Bank of Canada Interest Rate Announcement:
On December 4, 2019, the Bank of Canada held its overnight rate at 1.75 per cent this morning!Reason: The Bank noted that there is evidence that the global economy is stabilizing and that US recession concerns are waning, though trade conflicts remain the biggest threat to the Canadian economy. Furthermore, the Bank expects modest growth in 2020 and for inflation to closely track its 2 per cent target.
Click on the image below to view our July 2019 market update video featuring Board President Ashley Smith. You can share this video with your friends and family.
Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.
If you are a prospecting to find your next home or are a home buyer and are looking to find your own best deals, you may please go to the link: https://www.teamfazi.com/recip.html#!/wps/-/noframe~true/recip/48183/idx.search?idx_v2_map_pos=49.24880910000002|-122.98051040000001&idx_v2_map_zoom=14&idx_v2_map_radius=1.9
for a professional like MLS search engine.
We listed a beautiful home at #67 55 Hawthorne Dr. in the prestigious Heritage Woods Area, right at the border of Coquitlam and Port Moody.
We had somewhat of a great reaction but market was slightly colder compare to this month's. Throughout our strong marketing efforts along with our hard work ethics, we got an offer that SOLD the home for 98% of listed price. (keep in mind; this transaction took place in soely buyer's market)
Here is a short video and overview of the home. we SOLD and listed it!
Vancouver, BC – June 14, 2019. The British Columbia Real Estate Association (BCREA) has reported that total residential active listings were up 23.2% compared to the same month last year.
However, total active listings were down 2 per cent from April. This is the first monthly decline since the B20 Stress test was introduced in January 2018.
In BC, total residential unit sales as is recorded by MLS® in May, a decline of 7% from in May 2018 and the average MLS® residential price showed a decline of 4.3% from May 2018. Total sales dollar volume was 11% lower compare to the same month last year.
In this year, BC home sales increased 9% in May compared to April, however, consumers continued to struggle with the negative shock to affordability as a result of current stringent mortgage lending policies.
Year-to-date, BC total residential sales dollar volume was down 25.1% compared with the same period in 2018 and total residential unit sales decreased 20.2%, while the average residential price was down 6.2%.
The British Columbia Real Estate Association (BCREA) has recently stated that it is pleased with the measures announced in Budget 2019 that will help address housing affordability in British Columbia. REALTORS® in BC recognize that home ownership is a difficult goal to achieve for many British Columbians, and the policies announced in this budget provide meaningful assistance with this complex challenge.
BCREA supports the newly announced First-Time Home Buyer Incentive program, which introduces shared equity mortgages that will help to directly foster affordability. The budget also proposes increasing the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000, further supporting first-time buyers.
While the incentives for first-time home buyers is generally welcomed, the announced measures fail to address the damage done by the mortgage stress test. BCREA is particularly encouraged that the federal government is carefully monitoring the effects of the B-20 mortgage regulations, as was recently voiced concern regarding the overreaching impact this policy is having in the Lower Mainland. The federal government needs to review the policy against interest rate changes since its introduction and re-institute 30-year mortgages to further help Canadians achieve their goals of homeownership.
Remember the times back where coquitlam looked like a village and, homes and lands were cheap and inexpensive? That was the time that you should have invested in coquitlam real estate! Look at coquitlam now, a popular urban city, important enough so, Sktytrain has come to it.
If you now miss that opportunity, we are here to give you a good news:
Abbotsford is a developing city with cheap land and real estate. If you missed the opportunity to invest into coquitlam, now you have a chance to invest into a city that will become very developed in the following decade or two.
1) Canada's economy will continue to under perform the U.S. as growth slows to 1-3/4% in 2019 compared to just over 2% in 2018. For the U.S., this year’s growth will hit about 2.4%.
2) Canada's population growth will lead the G7 by a wide margin. In 2018, Canada’s population was 1.4%, which doubles the 0.7% rate for the U.S. Despite this, however, spending did not rise Per capita GDP growth in Canada this year will under perform most of the G7. Strong (net) immigration accounted for almost half (45%) of Canada’s population increase last year.
3) Canadian consumers are tapped out as debt levels remain high, interest rates edging upward and credit is less readily available. Foreign buying has slowed owing to foreign purchaser taxes and speculation taxes.
4) Most likely, both the Fed and the Bank of Canada will raise their benchmark overnight rate twice this year. With this increases in 2019, consumers will be impacted significantly because they are so heavily exposed to debt. Economists at the Royal Bank estimate that the average household faces a $1,000 hit from rate hikes.
5) Rising interest rates will squeeze government spending with significant debt loads.
6) In contrast to last year, housing in 2019 will not fuel Canada's national economy.
Bottom Line: Sales to new listings will continue to decline. In consequence, the number of completed and unabsorbed units continues to increase.
According to the February report by Real Estate Board of Greater Vancouver (REBGV), home listings continue to increase in the Metro Vancouver housing market, while home buyer activity remains below historical averages. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver shows about 55% increase compared to January 2018.
Residential home sales in the region totaled in January 2019, decreased by almost 40% compare to the same month in 2018. Last month’s sales were the lowest January-sales total since 2009.
Sales-to-active listings ratio for January 2019 were approximately 7% for detached homes, 12% for townhomes and 14% condominiums. Generally, downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period.
This explains the more pronounced price adjustment that we have been experiencing in the past few months for single detached homes compare to townhomes and apartments.
Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.
Metro Vancouver housing sales hit nearly a 20-year low and so, home prices are expected to go even lower throughout 2019 as cooling measures such as new tax rules and policies take effect causing Buyers retreat from housing market.
So we have a news for you today! Starting January 1st, REBGV has allowed us to share more information regarding the houses on the market with our clients and prospects. Some of them include:
1- Info about Sold homes, and their sold prices
Info about expired/suspended homes and properties, and more. Contact us for more information.
if you want to start your search today, go right ahead and sign-up for a VOW account at:
If you have a problem in signing up, feel free to contact us via phone and/or online chat.
As we will be experiencing cold temperatures during the winter time, here are 3 tips for you to keep your home warm:
1- In the winter, reduce heat-loss from your home or workplace by getting rid of the gaps around windows, doors, baseboards and wall openings.
2- Windows can account for a large part of heat loss in a building. Upgrade them if they are too old.
3- Insulate power outlets and other sockets using foam pads – This is really important if the walls are not properly insulated.
So, keep your home cozy and warm and
enjoy the winter!
We will see you soon :)
As we are approaching Christmas and New Year holiday, we hope that you will feel the love and warmth of this special season. If you are thinking to purchase a home or invest on a property, time is on your side!
Home price is being adjusted and more properties are being made available to choose from. It’s a Buyer’s market now!
As we’re experiencing Buyer’s market, I will be more than happy to help you exploit this situation for your best interest. I’m just a phone call away. For free consultation contact us at our number below:
Fazi Emadian MBA, PhD,
Team Fazi Real Estate
August 9th 2018
Just for your info, we will be hosting an open house by Oxford Heights area in Port Coquitlam at: 3720 Ulster Street on Sun, Aug 12, at 2-4 pm.
If you like to have a feature sheet of the property, let us know. We will be happy to email it to you
Click the link below to see our open house:
Team Fazi Real Estate
Tel: (604) 263-5926
July 15, 2018
As expected, Stephen S. Poloz, the Governor of the Bank of Canada has announced a few days ago that the Bank of Canada hiked its key overnight rate 25 basis points to 1.5%.
He also mentioned that he expected that the Bank to gradually hike the benchmark rate until it reaches 2% or 2-1/4% by the end of 2019, implying another 2 or 3 rate hikes by the end of next year. However, Mr. Ploloz was uncertain as to how quickly this would happen. This will be discussed in the Governing Council of the Bank which is scheduled to meet again on September 5, 2018.
Recent data by the Bank of Canada suggests that housing markets are beginning to stabilize following a weak start to 2018.. Accordingly, the housing will contribute a mere 0.1 percentage points to growth this year, with no contribution in 2019 and a slight negative rate of contribution in 2020 (see Table below).
According to the Real Estate Board of Greater Vancouver (REBGV) report released in June, home buyer demand continues to decline across the Metro Vancouver housing market and this is allowing housing supply to accumulate.
Last month’s sales were 19% below the 10-year May sales average.
In terms of sales of different types of residential properties, detached homes, apartments and townhouses in May 2018 were lowered by 40%, 29% and 40%, respectively compare to the sales of these types of properties recorded in May 2017.