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Vancouver Home Prices Turn Negative, First Time Since 2013
Vancouver Home Prices Turn Negative, First Time Since 2013 The sudden shift in the Vancouver housing market has been well documented. In November, home sales across all property types sank to a ten year low for the month. The drop is rather unprecedented considering the current economic backdrop suggests unemployment across Canada has plunged to […]
Anatomy of the Housing Downturn in Vancouver, Canada
Anatomy of the Housing Downturn in Vancouver, Canada It’s not pretty. In 2018, “each month has brought weaker than normal sales, rising inventory, and continued downward pressure on prices” in Vancouver, British Columbia, writes Steve Saretsky, a Vancouver Realtor and publisher of real-estate blog, Vancity Condo Guide. The market faces another headwind: “With the Bank […]
Vancouver Housing Starts Flash Red As Chart Rolls Over
Vancouver Housing Starts Flash Red As Chart Rolls Over Canadian housing construction starts slowed in August, coming in at a seasonally adjusted annual rate of 200,986 vs. 205,751 in July – missing expectations of 210,300, according to CBC. The decrease came as the annual pace of urban starts fell 2.5 per cent to 184,925 units. Starts of urban multiple-unit […]
CMHC Finds Irrational Exuberance in Vancouver & Toronto
CMHC Finds Irrational Exuberance in Vancouver & Toronto There is much to learn from financial mania’s. In particular, the role of human behaviour responsible for inflating asset prices to previously unimaginable heights. Economist Robert Schiller has done some excellent work on this topic in his book Irrational Exuberance. In essence, Schiller highlights a few key […]
Spending on Housing Dropped 12% in Canada in June
Spending on Housing Dropped 12% in Canada in June The national slowdown was particularly unkind to the province of BC. Canadian housing data continued to disappoint in the month of June. Albeit the year-over-year decline in home sales was not nearly as disappointing as the month of May. National home sales fell 11% year-over-year in […]
Canada’s Real Estate Sector Faces Difficult Transition
Canada’s Real Estate Sector Faces Difficult Transition The great Canadian real estate bull market has pushed home prices to dizzying heights over the past two decades. And with ever-rising prices it has sucked in more capital and resources creating an almost self enforcing feedback loop, where an entire economy has become dependent on rising house […]
Canada Home Prices Fall from Year Ago for First Time since 2009
Canada Home Prices Fall from Year Ago for First Time since 2009 The magnificent house price bubble wheezes. With 2017 mortgage pre-approvals having now expired, the first wave of buyers facing OSFI’s ground breaking mortgage regulations are being put to the test. The regulations, also known as B-20, require all borrowers to pass a stress […]
Rate Squeeze in Vancouver & Toronto Housing Bubbles
Rate Squeeze in Vancouver & Toronto Housing Bubbles Variable-rate mortgages, the HELOC phenomenon, and new stress tests meet higher rates. The Bank of Canada raised interest rates another 25 basis points last week. It was the third time in the past six months. Rates have more than doubled in that time, going from 0.50% to […]
Canadian Housing Affordability Hits 27 Year Low
Canadian Housing Affordability Hits 27 Year Low Real Estate Hasn’t Been this Unaffordable Since 1990 per RBC Nothing says Merry Christmas like a 27 year low for Canadian housing affordability. That’s right, real estate across Canada has not been this un affordable since the year 1990 per RBC. Spoiler alert house prices tumbled shortly thereafter. […]
Canadian Homeowners Take Out HELOCs to Fund Subprime Buyers Unable to get a Mortgage
Canadian Homeowners Take Out HELOCs to Fund Subprime Buyers Unable to get a Mortgage The Housing & Debt Bubble ascends to the next level of risk. By Steve Saretsky, Vancouver, Canada, Vancity Condo Guide: The HELOC (Home Equity Line of Credit) has been a blessing and a curse for Canadian households. While it has helped spur […]
