There was a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®) last month which is a 26.6% increase from July 2019. There was a 12.9% increase in the average MLS® residential price in BC from $682,702 in July 2019 to $770,810. Total sales dollar volume in July was $7.8 Billion, a 43% increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA Chief Economist Brendon Ogmundson. "Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."

Active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes has somewhat skewed average prices in some markets.

Year-to-date, BC residential sales dollar volume was up 8.4% to $32.5 Billion, compared with the same period in 2019. Residential unit sales were down 1.4% to 43,718 units, while the average MLS® residential price was up 10% to $754,842. 

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association


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As per the British Columbia Real Estate Association (BCREA), there was a total of 4,518 residential unit sales recorded by MLS® in May 2020, a 45.2% decrease from May 2019. The average MLS® residential price in BC was $728,898, a 3.2% increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5% decrease over 2019.
"There were encouraging signs of recovery in May," said BCREA Chief Economist Brendon Ogmundson. "While activity is still far below normal, both sales and listings are up significantly from April's lows."

New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24% year-over-year and are more than 10,000 listings below where they would normally be in the spring months.

Year-to-date, BC residential sales dollar volume was down 6% to $18.6 billion, compared with the same period in 2019. Residential unit sales were down 14.2% to 24,695 units, while the average MLS® residential price was up 9.6% to $753,155.  

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association

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For April 2020, there was a 50.8% decline in residential unit sales recorded by MLS® compared to April 2019 (3,284 units). The average MLS® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. 

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While the supply of homes available for sale generally rises through the spring, this year was a bit different. Supply was down close to 10% on a seasonally adjusted basis and down 23.7% year-over-year. Prices remained firm despite the large decline in sales.

Year-to-date, there has been a 9.6% increase in the sale dollar volume for BC residential units bringing it to $15.3 Billion (compared to the same period last year). Residential unit sales are down 1.7% bringing it to 20,164 units while the average MLS® residential price was up 11.6% to $758,614.

The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:

Source: British Columbia Real Estate Association



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Looking back at March 2020 housing figures, the British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 17.2% from the same month last year. There was 15.1% increase in the average MLS® residential price in BC bringing it to $789,548 compared to March 2019's average of $685,892. For the total sales dollar volume, it hit $5.3 Billion which is a 35% increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pentup demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

The year-to-date BC residential sales dollar volume totals $12.9 Billion. In comparison to the same period in 2019, this is an 37.1% increase. The residential unit sales totals 16,866 which is an increase of 21.7% from last year. The average MLS® residential price totals $763,031 which is an increase of 12.6% from last year.

Source: British Columbia Real Estate Association

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The real estate market has recovered from the foreign-buyer tax lull that was introduced a year ago with the second-hottest August on record. Last month, there were 3,043 home sales in the Greater Vancouver area which is 2.80% and 22.30% higher than July 2017 and August 2016, respectively. Below you will find a comparative chart that depicts the Greater Vancouver residential sales from 2015 to present.


Once again, demand is outpacing supply with the number of listings declining month over month and year over year. It is a seller's market for August 2017 with a sales-to-active listings ratio of 34.6%. Looking at this ratio by property type, it is 16.3% for detached homes (buyer's market) and 44.8% for townhomes and 76.3% for condominiums (strong seller's markets). Home prices are on the rise which is primarily attributed to the townhome and condo sector. The MLS® composite benchmark price for all residential properties in Greater Vancouver is 1% higher than July at $1,029,700.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” said Jill Oudil, REBGV president. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

The benchmark price for single-family homes are now $1,615,100 which is a 2.2% increase compared to August 2016. As for attached units, the benchmark price is now $778,300 which is a 12.8% increase compared to August 2016. Lastly, the benchmark price for condos are now $626,800 which is a 19.4% increase compared to August 2016.

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

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The British Columbia government is reviewing the foreign buyers’ tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they have helped improve affordability, BC's new housing minister says. A year ago, the Liberal government implemented a 15% tax on foreign nationals purchasing property in Metro Vancouver in an effort to cool skyrocketing house prices. This tax isn’t applied to commercial properties, only residential properties.

Selina Robinson and BC Finance Minister, Carole James, will review real estate transaction data to determine whether the 15% foreign tax should be kept, revised or scrapped altogether. The data will be analyzed in order to determine whether it has been beneficial in housing affordability.

“I don’t know that we have any plans to eliminate it,” Robinson said of the 15 per cent foreign buyers’ levy, nearly a year after the previous Liberal government introduced it for Metro Vancouver. “There’s certainly enough data that would help us to understand its value, and so, we have to look at that data.”

According to data from the B.C. Ministry of Finance, during the period of June 10 - August 1, 2016, 13.2% of all property transfer transactions in Metro Vancouver were involving foreign buyers. Once the foreign tax took effect, that figure fell to 2.6% during the period of August 2 - December 31, 2016. Figures recently released revealed that the government took in $102 million in revenue from the implementation of the foreign buyers' tax between August 2, 2016 to March 31, 2017.

In the months after the tax, there were signs of cooling in Vancouver’s housing market, with the number of transactions falling. However, there have been signs that the market may be rebounding, as prices continue to creep up. The Multiple Listing Service composite benchmark price for all properties in Metro Vancouver was $998,700 in June, an increase of 7.9% from the same month last year.

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

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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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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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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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Below you will find the commercial sales activity broken down by category for the Lower Mainland for Quarter 3 of 2016 and 2015 and the relevant percentage change. As well, there is a year-to-date comparison which encompasses the first three quarters. Quarter 4 statistics should be released in the next few weeks! The statistics for the Lower Mainland are inclusive of the following 18 cities: Abbotsford, Burnaby, Chilliwack, Coquitlam, Delta, Langley, Maple Ridge, Mission, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock. Thus, the first table is not representative of only Vancouver commercial real estate (a separate table will break down the statistics for Vancouver).

Below you will find information from the above table which has the Vancouver data extracted from it. While the Quarter 3 results year over year have primarily seen a decrease in both unit sales and sales dollars, the year-to-date figures show a different story. All four categories see an increase in sales dollars when comparing 2015 to 2016. 

In addition to residential real estate and property management, we also do commercial real estate here at WeSellVancouver. We'd love to help you with your next investment or business venture. Contact the WSV Real Estate Services office at 604-801-6654 or at info@wesellvancouver.ca for all your real estate needs.

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Wondering what the residential sales statistics for Vancouver East are for October and November? Take a look below for a comparative analysis for detached properties, condominiums and townhomes. As you can see, for the most part, there has been a drop in sales when comparing year over year. If we were to look at the change from October 2016 to November 2016, we can see that sales have actually gone up. The sales increase percentages are as follows: 19.7% increase for detached properties, 35.78% for condos and 5.26% for townhomes.

While the one-year changes for the benchmark price have seen an increase across the board, it's a different story when comparing October 2016 figures with November 2016 figures. There has been a decrease for detached properties, condos and townhomes of 2.83%, 2.71% and 0.71%, respectively. 

For a look at the MLS HPI Benchmark Price over a 10-year span, click here. Stay tuned - our next blog will take a look at Vancouver West! For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

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Another month has come and gone which means we have more monthly statistics to bring you! Looking at the residential property sales, October saw a total of 2,233 units sold which is a 38.8% decrease compared to October 2015 and a 0.9% decrease compared to September 2016. Sales last month were 15% below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for Metro Vancouver detached, attached and apartment properties saw a decrease of 3.5% compared to October 2015 (from 4,126 down to 3,981 units) and a decrease of 17% from last month's 4,799 listed properties. There was a 4.5% decrease in total number of current properties in Metro Vancouver listed for sale on MLS® compared to October 2015 (from 9,569 to 9,143) and a 2.3% decrease from last month's 9,354 units.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8% increase compared to October 2015 and a 0.8% decline compared to September 2016.

Source: Real Estate Board of Greater Vancouver.

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Residential sales in the Metro Vancouver area has seen a decrease of 32.6% in September 2016 compared to the same month last year (from 3,345 down to 2,253) and a decrease of 9.5% compared to August 2016. Sales from last month were 9.6% below the 10-year sales average for the month.  

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

There was a total of 4,799 new listings for detached, attached and apartment properties in Metro Vancouver for September 2016 which is a 1% decrease from the 4,846 units listed in September 2015. On the other hand, it was an 11.8% increase compared to August 2016 (4,293 listings). Current homes listed for sale on MLS® in the Metro Vancouver area has seen a 13.4% decrease (9,354 listings) compared to September 2015 and a 10% increase (8,506 listings) compared to August 2016. The sales-to-active listings ratio has been the lowest since February 2015 with a ratio of 24.1%. 

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016. As for specific statistics on detached homes, apartments and townhouses from last month, you can refer to the image above. Detached property sales saw a decrease of 47.6% compared to September 2015 while their benchmark price increased by 33.7%. Sales for apartments saw a decrease of 20.3% and benchmark price increased by 23.5% in contrast to September 2015. Lastly, attached properties sales decreased by 32.2% and their benchmark price increased by 29.1% compared to September 2015.

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

Source: Real Estate Board of Greater Vancouver

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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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Up until the end of June, we've seen an ongoing trend of residential sales going through the roof. However, it's a different story for July! When comparing July 2016 residential property sales to July 2015 figures, we see a decrease of 18.9% (3,226 vs. 3,978 sales) and a decrease of 26.7% from last month. For the first half of the year, home sales have registered at over 4,000 units per month. July was the first time this year that home sales did not hit the 4,000 mark.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

In July 2016, new listings for detached, attached and apartment properties in Metro Vancouver have seen an increase of 2.5% totalling 5,241 units in comparison to the same month last year and a 10.8 decrease in comparison to last month. There has been a 27.4% decline in total number of properties currently listed for sale on MLS® compared to July 2015 and a 6.9% increase compared to June 2016.

Take a look below at the comparables in the MLS® HPI Composite Benchmark Price from July 2015 to July 2016.

Click on the photo below to enlarge it for better viewing. For a more detailed look at the MLS® Sales Facts, click here.

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

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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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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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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.