.

Year-to-date, BC residential sales dollar volume was down 34.7 per cent to $14.1 billion, when compared with the same period in 2016. Residential unit sales declined 25.5 per cent to 20,893 units, while the average MLS® residential price was down 12.4 per cent to $674,856.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

Source: British Columbia Real Estate Association

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Last month saw a 31.7% decrease in residential unit sales of 6,580 units recorded by the Multiple Listing Service® (MLS®) in comparison to the same period last year. The total sales dollar volume also saw a decrease of 39.7% bringing it down to $4.53 Billion. 

"Consumer demand has returned to a more typical level over the first two months of the year," says Cameron Muir, BCREA Chief Economist. "While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month's activity reflected the average for the month February since the year 2000."

As for the average MLS® residential price in the province, it also saw an 11.7% decrease which brought it down to $688,117. A main factor driving the average price down is that there was a decline in the proportion of provincial sales originating from the Vancouver region. There has been a 7% decline in BC home sales occurring in the REBGV area (44% to 37%) from the same period last year.

Year-to-date, there has been a decrease of 38.5% in BC residential sales dollar volume bringing it down to $7.3 Billion. Additionally, there has been a decrease of 28.5% in residential unit sales to 11,067 units and a decrease of 14.1% in the average MLS® residential price to $660,943.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.

Source: British Columbia Real Estate Association

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Overall, we have seen a decrease in residential sales when comparing January 2017 to January 2016. Last month, there were 4,487 residential unit sales recorded by MLS® which is a 23% decrease in comparison to January 2017. For the total sales dollar volume, it was recorded at $2.79 Billion which is a 36.5% decrease from the same period last year. There has been a decrease of 17.5% in terms of the average MLS® residential price in BC bringing it to $621,093.

"Housing demand across the province returned to long-term average levels last month," said Cameron Muir, BCREA Chief Economist. "However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average." 

The decrease in the average MLS® residential price is largely attributed to there being more residential sales made in areas outside of the Lower Mainland. Vancouver residential sales fell from 43% of provincial transactions to 35%. In addition, Vancouver detached home sales have seen a decrease relative to multi-family units as they have skewed the average price statistic down. The MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has seen a 3.7% decrease over the past six months, but is up 15.6% from January 2016.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.

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Vancouver has seen slower home sales in August but there has been an overall strong housing demand across most regions within BC. There were 8,945 residential units recorded by the  Multiple Listing Service® (MLS®) last month which is an increase of 1.5% compared to the same month last year. As for the total sales dollar volume, it has seen a decrease of 6.7% compared to last year with a total of $5.1 Billion in sales. The average MLS® price has also seen a deline of 8.1% compared to the same month last year which brings it to $569,393. 

"The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month." - Cameron Muir, BCREA Chief Economist.

"The decline in the average home price was due to a change in the composition and location of homes sold in the province," added Muir. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."

Year-to-date, the BC residential sales dollar increased to $61.6 Billion (39.1% increase) when compared to the same period in 2015. As for the unit sales, it has also increased to 86,206 units (22.1% increase) whereas the average MLS® residential price totaled $714,400 (13.9%). 2016 was off to a good start with record-breaking sales while July and August saw more historically normal activity.

The new foreign tax implemented appears to be a factor in the downward residential sales within the Metro Vancouver area. It has reduced foreign buyer activity within the residential market and has caused some uncertainty amongst local home buyers and sellers. It may be a little early to see the true impact of this new tax but in a few months time, we would be able to analyze foreign buyer data more closely. As September comes to an end, stay tuned in the next few weeks for stats on this month. For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

Source: British Columbia Real Estate Association (BCREA)

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Join us as we dive into the residential sales statistics for the month of May. There has been a record number of sales of 13,458 residential units which is a 32.3% increase from May 2015 and a 3.77% increase from April 2016. The total sales dollar volume shot up by 51.1% compared to the same period last year to $9.72 Billion. In relation to the average MLS® residential price in BC, it increased 14.2% year-over-year to $722,146.

"Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions," said Cameron Muir, BCREA Chief Economist. "Total active residential listings across the province are nearly 30 per cent lower than twelve months ago."

"New home construction activity is at a near record pace in the province," added Muir. "Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."

As a result of the ongoing trend of demand outpacing supply, there are a record number of homes under construction in the Metro Vancouver market. The BC residential sales dollar volume on a year-to-date basis has jumped to $41 Billion which is an increase of 62% in relation to the same period in 2015. The residential unit sales increased by 35.2% to 54,455 units and the average MLS® residential price increased by 19% to $752,105.

Take a look below for a regional breakdown of MLS comparative data and the changes from May 2015 to May 2016. 

Source: British Columbia Real Estate Association (BCREA)

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618-7000.

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As of May 16, 2016, the government now requires contracts prepared by real estate licensees to include a clause that sets restrictions on assignments. This new requirement for real estate contracts is in effect and affects both residential and commercial contracts. The following paragraph has been added to the contracts as seen below: 

Paragraph 20A (Residential) & Paragraph 40A (Commercial)
RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and the Seller agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

"Real estate consumers now have a tool to help them decide whether they want their contracts to be assignable," says BC Real Estate Association (BCREA) President Deanna Horn. "Like many other provisions in the contract, buyers and sellers have the option of keeping the new paragraph, changing it or striking it out completely - but at least the conversation is more likely to happen now."

What exactly is an assignment? Basically, it is the practice of someone assigning their rights in a contract to someone else prior to the completion of the transaction. In layman's terms, someone can buy the right to step into the original buyer's shoes to complete the contract. While they are legal under common law and by secion 36 of the Law and Equity Act, there may be instances of parties utilizing assignments as a way to make a profit, especially in a busy real estate market. As such, the new revisions in place stipulate that the Seller is entitled to any profit resulting from the assignment

Commencing in June 2016, the provincial government will be collecting citizenship data of real estate owners through the Property Transfer Tax Form as per Mike de Jong, Minister of Finance.

"BCREA is pleased that the government will collect this information, in which there is obviously a lot of public interest," says Association CEO Robert Liang. "Strong policy is based on solid information, and we look forward to learning more about this aspect of the real estate market."

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618.7000.

Source: British Columbia Real Estate Association

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It's no surprise that the ongoing trend of housing demand outpacing supply has followed us into the month of May. Let's look back at April 2016 statistics to solidify our understanding of the housing market. 

There has been an increase of 30.3% residential unit sales when comparing April 2016 to April 2015 with a total of 12,969 units recorded. The total sales dollar volume was $9.64 Billion which is a 52.7% increase compared to the same period in time last year. Looking at the average MLS® residential price in BC of $743,640 shows a year-over-year increase of 17.2%. 

“Housing demand is exceptionally strong across the southern regions of the province,” said Cameron Muir, BCREA Chief Economist. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.” “Strong employment growth is helping underpin consumer confidence,” added Muir. 

Despite what appears to be a period of higher than normal unemployment, there has been an additional 78,000 workers employed in BC in the first quarter of 2016 which is a 3.5% increase in comparison to the same period last year. Looking at the year-to-date statistics, the BC residential sales dollar volume is sitting at $31.2 Billion (64.3% increase), unit sales total 28,028 units (36.2% increase) and the average MLS® residential price is currently $761,860 (20.6% increase). Take a look below for a regional breakdown of MLS comparative data and the changes from April 2015 to April 2016. 

Source: British Columbia Real Estate Association (BCREA)

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618-7000.

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Join us in this three part series on Canada's financial perspective featuring blogs on the (1) Mortgage Rate Outlook (2) Economic Outlook and (3) Interest Rate Outlook

Economic Outlook

Looking back at 2015, the first half of the year saw negative growth but looking at the big picture reveals a registered economic growth of 1.2%. Multiple factors attributing to the slow economic growth in 2015 has trickled into 2016 as well such as the low oil prices and the related adverse effects on income and job growth. With the newly elected federal government in place, there is an effort to utilizing old-fashioned fiscal policy in order to boost economic growth.

The range for the estimate of the fiscal multiplier for Canada ranges from 0.5 to 1.5. The fiscal multiplier is a ratio that shows the effect of government spending on economic activity. However, the level of impact of fiscal policy is highly interdependent on the state of the economy. BCREA's current forecast for the Canadian economy is for economic growth of 1.6% in 2016 and 2.5% in the following year, taking into account the impact of expansionary fiscal policy. 

Source: British Columbia Real Estate Association

Stay tuned for the last part of the blog series where we'll dive into the Interest Rate Outlook. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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Join us in this three part series on Canada's financial perspective featuring blogs on the (1) Mortgage Rate Outlook (2) Economic Outlook and (3) Interest Rate Outlook

Mortgage Rate Outlook

The financial markets have seen tremendous volatility thus far with record low oil prices with consumers and investors being more risk averse as a result. This risk aversion has overwhelmed any potential pressure on yields from bonds that may have arisen due to the US Federal Reserve tightening the monetary policy. In Q1 of 2016, Canadian bond yields dropped to a low of 0.48% but have bounced back to 0.8%. Bond yields may continue to see a rise due to the anticipation of economic growth towards year end. 

Despite the volatility in the financial market, there is a silver lining for home buyers as it is keeping the mortgage rates low for the time being. Take a look below at the forecasts for both 2016 and 2017. The one-year mortgage rates are seeing a slight increase towards Q4, however, the five-year rates are expected to be stabilized at 4.64% for the entirety of 2016 which is good news for home buyers! 

Note: Rates are based on an average of weekly rates
Source: British Columbia Real Estate Association


Source: British Columbia Real Estate Association


Stay tuned for the next part of the blog series where we'll dive into the Economic Outlook. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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Residential sales for the month of March 2016 set an all-time record with a total of 12,560 unit sales which is a 38% increase in comparison to March 2015. In respect to last month's sales, the dollar volume totalled $9.69 Billion which is a 66.9% increase from last year. The average MLS® residential price increased 20.2% year-over-year to $771,620.

"Housing demand has never been stronger in the province," said Cameron Muir, BCREA Chief Economist. "Most large population centres of the province are now experiencing record levels of housing demand." "Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence," added Muir.

Strong consumer demand has been a trend in 2016 with not enough homes on the market to supply that demand. Consequently, inventory of homes for sale is at decade-long lows in many regions within BC. Looking at year-to-date data, BC residential sales dollar volume totals $21.59 Billion which is a drastic jump of 70.1% in comparison to the same period last year. Unit sales increased by 39.2% to 28,028 units with an average MLS® residential price of $770,408 (22.2% increase).

If you're looking to buy or sell, we've got you covered. Contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

Source: British Columbia Real Estate Association (BCREA)

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As we take a look at MLS® sales figures for February 2016, it is evident that there has been a substantial increase in residential unit sales in comparison to February 2015 numbers with a total increase of 44.7% (9,637 sales). There is a stark contrast in terms of total sales dollar volume from one year to the next with a total of $7.51 Billion which is a 76.4% increase. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

"Housing demand is now at a break-neck pace," said Cameron Muir, BCREA Chief Economist. "Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province."

"Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley," added Muir. "While home builders have responded with a record pace of housing starts for BC last month, the supply isn't expected alleviate the imbalance in these markets in the near term."

Looking at year-to-date data, residential sales dollar volume for BC has increased 73.6% to $11.9 Billion in contrast to the same period in 2015 whereas unit sales increased 40.1% to 15,468 units. At the rate this is going, it is no wonder why the intense housing demand is causing a shortage of supply. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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Just as predicted, the housing market in BC is off to a strong start with 5,831 recorded residential unit sales on MLS which is a 33.2% increase in relation to January 2015. Correlating to those sales was a total sales dollar volume of $4.39 Billion which is a 69.1% increase compared to January 2015. Looking at BC's average MLS residential price, there has been an increase of 26.9% year-over-year. Below you will find two charts with comparative data between January 2016 and January 2015 and their respective percentage changes.  

"The BC housing market continues to build on momentum from a very strong 2015. Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province." -- BCREA Economist, Brendon Ogmundson 

Despite the strong housing demand, MLS residential sales are forecasted to see a slight 6.2% decline for 2016. Additional information for this year's projections can be found on our last blog here

For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.

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2015 was the strongest in the past few years with 102,517 MLS residential sales. Economists believe that this year will follow suit with strong consumer demand, however, with a slight 6.2% decline in sales bringing it under the 100k mark to a projected 96,100 units in 2016 and 98,000 units in 2017. A visual representation of BC's MLS Residential Sales are shown below starting from 2005 to 2017F. 

BC's relatively robust economy coupled with strong net interprovincial migration has subsequently led to the strong housing demand that we have been seeing. Residential sales over the next two years are projected to remain well above the ten-year average of 83,200 units. In addition to strong housing demand, the average MLS residential price in BC is forecasted at $677,200 (6.4% increase) in 2016 and a further 4.1% to $705,300 in 2017.

"The inventory of homes for sale is now at its lowest level in almost a decade," said Cameron Muir, BCREA Chief Economist. "Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017." 

In line with the strong housing demand and low inventory levels, new home construction activity is expected to be on the rise to combat the issues of not having enough inventory to supply the high demand. This issue is particularly present on the South Coast. 

For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.

Source: BCREA  Economics

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According to the British Columbia Real Estate Association (BCREA), residential sales for December 2015 totalled 6,590 unit sales which is a 29.8% increase in comparison to December 2014 figures. As for the total sales dollar volume, it increased by a staggering 55.4%, ending the year off with an additional $4.62 billion in sales! Average MLS residential prices in BC hit a new record by going over the $700,000 threshold for the first time with prices averaging out at $700,943.

Take a look below at the BC Residential Unit Sales. As you can see, there has been rapid growth over the past few years with 2015 almost exceeding the record number of sales in 2005. At this rate, it looks like 2016 will be a promising year.

Source: British Columbia Real Estate Association


"The 2015 housing market finished in dramatic fashion, with record demand for the month of December," said Cameron Muir, BCREA Chief Economist. "BC home sales breeched the 100,000 unit threshold in 2015, and it was only the third time on record that this high watermark was achieved." 

The higher than normal average MLS residential prices in conjunction with the record annual unit sales allowed for $65.3 billion in sales for 2015, which is a 37% jump from 2014 figures. Last year was definitely a strong year in favour of the seller and this year looks no different. 

For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.

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Source: BC Real Estate Association (BCREA)

Cameron Muir, Chief Economist of the BC Real Estate Association (BCREA), gives a quick, yet detailed overview of the May 2015 statistics. Looking at the statistics, seller market conditions are prevailing. In the first time since 2007, MLS residential sales within BC surpassed 10,000 units in the month of May with an astonishing 10,174 residential unit sales recorded. Looking back at the first five months of the year, there has been a 22% increase in home sales and a 35% increase in the dollar volume bringing it to $25.4 billion. In contrast, there has been a 14% decrease in inventory of homes for sale from the previous year at approximately 45,000 units. This is the lowest level for the month of May since 2007. 

"Home sales for the month were at an eight year high for the month of May," said Cameron Muir, BCREA Chief Economist. "Strong consumer demand is pushing home sales up in most of the large urban areas of the province."

Average home prices for BC have seen an increase of 12% year over year at $632,000 and the price for a typical home increased over 9% in Vancouver. Moving over to the commercial side of real estate, retail sales have grown more than 8% through the first quarter of 2015. This growth rate has been the highest in the past five years.

For all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

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Mortgage rates currently remain at historically low rates, however, they are expected to increase in the last quarter of the year and will continue to increase into 2015. It is sitting at 3.14% (for a one-year term) and is forecasted to stay stable in this upcoming quarter. As per the BCREA, the mortgage rate forecast is as follows:


*Data is average of weekly rates. Source: Bank of Canada.

In response to bond yields seeing a downwards trend, lenders have offered historically low mortgage rates, which is great news for homebuyers.

Economic Outlook
In relation to Canada's economy, its weak start was quickly overturned by strong economic growth in the second quarter with a 3.1% real GDP increase. This growth was largely attributed to the number of exports. It is expected that the economic growth will remain relatively strong. 

Interest Rate Forecast
The current labor market is still seeing high unemployment rates and unstable employment growth. The BCREA expects that the Bank of Canada will "continue to take a cautious approach to monetary policy until it sees concrete signs that the economy is growing sustainably above trend". It is predicted that the Bank will lower interest rates however, a tighening of interest rates are forecasted for the second half of 2015.

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