Watch this short video by the chief economist of the British Columbia Real Estate Association updating housing market statistics.
Watch this short video regarding the most recent housing market update by the BC Real Estate Association Chief Economist, Brendon Ogmundson.
The British Columbia Real Estate Association (BCREA) has reported that:
Residential unit sales in November 2020, increased by about 42 % compared to the same month in 2019, and the average residential home price raised by about 9 % compared to November 2019.
According to the BCREA Chief Economist, Brendon Ogmundson, home sales were unseasonably strong in November with several markets setting records for the month, with demand for the home continues to be strong, and the supply of listings reached near-record lows in several regions of the province, causing home prices rising sharply.
- Bank of Canada's actions has pushed mortgage rates to record lows.
- Canadian economy bounced back in the third quarter, but the second wave looms.
- The BCREA is anticipating that the prime borrowing rate and variable mortgage rates will likely be flat over the next year, but the 5-year fixed rates may rise modestly by the middle of 2021.
- It is expected that the promising results from vaccine trials should lead to very strong economic growth in 2021 as pent-up spending floods back into the economy. We expect Canadian real GDP will grow by an average of 4 percent over the next two years.
- Bank of Canada on hold and is not sure when it should end its quantitative easing policy.
The public health order restricting social gatherings in BC was extended this week to January 8. The mask mandate, in outdoor public spaces, will remain as well with no definite end date.
This order restricts social gatherings in homes, suspends certain group indoor physical activities, and asks people to avoid non-essential travel. It also asks businesses to avoid sending staff back to work in-person at offices where possible.
The provincial government has deemed real estate agents as an essential service during the pandemic. Accordingly, we can still conduct a showing of homes so long as we and our clients wear masks and strictly follow the safety protocols established for our profession to date.
The Bank of Canada maintained its overnight rate at 0.25 percent this morning. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $4 billion of Government of Canada bonds per week and re-affirmed its commitment to holding the policy rate at 0.25 percent until slack in the economy is absorbed.
In the statement accompanying the decision, the Bank noted that the recovery underway will be choppy due to rising cases of COVID-19 and will continue to require extraordinary monetary support from the bank
According to The British Columbia, Real Estate Association (BCREA) in August 2020 the number of sales showed an increase of 43% from August 2019. Total sales dollar volume in August showed a 61% increase over 2019.
BCREA Chief Economist says while pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.
Watch the following short video for the most recent housing market report (September 15, 2020) reported by the British Columbia Real Estate Association (BCREA)
Watch the following video to view the August 2020 market insights.
British Colombia Real Estate Association:
"The COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all.
Why? Because in a typical recession, we would see falling demand and rising supply. But this recession is not a typical one. The reasons are: (1) a surge of pent-up demand into an undersupplied market, and (2) a record low mortgage rate."
The August Labour Force Survey, released last Friday by Statistics Canada, reflects labour market conditions five months after the onset of the COVID-19 economic shutdown.
By mid-August, public health restrictions had substantially eased across the country and more businesses and workplaces had re-opened.
The great news is that 84% of the headline jobs gain in August was in full-time positions. This follows the surge in part-time jobs in July.
The number of Canadians working from home declined for the fourth consecutive month.
Employment Increased in Most Provinces in August--Led by Ontario and Quebec. Employment rose in most Western British Columbia reported the largest increase up 15,000.
BCREA 2020 Third Quarter Housing Forecast Update indicates a Surprisingly Strong Recovery Propelling Housing Market in 2021.
The British Columbia Real Estate Association (BCREA) has recently released its 2020 Third Quarter Housing Forecast Update.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 % this year, and 17.6 % in 2021.
The BCREA Chief Economist believes that the outlook for the BC housing market is much brighter following a surprisingly strong recovery and, aided by record-low mortgage rates and a recovering economy, we expect home sales to sustain this momentum into 2021.
The BC government is taking its first steps to mitigate soaring strata insurance costs by introducing a bill to amend the Strata Property Act and Financial Institutions Act.
The government wants to make the strata insurance industry more transparent, close depreciation report loopholes, and end referral fees paid to property managers while giving strata councils more tools to deal with insurance.
According to the recent report by Blair Morrison, the CEO of BC Financial Service Authority (BCFSA), the strata insurance premium for condos you’re planning to purchase might have had an increase in excess of 100%!
The report shows a majority (54%) of strata properties experienced a premium increase of less than 30% compared to premiums the previous year. 31% of strata properties captured by our data call saw increases in the 30% – 50% range, 9% of properties faced year-over-year increases of 50% – 100% and 6% of properties saw strata insurance premium increases in excess of 100% compared to the previous year.
The Cartier building, built by Bosa brothers with a magnificent area and location. A quick walk to the Skytrain and bus stops with convenient access to the Coquitlam Center shopping mall, with the greatest walk score.
For Showings please contact us by text or call and we will be happy to book a showing for you.
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Local number: (604) 263-5926
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Real Estate Board of Greater Vancouver recently joined our BC Lieutenant Governor anti-racism campaign.
In the video below, REBGV Chair Colette Gerber discusses how we should participate in the campaign and encourages us to take the pledge.
Supporting this campaign means standing against racism and hate and promoting respect and opportunity for people from all backgrounds in BC.
Click on the image to view our May 2020 market update video from Real Board of Greater Vancouver providing a summary of May 2020 housing market statistics. Please share this video with individuals who might be interested in this market update.