Younger homeowners have never experienced a significant rise in interest rates.
Many Canadian homeowners are worried about rising interest rates and how they will impact their budget, a new CBC Research survey finds.
Thanks to years of access to cheap money, household debt has ballooned in Canada. Now that interest rates are rising, there are mounting concerns over how people will continue to pay down mountains of debt.
Failing to budget for heftier mortgage payments could lead to even more hardships, such as homeowners digging into their savings or turning to credit cards to make ends meet.
Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.
2019’s top five real estate investment towns in Western Canada
If you have some funds burning a hole in your pocket, Western Investor advises you take a look outside of the usual suspects of Vancouver and the Capital region.
1. Kitimat, BC
3. Abbotsford-Mission, BC
4. Okotoks, AB
5. Leduc, AB
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B.C. Real Estate News
VICTORIA & VANCOUVER ISLAND
It may be no coincidence that one forecast issued August 20 is predicting a decline in B.C. home sales this year of around 20 per cent, while a separate study has found 18 per cent of would-be buyers are being locked out of the market by the new mortgage stress test
MLS residential sales across the province are expected to be 21 per cent lower in 2018 than in 2017, dropping from more than 100,000 to around 82,000 transactions this year, according to a new forecast by the British Columbia Real Estate Association.
The BCREA lays the blame for this squarely at the feet of the mortgage qualification stress test that was introduced for all home buyers in January 2018. This requires that all mortgage applicants qualify for a mortgage at a higher rate than they will actually pay, to ensure their ability to continue payments in case of financial difficulties or future interest rate rises. However, it also has the effect of reducing the amount that home buyers are able to borrow, by up to 20 per cent.
Monthly Local Market Update
Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes for cities across B.C.
Top picks from the new Ikea catalogue
Western Living highlights this year’s Ikea collection-some revisits in a new light, some hot off the designer’s floor-all guaranteed to bring Swedish order to your life.
B.C. Real Estate News
VICTORIA & VANCOUVER ISLAND
WHISTLER & SQUAMISH
The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.
July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.
With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver* reached a three-year high in June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7 per cent decline from the 3,893 sales recorded in June 2017, and a 14.4 per cent decrease compared to May 2018 when 2,833 homes sold.
Last month’s sales were 28.7 per cent below the 10-year June sales average.
Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2018 compared to the active market experienced in the region last year.
There were 523 commercial real estate sales in the Lower Mainland in Q1 2018, a 10.8 per cent decrease over the 586 sales in Q1 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
New real estate rules took effect today that will change the way REALTORS® and their clients work together.
Specifically, the new rules will prohibit the practice of limited dual agency and require real estate licensees in BC to provide additional information to their clients about how they’re compensated.