Category Archives: BC

Welcome to the terrible blog

Yeah, so you probably noticed the spam filter collapsed and just nuked everyone – we’ve switched that over and we’ll see if the new one works or not.

As far as news goes we seem to be in a holding pattern. Covid 19 has knocked out the market for listings and sales but we’re not seeing a big impact on prices yet with less moving.

How do you think this thing is going to pan out? Bounce back or bust?

Slowdown to affect Real Estate Sales

We’re living in interesting time. Interest rates are super-low and going lower which should drive down the cost of a mortgage, but at the same time we have a very unusual economic slowdown across the board.

Some people even thing this could have an effect on the Vancouver real estate market:

” Interest-rate drops usually fuel housing sales, but this time they will be more than offset by the “unprecedented paralysis of economic and social activity” during the COVID-19 pandemic, causing B.C. homes sales to drop this spring, the B.C. Real Estate Association predicted March 17.”

“All four scenarios predicted home sales in the province would drop in the spring and early summer. The market would then likely rebound in the second half of the year “contingent on the outbreak resolving.” However, only one of the scenarios found that home sales in the province would recover to a point of activity higher than if there had been no pandemic, with the other three forecasting a more muted recovery”

read the full article here.

Record construction with falling prices

Mo’ houses, mo money?

Canada Mortgage and Housing (CMHC) reported that Metro saw developers start construction on 28,141 new homes in 2019, up 20 per cent from 2018, with a substantial number of those, some 6,727, purpose-built rental units.

The CMHC report came out on the same day that Royal LePage released its latest house-price survey showing that aggregate home prices across the region declined 4.8 per cent in the fourth quarter of 2019 but in a market showing signs of recovering sales.

Read the full article here.