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Homeowners worried about paying down debt as interest rates go up

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.

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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
2.Terrace, BC
3. Abbotsford-Mission, BC
4. Okotoks, AB
5. Leduc, AB

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B.C. Real Estate News

LOWER MAINLAND

Vancouver housing sales fall to six-year low (The Globe and Mail)

Slow sales and lots of inventory push down Vancouver home prices (Business In Vancouver)

Stress test, latest rate hike pressuring Vancouver Island housing market (My Campbell River Now)

October brings slight bump to sales for Fraser Valley (Fraser Valley Real Estate Board)

VICTORIA & VANCOUVER ISLAND

October property sales pop in Greater Victoria (Vic News)

Greater Victoria builders struggle to keep up with demand (Times Colonist)

Stress test, latest rate hike pressuring Vancouver Island housing market (My Campbell River Now)

SQUAMISH

Signs of a market recovery? Home sales improve slightly in October (The Chief)

Squamish: Canada’s outdoor capital is also one of its fastest growing communities (Vancouver Sun)

OKANAGAN

Home prices on wild ride (Castanet)

Okanagan real estate sales climb (Kelowna Capital News)

 

Home sales in B.C. to drop 21% this year: forecast

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.

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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

LOWER MAINLAND

Metro Vancouver sees house prices edge lower for 2 straight months (CTV News)

The Amazon era is making Vancouver the world’s hottest industrial real estate market (Financial Post)

Maple Ridge home prices still going up, but fewer buying (Maple Ridge-Pitt Meadows News)

VICTORIA & VANCOUVER ISLAND

New measures continue to drag down Greater Victoria real estate sales (Goldstream News Gazette)

Number of homes sold falls for ninth straight month (Times Colonist)

Victoria mulls affordable rentals in 10-15% of new condo projects (Western Investor)

WHISTLER & SQUAMISH

Region’s home sales – and prices – slump further (Squamish Chief)

OKANAGAN

From Peachland to Revelstoke, housing sales take a dip (Vernon Morning Star)

South Okanagan home prices hit ‘plateau’ (Castanet)

 

More supply and less demand seen across Metro Vancouver housing market

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.

Source: https://www.rebgv.org/monthly-reports/september-2018

 

Housing supply up, demand down across Metro Vancouver

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.

Source: https://www.rebgv.org/news-statistics/housing-supply-demand-down-across-metro-vancouver

Home seller supply grows as demand declines

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.

Source: https://www.rebgv.org/news-statistics/home-seller-supply-grows-demand-declines

Commercial real estate sales down from robust 2017 activity

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).

Source: https://www.rebgv.org/news-statistics/commercial-real-estate-sales-down-robust-2017-activity

REALTORS® encourage property buyers and sellers to understand new real estate rules

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.

Source: https://www.rebgv.org/news-statistics