Meanwhile, economist forecasts no rate cuts coming until mid-2024
Those hoping for Metro Vancouver housing prices to soften may have to wait a little longer.
Predictions for the local real estate market going into 2024 include a two per cent increase in average residential prices and a decrease in sales by three per cent, according to a Nov. 28 report from Re/Max Canada.
“It’s no secret that the Bank of Canada has really held the cards as far as the market is concerned in Canada, and affordability has remained a challenge throughout the balance of 2023. Going into next year, it looks like we’re going to continue to have high rates for a few months,” said Christopher Alexander, president of Re/Max Canada, in an interview.
Price of renting average one-bedroom unit in Vancouver up 6.7 per cent since last year
By The Canadian Press | November 14, 2023, 8:30am
A new report says the average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row. Prices were even higher in Vancouver. | Dan Toulgoet
The average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row.
An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
By the time the Holiday Train program wraps up at its last stop in Port Coquitlam, its two trains will have visited six provinces and 14 states.
The 2022 CP Holiday Train rolled into Port Coquitlam, marking the end of the Canadian Pacific Railway Holiday Train’s cross-country journey. JENNIFER GAUTHIER/TRI-CITY NEWS FILE PHOTO
The CP Holiday Train will be pulling into stations in Port Moody and Port Coquitlam for its annual visit on Dec. 18.
The cross-North America journey by two trains, decorated with thousands of colourful LED lights and seasonal designs, is celebrating its 25th anniversary of raising money, food and awareness for local food banks.
COQUITLAM — Where are the best Halloween houses in the Tri-Cities?
Janis Cleugha, October 15, 2023
The season of zombies and skeletons is back with plenty of haunted homes in the Tri-Cities ready to welcome thrill-seekers and trick-or-treaters.
Coquitlam, Port Coquitlam, Port Moody, Anmore and Belcarra already have some ghoulish displays up — and a few homeowners are even collecting donations for charities while they’ve got an attentive audience by their door.
Spend the next two weeks touring the Tri-City neighbourhoods to see who has the best props and fright shows.
If your clients are deferring their property taxes, interest rates and fees will increase the amount they owe.
Who is eligible to defer property taxes
- Seniors age 55+.
- A surviving spouse of any age.
- Persons with disabilities.
Families with Children program
- Parents, step-parents or anyone financially supporting a child.
Financial Hardship program
- This program was only available in 2009 and 2010 (some older clients may still use this program)
Interest is charged on the tax deferment loan from the date the property tax is due or the date your client applies to defer their taxes, whichever is later.
The interest rate charged depends on the tax deferment program. The interest rates are:
- set every April 1 and October 1 and arn’t changed outside of these dates;
- calculated on the 23rd of each month; and
- not compounded.
The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
“A key dynamic we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years. With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”
Andrew Lis, REBGV director of economics and data analytics
Hiigher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, according to the August 2023 housing market report from the Real Estate Board of Greater Vancouver (REBGV).
August 2023 saw residential home sales totalling 2,296, marking a 21.4 per cent increase from the same period in 2022 but 13.8 per cent below the 10-year seasonal average, signalling a notable slowdown.
The board is calling it an expected shift in market dynamics, with a cooldown in price gains and sales following the typical seasonal pattern.
“It’s been an interesting spring and summer market, to say the least,” says Andrew Lis, REBGV’s director of economics and data analytics. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”
Canada’s rental market continues to reach record heights, with average asking rents soaring to $2,117 in August. This represents a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent according to the latest National Rent Report by Rentals.ca and Urbanation.
Over the past three months, the Canadian rental market has seen a staggering 5.1 per cent increase in asking rents. This translates to a monthly rent increase of over $100.
Shaun Hildebrand, president of Urbanation, notes that, unlike the United States, Canada’s rent inflation shows no signs of cooling down despite rental completions “having reached their highest level in decades.”
He adds, “This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).