Scott Cramer
207-5740 Cambie Street V5Z 3A6 Vancouver, BC, Canada

Housing market conditions continue to favor home buyers. The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019....Continue reading

Policy-Induced Housing Slowdown Continues into 2019 Vancouver, BC February 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service (MLS) in January, a decline of 33.2 per cent from the same month last year. The average MLS residential price in the province was $665,590, a decline of 7.7 per cent from January 2018. Total sales dollar volume was $2.36 billion, a 38.4 p...er cent decline from the same month last year. BC households continue to grapple with the policyinduced affordability shock created last year by the federal government, said Cameron Muir, BCREA Chief Economist. The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance. Total MLS residential active listings increased 41.2 per cent to 29,522 units compared to the same month last year. The ratio of sales to active residential listings declined from 25.4 per cent to 12 per cent over the same period. Many BC regions are now exhibiting buyer’s market conditions, added Muir. However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand.

Please see below the British Columbia Real Estate Association update on the current Canadian economic trend. BCREA ECONOMICS NOW Canadian Inflation - January 18, 2019... Canadian inflation, as measured by the Consumer Price Index (CPI), registered 2 per cent in the twelve months to December, a slight uptick from 1.7 per cent in November. Lower energy prices were offset by an increase in air transportation, and telephone services. Excluding the impact of falling gasoline prices, consumer prices were up 2.5 per cent. The Bank of Canada's three measures of trend inflation were all unchanged, averaging 1.9 per cent. In BC, provincial consumer price inflation was 3 per cent in the 12 months to December. With core inflation trending sideways and the economy expected to slow this year, the odds of further Bank of Canada tightening this year are diminishing, which is being reflected by lower 5-year yields in the Canadian bond market. That should result in a dip in Canadian mortgage rates relatively soon, which would provide a much needed boost to a housing market still struggling with the impact of the mortgage stress test. The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS provide value for their clients.

A great advertisement from the REBGV regarding the importance of having a competent realtor. Check out the link below: https://www.youtube.com/watch?v=sXKy4-ht-M8&feature=youtu.be